Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 21, 2014 | Feb. 21, 2014 | |
Common Stock [Member] | Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'PRIVATEBANCORP, INC | ' | ' | ' |
Entity Central Index Key | '0000889936 | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Public Float | ' | $1,476,857,274 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 76,132,040 | 1,584,879 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Per Share data, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and due from banks | $133,518 | $234,308 | ||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 707,143 | ||
Loans held for sale (fair value: $17.6 million - 2013; $39.2 million - 2012) | 26,816 | [1] | 49,696 | [1] |
Available-for-sale Securities (pledged as collateral to creditors: $108.1 million - 2013; $43.9 million - 2012) | 1,602,476 | 1,451,160 | ||
Securities held-to-maturity, at amortized cost (fair value: $896.9 million - 2013; $886.8 million - 2012) (pledged as collateral to creditors: $100.3 million - 2012) | 921,436 | 863,727 | ||
Federal Home Loan Bank (FHLB) stock | 30,005 | 43,387 | ||
Loans b excluding covered assets, net of unearned fees | 10,644,021 | 10,139,982 | ||
Allowance for loan losses | -143,109 | -161,417 | ||
Loans, net of allowance for loan losses and unearned fees | 10,500,912 | 9,978,565 | ||
Covered assets | 112,746 | 194,216 | ||
Allowance for covered loan losses | -16,511 | -24,011 | ||
Covered assets, net of allowance for covered loan losses | 96,235 | 170,205 | ||
Other real estate owned, excluding covered assets | 28,548 | 81,880 | ||
Premises, furniture, and equipment, net | 39,704 | 39,508 | ||
Accrued interest receivable | 37,004 | 34,832 | ||
Investment in bank owned life insurance | 53,865 | 52,513 | ||
Goodwill | 94,041 | 94,521 | ||
Other intangible assets | 8,892 | 12,828 | ||
Derivative Asset | 48,422 | 99,261 | ||
Other assets | 157,328 | 143,981 | ||
Total assets | 14,085,746 | 14,057,515 | ||
Liabilities | ' | ' | ||
Noninterest-bearing | 3,172,676 | 3,690,340 | ||
Interest-bearing | 1,470,856 | 1,057,390 | ||
Savings deposits and money market accounts | 4,799,561 | 4,912,820 | ||
Brokered time deposits | 1,119,777 | 993,455 | ||
Time deposits | 1,450,771 | 1,519,629 | ||
Total deposits | 12,013,641 | 12,173,634 | ||
short term and secured borrowing | 8,400 | 5,000 | ||
Long-term debt | 627,793 | 499,793 | ||
Accrued interest payable | 6,326 | 7,141 | ||
Derivative liabilities | 48,890 | 93,276 | ||
Other liabilities | 78,792 | 71,505 | ||
Total liabilities | 12,783,842 | 12,850,349 | ||
Equity | ' | ' | ||
Treasury stock | -6,415 | -24,150 | ||
Additional paid-in capital | 1,022,023 | 1,026,438 | ||
Retained earnings | 199,627 | 79,799 | ||
Accumulated other comprehensive income, net of tax | 9,844 | 48,064 | ||
Total equity | 1,301,904 | 1,207,166 | ||
Total liabilities and equity | 14,085,746 | 14,057,515 | ||
Common Stock [Member] | ' | ' | ||
Common Stock, Par or Stated Value Per Share | $1 | $1 | ||
Equity | ' | ' | ||
Common stock | 75,240 | 73,479 | ||
Nonvoting Common Stock [Member] | ' | ' | ||
Common Stock, Par or Stated Value Per Share | $1 | $1 | ||
Equity | ' | ' | ||
Common stock | $1,585 | $3,536 | ||
[1] | (1)B Amounts represent items for which the Bank has elected fair value option. |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 |
Available-for-sale Securities Pledged as Collateral | 108,071 | 43,942 |
Held-to-maturity Securities Pledged as Collateral | 0 | 100,282 |
Mortgages loans held-for-sale | 17,619 | 39,229 |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, Shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, Shares issued | 0 | 0 |
Preferred stock, Shares outstanding | 0 | 0 |
Common Stock [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | 1 | 1 |
Common stock, Shares authorized | 174,000,000 | 174,000,000 |
Number of shares issued | 76,397,000 | 74,526,000 |
Common stock, Shares outstanding | 76,123,000 | 73,579,000 |
Treasury shares | 274,000 | 947,000 |
Nonvoting Common Stock [Member] | ' | ' |
Common Stock, Par or Stated Value Per Share | 1 | 1 |
Common stock, Shares authorized | 5,000,000 | 5,000,000 |
Number of shares issued | 1,585,000 | 3,536,000 |
Common stock, Shares outstanding | 1,585,000 | 3,536,000 |
Aggregate Fair Value [Member] | ' | ' |
Mortgages loans held-for-sale | 17,619 | 39,229 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Income | ' | ' | ' |
Loans, including fees | $433,829 | $423,211 | $413,109 |
Federal funds sold and interest-bearing deposits in banks | 652 | 965 | 1,181 |
Securities: | ' | ' | ' |
Taxable | 51,310 | 56,826 | 61,026 |
Exempt from Federal income taxes | 6,200 | 5,487 | 5,439 |
Other interest income | 247 | 547 | 391 |
Total interest income | 492,238 | 487,036 | 481,146 |
Interest Expense | ' | ' | ' |
Interest-bearing demand deposits | 4,202 | 3,378 | 2,439 |
Savings deposits and money market accounts | 16,350 | 17,604 | 22,957 |
Brokered and time deposits | 20,161 | 21,832 | 24,676 |
Short-term and secured borrowings | 850 | 443 | 2,011 |
Long-term debt | 29,612 | 23,846 | 21,936 |
Total interest expense | 71,175 | 67,103 | 74,019 |
Net interest income | 421,063 | 419,933 | 407,127 |
Provision for loan and covered loan losses | 31,796 | 71,425 | 132,897 |
Net interest income after provision for loan and covered loan losses | 389,267 | 348,508 | 274,230 |
Non-interest Income | ' | ' | ' |
Trust and Investments | 18,377 | 17,017 | 17,826 |
Mortgage banking | 12,172 | 13,460 | 6,703 |
Capital markets products | 20,728 | 25,958 | 19,341 |
Treasury management | 24,668 | 21,510 | 18,181 |
Loan, letter ofcredit and commitment fees | 17,217 | 18,173 | 16,722 |
Syndication fees | 13,447 | 9,107 | 5,485 |
Deposit service charges and fees and other income | 6,207 | 6,021 | 8,218 |
Net securities gains (losses) | 1,174 | -205 | 5,771 |
Total non-interest income | 113,990 | 111,041 | 98,247 |
Non-interest Expense | ' | ' | ' |
Salaries and employee benefits | 166,929 | 174,948 | 156,763 |
Net occupancy expense | 30,027 | 30,571 | 29,986 |
Technology and related costs | 13,726 | 13,250 | 11,388 |
Marketing | 12,590 | 10,311 | 8,911 |
Professional services | 8,539 | 8,353 | 9,206 |
Outsourced servicing costs | 6,817 | 7,419 | 8,001 |
Net foreclosed property expenses | 20,194 | 38,296 | 27,782 |
Postage, telephone and delivery | 3,521 | 3,497 | 3,716 |
Insurance | 10,867 | 15,186 | 21,287 |
Loan and collection expense | 8,753 | 11,631 | 13,571 |
Other expenses | 21,351 | 13,670 | 11,666 |
Total non-interest expense | 303,314 | 327,132 | 302,277 |
Income (loss) before income taxes | 199,943 | 132,417 | 70,200 |
Income tax provision (benefit) | 76,994 | 54,521 | 25,660 |
Net income (loss) | 122,949 | 77,896 | 44,540 |
Net income attributable to noncontrolling interests | 0 | 0 | 170 |
Net income (loss) attributable to controlling interests | 122,949 | 77,896 | 44,370 |
Preferred stock dividends and discount accretion | 0 | 13,368 | 13,690 |
Net income (loss) available to common stockholders | $122,949 | $64,528 | $30,680 |
Per Common Share Data | ' | ' | ' |
Basic earnings per share | $1.58 | $0.88 | $0.43 |
Diluted earnings per share | $1.57 | $0.88 | $0.43 |
Cash dividends declared (per share) | $0.04 | $0.04 | $0.04 |
Weighted-average common shares outstanding | 76,398 | 71,951 | 70,449 |
Weighted-average diluted common shares outstanding | 76,645 | 72,174 | 70,642 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net income | $122,949 | $77,896 | $44,540 | |||
Available-for-sale securities: | ' | ' | ' | |||
Net unrealized gains (losses) | -46,690 | -4,185 | 47,431 | |||
Reclassification of net gains included in net income | -1,174 | -315 | -5,812 | |||
Income tax benefit (expense) | 18,605 | 1,579 | -16,557 | |||
Net unrealized (losses) gains on available-for-sale securities | -29,259 | -2,921 | 25,062 | |||
Cash flow hedges: | ' | ' | ' | |||
Net unrealized gains | -8,729 | 9,945 | 3,156 | |||
Reclassification of net gains included in net income | -5,984 | -2,928 | -570 | |||
Income tax expense | 5,752 | -2,729 | -1,029 | |||
Net unrealized gains on cash flow hedges | -8,961 | 4,288 | 1,557 | |||
Other comprehensive income (loss) | -38,220 | 1,367 | 26,619 | |||
Comprehensive income (loss) | 84,729 | [1] | 79,263 | [1] | 71,159 | [1] |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | -170 | |||
Comprehensive income (loss) attributable to controlling interests | $84,729 | $79,263 | $70,989 | |||
[1] | Net of taxes and reclassification adjustments. |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Total | Common Shares Outstanding [Member] | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income [Member] | Non-controlling Interests [Member] | ||||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Beginning Balance at Dec. 31, 2010 | $1,227,910 | ' | $238,903 | $70,972 | ($20,054) | $931,721 | ($13,743) | $20,078 | $33 | ||||
Common Shares Outstanding, Beginning balance at Dec. 31, 2010 | ' | 71,327,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to parent | 44,370 | ' | ' | ' | ' | ' | 44,370 | [1] | ' | ' | |||
Other comprehensive income | 26,619 | ' | ' | ' | ' | ' | ' | 26,619 | [1] | ' | |||
Net income attributable to noncontrolling interests | 170 | ' | ' | ' | ' | ' | ' | ' | 170 | [1] | |||
Comprehensive income (loss) | [1] | 71,159 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Common stock ($0.04 per share) | -2,844 | ' | ' | ' | ' | -712 | -2,132 | ' | ' | ||||
Preferred stock | -12,191 | ' | ' | ' | ' | -3,048 | -9,143 | ' | ' | ||||
Stock Issued During Period, Shares, New Issues | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ||||
Issuance of common stock | 31 | ' | ' | ' | ' | 31 | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 483,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Granted, Value, Share-based Compensation, Gross | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 22,000 | 23,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Stock Options Exercised | 127 | ' | ' | 23 | ' | 104 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | -45,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -25 | ' | ' | 413 | ' | -438 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Employee Benefit Plan | ' | 21,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 1,037 | ' | ' | 21 | ' | 1,016 | ' | ' | ' | ||||
Accretion of preferred stock discount | 0 | ' | 1,500 | ' | ' | -367 | -1,133 | ' | ' | ||||
Shortfall tax benefit from share-based compensation | -2,638 | ' | ' | ' | ' | 2,638 | ' | ' | ' | ||||
Stock repurchased during period related to employee stock based compensation awards, shares | ' | -118,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock repurchased in connection with benefit plans | -1,400 | ' | ' | ' | -1,400 | ' | ' | ' | ' | ||||
Stock Issued During Period, Shares, Issued for Services | ' | 54,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based compensation expense | 15,756 | ' | ' | 54 | ' | 15,702 | ' | ' | ' | ||||
Noncontrolling interest activities | -170 | ' | ' | ' | ' | 33 | ' | ' | -203 | ||||
Ending Balance at Dec. 31, 2011 | 1,296,752 | ' | 240,403 | 71,483 | -21,454 | 941,404 | 18,219 | 46,697 | 0 | ||||
Common Shares Outstanding, Ending balance at Dec. 31, 2011 | ' | 71,745,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to parent | 77,896 | ' | ' | ' | ' | ' | 77,896 | [1] | ' | ' | |||
Other comprehensive income | 1,367 | ' | ' | ' | ' | ' | ' | 1,367 | [1] | ' | |||
Net income attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | |||
Comprehensive income (loss) | [1] | 79,263 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Common stock ($0.04 per share) | -2,948 | ' | ' | ' | ' | 0 | -2,948 | ' | ' | ||||
Preferred stock | -9,956 | ' | ' | ' | ' | 0 | -9,956 | ' | ' | ||||
Stock Issued During Period, Shares, New Issues | ' | 4,761,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, New Issues | 70,657 | ' | ' | 4,761 | 0 | 65,896 | ' | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 709,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Granted, Value, Share-based Compensation, Gross | 0 | ' | ' | 0 | 0 | 0 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 95,000 | 54,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Stock Options Exercised | 311 | ' | ' | 54 | 0 | 257 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | -43,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -32 | ' | ' | 650 | 0 | -682 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Employee Benefit Plan | ' | 17,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 200 | ' | ' | 17 | ' | 183 | ' | ' | ' | ||||
Stock Issued During Period Employee Benefit Plans | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ||||
Redemption of preferred stock | -243,815 | ' | -243,815 | ' | ' | ' | ' | ' | ' | ||||
Repurchase of common stock warrant | -1,225 | ' | ' | 0 | ' | -1,225 | ' | ' | ' | ||||
Accretion of preferred stock discount | 0 | ' | 3,412 | 0 | 0 | 0 | -3,412 | 0 | ' | ||||
Stock repurchased during period related to employee stock based compensation awards, shares | ' | -178,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock repurchased in connection with benefit plans | -2,696 | ' | ' | ' | -2,696 | ' | ' | ' | ' | ||||
Stock Issued During Period, Shares, Issued for Services | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based compensation expense | 20,655 | ' | ' | 50 | ' | 20,605 | ' | ' | ' | ||||
Ending Balance at Dec. 31, 2012 | 1,207,166 | ' | 0 | 77,015 | -24,150 | 1,026,438 | 79,799 | 48,064 | 0 | ||||
Common Shares Outstanding, Ending balance at Dec. 31, 2012 | ' | 77,115,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to parent | 122,949 | ' | ' | ' | ' | ' | 122,949 | [1] | ' | ' | |||
Other comprehensive income | -38,220 | ' | ' | ' | ' | ' | ' | -38,220 | [1] | ' | |||
Net income attributable to noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Comprehensive income (loss) | [1] | 84,729 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Common stock ($0.04 per share) | -3,121 | ' | ' | ' | ' | ' | -3,121 | ' | ' | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 597,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Granted, Value, Share-based Compensation, Gross | 0 | ' | ' | -597 | 15,166 | -14,569 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 200,000 | 197,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Stock Options Exercised | 2,846 | ' | ' | 5 | 4,536 | -1,695 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | ' | -77,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | -171 | ' | ' | 401 | 218 | -790 | ' | ' | ' | ||||
Stock Issued During Period, Shares, Employee Benefit Plan | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock Issued During Period, Value, Treasury Stock Reissued | 301 | ' | ' | 1 | 337 | -37 | ' | ' | ' | ||||
Stock repurchased during period related to employee stock based compensation awards, shares | ' | -138,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Stock repurchased in connection with benefit plans | -2,522 | ' | ' | ' | -2,522 | ' | ' | ' | ' | ||||
Stock Issued During Period, Shares, Issued for Services | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ||||
Share-based compensation expense | 12,676 | ' | ' | 0 | ' | 12,676 | ' | ' | ' | ||||
Ending Balance at Dec. 31, 2013 | $1,301,904 | ' | ' | $76,825 | ($6,415) | $1,022,023 | $199,627 | $9,844 | ' | ||||
Common Shares Outstanding, Ending balance at Dec. 31, 2013 | ' | 77,707,000 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Net of taxes and reclassification adjustments. |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Common stock, per share | $0.04 | $0.04 | $0.04 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $122,949 | $77,896 | $44,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan and covered loan losses | 31,796 | 71,425 | 132,897 |
Depreciation of premises, furniture, and equipment | 8,461 | 9,293 | 8,777 |
Net amortization of premium on securities | 16,435 | 15,861 | 13,011 |
Net losses (gains) on sale of securities | -1,174 | 205 | -5,771 |
Valuation adjustments on other real estate owned | 19,458 | 25,248 | 15,419 |
Net losses on sale of other real estate owned | -1,735 | 5,996 | 9,078 |
Net amortization (accretion) of discount on covered assets | 1,483 | 1,828 | -2,727 |
Bank owned life insurance income | -1,352 | -1,547 | -1,558 |
Net increase in deferred loan fees | -2,593 | 408 | 5,724 |
Share-based compensation expense | 12,676 | 20,655 | 15,953 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | -723 | -118 | -143 |
Provision for deferred income tax expense (benefit) | 14,646 | 15,828 | 1,725 |
Amortization of other intangibles | 3,121 | 2,684 | 1,487 |
Originations and purchases of loans held-for-sale | -514,244 | -587,064 | -392,949 |
Proceeds from sales of loans held-for-sale | 548,126 | 581,143 | 397,723 |
Net gains (losses) from sales of loans held-for-sale | -11,237 | -11,848 | -5,895 |
Fair value adjustments on derivatives | 6,453 | 160 | 696 |
Net decrease (increase) in accrued interest receivable | -2,172 | 900 | -1,878 |
Net increase (decrease) in accrued interest payable | -815 | 1,574 | -401 |
Net (increase) decrease in other assets | -16,491 | -17,161 | 11,800 |
Net (decrease) increase in other liabilities | 7,285 | -11,438 | 20,098 |
Net cash provided by operating activities | 240,353 | 201,928 | 267,436 |
Available-for-sale securities: | ' | ' | ' |
Proceeds from maturities, prepayments, and calls | 316,803 | 424,917 | 394,950 |
Proceeds from sales | 114,740 | 20,905 | 295,870 |
Purchases | -641,016 | -129,871 | -557,615 |
Held-to-maturity securities: | ' | ' | ' |
Proceeds from maturities, prepayments, and calls | 123,913 | 82,621 | 7,338 |
Purchases | -186,589 | -459,897 | -497,945 |
Net (purchase) redemption of FHLB stock | 13,382 | -2,692 | -20,001 |
Net increase in loans | -568,557 | -1,260,301 | -192,505 |
Net decrease in covered assets | 71,855 | 108,286 | 101,393 |
Proceeds from sale of other real estate owned | 52,919 | 42,162 | 69,898 |
Net purchases of premises, furniture, and equipment | -8,657 | -8,564 | -6,435 |
Net cash used in investing activities | -711,207 | -1,182,434 | -405,052 |
Financing Activities | ' | ' | ' |
Net increase (decrease) in deposit accounts | -159,993 | 1,780,780 | -142,575 |
Net decrease in short-term borrowings, excluding FHLB advances | 6,400 | 0 | -941 |
Proceeds from Federal Home Loan Bank Borrowings | 245,000 | -156,000 | 4,000 |
Early Repayment of Subordinated Debt | -120,000 | ' | ' |
Proceeds from the issuance of long-term debt | 0 | 125,000 | 0 |
Payments for the redemption of preferred stock | 0 | -243,815 | 0 |
Payments for the redemption of common stock warrant | 0 | -1,225 | 0 |
Net proceeds from (payments for) the issuance of common stock | 0 | 70,657 | 31 |
Stock repurchased in connection with benefit plans | -2,522 | -2,696 | -1,400 |
Cash dividends paid | -3,119 | -13,082 | -15,128 |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 2,976 | 479 | 1,139 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 723 | 118 | 143 |
Net cash (used in) provided by financing activities | -30,535 | 1,560,216 | -154,731 |
Net (decrease) increase in cash and cash equivalents | -501,389 | 579,710 | -292,347 |
Cash and cash equivalents at beginning of year | 941,451 | 361,741 | 654,088 |
Cash and cash equivalents at end of year | 440,062 | 941,451 | 361,741 |
Supplemental Disclosures of Cash Flow Information: | ' | ' | ' |
Cash paid for interest | 71,990 | 65,529 | 74,420 |
Cash paid for income taxes | 47,183 | 58,328 | 25,616 |
Non-cash transfers of loans to other real estate | $17,310 | $29,557 | $131,396 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations – PrivateBancorp, Inc. ("PrivateBancorp" or the "Company") was incorporated in Delaware in 1989 and became a holding company registered under the Bank Holding Company Act of 1956, as amended. The PrivateBank and Trust Company (the "Bank" or the "PrivateBank"), the sole banking subsidiary of PrivateBancorp, was opened in Chicago in 1991. The Company completed its initial public offering in June 1999. The Bank provides customized business and personal financial services to middle market companies and business owners, executives, entrepreneurs and families in all of the markets and communities it serves. The majority of the Bank’s business is conducted in the greater Chicago market. | |
Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. In general, investments in unconsolidated entities where the Company has the ability to exercise significant influence over the entities' operating and financing decisions are accounted for using the equity method of accounting. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries, and accordingly, are not included in the consolidated financial statements. | |
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("U.S. GAAP") and general practice within the banking industry. We use the accrual basis of accounting for financial reporting purposes. | |
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to December 31, 2013 for potential recognition or disclosure in this annual report on Form 10-K. The following is a summary of the significant accounting policies adhered to in the preparation of the consolidated financial statements. | |
Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair value as of the date of acquisition, with any excess of the cost of the acquisition over the fair value of the net tangible and identifiable intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the Consolidated Statements of Income from the effective date of acquisition. | |
Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Cash and Cash Equivalents – For purposes of the Consolidated Statements of Cash Flows, management has defined cash and cash equivalents to include cash and due from banks, federal funds sold, and other interest-bearing deposits in banks. Generally, federal funds are sold for one-day periods, but not longer than 30 days. Short-term investments generally mature in less than 30 days. All cash and cash equivalents have maturities of three months or less. | |
Debt Securities – At the time of purchase, debt securities are classified as held-to-maturity or available-for-sale. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost. Debt securities are classified as available-for-sale when management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded as a separate component of other comprehensive income ("OCI"). | |
The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the life of the security, using the level-yield method. Amortization of premium and accretion of discount are included in interest income. | |
Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. On a quarterly basis, we assess whether there have been any events or circumstances to indicate that a security for which there is an unrealized loss is impaired on an other-than-temporary ("OTTI") basis. This determination requires significant judgment. OTTI is considered to have occurred (1)Â if management intends to sell the security; (2)Â if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3)Â if the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. For debt securities that we do not expect to sell or for which it is not more likely than not that the Company will be required to sell prior to recovery, the OTTI is separated into credit and noncredit components. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and changes in risk-free interest rates. All of the OTTI is recognized in earnings for securities we expect to sell. Presentation of OTTI is made in the income statement on a gross basis with a reduction for the amount of OTTI recognized in OCI. Once OTTI is recorded, future significant increases in expected cash flows are treated as prospective yield adjustments. | |
Federal Home Loan Bank ("FHLB") Stock – Investments in FHLB stock are restricted as to redemption and are carried at cost. | |
Loans Held for Sale – Loans held for sale ("LHFS") represent mortgage loan originations intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower of cost or fair value as determined on an individual asset basis or carried at fair value where the Company has elected fair value accounting. The Company has elected to measure residential mortgage loans originated as held for sale under the fair value option. Increases or decreases in the fair value of these LHFS are recognized in mortgage banking income in the Consolidated Statements of Income. Mortgage loan origination costs related to LHFS that the Company accounts for under the fair value option are recognized in noninterest expense as incurred. Held for investment loans that have been transferred to LHFS are carried at the lower of cost or fair value. For these LHFS, any decreases in value below cost are recognized in other income in the Consolidated Statements of Income and increases in fair value above cost are not recognized until the loans are sold. The credit component of any write down upon transfer to LHFS is reflected in charge-offs to the allowance for loan losses. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying amount of the loans. | |
Gains and losses on the disposition of loans held for sale are determined on the specific identification method. Residential mortgage loans sold in the secondary market are sold without retaining servicing rights. | |
Originated Loans Held for Investment – Originated loans held for investment are carried at the principal amount outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, fees for commitments that are expected to be exercised and certain direct loan origination costs are deferred and the net amount is amortized over the life of the related loan or commitment period as a yield adjustment. Other fees, not associated with originating a loan are recognized as fee income when earned. | |
Delinquent and Nonaccrual Loans – Loans are reported as past due if contractual principal or interest payments are due and unpaid for 30 days or more. All loans that are over 90 days past due in principal or interest are considered "impaired" and placed on nonaccrual status. Management may also place some loans on nonaccrual status before they are 90 days past due if they meet the below definition of "impaired." When a loan is placed on nonaccrual status, accrued and unpaid interest credited to income is reversed and accretion of net deferred loan fees ceases. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income may only be recorded on a cash basis if the remaining book balance is deemed fully collectible. Nonaccrual loans are returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement and when the financial position of the borrower and other relevant factors indicate there is no longer doubt as to such collectibility. | |
Impaired Loans – Impaired loans consist of nonaccrual loans (which include nonaccrual troubled debt restructurings ("TDRs")) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, management believes that either it is probable that we will be unable to collect all amounts due (both principal and interest) according to the original contractual terms of the loan agreement or it has been classified as a TDR. Once a loan is determined to be impaired, the amount of impairment is measured based on the loan’s observable fair value; the fair value of the underlying collateral less selling costs if the loan is collateral-dependent; or the present value of expected future cash flows discounted at the loan’s effective interest rate. | |
If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees and costs and unamortized premium or discount), impairment is recognized by creating a specific valuation reserve as a component of the allowance for loan losses. Impaired loans exceeding $500,000 are evaluated individually, while loans less than $500,000 are evaluated as pools using historical loss experience, as well as management’s loss expectations, for the respective asset class and product type. | |
All impaired loans and their related reserves are reviewed and updated each quarter. Any impaired loan for which a determination has been made that the economic value is permanently reduced is charged-off against the allowance for loan losses to reflect its current economic value in the period in which the determination has been made. | |
At the time a collateral-dependent loan is initially determined to be impaired, we review the existing collateral appraisal. If the most recent appraisal is greater than one year old, a new appraisal is obtained on the underlying collateral. The Company generally obtains "as is" appraisal values for use in the evaluation of collateral-dependent impaired loans. Appraisals for collateral-dependent loans in excess of $500,000 are updated with new independent appraisals at least annually and are formally reviewed by our internal appraisal department. Additional diligence is also performed at the six-month interval between the independent appraisals. All impaired loans and their related reserves are reviewed and updated each quarter. If during the course of the six-month review process there is evidence supporting a meaningful decline in the value of the collateral, the appraised value is either internally adjusted downward or a new appraisal is required to support the value of the impaired loan. With an immaterial number of exceptions, all appraisals and internal reviews are current under this methodology at December 31, 2013. | |
Restructured Loans – Loans may be modified in the normal course of business for competitive reasons or to strengthen the Company’s position. Loan modifications and restructurings may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. These modifications are structured on a loan-by-loan basis, and depending on the circumstances, may include extensions of maturity dates, rate reductions, forgiveness of principal, or other concessions. The Company may also utilize a multiple note structure as a workout alternative for certain loans. The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which the Company has granted a concession that it would not otherwise consider, are considered TDRs. | |
We consider many factors in determining whether to agree to a loan modification involving concessions, and seek a solution that will both minimize potential loss to the Company and attempt to help the borrower. We evaluate our borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. | |
Restructured loans can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of at least six months to ensure that the borrower performs in accordance with the restructured terms including consistent and timely loan payments. However, the borrower’s performance prior to the restructuring or other significant events at the time of the restructuring may be considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status after a shorter performance period or concurrent with the restructuring. In such situations, the loan will be reported as a "restructured loan accruing interest." If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. | |
The allowance for loan losses on restructured loans is determined by discounting the restructured cash flows by the original effective interest rate, or if collateral-dependent, by obtaining an appraisal. | |
Allowance for Loan Losses (the "Allowance") – We maintain an allowance for loan losses at a level management believes is sufficient to absorb credit losses inherent in our loan portfolio. The allowance for loan losses is assessed quarterly and represents an accounting estimate of probable losses in the portfolio at each balance sheet date based on a review of available and relevant information at that time. The allowance consists of reserves for probable losses that have been identified relating to specific borrowing relationships that are individually evaluated for impairment ("the specific component"), as well as probable losses inherent in our loan portfolio that are not specifically identified ("the general allocated component"), which is determined using a methodology that is a function of quantitative and qualitative factors applied to segments of our loan portfolio as well as management’s judgment. | |
The specific component relates to impaired loans. Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. See "Impaired Loans" section of this Note 1 for a detailed discussion of the specific component of the allowance for loan losses. | |
To determine the general allocated component of the allowance for loan losses, we segregate loans by vintage ("transformational" and "legacy") and product type (e.g., commercial, commercial real estate) because of observable similarities in the historical performance experience of loans underwritten by these business units. In general, loans originated by the business units that existed prior to the strategic changes of the Company in 2007 are considered "legacy" loans. Loans originated by a business unit that was established in connection with or following the strategic business transformation plan are considered "transformational" loans. Renewals or restructurings of legacy loans may continue to be evaluated as legacy loans depending on the structure or defining characteristics of the new transaction. The Company has implemented a line of business model that has reorganized the legacy business units so that after 2009, all new loan originations are considered transformational. At the time an accruing loan becomes modified and meets the definition of a TDR, it is considered impaired and is no longer included as part of the general allocated component. However, our general reserve methodology considers the amount and product type of the TDRs removed as one of many credit or portfolio considerations in establishing final reserve requirements. | |
The methodology produces an estimated range of potential loss exposure for the product types within each vintage. We consider the appropriate balance of the general allocated component of the reserve in relation to a variety of internal and external quantitative and qualitative factors to reflect data or timeframes not captured by the basic allowance framework as well as market and economic data and management judgment. In certain instances, these additional factors and judgments may lead management to conclude that the appropriate level of the reserve is outside the range determined through the basic allowance framework. | |
The product segments we evaluate in the general reserve methodology are commercial loans, commercial real estate loans, construction loans and consumer loans (which include personal loans, residential mortgage loans and home equity lines of credit). Our commercial loan portfolio includes lines of credit to businesses and term loans. Certain non-residential owner-occupied commercial real estate loans are also included in our commercial loan portfolio if the cash flows from the owner’s business serve as the primary source of loan repayment. Commercial loans contain risks unique to the business and market of each borrower and the repayment is dependent upon the financial success and viability of the borrower. | |
Commercial real estate loans comprise loans secured by various types of collateral including 1-4 family non-owner occupied housing units located primarily in our target market areas, multi-family real estate, office buildings, warehouses, retail space, mixed use buildings, and vacant land, the bulk of which is held for long-term investment or development. Risks inherent in real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and the general economic condition of the market in which the collateral is located. Repayment is generally dependent on the ability of the borrower to attract tenants at rental rates that provide for debt service. Repayment of commercial real estate loans is also somewhat dependent on long term financing options available to the borrower. | |
Our construction loan portfolio consists of single-family residential properties, multi-family properties, and commercial projects, and includes both investment properties and properties that will be owner-occupied. Risks inherent in construction lending are similar to those in commercial real estate lending. Additional risks include unexpected cost increases or delays in constructing or improving a property, the borrower’s inability to use funds generated by a project to service a loan until a project is completed, the more pronounced risk to interest rate movements and the real estate market that these borrowers face while a project is being completed or seeking a buyer, and the lack of availability of permanent financing. Construction loans, as a product segment, have the highest inherent risk in our portfolio. | |
Consumer loans are a smaller portion of our overall portfolio and consist of residential home mortgages, home equity lines of credit and personal loans. The risk issues associated with these products are closely correlated to the U.S. housing market and the local markets in which the collateral resides and include home price declines and resulting increases in loan to value ratios, low sales volume, high unemployment rates, increases in foreclosure rates, and high delinquency rates. Some personal loans may be unsecured. | |
Determination of the allowance is inherently subjective, as it requires significant estimates, including the amounts and timing of expected future cash flows and collateral appraisal values on impaired loans; estimated losses on pools of homogeneous loans based on historical loss experience, risk ratings, product type, and vintage; and consideration of current economic trends and portfolio attributes, all of which may be susceptible to significant change. For instance, loss rates in our allowance methodology typically reflect the Company's more recent loss experience, by product, on a trailing twelve or eighteen month basis. These loss rates consider both cumulative charge-offs and other real estate owned ("OREO") valuation adjustments over the period in the individual product categories that constitute our allowance. Default estimates use a multi-year originating vintage and rating approach. In addition, we compare current model-derived and historically-established reserve levels to recent charge-off trends and history in considering the appropriate final level of reserve at each product level. | |
Credit exposures deemed to be uncollectible are charged-off against the allowance, while recoveries of amounts previously charged-off are credited to the allowance. A provision for loan losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio as of the balance sheet date. | |
Reserve for Unfunded Commitments – We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The reserve is included in other liabilities on the Consolidated Statements of Financial Condition. The reserve is computed using a methodology similar to that used to determine the general allocated component of the allowance for loan losses and is based on a model that uses recent commitment utilization patterns at the product level as a method of predicting future usage across the portfolio. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense in the Consolidated Statements of Income. | |
Purchased Loans – Purchased loans acquired through portfolio purchases or in a business combination are accounted for under specialized accounting guidance when the loans have evidence of credit deterioration at the time of acquisition and it is probable that not all contractual payments will be collected ("purchased impaired loans"). Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, declines in borrower FICO scores, geographic concentration and declines in loan-to-value ratios. U.S. GAAP requires these loans to be recorded at fair value at the acquisition date and prohibits the "carrying over" or creation of valuation allowances in the initial accounting for loans acquired in a transfer. | |
The fair values for purchased impaired loans are determined by discounting cash flows expected to be collected using an observable discount rate for similar instruments with adjustments to the discount rate that management believes a market participant would consider in determining fair value. We estimate the timing and amount of cash flows expected to be collected at acquisition using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. | |
Under the applicable accounting guidance for purchased impaired loans, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using the constant effective yield method when there is a reasonable expectation about the amount and timing of such cash flows. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Decreases in expected cash flows subsequent to acquisition generally result in an allowance for loan losses. Subsequent increases in cash flows result in a reversal of the allowance for losses to the extent previously established or a prospective adjustment to the accretable yield. Purchased impaired loans with common risk characteristics are accounted for on a pool basis as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, they are all considered to be performing. | |
U.S. GAAP requires purchased loans not subject to the specialized accounting guidance ("purchased non-impaired loans") to be recorded at fair value at the acquisition date and prohibits the "carrying over" or creation of valuation allowances in the initial accounting for loans acquired in a transfer. Differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loan. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. | |
Covered Assets – Purchased loans and foreclosed loan collateral covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation ("FDIC") are reported separately on the face of the Consolidated Statements of Financial Condition inclusive of the fair value of reimbursement cash flows the Company expects to receive from the FDIC under the agreement. The allowance for covered loan losses is determined without regard to the expected reimbursement from the FDIC with any provision for covered loan loss charges recorded in the Consolidated Statements of Income reflected net of such FDIC reimbursement. | |
Other Real Estate Owned ("OREO") – OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are initially recorded at fair value less estimated selling costs. Any write-downs in the carrying value of a property at the time of acquisition are charged against the allowance for loan losses. Subsequent to initial recognition, OREO is recorded at the lower of the initial cost basis or current fair value. Any subsequent write-downs to reflect current fair value, as well as gains or losses on disposition and revenues or expenses incurred in maintaining such properties are treated as period costs and reported in non-interest expense in the Consolidated Statements of Income. | |
Depreciable Assets – Premises, leasehold improvements, furniture and equipment, and software are stated at cost less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the asset or the lease term. Rates of depreciation are generally based on the following useful lives: buildings, 30-40 years; leasehold improvements, typically 1-16 years; furniture and equipment, 3-7 years; and software, 3-5 years. Gains on dispositions are included in other income, and losses on dispositions are included in other expense in the Consolidated Statements of Income. Maintenance and repairs are charged to operating expenses as incurred, while improvements that extend the useful life of assets are capitalized and depreciated over the estimated remaining life. | |
Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, the Company recognizes a loss equal to the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in other non-interest expense in the Consolidated Statements of Income. | |
Bank Owned Life Insurance ("BOLI") – BOLI represents life insurance policies on the lives of certain Company officers or former officers for which the Company is the beneficiary. These policies are recorded as an asset on the Consolidated Statements of Financial Condition at their cash surrender value, or the amount that could be realized currently. The change in cash surrender value and insurance proceeds received are recorded as BOLI income in non-interest income in the Consolidated Statements of Income. | |
Goodwill and Other Intangible Assets – Goodwill represents the excess of purchase price over the fair value of net assets acquired (including identifiable intangible assets) using the acquisition method of accounting. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. | |
Goodwill is allocated to reporting units at acquisition. We have determined that our operating segments qualify as reporting units under U.S. GAAP, and goodwill is allocated to the Banking and Trust and Investments reporting units. Subsequent to initial recognition, goodwill is not amortized but, instead, is tested for impairment at the reporting unit level at least annually or more often if an event occurs or circumstances change that would indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We perform our annual goodwill impairment assessment as of October 31 each year. In the event we conclude that all or a portion of our goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded in earnings. Such a charge would have no impact on tangible or regulatory capital. | |
The goodwill impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. In "step one," the fair value of each reporting unit is compared to the recorded book value. Our step one calculation of each reporting unit’s fair value is based upon a simple average of two metrics: (1) a primary market approach, which measures fair value based upon trading multiples of independent publicly traded financial institutions of comparable size and character to the reporting units, and (2) an income approach, which estimates fair value based upon discounted cash flows and terminal value (using the perpetuity growth method). If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired and "step two" is not considered necessary. If the carrying value of a reporting unit exceeds its fair value, the impairment test continues ("step two") by comparing the carrying value of the reporting unit’s goodwill to the implied fair value of goodwill. The implied fair value of goodwill is determined using the residual approach, where the fair value of a reporting unit is allocated to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit, calculated in step one, is the price paid to acquire the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment charge is recognized to the extent the carrying value of goodwill exceeds the implied fair value of goodwill. | |
The Company has the option at the time of its annual impairment test to perform a qualitative assessment for each reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value before applying the existing two-step goodwill impairment test. If the Company concludes it is more likely than not, the Company would proceed with the existing two-step test, as described above. Otherwise, the Company would be able to bypass the two-step test and conclude that goodwill is not impaired from a qualitative perspective. | |
Identified intangible assets that have a finite useful life are amortized over that life in a manner that reflects the estimated decline in the economic value of the identified intangible asset and are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Company’s other intangible assets have finite lives and are amortized over their estimated useful lives with varying periods not exceeding 12 years. | |
Fiduciary Assets and Assets Under Management – Assets held in a fiduciary capacity for clients are not included in the consolidated financial statements as they are not assets of the Company or its subsidiaries. Fiduciary and asset management fees are generally determined based upon market values of assets under management as of a specified date during the period and are included as a component of non-interest income in the Consolidated Statements of Income. | |
Advertising Costs – All advertising costs are expensed in the period they are incurred. | |
Loss Contingencies – Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |
Derivative Instruments – We utilize an overall risk management strategy that incorporates the use of derivative instruments to reduce interest rate risk, as it relates to mortgage loan commitments and planned sales of loans, and foreign currency volatility. We also use these instruments to accommodate our clients as we provide them with risk management solutions, including interest rate and foreign currency contracts. None of the aforementioned end-user and client-related derivatives were designated as hedging instruments at December 31, 2013 and 2012. | |
We also use interest rate derivatives to hedge variability in forecasted interest cash flows in our loan portfolio which is comprised primarily of floating-rate loans. These derivatives are designated as cash flow hedges. | |
All derivative instruments are recorded at fair value on the Consolidated Statements of Financial Condition, after considering the effects of master netting agreements as allowed under authoritative accounting guidance. | |
On the date we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, cash flow hedge, or as a freestanding derivative instrument. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered to be fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in the cash flows of a recognized asset or liability of a forecasted transaction are considered to be cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. | |
For derivative instruments that are designated and qualify as a fair value hedge and are effective, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI. The unrealized gain or loss is reclassified into earnings in the same period or periods during which the hedged item affects earnings. For all hedge relationships, derivative gains and losses not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in current earnings during the period of change. For derivatives not designated in a hedge relationship, changes in fair value are reported in current earnings during the period of change. | |
At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in the fair values or cash flows of the hedged item and whether they are expected to be highly effective in the future. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively and the gain or loss is amortized to earnings over the remaining life of the hedged asset or liability (fair value hedge) or over the same period(s) that the forecasted hedged transactions impact earnings (cash flow hedge). However, if the forecasted transaction is probable of not occurring, the gain or loss is included in earnings immediately. | |
The Company classifies cash flows from derivative instruments designated in a hedge relationship in the same category as the cash flows from the items being hedged as long as the derivatives do not include an other-than-insignificant financing element. | |
Income Taxes – The Company and its subsidiaries file a consolidated Federal income tax return. The provision for income taxes is based on income reported in the Consolidated Statements of Income, rather than amounts reported on our income tax return. | |
We recognize a deferred tax asset or liability for the estimated future tax effects attributable to "temporary differences." Temporary differences include differences between financial statement income and tax return income that are expected to reverse in future periods, as well as differences between the financial reporting and tax bases of assets and liabilities that are also expected to be settled in future periods. Deferred tax assets and liabilities are measured using the enacted tax rates that we expect will apply when the differences are reversed or settled. Changes in corporate income tax rates, if any, would impact the pricing of our deferred tax assets and liabilities in the period of enactment, with any changes in the valuation of deferred tax assets and liabilities reflected as an adjustment to income tax expense. A valuation allowance is recorded to reduce deferred tax assets to the amount management concludes is more likely than not to be realized. | |
We periodically review and evaluate the status of uncertain tax positions and may establish tax reserves for tax benefits that may not be realized. Any income tax-related interest and penalties are included in income tax expense. | |
Net Earnings Per Common Share – Basic income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security stockholders based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (i.e., the Company’s deferred stock units and nonvested restricted stock awards and restricted stock units). Undistributed net losses are not allocated to holders of participating securities, as they do not have a contractual obligation to fund the losses incurred by the Company. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period, net of participating securities. | |
Diluted income per common share considers common stock issuable under the assumed release of nonvested restricted stock awards and units and the assumed exercise of stock options granted under the Company’s stock plans ("potentially dilutive common stock equivalents"). The dilutive effect of these share-based payment awards that are not deemed to be participating securities is calculated using the treasury stock method, which assumes that the proceeds from exercise are used to purchase common stock at the average market price for the period. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method (which assumes that the participating securities are exercised/released) or the two-class method (which assumes that the participating securities are not exercised/released and earnings are reallocated between common and participating security stockholders). Potentially dilutive common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which the effect would be antidilutive. | |
Treasury Stock – Treasury stock acquired is recorded at cost and is carried as a reduction of equity on the Consolidated Statements of Financial Condition. | |
Share-Based Compensation – Share-based compensation cost is recognized as expense for stock options, restricted stock awards, and restricted stock units issued to employees and non-employee directors based on the fair value of these awards at the date of grant. A binomial option-pricing model is utilized to estimate the fair value of stock options, while the closing market price of the Company’s common stock at the date of grant is used for restricted stock awards, restricted stock units and performance share units ("full value awards"). To the extent full value awards are subject to post-vesting transferability restrictions, a discount for lack of marketability may be applied to the grant date fair value. The costs are recognized ratably on a straight-line basis over the requisite service period, generally defined as the vesting period for the awards. For performance share units, an estimate is made as to the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in the current period. When an award is granted to an employee who is retirement eligible or who will become retirement eligible prior to the end of the service period and will continue to vest after retirement, the compensation cost of these awards is recognized over the period up to the date an employee first becomes eligible to retire. The amortization of share-based compensation generally reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time share-based awards expire, are exercised or canceled, or as restrictions are released, we may be required to recognize an adjustment to stockholders’ equity or income tax expense, depending on the market price of the Company’s stock at that time and the amount of the deferred tax asset relating to such awards. Share-based compensation expense is included in "salaries and wages" in the Consolidated Statements of Income. | |
Comprehensive Income – Comprehensive income consists of two components, reported net income and OCI. OCI refers to revenue, expenses, gains, and losses that are recorded as an element of equity but are excluded from reported net income. OCI consists of unrealized gains (losses) on securities available-for-sale and changes in the fair value of derivative instruments designated as cash flow hedges, net of tax. | |
Segment Disclosures – An operating segment is a component of a business that (i) engages in business activities from which it may earn revenues and incur expenses; (ii) has operating results that are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (iii) has discrete financial information available. Our chief operating decision maker evaluates the operations of the Company under three operating segments: Banking, Trust and Investments, and Holding Company. Refer to Note 21 for additional disclosure regarding the performance of our operating segments. | |
Variable Interest Entities – A variable interest entity ("VIE") is a partnership, limited liability company, trust, or other legal entity that does not have sufficient equity to permit it to finance its activities without additional subordinated financial support from other parties, or whose investors lack one of three characteristics associated with owning a controlling financial interest. Those characteristics are: (i) the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance, (ii) the obligation to absorb the expected losses of an entity; and (iii) the right to receive the expected residual returns of the entity. | |
U.S. GAAP requires VIEs to be consolidated by the party that has a controlling financial interest in the VIE (i.e., the primary beneficiary). The Company is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Recently Adopted Accounting Pronouncements | |
Disclosures about Offsetting Assets and Liabilities – On January 1, 2013, we adopted new accounting guidance issued by the Financial Accounting Standards Board ("FASB") relating to disclosure requirements on offsetting financial assets and liabilities. The new disclosure requirements are limited to recognized derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and lending transactions that are either offset on the statement of financial position or subject to enforceable master netting arrangements or similar agreements. At a minimum, we are required to disclose the following information separately for financial assets and liabilities: (a) the gross amounts of recognized financial assets and liabilities, (b) the amounts offset under current U.S. GAAP, (c) the net amounts presented in the balance sheet, (d) the amounts subject to an enforceable master netting arrangement or similar agreement that were not included in (b), and (e) the difference between (c) and (d). This guidance affected our disclosures, however adoption of the guidance did not impact our financial position or consolidated results of operations. Refer to Note 18 for the required disclosures. | |
Subsequent Accounting for Indemnification Assets Recognized in a Government-Assisted Acquisition – On January 1, 2013, we adopted new accounting guidance issued by the FASB to clarify the subsequent accounting for an indemnification asset recognized as a result of a government-assisted acquisition of a financial institution that included a loss sharing agreement. The guidance clarifies that subsequent changes in expected cash flows related to an indemnification asset should be amortized over the shorter of the life of the indemnification agreement or the life of the underlying covered assets. This guidance is applicable for new indemnification assets as well as existing indemnification assets, such as our indemnification receivable recorded in conjunction with the acquired loans and foreclosed loan collateral covered under our loss sharing agreement with the FDIC. As we previously accounted for our indemnification asset in accordance with this guidance, the adoption of this guidance did not impact our financial position or consolidated results of operations. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income – On January 1, 2013, we adopted new accounting guidance issued by the FASB that requires disclosure of the effect of reclassifications from accumulated other comprehensive income into net income for each affected net income line item. We have two items that are reclassified out of accumulated other comprehensive income and into net income to which this guidance is applicable, namely (1) net gains (losses) on available-for-sale securities, and (2) net gains (losses) on cash flow hedges. The guidance did not change existing requirements for reporting net income or other comprehensive income in the financial statements. This guidance affected our disclosures, however the adoption of the guidance did not impact our financial position or consolidated results of operations. Refer to Note 13 for the required disclosures. |
SECURITIES
SECURITIES | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
SECURITIES | ' | |||||||||||||||||||||||||||||||
SECURITIES | ||||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 145,716 | $ | — | $ | (3,141 | ) | $ | 142,575 | $ | 114,252 | $ | 1,050 | $ | (40 | ) | $ | 115,262 | ||||||||||||||
U.S. Agencies | 47,409 | — | (1,881 | ) | 45,528 | — | — | — | — | |||||||||||||||||||||||
Collateralized mortgage obligations | 169,775 | 6,356 | (15 | ) | 176,116 | 229,895 | 11,155 | (16 | ) | 241,034 | ||||||||||||||||||||||
Residential mortgage-backed securities | 946,656 | 23,627 | (7,176 | ) | 963,107 | 823,191 | 45,131 | — | 868,322 | |||||||||||||||||||||||
State and municipal securities | 271,135 | 6,627 | (3,112 | ) | 274,650 | 214,174 | 11,990 | (122 | ) | 226,042 | ||||||||||||||||||||||
Foreign sovereign debt | 500 | — | — | 500 | 500 | — | — | 500 | ||||||||||||||||||||||||
Total | $ | 1,581,191 | $ | 36,610 | $ | (15,325 | ) | $ | 1,602,476 | $ | 1,382,012 | $ | 69,326 | $ | (178 | ) | $ | 1,451,160 | ||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 67,335 | $ | — | $ | (3,263 | ) | $ | 64,072 | $ | 74,164 | $ | 480 | $ | — | $ | 74,644 | |||||||||||||||
Residential mortgage-backed securities | 688,410 | 637 | (15,274 | ) | 673,773 | 703,419 | 22,058 | (29 | ) | 725,448 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 164,607 | 6 | (6,640 | ) | 157,973 | 85,680 | 670 | (137 | ) | 86,213 | ||||||||||||||||||||||
State and municipal securities | 1,084 | 6 | — | 1,090 | 464 | 5 | — | 469 | ||||||||||||||||||||||||
Total | $ | 921,436 | $ | 649 | $ | (25,177 | ) | $ | 896,908 | $ | 863,727 | $ | 23,213 | $ | (166 | ) | $ | 886,774 | ||||||||||||||
The carrying value of securities pledged to secure public deposits, FHLB advances, trust deposits, Federal Reserve Bank ("FRB") discount window borrowing availability, derivative transactions, standby letters of credit with counterparty banks and for other purposes as permitted or required by law, totaled $401.4 million and $455.6 million at December 31, 2013 and 2012, respectively. Of total pledged securities, securities pledged to creditors under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties totaled $108.1 million and $144.2 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Excluding securities issued or backed by the U.S. Government and its agencies and U.S. Government-sponsored enterprises, there were no investments in securities from one issuer that exceeded 10% of consolidated equity at December 31, 2013 or 2012. | ||||||||||||||||||||||||||||||||
The following table presents the fair values of securities with unrealized losses as of December 31, 2013 and 2012. The securities presented are grouped according to the time periods during which the securities have been in a continuous unrealized loss position. | ||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 142,575 | $ | (3,141 | ) | $ | — | $ | — | $ | 142,575 | $ | (3,141 | ) | ||||||||||||||||||
U.S. Agency | 45,528 | (1,881 | ) | — | — | 45,528 | (1,881 | ) | ||||||||||||||||||||||||
Collateralized mortgage obligations | 3,409 | (15 | ) | — | — | 3,409 | (15 | ) | ||||||||||||||||||||||||
Residential mortgage-backed securities | 276,657 | (7,176 | ) | — | — | 276,657 | (7,176 | ) | ||||||||||||||||||||||||
State and municipal securities | 104,442 | (2,812 | ) | 10,325 | (300 | ) | 114,767 | (3,112 | ) | |||||||||||||||||||||||
Total | $ | 572,611 | $ | (15,025 | ) | $ | 10,325 | $ | (300 | ) | $ | 582,936 | $ | (15,325 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 556,410 | (14,908 | ) | 3,327 | (366 | ) | 559,737 | (15,274 | ) | |||||||||||||||||||||||
Commercial mortgage-backed securities | 123,021 | (4,674 | ) | 25,240 | (1,966 | ) | 148,261 | (6,640 | ) | |||||||||||||||||||||||
Collateralized mortgage obligations | 64,072 | (3,263 | ) | — | — | 64,072 | (3,263 | ) | ||||||||||||||||||||||||
Total | $ | 743,503 | $ | (22,845 | ) | $ | 28,567 | $ | (2,332 | ) | $ | 772,070 | $ | (25,177 | ) | |||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 27,359 | $ | (40 | ) | $ | — | $ | — | $ | 27,359 | $ | (40 | ) | ||||||||||||||||||
Collateralized mortgage obligations | 6,181 | (11 | ) | 2,111 | (5 | ) | 8,292 | (16 | ) | |||||||||||||||||||||||
Residential mortgage-backed securities | — | — | — | — | — | — | ||||||||||||||||||||||||||
State and municipal securities | 14,920 | (100 | ) | 1,160 | (22 | ) | 16,080 | (122 | ) | |||||||||||||||||||||||
Total | $ | 48,460 | $ | (151 | ) | $ | 3,271 | $ | (27 | ) | $ | 51,731 | $ | (178 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 3,912 | $ | (29 | ) | $ | — | $ | — | $ | 3,912 | $ | (29 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 35,437 | (137 | ) | — | — | 35,437 | (137 | ) | ||||||||||||||||||||||||
Total | $ | 39,349 | $ | (166 | ) | $ | — | $ | — | $ | 39,349 | $ | (166 | ) | ||||||||||||||||||
There were $38.9 million of securities with $2.6 million in an unrealized loss position for greater than 12 months at December 31, 2013. At December 31, 2012, there were $3.3 million of securities with $27,000 in an unrealized loss position greater than 12 months. The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Accordingly, no other-than-temporary impairments have been recorded on these securities during 2013 or 2012. | ||||||||||||||||||||||||||||||||
The following table presents the remaining contractual maturity of securities as of December 31, 2013 by amortized cost and fair value. | ||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities | Held-To-Maturity Securities | |||||||||||||||||||||||||||||||
Amortized Cost | Fair | Amortized Cost | Fair | |||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt securities: | ||||||||||||||||||||||||||||||||
One year or less | $ | 4,129 | $ | 4,220 | $ | 794 | $ | 795 | ||||||||||||||||||||||||
One year to five years | 224,651 | 225,818 | 290 | 295 | ||||||||||||||||||||||||||||
Five years to ten years | 231,837 | 228,967 | — | — | ||||||||||||||||||||||||||||
After ten years | 4,143 | 4,248 | — | — | ||||||||||||||||||||||||||||
All other securities: | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 169,775 | 176,116 | 67,335 | 64,072 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 946,656 | 963,107 | 688,410 | 673,773 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 164,607 | 157,973 | ||||||||||||||||||||||||||||
Total | $ | 1,581,191 | $ | 1,602,476 | $ | 921,436 | $ | 896,908 | ||||||||||||||||||||||||
The following table presents gains (losses) on securities for the three years ended 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Proceeds from sales | $ | 114,740 | $ | 20,905 | $ | 295,870 | ||||||||||||||||||||||||||
Gross realized gains | $ | 1,178 | $ | 573 | $ | 6,300 | ||||||||||||||||||||||||||
Gross realized losses | (4 | ) | (778 | ) | (529 | ) | ||||||||||||||||||||||||||
Net realized gains (losses) | $ | 1,174 | $ | (205 | ) | (1)Â | $ | 5,771 | (1)Â | |||||||||||||||||||||||
Income tax provision (benefit) on net realized gains (losses) | $ | 463 | $ | (81 | ) | $ | 2,295 | |||||||||||||||||||||||||
(1)Â | Includes net losses of $520,000, and $41,000 in 2012 and 2011, respectively, associated with certain investment funds that make qualifying investments for purposes of supporting our community reinvestment initiatives in accordance with the Community Reinvestment Act ("CRA" investments). These investments are classified in other assets in the Consolidated Statements of Financial Condition. Effective in fourth quarter 2012, net losses from these investments are recorded in other non-interest expense in the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||
Refer to Note 13 for additional details of the securities available-for-sale portfolio and the related impact of unrealized gains (losses) on other comprehensive income. |
Loans
Loans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||
The following loan portfolio and credit quality disclosures exclude covered loans. Covered loans represent loans acquired through an FDIC-assisted transaction that are subject to a loss share agreement and are presented separately in the Consolidated Statements of Financial Condition. Refer to Note 6 for a detailed discussion regarding covered loans. | ||||||||||||||||||||||||||||
Loan Portfolio | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commercial and industrial | $ | 5,457,574 | $ | 4,901,210 | ||||||||||||||||||||||||
Commercial – owner-occupied commercial real estate | 1,674,260 | 1,595,574 | ||||||||||||||||||||||||||
Total commercial | 7,131,834 | 6,496,784 | ||||||||||||||||||||||||||
Commercial real estate | 1,987,307 | 2,132,063 | ||||||||||||||||||||||||||
Commercial real estate – multi-family | 513,194 | 543,622 | ||||||||||||||||||||||||||
Total commercial real estate | 2,500,501 | 2,675,685 | ||||||||||||||||||||||||||
Construction | 293,387 | 190,496 | ||||||||||||||||||||||||||
Residential real estate | 341,868 | 373,580 | ||||||||||||||||||||||||||
Home equity | 149,732 | 167,760 | ||||||||||||||||||||||||||
Personal | 226,699 | 235,677 | ||||||||||||||||||||||||||
Total loans | $ | 10,644,021 | $ | 10,139,982 | ||||||||||||||||||||||||
Deferred loan fees, net of costs, included as a reduction in total loans | $ | 37,063 | $ | 39,656 | ||||||||||||||||||||||||
Overdrawn demand deposits included in total loans | $ | 2,772 | $ | 3,091 | ||||||||||||||||||||||||
We primarily lend to businesses and consumers in the market areas in which we have physical locations. We seek to diversify our loan portfolio by loan type, industry, and borrower. | ||||||||||||||||||||||||||||
Carrying Value of Loans Pledged | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Loans pledged to secure outstanding borrowings or availability: | ||||||||||||||||||||||||||||
FRB discount window borrowings (1) | $ | 710,269 | $ | 808,243 | ||||||||||||||||||||||||
FHLB advances | 1,337,552 | 2,068,172 | ||||||||||||||||||||||||||
Total | $ | 2,047,821 | $ | 2,876,415 | ||||||||||||||||||||||||
(1) | No borrowings were outstanding at December 31, 2013 or 2012. | |||||||||||||||||||||||||||
Related Party Loans | ||||||||||||||||||||||||||||
Some of our executive officers and directors are clients of our Bank, and some of our executive officers and directors are direct or indirect owners of 10% or more of the stock of corporations which are, or have been in the past, clients of the Bank. As clients, they have had transactions with the Bank, in the ordinary course of business of the Bank, including borrowings, that are or were on substantially the same terms (including interest rates and collateral on loans) as those prevailing at the time for comparable transactions with non-affiliated persons. These loans totaled $14.2 million and $15.5 million at December 31, 2013 and 2012, respectively. In the opinion of management, none of the transactions involved more than the normal risk of collectability or presented any other unfavorable features. | ||||||||||||||||||||||||||||
Loan Portfolio Aging | ||||||||||||||||||||||||||||
Loan Portfolio Aging | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Delinquent | ||||||||||||||||||||||||||||
Current | 30 – 59 | 60 – 89 | 90 Days Past | Total | Nonaccrual | Total Loans | ||||||||||||||||||||||
Days Past Due | Days Past Due | Due and | Accruing | |||||||||||||||||||||||||
Accruing | Loans | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 7,106,900 | $ | 2 | $ | 153 | $ | — | $ | 7,107,055 | $ | 24,779 | $ | 7,131,834 | ||||||||||||||
Commercial real estate | 2,447,441 | 5,946 | 161 | — | 2,453,548 | 46,953 | 2,500,501 | |||||||||||||||||||||
Construction | 293,387 | — | — | — | 293,387 | — | 293,387 | |||||||||||||||||||||
Residential real estate | 330,922 | 674 | 296 | — | 331,892 | 9,976 | 341,868 | |||||||||||||||||||||
Home equity | 136,341 | 1,108 | 404 | — | 137,853 | 11,879 | 149,732 | |||||||||||||||||||||
Personal | 225,922 | 124 | 2 | — | 226,048 | 651 | 226,699 | |||||||||||||||||||||
Total loans | $ | 10,540,913 | $ | 7,854 | $ | 1,016 | $ | — | $ | 10,549,783 | $ | 94,238 | $ | 10,644,021 | ||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | $ | 6,451,311 | $ | 2,195 | $ | 1,365 | $ | — | $ | 6,454,871 | $ | 41,913 | $ | 6,496,784 | ||||||||||||||
Commercial real estate | 2,597,780 | 4,073 | 5,278 | — | 2,607,131 | 68,554 | 2,675,685 | |||||||||||||||||||||
Construction | 189,939 | — | — | — | 189,939 | 557 | 190,496 | |||||||||||||||||||||
Residential real estate | 359,096 | 3,260 | — | — | 362,356 | 11,224 | 373,580 | |||||||||||||||||||||
Home equity | 153,754 | 1,835 | 461 | — | 156,050 | 11,710 | 167,760 | |||||||||||||||||||||
Personal | 230,852 | 2 | 1 | — | 230,855 | 4,822 | 235,677 | |||||||||||||||||||||
Total loans | $ | 9,982,732 | $ | 11,365 | $ | 7,105 | $ | — | $ | 10,001,202 | $ | 138,780 | $ | 10,139,982 | ||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, management believes that either it is probable that we will be unable to collect all amounts due (both principal and interest) according to the original contractual terms of the loan agreement or it has been classified as a TDR. The following two tables present our recorded investment on impaired loans outstanding by product segment, including our recorded investment in impaired loans, which represents the principal amount outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. | ||||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Specific | ||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Reserve | ||||||||||||||||||||||||
Principal | With No | With | Investment | |||||||||||||||||||||||||
Balance | Specific | Specific | ||||||||||||||||||||||||||
Reserve | Reserve | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 44,471 | $ | 30,039 | $ | 11,774 | $ | 41,813 | $ | 4,895 | ||||||||||||||||||
Commercial real estate | 61,112 | 10,301 | 38,203 | 48,504 | 12,536 | |||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||
Residential real estate | 11,823 | 2,629 | 7,347 | 9,976 | 2,412 | |||||||||||||||||||||||
Home equity | 13,893 | 2,567 | 10,903 | 13,470 | 2,386 | |||||||||||||||||||||||
Personal | 651 | — | 651 | 651 | 148 | |||||||||||||||||||||||
Total impaired loans | $ | 131,950 | $ | 45,536 | $ | 68,878 | $ | 114,414 | $ | 22,377 | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | $ | 100,573 | $ | 46,243 | $ | 39,937 | $ | 86,180 | $ | 13,259 | ||||||||||||||||||
Commercial real estate | 93,651 | 26,653 | 56,659 | 83,312 | 20,450 | |||||||||||||||||||||||
Construction | 1,184 | — | 557 | 557 | 117 | |||||||||||||||||||||||
Residential real estate | 12,121 | 3,107 | 8,582 | 11,689 | 3,996 | |||||||||||||||||||||||
Home equity | 14,888 | 2,034 | 11,166 | 13,200 | 2,797 | |||||||||||||||||||||||
Personal | 5,244 | — | 4,822 | 4,822 | 2,771 | |||||||||||||||||||||||
Total impaired loans | $ | 227,661 | $ | 78,037 | $ | 121,723 | $ | 199,760 | $ | 43,390 | ||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans (1)Â | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||
Recognized | ||||||||||||||||||||||||||||
Commercial | $ | 72,050 | $ | 2,265 | $ | 118,683 | $ | 4,549 | ||||||||||||||||||||
Commercial real estate | 64,887 | 428 | 145,997 | 1,458 | ||||||||||||||||||||||||
Construction | — | — | 2,121 | — | ||||||||||||||||||||||||
Residential real estate | 11,354 | 3 | 14,094 | 145 | ||||||||||||||||||||||||
Home equity | 14,665 | 120 | 13,171 | 110 | ||||||||||||||||||||||||
Personal | 2,784 | — | 13,700 | 119 | ||||||||||||||||||||||||
Total | $ | 165,740 | $ | 2,816 | $ | 307,766 | $ | 6,381 | ||||||||||||||||||||
(1)Â | Represents amounts while classified as impaired for the periods presented. | |||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
We have adopted an internal risk rating policy in which each loan is rated for credit quality with a numerical rating of 1 through 8. Loans rated 5 and better (1-5 ratings, inclusive) are credits that exhibit acceptable financial performance, cash flow, and leverage. We attempt to mitigate risk by loan structure, collateral, monitoring, and other credit risk management controls. Credits rated 6 are performing in accordance with contractual terms but are considered "special mention" as these credits demonstrate potential weakness that if left unresolved, may result in deterioration in the Company’s credit position and/or the repayment prospects for the credit. Borrowers rated special mention may exhibit adverse operating trends, high leverage, tight liquidity or other credit concerns. Loans rated 7 may be classified as either accruing ("potential problem") or nonaccrual ("nonperforming"). Potential problem loans, like special mention, are loans that are performing in accordance with contractual terms, but for which management has some level of concern (greater than that of special mention loans) about the ability of the borrowers to meet existing repayment terms in future periods. These loans continue to accrue interest but the ultimate collection of these loans in full is questionable due to the same conditions that characterize a 6-rated credit. These credits may also have somewhat increased risk profiles as a result of the current net worth and/or paying capacity of the obligor or guarantors or the value of the collateral pledged. These loans generally have a well-defined weakness that may jeopardize collection of the debt and are characterized by the distinct possibility that the Company may sustain some loss if the deficiencies are not resolved. Although these loans are generally identified as potential problem loans and require additional attention by management, they may never become nonperforming. Nonperforming loans include nonaccrual loans risk rated 7 or 8 and have all the weaknesses inherent in a 7-rated potential problem loan 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. Special mention, potential problem and nonperforming loans are reviewed at a minimum on a quarterly basis, while all other rated credits over a certain dollar threshold, depending on loan type, are reviewed annually or more frequently as the situation warrants. | ||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Special Mention | % of Portfolio Loan | Potential Problem | % of Portfolio Loan | Non-Performing Loans | % of Portfolio Loan | Total Loans | ||||||||||||||||||||||
Type | Loans | Type | Type | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Commercial | $ | 62,272 | 0.9 | $ | 87,391 | 1.2 | $ | 24,779 | 0.3 | $ | 7,131,834 | |||||||||||||||||
Commercial real estate | 1,016 | * | 4,489 | 0.2 | 46,953 | 1.9 | 2,500,501 | |||||||||||||||||||||
Construction | — | — | — | — | — | — | 293,387 | |||||||||||||||||||||
Residential real estate | 4,898 | 1.4 | 7,177 | 2.1 | 9,976 | 2.9 | 341,868 | |||||||||||||||||||||
Home equity | 2,884 | 1.9 | 2,538 | 1.7 | 11,879 | 7.9 | 149,732 | |||||||||||||||||||||
Personal | 187 | 0.1 | 177 | 0.1 | 651 | 0.3 | 226,699 | |||||||||||||||||||||
Total | $ | 71,257 | 0.7 | $ | 101,772 | 1 | $ | 94,238 | 0.9 | $ | 10,644,021 | |||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | $ | 72,651 | 1.1 | $ | 40,495 | 0.6 | $ | 41,913 | 0.6 | $ | 6,496,784 | |||||||||||||||||
Commercial real estate | 21,209 | 0.8 | 48,897 | 1.8 | 68,554 | 2.6 | 2,675,685 | |||||||||||||||||||||
Construction | — | — | — | — | 557 | 0.3 | 190,496 | |||||||||||||||||||||
Residential real estate | 2,364 | 0.6 | 13,844 | 3.7 | 11,224 | 3 | 373,580 | |||||||||||||||||||||
Home equity | 562 | 0.3 | 4,351 | 2.6 | 11,710 | 7 | 167,760 | |||||||||||||||||||||
Personal | 8 | * | 289 | 0.1 | 4,822 | 2 | 235,677 | |||||||||||||||||||||
Total | $ | 96,794 | 1 | $ | 107,876 | 1.1 | $ | 138,780 | 1.4 | $ | 10,139,982 | |||||||||||||||||
* | Less than 0.1% | |||||||||||||||||||||||||||
Troubled Debt Restructured Loans | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Accruing | Nonaccrual | Accruing | Nonaccrual | |||||||||||||||||||||||||
Commercial | $ | 17,034 | $ | 6,188 | $ | 44,267 | $ | 25,200 | ||||||||||||||||||||
Commercial real estate | 1,551 | 19,309 | 14,758 | 29,426 | ||||||||||||||||||||||||
Residential real estate | — | 2,239 | 465 | 2,867 | ||||||||||||||||||||||||
Home equity | 1,591 | 3,805 | 1,490 | 3,000 | ||||||||||||||||||||||||
Personal | — | 641 | — | 4,299 | ||||||||||||||||||||||||
Total | $ | 20,176 | $ | 32,182 | $ | 60,980 | $ | 64,792 | ||||||||||||||||||||
At December 31, 2013 and 2012, credit commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing) totaled $5.5 million and $16.3 million, respectively. | ||||||||||||||||||||||||||||
Additions to Accruing Troubled Debt Restructurings During the Year | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||
Number of Borrowers | Recorded Investment (1) | Number of Borrowers | Recorded Investment (1) | |||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 6 | $ | 7,288 | $ | 7,288 | 6 | $ | 34,688 | $ | 34,538 | ||||||||||||||||||
Multiple note structuring (4) | — | — | — | 1 | 17,596 | 11,796 | ||||||||||||||||||||||
Total commercial | 6 | 7,288 | 7,288 | 7 | 52,284 | 46,334 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 244 | 244 | 5 | 10,739 | 9,909 | ||||||||||||||||||||||
Other concession (3) | 1 | 717 | 717 | — | — | — | ||||||||||||||||||||||
Total commercial real estate | 2 | 961 | 961 | 5 | 10,739 | 9,909 | ||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 150 | 150 | 3 | 2,182 | 2,182 | ||||||||||||||||||||||
Other concession (3) | — | — | — | 1 | 200 | 200 | ||||||||||||||||||||||
Total residential real estate | 1 | 150 | 150 | 4 | 2,382 | 2,382 | ||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 125 | 125 | ||||||||||||||||||||||
Total accruing | 9 | $ | 8,399 | $ | 8,399 | 17 | $ | 65,530 | $ | 58,750 | ||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | — | $ | 980 | ||||||||||||||||||||||||
Change in recorded investment due to charge-offs as part of the multiple note structuring | $ | — | $ | 5,800 | ||||||||||||||||||||||||
(1)Â | Represents amounts outstanding as of the date immediately prior to and immediately after the modification is effective. | |||||||||||||||||||||||||||
(2) | Extension of maturity date also includes loans renewed at existing rate of interest which is considered a below market rate for that particular loan’s risk profile. | |||||||||||||||||||||||||||
(3)Â | Other concessions primarily include interest rate reductions, loan increases, or deferrals of principal. | |||||||||||||||||||||||||||
(4)Â | The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. | |||||||||||||||||||||||||||
Additions to Nonaccrual Troubled Debt Restructurings During the Period | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||
Number of Borrowers | Recorded Investment (1) | Number of Borrowers | Recorded Investment (1) | |||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 2 | $ | 334 | $ | 334 | 3 | $ | 5,777 | $ | 5,277 | ||||||||||||||||||
Other concession (3) | 6 | 1,795 | 1,795 | 2 | 17,512 | 17,512 | ||||||||||||||||||||||
Total commercial | 8 | 2,129 | 2,129 | 5 | 23,289 | 22,789 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 297 | 297 | 6 | 1,173 | 1,163 | ||||||||||||||||||||||
Other concession (3) | 10 | 18,562 | 7,475 | 2 | 18,325 | 18,229 | ||||||||||||||||||||||
Total commercial real estate | 11 | 18,859 | 7,772 | 8 | 19,498 | 19,392 | ||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 2 | 794 | 794 | ||||||||||||||||||||||
Other concession (3) | 1 | 342 | 342 | 2 | 299 | 299 | ||||||||||||||||||||||
Total residential real estate | 1 | 342 | 342 | 4 | 1,093 | 1,093 | ||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 5 | 824 | 824 | 2 | 480 | 480 | ||||||||||||||||||||||
Other concession (3) | 8 | 1,760 | 1,753 | 2 | 841 | 841 | ||||||||||||||||||||||
Total home equity | 13 | 2,584 | 2,577 | 4 | 1,321 | 1,321 | ||||||||||||||||||||||
Personal | ||||||||||||||||||||||||||||
Other concession (3) | 2 | 478 | 478 | — | — | — | ||||||||||||||||||||||
Total nonaccrual | 35 | $ | 24,392 | $ | 13,298 | 21 | $ | 45,201 | $ | 44,595 | ||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | 7,916 | $ | 606 | ||||||||||||||||||||||||
Change in recorded investment due to charge-offs at time of modification | $ | 3,398 | $ | — | ||||||||||||||||||||||||
(1)Â | Represents amounts outstanding as of the date immediately prior to and immediately after the modification is effective. | |||||||||||||||||||||||||||
(2) | Extension of maturity date also includes loans renewed at existing rate of interest which is considered a below market rate for that particular loan’s risk profile. | |||||||||||||||||||||||||||
(3)Â | Other concessions primarily include interest rate reductions, loan increases, or deferrals of principal. | |||||||||||||||||||||||||||
At the time an accruing loan becomes modified and meets the definition of a TDR, it is considered impaired and no longer included as part of the general loan loss reserve calculation. However, our general reserve methodology considers the amount and product type of the TDRs removed as a proxy for potentially heightened risk in the portfolio when establishing final reserve requirements. | ||||||||||||||||||||||||||||
As impaired loans, TDRs (both accruing and nonaccruing) are evaluated for impairment at the end of each quarter with a specific valuation reserve created, or adjusted (either individually or as part of a pool), if necessary, as a component of the allowance for loan losses. Refer to the "Impaired Loan" and "Allowance for Loan Loss" sections of Note 1 regarding our policy for assessing potential impairment on such loans. Our allowance for loan losses included $8.6 million and $23.3 million in specific reserves for nonaccrual TDRs at December 31, 2013 and 2012, respectively. For accruing TDRs there were specific reserves of $37,000 and $40,000 at December 31, 2013 and 2012, respectively, with the specific reserve representing the difference between the present value of cash flows for the restructured loan as compared to the original loan. | ||||||||||||||||||||||||||||
The following table presents the recorded investment and number of loans modified as an accruing TDR during the previous 12 months which subsequently became nonperforming during the years ended December 31, 2013 and 2012. A loan becomes nonperforming and placed on nonaccrual status typically when the principal or interest payments are 90 days past due based on contractual terms or when an individual analysis of a borrower’s creditworthiness indicates a loan should be placed on nonaccrual status earlier than when the loan becomes 90 days past due. | ||||||||||||||||||||||||||||
Accruing Troubled Debt Restructurings | ||||||||||||||||||||||||||||
Reclassified as Nonperforming Within 12 Months of Restructuring | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Borrowers | Investment (1) | Borrowers | Investment (1) | |||||||||||||||||||||||||
Commercial | 1 | $ | 149 | 2 | $ | 16,599 | ||||||||||||||||||||||
Commercial real estate | 2 | 5,258 | 2 | 879 | ||||||||||||||||||||||||
Residential real estate | — | — | 1 | 197 | ||||||||||||||||||||||||
Home equity | — | — | 1 | 125 | ||||||||||||||||||||||||
Total | 3 | $ | 5,407 | 6 | $ | 17,800 | ||||||||||||||||||||||
(1)Â | Represents amounts as of the balance sheet date from the quarter the default was first reported. |
ALLOWANCE_FOR_LOAN_LOSSES_AND_
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | ' | |||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | ||||||||||||||||||||||||||||
The following allowance and credit quality disclosures exclude covered loans. Refer to Note 6 for a detailed discussion regarding covered loans. | ||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Commercial |  Commercial | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Real | Equity | ||||||||||||||||||||||||||
Estate | Estate | |||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | ||||||||||||||
Loans charged-off | (22,339 | ) | (25,294 | ) | 70 | (3,501 | ) | (3,445 | ) | (3,725 | ) | (58,234 | ) | |||||||||||||||
Recoveries on loans previously charged-off | 5,054 | 2,173 | 48 | 15 | 475 | 997 | 8,762 | |||||||||||||||||||||
Net charge-offs | (17,285 | ) | (23,121 | ) | 118 | (3,486 | ) | (2,970 | ) | (2,728 | ) | (49,472 | ) | |||||||||||||||
Provision (release) for loan losses | 34,344 | (7,667 | ) | 786 | 1,345 | 1,821 | 535 | 31,164 | ||||||||||||||||||||
Balance at end of year | $ | 80,768 | $ | 42,362 | $ | 3,338 | $ | 7,555 | $ | 5,648 | $ | 3,438 | $ | 143,109 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 4,895 | $ | 12,536 | $ | — | $ | 2,412 | $ | 2,386 | $ | 148 | $ | 22,377 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 75,873 | $ | 29,826 | $ | 3,338 | $ | 5,143 | $ | 3,262 | $ | 3,290 | $ | 120,732 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 41,813 | $ | 48,504 | $ | — | $ | 9,976 | $ | 13,470 | $ | 651 | $ | 114,414 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 7,090,021 | 2,451,997 | 293,387 | 331,892 | 136,262 | 226,048 | 10,529,607 | |||||||||||||||||||||
Total recorded investment in loans | $ | 7,131,834 | $ | 2,500,501 | $ | 293,387 | $ | 341,868 | $ | 149,732 | $ | 226,699 | $ | 10,644,021 | ||||||||||||||
(1)Â | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 60,663 | $ | 94,905 | $ | 12,852 | $ | 6,376 | $ | 4,022 | $ | 12,776 | $ | 191,594 | ||||||||||||||
Loans charged-off | (31,768 | ) | (68,099 | ) | (1,979 | ) | (3,010 | ) | (3,128 | ) | (10,044 | ) | (118,028 | ) | ||||||||||||||
Recoveries on loans previously charged-off | 4,179 | 8,709 | 2,315 | 126 | 509 | 1,137 | 16,975 | |||||||||||||||||||||
Net charge-offs | (27,589 | ) | (59,390 | ) | 336 | (2,884 | ) | (2,619 | ) | (8,907 | ) | (101,053 | ) | |||||||||||||||
Provision (release) for loan losses | 30,635 | 37,635 | (10,754 | ) | 6,204 | 5,394 | 1,762 | 70,876 | ||||||||||||||||||||
Balance at end of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 13,259 | $ | 20,450 | $ | 117 | $ | 3,996 | $ | 2,797 | $ | 2,771 | $ | 43,390 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 50,450 | $ | 52,700 | $ | 2,317 | $ | 5,700 | $ | 4,000 | $ | 2,860 | $ | 118,027 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 86,180 | $ | 83,312 | $ | 557 | $ | 11,689 | $ | 13,200 | $ | 4,822 | $ | 199,760 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 6,410,604 | 2,592,373 | 189,939 | 361,891 | 154,560 | 230,855 | 9,940,222 | |||||||||||||||||||||
Total recorded investment in loans | $ | 6,496,784 | $ | 2,675,685 | $ | 190,496 | $ | 373,580 | $ | 167,760 | $ | 235,677 | $ | 10,139,982 | ||||||||||||||
(1)Â | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 70,115 | $ | 110,853 | $ | 19,778 | $ | 5,321 | $ | 5,764 | $ | 10,990 | $ | 222,821 | ||||||||||||||
Loans charged-off | (32,742 | ) | (108,814 | ) | (11,282 | ) | (2,009 | ) | (6,586 | ) | (9,594 | ) | (171,027 | ) | ||||||||||||||
Recoveries on loans previously charged-off | 4,280 | 3,162 | 291 | 61 | 337 | 1,114 | 9,245 | |||||||||||||||||||||
Net charge-offs | (28,462 | ) | (105,652 | ) | (10,991 | ) | (1,948 | ) | (6,249 | ) | (8,480 | ) | (161,782 | ) | ||||||||||||||
Provision for loan losses | 19,010 | 89,704 | 4,065 | 3,003 | 4,507 | 10,266 | 130,555 | |||||||||||||||||||||
Balance at end of year | $ | 60,663 | $ | 94,905 | $ | 12,852 | $ | 6,376 | $ | 4,022 | $ | 12,776 | $ | 191,594 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 14,163 | $ | 38,905 | $ | 5,202 | $ | 976 | $ | 1,272 | $ | 9,426 | $ | 69,944 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 46,500 | $ | 56,000 | $ | 7,650 | $ | 5,400 | $ | 2,750 | $ | 3,350 | $ | 121,650 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 108,527 | $ | 174,605 | $ | 21,879 | $ | 17,827 | $ | 11,603 | $ | 26,320 | $ | 360,761 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 5,215,247 | 2,511,841 | 265,123 | 279,402 | 169,555 | 206,632 | 8,647,800 | |||||||||||||||||||||
Total recorded investment in loans | $ | 5,323,774 | $ | 2,686,446 | $ | 287,002 | $ | 297,229 | $ | 181,158 | $ | 232,952 | $ | 9,008,561 | ||||||||||||||
-1 | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Reserve for Unfunded Commitments (1)Â | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | 7,343 | $ | 7,277 | $ | 8,119 | ||||||||||||||||||||||
Provision (release) for unfunded commitments | 1,863 | 66 | (842 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 9,206 | $ | 7,343 | $ | 7,277 | ||||||||||||||||||||||
 Unfunded commitments, excluding covered assets, at year end (1) | $ | 5,028,268 | $ | 4,707,373 | $ | 4,448,177 | ||||||||||||||||||||||
(1)Â | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. | |||||||||||||||||||||||||||
Refer to Note 19 for additional details of commitments to extend credit, standby letters of credit and commercial letters of credit. |
COVERED_ASSETS
COVERED ASSETS | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||||||
COVERED ASSETS | ' | |||||||||||||||||||||||||||||||||||
COVERED ASSETS | ||||||||||||||||||||||||||||||||||||
Covered assets represent acquired loans and foreclosed loan collateral covered under a loss sharing agreement with the FDIC and include an indemnification receivable representing the present value of the expected reimbursement from the FDIC related to expected losses on the acquired loans and foreclosed real estate under such agreement. The carrying amount of covered assets is presented in the following table. | ||||||||||||||||||||||||||||||||||||
Covered Assets | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Purchased | Purchased | Other | Total | Purchased | Purchased | Other | Total | |||||||||||||||||||||||||||||
Impaired | Nonimpaired | Assets | Impaired | Nonimpaired | Assets | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Commercial loans | $ | 4,657 | $ | 6,905 | $ | — | $ | 11,562 | $ | 6,044 | $ | 15,002 | $ | — | $ | 21,046 | ||||||||||||||||||||
Commercial real estate loans | 2,505 | 44,152 | — | 46,657 | 15,864 | 66,956 | — | 82,820 | ||||||||||||||||||||||||||||
Residential mortgage loans | 366 | 36,517 | — | 36,883 | 305 | 42,224 | — | 42,529 | ||||||||||||||||||||||||||||
Consumer installment and other | 87 | 3,126 | 259 | 3,472 | 87 | 4,320 | 299 | 4,706 | ||||||||||||||||||||||||||||
Foreclosed real estate | — | — | 7,880 | 7,880 | — | — | 24,395 | 24,395 | ||||||||||||||||||||||||||||
Asset in lieu | — | — | — | — | — | — | 11 | 11 | ||||||||||||||||||||||||||||
Estimated loss reimbursement by the FDIC | — | — | 6,292 | 6,292 | — | — | 18,709 | 18,709 | ||||||||||||||||||||||||||||
Total covered assets | 7,615 | 90,700 | 14,431 | 112,746 | 22,300 | 128,502 | 43,414 | 194,216 | ||||||||||||||||||||||||||||
Allowance for covered loan losses | (3,859 | ) | (12,652 | ) | — | (16,511 | ) | (10,510 | ) | (13,501 | ) | — | (24,011 | ) | ||||||||||||||||||||||
Net covered assets | $ | 3,756 | $ | 78,048 | $ | 14,431 | $ | 96,235 | $ | 11,790 | $ | 115,001 | $ | 43,414 | $ | 170,205 | ||||||||||||||||||||
Nonperforming covered loans (1) | $ | 15,610 | $ | 18,242 | ||||||||||||||||||||||||||||||||
(1)Â | Excludes purchased impaired loans which are accounted for on a pool basis based on common risk characteristics as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, all purchased impaired loans are considered to be performing. | |||||||||||||||||||||||||||||||||||
At the date of purchase, all purchased loans and the related indemnification asset were recorded at fair value. On an ongoing basis, the accounting for purchased loans and the related indemnification asset follows applicable authoritative accounting guidance for purchased nonimpaired loans and purchased impaired loans. The amounts we ultimately realize on these loans and the related indemnification asset could differ materially from the carrying value reflected in these financial statements, based upon the timing and amount of collections on the acquired loans in future periods compared to what is assumed in our current estimate of cash flows. Our losses on loans and foreclosed real estate may be mitigated to the extent covered under the specific terms and provisions of our loss share agreement with the FDIC. The loss share agreement expires on September 30, 2014 for non-single family homes and September 30, 2019 for single family homes. | ||||||||||||||||||||||||||||||||||||
The allowance for covered loan losses is determined in a manner consistent with our policy for the originated loan portfolio. | ||||||||||||||||||||||||||||||||||||
The following table presents changes in the allowance for covered loan losses for the periods presented. | ||||||||||||||||||||||||||||||||||||
Allowance for Covered Loan Losses | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Purchased Impaired Loans | Purchased Non-impaired Loans | Total | Purchased Impaired Loans | Purchased Non-impaired Loans | Total | Purchased Impaired Loans | Purchased Non-impaired Loans | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 10,510 | $ | 13,501 | $ | 24,011 | $ | 14,727 | $ | 11,212 | $ | 25,939 | $ | 8,601 | $ | 6,733 | $ | 15,334 | ||||||||||||||||||
Loans charged-off | (3,715 | ) | (774 | ) | (4,489 | ) | (905 | ) | (139 | ) | (1,044 | ) | (264 | ) | (70 | ) | (334 | ) | ||||||||||||||||||
Recoveries on loans previously charged-off | 2,977 | 182 | 3,159 | 418 | 120 | 538 | 454 | 86 | 540 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | (738 | ) | (592 | ) | (1,330 | ) | (487 | ) | (19 | ) | (506 | ) | 190 | 16 | 206 | |||||||||||||||||||||
(Release) provision for covered loan losses (1) | (5,913 | ) | (257 | ) | (6,170 | ) | (3,730 | ) | 2,308 | (1,422 | ) | 5,936 | 4,463 | 10,399 | ||||||||||||||||||||||
Balance at end of year | $ | 3,859 | $ | 12,652 | $ | 16,511 | $ | 10,510 | $ | 13,501 | $ | 24,011 | $ | 14,727 | $ | 11,212 | $ | 25,939 | ||||||||||||||||||
(1) | Includes a provision for credit losses of $632,000, $549,000, and $2.3 million recorded in the Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011, respectively, representing our 20% non-reimbursable portion of losses under the loss share agreement. | |||||||||||||||||||||||||||||||||||
Changes in the carrying amount and accretable yield for purchased impaired loans are set forth in the following table. | ||||||||||||||||||||||||||||||||||||
Change in Purchased Impaired Loans Accretable Yield and Carrying Amount | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accretable Yield | Carrying Amount | Accretable Yield | Carrying Amount | |||||||||||||||||||||||||||||||||
of Loans | of Loans | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,752 | $ | 22,300 | $ | 5,595 | $ | 49,495 | ||||||||||||||||||||||||||||
Payments received | — | (11,128 | ) | — | (16,173 | ) | ||||||||||||||||||||||||||||||
Charge-offs/disposals (1) | — | (4,377 | ) | (2,391 | ) | (12,036 | ) | |||||||||||||||||||||||||||||
Reclassifications to nonaccretable difference, net | (12 | ) | — | (438 | ) | — | ||||||||||||||||||||||||||||||
Accretion | (638 | ) | 638 | (1,014 | ) | 1,014 | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,102 | $ | 7,433 | $ | 1,752 | $ | 22,300 | ||||||||||||||||||||||||||||
Contractual amount outstanding at end of year | $ | 15,286 | $ | 30,865 | ||||||||||||||||||||||||||||||||
(1)Â | Includes transfers to covered foreclosed real estate. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Changes in the Carrying Amount of Goodwill by Reporting Unit | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Banking | Trust and Investments | Holding Company Activities | Consolidated | |||||||||||||
Balance at December 31, 2011 | $ | 81,755 | $ | 12,816 | $ | — | $ | 94,571 | ||||||||
Tax benefit adjustment | — | (50 | ) | — | (50 | ) | ||||||||||
Balance at December 31, 2012 | 81,755 | 12,766 | — | 94,521 | ||||||||||||
Sale of Lodestar | — | (226 | ) | — | (226 | ) | ||||||||||
Tax benefit adjustment | — | (254 | ) | — | (254 | ) | ||||||||||
Balance at December 31, 2013 | $ | 81,755 | $ | 12,286 | $ | — | $ | 94,041 | ||||||||
In connection with the sale of Lodestar Investment Counsel, LLC ("Lodestar") on December 31, 2013, an investment management firm and previously a wholly-owned subsidiary of the Company, $226,000 of the goodwill assigned to the Trust and Investment reporting unit was allocated to Lodestar and written off. A goodwill impairment charge of $146,000 was recorded in connection with the sale. Goodwill also decreased $254,000 due to an adjustment for tax benefits associated with the goodwill attributable to Lodestar. | ||||||||||||||||
For our annual goodwill impairment test performed as of October 31, 2013, as permitted under current accounting guidance, we elected to not perform a qualitative assessment and instead chose to proceed with the quantitative two-step test. As a result of our step one analysis, we determined that the fair value of both the Banking and Trust and Investments (excluding Lodestar) reporting units exceeded their respective carrying amounts. As such, both of our reporting units with allocated goodwill "passed" step one of the goodwill impairment test, and no further analysis was required to support the conclusion that goodwill was not impaired as of October 31, 2013. The Banking reporting unit's fair value exceeded its carrying amount by approximately 73%, while the Trust and Investments reporting unit's fair value exceeded its carrying amount by approximately 161%. | ||||||||||||||||
The fair value of the reporting units as determined in our annual goodwill impairment test resulted in an implied control premium in excess of our market capitalization of approximately 20%. We believe this control premium is reasonable and supports the appropriate estimation of the reporting units' fair value as compared to our market capitalization. | ||||||||||||||||
We are not aware of any events or circumstances subsequent to our annual goodwill impairment testing date of October 31, 2013 that would indicate impairment of goodwill allocated to the Banking and Trust and Investment (excluding Lodestar) reporting units at December 31, 2013. There were no impairment charges for goodwill recorded in 2012 or 2011. | ||||||||||||||||
We have other intangible assets capitalized on the Consolidated Statements of Financial Condition in the form of core deposit premiums and client relationships. These intangible assets are being amortized over their estimated useful lives, which range from 8 to 12 years. | ||||||||||||||||
We review intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. In connection with the sale of Lodestar on December 31, 2013, we reduced the client relationships intangibles net carrying amount by $815,000. During 2013, there were no events or circumstances to indicate there may be impairment of intangible assets, and no impairment charges for other intangible assets were recorded in 2013, 2012, or 2011. | ||||||||||||||||
Other Intangible Assets | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Core deposit intangible: | ||||||||||||||||
Gross carrying amount | 18,093 | 18,093 | 18,093 | |||||||||||||
Accumulated amortization | 10,071 | 7,362 | 5,079 | |||||||||||||
Net carrying amount | $ | 8,022 | $ | 10,731 | $ | 13,014 | ||||||||||
Amortization during the period | $ | 2,709 | $ | 2,282 | $ | 1,095 | ||||||||||
Weighted average remaining life (in years) | 3 | 4 | 5 | |||||||||||||
Client relationships: | ||||||||||||||||
Gross carrying amount | 2,002 | 5,059 | 4,900 | |||||||||||||
Accumulated amortization | 1,132 | 2,962 | 2,561 | |||||||||||||
Net carrying amount | $ | 870 | $ | 2,097 | $ | 2,339 | ||||||||||
Amortization during the period | $ | 412 | $ | 402 | $ | 392 | ||||||||||
Weighted average remaining life (in years) | 7 | 7 | 8 | |||||||||||||
Scheduled Amortization of Other Intangible Assets | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Total | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 3,007 | |||||||||||||||
2015 | 2,455 | |||||||||||||||
2016 | 2,161 | |||||||||||||||
2017 | 1,125 | |||||||||||||||
2018 | 98 | |||||||||||||||
2019 and thereafter | 46 | |||||||||||||||
Total | $ | 8,892 | ||||||||||||||
Premises_Furniture_And_Equipme
Premises, Furniture, And Equipment | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Premises, Furniture, And Equipment | ' | |||||||||||
PREMISES, FURNITURE, AND EQUIPMENT | ||||||||||||
Premises, Furniture, and Equipment | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 1,874 | $ | 1,226 | ||||||||
Building | 7,581 | 7,322 | ||||||||||
Leasehold improvements | 39,644 | 37,317 | ||||||||||
Furniture and equipment | 42,044 | 39,559 | ||||||||||
Software | 14,421 | 13,722 | ||||||||||
Total cost | $ | 105,564 | $ | 99,146 | ||||||||
Accumulated depreciation | (65,860 | ) | (59,638 | ) | ||||||||
Net book value | $ | 39,704 | $ | 39,508 | ||||||||
Depreciation expense on premises, furniture, and equipment totaled $8.5 million in 2013, $9.3 million in 2012, and $8.8 million in 2011. | ||||||||||||
At December 31, 2013, we were obligated under certain non-cancellable operating leases for premises and equipment, which expire at various dates through the year 2023. Many of these leases contain renewal options, and certain leases provide a right of refusal to purchase the leased property during the lease term. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses, or proportionately adjusted for increases in the consumer or other price indices. The following summary reflects the future minimum rental payments, by year, required under operating leases that, as of December 31, 2013, have initial or remaining non-cancellable lease terms in excess of one year. | ||||||||||||
Operating Leases (1)Â | ||||||||||||
(Amounts in thousands) | ||||||||||||
Total | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | $ | 12,829 | ||||||||||
2015 | 13,079 | |||||||||||
2016 | 11,671 | |||||||||||
2017 | 11,234 | |||||||||||
2018 | 10,945 | |||||||||||
2019 and thereafter | 44,189 | |||||||||||
Total minimum lease payments | $ | 103,947 | ||||||||||
(1)Â | Minimum payments have not been reduced by minimum sublease rentals of $231,000 due in the future under non-cancellable subleases. | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental expense charged to operations (1)(2) | $ | 12,224 | $ | 12,128 | $ | 11,780 | ||||||
Rental income from premises leased to others (2) | $ | 659 | $ | 676 | $ | 676 | ||||||
(1)Â | Including amounts paid under short-term cancellable leases. | |||||||||||
(2)Â | Does not include rental expense or sublease rental income for certain restructured leases. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Deposits | ' | |||||||
DEPOSITS | ||||||||
Summary of Deposits | ||||||||
(Amounts in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Noninterest-bearing deposits | $ | 3,172,676 | $ | 3,690,340 | ||||
Interest-bearing deposits | 1,470,856 | 1,057,390 | ||||||
Savings deposits | 284,482 | 310,188 | ||||||
Money market accounts | 4,515,079 | 4,602,632 | ||||||
Time deposits less than $100,000 | 346,812 | 245,955 | ||||||
Time deposits of $100,000 or more (1) | 2,223,736 | 2,267,129 | ||||||
Total deposits | $ | 12,013,641 | $ | 12,173,634 | ||||
(1) | Includes deposits which, to our knowledge, have been placed with the Bank by a person who acts as a broker in placing these deposits on behalf of others or are otherwise deemed to be "brokered" by bank regulatory rules and regulations such as deposits under the CDARS® deposit program ("brokered time deposits"). | |||||||
Maturities of Time Deposits of $100,000 or More (1)Â | ||||||||
(Amounts in thousands) | ||||||||
2013 | ||||||||
Maturing within 3 months | $ | 430,914 | ||||||
After 3 but within 6 months | 448,262 | |||||||
After 6 but within 12 months | 583,699 | |||||||
After 12 months | 760,861 | |||||||
Total | $ | 2,223,736 | ||||||
(1)Â | Includes brokered time deposits. |
SHORTTERM_AND_SECURED_BORROWIN
SHORT-TERM AND SECURED BORROWINGS | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
SHORT-TERM BORROWINGS | ' | |||||||||||||
SHORT-TERM AND SECURED BORROWINGS | ||||||||||||||
Summary of Short-Term Borrowings | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
Outstanding: | ||||||||||||||
FHLB advances | $ | 2,000 | 3.37 | % | $ | 5,000 | 4.96 | % | ||||||
Other Information: | ||||||||||||||
Weighted average remaining maturity of FHLB advances at year end (in months) | 12 months | 6 months | ||||||||||||
Unused FHLB advances availability | $ | 395,302 | $ | 999,722 | ||||||||||
Unused overnight federal funds availability (1) | $ | 520,000 | $ | 385,000 | ||||||||||
Borrowing capacity through the FRB discount window primary credit program (2) | $ | 621,855 | $ | 688,608 | ||||||||||
(1)Â | Our total availability of overnight fed fund borrowings is not a committed line of credit and is dependent upon lender availability. | |||||||||||||
(2)Â | Includes federal term auction facilities. Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. | |||||||||||||
As a member of the FHLB Chicago, we have access to a borrowing capacity of $645.6 million at December 31, 2013, of which $395.3 million is available subject to the availability of acceptable collateral to pledge. Qualifying residential, multi-family and commercial real estate loans, home equity lines of credit, and residential mortgage-backed securities are held as collateral towards current outstanding balances and additional borrowing availability. FHLB advances reported as short-term borrowings represent advances with a remaining maturity of one year or less at December 31, 2013. | ||||||||||||||
In September 2013, the Company entered into a 364-day Revolving Line of Credit (the "Facility") with a group of commercial banks allowing borrowing of up to $60.0 million, converting to an amortizing term loan on or before the maturity date of September 27, 2015. The interest rate applied on the Facility will be at the Company's discretion either 30-day or 90-day LIBOR plus 1.95% or Prime minus 0.50% at the time the advance is made. At December 31, 2013, no amounts have been drawn on the Facility. | ||||||||||||||
Also included in short-term and secured borrowings on the Consolidated Statements of Financial Condition are amounts related to certain loan participation agreements on loans we originated that were classified as secured borrowings as they did not qualify for sale accounting treatment. As of December 31, 2013, these loan participation agreements totaled $6.4 million. A corresponding amount was recorded within loans on the Consolidated Statements of Financial Condition. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
LONG-TERM DEBT | ' | ||||||||||||
LONG-TERM DEBT | |||||||||||||
Long-Term Debt | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Parent Company: | |||||||||||||
2.89% junior subordinated debentures due 2034 | (1)(a)Â | $ | 8,248 | $ | 8,248 | ||||||||
1.95% junior subordinated debentures due 2035 | (2)(a)Â | 51,547 | 51,547 | ||||||||||
1.74% junior subordinated debentures due 2035 | (3)(a)Â | 41,238 | 41,238 | ||||||||||
10.00% junior subordinated debentures due 2068 | (a)Â | 143,760 | 143,760 | ||||||||||
7.125% subordinated debentures due 2042 | (b)Â | 125,000 | 125,000 | ||||||||||
Subtotal | 369,793 | 369,793 | |||||||||||
Subsidiaries: | |||||||||||||
FHLB advances | 258,000 | 10,000 | |||||||||||
3.82% subordinated debt facility due 2015 | (4)(c) | — | 120,000 | ||||||||||
Subtotal | 258,000 | 130,000 | |||||||||||
Total long-term debt | $ | 627,793 | $ | 499,793 | |||||||||
Weighted average interest rate of FHLB long-term advances at year end | 0.22 | % | 4.15 | % | |||||||||
Weighted average remaining maturity of FHLB long-term advances at year end (in years) | 2.1 | 4.4 | |||||||||||
(1) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +2.65%. | ||||||||||||
(2) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +1.71%. | ||||||||||||
(3) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +1.50%. | ||||||||||||
(4) | Variable rate in effect at December 31, 2012, based on three-month LIBOR +3.50%. | ||||||||||||
(a)Â | Qualifies as Tier 1 capital for regulatory capital purposes under current guidelines. Under the final regulatory capital rules issued in July 2013, these instruments are grandfathered for inclusion as a component of Tier 1 capital, although the Tier 1 capital treatment for these instruments will be subject to phase-out if an organization exceeds $15 billion in total consolidated assets due to acquisitions. | ||||||||||||
(b)Â | Qualifies as Tier 2 capital for regulatory capital purposes. | ||||||||||||
(c) | For regulatory capital purposes, as of December 31, 2012, 40%, of the outstanding balance qualified as Tier 2 capital. | ||||||||||||
The $244.8 million in junior subordinated debentures reflected in the table above were issued to four separate wholly-owned trusts for the purpose of issuing Company-obligated mandatorily redeemable trust preferred securities. Refer to Note 12 for further information on the nature and terms of these and previously issued debentures. | |||||||||||||
FHLB long-term advances, which had a combination of fixed and floating interest rates, were all secured by residential mortgage-backed securities. | |||||||||||||
The subordinated debt facility of the Company’s wholly-owned bank subsidiary, the Bank, was repaid in full prior to maturity and without penalty on October 24, 2013. | |||||||||||||
We reclassify long-term debt to short-term borrowings when the remaining maturity becomes less than one year. | |||||||||||||
Scheduled Maturities of Long-Term Debt | |||||||||||||
(Amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year Ended December 31, | |||||||||||||
2015 | $ | 253,000 | |||||||||||
2019 and thereafter | 374,793 | ||||||||||||
Total | $ | 627,793 | |||||||||||
JUNIOR_SUBORDINATED_DEFERRABLE
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | ' | ||||||||||||||||||||||||
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | |||||||||||||||||||||||||
As of December 31, 2013, we sponsored and wholly owned 100% of the common equity of four trusts that were formed for the purpose of issuing Company obligated mandatorily redeemable trust preferred securities ("Trust Preferred Securities") to third-party investors and investing the proceeds from the sale of the Trust Preferred Securities solely in a series of junior subordinated debentures of the Company ("Debentures"). The Debentures held by the trusts, which in aggregate total $244.8 million, are the sole assets of each respective trust. Our obligations under the Debentures and related documents, including the indentures, the declarations of trust and related Company guarantees, taken together, constitute a full and unconditional guarantee by the Company on a subordinated basis of distributions and redemption payments and liquidation payments on the Trust Preferred Securities. We currently have the right to redeem, in whole or in part, subject to any required regulatory approval, all or any series of the Debentures, in each case, at a redemption price of 100% of the principal amount of the Debentures being redeemed plus any accrued but unpaid interest to the redemption date. The repayment, redemption or repurchase of any of the Debentures would be subject to the terms of the applicable indenture and would result in a corresponding repayment, redemption or repurchase of an equivalent amount of the related series of Trust Preferred Securities. Any redemption of the Debentures held by the PrivateBancorp Statutory Trust IV (the "Series IV Debentures"), would be subject to the terms of the replacement capital covenant described below and any required regulatory approval. | |||||||||||||||||||||||||
In connection with the issuance in 2008 of the Series IV Debentures, which rank junior to the other Debentures, we entered into a replacement capital covenant that relates to redemption of the Series IV Debentures and the related Trust Preferred Securities. Under the replacement capital covenant, as amended in October 2012, we committed, for the benefit of certain debt holders, that we would not repay, redeem or repurchase the Series IV Debentures or the related Trust Preferred Securities prior to June 2048 unless we have (1) obtained any required regulatory approval, and (2) raised certain amounts of qualifying equity or equity-like replacement capital at any time after October 10, 2012. The replacement capital covenant benefits holders of our "covered debt" as specified under the terms of the replacement capital covenant. Currently, under the replacement capital covenant, the "covered debt" is the Debentures held by PrivateBancorp Statutory Trust II. In the event that the Company's 7.125% subordinated debentures due 2042 are designated as or become the covered debt under the replacement capital covenant, the terms of such debentures provide that the Company is authorized to terminate the replacement capital covenant without any further action or payment. We may amend or terminate the replacement capital covenant in certain circumstances without the consent of the holders of the covered debt. | |||||||||||||||||||||||||
Under current accounting rules, the trusts qualify as variable interest entities for which we are not the primary beneficiary and therefore are ineligible for consolidation in our financial statements. The Debentures issued by us to the trusts are included in our Consolidated Statements of Financial Condition as "long-term debt" with the corresponding interest distributions recorded as interest expense. The common shares issued by the trusts are included in other assets in our Consolidated Statements of Financial Condition with the related dividend distributions recorded in other non-interest income. | |||||||||||||||||||||||||
Common Securities, Preferred Securities, and Related Debentures | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Issuance Date | Common Securities Issued | Trust Preferred Securities Issued (1) | Coupon Rate (2) | Earliest Redemption Date (on or after) (3) | Maturity | Principal Amount of Debentures (3) | |||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Bloomfield Hills Statutory Trust I | May 2004 | $ | 248 | $ | 8,000 | 2.89 | % | Jun 17, 2009 | Jun. 2034 | $ | 8,248 | $ | 8,248 | ||||||||||||
PrivateBancorp Statutory Trust II | Jun. 2005 | 1,547 | 50,000 | 1.95 | % | Sep 15, 2010 | Sep. 2035 | 51,547 | 51,547 | ||||||||||||||||
PrivateBancorp Statutory Trust III | Dec. 2005 | 1,238 | 40,000 | 1.74 | % | Dec 15, 2010 | Dec. 2035 | 41,238 | 41,238 | ||||||||||||||||
PrivateBancorp Statutory Trust IV | May 2008 | 10 | 143,750 | 10 | % | Jun 15, 2013 | Jun. 2068 | 143,760 | 143,760 | ||||||||||||||||
Total | $ | 3,043 | $ | 241,750 | $ | 244,793 | $ | 244,793 | |||||||||||||||||
(1)Â | The trust preferred securities accrue distributions at a rate equal to the interest rate on and have a maturity identical to that of the related Debentures. The trust preferred securities will be redeemed upon maturity or earlier redemption of the related Debentures. | ||||||||||||||||||||||||
(2) | Reflects the coupon rate in effect at December 31, 2013. The coupon rate for the Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for the PrivateBancorp Statutory Trusts II and III are at a variable rate based on three-month LIBOR plus 1.71% for Trust II and three-month LIBOR plus 1.50% for Trust III. The coupon rate for the PrivateBancorp Statutory Trust IV is fixed. Distributions for all of the Trusts are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years in the case of the Debentures held by Trust IV, and five years in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the trust preferred securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. | ||||||||||||||||||||||||
(3)Â | The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures at maturity or upon their earlier redemption in whole or in part. The Debentures are redeemable in whole or in part prior to maturity at any time after the dates shown in the table and, only after we have obtained Federal Reserve approval, if then required under applicable guidelines or regulations. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Text Block [Abstract] | ' | |||||||||||
EARNINGS PER COMMON SHARE | ' | |||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||
Basic and Diluted Earnings per Common Share | ||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | ||||||||||||
Net income attributable to controlling interests | $ | 122,949 | $ | 77,896 | $ | 44,370 | ||||||
Preferred stock dividends and discount accretion | — | 13,368 | 13,690 | |||||||||
Net income available to common stockholders | 122,949 | 64,528 | 30,680 | |||||||||
Earnings allocated to participating stockholders (1) | (2,436 | ) | (1,145 | ) | (363 | ) | ||||||
Earnings allocated to common stockholders | $ | 120,513 | $ | 63,383 | $ | 30,317 | ||||||
Weighted-average common shares outstanding | 76,398 | 71,951 | 70,449 | |||||||||
Basic earnings per common share | $ | 1.58 | $ | 0.88 | $ | 0.43 | ||||||
Diluted | ||||||||||||
Diluted earnings applicable to common stockholders (2) | $ | 120,520 | $ | 63,383 | $ | 30,315 | ||||||
Weighted-average diluted common shares outstanding: | ||||||||||||
Weighted-average common shares outstanding | 76,398 | 71,951 | 70,449 | |||||||||
Dilutive effect of stock awards (3) | 247 | 223 | 193 | |||||||||
Weighted-average diluted common shares outstanding | 76,645 | 72,174 | 70,642 | |||||||||
Diluted earnings per common share | $ | 1.57 | $ | 0.88 | $ | 0.43 | ||||||
(1) | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Company’s deferred and restricted stock units and nonvested restricted stock awards). | |||||||||||
(2)Â | Earnings allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||||||
(3)Â | The following table presents outstanding non-participating securities that were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the years presented. | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock options | 2,908 | 3,646 | 3,525 | |||||||||
Unvested stock/unit awards | 1 | 33 | 195 | |||||||||
Warrant related to the U.S. Treasury | — | — | 645 | |||||||||
Total antidilutive shares | 2,909 | 3,679 | 4,365 | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||||||
Conversion of Nonvoting Common Stock | ||||||||||||||||||||||||||||||||||||
During the second quarter 2013, holders of our nonvoting common stock sold 1.95 million shares of our nonvoting common stock, which were converted to shares of voting common stock on a one-for-one basis in accordance with their terms upon settlement. At December 31, 2013, 1.59 million shares of nonvoting common stock remained outstanding. | ||||||||||||||||||||||||||||||||||||
TARP Capital Purchase Program | ||||||||||||||||||||||||||||||||||||
In January 2009, as part of the Troubled Asset Relief Program ("TARP") Capital Purchase Program ("CPP"), the U.S. Treasury purchased $243.8 million, or 243,815 shares, of the Company's Series B fixed-rate cumulative perpetual preferred stock, with a liquidation preference of $1,000 per share and a related ten-year warrant. The warrant gave the U.S. Treasury the right to purchase 1,290,026 shares of the Company's common stock at $28.35 per share of which such shares were subsequently reduced by 50% to 645,013 shares in December 2009 as provided by the terms of the warrant due to the completion of two qualified equity offerings. The preferred stock provided for cumulative dividends of five percent per annum for the first five years and nine percent thereafter, unless the shares were redeemed. The shares were callable by the Company at par after three years and could be repurchased at any time under certain circumstances. | ||||||||||||||||||||||||||||||||||||
On October 24, 2012, the Company repurchased all of the preferred stock held by the U.S. Treasury using net proceeds raised from a $75.0 million underwritten public offering of its common stock (4,761,905 shares with an offering price of $15.75 per share) and net proceeds from the $125.0 million subordinated debentures offering, together with existing cash resources. | ||||||||||||||||||||||||||||||||||||
In connection with the repurchase of the preferred stock, the Company accelerated the accretion of the remaining issuance discount on the preferred stock of $2.2 million. On November 14, 2012, the Company repurchased the warrant issued to the U.S. Treasury in connection with the preferred stock investment at a mutually agreed upon price of $1.2 million, which was recorded as a reduction to additional paid-in capital in the Company's Consolidated Financial Statements. Following the settlement of the warrant, the U.S. Treasury has no remaining stake in the Company. | ||||||||||||||||||||||||||||||||||||
There were no public or private offerings of common stock during 2013 or 2011 other than common stock issued in connection with our share-based compensation plans. Refer to Note 16 for a detailed discussion of such plans. | ||||||||||||||||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||||||||||||||||
During first quarter 2013, the Company began issuing shares from treasury upon the exercise of stock options, granting of restricted stock awards and the settlement of share unit awards pursuant to its share-based compensation plans. Treasury shares are reissued at average cost. The Company held 274,000 and 947,000 shares in treasury at December 31, 2013 and December 31, 2012, respectively. Prior to 2013, the Company issued new shares to fulfill its obligation to settle share-based awards. | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income ("AOCI") by Component | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain (Loss) on Effective Cash Flow Hedges | Total | Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain on Effective Cash Flow Hedges | Total | Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain on Effective Cash Flow Hedges | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 42,219 | $ | 5,845 | $ | 48,064 | $ | 45,140 | $ | 1,557 | $ | 46,697 | $ | 20,078 | — | $ | 20,078 | |||||||||||||||||||
Increase in unrealized (losses) gains on securities | (46,690 | ) | — | (46,690 | ) | (4,185 | ) | — | (4,185 | ) | 47,431 | — | 47,431 | |||||||||||||||||||||||
Increase in unrealized (losses) gains on cash flow hedges | — | (8,729 | ) | (8,729 | ) | — | 9,945 | 9,945 | — | 3,156 | 3,156 | |||||||||||||||||||||||||
Tax benefit (expense) on increase in unrealized (losses) gains | 18,142 | 3,390 | 21,532 | 1,455 | (3,883 | ) | (2,428 | ) | (18,869 | ) | (1,256 | ) | (20,125 | ) | ||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (28,548 | ) | (5,339 | ) | (33,887 | ) | (2,730 | ) | 6,062 | 3,332 | 28,562 | 1,900 | 30,462 | |||||||||||||||||||||||
Reclassification adjustment of net gains included in net income (1) | (1,174 | ) | (5,984 | ) | (7,158 | ) | (315 | ) | (2,928 | ) | (3,243 | ) | (5,812 | ) | (570 | ) | (6,382 | ) | ||||||||||||||||||
Reclassification adjustment for tax expense on realized net gains (2) | 463 | 2,362 | 2,825 | 124 | 1,154 | 1,278 | 2,312 | 227 | 2,539 | |||||||||||||||||||||||||||
Amounts reclassified from AOCI | (711 | ) | (3,622 | ) | (4,333 | ) | (191 | ) | (1,774 | ) | (1,965 | ) | (3,500 | ) | (343 | ) | (3,843 | ) | ||||||||||||||||||
Net current period other comprehensive (loss) income | (29,259 | ) | (8,961 | ) | (38,220 | ) | (2,921 | ) | 4,288 | 1,367 | 25,062 | 1,557 | 26,619 | |||||||||||||||||||||||
Balance at end of year | $ | 12,960 | $ | (3,116 | ) | $ | 9,844 | $ | 42,219 | $ | 5,845 | $ | 48,064 | $ | 45,140 | $ | 1,557 | $ | 46,697 | |||||||||||||||||
-1 | The amounts reclassified from AOCI for the available-for-sale securities are included in net securities gains on the Consolidated Statements of Income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||||||
(2)Â | The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the Consolidated Statements of Income. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
Components of Income Taxes | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax provision: | ||||||||||||
Federal | $ | 51,169 | $ | 31,521 | $ | 19,529 | ||||||
State | 11,179 | 7,172 | 4,406 | |||||||||
Total | 62,348 | 38,693 | 23,935 | |||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 11,749 | 11,668 | 4,437 | |||||||||
State | 2,897 | 4,160 | (2,712 | ) | ||||||||
Total | 14,646 | 15,828 | 1,725 | |||||||||
Total income tax provision (benefit) | $ | 76,994 | $ | 54,521 | $ | 25,660 | ||||||
Tax expense of $2.6 million in 2011 is not included in the totals above and relates to a "shortfall" in tax benefits due to stock price valuation on the exercise and expiration of stock options and vesting of restricted stock. In accordance with applicable accounting guidance, such "shortfall" amounts were charged to equity because there was a sufficient level of "excess" tax benefits accumulated from prior years. Such accumulated "excess" tax benefits were reduced to zero in 2011, which resulted in additional "shortfall" amounts of $200,000, $2.5 million and $645,000 for 2013, 2012, and 2011, respectively, being charged to income tax expense and included in the totals above. | ||||||||||||
Reconciliation of Income Tax Provision to Statutory Federal Rate | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision at statutory federal income tax rate | $ | 69,980 | $ | 46,346 | $ | 24,570 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
Tax exempt interest | $ | (2,158 | ) | $ | (1,956 | ) | $ | (1,925 | ) | |||
Meals, entertainment and related expenses | 577 | 483 | 547 | |||||||||
Bank owned life insurance | (473 | ) | (542 | ) | (545 | ) | ||||||
Investment credits | (331 | ) | (314 | ) | (320 | ) | ||||||
Non-deductible compensation | 172 | 1,880 | 1,929 | |||||||||
State income taxes | 8,618 | 6,039 | 3,480 | |||||||||
Share-based compensation charges | 200 | 2,468 | 645 | |||||||||
Deferred tax asset adjustments | 500 | 1,136 | (2,289 | ) | ||||||||
Other | (91 | ) | (1,019 | ) | (432 | ) | ||||||
Total income tax provision (benefit) | $ | 76,994 | $ | 54,521 | $ | 25,660 | ||||||
Differences between the amounts reported in the consolidated financial statements and the tax bases of assets and liabilities result in temporary differences for which deferred tax assets and liabilities have been recorded. | ||||||||||||
Deferred Tax Assets and Liabilities | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 60,090 | $ | 76,269 | ||||||||
Share-based payment expenses | 15,310 | 14,003 | ||||||||||
Deferred compensation | 3,950 | 4,065 | ||||||||||
Loan fees | 15,088 | 18,979 | ||||||||||
OREO write-downs and expenses | 9,281 | 13,600 | ||||||||||
Nonaccrual interest income | 2,505 | 2,741 | ||||||||||
Covered assets – loans and OREO | 8,023 | 4,877 | ||||||||||
Other | 5,579 | 4,247 | ||||||||||
Total deferred tax assets | 119,826 | 138,781 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gain on securities available-for-sale | (8,305 | ) | (27,058 | ) | ||||||||
Intangible assets and acquisition adjustments | (8,232 | ) | (6,689 | ) | ||||||||
Loan costs | — | (1,720 | ) | |||||||||
Premises and equipment | (1,919 | ) | (2,656 | ) | ||||||||
Covered assets – FDIC loss share receivable | (2,482 | ) | (7,376 | ) | ||||||||
Other | (243 | ) | (3,944 | ) | ||||||||
Total deferred tax liabilities | (21,181 | ) | (49,443 | ) | ||||||||
Net deferred tax assets | $ | 98,645 | $ | 89,338 | ||||||||
Deferred Tax Assets | ||||||||||||
At December 31, 2013, we have concluded that it is more likely than not that the deferred tax assets will be realized and no valuation allowance was recorded. This conclusion was based in part on the fact that we were not in a cumulative book loss position for financial statement purposes at December 31, 2013, measured on a trailing three-year basis. In addition, we considered our recent earnings history, on both a book and tax basis, and our outlook for earnings and taxable income in future periods. | ||||||||||||
Taxable income in prior years and reversing deferred taxable temporary differences provide sources from which deferred tax assets may be absorbed. Most significantly, however, we have relied on our expectation of generating pre-tax earnings in future periods, which should give rise to taxable income levels, exclusive of reversing temporary differences, that more likely than not will be sufficient to absorb the deferred tax assets. | ||||||||||||
Liabilities Associated with Unrecognized Tax Benefits | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Roll Forward of Unrecognized Tax Benefits | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 179 | $ | 499 | $ | 783 | ||||||
Additions for tax positions related to prior years | 263 | 77 | 12 | |||||||||
Reductions for tax positions related to prior years | — | (380 | ) | (42 | ) | |||||||
Reductions for lapse of statute of limitations | (31 | ) | (17 | ) | (254 | ) | ||||||
Balance at end of year | $ | 411 | $ | 179 | $ | 499 | ||||||
Interest and penalties, net of tax effect, recognized in income tax (benefit) expense during the year | $ | 33 | $ | (31 | ) | $ | (25 | ) | ||||
Interest and penalties, net of tax effect, accrued at year end (1) | $ | 60 | $ | 27 | $ | 57 | ||||||
(1)Â | Not included in the unrecognized tax benefits roll forward presented above. | |||||||||||
As of December 31, 2013 and 2012, we had unrecognized tax benefits relating to uncertain tax positions that, if recognized, would favorably impact the effective tax rate by $347,000 and $130,000, respectively. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not anticipate this change will have a material impact on the results of operations or the financial position of the Company. | ||||||||||||
We file a U.S. federal income tax return and state income tax returns in various states. We are no longer subject to examinations by U.S. federal tax authorities for 2007 and prior years. We are also no longer subject to examinations by certain state departments of revenue for 2007 and prior years. |
ShareBased_Compensation_And_Ot
Share-Based Compensation And Other Benefits | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation And Other Benefits | ' | ||||||||||||||||||||
SHARE-BASED COMPENSATION AND OTHER BENEFITS | |||||||||||||||||||||
Share-Based Plans | |||||||||||||||||||||
At December 31, 2013, the Company had one active share-based compensation plan, the 2011 Incentive Compensation Plan (the "2011 Plan") which was approved by the Company's stockholders in May 2011. The 2011 Plan is designed to align the interests of management with the interests of shareholders, foster retention, create a long-term focus and provide participants a competitive long-term incentive opportunity. The 2011 Plan allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units, equity-based performance stock and units, stock awards and other cash and share-based incentives to employees, including officers and non-employee directors of the Company and its subsidiaries. At December 31, 2013, 2.3 million shares are available for future grant under the 2011 Plan. The Company has three other inactive share-based compensation plans for which no shares remain available for grant, but have unvested or unexercised awards outstanding at December 31, 2013. The Company issues shares from treasury, when available, or new shares to fulfill its obligation to issue shares granted pursuant to the share-based compensation plans. To the extent new shares are issued, the Company believes as of December 31, 2013, there are adequate authorized shares to satisfy anticipated award issuances in 2014. | |||||||||||||||||||||
Financial Statement Impact | |||||||||||||||||||||
The Company recognizes share-based compensation expense based on the estimated fair value of the award at the date of grant and the expense is recorded on a straight-line basis over the vesting period of the grant. Share-based compensation costs are adjusted for the estimated potential forfeiture of awards with changes in estimated forfeitures to be recognized in the period of change. Share-based compensation costs are recorded as a component of salaries and employee benefits in the Consolidated Statements of Income. | |||||||||||||||||||||
Effect of Recognizing Share-based Compensation Expense | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Recognized share-based compensation expense: | |||||||||||||||||||||
Stock option expense | $ | 3,648 | $ | 7,620 | $ | 6,717 | |||||||||||||||
Restricted stock and unit expense (including salary stock) | 8,802 | 13,035 | 9,039 | ||||||||||||||||||
Performance share unit expense | 226 | — | — | ||||||||||||||||||
Total share-based compensation expense | 12,676 | 20,655 | 15,756 | ||||||||||||||||||
Income tax benefit | (4,818 | ) | (6,755 | ) | (5,289 | ) | |||||||||||||||
Share-based compensation expense, net of tax | $ | 7,858 | $ | 13,900 | $ | 10,467 | |||||||||||||||
Unrecognized share-based compensation expense: | |||||||||||||||||||||
Stock options | $ | 4,576 | $ | 4,302 | $ | 8,022 | |||||||||||||||
Weighted-average amortization period remaining (in years) | 1.8 | 1.8 | 1.4 | ||||||||||||||||||
Restricted stock and unit expense | $ | 11,205 | $ | 9,942 | $ | 11,745 | |||||||||||||||
Weighted-average amortization period remaining (in years) | 1.8 | 1.9 | 1.5 | ||||||||||||||||||
Performance share unit expense | $ | 635 | $ | — | $ | — | |||||||||||||||
Weighted-average amortization period remaining (in years) | 2.2 | — | — | ||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock option awards have an exercise price equal to the closing price of the Company's common stock on the date the awards are granted. Stock options generally vest ratably over three years or at the end of three years based on continuous service and have a 10-year term. The following table summarizes stock option activity for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Stock Option Transactions | |||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||
Options | Weighted-Average | Aggregate | |||||||||||||||||||
Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value (2) | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life (1) | |||||||||||||||||||||
2011 | |||||||||||||||||||||
Outstanding at beginning of year | 3,359 | $ | 28.59 | ||||||||||||||||||
Granted (3) | 670 | 14.8 | |||||||||||||||||||
Exercised | (22 | ) | 5.56 | ||||||||||||||||||
Forfeited | (192 | ) | 25.05 | ||||||||||||||||||
Expired | (188 | ) | 32.94 | ||||||||||||||||||
Outstanding at end of year | 3,627 | $ | 26.15 | 6.1 | $ | 311 | |||||||||||||||
Exercisable at end of year | 2,190 | $ | 28.58 | 5.1 | $ | 236 | |||||||||||||||
2012 | |||||||||||||||||||||
Outstanding at beginning of year | 3,627 | $ | 26.15 | ||||||||||||||||||
Granted (3) | 646 | 14.43 | |||||||||||||||||||
Exercised | (95 | ) | 9.59 | ||||||||||||||||||
Forfeited | (63 | ) | 24.27 | ||||||||||||||||||
Expired | (240 | ) | 29.94 | ||||||||||||||||||
Outstanding at end of year | 3,875 | $ | 24.4 | 6.1 | $ | 1,381 | |||||||||||||||
Exercisable at end of year | 2,829 | $ | 28.05 | 5.1 | $ | 541 | |||||||||||||||
2013 | |||||||||||||||||||||
Outstanding at beginning of year | 3,875 | $ | 24.4 | ||||||||||||||||||
Granted (3) | 652 | 18.1 | |||||||||||||||||||
Exercised | (200 | ) | 14.52 | ||||||||||||||||||
Forfeited | (86 | ) | 17.43 | ||||||||||||||||||
Expired | (151 | ) | 34.1 | ||||||||||||||||||
Outstanding at end of year | 4,090 | $ | 23.66 | 5.7 | $ | 27,255 | |||||||||||||||
Exercisable at end of year | 2,890 | $ | 26.68 | 4.5 | $ | 12,220 | |||||||||||||||
Ending vested and expected to vest | 3,948 | $ | 23.88 | 5.5 | $ | 25,643 | |||||||||||||||
(1)Â | Represents the average contractual life remaining in years. | ||||||||||||||||||||
(2)Â | Aggregate intrinsic value represents the total pretax intrinsic value of the "in-the-money" stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. | ||||||||||||||||||||
(3) | As a percentage of total stock options granted, 20% in 2013, 6% in 2012 and 10% in 2011 were granted to the Company’s named executive officers ("NEOs"), as will be reported in its 2014 Proxy Statement. | ||||||||||||||||||||
Summary of Stock Options Outstanding and Exercisable | |||||||||||||||||||||
(Number of shares in thousands) | |||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||
Range of Exercise Price | Shares | Weighted-Average | Shares | Weighted- | |||||||||||||||||
Average | |||||||||||||||||||||
Exercise | |||||||||||||||||||||
Remaining | Exercise | Price | |||||||||||||||||||
Contractual | Price | ||||||||||||||||||||
Life (1) | |||||||||||||||||||||
$6.92 - $14.91 | 684 | 7.7 | $ | 13.95 | 296 | $ | 13.5 | ||||||||||||||
$14.92 - $18.67 | 1,120 | 8.3 | 16.61 | 331 | 15.02 | ||||||||||||||||
$18.68 - $26.37 | 942 | 3.9 | 25.98 | 921 | 26.09 | ||||||||||||||||
$26.38 - $32.19 | 638 | 3.8 | 29.96 | 636 | 29.97 | ||||||||||||||||
$32.20 - $46.51 | 706 | 3.5 | 35.47 | 706 | 35.47 | ||||||||||||||||
Total | 4,090 | 5.7 | $ | 23.66 | 2,890 | $ | 26.68 | ||||||||||||||
(1)Â | Represents the weighted average contractual life remaining in years. | ||||||||||||||||||||
Stock Option Valuation Assumptions - The fair value of stock options is estimated at the date of grant using a binomial option-pricing model that utilizes the assumptions outlined in the following table. | |||||||||||||||||||||
Stock Option Valuation Assumptions | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected life of the option (in years) | 5.4 - 6.3 | 4.6 - 5.6 | 4.5 - 5.5 | ||||||||||||||||||
Expected stock volatility | 44.0 - 45.2% | 44.7 - 49.8% | 45.5 - 52.3% | ||||||||||||||||||
Risk-free interest rate | 1.0 - 2.1% | 1.6 - 2.4% | 1.9 - 3.7% | ||||||||||||||||||
Expected dividend yield | 0.1 - 0.2% | 0.2 - 0.3% | 0.3 - 0.6% | ||||||||||||||||||
Weighted-average fair value of options at their grant date | $ | 7.79 | $ | 6.52 | $ | 6.8 | |||||||||||||||
Expected life is based on historical exercise and termination behavior. Expected stock price volatility is based on historical volatility of our common stock combined with the implied volatility on the exchange-traded stock options that are derived from the value of our common stock. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of the option. The expected dividend yield represents the most recent annual dividend yield as of the date of grant. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to reflect updated information. | |||||||||||||||||||||
Other Stock Option Information | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,402 | $ | 511 | $ | 164 | |||||||||||||||
Cash received from stock options exercised | $ | 2,847 | $ | 312 | $ | 126 | |||||||||||||||
Income tax benefit realized from stock options exercised (1) | $ | 502 | $ | 199 | $ | 47 | |||||||||||||||
(1)Â | Amounts were more than deferred tax benefit recorded during vesting period. | ||||||||||||||||||||
Restricted Stock and Restricted Unit Awards | |||||||||||||||||||||
We also issue common stock with restrictions to certain key employees. The shares are restricted as to transfer, but are not restricted as to voting rights and generally receive similar dividend payments as stockholders. The transfer restrictions generally lapse over a three year period and are contingent upon continued employment. We also issue restricted stock units which settle in common stock when restrictions lapse which generally coincides with the vest date for most awards, however certain awards have a delayed settlement date. Restricted stock units are issued on similar terms as restricted common stock (with the exception of non-employee directors whose restrictions lapse in equal monthly installments over a one-year period) and have no voting rights. Restricted share and unit awards are awarded at no cost to the recipient upon grant. The fair value of restricted stock and units is based on our closing stock price on the date of grant and is recognized as compensation expense over the vesting period. For certain restricted stock awards with post-vesting transferability restrictions and certain unit awards with delayed settlement, a discount for lack of marketability ("DLOM") was applied to the grant date fair value. The weighted average DLOM applied to awards granted in 2013 was 21% and 25% in 2012. The following table summarizes our restricted stock and unit activity for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Restricted Stock and Unit Award Transactions (1)Â | |||||||||||||||||||||
(Number of shares/units in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | ||||||||||||||||
 of Shares/ |   of Shares/  |   of Shares/  | |||||||||||||||||||
Units | Units | Units | |||||||||||||||||||
Nonvested restricted stock and unit awards at beginning of year | 1,114 | $ | 14.54 | 1,060 | $ | 20.84 | 1,086 | $ | 26.16 | ||||||||||||
Granted (2) (3) | 676 | 18.07 | 841 | 14.56 | 574 | 14.36 | |||||||||||||||
Vested | (444 | ) | 14.67 | (733 | ) | 23.37 | (463 | ) | 25.08 | ||||||||||||
Forfeited | (78 | ) | 15.7 | (54 | ) | 18.81 | (137 | ) | 25.4 | ||||||||||||
Nonvested restricted stock and unit awards at end of year | 1,268 | $ | 16.3 | 1,114 | $ | 14.54 | 1,060 | $ | 20.84 | ||||||||||||
Vested, but not issued at end of year (3) | 136 | $ | 16.98 | 110 | $ | 16.89 | 79 | $ | 17.85 | ||||||||||||
(1)Â | 2012 and 2011 include salary stock awards as further discussed below. | ||||||||||||||||||||
(2) | As a percentage of total restricted stock and unit awards granted, 16% in 2013, 20% in 2012, and 19% in 2011 were granted to the Company’s NEOs, as will be reported in its 2014 Proxy Statement. Excluding the stock awards granted as salary stock as part of certain NEOs’ fixed compensation, 15%, and 10% of the total restricted stock and unit awards were granted to the NEOs in 2012, and 2011, respectively. | ||||||||||||||||||||
(3)Â | Represents restricted stock units with a delayed settlement date. | ||||||||||||||||||||
In connection with compensation restrictions under the TARP CPP, in 2011 and 2012, the Company paid a portion of the base salary of certain executives in shares of the Company's common stock ("salary stock"). In October 2012, the Company redeemed all of the preferred stock held by the U.S. Treasury under the TARP CPP and as a result of the redemption; the final payment of salary stock was made on December 31, 2012. The salary stock was fully vested upon issuance, had all of the rights of a stockholder, including the right to vote and receive dividends but was restricted from sale or transfer for a period of 24 to 36 months after issuance, except in the event of death or disability. The related expense is included in compensation expense on the Consolidated Statements of Income. In 2012, 49,992 shares were granted and issued at an average price of $15.51 per share and in 2011, 53,862 shares were granted and issued at an average price of $11.26 per share. | |||||||||||||||||||||
Other Restricted Stock and Unit Award Information | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total fair value of vested/released restricted stock and units | $ | 7,662 | $ | 10,674 | $ | 5,536 | |||||||||||||||
Current income tax benefit realized from vesting/release of restricted stock and unit awards (1) | $ | 2,714 | $ | 2,919 | $ | 1,700 | |||||||||||||||
(1)Â | Amount may be more or less than deferred tax benefit recorded during vesting period. | ||||||||||||||||||||
Performance Share Units | |||||||||||||||||||||
As part of our 2013 executive incentive program, we introduced performance share units ("PSUs") which entitles recipients to the underlying shares of common stock at no cost subject to continued service and the Company's achievement of specified performance criteria over a three-year period ending December 31, 2015. PSUs are granted at a target number; based on the Company's performance, the number of units that vest can be adjusted downward to zero and upward to a maximum of 150% of target. The PSUs vest in the quarter following the end of the performance period, after review and certification of the achievement of the specified performance criteria by the Company's Compensation Committee of the Board of Directors. The PSUs will be settled and converted to shares of common stock two years after vesting, subject to recoupment under certain circumstances. Holders of PSUs are not entitled to vote or receive cash dividends until settlement, but do accrue a dividend equivalent at the same rate as dividend payments to stockholders from grant date until settlement and to be paid out at that time based on actual shares converted to common stock. The fair value of PSUs is based on our closing stock price on the date of grant, less a DLOM due to the delayed settlement provisions and is recognized as compensation expense over the vesting period. An estimate is made as to the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in the current period. | |||||||||||||||||||||
In 2013, we granted 53,994 PSUs, representing target level of performance at a grant date fair value of $15.44 per unit which includes the effect of a 20% DLOM. | |||||||||||||||||||||
Liability Awards | |||||||||||||||||||||
The Company had no liability awards during 2012 and 2013. In 2011 we settled, for $3.6 million in cash, the share-based awards associated with the issuance of certain contractual "put" rights and recognized a $197,000 charge to expense for the change in fair value of the awards during 2011. | |||||||||||||||||||||
Share-Based Compensation Award Modifications | |||||||||||||||||||||
The Company had no material modifications of share-based awards during 2012 and 2013. | |||||||||||||||||||||
In December, 2011, the Compensation Committee of the Board of Directors approved changes to the vesting schedules of certain equity awards previously granted to two executives of the Company to ensure that the vesting of such awards would comply with restrictions on incentive compensation applicable to certain of the most highly compensated employees of companies that received funding under the TARP CPP. | |||||||||||||||||||||
The amended awards included 47,650 stock options at $14.99 per share and 28,506 shares of restricted stock. Both the options and restricted shares were scheduled to vest in three equal annual installments beginning on the first anniversary of their respective grant dates. | |||||||||||||||||||||
The amendments provide for (1) acceleration of the vesting dates of the options to December 29, 2011 and (2) restructuring of the restricted stock to be TARP-compliant by pushing back the first vesting tranche of the restricted shares so that they will vest two-thirds on the second anniversary of their respective 2011 grant dates and one-third on the third anniversary. As a result of the accelerated option vesting dates, the full fair value of the options, $329,000, was accelerated into 2011, but such action did not create any additional overall expense for the Company. The modification to the vesting dates for the restricted stock awards did not modify the fair value nor expense recognition of the fair value on such awards. | |||||||||||||||||||||
Savings and Retirement Plan | |||||||||||||||||||||
The Company has a defined contribution retirement plan, The PrivateBancorp, Inc. Savings, Retirement and Employee Stock Ownership Plan (the "KSOP"), which allows employees, at their option, to make contributions up to 75% of compensation on a pre-tax basis and/or after-tax basis through salary deferrals under Section 401(k) of the Internal Revenue Code. At the employees’ direction, employee contributions are invested among a variety of investment alternatives. For employees who have met a 1 year service requirement and make voluntary contributions to the KSOP, we contribute an amount equal to $0.50 for each dollar contributed up to 6% of an employee’s compensation (subject to certain maximum compensation amounts as prescribed in Internal Revenue Service guidance). The Company’s matching contribution vests in increments of 20% annually for each year in which 1,000 hours are worked. The KSOP also allows for a discretionary company contribution. Although no such contribution was made for 2013, 2012 or 2011, the discretionary component vests in increments of 20% annually over a period of 5 years based on the employee’s years of service. | |||||||||||||||||||||
KSOP Plan Information | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Company matching contribution | $ | 2,405 | $ | 2,164 | $ | 1,931 | |||||||||||||||
Number of Company shares held in KSOP | 394 | 411 | 479 | ||||||||||||||||||
Fair value of Company shares held by KSOP | $ | 11,412 | $ | 6,298 | $ | 5,261 | |||||||||||||||
Dividends received | $ | 16 | $ | 17 | $ | 20 | |||||||||||||||
Deferred Compensation Plan | |||||||||||||||||||||
We maintain a non-qualified deferred compensation plan (the "Plan") which allows eligible participants to defer the receipt of cash compensation or non-employee director fees otherwise payable to them. The purpose of the Plan is to further our ability to attract and retain high quality executives and non-employee directors. Employees who participate in the Plan may elect to defer up to 50% of annual base salary and 100% of annual bonus amounts and directors may elect to defer up to 100% of his or her annual director’s fees. Participants elect at the time amounts are deferred whether such deferral amounts will be credited with "earnings" as if they were invested in either a fixed income account with interest credited based on our prime rate (not to exceed 120% of the applicable federal long-term rate) on the cash value of the funds deposited, or in deferred stock units ("DSUs") in Company stock with earnings credited in the form of dividends equivalent to that paid to our common stockholders. Except for an "earnings" credit on the deferred amounts, we do not provide any contributions or credits to participants under the Plan. At December 31, 2013 and 2012, there were 126,393 and 124,952 DSUs, respectively, in the Plan. At the time of distribution, amounts credited in DSUs are paid in shares of our common stock while amounts credited in the fixed income account are paid in cash. All elections and payments under the Plan are subject to compliance with requirements of Section 409A of the Internal Revenue Code which may limit elections and require delay in payment of benefits in certain circumstances. |
Regulatory_And_Capital_Matters
Regulatory And Capital Matters | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
Regulatory And Capital Matters | ' | ||||||||||||||||||||
REGULATORY AND CAPITAL MATTERS | |||||||||||||||||||||
The Company and the Bank are subject to various regulatory requirements that impose requirements or restrictions on cash reserves, loans or advances, and dividends. The Bank is required to maintain reserves against deposits. Reserves are held either in the form of vault cash or non-interest-bearing balances maintained with the FRB and are based on the average daily balances and statutory reserve ratios prescribed by the type of deposit account. Reserve balances required to be maintained at the FRB were $123.4 million and $92.8 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Under current FRB regulations, the Bank is limited in the amount it may loan or advance to the Company. Loans or advances to a single subsidiary may not exceed 10% of the Bank's capital stock and surplus (as defined) and loans to all subsidiaries may not exceed 20%. Loans from the Bank to the Company are also required to meet certain collateral requirements. | |||||||||||||||||||||
Various state banking regulations limit the amount of dividends that may be paid to the Company by the Bank and the payment of such dividends is contingent upon a number of factors including the Bank’s ability to meet applicable regulatory capital requirements, the strength of the Bank’s balance sheet, the Bank’s profitability and earnings and the Bank's ability to satisfy its obligations and support any projected growth. No dividends were paid by the Bank to the Company during 2013 or 2012. As of December 31, 2013, the Bank had the capacity under banking regulation to pay dividends of $443.4 million, subject to the Company’s internal capital policy. | |||||||||||||||||||||
Under applicable regulatory capital adequacy guidelines, the Company and the Bank are subject to various capital requirements adopted and administered by the federal banking agencies. These guidelines specify minimum capital ratios calculated in accordance with the definitions in the guidelines, including the leverage ratio which is Tier 1 capital as a percentage of adjusted average assets, and the Tier 1 capital ratio and the total capital ratio each as a percentage of risk-weighted assets and off-balance sheet items that have been weighted according to broad risk categories. These minimum ratios are shown in the table below. | |||||||||||||||||||||
To satisfy safety and soundness standards, banking institutions are expected to maintain capital levels in excess of the regulatory minimums depending on the risk inherent in the balance sheet, regulatory expectations and the changing risk profile of business activities and plans. Under our capital management policy, we conduct periodic stress testing of our capital adequacy and target capital ratios at levels above regulatory minimums that we believe are appropriate based on various other risk considerations, including the current operating and economic environment and outlook, internal risk guidelines, and our strategic objectives as well as regulatory expectations. | |||||||||||||||||||||
As of December 31, 2013, the Company's and the Bank's capital position was in excess of all minimum regulatory capital adequacy requirements to which they are subject. As of December 31, 2013, the most recent regulatory notification classified the Bank as "well-capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes would change the Bank’s classification for this purpose. Failure to meet minimum capital requirements could result in certain mandatory, and possible discretionary, actions by regulators which, if undertaken, could have a material effect on our consolidated financial statements. | |||||||||||||||||||||
The following table presents information about our capital measures and the related regulatory capital guidelines. | |||||||||||||||||||||
Capital Measurements | |||||||||||||||||||||
(Amounts in thousands, except for ratios) | |||||||||||||||||||||
Actual | FRB Guidelines for | Regulatory Minimum | |||||||||||||||||||
Minimum Regulatory | For "Well-Capitalized" | ||||||||||||||||||||
Capital | under FDICIA | ||||||||||||||||||||
Capital | Ratio | Capital | Ratio | Capital | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||
Consolidated | $ | 1,720,740 | 13.3 | % | $ | 1,035,086 | 8 | % | n/a | n/a | |||||||||||
The PrivateBank | 1,637,376 | 12.69 | n/a | n/a | $ | 1,290,606 | 10 | % | |||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||
Consolidated | 1,433,920 | 11.08 | 517,543 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,475,958 | 11.44 | n/a | n/a | 774,363 | 6 | |||||||||||||||
Tier 1 leverage: | |||||||||||||||||||||
Consolidated | 1,433,920 | 10.37 | 552,839 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,475,958 | 10.7 | n/a | n/a | 689,432 | 5 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||
Consolidated | $ | 1,624,239 | 13.17 | % | $ | 986,992 | 8 | % | n/a | n/a | |||||||||||
The PrivateBank | 1,518,609 | 12.34 | n/a | n/a | $ | 1,230,490 | 10 | % | |||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||
Consolidated | 1,296,545 | 10.51 | 493,496 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,315,848 | 10.69 | n/a | n/a | 738,294 | 6 | |||||||||||||||
Tier 1 leverage: | |||||||||||||||||||||
Consolidated | 1,296,545 | 9.56 | 542,580 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,315,848 | 9.72 | n/a | n/a | 676,636 | 5 | |||||||||||||||
n/a | Not applicable. | ||||||||||||||||||||
In July 2013, the FRB and other U.S. banking regulators adopted final rules that revise and replace the agencies' current regulatory capital requirements to align with the Basel III international capital standards and to implement certain changes required by the Dodd-Frank Act. The new rules require U.S. banks to hold higher amounts of capital, especially common equity, against their risk-weighted assets. The new capital requirements are higher in both quantity and quality of capital, with compliance required beginning January 1, 2015 (subject to a phase-in period). For additional information, see the "Dodd-Frank Wall Street Reform and Consumer Protection Act" and "New Regulatory Capital Rules" in Part I, Item 1 of this Form 10-K. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ' | |||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||||||||
We utilize an overall risk management strategy that incorporates the use of derivative instruments to reduce interest rate risk, as it relates to mortgage loan commitments and planned sales of loans, and foreign currency volatility as it relates to certain loans denominated in currencies other than the U.S dollar. We also use these instruments to accommodate our clients as we provide them with risk management solutions. None of the above-mentioned end-user and client-related derivatives were designated as hedging instruments at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
We also use interest rate derivatives to hedge variability in forecasted interest cash flows in our loan portfolio which is comprised primarily of floating-rate loans. These derivatives are designated as cash flow hedges. | ||||||||||||||||||||||||||||||||
Derivatives expose us to counterparty credit risk. Credit risk is managed through our standard underwriting process. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. Additionally, credit risk is managed through the use of collateral and netting agreements. | ||||||||||||||||||||||||||||||||
Composition of Derivative Instruments and Fair Value | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
Derivatives designated | ||||||||||||||||||||||||||||||||
 as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 350,000 | $ | 4,005 | $ | 350,000 | $ | 8,883 | $ | 325,000 | $ | 9,748 | $ | 50,000 | $ | 163 | ||||||||||||||||
Derivatives not designated | ||||||||||||||||||||||||||||||||
as hedging instruments: | ||||||||||||||||||||||||||||||||
Client-related derivatives: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,959,328 | $ | 54,155 | $ | 3,666,560 | $ | 93,449 | $ | 3,959,328 | $ | 54,930 | $ | 3,666,560 | $ | 96,519 | ||||||||||||||||
Foreign exchange contracts | 116,761 | 3,029 | 120,073 | 2,910 | 116,761 | 2,570 | 120,073 | 2,454 | ||||||||||||||||||||||||
Credit contracts (1) | 91,694 | 34 | 99,770 | 32 | 113,348 | 98 | 124,980 | 42 | ||||||||||||||||||||||||
Total client-related derivatives | 57,218 | $ | 96,391 | 57,598 | $ | 99,015 | ||||||||||||||||||||||||||
Other end-user derivatives: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 5,436 | $ | 16 | $ | 560 | $ | 5 | $ | 7,041 | $ | 218 | $ | 16,290 | $ | 119 | ||||||||||||||||
Mortgage banking derivatives | 341 | 131 | 103 | 128 | ||||||||||||||||||||||||||||
Total other end-user derivatives | $ | 357 | $ | 136 | $ | 321 | $ | 247 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 57,575 | $ | 96,527 | $ | 57,919 | $ | 99,262 | ||||||||||||||||||||||||
Netting adjustments (2) | (13,158 | ) | (6,149 | ) | (18,777 | ) | (6,149 | ) | ||||||||||||||||||||||||
Total derivatives | $ | 48,422 | $ | 99,261 | $ | 48,890 | $ | 93,276 | ||||||||||||||||||||||||
(1)Â | The remaining average notional amounts are shown for credit contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. | |||||||||||||||||||||||||||||||
Master Netting Agreements | ||||||||||||||||||||||||||||||||
Certain of the Company's end-user and client-related derivative contracts are subject to enforceable master netting agreements with derivative counterparties. Authoritative accounting guidance permits the netting of derivative receivables and payables when a legally enforceable master netting agreement exists between the Company and a derivative counterparty. A master netting agreement is an agreement between two counterparties who have multiple derivative contracts with each other that provide for the net settlement of contracts through a single payment, in a single currency, in the event of default on or termination of any one contract. For those derivative contracts subject to enforceable master netting agreements, derivative assets and liabilities, and related cash collateral, with the same counterparty are reported on a net basis within derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition. | ||||||||||||||||||||||||||||||||
Derivative contracts may require the Company to provide or receive cash or financial instrument collateral. Collateral associated with derivative assets and liabilities subject to enforceable master netting agreements with the same counterparty is posted on a net basis. All of the Company's derivative assets and liabilities subject to collateral posting requirements are in a net liability position as of December 31, 2013 and the Company has pledged cash or financial collateral in accordance with each counterparty's collateral posting requirements. Certain collateral posting requirements are subject to posting thresholds and minimum transfer amounts, such that the Company is only required to post collateral once the posting threshold is met, and any adjustments to the amount of collateral posted must meet minimum transfer amounts. | ||||||||||||||||||||||||||||||||
As of December 31, 2013, $5.6 million of cash collateral pledged was netted with the related derivative liabilities and no cash collateral received was netted with the related derivative assets on the Consolidated Statements of Financial Condition. To the extent not netted against derivative fair values under a master netting agreement, the receivable for cash pledged is included in other short-term investments. There was no receivable for cash pledged at December 31, 2013. Any securities pledged to counterparties as financial instrument collateral remain on the Consolidated Statements of Financial Condition as long as the Company does not default. | ||||||||||||||||||||||||||||||||
The following table presents information about the Company's derivative assets and liabilities and the related collateral by derivative type (e.g., interest rate contracts). As the Company posts collateral with counterparties on the basis of its net position in all derivative contracts with a given counterparty, the information presented below aggregates end-user and client-related derivative contracts entered into with the same counterparty. | ||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Gross Amounts Not Offset on the Statement of Financial Condition (3) | ||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities (1) | Gross Amounts Offset (2) | Net Amount Presented on the Statement of Financial Condition | Financial Instruments (4) | Cash Collateral | Net Amount | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 58,160 | $ | (12,371 | ) | $ | 45,789 | $ | — | $ | — | $ | 45,789 | |||||||||||||||||||
Foreign exchange contracts | 1,298 | (767 | ) | 531 | — | — | 531 | |||||||||||||||||||||||||
Credit contracts | 34 | (20 | ) | 14 | — | — | 14 | |||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 59,492 | (13,158 | ) | 46,334 | — | — | 46,334 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 2,088 | — | 2,088 | — | — | 2,088 | ||||||||||||||||||||||||||
Total derivatives | $ | 61,580 | $ | (13,158 | ) | $ | 48,422 | $ | — | $ | — | $ | 48,422 | |||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 64,678 | $ | (17,990 | ) | $ | 46,688 | $ | (41,192 | ) | $ | — | $ | 5,496 | ||||||||||||||||||
Foreign exchange contracts | 2,462 | (767 | ) | 1,695 | (1,495 | ) | — | 200 | ||||||||||||||||||||||||
Credit contracts | 98 | (20 | ) | 78 | (69 | ) | — | 9 | ||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 67,238 | (18,777 | ) | 48,461 | (42,756 | ) | — | 5,705 | ||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 429 | — | 429 | — | — | 429 | ||||||||||||||||||||||||||
Total derivatives | $ | 67,667 | $ | (18,777 | ) | $ | 48,890 | $ | (42,756 | ) | $ | — | $ | 6,134 | ||||||||||||||||||
(1)Â | All derivative contracts are over-the-counter contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents end-user, client-related and cash flow hedging derivative contracts and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | |||||||||||||||||||||||||||||||
(3)Â | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. | |||||||||||||||||||||||||||||||
(4)Â | Financial collateral is disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||||||||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities (Continued) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities (1) | Gross Amounts Offset (2) | Net Amount Presented on the Statement of Financial Condition | Gross Amounts Not Offset on the Statement of Financial Condition - Financial Instruments (3) | Net Amount | ||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 102,332 | $ | (14,212 | ) | $ | 88,120 | $ | — | $ | 88,120 | |||||||||||||||||||||
Foreign exchange contracts | 1,222 | (662 | ) | 560 | — | 560 | ||||||||||||||||||||||||||
Credit contracts | 32 | — | 32 | — | 32 | |||||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 103,586 | (14,874 | ) | 88,712 | — | 88,712 | ||||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 1,824 | — | 1,824 | — | 1,824 | |||||||||||||||||||||||||||
Total derivatives | $ | 105,410 | $ | (14,874 | ) | $ | 90,536 | $ | — | $ | 90,536 | |||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 96,682 | $ | (14,212 | ) | $ | 82,470 | $ | (81,531 | ) | $ | 939 | ||||||||||||||||||||
Foreign exchange contracts | 1,791 | (662 | ) | 1,129 | (1,116 | ) | 13 | |||||||||||||||||||||||||
Credit contracts | 42 | — | 42 | (42 | ) | — | ||||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 98,515 | (14,874 | ) | 83,641 | (82,689 | ) | 952 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 910 | — | 910 | — | 910 | |||||||||||||||||||||||||||
Total derivatives | $ | 99,425 | $ | (14,874 | ) | $ | 84,551 | $ | (82,689 | ) | $ | 1,862 | ||||||||||||||||||||
(1)Â | All derivative contracts are over-the-counter contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents end-user, client-related and cash flow hedging derivative contracts entered into with the same counterparty and subject to a master netting agreement. | |||||||||||||||||||||||||||||||
(3)Â | Financial collateral is disclosed at fair value. Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||||||||||||||||||||||||||||||
Certain of our derivative contracts contain embedded credit risk contingent features that if triggered either allow the derivative counterparty to terminate the derivative or require additional collateral. These contingent features are triggered if we do not meet specified financial performance indicators such as minimum capital ratios under the federal banking agencies’ guidelines. All requirements were met at December 31, 2013 and December 31, 2012. Details on these derivative contracts are set forth in the following table. | ||||||||||||||||||||||||||||||||
Derivatives Subject to Credit Risk Contingency Features | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of derivatives with credit contingency features in a net liability position | $ | 28,152 | $ | 54,622 | ||||||||||||||||||||||||||||
Collateral posted for those transactions in a net liability position | $ | 30,272 | $ | 58,210 | ||||||||||||||||||||||||||||
If credit risk contingency features were triggered: | ||||||||||||||||||||||||||||||||
Additional collateral required to be posted to derivative counterparties | $ | — | $ | 669 | ||||||||||||||||||||||||||||
Outstanding derivative instruments that would be immediately settled | $ | 28,152 | $ | 50,687 | ||||||||||||||||||||||||||||
Derivatives Designated in Hedge Relationships | ||||||||||||||||||||||||||||||||
The objective of our hedging program is to use interest rate derivatives to manage our exposure to interest rate movements. | ||||||||||||||||||||||||||||||||
Cash flow hedges – Under our cash flow hedging program we enter into receive fixed/pay variable interest rate swaps to convert certain floating-rate commercial loans to fixed-rate to reduce the variability in forecasted interest cash flows due to market interest rate changes. We use regression analysis to assess the effectiveness of cash flow hedges at both the inception of the hedge relationship and on an ongoing basis. Ineffectiveness is generally measured as the amount by which the cumulative change in fair value of the hedging instrument exceeds the present value of the cumulative change in the expected cash flows of the hedged item. Measured ineffectiveness is recognized directly in other non-interest income in the Consolidated Statements of Income. During the year ended December 31, 2013, there were no gains or losses from cash flow hedge derivatives related to ineffectiveness that were reclassified to current earnings. The effective portion of the gains or losses on cash flow hedges are recorded, net of tax, in accumulated other comprehensive income ("AOCI") and are subsequently reclassified to interest income on loans in the period that the hedged interest cash flows affect earnings. As of December 31, 2013, the maximum length of time over which forecasted interest cash flows are hedged is six years. There are no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to our cash flow hedge strategy. | ||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Related to Interest Rate Swaps Designated as Cash Flow Hedge | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | |||||||||||||||||||||||||||||
Accumulated unrealized gain at beginning of year | $ | 9,603 | $ | 5,845 | $ | 2,586 | $ | 1,557 | ||||||||||||||||||||||||
Amount of (loss) gain recognized in AOCI (effective portion) | (8,729 | ) | (5,339 | ) | 9,945 | 6,062 | ||||||||||||||||||||||||||
Amount reclassified from AOCI to interest income on loans | (5,984 | ) | (3,622 | ) | (2,928 | ) | (1,774 | ) | ||||||||||||||||||||||||
Accumulated unrealized (loss) gain at end of year | $ | (5,110 | ) | $ | (3,116 | ) | $ | 9,603 | $ | 5,845 | ||||||||||||||||||||||
As of December 31, 2013, $3.0 million in net deferred gains, net of tax, recorded in AOCI are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2013. During the year ended December 31, 2013, there were no gains or losses from cash flow hedge derivatives reclassified to current earnings because it became probable that the original forecasted transaction would not occur. | ||||||||||||||||||||||||||||||||
Derivatives Not Designated in Hedge Relationships | ||||||||||||||||||||||||||||||||
Other End-User Derivatives – We enter into derivatives that include commitments to fund residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of residential mortgage loans. It is our practice to enter into forward commitments for the future delivery of residential mortgage loans when we enter into customer interest rate lock commitments. This practice allows us to economically hedge the effect of changes in interest rates on our commitments to fund the loans as well as on our portfolio of mortgage loans held-for-sale. At December 31, 2013, the par value of our mortgage loans held-for-sale totaled $17.6 million, the notional value of our interest rate lock commitments totaled $20.0 million, and the notional value of our forward commitments for the future delivery of residential mortgage loans totaled $37.9 million. | ||||||||||||||||||||||||||||||||
We are also exposed at times to foreign exchange risk as a result of issuing loans in which the principal and interest are settled in a currency other than U.S. dollars. As of December 31, 2013, our exposure was to the Euro, Canadian dollar and British pound on $12.4 million of loans. We manage this risk using forward currency derivatives. | ||||||||||||||||||||||||||||||||
Client-Related Derivatives – We offer, through our capital markets group, over-the-counter interest rate and foreign exchange derivatives to our clients, including but not limited to, interest rate swaps, interest rate options (also referred to as caps, floors, collars, etc.), foreign exchange forwards and options, as well as cash products such as foreign exchange spot transactions. When our clients enter into an interest rate or foreign exchange derivative transaction with us, we mitigate our exposure to market risk through the execution of off-setting positions with inter-bank dealer counterparties. Although the off-setting nature of transactions originated by our capital markets group limits our market risk exposure, they do expose us to other risks including counterparty credit, settlement, and operational risk. | ||||||||||||||||||||||||||||||||
To accommodate our loan clients, we occasionally enter into risk participation agreements ("RPA") with counterparty banks to either accept or transfer a portion of the credit risk related to their interest rate derivatives or transfer a portion of the credit risk related to our interest rate derivatives. This allows clients to execute an interest rate derivative with one bank while allowing for distribution of the credit risk among participating members. We have entered into written RPAs in which we accept a portion of the credit risk associated with an interest rate derivative of another bank's loan client in exchange for a fee. We manage this credit risk through our loan underwriting process, and when appropriate, the RPA is backed by collateral provided by our clients under their loan agreement. | ||||||||||||||||||||||||||||||||
The current payment/performance risk of written RPAs is assessed using internal risk ratings which range from 1 to 8 with the latter representing the highest credit risk. The risk rating is based on several factors including the financial condition of the RPA’s underlying derivative counterparty, present economic conditions, performance trends, leverage, and liquidity. | ||||||||||||||||||||||||||||||||
The maximum potential amount of future undiscounted payments that we could be required to make under our written RPAs assumes that the underlying derivative counterparty defaults and that the floating interest rate index of the underlying derivative remains at zero percent. In the event that we would have to pay out any amounts under our RPAs, we will seek to maximize the recovery of these amounts from assets that our clients pledged as collateral for the derivative and the related loan. | ||||||||||||||||||||||||||||||||
Risk Participation Agreements | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of written RPAs | $ | (98 | ) | $ | (42 | ) | ||||||||||||||||||||||||||
Range of remaining terms to maturity (in years) | Less than 1 to 4 | Less than 1 to 4 | ||||||||||||||||||||||||||||||
Range of assigned internal risk ratings | 2 to 7 | 2 to 4 | ||||||||||||||||||||||||||||||
Maximum potential amount of future undiscounted payments | $ | 3,263 | $ | 4,219 | ||||||||||||||||||||||||||||
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 16 | % | 64 | % | ||||||||||||||||||||||||||||
Gain (Loss) Recognized on Derivative Instruments | ||||||||||||||||||||||||||||||||
Not Designated in Hedging Relationship | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Gain (loss) on client-related derivatives recognized in capital markets products income: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 14,226 | $ | 19,613 | $ | 13,232 | ||||||||||||||||||||||||||
Foreign exchange contracts | 6,506 | 6,024 | 5,719 | |||||||||||||||||||||||||||||
Credit contracts | (4 | ) | 321 | 390 | ||||||||||||||||||||||||||||
Total client related derivatives | 20,728 | 25,958 | 19,341 | |||||||||||||||||||||||||||||
Gain (loss) on end-user derivatives recognized in other income: | ||||||||||||||||||||||||||||||||
Foreign exchange derivatives | 125 | (336 | ) | 141 | ||||||||||||||||||||||||||||
Mortgage banking derivatives | 235 | 123 | (57 | ) | ||||||||||||||||||||||||||||
Total end-user derivatives | 360 | (213 | ) | 84 | ||||||||||||||||||||||||||||
Total derivatives not designated in hedging relationship | $ | 21,088 | $ | 25,745 | $ | 19,425 | ||||||||||||||||||||||||||
COMMITMENTS_GUARANTEES_AND_CON
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | ' | |||||||
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | ||||||||
Credit Extension Commitments and Guarantees | ||||||||
In the normal course of business, we enter into a variety of financial instruments with off-balance sheet risk to meet the financing needs of our clients and to conduct lending activities. These instruments principally include commitments to extend credit, standby letters of credit, and commercial letters of credit. These instruments involve, to varying degrees, elements of credit and liquidity risk in excess of the amounts reflected in the Consolidated Statements of Financial Condition. | ||||||||
Contractual or Notional Amounts of Financial Instruments (1)Â | ||||||||
(Amounts in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | 139,116 | $ | 152,726 | ||||
Residential 1-4 family construction | 32,714 | 22,682 | ||||||
Commercial real estate, other construction, and land development | 703,382 | 573,252 | ||||||
Commercial and industrial | 3,609,443 | 3,450,491 | ||||||
All other commitments | 222,337 | 199,338 | ||||||
Total commitments to extend credit | $ | 4,706,992 | $ | 4,398,489 | ||||
Letters of credit: | ||||||||
Financial standby | $ | 308,577 | $ | 304,413 | ||||
Performance standby | 26,932 | 23,754 | ||||||
Commercial letters of credit | 4,500 | 3,751 | ||||||
Total letters of credit | $ | 340,009 | $ | 331,918 | ||||
(1) | Includes covered asset commitments of $18.7 million and $23.0 million as of December 31, 2013 and 2012, respectively. | |||||||
Commitments to extend credit are agreements to lend funds to a client as long as there is no violation of any condition established in the loan agreement. Commitments generally have fixed expiration dates or other termination clauses and variable interest rates tied to the prime rate or LIBOR and may require payment of a fee for the unused portion of the commitment or for the amounts issued but not drawn on letters of credit. All or a portion of commitments with an initial term extending beyond one year require regulatory capital support, while commitments of less than one year do not, although under newly issued regulatory capital rules, unfunded commitments of less than one year will require regulatory capital unless unconditionally cancellable. Since many of our commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements of the borrowers. As of December 31, 2013, we had a reserve for unfunded commitments of $9.2 million, which reflects our estimate of inherent losses associated with these commitment obligations. The balance of this reserve changes based on a number of factors including: the balance of outstanding commitments and our assessment of the likelihood of borrowers to utilize these commitments. The reserve is recorded in other liabilities in the Consolidated Statements of Financial Condition. | ||||||||
Standby and commercial letters of credit are conditional commitments issued by us to guarantee the performance of a client to a third party. Standby letters of credit include performance and financial guarantees for clients in connection with contracts between our clients and third parties. Standby letters of credit are agreements where we are obligated to make payment to a third party on behalf of a client in the event the client fails to meet their contractual obligations. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the client and the third party. In most cases, the Company receives a fee for the amount of a letter of credit issued but not drawn upon. | ||||||||
In the event of a client’s nonperformance, our credit loss exposure is equal to the contractual amount of those commitments. We manage this credit risk in a similar manner to evaluating credit risk in extending loans to clients under our credit policies. We use the same credit policies in making credit commitments as for on-balance sheet instruments, mitigating exposure to credit loss through various collateral requirements, if deemed necessary. In the event of nonperformance by the clients, we have rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. | ||||||||
The maximum potential future payments guaranteed by us under standby letters of credit arrangements are equal to the contractual amount of the commitment. The unamortized fees associated with standby letters of credit, which are included in other liabilities in the Consolidated Statements of Financial Condition, totaled $1.4 million as of December 31, 2013. We amortize these amounts into income over the commitment period. As of December 31, 2013, standby letters of credit had a remaining weighted-average term of approximately 13 months, with remaining actual lives ranging from less than 1 year to 7 years. | ||||||||
Other Commitments | ||||||||
The Company has unfunded commitments to CRA investments as well as commitments to provide contributions to other investment partnerships totaling $14.2 million at December 31, 2013. Of these commitments, $2.2 million related to legally-binding unfunded commitments for tax-credit investments and was included within other assets and other liabilities on the Consolidated Statements of Financial Condition. | ||||||||
Credit Card Settlement Guarantees | ||||||||
Our third-party corporate credit card vendor issues corporate purchase credit cards on behalf of our commercial clients. The corporate purchase credit cards are issued to employees of certain of our commercial clients at the client’s direction and used for payment of business-related expenses. In most circumstances, these cards will be underwritten by our third-party vendor. However, in certain circumstances, we may enter into a recourse agreement, which transfers the credit risk from the third-party vendor to us in the event that the client fails to meet its financial payment obligation. In these circumstances, a total maximum exposure amount is established for our corporate client. In addition to the obligations presented in the prior table, the maximum potential future payments guaranteed by us under this third-party settlement guarantee were $3.8 million at December 31, 2013. | ||||||||
We believe that the estimated amounts of maximum potential future payments are not representative of our actual potential loss given our insignificant historical losses from this third-party settlement guarantee program. As of December 31, 2013, we have not recorded any contingent liability in the consolidated financial statements for this settlement guarantee program, and management believes that the probability of any loss under this arrangement is remote. | ||||||||
Mortgage Loans Sold with Recourse | ||||||||
Certain mortgage loans sold have limited recourse provisions. The losses for the year ended December 31, 2013 and December 31, 2012 arising from limited recourse provisions were not material. Based on this experience, the Company has not established any liability for potential future losses relating to mortgage loans sold in prior periods. | ||||||||
Legal Proceedings | ||||||||
In June 2013, we were served with a complaint naming the Bank as an additional defendant in a lawsuit pending in the Circuit Court of the 21st Judicial Circuit, Kankakee County, Illinois known as Maas vs. Marek et. al. The lawsuit, brought by the beneficiaries of two trusts for which the Bank is serving as the successor trustee, seeks reimbursement of approximately $2 million of penalties and interest assessed by the IRS due to the late payment of certain generation skipping taxes by the trusts, as well as certain related attorney fees and other damages. The other named defendants include legal and accounting professionals that provided services related to the matters involved. There have been no material developments since we were served in this lawsuit. Although we are not able to predict the likelihood of an adverse outcome, we currently anticipate that ultimate resolution of this matter will not have a material adverse impact on our financial condition or results of operations. | ||||||||
As of December 31, 2013, there were various legal proceedings pending against the Company and its subsidiaries in the ordinary course of business. Management does not believe that the outcome of these proceedings will have, individually or in the aggregate, a material adverse effect on the Company's results of operations, financial condition or cash flows. |
ESTIMATED_FAIR_VALUE_OF_FINANC
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||||||||||||||
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||||||||||||||
We measure, monitor, and disclose certain of our assets and liabilities on a fair value basis. Fair value is used on a recurring basis to account for securities available-for-sale, mortgage loans held for sale, derivative assets, derivative liabilities, and certain other assets and other liabilities. In addition, fair value is used on a non-recurring basis to apply lower-of-cost-or-market accounting to foreclosed real estate and certain other loans held for sale, evaluate assets or liabilities for impairment, including collateral-dependent impaired loans, and for disclosure purposes. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, we use various valuation techniques and input assumptions when estimating fair value. | ||||||||||||||||||||||||||||||||
U.S. GAAP requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value into three broad levels based on the reliability of the input assumptions. The hierarchy gives the highest priority to level 1 measurements and the lowest priority to level 3 measurements. The three levels of the fair value hierarchy are defined as follows: | ||||||||||||||||||||||||||||||||
• | Level 1 – Unadjusted quoted prices for identical assets or liabilities traded in active markets. | |||||||||||||||||||||||||||||||
• | Level 2 – Observable inputs other than level 1 prices, such as quoted prices for similar instruments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. | |||||||||||||||||||||||||||||||
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||
The categorization of where an asset or liability falls within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||||||||||||||
Valuation Methodology | ||||||||||||||||||||||||||||||||
We believe our valuation methods are appropriate and consistent with other market participants. However, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. Additionally, the methods used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. | ||||||||||||||||||||||||||||||||
The following describes the valuation methodologies we use for assets and liabilities measured at fair value, including the general classification of the assets and liabilities pursuant to the valuation hierarchy. | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale – Securities available-for-sale include U.S. Treasury, collateralized mortgage obligations, residential mortgage-backed securities, state and municipal securities, and foreign sovereign debt. Substantially all available-for-sale securities are fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair value of these securities is based on quoted market prices obtained from external pricing services. The principal markets for our securities portfolio are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. U.S. Treasury securities have been classified in level 1 of the valuation hierarchy. All other remaining securities are classified in level 2 of the valuation hierarchy. On a quarterly basis, the Company uses a variety of methods to validate the overall reasonableness of the fair values obtained from external pricing services, including evaluating pricing service inputs and methodologies, using exception reports based on analytical criteria, comparing prices obtained to prices received from other pricing sources, and reviewing the reasonableness of prices based on the Company’s knowledge of market liquidity and other market-related conditions. While we may challenge valuation inputs used in determining prices obtained from external pricing services based on our validation procedures, we have not altered the fair values ultimately provided by the external pricing services. | ||||||||||||||||||||||||||||||||
Mortgage Loans Held-for-Sale – Mortgage loans held-for-sale represent residential mortgage loan originations intended to be sold in the secondary market. We have elected the fair value option for residential mortgage loans originated with the intention of selling to a third party. The election of the fair value option aligns the accounting for these loans with the related mortgage banking derivatives used to economically hedge them. These mortgage loans are measured at fair value as of each reporting date, with changes in fair value recognized through mortgage banking non-interest income. The fair value of mortgage loans held-for-sale is determined based on prices obtained for loans with similar characteristics from third party sources. On a quarterly basis, the Company validates the overall reasonableness of the fair values obtained from third party sources by comparing prices obtained to prices received from various other pricing sources, and reviewing the reasonableness of prices based on Company knowledge of market liquidity and other market-related conditions. Mortgage loans held-for-sale are classified in level 2 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||
Collateral-Dependent Impaired Loans – We do not record loans held for investment at fair value on a recurring basis. However, periodically, we record nonrecurring adjustments to reduce the carrying value of certain impaired loans based on fair value measurement. This population of impaired loans includes those for which repayment of the loan is expected to be provided solely by the underlying collateral. We measure the fair value of collateral-dependent impaired loans based on the fair value of the collateral securing these loans less estimated selling costs. A majority of collateral-dependent impaired loans are secured by real estate with the fair value generally determined based upon appraisals performed by a certified or licensed appraiser using a combination of valuation techniques such as sales comparison, income capitalization and cost approach and include inputs such as absorption rates, capitalization rates and comparables. We also consider other factors or recent developments that could result in adjustments to the collateral value estimates indicated in the appraisals. Accordingly, fair value estimates for collateral-dependent impaired loans are classified in level 3 of the valuation hierarchy. The carrying value of all impaired loans and the related specific reserves are disclosed in Note 4. | ||||||||||||||||||||||||||||||||
At the time a collateral-dependent loan is initially determined to be impaired, we review the existing collateral appraisal. If the most recent appraisal is greater than one year old, a new appraisal is obtained on the underlying collateral. The Company generally obtains "as is" appraisal values for use in the evaluation of collateral-dependent impaired loans. Appraisals for loans in excess of $500,000 are updated with new independent appraisals at least annually and are formally reviewed by our internal appraisal department. Additional diligence is also performed at the six-month interval between annual appraisals. If during the course of the six-month review period there is evidence supporting a meaningful decline in the value of the collateral, the appraised value is either internally adjusted downward or a new appraisal is required to support the value of the impaired loan. As part of our internal review process, we consider other factors or recent developments that could adjust the valuations indicated in the appraisals or internal reviews. The Company’s internal appraisal review process validates the reasonableness of appraisals in conjunction with analyzing sales and market data from an array of market sources. | ||||||||||||||||||||||||||||||||
Covered Asset OREO and OREO – Covered asset OREO and OREO generated from our originated book of business are valued on a nonrecurring basis using third-party appraisals of each property and our judgment of other relevant market conditions and are classified in level 3 of the valuation hierarchy. As part of our internal review process, we consider other factors or recent developments that could adjust the valuations indicated in the appraisals or internal reviews. Updated appraisals on both OREO portfolios are typically obtained every twelve months and evaluated internally at least every six months. In addition, both property-specific and market-specific factors as well as collateral type factors are taken into consideration, which may result in obtaining more frequent appraisal updates or internal assessments. Appraisals are conducted by third-party independent appraisers under internal direction and engagement using a combination of valuation techniques such as sales comparison, income capitalization and cost approach and include inputs such as absorption rates, capitalization rate and comparables. Any appraisal with a value in excess of $250,000 is subject to a compliance review. Appraisals received with a value in excess of $1.0 million are subject to a technical review. Appraisals are either reviewed internally by our appraisal department or sent to an outside technical firm if appropriate. Both levels of review involve a scope appropriate for the complexity and risk associated with the OREO. To validate the reasonableness of the appraisals obtained, the Company compares the appraised value to the actual sales price of properties sold and analyzes the reasons why a property may be sold for less than its appraised value. | ||||||||||||||||||||||||||||||||
Derivative Assets and Derivative Liabilities – Derivative instruments with positive fair values are reported as an asset and derivative instruments with negative fair value are reported as liabilities, in both cases after taking into account the effects of master netting agreements. For derivative counterparties with which we have a master netting agreement, we elect to measure nonperformance risk on the basis of our net exposure to the counterparty. The fair value of derivative assets and liabilities is determined based on prices obtained from third party advisors using standardized industry models. Many factors affect derivative values, including the level of interest rates, the market’s perception of our nonperformance risk as reflected in our credit spread, and our assessment of counterparty nonperformance risk. The nonperformance risk assessment is based on our evaluation of credit risk, or if available, on observable external assessments of credit risk. Values of derivative assets and liabilities are primarily based on observable inputs and are classified in level 2 of the valuation hierarchy, with the exception of certain client related derivatives and risk participation agreements, as discussed below. On a quarterly basis, the Company uses a variety of methods to validate the overall reasonableness of the fair values obtained from third party advisors, including evaluating inputs and methodologies used by the third party advisors, comparing prices obtained to prices received from other pricing sources, and reviewing the reasonableness of prices based on the Company's knowledge of market liquidity and other market-related conditions. While we may challenge valuation inputs used in determining prices obtained from third party advisors based on our validation procedures, we have not altered the fair values ultimately provided by the third party advisors. | ||||||||||||||||||||||||||||||||
Level 3 derivatives include risk participation agreements and derivatives associated with clients whose loans are risk rated 6 or higher ("watch list derivative"). Refer to "Credit Quality Indicators" in Note 4 for further discussion on risk ratings. For these level 3 derivatives, the Company obtains prices from third party advisors, consistent with the valuation processes employed for the Company’s derivatives classified in level 2 of the fair value hierarchy, and then applies loss factors to adjust the prices obtained from third party advisors. The significant unobservable inputs that are employed in the valuation process for the risk participation agreements and watch list derivatives that cause these derivatives to be classified in level 3 of the fair value hierarchy are the historic loss factors specific to the particular industry segment and risk rating category. The loss factors are updated quarterly and are derived and aligned with the loss factors utilized in the calculation of the Company’s general reserve component of the allowance for loan losses. Changes in the fair value measurement of risk participation agreements and watch list derivatives are largely due to changes in the fair value of the derivative, risk rating adjustments and fluctuations in the pertinent historic average loss rate. | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The following table presents the hierarchy level and fair value for each major category of assets and liabilities measured at fair value at December 31, 2013 and 2012 on a recurring basis. | ||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | |||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets | Inputs | (Level 3) | Markets | Inputs | (Level 3) | |||||||||||||||||||||||||||
for Identical | (Level 2) | for Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 142,575 | $ | — | $ | — | $ | 142,575 | $ | 115,262 | $ | — | $ | — | $ | 115,262 | ||||||||||||||||
U.S. Agencies | — | 45,528 | — | 45,528 | — | — | — | — | ||||||||||||||||||||||||
Collateralized mortgage obligations | — | 176,116 | — | 176,116 | — | 241,034 | — | 241,034 | ||||||||||||||||||||||||
Residential mortgage-backed securities | — | 963,107 | — | 963,107 | — | 868,322 | — | 868,322 | ||||||||||||||||||||||||
State and municipal securities | — | 274,650 | — | 274,650 | — | 226,042 | — | 226,042 | ||||||||||||||||||||||||
Foreign sovereign debt | — | 500 | — | 500 | — | 500 | — | 500 | ||||||||||||||||||||||||
Total securities available-for-sale | 142,575 | 1,459,901 | — | 1,602,476 | 115,262 | 1,335,898 | — | 1,451,160 | ||||||||||||||||||||||||
Mortgage loans held-for-sale | — | 17,619 | — | 17,619 | — | 39,229 | — | 39,229 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designed as hedging instruments | — | 4,005 | — | 4,005 | — | 8,883 | — | 8,883 | ||||||||||||||||||||||||
Client-related derivatives | — | 56,770 | 448 | 57,218 | — | 95,368 | 1,023 | 96,391 | ||||||||||||||||||||||||
Other end-user derivatives | — | 357 | — | 357 | — | 136 | — | 136 | ||||||||||||||||||||||||
Netting adjustment | — | (13,138 | ) | (20 | ) | (13,158 | ) | — | (6,149 | ) | — | (6,149 | ) | |||||||||||||||||||
Total derivative assets | — | 47,994 | 428 | 48,422 | — | 98,238 | 1,023 | 99,261 | ||||||||||||||||||||||||
Total assets | $ | 142,575 | $ | 1,525,514 | $ | 428 | $ | 1,668,517 | $ | 115,262 | $ | 1,473,365 | $ | 1,023 | $ | 1,589,650 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | $ | — | 9,748 | $ | — | $ | 9,748 | $ | — | $ | 163 | $ | — | $ | 163 | |||||||||||||||||
Client-related derivatives | — | 57,500 | 98 | 57,598 | — | 98,955 | 60 | 99,015 | ||||||||||||||||||||||||
Other end-user derivatives | — | 321 | — | 321 | — | 247 | — | 247 | ||||||||||||||||||||||||
Netting adjustments | — | (18,757 | ) | (20 | ) | (18,777 | ) | — | (6,149 | ) | — | (6,149 | ) | |||||||||||||||||||
Total derivative liabilities | $ | — | $ | 48,812 | $ | 78 | $ | 48,890 | $ | — | $ | 93,216 | $ | 60 | $ | 93,276 | ||||||||||||||||
If a change in valuation techniques or input assumptions for an asset or liability occurred between periods, we would consider whether this would result in a transfer between the three levels of the fair value hierarchy. There have been no transfers of assets or liabilities between level 1 and level 2 of the valuation hierarchy between December 31, 2012 and December 31, 2013. | ||||||||||||||||||||||||||||||||
There have been no other changes in the valuation techniques we used for assets and liabilities measured at fair value on a recurring basis from December 31, 2012 to December 31, 2013. | ||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Fair Value for Those | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1)Â | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
 Derivative Assets |  Derivative (Liabilities) |  Derivative Assets |  Derivative (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,023 | $ | (60 | ) | $ | 827 | $ | (32 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 126 | (14 | ) | 259 | 301 | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Issuances | — | (51 | ) | — | — | |||||||||||||||||||||||||||
Settlements | (841 | ) | — | (1,178 | ) | (311 | ) | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 575 | — | 1,941 | (18 | ) | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | (435 | ) | 27 | (826 | ) | — | ||||||||||||||||||||||||||
Balance at end of year | $ | 448 | $ | (98 | ) | $ | 1,023 | $ | (60 | ) | ||||||||||||||||||||||
Change in unrealized (losses) gains in earnings relating to assets and liabilities still held at end of year | $ | (19 | ) | $ | (21 | ) | $ | 275 | $ | (297 | ) | |||||||||||||||||||||
(1)Â | Fair value is presented prior to giving effect to netting adjustments. | |||||||||||||||||||||||||||||||
(2)Â | Amounts disclosed in this line are included in the Consolidated Statements of Income as capital markets products income for derivatives. | |||||||||||||||||||||||||||||||
(3)Â | Transfers in and transfers out are recognized at the end of each quarterly reporting period. In general, derivative assets and liabilities are transferred into Level 3 from Level 2 due to a lack of observable market data, as there was deterioration in the credit risk of the derivative counterparty. Conversely, derivative assets and liabilities are transferred out of Level 3 into Level 2 due to an improvement in the credit risk of the derivative counterparty. | |||||||||||||||||||||||||||||||
Financial Instruments Recorded Using the Fair Value Option | ||||||||||||||||||||||||||||||||
Difference Between Aggregate Fair Value and Aggregate Remaining Principal Balance | ||||||||||||||||||||||||||||||||
for Mortgage Loans Held-For-Sale Elected to be Carried at Fair Value (1)Â | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Aggregate fair value | $ | 17,619 | $ | 39,229 | ||||||||||||||||||||||||||||
Difference (1) | 238 | 2 | ||||||||||||||||||||||||||||||
Aggregate unpaid principal balance | $ | 17,857 | $ | 39,231 | ||||||||||||||||||||||||||||
(1)Â | The change in fair value is reflected in mortgage banking non-interest income. | |||||||||||||||||||||||||||||||
As of December 31, 2013, none of the mortgage loans held-for-sale were on nonaccrual or 90 days or more past due and still accruing interest. Changes in fair value due to instrument-specific credit risk for the year ended December 31, 2013 were not material. | ||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
From time to time, we may be required to measure certain other financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets when there is evidence of impairment. | ||||||||||||||||||||||||||||||||
The following table provides the fair value of those assets that were subject to fair value adjustments during the years ended December 31, 2013 and 2012 and still held at December 31, 2013 and 2012, respectively. All fair value measurements on a nonrecurring basis were measured using level 3 of the valuation hierarchy. | ||||||||||||||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Fair Value | Losses | |||||||||||||||||||||||||||||||
December 31, | For the Year Ended | |||||||||||||||||||||||||||||||
Financial Assets: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | 45,937 | $ | 64,545 | $ | 4,656 | $ | 29,825 | ||||||||||||||||||||||||
Covered assets - OREO (2) (3) | 6,044 | 13,586 | 532 | 1,699 | ||||||||||||||||||||||||||||
OREO (2) | 18,764 | 59,482 | 12,711 | 21,053 | ||||||||||||||||||||||||||||
Total | $ | 70,745 | $ | 137,613 | $ | 17,899 | $ | 52,577 | ||||||||||||||||||||||||
(1)Â | Represents the fair value of loans adjusted to the appraised value of the collateral with a write-down in fair value or change in specific reserves during the respective period. These fair value adjustments are recognized as part of the provision for loan losses charged to earnings. | |||||||||||||||||||||||||||||||
(2)Â | Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed real estate expense in the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||
(3)Â | The 20% portion of any covered asset OREO write-down not reimbursed by the FDIC is recorded as net foreclosed real estate expense. | |||||||||||||||||||||||||||||||
There have been no changes in the valuation techniques we used for assets and liabilities measured at fair value on a nonrecurring basis from December 31, 2012 to December 31, 2013. | ||||||||||||||||||||||||||||||||
Additional Information Regarding Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||
The following table presents information regarding the unobservable inputs developed by the Company for its level 3 fair value measurements. | ||||||||||||||||||||||||||||||||
Quantitative Information Regarding Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Financial Instrument: | Fair Value | Valuation Technique(s) | Unobservable | Range | Weighted | |||||||||||||||||||||||||||
of Assets / | Input | Average | ||||||||||||||||||||||||||||||
(Liabilities) at | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Watch list derivatives | $ | 414 | Discounted cash flow | Loss factors | 6.7% to 16.6% | 14.3 | % | |||||||||||||||||||||||||
Risk participation agreements | (64 | ) | (1)Â | Discounted cash flow | Loss factors | 0.7% to 16.6% | 10.3 | % | ||||||||||||||||||||||||
Collateral-dependent impaired loans | 45,937 | Sales comparison, | Property specific | -1.2% to -68.7% | 16.6 | % | (2)  | |||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
OREO | $ | 18,764 | Sales comparison, | Property specific | 3.1% to -60.1% | 15.7 | % | (2)Â Â | ||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
(1)Â | Represents fair value of underlying swap. | |||||||||||||||||||||||||||||||
(2)Â | Weighted average is calculated based on assets with a property specific adjustment. | |||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the risk participation agreements and watch list derivatives are the historic loss factors. A significant increase (decrease) in the pertinent loss factor would result in a significantly lower (higher) fair value measurement. | ||||||||||||||||||||||||||||||||
Estimated Fair Value of Certain Financial Instruments | ||||||||||||||||||||||||||||||||
U.S. GAAP requires disclosure of the estimated fair values of certain financial instruments, both assets and liabilities, on and off-balance sheet, for which it is practical to estimate the fair value. Because the disclosure of estimated fair values provided herein excludes the fair value of certain other financial instruments and all non-financial instruments, any aggregation of the estimated fair value amounts presented would not represent total underlying value. Examples of non-financial instruments having value not disclosed herein include the future earnings potential of significant customer relationships and the value of Trust and Investments’ operations and other fee-generating businesses. In addition, other significant assets including property, plant, and equipment and goodwill are not considered financial instruments and, therefore, have not been included in the disclosure. | ||||||||||||||||||||||||||||||||
Various methodologies and assumptions have been utilized in management’s determination of the estimated fair value of our financial instruments, which are detailed below. The fair value estimates are made at a discrete point in time based on relevant market information. Because no market exists for a significant portion of these financial instruments, fair value estimates are based on judgments regarding future expected economic conditions, loss experience, and risk characteristics of the financial instruments. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | ||||||||||||||||||||||||||||||||
In addition to the valuation methodology explained above for financial instruments recorded at fair value, the following methods and assumptions were used in estimating the fair value of financial instruments that are carried at cost in the Consolidated Statements of Financial Condition and includes the general classification of the assets and liabilities pursuant to the valuation hierarchy. | ||||||||||||||||||||||||||||||||
Short-term financial assets and liabilities – For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value. Those financial instruments include cash and due from banks, federal funds sold and interest-bearing deposits in banks (including the receivable for cash collateral pledged), accrued interest receivable, and accrued interest payable. Accrued interest receivable and accrued interest payable are classified consistent with the hierarchy of their corresponding assets and liabilities. | ||||||||||||||||||||||||||||||||
Securities held-to-maturity – Securities held-to-maturity include collateralized mortgage obligations, residential mortgage-backed securities, agency commercial mortgage-backed securities and state and municipal securities. Substantially all held-to-maturity securities are fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair value of these securities is based on quoted market prices obtained from external pricing services. The principal markets for our securities portfolio are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. | ||||||||||||||||||||||||||||||||
FHLB stock –The carrying value of FHLB stock approximates fair value as the stock is non-marketable, but can only be sold to the FHLB or another member institution at par. | ||||||||||||||||||||||||||||||||
Loans – The fair value of loans is calculated by discounting estimated cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. Cash flows are estimated by applying contractual payment terms to assumed interest rates. The estimate of maturity is based on contractual terms and includes assumptions that reflect our and the industry’s historical experience with repayments for each loan classification. The estimation is modified, as required, by the effect of current economic and lending conditions, collateral, and other factors. | ||||||||||||||||||||||||||||||||
Covered assets – Covered assets include acquired loans and foreclosed loan collateral covered under a loss sharing agreement with the FDIC (including the fair value of expected reimbursements from the FDIC). The fair value of covered assets is calculated by discounting contractual cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the asset. The estimate of maturity is based on contractual terms and includes assumptions that reflect our and the industry’s historical experience with repayments for each asset classification. The estimate is modified, as required, by the effect of current economic and lending conditions, collateral, and other factors. | ||||||||||||||||||||||||||||||||
Investment in BOLI – The cash surrender value of our investment in bank owned life insurance approximates the fair value. | ||||||||||||||||||||||||||||||||
Deposit liabilities – The fair values disclosed for noninterest-bearing deposits, savings deposits, interest-bearing demand deposits, and money market deposits are approximately equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The fair values for certificate of deposits and brokered time deposits were estimated using present value techniques by discounting the future cash flows at rates based on internal models and broker quotes. | ||||||||||||||||||||||||||||||||
Short-term and other borrowings – The fair value of FHLB advances with remaining maturities of one year or less is estimated by discounting the obligations using the rates currently offered for borrowings of similar remaining maturities. The fair value of secured borrowings is equal to the value of the loans they are collateralizing. See "Loans" above for further information. The carrying amount of the obligation for cash collateral held is considered to be its fair value because of its short-term nature. | ||||||||||||||||||||||||||||||||
Long-term debt – The fair value of the Company's fixed-rate long-term debt was estimated using the unadjusted publicly-available market price as of period end. | ||||||||||||||||||||||||||||||||
The fair value of the Bank's subordinated debt facility, FHLB advances with remaining maturities greater than one year, and the Company's variable-rate junior subordinated debentures is estimated by discounting future cash flows. For the FHLB advances with remaining maturities greater than one year, the Company discounts cash flows using quoted interest rates for similar financial instruments. For the Bank's subordinated debt and the Company's variable-rate junior subordinated debentures, we interpolate a discount rate we believe is appropriate based on quoted interest rates and entity specific adjustments. | ||||||||||||||||||||||||||||||||
Commitments – Given the limited interest rate risk posed by the commitments outstanding at period-end due to their variable rate structure, termination clauses provided in the agreements, and the market rate of fees charged, we have deemed the fair value of commitments outstanding to be immaterial. | ||||||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 133,518 | $ | 133,518 | $ | 133,518 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 306,544 | — | 306,544 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 26,816 | 26,816 | — | 26,816 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,602,476 | 1,602,476 | 142,575 | 1,459,901 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 921,436 | 896,908 | — | 896,908 | — | |||||||||||||||||||||||||||
FHLB stock | 30,005 | 30,005 | — | 30,005 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 10,500,912 | 10,484,250 | — | — | 10,484,250 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 96,235 | 113,593 | — | — | 113,593 | |||||||||||||||||||||||||||
Accrued interest receivable | 37,004 | 37,004 | — | — | 37,004 | |||||||||||||||||||||||||||
Investment in BOLI | 53,865 | 53,865 | — | — | 53,865 | |||||||||||||||||||||||||||
Derivative assets | 48,422 | 48,422 | — | 47,994 | 428 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,013,641 | $ | 12,024,079 | $ | — | $ | 9,443,094 | $ | 2,580,985 | ||||||||||||||||||||||
Short-term borrowings | 8,400 | 8,513 | — | 2,060 | 6,453 | |||||||||||||||||||||||||||
Long-term debt | 627,793 | 598,260 | 267,360 | 256,825 | 74,075 | |||||||||||||||||||||||||||
Accrued interest payable | 6,326 | 6,326 | — | — | 6,326 | |||||||||||||||||||||||||||
Derivative liabilities | 48,890 | 48,890 | — | 48,812 | 78 | |||||||||||||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 234,308 | $ | 234,308 | $ | 234,308 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 707,143 | 707,143 | — | 707,143 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 49,696 | 49,696 | — | 49,696 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,451,160 | 1,451,160 | 115,262 | 1,335,898 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 863,727 | 886,774 | — | 886,774 | — | |||||||||||||||||||||||||||
FHLB stock | 43,387 | 43,387 | — | 43,387 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 9,978,565 | 9,935,830 | — | — | 9,935,830 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 170,205 | 194,339 | — | — | 194,339 | |||||||||||||||||||||||||||
Accrued interest receivable | 34,832 | 34,832 | — | — | 34,832 | |||||||||||||||||||||||||||
Investment in BOLI | 52,513 | 52,513 | — | — | 52,513 | |||||||||||||||||||||||||||
Derivative assets | 99,261 | 99,261 | — | 98,238 | 1,023 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,173,634 | $ | 12,188,739 | $ | — | $ | 9,660,550 | $ | 2,528,189 | ||||||||||||||||||||||
Short-term borrowings | 5,000 | 5,107 | — | 5,107 | — | |||||||||||||||||||||||||||
Long-term debt | 499,793 | 505,460 | 274,023 | 11,495 | 219,942 | |||||||||||||||||||||||||||
Accrued interest payable | 7,141 | 7,141 | — | — | 7,141 | |||||||||||||||||||||||||||
Derivatives liabilities | 93,276 | 93,276 | — | 93,216 | 60 | |||||||||||||||||||||||||||
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
VARIABLE INTEREST ENTITIES | ' | |||||||||||||||
VARIABLE INTEREST ENTITIES | ||||||||||||||||
At December 31, 2013 and 2012, the Company had no variable interest entity ("VIE") consolidated in its financial statements. | ||||||||||||||||
Nonconsolidated VIEs | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||
to Loss | to Loss | |||||||||||||||
Trust preferred capital securities issuances | $ | 244,793 | $ | — | $ | 244,793 | $ | — | ||||||||
Community reinvestment investments | 3,121 | 3,371 | 2,483 | 2,733 | ||||||||||||
TDRs to commercial clients (1): | ||||||||||||||||
Outstanding loan balance | 43,481 | 48,975 | 113,031 | 131,724 | ||||||||||||
Related derivative asset | — | — | 37 | 37 | ||||||||||||
Total | $ | 291,395 | $ | 52,346 | $ | 360,344 | $ | 134,494 | ||||||||
(1)Â | Excludes personal loans and loans to non-for-profit entities. | |||||||||||||||
Trust preferred capital securities issuances – As discussed in Note 12, we sponsor and wholly own 100% of the common equity of four trusts that were formed for the purpose of issuing Trust Preferred Securities to third-party investors and investing the proceeds from the sale of the Trust Preferred Securities solely in Debentures issued by the Company. The trusts’ only assets were the principal balance of the Debentures and the related interest receivable, which are included within long-term debt in our Consolidated Statements of Financial Condition. The Company is not the primary beneficiary of the trusts and accordingly, the trusts are not consolidated in our financial statements. | ||||||||||||||||
Community reinvestment investments – We hold certain investments in funds that make investments to further our community reinvestment initiatives. Such investments are included within other assets in our Consolidated Statements of Financial Condition. Certain of these investments meet the definition of a VIE, but the Company is not the primary beneficiary as we are a limited investor in those investment funds and do not have the power to direct their investment activities. Accordingly, we will continue to account for our interests in these investments on an unconsolidated basis. Our maximum exposure to loss is limited to the carrying amount plus additional required future capital contributions. | ||||||||||||||||
Troubled debt restructured loans – For certain troubled commercial loans, we restructure the terms of the borrower’s debt in an effort to increase the probability of collecting amounts contractually due. Following a TDR, the borrower entity typically meets the definition of a VIE as the initial determination of whether an entity is a VIE must be reconsidered and economic events have proven that the entity’s equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As we do not have the power to direct the activities that most significantly impact such troubled commercial borrowers’ operations, we are not considered the primary beneficiary even in situations where, based on the size of the financing provided, we are exposed to potentially significant benefits and losses of the borrowing entity. We have no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt. Our interests in the troubled commercial borrowers include outstanding loans and related derivative assets. Our maximum exposure to loss is limited to these interests plus any additional future funding commitments. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||
OPERATING SEGMENTS | ||||||||||||||||
We have three primary operating segments: Banking, Trust and Investments, and the Holding Company. With respect to the Banking and Trust and Investments' segments, each is delineated by the products and services that each segment offers. The Banking operating segment is comprised of commercial and personal banking services, including mortgage originations. Commercial banking services are primarily provided to corporations and other business clients and include a wide array of lending and cash management products. Personal banking services offered to individuals, professionals, and entrepreneurs include direct lending and depository services. The Trust and Investments segment includes certain activities of our PrivateWealth group, including investment management, personal trust and estate administration, custodial and escrow, retirement account administration and brokerage services. The activities of the third operating segment, the Holding Company, include the direct and indirect ownership of our banking subsidiary, the issuance of debt and intersegment eliminations. | ||||||||||||||||
The accounting policies of the individual operating segments are the same as those of the Company as described in Note 1. Transactions between operating segments are primarily conducted at fair value, resulting in profits that are eliminated from consolidated results of operations. Financial results for each segment are presented below. For segment reporting purposes, the statement of financial condition of Trust and Investments is included with the Banking segment. | ||||||||||||||||
Operating Segments Performance | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Year Ended December 31, | Banking | Trust and Investments | Holding Company | Consolidated | ||||||||||||
and Other | ||||||||||||||||
Adjustments (1) | ||||||||||||||||
2013 | ||||||||||||||||
Net interest income (loss) | $ | 446,556 | $ | 3,326 | $ | (28,819 | ) | $ | 421,063 | |||||||
Provision for loan and covered loan losses | 31,796 | — | — | 31,796 | ||||||||||||
Non-interest income | 95,344 | 18,387 | 259 | 113,990 | ||||||||||||
Non-interest expense | 271,911 | 17,832 | 13,571 | 303,314 | ||||||||||||
Income (loss) before income taxes | 238,193 | 3,881 | (42,131 | ) | 199,943 | |||||||||||
Income tax provision (benefit) | 91,402 | 1,532 | (15,940 | ) | 76,994 | |||||||||||
Net income (loss) | $ | 146,791 | $ | 2,349 | $ | (26,191 | ) | $ | 122,949 | |||||||
Assets | $ | 12,465,063 | $ | — | $ | 1,620,683 | $ | 14,085,746 | ||||||||
Total loans | 10,644,021 | — | — | 10,644,021 | ||||||||||||
Deposits | 12,069,583 | — | (55,942 | ) | 12,013,641 | |||||||||||
2012 | ||||||||||||||||
Net interest income (loss) | $ | 438,406 | $ | 3,067 | $ | (21,540 | ) | $ | 419,933 | |||||||
Provision for loan and covered loan losses | 71,425 | — | — | 71,425 | ||||||||||||
Non-interest income | 93,943 | 17,018 | 80 | 111,041 | ||||||||||||
Non-interest expense | 285,272 | 17,386 | 24,474 | 327,132 | ||||||||||||
Income (loss) before income taxes | 175,652 | 2,699 | (45,934 | ) | 132,417 | |||||||||||
Income tax provision (benefit) | 67,578 | 1,064 | (14,121 | ) | 54,521 | |||||||||||
Net income (loss) | $ | 108,074 | $ | 1,635 | $ | (31,813 | ) | $ | 77,896 | |||||||
Assets | $ | 12,552,897 | $ | — | $ | 1,504,618 | $ | 14,057,515 | ||||||||
Total loans | 10,139,982 | — | — | 10,139,982 | ||||||||||||
Deposits | 12,251,614 | — | (77,980 | ) | 12,173,634 | |||||||||||
2011 | ||||||||||||||||
Net interest income (loss) | $ | 423,657 | $ | 2,466 | $ | (18,996 | ) | $ | 407,127 | |||||||
Provision for loan and covered loan losses | 132,897 | — | — | 132,897 | ||||||||||||
Non-interest income | 79,990 | 18,130 | 127 | 98,247 | ||||||||||||
Non-interest expense | 258,578 | 19,203 | 24,496 | 302,277 | ||||||||||||
Income (loss) before income taxes | 112,172 | 1,393 | (43,365 | ) | 70,200 | |||||||||||
Income tax provision (benefit) | 40,263 | 555 | (15,158 | ) | 25,660 | |||||||||||
Net income (loss) | 71,909 | 838 | (28,207 | ) | 44,540 | |||||||||||
Noncontrolling interest expense | — | 170 | — | 170 | ||||||||||||
Net income (loss) attributable to controlling interests | $ | 71,909 | $ | 668 | $ | (28,207 | ) | $ | 44,370 | |||||||
Assets | $ | 11,034,516 | $ | — | $ | 1,382,354 | $ | 12,416,870 | ||||||||
Total loans | 9,008,561 | — | — | 9,008,561 | ||||||||||||
Deposits | 10,542,517 | — | (149,663 | ) | 10,392,854 | |||||||||||
(1)Â | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
Condensed_Parent_Company_Finan
Condensed Parent Company Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Parent Company Financial Statements | ' | |||||||||||
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS | ||||||||||||
The following represents the condensed financial statements of PrivateBancorp, Inc., the parent company. | ||||||||||||
Statements of Financial Condition | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and interest-bearing deposits | $ | 55,942 | $ | 77,980 | ||||||||
Investment in and advances to subsidiaries | 1,591,778 | 1,474,317 | ||||||||||
Other assets | 28,904 | 30,301 | ||||||||||
Total assets | $ | 1,676,624 | $ | 1,582,598 | ||||||||
Liabilities and Equity | ||||||||||||
Long-term debt | $ | 369,793 | $ | 369,793 | ||||||||
Accrued expenses and other liabilities | 4,927 | 5,639 | ||||||||||
Equity | 1,301,904 | 1,207,166 | ||||||||||
Total liabilities and equity | $ | 1,676,624 | $ | 1,582,598 | ||||||||
Statements of Income | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income | ||||||||||||
Interest income | $ | 3 | $ | 11 | $ | 19 | ||||||
Securities transactions and other income | 259 | 80 | 125 | |||||||||
Total income | 262 | 91 | 144 | |||||||||
Expenses | ||||||||||||
Interest expense | 25,493 | 18,471 | 16,532 | |||||||||
Salaries and employee benefits | 8,235 | 19,721 | 18,081 | |||||||||
Other expenses | 5,336 | 4,754 | 6,415 | |||||||||
Total expenses | 39,064 | 42,946 | 41,028 | |||||||||
Loss before income taxes and equity in undistributed income of subsidiaries | (38,802 | ) | (42,855 | ) | (40,884 | ) | ||||||
Income tax benefit | 14,627 | 12,908 | 14,169 | |||||||||
Loss before undistributed income of subsidiaries | (24,175 | ) | (29,947 | ) | (26,715 | ) | ||||||
Equity in undistributed income of subsidiaries | 147,124 | 107,843 | 71,255 | |||||||||
Net income | 122,949 | 77,896 | 44,540 | |||||||||
Net income attributable to noncontrolling interests | — | — | 170 | |||||||||
Net income attributable to controlling interests | 122,949 | 77,896 | 44,370 | |||||||||
Preferred stock dividend | — | 13,368 | 13,690 | |||||||||
Net income available to common stockholders | $ | 122,949 | $ | 64,528 | $ | 30,680 | ||||||
Statements of Cash Flows | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Operating Activities | ||||||||||||
Net income | $ | 122,949 | $ | 77,896 | $ | 44,540 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Equity in undistributed income from subsidiaries | (147,124 | ) | (107,843 | ) | (71,255 | ) | ||||||
Share-based compensation expense | 4,366 | 16,453 | 15,756 | |||||||||
Depreciation of premises, furniture and equipment | 139 | 259 | 306 | |||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | (425 | ) | (118 | ) | (143 | ) | ||||||
Net decrease (increase) in other assets | 1,011 | 5,574 | (8,652 | ) | ||||||||
Net (decrease) increase in other liabilities | (714 | ) | 661 | (746 | ) | |||||||
Net cash used in operating activities | (19,798 | ) | (7,118 | ) | (20,194 | ) | ||||||
Investing Activities | ||||||||||||
Net capital investments in bank subsidiaries | — | — | — | |||||||||
Net cash used in investing activities | — | — | — | |||||||||
Financing Activities | ||||||||||||
Proceeds from the issuance of long-term debt | — | 125,000 | — | |||||||||
Payments for the redemption of preferred stock | — | (243,815 | ) | — | ||||||||
Payments for the redemption of common stock warrant | — | (1,225 | ) | — | ||||||||
Net proceeds from the issuance of common stock | — | 70,657 | 31 | |||||||||
Stock repurchased in connection with benefit plans | (2,522 | ) | (2,696 | ) | (1,400 | ) | ||||||
Cash dividends paid | (3,119 | ) | (13,082 | ) | (15,128 | ) | ||||||
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 2,976 | 479 | 1,139 | |||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 425 | 118 | 143 | |||||||||
Net cash used in financing activities | (2,240 | ) | (64,564 | ) | (15,215 | ) | ||||||
Net decrease in cash and cash equivalents | (22,038 | ) | (71,682 | ) | (35,409 | ) | ||||||
Cash and cash equivalents at beginning of year | 77,980 | 149,662 | 185,071 | |||||||||
Cash and cash equivalents at end of year | $ | 55,942 | $ | 77,980 | $ | 149,662 | ||||||
Quarterly_Earnings_Performance
Quarterly Earnings Performance | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Earnings Performance | ' | |||||||||||||||||||||||||||||||
QUARTERLY EARNINGS PERFORMANCE (UNAUDITED) | ||||||||||||||||||||||||||||||||
Quarterly Earnings Performance (1)Â | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Interest income | $ | 125,620 | $ | 123,577 | $ | 121,632 | $ | 121,409 | $ | 123,192 | $ | 122,028 | $ | 121,465 | $ | 120,351 | ||||||||||||||||
Interest expense | 17,164 | 17,742 | 17,900 | 18,369 | 18,389 | 16,620 | 16,119 | 15,975 | ||||||||||||||||||||||||
Net interest income | 108,456 | 105,835 | 103,732 | 103,040 | 104,803 | 105,408 | 105,346 | 104,376 | ||||||||||||||||||||||||
Provision for loan and covered loan losses | 4,476 | 8,120 | 8,843 | 10,357 | 13,177 | 13,509 | 17,038 | 27,701 | ||||||||||||||||||||||||
Fee revenue | 26,461 | 27,655 | 28,873 | 29,827 | 29,263 | 28,048 | 26,536 | 27,399 | ||||||||||||||||||||||||
Net securities gains (losses) | 279 | 118 | 136 | 641 | 191 | (211 | ) | (290 | ) | 105 | ||||||||||||||||||||||
Non-interest expense | 75,827 | 71,269 | 77,255 | 78,963 | 81,315 | 81,730 | 83,858 | 80,229 | ||||||||||||||||||||||||
Income before income taxes | 54,893 | 54,219 | 46,643 | 44,188 | 39,765 | 38,006 | 30,696 | 23,950 | ||||||||||||||||||||||||
Income tax provision | 21,187 | 21,161 | 17,728 | 16,918 | 16,682 | 14,952 | 13,192 | 9,695 | ||||||||||||||||||||||||
Net income | 33,706 | 33,058 | 28,915 | 27,270 | 23,083 | 23,054 | 17,504 | 14,255 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income attributable to controlling interests | 33,706 | 33,058 | 28,915 | 27,270 | 23,083 | 23,054 | 17,504 | 14,255 | ||||||||||||||||||||||||
Preferred stock dividends and discount accretion | — | — | — | — | 3,043 | 3,447 | 3,442 | 3,436 | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 33,706 | $ | 33,058 | $ | 28,915 | $ | 27,270 | $ | 20,040 | $ | 19,607 | $ | 14,062 | $ | 10,819 | ||||||||||||||||
Basic earnings per share | $ | 0.43 | $ | 0.42 | $ | 0.37 | $ | 0.35 | $ | 0.26 | $ | 0.27 | $ | 0.19 | $ | 0.15 | ||||||||||||||||
Diluted earnings per share | $ | 0.43 | $ | 0.42 | $ | 0.37 | $ | 0.35 | $ | 0.26 | $ | 0.27 | $ | 0.19 | $ | 0.15 | ||||||||||||||||
Return on average common equity | 10.28 | % | 10.43 | % | 9.28 | % | 9.01 | % | 6.64 | % | 7 | % | 5.18 | % | 4.05 | % | ||||||||||||||||
Return on average assets | 0.96 | % | 0.96 | % | 0.86 | % | 0.81 | % | 0.67 | % | 0.7 | % | 0.55 | % | 0.46 | % | ||||||||||||||||
Net interest margin – tax-equivalent | 3.18 | % | 3.18 | % | 3.22 | % | 3.19 | % | 3.16 | % | 3.35 | % | 3.46 | % | 3.53 | % | ||||||||||||||||
(1)Â | All ratios are presented on an annualized basis. |
Recovered_Sheet1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles Of Consolidation And Basis Of Presentation | ' |
Nature of Operations – PrivateBancorp, Inc. ("PrivateBancorp" or the "Company") was incorporated in Delaware in 1989 and became a holding company registered under the Bank Holding Company Act of 1956, as amended. The PrivateBank and Trust Company (the "Bank" or the "PrivateBank"), the sole banking subsidiary of PrivateBancorp, was opened in Chicago in 1991. The Company completed its initial public offering in June 1999. The Bank provides customized business and personal financial services to middle market companies and business owners, executives, entrepreneurs and families in all of the markets and communities it serves. The majority of the Bank’s business is conducted in the greater Chicago market. | |
Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. In general, investments in unconsolidated entities where the Company has the ability to exercise significant influence over the entities' operating and financing decisions are accounted for using the equity method of accounting. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries, and accordingly, are not included in the consolidated financial statements. | |
The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles ("U.S. GAAP") and general practice within the banking industry. We use the accrual basis of accounting for financial reporting purposes. | |
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to December 31, 2013 for potential recognition or disclosure in this annual report on Form 10-K. The following is a summary of the significant accounting policies adhered to in the preparation of the consolidated financial statements. | |
Business Combinations | ' |
Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair value as of the date of acquisition, with any excess of the cost of the acquisition over the fair value of the net tangible and identifiable intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the Consolidated Statements of Income from the effective date of acquisition. | |
Use Of Estimates | ' |
Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents – For purposes of the Consolidated Statements of Cash Flows, management has defined cash and cash equivalents to include cash and due from banks, federal funds sold, and other interest-bearing deposits in banks. Generally, federal funds are sold for one-day periods, but not longer than 30 days. Short-term investments generally mature in less than 30 days. All cash and cash equivalents have maturities of three months or less. | |
Investment Securities | ' |
Debt Securities – At the time of purchase, debt securities are classified as held-to-maturity or available-for-sale. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost. Debt securities are classified as available-for-sale when management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including, but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded as a separate component of other comprehensive income ("OCI"). | |
The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the life of the security, using the level-yield method. Amortization of premium and accretion of discount are included in interest income. | |
Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. On a quarterly basis, we assess whether there have been any events or circumstances to indicate that a security for which there is an unrealized loss is impaired on an other-than-temporary ("OTTI") basis. This determination requires significant judgment. OTTI is considered to have occurred (1)Â if management intends to sell the security; (2)Â if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3)Â if the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. For debt securities that we do not expect to sell or for which it is not more likely than not that the Company will be required to sell prior to recovery, the OTTI is separated into credit and noncredit components. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and changes in risk-free interest rates. All of the OTTI is recognized in earnings for securities we expect to sell. Presentation of OTTI is made in the income statement on a gross basis with a reduction for the amount of OTTI recognized in OCI. Once OTTI is recorded, future significant increases in expected cash flows are treated as prospective yield adjustments. | |
FHLB Stock [Policy Text Block] | ' |
Federal Home Loan Bank ("FHLB") Stock – Investments in FHLB stock are restricted as to redemption and are carried at cost. | |
Loans Held For Sale | ' |
Loans Held for Sale – Loans held for sale ("LHFS") represent mortgage loan originations intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower of cost or fair value as determined on an individual asset basis or carried at fair value where the Company has elected fair value accounting. The Company has elected to measure residential mortgage loans originated as held for sale under the fair value option. Increases or decreases in the fair value of these LHFS are recognized in mortgage banking income in the Consolidated Statements of Income. Mortgage loan origination costs related to LHFS that the Company accounts for under the fair value option are recognized in noninterest expense as incurred. Held for investment loans that have been transferred to LHFS are carried at the lower of cost or fair value. For these LHFS, any decreases in value below cost are recognized in other income in the Consolidated Statements of Income and increases in fair value above cost are not recognized until the loans are sold. The credit component of any write down upon transfer to LHFS is reflected in charge-offs to the allowance for loan losses. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying amount of the loans. | |
Gains and losses on the disposition of loans held for sale are determined on the specific identification method. Residential mortgage loans sold in the secondary market are sold without retaining servicing rights. | |
Originated Loans Held For Investment | ' |
Originated Loans Held for Investment – Originated loans held for investment are carried at the principal amount outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, fees for commitments that are expected to be exercised and certain direct loan origination costs are deferred and the net amount is amortized over the life of the related loan or commitment period as a yield adjustment. Other fees, not associated with originating a loan are recognized as fee income when earned. | |
Delinquent And Nonaccrual Loans | ' |
Delinquent and Nonaccrual Loans – Loans are reported as past due if contractual principal or interest payments are due and unpaid for 30 days or more. All loans that are over 90 days past due in principal or interest are considered "impaired" and placed on nonaccrual status. Management may also place some loans on nonaccrual status before they are 90 days past due if they meet the below definition of "impaired." When a loan is placed on nonaccrual status, accrued and unpaid interest credited to income is reversed and accretion of net deferred loan fees ceases. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income may only be recorded on a cash basis if the remaining book balance is deemed fully collectible. Nonaccrual loans are returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement and when the financial position of the borrower and other relevant factors indicate there is no longer doubt as to such collectibility. | |
Impaired Loans | ' |
Impaired Loans – Impaired loans consist of nonaccrual loans (which include nonaccrual troubled debt restructurings ("TDRs")) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, management believes that either it is probable that we will be unable to collect all amounts due (both principal and interest) according to the original contractual terms of the loan agreement or it has been classified as a TDR. Once a loan is determined to be impaired, the amount of impairment is measured based on the loan’s observable fair value; the fair value of the underlying collateral less selling costs if the loan is collateral-dependent; or the present value of expected future cash flows discounted at the loan’s effective interest rate. | |
If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees and costs and unamortized premium or discount), impairment is recognized by creating a specific valuation reserve as a component of the allowance for loan losses. Impaired loans exceeding $500,000 are evaluated individually, while loans less than $500,000 are evaluated as pools using historical loss experience, as well as management’s loss expectations, for the respective asset class and product type. | |
All impaired loans and their related reserves are reviewed and updated each quarter. Any impaired loan for which a determination has been made that the economic value is permanently reduced is charged-off against the allowance for loan losses to reflect its current economic value in the period in which the determination has been made. | |
At the time a collateral-dependent loan is initially determined to be impaired, we review the existing collateral appraisal. If the most recent appraisal is greater than one year old, a new appraisal is obtained on the underlying collateral. The Company generally obtains "as is" appraisal values for use in the evaluation of collateral-dependent impaired loans. Appraisals for collateral-dependent loans in excess of $500,000 are updated with new independent appraisals at least annually and are formally reviewed by our internal appraisal department. Additional diligence is also performed at the six-month interval between the independent appraisals. All impaired loans and their related reserves are reviewed and updated each quarter. If during the course of the six-month review process there is evidence supporting a meaningful decline in the value of the collateral, the appraised value is either internally adjusted downward or a new appraisal is required to support the value of the impaired loan. With an immaterial number of exceptions, all appraisals and internal reviews are current under this methodology at December 31, 2013. | |
Restructured Loans | ' |
Restructured Loans – Loans may be modified in the normal course of business for competitive reasons or to strengthen the Company’s position. Loan modifications and restructurings may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. These modifications are structured on a loan-by-loan basis, and depending on the circumstances, may include extensions of maturity dates, rate reductions, forgiveness of principal, or other concessions. The Company may also utilize a multiple note structure as a workout alternative for certain loans. The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which the Company has granted a concession that it would not otherwise consider, are considered TDRs. | |
We consider many factors in determining whether to agree to a loan modification involving concessions, and seek a solution that will both minimize potential loss to the Company and attempt to help the borrower. We evaluate our borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. | |
Restructured loans can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of at least six months to ensure that the borrower performs in accordance with the restructured terms including consistent and timely loan payments. However, the borrower’s performance prior to the restructuring or other significant events at the time of the restructuring may be considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status after a shorter performance period or concurrent with the restructuring. In such situations, the loan will be reported as a "restructured loan accruing interest." If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. | |
The allowance for loan losses on restructured loans is determined by discounting the restructured cash flows by the original effective interest rate, or if collateral-dependent, by obtaining an appraisal. | |
Allowance For Loan Losses | ' |
Allowance for Loan Losses (the "Allowance") – We maintain an allowance for loan losses at a level management believes is sufficient to absorb credit losses inherent in our loan portfolio. The allowance for loan losses is assessed quarterly and represents an accounting estimate of probable losses in the portfolio at each balance sheet date based on a review of available and relevant information at that time. The allowance consists of reserves for probable losses that have been identified relating to specific borrowing relationships that are individually evaluated for impairment ("the specific component"), as well as probable losses inherent in our loan portfolio that are not specifically identified ("the general allocated component"), which is determined using a methodology that is a function of quantitative and qualitative factors applied to segments of our loan portfolio as well as management’s judgment. | |
The specific component relates to impaired loans. Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. See "Impaired Loans" section of this Note 1 for a detailed discussion of the specific component of the allowance for loan losses. | |
To determine the general allocated component of the allowance for loan losses, we segregate loans by vintage ("transformational" and "legacy") and product type (e.g., commercial, commercial real estate) because of observable similarities in the historical performance experience of loans underwritten by these business units. In general, loans originated by the business units that existed prior to the strategic changes of the Company in 2007 are considered "legacy" loans. Loans originated by a business unit that was established in connection with or following the strategic business transformation plan are considered "transformational" loans. Renewals or restructurings of legacy loans may continue to be evaluated as legacy loans depending on the structure or defining characteristics of the new transaction. The Company has implemented a line of business model that has reorganized the legacy business units so that after 2009, all new loan originations are considered transformational. At the time an accruing loan becomes modified and meets the definition of a TDR, it is considered impaired and is no longer included as part of the general allocated component. However, our general reserve methodology considers the amount and product type of the TDRs removed as one of many credit or portfolio considerations in establishing final reserve requirements. | |
The methodology produces an estimated range of potential loss exposure for the product types within each vintage. We consider the appropriate balance of the general allocated component of the reserve in relation to a variety of internal and external quantitative and qualitative factors to reflect data or timeframes not captured by the basic allowance framework as well as market and economic data and management judgment. In certain instances, these additional factors and judgments may lead management to conclude that the appropriate level of the reserve is outside the range determined through the basic allowance framework. | |
The product segments we evaluate in the general reserve methodology are commercial loans, commercial real estate loans, construction loans and consumer loans (which include personal loans, residential mortgage loans and home equity lines of credit). Our commercial loan portfolio includes lines of credit to businesses and term loans. Certain non-residential owner-occupied commercial real estate loans are also included in our commercial loan portfolio if the cash flows from the owner’s business serve as the primary source of loan repayment. Commercial loans contain risks unique to the business and market of each borrower and the repayment is dependent upon the financial success and viability of the borrower. | |
Commercial real estate loans comprise loans secured by various types of collateral including 1-4 family non-owner occupied housing units located primarily in our target market areas, multi-family real estate, office buildings, warehouses, retail space, mixed use buildings, and vacant land, the bulk of which is held for long-term investment or development. Risks inherent in real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and the general economic condition of the market in which the collateral is located. Repayment is generally dependent on the ability of the borrower to attract tenants at rental rates that provide for debt service. Repayment of commercial real estate loans is also somewhat dependent on long term financing options available to the borrower. | |
Our construction loan portfolio consists of single-family residential properties, multi-family properties, and commercial projects, and includes both investment properties and properties that will be owner-occupied. Risks inherent in construction lending are similar to those in commercial real estate lending. Additional risks include unexpected cost increases or delays in constructing or improving a property, the borrower’s inability to use funds generated by a project to service a loan until a project is completed, the more pronounced risk to interest rate movements and the real estate market that these borrowers face while a project is being completed or seeking a buyer, and the lack of availability of permanent financing. Construction loans, as a product segment, have the highest inherent risk in our portfolio. | |
Consumer loans are a smaller portion of our overall portfolio and consist of residential home mortgages, home equity lines of credit and personal loans. The risk issues associated with these products are closely correlated to the U.S. housing market and the local markets in which the collateral resides and include home price declines and resulting increases in loan to value ratios, low sales volume, high unemployment rates, increases in foreclosure rates, and high delinquency rates. Some personal loans may be unsecured. | |
Determination of the allowance is inherently subjective, as it requires significant estimates, including the amounts and timing of expected future cash flows and collateral appraisal values on impaired loans; estimated losses on pools of homogeneous loans based on historical loss experience, risk ratings, product type, and vintage; and consideration of current economic trends and portfolio attributes, all of which may be susceptible to significant change. For instance, loss rates in our allowance methodology typically reflect the Company's more recent loss experience, by product, on a trailing twelve or eighteen month basis. These loss rates consider both cumulative charge-offs and other real estate owned ("OREO") valuation adjustments over the period in the individual product categories that constitute our allowance. Default estimates use a multi-year originating vintage and rating approach. In addition, we compare current model-derived and historically-established reserve levels to recent charge-off trends and history in considering the appropriate final level of reserve at each product level. | |
Credit exposures deemed to be uncollectible are charged-off against the allowance, while recoveries of amounts previously charged-off are credited to the allowance. A provision for loan losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio as of the balance sheet date. | |
Reserve For Unfunded Commitments | ' |
Reserve for Unfunded Commitments – We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The reserve is included in other liabilities on the Consolidated Statements of Financial Condition. The reserve is computed using a methodology similar to that used to determine the general allocated component of the allowance for loan losses and is based on a model that uses recent commitment utilization patterns at the product level as a method of predicting future usage across the portfolio. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense in the Consolidated Statements of Income. | |
Purchased Loans | ' |
Purchased Loans – Purchased loans acquired through portfolio purchases or in a business combination are accounted for under specialized accounting guidance when the loans have evidence of credit deterioration at the time of acquisition and it is probable that not all contractual payments will be collected ("purchased impaired loans"). Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, declines in borrower FICO scores, geographic concentration and declines in loan-to-value ratios. U.S. GAAP requires these loans to be recorded at fair value at the acquisition date and prohibits the "carrying over" or creation of valuation allowances in the initial accounting for loans acquired in a transfer. | |
The fair values for purchased impaired loans are determined by discounting cash flows expected to be collected using an observable discount rate for similar instruments with adjustments to the discount rate that management believes a market participant would consider in determining fair value. We estimate the timing and amount of cash flows expected to be collected at acquisition using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. | |
Under the applicable accounting guidance for purchased impaired loans, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using the constant effective yield method when there is a reasonable expectation about the amount and timing of such cash flows. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Decreases in expected cash flows subsequent to acquisition generally result in an allowance for loan losses. Subsequent increases in cash flows result in a reversal of the allowance for losses to the extent previously established or a prospective adjustment to the accretable yield. Purchased impaired loans with common risk characteristics are accounted for on a pool basis as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, they are all considered to be performing. | |
U.S. GAAP requires purchased loans not subject to the specialized accounting guidance ("purchased non-impaired loans") to be recorded at fair value at the acquisition date and prohibits the "carrying over" or creation of valuation allowances in the initial accounting for loans acquired in a transfer. Differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loan. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. | |
Covered Assets | ' |
Covered Assets – Purchased loans and foreclosed loan collateral covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation ("FDIC") are reported separately on the face of the Consolidated Statements of Financial Condition inclusive of the fair value of reimbursement cash flows the Company expects to receive from the FDIC under the agreement. The allowance for covered loan losses is determined without regard to the expected reimbursement from the FDIC with any provision for covered loan loss charges recorded in the Consolidated Statements of Income reflected net of such FDIC reimbursement. | |
Other Real Estate Owned | ' |
Other Real Estate Owned ("OREO") – OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are initially recorded at fair value less estimated selling costs. Any write-downs in the carrying value of a property at the time of acquisition are charged against the allowance for loan losses. Subsequent to initial recognition, OREO is recorded at the lower of the initial cost basis or current fair value. Any subsequent write-downs to reflect current fair value, as well as gains or losses on disposition and revenues or expenses incurred in maintaining such properties are treated as period costs and reported in non-interest expense in the Consolidated Statements of Income. | |
Depreciable Assets | ' |
Depreciable Assets – Premises, leasehold improvements, furniture and equipment, and software are stated at cost less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the asset or the lease term. Rates of depreciation are generally based on the following useful lives: buildings, 30-40 years; leasehold improvements, typically 1-16 years; furniture and equipment, 3-7 years; and software, 3-5 years. Gains on dispositions are included in other income, and losses on dispositions are included in other expense in the Consolidated Statements of Income. Maintenance and repairs are charged to operating expenses as incurred, while improvements that extend the useful life of assets are capitalized and depreciated over the estimated remaining life. | |
Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, the Company recognizes a loss equal to the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in other non-interest expense in the Consolidated Statements of Income. | |
Bank Owned Life Insurance ("BOLI") | ' |
Bank Owned Life Insurance ("BOLI") – BOLI represents life insurance policies on the lives of certain Company officers or former officers for which the Company is the beneficiary. These policies are recorded as an asset on the Consolidated Statements of Financial Condition at their cash surrender value, or the amount that could be realized currently. The change in cash surrender value and insurance proceeds received are recorded as BOLI income in non-interest income in the Consolidated Statements of Income. | |
Goodwill And Other Intangible Assets | ' |
Goodwill and Other Intangible Assets – Goodwill represents the excess of purchase price over the fair value of net assets acquired (including identifiable intangible assets) using the acquisition method of accounting. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. | |
Goodwill is allocated to reporting units at acquisition. We have determined that our operating segments qualify as reporting units under U.S. GAAP, and goodwill is allocated to the Banking and Trust and Investments reporting units. Subsequent to initial recognition, goodwill is not amortized but, instead, is tested for impairment at the reporting unit level at least annually or more often if an event occurs or circumstances change that would indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We perform our annual goodwill impairment assessment as of October 31 each year. In the event we conclude that all or a portion of our goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded in earnings. Such a charge would have no impact on tangible or regulatory capital. | |
The goodwill impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. In "step one," the fair value of each reporting unit is compared to the recorded book value. Our step one calculation of each reporting unit’s fair value is based upon a simple average of two metrics: (1) a primary market approach, which measures fair value based upon trading multiples of independent publicly traded financial institutions of comparable size and character to the reporting units, and (2) an income approach, which estimates fair value based upon discounted cash flows and terminal value (using the perpetuity growth method). If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired and "step two" is not considered necessary. If the carrying value of a reporting unit exceeds its fair value, the impairment test continues ("step two") by comparing the carrying value of the reporting unit’s goodwill to the implied fair value of goodwill. The implied fair value of goodwill is determined using the residual approach, where the fair value of a reporting unit is allocated to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit, calculated in step one, is the price paid to acquire the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment charge is recognized to the extent the carrying value of goodwill exceeds the implied fair value of goodwill. | |
The Company has the option at the time of its annual impairment test to perform a qualitative assessment for each reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value before applying the existing two-step goodwill impairment test. If the Company concludes it is more likely than not, the Company would proceed with the existing two-step test, as described above. Otherwise, the Company would be able to bypass the two-step test and conclude that goodwill is not impaired from a qualitative perspective. | |
Identified intangible assets that have a finite useful life are amortized over that life in a manner that reflects the estimated decline in the economic value of the identified intangible asset and are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Company’s other intangible assets have finite lives and are amortized over their estimated useful lives with varying periods not exceeding 12 years. | |
Fiduciary Assets And Assets Under Management | ' |
Fiduciary Assets and Assets Under Management – Assets held in a fiduciary capacity for clients are not included in the consolidated financial statements as they are not assets of the Company or its subsidiaries. Fiduciary and asset management fees are generally determined based upon market values of assets under management as of a specified date during the period and are included as a component of non-interest income in the Consolidated Statements of Income. | |
Advertising Costs | ' |
Advertising Costs – All advertising costs are expensed in the period they are incurred. | |
Loss Contingencies | ' |
Loss Contingencies – Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |
Derivative Instruments | ' |
Derivative Instruments – We utilize an overall risk management strategy that incorporates the use of derivative instruments to reduce interest rate risk, as it relates to mortgage loan commitments and planned sales of loans, and foreign currency volatility. We also use these instruments to accommodate our clients as we provide them with risk management solutions, including interest rate and foreign currency contracts. None of the aforementioned end-user and client-related derivatives were designated as hedging instruments at December 31, 2013 and 2012. | |
We also use interest rate derivatives to hedge variability in forecasted interest cash flows in our loan portfolio which is comprised primarily of floating-rate loans. These derivatives are designated as cash flow hedges. | |
All derivative instruments are recorded at fair value on the Consolidated Statements of Financial Condition, after considering the effects of master netting agreements as allowed under authoritative accounting guidance. | |
On the date we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, cash flow hedge, or as a freestanding derivative instrument. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered to be fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in the cash flows of a recognized asset or liability of a forecasted transaction are considered to be cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction. | |
For derivative instruments that are designated and qualify as a fair value hedge and are effective, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI. The unrealized gain or loss is reclassified into earnings in the same period or periods during which the hedged item affects earnings. For all hedge relationships, derivative gains and losses not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized immediately in current earnings during the period of change. For derivatives not designated in a hedge relationship, changes in fair value are reported in current earnings during the period of change. | |
At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in the fair values or cash flows of the hedged item and whether they are expected to be highly effective in the future. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued prospectively and the gain or loss is amortized to earnings over the remaining life of the hedged asset or liability (fair value hedge) or over the same period(s) that the forecasted hedged transactions impact earnings (cash flow hedge). However, if the forecasted transaction is probable of not occurring, the gain or loss is included in earnings immediately. | |
The Company classifies cash flows from derivative instruments designated in a hedge relationship in the same category as the cash flows from the items being hedged as long as the derivatives do not include an other-than-insignificant financing element. | |
Income Taxes | ' |
Income Taxes – The Company and its subsidiaries file a consolidated Federal income tax return. The provision for income taxes is based on income reported in the Consolidated Statements of Income, rather than amounts reported on our income tax return. | |
We recognize a deferred tax asset or liability for the estimated future tax effects attributable to "temporary differences." Temporary differences include differences between financial statement income and tax return income that are expected to reverse in future periods, as well as differences between the financial reporting and tax bases of assets and liabilities that are also expected to be settled in future periods. Deferred tax assets and liabilities are measured using the enacted tax rates that we expect will apply when the differences are reversed or settled. Changes in corporate income tax rates, if any, would impact the pricing of our deferred tax assets and liabilities in the period of enactment, with any changes in the valuation of deferred tax assets and liabilities reflected as an adjustment to income tax expense. A valuation allowance is recorded to reduce deferred tax assets to the amount management concludes is more likely than not to be realized. | |
We periodically review and evaluate the status of uncertain tax positions and may establish tax reserves for tax benefits that may not be realized. Any income tax-related interest and penalties are included in income tax expense. | |
Net Earnings Per Common Share | ' |
Net Earnings Per Common Share – Basic income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security stockholders based on their respective rights to receive dividends. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (i.e., the Company’s deferred stock units and nonvested restricted stock awards and restricted stock units). Undistributed net losses are not allocated to holders of participating securities, as they do not have a contractual obligation to fund the losses incurred by the Company. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period, net of participating securities. | |
Diluted income per common share considers common stock issuable under the assumed release of nonvested restricted stock awards and units and the assumed exercise of stock options granted under the Company’s stock plans ("potentially dilutive common stock equivalents"). The dilutive effect of these share-based payment awards that are not deemed to be participating securities is calculated using the treasury stock method, which assumes that the proceeds from exercise are used to purchase common stock at the average market price for the period. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method (which assumes that the participating securities are exercised/released) or the two-class method (which assumes that the participating securities are not exercised/released and earnings are reallocated between common and participating security stockholders). Potentially dilutive common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which the effect would be antidilutive. | |
Treasury Stock | ' |
Treasury Stock – Treasury stock acquired is recorded at cost and is carried as a reduction of equity on the Consolidated Statements of Financial Condition. | |
Share-Based Compensation | ' |
Share-Based Compensation – Share-based compensation cost is recognized as expense for stock options, restricted stock awards, and restricted stock units issued to employees and non-employee directors based on the fair value of these awards at the date of grant. A binomial option-pricing model is utilized to estimate the fair value of stock options, while the closing market price of the Company’s common stock at the date of grant is used for restricted stock awards, restricted stock units and performance share units ("full value awards"). To the extent full value awards are subject to post-vesting transferability restrictions, a discount for lack of marketability may be applied to the grant date fair value. The costs are recognized ratably on a straight-line basis over the requisite service period, generally defined as the vesting period for the awards. For performance share units, an estimate is made as to the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in the current period. When an award is granted to an employee who is retirement eligible or who will become retirement eligible prior to the end of the service period and will continue to vest after retirement, the compensation cost of these awards is recognized over the period up to the date an employee first becomes eligible to retire. The amortization of share-based compensation generally reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time share-based awards expire, are exercised or canceled, or as restrictions are released, we may be required to recognize an adjustment to stockholders’ equity or income tax expense, depending on the market price of the Company’s stock at that time and the amount of the deferred tax asset relating to such awards. Share-based compensation expense is included in "salaries and wages" in the Consolidated Statements of Income. | |
Comprehensive Income | ' |
Comprehensive Income – Comprehensive income consists of two components, reported net income and OCI. OCI refers to revenue, expenses, gains, and losses that are recorded as an element of equity but are excluded from reported net income. OCI consists of unrealized gains (losses) on securities available-for-sale and changes in the fair value of derivative instruments designated as cash flow hedges, net of tax. | |
Segment Disclosures | ' |
Segment Disclosures – An operating segment is a component of a business that (i) engages in business activities from which it may earn revenues and incur expenses; (ii) has operating results that are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (iii) has discrete financial information available. Our chief operating decision maker evaluates the operations of the Company under three operating segments: Banking, Trust and Investments, and Holding Company. Refer to Note 21 for additional disclosure regarding the performance of our operating segments. | |
Variable Interest Entities | ' |
Variable Interest Entities – A variable interest entity ("VIE") is a partnership, limited liability company, trust, or other legal entity that does not have sufficient equity to permit it to finance its activities without additional subordinated financial support from other parties, or whose investors lack one of three characteristics associated with owning a controlling financial interest. Those characteristics are: (i) the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance, (ii) the obligation to absorb the expected losses of an entity; and (iii) the right to receive the expected residual returns of the entity. | |
U.S. GAAP requires VIEs to be consolidated by the party that has a controlling financial interest in the VIE (i.e., the primary beneficiary). The Company is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. |
SECURITIES_Tables
SECURITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Securities Portfolio | ' | |||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Fair | Amortized | Gross Unrealized | Fair | |||||||||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 145,716 | $ | — | $ | (3,141 | ) | $ | 142,575 | $ | 114,252 | $ | 1,050 | $ | (40 | ) | $ | 115,262 | ||||||||||||||
U.S. Agencies | 47,409 | — | (1,881 | ) | 45,528 | — | — | — | — | |||||||||||||||||||||||
Collateralized mortgage obligations | 169,775 | 6,356 | (15 | ) | 176,116 | 229,895 | 11,155 | (16 | ) | 241,034 | ||||||||||||||||||||||
Residential mortgage-backed securities | 946,656 | 23,627 | (7,176 | ) | 963,107 | 823,191 | 45,131 | — | 868,322 | |||||||||||||||||||||||
State and municipal securities | 271,135 | 6,627 | (3,112 | ) | 274,650 | 214,174 | 11,990 | (122 | ) | 226,042 | ||||||||||||||||||||||
Foreign sovereign debt | 500 | — | — | 500 | 500 | — | — | 500 | ||||||||||||||||||||||||
Total | $ | 1,581,191 | $ | 36,610 | $ | (15,325 | ) | $ | 1,602,476 | $ | 1,382,012 | $ | 69,326 | $ | (178 | ) | $ | 1,451,160 | ||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 67,335 | $ | — | $ | (3,263 | ) | $ | 64,072 | $ | 74,164 | $ | 480 | $ | — | $ | 74,644 | |||||||||||||||
Residential mortgage-backed securities | 688,410 | 637 | (15,274 | ) | 673,773 | 703,419 | 22,058 | (29 | ) | 725,448 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 164,607 | 6 | (6,640 | ) | 157,973 | 85,680 | 670 | (137 | ) | 86,213 | ||||||||||||||||||||||
State and municipal securities | 1,084 | 6 | — | 1,090 | 464 | 5 | — | 469 | ||||||||||||||||||||||||
Total | $ | 921,436 | $ | 649 | $ | (25,177 | ) | $ | 896,908 | $ | 863,727 | $ | 23,213 | $ | (166 | ) | $ | 886,774 | ||||||||||||||
Securities in Unrealized Loss Position | ' | |||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 142,575 | $ | (3,141 | ) | $ | — | $ | — | $ | 142,575 | $ | (3,141 | ) | ||||||||||||||||||
U.S. Agency | 45,528 | (1,881 | ) | — | — | 45,528 | (1,881 | ) | ||||||||||||||||||||||||
Collateralized mortgage obligations | 3,409 | (15 | ) | — | — | 3,409 | (15 | ) | ||||||||||||||||||||||||
Residential mortgage-backed securities | 276,657 | (7,176 | ) | — | — | 276,657 | (7,176 | ) | ||||||||||||||||||||||||
State and municipal securities | 104,442 | (2,812 | ) | 10,325 | (300 | ) | 114,767 | (3,112 | ) | |||||||||||||||||||||||
Total | $ | 572,611 | $ | (15,025 | ) | $ | 10,325 | $ | (300 | ) | $ | 582,936 | $ | (15,325 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 556,410 | (14,908 | ) | 3,327 | (366 | ) | 559,737 | (15,274 | ) | |||||||||||||||||||||||
Commercial mortgage-backed securities | 123,021 | (4,674 | ) | 25,240 | (1,966 | ) | 148,261 | (6,640 | ) | |||||||||||||||||||||||
Collateralized mortgage obligations | 64,072 | (3,263 | ) | — | — | 64,072 | (3,263 | ) | ||||||||||||||||||||||||
Total | $ | 743,503 | $ | (22,845 | ) | $ | 28,567 | $ | (2,332 | ) | $ | 772,070 | $ | (25,177 | ) | |||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 27,359 | $ | (40 | ) | $ | — | $ | — | $ | 27,359 | $ | (40 | ) | ||||||||||||||||||
Collateralized mortgage obligations | 6,181 | (11 | ) | 2,111 | (5 | ) | 8,292 | (16 | ) | |||||||||||||||||||||||
Residential mortgage-backed securities | — | — | — | — | — | — | ||||||||||||||||||||||||||
State and municipal securities | 14,920 | (100 | ) | 1,160 | (22 | ) | 16,080 | (122 | ) | |||||||||||||||||||||||
Total | $ | 48,460 | $ | (151 | ) | $ | 3,271 | $ | (27 | ) | $ | 51,731 | $ | (178 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 3,912 | $ | (29 | ) | $ | — | $ | — | $ | 3,912 | $ | (29 | ) | ||||||||||||||||||
Commercial mortgage-backed securities | 35,437 | (137 | ) | — | — | 35,437 | (137 | ) | ||||||||||||||||||||||||
Total | $ | 39,349 | $ | (166 | ) | $ | — | $ | — | $ | 39,349 | $ | (166 | ) | ||||||||||||||||||
Remaining Contractual Maturity of Securities | ' | |||||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities | Held-To-Maturity Securities | |||||||||||||||||||||||||||||||
Amortized Cost | Fair | Amortized Cost | Fair | |||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt securities: | ||||||||||||||||||||||||||||||||
One year or less | $ | 4,129 | $ | 4,220 | $ | 794 | $ | 795 | ||||||||||||||||||||||||
One year to five years | 224,651 | 225,818 | 290 | 295 | ||||||||||||||||||||||||||||
Five years to ten years | 231,837 | 228,967 | — | — | ||||||||||||||||||||||||||||
After ten years | 4,143 | 4,248 | — | — | ||||||||||||||||||||||||||||
All other securities: | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 169,775 | 176,116 | 67,335 | 64,072 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 946,656 | 963,107 | 688,410 | 673,773 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 164,607 | 157,973 | ||||||||||||||||||||||||||||
Total | $ | 1,581,191 | $ | 1,602,476 | $ | 921,436 | $ | 896,908 | ||||||||||||||||||||||||
Securities Gains (Losses) | ' | |||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Proceeds from sales | $ | 114,740 | $ | 20,905 | $ | 295,870 | ||||||||||||||||||||||||||
Gross realized gains | $ | 1,178 | $ | 573 | $ | 6,300 | ||||||||||||||||||||||||||
Gross realized losses | (4 | ) | (778 | ) | (529 | ) | ||||||||||||||||||||||||||
Net realized gains (losses) | $ | 1,174 | $ | (205 | ) | (1)Â | $ | 5,771 | (1)Â | |||||||||||||||||||||||
Income tax provision (benefit) on net realized gains (losses) | $ | 463 | $ | (81 | ) | $ | 2,295 | |||||||||||||||||||||||||
(1)Â | Includes net losses of $520,000, and $41,000 in 2012 and 2011, respectively, associated with certain investment funds that make qualifying investments for purposes of supporting our community reinvestment initiatives in accordance with the Community Reinvestment Act ("CRA" investments). These investments are classified in other assets in the Consolidated Statements of Financial Condition. Effective in fourth quarter 2012, net losses from these investments are recorded in other non-interest expense in the Consolidated Statements of Income. |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Loan Portfolio | ' | ||||||||||||||||||||||||||||
Loan Portfolio | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,457,574 | $ | 4,901,210 | |||||||||||||||||||||||||
Commercial – owner-occupied commercial real estate | 1,674,260 | 1,595,574 | |||||||||||||||||||||||||||
Total commercial | 7,131,834 | 6,496,784 | |||||||||||||||||||||||||||
Commercial real estate | 1,987,307 | 2,132,063 | |||||||||||||||||||||||||||
Commercial real estate – multi-family | 513,194 | 543,622 | |||||||||||||||||||||||||||
Total commercial real estate | 2,500,501 | 2,675,685 | |||||||||||||||||||||||||||
Construction | 293,387 | 190,496 | |||||||||||||||||||||||||||
Residential real estate | 341,868 | 373,580 | |||||||||||||||||||||||||||
Home equity | 149,732 | 167,760 | |||||||||||||||||||||||||||
Personal | 226,699 | 235,677 | |||||||||||||||||||||||||||
Total loans | $ | 10,644,021 | $ | 10,139,982 | |||||||||||||||||||||||||
Deferred loan fees, net of costs, included as a reduction in total loans | $ | 37,063 | $ | 39,656 | |||||||||||||||||||||||||
Overdrawn demand deposits included in total loans | $ | 2,772 | $ | 3,091 | |||||||||||||||||||||||||
Carrying Value Of Loans Pledged | ' | [1] | |||||||||||||||||||||||||||
Carrying Value of Loans Pledged | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Loans pledged to secure outstanding borrowings or availability: | |||||||||||||||||||||||||||||
FRB discount window borrowings (1) | $ | 710,269 | $ | 808,243 | |||||||||||||||||||||||||
FHLB advances | 1,337,552 | 2,068,172 | |||||||||||||||||||||||||||
Total | $ | 2,047,821 | $ | 2,876,415 | |||||||||||||||||||||||||
(1) | No borrowings were outstanding at December 31, 2013 or 2012. | ||||||||||||||||||||||||||||
Loan Portfolio Aging Excluding Covered Assets | ' | [1] | |||||||||||||||||||||||||||
Loan Portfolio Aging | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||||
Current | 30 – 59 | 60 – 89 | 90 Days Past | Total | Nonaccrual | Total Loans | |||||||||||||||||||||||
Days Past Due | Days Past Due | Due and | Accruing | ||||||||||||||||||||||||||
Accruing | Loans | ||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | $ | 7,106,900 | $ | 2 | $ | 153 | $ | — | $ | 7,107,055 | $ | 24,779 | $ | 7,131,834 | |||||||||||||||
Commercial real estate | 2,447,441 | 5,946 | 161 | — | 2,453,548 | 46,953 | 2,500,501 | ||||||||||||||||||||||
Construction | 293,387 | — | — | — | 293,387 | — | 293,387 | ||||||||||||||||||||||
Residential real estate | 330,922 | 674 | 296 | — | 331,892 | 9,976 | 341,868 | ||||||||||||||||||||||
Home equity | 136,341 | 1,108 | 404 | — | 137,853 | 11,879 | 149,732 | ||||||||||||||||||||||
Personal | 225,922 | 124 | 2 | — | 226,048 | 651 | 226,699 | ||||||||||||||||||||||
Total loans | $ | 10,540,913 | $ | 7,854 | $ | 1,016 | $ | — | $ | 10,549,783 | $ | 94,238 | $ | 10,644,021 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | $ | 6,451,311 | $ | 2,195 | $ | 1,365 | $ | — | $ | 6,454,871 | $ | 41,913 | $ | 6,496,784 | |||||||||||||||
Commercial real estate | 2,597,780 | 4,073 | 5,278 | — | 2,607,131 | 68,554 | 2,675,685 | ||||||||||||||||||||||
Construction | 189,939 | — | — | — | 189,939 | 557 | 190,496 | ||||||||||||||||||||||
Residential real estate | 359,096 | 3,260 | — | — | 362,356 | 11,224 | 373,580 | ||||||||||||||||||||||
Home equity | 153,754 | 1,835 | 461 | — | 156,050 | 11,710 | 167,760 | ||||||||||||||||||||||
Personal | 230,852 | 2 | 1 | — | 230,855 | 4,822 | 235,677 | ||||||||||||||||||||||
Total loans | $ | 9,982,732 | $ | 11,365 | $ | 7,105 | $ | — | $ | 10,001,202 | $ | 138,780 | $ | 10,139,982 | |||||||||||||||
Impaired Loans Excluding Covered Assets | ' | [1] | |||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Unpaid | Recorded | Recorded | Total | Specific | |||||||||||||||||||||||||
Contractual | Investment | Investment | Recorded | Reserve | |||||||||||||||||||||||||
Principal | With No | With | Investment | ||||||||||||||||||||||||||
Balance | Specific | Specific | |||||||||||||||||||||||||||
Reserve | Reserve | ||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | $ | 44,471 | $ | 30,039 | $ | 11,774 | $ | 41,813 | $ | 4,895 | |||||||||||||||||||
Commercial real estate | 61,112 | 10,301 | 38,203 | 48,504 | 12,536 | ||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate | 11,823 | 2,629 | 7,347 | 9,976 | 2,412 | ||||||||||||||||||||||||
Home equity | 13,893 | 2,567 | 10,903 | 13,470 | 2,386 | ||||||||||||||||||||||||
Personal | 651 | — | 651 | 651 | 148 | ||||||||||||||||||||||||
Total impaired loans | $ | 131,950 | $ | 45,536 | $ | 68,878 | $ | 114,414 | $ | 22,377 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | $ | 100,573 | $ | 46,243 | $ | 39,937 | $ | 86,180 | $ | 13,259 | |||||||||||||||||||
Commercial real estate | 93,651 | 26,653 | 56,659 | 83,312 | 20,450 | ||||||||||||||||||||||||
Construction | 1,184 | — | 557 | 557 | 117 | ||||||||||||||||||||||||
Residential real estate | 12,121 | 3,107 | 8,582 | 11,689 | 3,996 | ||||||||||||||||||||||||
Home equity | 14,888 | 2,034 | 11,166 | 13,200 | 2,797 | ||||||||||||||||||||||||
Personal | 5,244 | — | 4,822 | 4,822 | 2,771 | ||||||||||||||||||||||||
Total impaired loans | $ | 227,661 | $ | 78,037 | $ | 121,723 | $ | 199,760 | $ | 43,390 | |||||||||||||||||||
Average Recorded Investment And Interest Income Recognized On Impaired Loans | ' | ||||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans (1)Â | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||
Recognized | |||||||||||||||||||||||||||||
Commercial | $ | 72,050 | $ | 2,265 | $ | 118,683 | $ | 4,549 | |||||||||||||||||||||
Commercial real estate | 64,887 | 428 | 145,997 | 1,458 | |||||||||||||||||||||||||
Construction | — | — | 2,121 | — | |||||||||||||||||||||||||
Residential real estate | 11,354 | 3 | 14,094 | 145 | |||||||||||||||||||||||||
Home equity | 14,665 | 120 | 13,171 | 110 | |||||||||||||||||||||||||
Personal | 2,784 | — | 13,700 | 119 | |||||||||||||||||||||||||
Total | $ | 165,740 | $ | 2,816 | $ | 307,766 | $ | 6,381 | |||||||||||||||||||||
(1)Â | Represents amounts while classified as impaired for the periods presented. | ||||||||||||||||||||||||||||
Credit Quality Indicators Excluding Covered Assets | ' | ||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Special Mention | % of Portfolio Loan | Potential Problem | % of Portfolio Loan | Non-Performing Loans | % of Portfolio Loan | Total Loans | |||||||||||||||||||||||
Type | Loans | Type | Type | ||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Commercial | $ | 62,272 | 0.9 | $ | 87,391 | 1.2 | $ | 24,779 | 0.3 | $ | 7,131,834 | ||||||||||||||||||
Commercial real estate | 1,016 | * | 4,489 | 0.2 | 46,953 | 1.9 | 2,500,501 | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | 293,387 | ||||||||||||||||||||||
Residential real estate | 4,898 | 1.4 | 7,177 | 2.1 | 9,976 | 2.9 | 341,868 | ||||||||||||||||||||||
Home equity | 2,884 | 1.9 | 2,538 | 1.7 | 11,879 | 7.9 | 149,732 | ||||||||||||||||||||||
Personal | 187 | 0.1 | 177 | 0.1 | 651 | 0.3 | 226,699 | ||||||||||||||||||||||
Total | $ | 71,257 | 0.7 | $ | 101,772 | 1 | $ | 94,238 | 0.9 | $ | 10,644,021 | ||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Commercial | $ | 72,651 | 1.1 | $ | 40,495 | 0.6 | $ | 41,913 | 0.6 | $ | 6,496,784 | ||||||||||||||||||
Commercial real estate | 21,209 | 0.8 | 48,897 | 1.8 | 68,554 | 2.6 | 2,675,685 | ||||||||||||||||||||||
Construction | — | — | — | — | 557 | 0.3 | 190,496 | ||||||||||||||||||||||
Residential real estate | 2,364 | 0.6 | 13,844 | 3.7 | 11,224 | 3 | 373,580 | ||||||||||||||||||||||
Home equity | 562 | 0.3 | 4,351 | 2.6 | 11,710 | 7 | 167,760 | ||||||||||||||||||||||
Personal | 8 | * | 289 | 0.1 | 4,822 | 2 | 235,677 | ||||||||||||||||||||||
Total | $ | 96,794 | 1 | $ | 107,876 | 1.1 | $ | 138,780 | 1.4 | $ | 10,139,982 | ||||||||||||||||||
* | Less than 0.1% | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | ' | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Accruing | Nonaccrual | Accruing | Nonaccrual | ||||||||||||||||||||||||||
Commercial | $ | 17,034 | $ | 6,188 | $ | 44,267 | $ | 25,200 | |||||||||||||||||||||
Commercial real estate | 1,551 | 19,309 | 14,758 | 29,426 | |||||||||||||||||||||||||
Residential real estate | — | 2,239 | 465 | 2,867 | |||||||||||||||||||||||||
Home equity | 1,591 | 3,805 | 1,490 | 3,000 | |||||||||||||||||||||||||
Personal | — | 641 | — | 4,299 | |||||||||||||||||||||||||
Total | $ | 20,176 | $ | 32,182 | $ | 60,980 | $ | 64,792 | |||||||||||||||||||||
Additions To TDR During The Period | ' | ||||||||||||||||||||||||||||
Additions to Accruing Troubled Debt Restructurings During the Year | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Number of Borrowers | Recorded Investment (1) | Number of Borrowers | Recorded Investment (1) | ||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 6 | $ | 7,288 | $ | 7,288 | 6 | $ | 34,688 | $ | 34,538 | |||||||||||||||||||
Multiple note structuring (4) | — | — | — | 1 | 17,596 | 11,796 | |||||||||||||||||||||||
Total commercial | 6 | 7,288 | 7,288 | 7 | 52,284 | 46,334 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 244 | 244 | 5 | 10,739 | 9,909 | |||||||||||||||||||||||
Other concession (3) | 1 | 717 | 717 | — | — | — | |||||||||||||||||||||||
Total commercial real estate | 2 | 961 | 961 | 5 | 10,739 | 9,909 | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 150 | 150 | 3 | 2,182 | 2,182 | |||||||||||||||||||||||
Other concession (3) | — | — | — | 1 | 200 | 200 | |||||||||||||||||||||||
Total residential real estate | 1 | 150 | 150 | 4 | 2,382 | 2,382 | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 125 | 125 | |||||||||||||||||||||||
Total accruing | 9 | $ | 8,399 | $ | 8,399 | 17 | $ | 65,530 | $ | 58,750 | |||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | — | $ | 980 | |||||||||||||||||||||||||
Change in recorded investment due to charge-offs as part of the multiple note structuring | $ | — | $ | 5,800 | |||||||||||||||||||||||||
(1)Â | Represents amounts outstanding as of the date immediately prior to and immediately after the modification is effective. | ||||||||||||||||||||||||||||
(2) | Extension of maturity date also includes loans renewed at existing rate of interest which is considered a below market rate for that particular loan’s risk profile. | ||||||||||||||||||||||||||||
(3)Â | Other concessions primarily include interest rate reductions, loan increases, or deferrals of principal. | ||||||||||||||||||||||||||||
(4)Â | The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. | ||||||||||||||||||||||||||||
Additions to Nonaccrual Troubled Debt Restructurings During the Period | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Number of Borrowers | Recorded Investment (1) | Number of Borrowers | Recorded Investment (1) | ||||||||||||||||||||||||||
Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 2 | $ | 334 | $ | 334 | 3 | $ | 5,777 | $ | 5,277 | |||||||||||||||||||
Other concession (3) | 6 | 1,795 | 1,795 | 2 | 17,512 | 17,512 | |||||||||||||||||||||||
Total commercial | 8 | 2,129 | 2,129 | 5 | 23,289 | 22,789 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 297 | 297 | 6 | 1,173 | 1,163 | |||||||||||||||||||||||
Other concession (3) | 10 | 18,562 | 7,475 | 2 | 18,325 | 18,229 | |||||||||||||||||||||||
Total commercial real estate | 11 | 18,859 | 7,772 | 8 | 19,498 | 19,392 | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 2 | 794 | 794 | |||||||||||||||||||||||
Other concession (3) | 1 | 342 | 342 | 2 | 299 | 299 | |||||||||||||||||||||||
Total residential real estate | 1 | 342 | 342 | 4 | 1,093 | 1,093 | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 5 | 824 | 824 | 2 | 480 | 480 | |||||||||||||||||||||||
Other concession (3) | 8 | 1,760 | 1,753 | 2 | 841 | 841 | |||||||||||||||||||||||
Total home equity | 13 | 2,584 | 2,577 | 4 | 1,321 | 1,321 | |||||||||||||||||||||||
Personal | |||||||||||||||||||||||||||||
Other concession (3) | 2 | 478 | 478 | — | — | — | |||||||||||||||||||||||
Total nonaccrual | 35 | $ | 24,392 | $ | 13,298 | 21 | $ | 45,201 | $ | 44,595 | |||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | 7,916 | $ | 606 | |||||||||||||||||||||||||
Change in recorded investment due to charge-offs at time of modification | $ | 3,398 | $ | — | |||||||||||||||||||||||||
(1)Â | Represents amounts outstanding as of the date immediately prior to and immediately after the modification is effective. | ||||||||||||||||||||||||||||
(2) | Extension of maturity date also includes loans renewed at existing rate of interest which is considered a below market rate for that particular loan’s risk profile. | ||||||||||||||||||||||||||||
(3)Â | Other concessions primarily include interest rate reductions, loan increases, or deferrals of principal. | ||||||||||||||||||||||||||||
Troubled Debt Restructuring That Became Nonperforming Within 12 Months Of Restructuring | ' | ||||||||||||||||||||||||||||
Accruing Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Reclassified as Nonperforming Within 12 Months of Restructuring | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
Borrowers | Investment (1) | Borrowers | Investment (1) | ||||||||||||||||||||||||||
Commercial | 1 | $ | 149 | 2 | $ | 16,599 | |||||||||||||||||||||||
Commercial real estate | 2 | 5,258 | 2 | 879 | |||||||||||||||||||||||||
Residential real estate | — | — | 1 | 197 | |||||||||||||||||||||||||
Home equity | — | — | 1 | 125 | |||||||||||||||||||||||||
Total | 3 | $ | 5,407 | 6 | $ | 17,800 | |||||||||||||||||||||||
(1)Â | Represents amounts as of the balance sheet date from the quarter the default was first reported. | ||||||||||||||||||||||||||||
[1] | Represents amounts while classified as impaired for the periods presented. |
ALLOWANCE_FOR_LOAN_LOSSES_AND_1
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Allowance For Loan Losses And Recorded Investment In Loans | ' | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Commercial |  Commercial | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Real | Equity | ||||||||||||||||||||||||||
Estate | Estate | |||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | ||||||||||||||
Loans charged-off | (22,339 | ) | (25,294 | ) | 70 | (3,501 | ) | (3,445 | ) | (3,725 | ) | (58,234 | ) | |||||||||||||||
Recoveries on loans previously charged-off | 5,054 | 2,173 | 48 | 15 | 475 | 997 | 8,762 | |||||||||||||||||||||
Net charge-offs | (17,285 | ) | (23,121 | ) | 118 | (3,486 | ) | (2,970 | ) | (2,728 | ) | (49,472 | ) | |||||||||||||||
Provision (release) for loan losses | 34,344 | (7,667 | ) | 786 | 1,345 | 1,821 | 535 | 31,164 | ||||||||||||||||||||
Balance at end of year | $ | 80,768 | $ | 42,362 | $ | 3,338 | $ | 7,555 | $ | 5,648 | $ | 3,438 | $ | 143,109 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 4,895 | $ | 12,536 | $ | — | $ | 2,412 | $ | 2,386 | $ | 148 | $ | 22,377 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 75,873 | $ | 29,826 | $ | 3,338 | $ | 5,143 | $ | 3,262 | $ | 3,290 | $ | 120,732 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 41,813 | $ | 48,504 | $ | — | $ | 9,976 | $ | 13,470 | $ | 651 | $ | 114,414 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 7,090,021 | 2,451,997 | 293,387 | 331,892 | 136,262 | 226,048 | 10,529,607 | |||||||||||||||||||||
Total recorded investment in loans | $ | 7,131,834 | $ | 2,500,501 | $ | 293,387 | $ | 341,868 | $ | 149,732 | $ | 226,699 | $ | 10,644,021 | ||||||||||||||
(1)Â | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 60,663 | $ | 94,905 | $ | 12,852 | $ | 6,376 | $ | 4,022 | $ | 12,776 | $ | 191,594 | ||||||||||||||
Loans charged-off | (31,768 | ) | (68,099 | ) | (1,979 | ) | (3,010 | ) | (3,128 | ) | (10,044 | ) | (118,028 | ) | ||||||||||||||
Recoveries on loans previously charged-off | 4,179 | 8,709 | 2,315 | 126 | 509 | 1,137 | 16,975 | |||||||||||||||||||||
Net charge-offs | (27,589 | ) | (59,390 | ) | 336 | (2,884 | ) | (2,619 | ) | (8,907 | ) | (101,053 | ) | |||||||||||||||
Provision (release) for loan losses | 30,635 | 37,635 | (10,754 | ) | 6,204 | 5,394 | 1,762 | 70,876 | ||||||||||||||||||||
Balance at end of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 13,259 | $ | 20,450 | $ | 117 | $ | 3,996 | $ | 2,797 | $ | 2,771 | $ | 43,390 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 50,450 | $ | 52,700 | $ | 2,317 | $ | 5,700 | $ | 4,000 | $ | 2,860 | $ | 118,027 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 86,180 | $ | 83,312 | $ | 557 | $ | 11,689 | $ | 13,200 | $ | 4,822 | $ | 199,760 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 6,410,604 | 2,592,373 | 189,939 | 361,891 | 154,560 | 230,855 | 9,940,222 | |||||||||||||||||||||
Total recorded investment in loans | $ | 6,496,784 | $ | 2,675,685 | $ | 190,496 | $ | 373,580 | $ | 167,760 | $ | 235,677 | $ | 10,139,982 | ||||||||||||||
(1)Â | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Commercial | Commercial Real Estate | Construction | Residential | Home | Personal | Total | ||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 70,115 | $ | 110,853 | $ | 19,778 | $ | 5,321 | $ | 5,764 | $ | 10,990 | $ | 222,821 | ||||||||||||||
Loans charged-off | (32,742 | ) | (108,814 | ) | (11,282 | ) | (2,009 | ) | (6,586 | ) | (9,594 | ) | (171,027 | ) | ||||||||||||||
Recoveries on loans previously charged-off | 4,280 | 3,162 | 291 | 61 | 337 | 1,114 | 9,245 | |||||||||||||||||||||
Net charge-offs | (28,462 | ) | (105,652 | ) | (10,991 | ) | (1,948 | ) | (6,249 | ) | (8,480 | ) | (161,782 | ) | ||||||||||||||
Provision for loan losses | 19,010 | 89,704 | 4,065 | 3,003 | 4,507 | 10,266 | 130,555 | |||||||||||||||||||||
Balance at end of year | $ | 60,663 | $ | 94,905 | $ | 12,852 | $ | 6,376 | $ | 4,022 | $ | 12,776 | $ | 191,594 | ||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 14,163 | $ | 38,905 | $ | 5,202 | $ | 976 | $ | 1,272 | $ | 9,426 | $ | 69,944 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 46,500 | $ | 56,000 | $ | 7,650 | $ | 5,400 | $ | 2,750 | $ | 3,350 | $ | 121,650 | ||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 108,527 | $ | 174,605 | $ | 21,879 | $ | 17,827 | $ | 11,603 | $ | 26,320 | $ | 360,761 | ||||||||||||||
Ending balance, loans collectively evaluated for impairment | 5,215,247 | 2,511,841 | 265,123 | 279,402 | 169,555 | 206,632 | 8,647,800 | |||||||||||||||||||||
Total recorded investment in loans | $ | 5,323,774 | $ | 2,686,446 | $ | 287,002 | $ | 297,229 | $ | 181,158 | $ | 232,952 | $ | 9,008,561 | ||||||||||||||
-1 | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||||||||||||||||||||||||
Reserve For Unfunded Commitments | ' | |||||||||||||||||||||||||||
Reserve for Unfunded Commitments (1)Â | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | 7,343 | $ | 7,277 | $ | 8,119 | ||||||||||||||||||||||
Provision (release) for unfunded commitments | 1,863 | 66 | (842 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 9,206 | $ | 7,343 | $ | 7,277 | ||||||||||||||||||||||
 Unfunded commitments, excluding covered assets, at year end (1) | $ | 5,028,268 | $ | 4,707,373 | $ | 4,448,177 | ||||||||||||||||||||||
(1)Â | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. |
COVERED_ASSETS_Tables
COVERED ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Covered Assets | ' | |||||||||||||||||||||||||||||||||||
Covered Assets | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Purchased | Purchased | Other | Total | Purchased | Purchased | Other | Total | |||||||||||||||||||||||||||||
Impaired | Nonimpaired | Assets | Impaired | Nonimpaired | Assets | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | Loans | |||||||||||||||||||||||||||||||||
Commercial loans | $ | 4,657 | $ | 6,905 | $ | — | $ | 11,562 | $ | 6,044 | $ | 15,002 | $ | — | $ | 21,046 | ||||||||||||||||||||
Commercial real estate loans | 2,505 | 44,152 | — | 46,657 | 15,864 | 66,956 | — | 82,820 | ||||||||||||||||||||||||||||
Residential mortgage loans | 366 | 36,517 | — | 36,883 | 305 | 42,224 | — | 42,529 | ||||||||||||||||||||||||||||
Consumer installment and other | 87 | 3,126 | 259 | 3,472 | 87 | 4,320 | 299 | 4,706 | ||||||||||||||||||||||||||||
Foreclosed real estate | — | — | 7,880 | 7,880 | — | — | 24,395 | 24,395 | ||||||||||||||||||||||||||||
Asset in lieu | — | — | — | — | — | — | 11 | 11 | ||||||||||||||||||||||||||||
Estimated loss reimbursement by the FDIC | — | — | 6,292 | 6,292 | — | — | 18,709 | 18,709 | ||||||||||||||||||||||||||||
Total covered assets | 7,615 | 90,700 | 14,431 | 112,746 | 22,300 | 128,502 | 43,414 | 194,216 | ||||||||||||||||||||||||||||
Allowance for covered loan losses | (3,859 | ) | (12,652 | ) | — | (16,511 | ) | (10,510 | ) | (13,501 | ) | — | (24,011 | ) | ||||||||||||||||||||||
Net covered assets | $ | 3,756 | $ | 78,048 | $ | 14,431 | $ | 96,235 | $ | 11,790 | $ | 115,001 | $ | 43,414 | $ | 170,205 | ||||||||||||||||||||
Nonperforming covered loans (1) | $ | 15,610 | $ | 18,242 | ||||||||||||||||||||||||||||||||
(1)Â | Excludes purchased impaired loans which are accounted for on a pool basis based on common risk characteristics as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, all purchased impaired loans are considered to be performing. | |||||||||||||||||||||||||||||||||||
Allowance For Covered Loan Losses | ' | |||||||||||||||||||||||||||||||||||
Allowance for Covered Loan Losses | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Purchased Impaired Loans | Purchased Non-impaired Loans | Total | Purchased Impaired Loans | Purchased Non-impaired Loans | Total | Purchased Impaired Loans | Purchased Non-impaired Loans | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 10,510 | $ | 13,501 | $ | 24,011 | $ | 14,727 | $ | 11,212 | $ | 25,939 | $ | 8,601 | $ | 6,733 | $ | 15,334 | ||||||||||||||||||
Loans charged-off | (3,715 | ) | (774 | ) | (4,489 | ) | (905 | ) | (139 | ) | (1,044 | ) | (264 | ) | (70 | ) | (334 | ) | ||||||||||||||||||
Recoveries on loans previously charged-off | 2,977 | 182 | 3,159 | 418 | 120 | 538 | 454 | 86 | 540 | |||||||||||||||||||||||||||
Net (charge-offs) recoveries | (738 | ) | (592 | ) | (1,330 | ) | (487 | ) | (19 | ) | (506 | ) | 190 | 16 | 206 | |||||||||||||||||||||
(Release) provision for covered loan losses (1) | (5,913 | ) | (257 | ) | (6,170 | ) | (3,730 | ) | 2,308 | (1,422 | ) | 5,936 | 4,463 | 10,399 | ||||||||||||||||||||||
Balance at end of year | $ | 3,859 | $ | 12,652 | $ | 16,511 | $ | 10,510 | $ | 13,501 | $ | 24,011 | $ | 14,727 | $ | 11,212 | $ | 25,939 | ||||||||||||||||||
(1) | Includes a provision for credit losses of $632,000, $549,000, and $2.3 million recorded in the Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011, respectively, representing our 20% non-reimbursable portion of losses under the loss share agreement. | |||||||||||||||||||||||||||||||||||
Change In Purchased Impaired Loans Accretable Yield And Carrying Amount | ' | |||||||||||||||||||||||||||||||||||
Change in Purchased Impaired Loans Accretable Yield and Carrying Amount | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Accretable Yield | Carrying Amount | Accretable Yield | Carrying Amount | |||||||||||||||||||||||||||||||||
of Loans | of Loans | |||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,752 | $ | 22,300 | $ | 5,595 | $ | 49,495 | ||||||||||||||||||||||||||||
Payments received | — | (11,128 | ) | — | (16,173 | ) | ||||||||||||||||||||||||||||||
Charge-offs/disposals (1) | — | (4,377 | ) | (2,391 | ) | (12,036 | ) | |||||||||||||||||||||||||||||
Reclassifications to nonaccretable difference, net | (12 | ) | — | (438 | ) | — | ||||||||||||||||||||||||||||||
Accretion | (638 | ) | 638 | (1,014 | ) | 1,014 | ||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,102 | $ | 7,433 | $ | 1,752 | $ | 22,300 | ||||||||||||||||||||||||||||
Contractual amount outstanding at end of year | $ | 15,286 | $ | 30,865 | ||||||||||||||||||||||||||||||||
(1)Â | Includes transfers to covered foreclosed real estate. |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||
Changes in the Carrying Amount of Goodwill by Reporting Unit | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Banking | Trust and Investments | Holding Company Activities | Consolidated | |||||||||||||
Balance at December 31, 2011 | $ | 81,755 | $ | 12,816 | $ | — | $ | 94,571 | ||||||||
Tax benefit adjustment | — | (50 | ) | — | (50 | ) | ||||||||||
Balance at December 31, 2012 | 81,755 | 12,766 | — | 94,521 | ||||||||||||
Sale of Lodestar | — | (226 | ) | — | (226 | ) | ||||||||||
Tax benefit adjustment | — | (254 | ) | — | (254 | ) | ||||||||||
Balance at December 31, 2013 | $ | 81,755 | $ | 12,286 | $ | — | $ | 94,041 | ||||||||
Other Intangible Assets | ' | |||||||||||||||
Other Intangible Assets | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Core deposit intangible: | ||||||||||||||||
Gross carrying amount | 18,093 | 18,093 | 18,093 | |||||||||||||
Accumulated amortization | 10,071 | 7,362 | 5,079 | |||||||||||||
Net carrying amount | $ | 8,022 | $ | 10,731 | $ | 13,014 | ||||||||||
Amortization during the period | $ | 2,709 | $ | 2,282 | $ | 1,095 | ||||||||||
Weighted average remaining life (in years) | 3 | 4 | 5 | |||||||||||||
Client relationships: | ||||||||||||||||
Gross carrying amount | 2,002 | 5,059 | 4,900 | |||||||||||||
Accumulated amortization | 1,132 | 2,962 | 2,561 | |||||||||||||
Net carrying amount | $ | 870 | $ | 2,097 | $ | 2,339 | ||||||||||
Amortization during the period | $ | 412 | $ | 402 | $ | 392 | ||||||||||
Weighted average remaining life (in years) | 7 | 7 | 8 | |||||||||||||
Scheduled Amortization Of Other Intangible Assets | ' | |||||||||||||||
Scheduled Amortization of Other Intangible Assets | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Total | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 3,007 | |||||||||||||||
2015 | 2,455 | |||||||||||||||
2016 | 2,161 | |||||||||||||||
2017 | 1,125 | |||||||||||||||
2018 | 98 | |||||||||||||||
2019 and thereafter | 46 | |||||||||||||||
Total | $ | 8,892 | ||||||||||||||
Premises_Furniture_And_Equipme1
Premises, Furniture, And Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Schedule Of Premises, Furniture, And Equipment | ' | |||||||||||
Premises, Furniture, and Equipment | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 1,874 | $ | 1,226 | ||||||||
Building | 7,581 | 7,322 | ||||||||||
Leasehold improvements | 39,644 | 37,317 | ||||||||||
Furniture and equipment | 42,044 | 39,559 | ||||||||||
Software | 14,421 | 13,722 | ||||||||||
Total cost | $ | 105,564 | $ | 99,146 | ||||||||
Accumulated depreciation | (65,860 | ) | (59,638 | ) | ||||||||
Net book value | $ | 39,704 | $ | 39,508 | ||||||||
Schedule Of Future Minimum Rental Payments Under Operating Leases | ' | |||||||||||
The following summary reflects the future minimum rental payments, by year, required under operating leases that, as of December 31, 2013, have initial or remaining non-cancellable lease terms in excess of one year. | ||||||||||||
Operating Leases (1)Â | ||||||||||||
(Amounts in thousands) | ||||||||||||
Total | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | $ | 12,829 | ||||||||||
2015 | 13,079 | |||||||||||
2016 | 11,671 | |||||||||||
2017 | 11,234 | |||||||||||
2018 | 10,945 | |||||||||||
2019 and thereafter | 44,189 | |||||||||||
Total minimum lease payments | $ | 103,947 | ||||||||||
(1)Â | Minimum payments have not been reduced by minimum sublease rentals of $231,000 due in the future under non-cancellable subleases. | |||||||||||
rental income expense from premises [Table Text Block] | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Rental expense charged to operations (1)(2) | $ | 12,224 | $ | 12,128 | $ | 11,780 | ||||||
Rental income from premises leased to others (2) | $ | 659 | $ | 676 | $ | 676 | ||||||
(1)Â | Including amounts paid under short-term cancellable leases. | |||||||||||
(2)Â | Does not include rental expense or sublease rental income for certain restructured leases. |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deposits [Abstract] | ' | |||||||
Summary Of Deposits | ' | |||||||
Summary of Deposits | ||||||||
(Amounts in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Noninterest-bearing deposits | $ | 3,172,676 | $ | 3,690,340 | ||||
Interest-bearing deposits | 1,470,856 | 1,057,390 | ||||||
Savings deposits | 284,482 | 310,188 | ||||||
Money market accounts | 4,515,079 | 4,602,632 | ||||||
Time deposits less than $100,000 | 346,812 | 245,955 | ||||||
Time deposits of $100,000 or more (1) | 2,223,736 | 2,267,129 | ||||||
Total deposits | $ | 12,013,641 | $ | 12,173,634 | ||||
(1) | Includes deposits which, to our knowledge, have been placed with the Bank by a person who acts as a broker in placing these deposits on behalf of others or are otherwise deemed to be "brokered" by bank regulatory rules and regulations such as deposits under the CDARS® deposit program ("brokered time deposits"). | |||||||
Maturities Of Time Deposits Of $100,000 Or More | ' | |||||||
Maturities of Time Deposits of $100,000 or More (1)Â | ||||||||
(Amounts in thousands) | ||||||||
2013 | ||||||||
Maturing within 3 months | $ | 430,914 | ||||||
After 3 but within 6 months | 448,262 | |||||||
After 6 but within 12 months | 583,699 | |||||||
After 12 months | 760,861 | |||||||
Total | $ | 2,223,736 | ||||||
(1)Â | Includes brokered time deposits. |
SHORTTERM_AND_SECURED_BORROWIN1
SHORT-TERM AND SECURED BORROWINGS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
Summary Of Short-Term Borrowings | ' | |||||||||||||
Summary of Short-Term Borrowings | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
Outstanding: | ||||||||||||||
FHLB advances | $ | 2,000 | 3.37 | % | $ | 5,000 | 4.96 | % | ||||||
Other Information: | ||||||||||||||
Weighted average remaining maturity of FHLB advances at year end (in months) | 12 months | 6 months | ||||||||||||
Unused FHLB advances availability | $ | 395,302 | $ | 999,722 | ||||||||||
Unused overnight federal funds availability (1) | $ | 520,000 | $ | 385,000 | ||||||||||
Borrowing capacity through the FRB discount window primary credit program (2) | $ | 621,855 | $ | 688,608 | ||||||||||
(1)Â | Our total availability of overnight fed fund borrowings is not a committed line of credit and is dependent upon lender availability. | |||||||||||||
(2)Â | Includes federal term auction facilities. Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Schedule Of Long-Term Debt | ' | ||||||||||||
Long-Term Debt | |||||||||||||
(Dollars in thousands) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Parent Company: | |||||||||||||
2.89% junior subordinated debentures due 2034 | (1)(a)Â | $ | 8,248 | $ | 8,248 | ||||||||
1.95% junior subordinated debentures due 2035 | (2)(a)Â | 51,547 | 51,547 | ||||||||||
1.74% junior subordinated debentures due 2035 | (3)(a)Â | 41,238 | 41,238 | ||||||||||
10.00% junior subordinated debentures due 2068 | (a)Â | 143,760 | 143,760 | ||||||||||
7.125% subordinated debentures due 2042 | (b)Â | 125,000 | 125,000 | ||||||||||
Subtotal | 369,793 | 369,793 | |||||||||||
Subsidiaries: | |||||||||||||
FHLB advances | 258,000 | 10,000 | |||||||||||
3.82% subordinated debt facility due 2015 | (4)(c) | — | 120,000 | ||||||||||
Subtotal | 258,000 | 130,000 | |||||||||||
Total long-term debt | $ | 627,793 | $ | 499,793 | |||||||||
Weighted average interest rate of FHLB long-term advances at year end | 0.22 | % | 4.15 | % | |||||||||
Weighted average remaining maturity of FHLB long-term advances at year end (in years) | 2.1 | 4.4 | |||||||||||
(1) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +2.65%. | ||||||||||||
(2) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +1.71%. | ||||||||||||
(3) | Variable rate in effect at December 31, 2013, based on three-month LIBOR +1.50%. | ||||||||||||
(4) | Variable rate in effect at December 31, 2012, based on three-month LIBOR +3.50%. | ||||||||||||
(a)Â | Qualifies as Tier 1 capital for regulatory capital purposes under current guidelines. Under the final regulatory capital rules issued in July 2013, these instruments are grandfathered for inclusion as a component of Tier 1 capital, although the Tier 1 capital treatment for these instruments will be subject to phase-out if an organization exceeds $15 billion in total consolidated assets due to acquisitions. | ||||||||||||
(b)Â | Qualifies as Tier 2 capital for regulatory capital purposes. | ||||||||||||
(c) | For regulatory capital purposes, as of December 31, 2012, 40%, of the outstanding balance qualified as Tier 2 capital. | ||||||||||||
Scheduled Maturities Of Long-Term Debt | ' | ||||||||||||
Scheduled Maturities of Long-Term Debt | |||||||||||||
(Amounts in thousands) | |||||||||||||
Total | |||||||||||||
Year Ended December 31, | |||||||||||||
2015 | $ | 253,000 | |||||||||||
2019 and thereafter | 374,793 | ||||||||||||
Total | $ | 627,793 | |||||||||||
JUNIOR_SUBORDINATED_DEFERRABLE1
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Common Securities, Preferred Securities, And Related Debentures | ' | ||||||||||||||||||||||||
Common Securities, Preferred Securities, and Related Debentures | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Issuance Date | Common Securities Issued | Trust Preferred Securities Issued (1) | Coupon Rate (2) | Earliest Redemption Date (on or after) (3) | Maturity | Principal Amount of Debentures (3) | |||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Bloomfield Hills Statutory Trust I | May 2004 | $ | 248 | $ | 8,000 | 2.89 | % | Jun 17, 2009 | Jun. 2034 | $ | 8,248 | $ | 8,248 | ||||||||||||
PrivateBancorp Statutory Trust II | Jun. 2005 | 1,547 | 50,000 | 1.95 | % | Sep 15, 2010 | Sep. 2035 | 51,547 | 51,547 | ||||||||||||||||
PrivateBancorp Statutory Trust III | Dec. 2005 | 1,238 | 40,000 | 1.74 | % | Dec 15, 2010 | Dec. 2035 | 41,238 | 41,238 | ||||||||||||||||
PrivateBancorp Statutory Trust IV | May 2008 | 10 | 143,750 | 10 | % | Jun 15, 2013 | Jun. 2068 | 143,760 | 143,760 | ||||||||||||||||
Total | $ | 3,043 | $ | 241,750 | $ | 244,793 | $ | 244,793 | |||||||||||||||||
(1)Â | The trust preferred securities accrue distributions at a rate equal to the interest rate on and have a maturity identical to that of the related Debentures. The trust preferred securities will be redeemed upon maturity or earlier redemption of the related Debentures. | ||||||||||||||||||||||||
(2) | Reflects the coupon rate in effect at December 31, 2013. The coupon rate for the Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for the PrivateBancorp Statutory Trusts II and III are at a variable rate based on three-month LIBOR plus 1.71% for Trust II and three-month LIBOR plus 1.50% for Trust III. The coupon rate for the PrivateBancorp Statutory Trust IV is fixed. Distributions for all of the Trusts are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years in the case of the Debentures held by Trust IV, and five years in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the trust preferred securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. | ||||||||||||||||||||||||
(3)Â | The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures at maturity or upon their earlier redemption in whole or in part. The Debentures are redeemable in whole or in part prior to maturity at any time after the dates shown in the table and, only after we have obtained Federal Reserve approval, if then required under applicable guidelines or regulations. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income ("AOCI") by Component | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain (Loss) on Effective Cash Flow Hedges | Total | Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain on Effective Cash Flow Hedges | Total | Unrealized Gain on Available-for-Sale Securities | Accumu-lated Gain on Effective Cash Flow Hedges | Total | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 42,219 | $ | 5,845 | $ | 48,064 | $ | 45,140 | $ | 1,557 | $ | 46,697 | $ | 20,078 | — | $ | 20,078 | |||||||||||||||||||
Increase in unrealized (losses) gains on securities | (46,690 | ) | — | (46,690 | ) | (4,185 | ) | — | (4,185 | ) | 47,431 | — | 47,431 | |||||||||||||||||||||||
Increase in unrealized (losses) gains on cash flow hedges | — | (8,729 | ) | (8,729 | ) | — | 9,945 | 9,945 | — | 3,156 | 3,156 | |||||||||||||||||||||||||
Tax benefit (expense) on increase in unrealized (losses) gains | 18,142 | 3,390 | 21,532 | 1,455 | (3,883 | ) | (2,428 | ) | (18,869 | ) | (1,256 | ) | (20,125 | ) | ||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (28,548 | ) | (5,339 | ) | (33,887 | ) | (2,730 | ) | 6,062 | 3,332 | 28,562 | 1,900 | 30,462 | |||||||||||||||||||||||
Reclassification adjustment of net gains included in net income (1) | (1,174 | ) | (5,984 | ) | (7,158 | ) | (315 | ) | (2,928 | ) | (3,243 | ) | (5,812 | ) | (570 | ) | (6,382 | ) | ||||||||||||||||||
Reclassification adjustment for tax expense on realized net gains (2) | 463 | 2,362 | 2,825 | 124 | 1,154 | 1,278 | 2,312 | 227 | 2,539 | |||||||||||||||||||||||||||
Amounts reclassified from AOCI | (711 | ) | (3,622 | ) | (4,333 | ) | (191 | ) | (1,774 | ) | (1,965 | ) | (3,500 | ) | (343 | ) | (3,843 | ) | ||||||||||||||||||
Net current period other comprehensive (loss) income | (29,259 | ) | (8,961 | ) | (38,220 | ) | (2,921 | ) | 4,288 | 1,367 | 25,062 | 1,557 | 26,619 | |||||||||||||||||||||||
Balance at end of year | $ | 12,960 | $ | (3,116 | ) | $ | 9,844 | $ | 42,219 | $ | 5,845 | $ | 48,064 | $ | 45,140 | $ | 1,557 | $ | 46,697 | |||||||||||||||||
-1 | The amounts reclassified from AOCI for the available-for-sale securities are included in net securities gains on the Consolidated Statements of Income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||||||
(2)Â | The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the Consolidated Statements of Income. |
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Text Block [Abstract] | ' | |||||||||||
Basic And Diluted Earnings Per Common Share | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic | ||||||||||||
Net income attributable to controlling interests | $ | 122,949 | $ | 77,896 | $ | 44,370 | ||||||
Preferred stock dividends and discount accretion | — | 13,368 | 13,690 | |||||||||
Net income available to common stockholders | 122,949 | 64,528 | 30,680 | |||||||||
Earnings allocated to participating stockholders (1) | (2,436 | ) | (1,145 | ) | (363 | ) | ||||||
Earnings allocated to common stockholders | $ | 120,513 | $ | 63,383 | $ | 30,317 | ||||||
Weighted-average common shares outstanding | 76,398 | 71,951 | 70,449 | |||||||||
Basic earnings per common share | $ | 1.58 | $ | 0.88 | $ | 0.43 | ||||||
Diluted | ||||||||||||
Diluted earnings applicable to common stockholders (2) | $ | 120,520 | $ | 63,383 | $ | 30,315 | ||||||
Weighted-average diluted common shares outstanding: | ||||||||||||
Weighted-average common shares outstanding | 76,398 | 71,951 | 70,449 | |||||||||
Dilutive effect of stock awards (3) | 247 | 223 | 193 | |||||||||
Weighted-average diluted common shares outstanding | 76,645 | 72,174 | 70,642 | |||||||||
Diluted earnings per common share | $ | 1.57 | $ | 0.88 | $ | 0.43 | ||||||
(1) | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Company’s deferred and restricted stock units and nonvested restricted stock awards). | |||||||||||
(2)Â | Earnings allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||||||
(3)Â | The following table presents outstanding non-participating securities that were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the years presented. | |||||||||||
Schedule Of Anti Dilutive Securities Excluded From Computation Of Earnings Per Share | ' | |||||||||||
The following table presents outstanding non-participating securities that were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the years presented. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock options | 2,908 | 3,646 | 3,525 | |||||||||
Unvested stock/unit awards | 1 | 33 | 195 | |||||||||
Warrant related to the U.S. Treasury | — | — | 645 | |||||||||
Total antidilutive shares | 2,909 | 3,679 | 4,365 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components Of Income Taxes | ' | |||||||||||
Components of Income Taxes | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current tax provision: | ||||||||||||
Federal | $ | 51,169 | $ | 31,521 | $ | 19,529 | ||||||
State | 11,179 | 7,172 | 4,406 | |||||||||
Total | 62,348 | 38,693 | 23,935 | |||||||||
Deferred tax provision (benefit): | ||||||||||||
Federal | 11,749 | 11,668 | 4,437 | |||||||||
State | 2,897 | 4,160 | (2,712 | ) | ||||||||
Total | 14,646 | 15,828 | 1,725 | |||||||||
Total income tax provision (benefit) | $ | 76,994 | $ | 54,521 | $ | 25,660 | ||||||
Reconciliation Of Income Tax Provision To Statutory Federal Rate | ' | |||||||||||
Reconciliation of Income Tax Provision to Statutory Federal Rate | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax provision at statutory federal income tax rate | $ | 69,980 | $ | 46,346 | $ | 24,570 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
Tax exempt interest | $ | (2,158 | ) | $ | (1,956 | ) | $ | (1,925 | ) | |||
Meals, entertainment and related expenses | 577 | 483 | 547 | |||||||||
Bank owned life insurance | (473 | ) | (542 | ) | (545 | ) | ||||||
Investment credits | (331 | ) | (314 | ) | (320 | ) | ||||||
Non-deductible compensation | 172 | 1,880 | 1,929 | |||||||||
State income taxes | 8,618 | 6,039 | 3,480 | |||||||||
Share-based compensation charges | 200 | 2,468 | 645 | |||||||||
Deferred tax asset adjustments | 500 | 1,136 | (2,289 | ) | ||||||||
Other | (91 | ) | (1,019 | ) | (432 | ) | ||||||
Total income tax provision (benefit) | $ | 76,994 | $ | 54,521 | $ | 25,660 | ||||||
Deferred Tax Assets And Liabilities | ' | |||||||||||
Deferred Tax Assets and Liabilities | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | $ | 60,090 | $ | 76,269 | ||||||||
Share-based payment expenses | 15,310 | 14,003 | ||||||||||
Deferred compensation | 3,950 | 4,065 | ||||||||||
Loan fees | 15,088 | 18,979 | ||||||||||
OREO write-downs and expenses | 9,281 | 13,600 | ||||||||||
Nonaccrual interest income | 2,505 | 2,741 | ||||||||||
Covered assets – loans and OREO | 8,023 | 4,877 | ||||||||||
Other | 5,579 | 4,247 | ||||||||||
Total deferred tax assets | 119,826 | 138,781 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized gain on securities available-for-sale | (8,305 | ) | (27,058 | ) | ||||||||
Intangible assets and acquisition adjustments | (8,232 | ) | (6,689 | ) | ||||||||
Loan costs | — | (1,720 | ) | |||||||||
Premises and equipment | (1,919 | ) | (2,656 | ) | ||||||||
Covered assets – FDIC loss share receivable | (2,482 | ) | (7,376 | ) | ||||||||
Other | (243 | ) | (3,944 | ) | ||||||||
Total deferred tax liabilities | (21,181 | ) | (49,443 | ) | ||||||||
Net deferred tax assets | $ | 98,645 | $ | 89,338 | ||||||||
Roll Forward Of UnRecognized Tax Benefits | ' | |||||||||||
Roll Forward of Unrecognized Tax Benefits | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 179 | $ | 499 | $ | 783 | ||||||
Additions for tax positions related to prior years | 263 | 77 | 12 | |||||||||
Reductions for tax positions related to prior years | — | (380 | ) | (42 | ) | |||||||
Reductions for lapse of statute of limitations | (31 | ) | (17 | ) | (254 | ) | ||||||
Balance at end of year | $ | 411 | $ | 179 | $ | 499 | ||||||
Interest and penalties, net of tax effect, recognized in income tax (benefit) expense during the year | $ | 33 | $ | (31 | ) | $ | (25 | ) | ||||
Interest and penalties, net of tax effect, accrued at year end (1) | $ | 60 | $ | 27 | $ | 57 | ||||||
(1)Â | Not included in the unrecognized tax benefits roll forward presented above. |
ShareBased_Compensation_And_Ot1
Share-Based Compensation And Other Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Effect Of Recognizing Share-Based Compensation Expense | ' | ||||||||||||||||||||
Effect of Recognizing Share-based Compensation Expense | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Recognized share-based compensation expense: | |||||||||||||||||||||
Stock option expense | $ | 3,648 | $ | 7,620 | $ | 6,717 | |||||||||||||||
Restricted stock and unit expense (including salary stock) | 8,802 | 13,035 | 9,039 | ||||||||||||||||||
Performance share unit expense | 226 | — | — | ||||||||||||||||||
Total share-based compensation expense | 12,676 | 20,655 | 15,756 | ||||||||||||||||||
Income tax benefit | (4,818 | ) | (6,755 | ) | (5,289 | ) | |||||||||||||||
Share-based compensation expense, net of tax | $ | 7,858 | $ | 13,900 | $ | 10,467 | |||||||||||||||
Unrecognized share-based compensation expense: | |||||||||||||||||||||
Stock options | $ | 4,576 | $ | 4,302 | $ | 8,022 | |||||||||||||||
Weighted-average amortization period remaining (in years) | 1.8 | 1.8 | 1.4 | ||||||||||||||||||
Restricted stock and unit expense | $ | 11,205 | $ | 9,942 | $ | 11,745 | |||||||||||||||
Weighted-average amortization period remaining (in years) | 1.8 | 1.9 | 1.5 | ||||||||||||||||||
Performance share unit expense | $ | 635 | $ | — | $ | — | |||||||||||||||
Weighted-average amortization period remaining (in years) | 2.2 | — | — | ||||||||||||||||||
Schedule Of Stock Option Transactions | ' | ||||||||||||||||||||
Stock Option Transactions | |||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||
Options | Weighted-Average | Aggregate | |||||||||||||||||||
Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value (2) | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Life (1) | |||||||||||||||||||||
2011 | |||||||||||||||||||||
Outstanding at beginning of year | 3,359 | $ | 28.59 | ||||||||||||||||||
Granted (3) | 670 | 14.8 | |||||||||||||||||||
Exercised | (22 | ) | 5.56 | ||||||||||||||||||
Forfeited | (192 | ) | 25.05 | ||||||||||||||||||
Expired | (188 | ) | 32.94 | ||||||||||||||||||
Outstanding at end of year | 3,627 | $ | 26.15 | 6.1 | $ | 311 | |||||||||||||||
Exercisable at end of year | 2,190 | $ | 28.58 | 5.1 | $ | 236 | |||||||||||||||
2012 | |||||||||||||||||||||
Outstanding at beginning of year | 3,627 | $ | 26.15 | ||||||||||||||||||
Granted (3) | 646 | 14.43 | |||||||||||||||||||
Exercised | (95 | ) | 9.59 | ||||||||||||||||||
Forfeited | (63 | ) | 24.27 | ||||||||||||||||||
Expired | (240 | ) | 29.94 | ||||||||||||||||||
Outstanding at end of year | 3,875 | $ | 24.4 | 6.1 | $ | 1,381 | |||||||||||||||
Exercisable at end of year | 2,829 | $ | 28.05 | 5.1 | $ | 541 | |||||||||||||||
2013 | |||||||||||||||||||||
Outstanding at beginning of year | 3,875 | $ | 24.4 | ||||||||||||||||||
Granted (3) | 652 | 18.1 | |||||||||||||||||||
Exercised | (200 | ) | 14.52 | ||||||||||||||||||
Forfeited | (86 | ) | 17.43 | ||||||||||||||||||
Expired | (151 | ) | 34.1 | ||||||||||||||||||
Outstanding at end of year | 4,090 | $ | 23.66 | 5.7 | $ | 27,255 | |||||||||||||||
Exercisable at end of year | 2,890 | $ | 26.68 | 4.5 | $ | 12,220 | |||||||||||||||
Ending vested and expected to vest | 3,948 | $ | 23.88 | 5.5 | $ | 25,643 | |||||||||||||||
(1)Â | Represents the average contractual life remaining in years. | ||||||||||||||||||||
(2)Â | Aggregate intrinsic value represents the total pretax intrinsic value of the "in-the-money" stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. | ||||||||||||||||||||
(3) | As a percentage of total stock options granted, 20% in 2013, 6% in 2012 and 10% in 2011 were granted to the Company’s named executive officers ("NEOs"), as will be reported in its 2014 Proxy Statement. | ||||||||||||||||||||
Summary Of Stock Options Outstanding And Exercisable | ' | ||||||||||||||||||||
Summary of Stock Options Outstanding and Exercisable | |||||||||||||||||||||
(Number of shares in thousands) | |||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||
Range of Exercise Price | Shares | Weighted-Average | Shares | Weighted- | |||||||||||||||||
Average | |||||||||||||||||||||
Exercise | |||||||||||||||||||||
Remaining | Exercise | Price | |||||||||||||||||||
Contractual | Price | ||||||||||||||||||||
Life (1) | |||||||||||||||||||||
$6.92 - $14.91 | 684 | 7.7 | $ | 13.95 | 296 | $ | 13.5 | ||||||||||||||
$14.92 - $18.67 | 1,120 | 8.3 | 16.61 | 331 | 15.02 | ||||||||||||||||
$18.68 - $26.37 | 942 | 3.9 | 25.98 | 921 | 26.09 | ||||||||||||||||
$26.38 - $32.19 | 638 | 3.8 | 29.96 | 636 | 29.97 | ||||||||||||||||
$32.20 - $46.51 | 706 | 3.5 | 35.47 | 706 | 35.47 | ||||||||||||||||
Total | 4,090 | 5.7 | $ | 23.66 | 2,890 | $ | 26.68 | ||||||||||||||
(1)Â | Represents the weighted average contractual life remaining in years. | ||||||||||||||||||||
Schedule Of Stock Option Valuation Assumptions | ' | ||||||||||||||||||||
Stock Option Valuation Assumptions | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected life of the option (in years) | 5.4 - 6.3 | 4.6 - 5.6 | 4.5 - 5.5 | ||||||||||||||||||
Expected stock volatility | 44.0 - 45.2% | 44.7 - 49.8% | 45.5 - 52.3% | ||||||||||||||||||
Risk-free interest rate | 1.0 - 2.1% | 1.6 - 2.4% | 1.9 - 3.7% | ||||||||||||||||||
Expected dividend yield | 0.1 - 0.2% | 0.2 - 0.3% | 0.3 - 0.6% | ||||||||||||||||||
Weighted-average fair value of options at their grant date | $ | 7.79 | $ | 6.52 | $ | 6.8 | |||||||||||||||
Schedule Of Other Stock Option Information | ' | ||||||||||||||||||||
Other Stock Option Information | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,402 | $ | 511 | $ | 164 | |||||||||||||||
Cash received from stock options exercised | $ | 2,847 | $ | 312 | $ | 126 | |||||||||||||||
Income tax benefit realized from stock options exercised (1) | $ | 502 | $ | 199 | $ | 47 | |||||||||||||||
(1)Â | Amounts were more than deferred tax benefit recorded during vesting period. | ||||||||||||||||||||
Restricted Stock And Unit Award Transactions | ' | ||||||||||||||||||||
Restricted Stock and Unit Award Transactions (1)Â | |||||||||||||||||||||
(Number of shares/units in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | Number | Weighted-Average Grant Date Fair Value | ||||||||||||||||
 of Shares/ |   of Shares/  |   of Shares/  | |||||||||||||||||||
Units | Units | Units | |||||||||||||||||||
Nonvested restricted stock and unit awards at beginning of year | 1,114 | $ | 14.54 | 1,060 | $ | 20.84 | 1,086 | $ | 26.16 | ||||||||||||
Granted (2) (3) | 676 | 18.07 | 841 | 14.56 | 574 | 14.36 | |||||||||||||||
Vested | (444 | ) | 14.67 | (733 | ) | 23.37 | (463 | ) | 25.08 | ||||||||||||
Forfeited | (78 | ) | 15.7 | (54 | ) | 18.81 | (137 | ) | 25.4 | ||||||||||||
Nonvested restricted stock and unit awards at end of year | 1,268 | $ | 16.3 | 1,114 | $ | 14.54 | 1,060 | $ | 20.84 | ||||||||||||
Vested, but not issued at end of year (3) | 136 | $ | 16.98 | 110 | $ | 16.89 | 79 | $ | 17.85 | ||||||||||||
(1)Â | 2012 and 2011 include salary stock awards as further discussed below. | ||||||||||||||||||||
(2) | As a percentage of total restricted stock and unit awards granted, 16% in 2013, 20% in 2012, and 19% in 2011 were granted to the Company’s NEOs, as will be reported in its 2014 Proxy Statement. Excluding the stock awards granted as salary stock as part of certain NEOs’ fixed compensation, 15%, and 10% of the total restricted stock and unit awards were granted to the NEOs in 2012, and 2011, respectively. | ||||||||||||||||||||
(3)Â | Represents restricted stock units with a delayed settlement date. | ||||||||||||||||||||
Other Restricted Stock And Unit Award Information | ' | ||||||||||||||||||||
Other Restricted Stock and Unit Award Information | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Total fair value of vested/released restricted stock and units | $ | 7,662 | $ | 10,674 | $ | 5,536 | |||||||||||||||
Current income tax benefit realized from vesting/release of restricted stock and unit awards (1) | $ | 2,714 | $ | 2,919 | $ | 1,700 | |||||||||||||||
(1)Â | |||||||||||||||||||||
Schedule Of Defined Contribution Plan KSOP | ' | ||||||||||||||||||||
KSOP Plan Information | |||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Company matching contribution | $ | 2,405 | $ | 2,164 | $ | 1,931 | |||||||||||||||
Number of Company shares held in KSOP | 394 | 411 | 479 | ||||||||||||||||||
Fair value of Company shares held by KSOP | $ | 11,412 | $ | 6,298 | $ | 5,261 | |||||||||||||||
Dividends received | $ | 16 | $ | 17 | $ | 20 | |||||||||||||||
Regulatory_And_Capital_Matters1
Regulatory And Capital Matters (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
Capital Measurements | ' | ||||||||||||||||||||
Capital Measurements | |||||||||||||||||||||
(Amounts in thousands, except for ratios) | |||||||||||||||||||||
Actual | FRB Guidelines for | Regulatory Minimum | |||||||||||||||||||
Minimum Regulatory | For "Well-Capitalized" | ||||||||||||||||||||
Capital | under FDICIA | ||||||||||||||||||||
Capital | Ratio | Capital | Ratio | Capital | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||
Consolidated | $ | 1,720,740 | 13.3 | % | $ | 1,035,086 | 8 | % | n/a | n/a | |||||||||||
The PrivateBank | 1,637,376 | 12.69 | n/a | n/a | $ | 1,290,606 | 10 | % | |||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||
Consolidated | 1,433,920 | 11.08 | 517,543 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,475,958 | 11.44 | n/a | n/a | 774,363 | 6 | |||||||||||||||
Tier 1 leverage: | |||||||||||||||||||||
Consolidated | 1,433,920 | 10.37 | 552,839 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,475,958 | 10.7 | n/a | n/a | 689,432 | 5 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total risk-based capital: | |||||||||||||||||||||
Consolidated | $ | 1,624,239 | 13.17 | % | $ | 986,992 | 8 | % | n/a | n/a | |||||||||||
The PrivateBank | 1,518,609 | 12.34 | n/a | n/a | $ | 1,230,490 | 10 | % | |||||||||||||
Tier 1 risk-based capital: | |||||||||||||||||||||
Consolidated | 1,296,545 | 10.51 | 493,496 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,315,848 | 10.69 | n/a | n/a | 738,294 | 6 | |||||||||||||||
Tier 1 leverage: | |||||||||||||||||||||
Consolidated | 1,296,545 | 9.56 | 542,580 | 4 | n/a | n/a | |||||||||||||||
The PrivateBank | 1,315,848 | 9.72 | n/a | n/a | 676,636 | 5 | |||||||||||||||
n/a | Not applicable. | ||||||||||||||||||||
In July 2013, the FRB and other U.S. banking regulators adopted final rules that revise and replace the agencies' current regulatory capital requirements to align with the Basel III international capital standards and to implement certain changes required by the Dodd-Frank Act. The new rules require U.S. banks to hold higher amounts of capital, especially common equity, against their risk-weighted assets. The new capital requirements are higher in both quantity and quality of capital, with compliance required beginning January 1, 2015 (subject to a phase-in period). For additional information, see the "Dodd-Frank Wall Street Reform and Consumer Protection Act" and "New Regulatory Capital Rules" in Part I, Item 1 of this Form 10-K. |
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Composition of Derivative Instruments and Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Composition of Derivative Instruments and Fair Value | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
Derivatives designated | ||||||||||||||||||||||||||||||||
 as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 350,000 | $ | 4,005 | $ | 350,000 | $ | 8,883 | $ | 325,000 | $ | 9,748 | $ | 50,000 | $ | 163 | ||||||||||||||||
Derivatives not designated | ||||||||||||||||||||||||||||||||
as hedging instruments: | ||||||||||||||||||||||||||||||||
Client-related derivatives: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,959,328 | $ | 54,155 | $ | 3,666,560 | $ | 93,449 | $ | 3,959,328 | $ | 54,930 | $ | 3,666,560 | $ | 96,519 | ||||||||||||||||
Foreign exchange contracts | 116,761 | 3,029 | 120,073 | 2,910 | 116,761 | 2,570 | 120,073 | 2,454 | ||||||||||||||||||||||||
Credit contracts (1) | 91,694 | 34 | 99,770 | 32 | 113,348 | 98 | 124,980 | 42 | ||||||||||||||||||||||||
Total client-related derivatives | 57,218 | $ | 96,391 | 57,598 | $ | 99,015 | ||||||||||||||||||||||||||
Other end-user derivatives: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 5,436 | $ | 16 | $ | 560 | $ | 5 | $ | 7,041 | $ | 218 | $ | 16,290 | $ | 119 | ||||||||||||||||
Mortgage banking derivatives | 341 | 131 | 103 | 128 | ||||||||||||||||||||||||||||
Total other end-user derivatives | $ | 357 | $ | 136 | $ | 321 | $ | 247 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 57,575 | $ | 96,527 | $ | 57,919 | $ | 99,262 | ||||||||||||||||||||||||
Netting adjustments (2) | (13,158 | ) | (6,149 | ) | (18,777 | ) | (6,149 | ) | ||||||||||||||||||||||||
Total derivatives | $ | 48,422 | $ | 99,261 | $ | 48,890 | $ | 93,276 | ||||||||||||||||||||||||
(1)Â | The remaining average notional amounts are shown for credit contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. | |||||||||||||||||||||||||||||||
Offsetting Assets Liabilities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Gross Amounts Not Offset on the Statement of Financial Condition (3) | ||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities (1) | Gross Amounts Offset (2) | Net Amount Presented on the Statement of Financial Condition | Financial Instruments (4) | Cash Collateral | Net Amount | |||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 58,160 | $ | (12,371 | ) | $ | 45,789 | $ | — | $ | — | $ | 45,789 | |||||||||||||||||||
Foreign exchange contracts | 1,298 | (767 | ) | 531 | — | — | 531 | |||||||||||||||||||||||||
Credit contracts | 34 | (20 | ) | 14 | — | — | 14 | |||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 59,492 | (13,158 | ) | 46,334 | — | — | 46,334 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 2,088 | — | 2,088 | — | — | 2,088 | ||||||||||||||||||||||||||
Total derivatives | $ | 61,580 | $ | (13,158 | ) | $ | 48,422 | $ | — | $ | — | $ | 48,422 | |||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 64,678 | $ | (17,990 | ) | $ | 46,688 | $ | (41,192 | ) | $ | — | $ | 5,496 | ||||||||||||||||||
Foreign exchange contracts | 2,462 | (767 | ) | 1,695 | (1,495 | ) | — | 200 | ||||||||||||||||||||||||
Credit contracts | 98 | (20 | ) | 78 | (69 | ) | — | 9 | ||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 67,238 | (18,777 | ) | 48,461 | (42,756 | ) | — | 5,705 | ||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 429 | — | 429 | — | — | 429 | ||||||||||||||||||||||||||
Total derivatives | $ | 67,667 | $ | (18,777 | ) | $ | 48,890 | $ | (42,756 | ) | $ | — | $ | 6,134 | ||||||||||||||||||
(1)Â | All derivative contracts are over-the-counter contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents end-user, client-related and cash flow hedging derivative contracts and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | |||||||||||||||||||||||||||||||
(3)Â | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. | |||||||||||||||||||||||||||||||
(4)Â | Financial collateral is disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||||||||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities (Continued) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets / Liabilities (1) | Gross Amounts Offset (2) | Net Amount Presented on the Statement of Financial Condition | Gross Amounts Not Offset on the Statement of Financial Condition - Financial Instruments (3) | Net Amount | ||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 102,332 | $ | (14,212 | ) | $ | 88,120 | $ | — | $ | 88,120 | |||||||||||||||||||||
Foreign exchange contracts | 1,222 | (662 | ) | 560 | — | 560 | ||||||||||||||||||||||||||
Credit contracts | 32 | — | 32 | — | 32 | |||||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 103,586 | (14,874 | ) | 88,712 | — | 88,712 | ||||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 1,824 | — | 1,824 | — | 1,824 | |||||||||||||||||||||||||||
Total derivatives | $ | 105,410 | $ | (14,874 | ) | $ | 90,536 | $ | — | $ | 90,536 | |||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 96,682 | $ | (14,212 | ) | $ | 82,470 | $ | (81,531 | ) | $ | 939 | ||||||||||||||||||||
Foreign exchange contracts | 1,791 | (662 | ) | 1,129 | (1,116 | ) | 13 | |||||||||||||||||||||||||
Credit contracts | 42 | — | 42 | (42 | ) | — | ||||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 98,515 | (14,874 | ) | 83,641 | (82,689 | ) | 952 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 910 | — | 910 | — | 910 | |||||||||||||||||||||||||||
Total derivatives | $ | 99,425 | $ | (14,874 | ) | $ | 84,551 | $ | (82,689 | ) | $ | 1,862 | ||||||||||||||||||||
(1)Â | All derivative contracts are over-the-counter contracts. | |||||||||||||||||||||||||||||||
(2)Â | Represents end-user, client-related and cash flow hedging derivative contracts entered into with the same counterparty and subject to a master netting agreement. | |||||||||||||||||||||||||||||||
(3)Â | Financial collateral is disclosed at fair value. Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||||||||||||||||||||||||||||||
Derivatives Subject To Credit Risk Contingency Features Table [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Derivatives Subject to Credit Risk Contingency Features | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of derivatives with credit contingency features in a net liability position | $ | 28,152 | $ | 54,622 | ||||||||||||||||||||||||||||
Collateral posted for those transactions in a net liability position | $ | 30,272 | $ | 58,210 | ||||||||||||||||||||||||||||
If credit risk contingency features were triggered: | ||||||||||||||||||||||||||||||||
Additional collateral required to be posted to derivative counterparties | $ | — | $ | 669 | ||||||||||||||||||||||||||||
Outstanding derivative instruments that would be immediately settled | $ | 28,152 | $ | 50,687 | ||||||||||||||||||||||||||||
Change In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedge Table | ' | |||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Related to Interest Rate Swaps Designated as Cash Flow Hedge | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | |||||||||||||||||||||||||||||
Accumulated unrealized gain at beginning of year | $ | 9,603 | $ | 5,845 | $ | 2,586 | $ | 1,557 | ||||||||||||||||||||||||
Amount of (loss) gain recognized in AOCI (effective portion) | (8,729 | ) | (5,339 | ) | 9,945 | 6,062 | ||||||||||||||||||||||||||
Amount reclassified from AOCI to interest income on loans | (5,984 | ) | (3,622 | ) | (2,928 | ) | (1,774 | ) | ||||||||||||||||||||||||
Accumulated unrealized (loss) gain at end of year | $ | (5,110 | ) | $ | (3,116 | ) | $ | 9,603 | $ | 5,845 | ||||||||||||||||||||||
Risk Participation Agreements | ' | |||||||||||||||||||||||||||||||
Risk Participation Agreements | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fair value of written RPAs | $ | (98 | ) | $ | (42 | ) | ||||||||||||||||||||||||||
Range of remaining terms to maturity (in years) | Less than 1 to 4 | Less than 1 to 4 | ||||||||||||||||||||||||||||||
Range of assigned internal risk ratings | 2 to 7 | 2 to 4 | ||||||||||||||||||||||||||||||
Maximum potential amount of future undiscounted payments | $ | 3,263 | $ | 4,219 | ||||||||||||||||||||||||||||
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 16 | % | 64 | % | ||||||||||||||||||||||||||||
Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship | ' | |||||||||||||||||||||||||||||||
Gain (Loss) Recognized on Derivative Instruments | ||||||||||||||||||||||||||||||||
Not Designated in Hedging Relationship | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Gain (loss) on client-related derivatives recognized in capital markets products income: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 14,226 | $ | 19,613 | $ | 13,232 | ||||||||||||||||||||||||||
Foreign exchange contracts | 6,506 | 6,024 | 5,719 | |||||||||||||||||||||||||||||
Credit contracts | (4 | ) | 321 | 390 | ||||||||||||||||||||||||||||
Total client related derivatives | 20,728 | 25,958 | 19,341 | |||||||||||||||||||||||||||||
Gain (loss) on end-user derivatives recognized in other income: | ||||||||||||||||||||||||||||||||
Foreign exchange derivatives | 125 | (336 | ) | 141 | ||||||||||||||||||||||||||||
Mortgage banking derivatives | 235 | 123 | (57 | ) | ||||||||||||||||||||||||||||
Total end-user derivatives | 360 | (213 | ) | 84 | ||||||||||||||||||||||||||||
Total derivatives not designated in hedging relationship | $ | 21,088 | $ | 25,745 | $ | 19,425 | ||||||||||||||||||||||||||
COMMITMENTS_GUARANTEES_AND_CON1
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Schedule Of Commitments Guarantees And Contingent Liabilities | ' | |||||||
Contractual or Notional Amounts of Financial Instruments (1)Â | ||||||||
(Amounts in thousands) | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | 139,116 | $ | 152,726 | ||||
Residential 1-4 family construction | 32,714 | 22,682 | ||||||
Commercial real estate, other construction, and land development | 703,382 | 573,252 | ||||||
Commercial and industrial | 3,609,443 | 3,450,491 | ||||||
All other commitments | 222,337 | 199,338 | ||||||
Total commitments to extend credit | $ | 4,706,992 | $ | 4,398,489 | ||||
Letters of credit: | ||||||||
Financial standby | $ | 308,577 | $ | 304,413 | ||||
Performance standby | 26,932 | 23,754 | ||||||
Commercial letters of credit | 4,500 | 3,751 | ||||||
Total letters of credit | $ | 340,009 | $ | 331,918 | ||||
(1) | Includes covered asset commitments of $18.7 million and $23.0 million as of December 31, 2013 and 2012, respectively. |
ESTIMATED_FAIR_VALUE_OF_FINANC1
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | |||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets | Inputs | (Level 3) | Markets | Inputs | (Level 3) | |||||||||||||||||||||||||||
for Identical | (Level 2) | for Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 142,575 | $ | — | $ | — | $ | 142,575 | $ | 115,262 | $ | — | $ | — | $ | 115,262 | ||||||||||||||||
U.S. Agencies | — | 45,528 | — | 45,528 | — | — | — | — | ||||||||||||||||||||||||
Collateralized mortgage obligations | — | 176,116 | — | 176,116 | — | 241,034 | — | 241,034 | ||||||||||||||||||||||||
Residential mortgage-backed securities | — | 963,107 | — | 963,107 | — | 868,322 | — | 868,322 | ||||||||||||||||||||||||
State and municipal securities | — | 274,650 | — | 274,650 | — | 226,042 | — | 226,042 | ||||||||||||||||||||||||
Foreign sovereign debt | — | 500 | — | 500 | — | 500 | — | 500 | ||||||||||||||||||||||||
Total securities available-for-sale | 142,575 | 1,459,901 | — | 1,602,476 | 115,262 | 1,335,898 | — | 1,451,160 | ||||||||||||||||||||||||
Mortgage loans held-for-sale | — | 17,619 | — | 17,619 | — | 39,229 | — | 39,229 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designed as hedging instruments | — | 4,005 | — | 4,005 | — | 8,883 | — | 8,883 | ||||||||||||||||||||||||
Client-related derivatives | — | 56,770 | 448 | 57,218 | — | 95,368 | 1,023 | 96,391 | ||||||||||||||||||||||||
Other end-user derivatives | — | 357 | — | 357 | — | 136 | — | 136 | ||||||||||||||||||||||||
Netting adjustment | — | (13,138 | ) | (20 | ) | (13,158 | ) | — | (6,149 | ) | — | (6,149 | ) | |||||||||||||||||||
Total derivative assets | — | 47,994 | 428 | 48,422 | — | 98,238 | 1,023 | 99,261 | ||||||||||||||||||||||||
Total assets | $ | 142,575 | $ | 1,525,514 | $ | 428 | $ | 1,668,517 | $ | 115,262 | $ | 1,473,365 | $ | 1,023 | $ | 1,589,650 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | $ | — | 9,748 | $ | — | $ | 9,748 | $ | — | $ | 163 | $ | — | $ | 163 | |||||||||||||||||
Client-related derivatives | — | 57,500 | 98 | 57,598 | — | 98,955 | 60 | 99,015 | ||||||||||||||||||||||||
Other end-user derivatives | — | 321 | — | 321 | — | 247 | — | 247 | ||||||||||||||||||||||||
Netting adjustments | — | (18,757 | ) | (20 | ) | (18,777 | ) | — | (6,149 | ) | — | (6,149 | ) | |||||||||||||||||||
Total derivative liabilities | $ | — | $ | 48,812 | $ | 78 | $ | 48,890 | $ | — | $ | 93,216 | $ | 60 | $ | 93,276 | ||||||||||||||||
Reconciliation of Beginning and Ending Fair Value for Those Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ' | |||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Fair Value for Those | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1)Â | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||
 Derivative Assets |  Derivative (Liabilities) |  Derivative Assets |  Derivative (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,023 | $ | (60 | ) | $ | 827 | $ | (32 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 126 | (14 | ) | 259 | 301 | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Issuances | — | (51 | ) | — | — | |||||||||||||||||||||||||||
Settlements | (841 | ) | — | (1,178 | ) | (311 | ) | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 575 | — | 1,941 | (18 | ) | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | (435 | ) | 27 | (826 | ) | — | ||||||||||||||||||||||||||
Balance at end of year | $ | 448 | $ | (98 | ) | $ | 1,023 | $ | (60 | ) | ||||||||||||||||||||||
Change in unrealized (losses) gains in earnings relating to assets and liabilities still held at end of year | $ | (19 | ) | $ | (21 | ) | $ | 275 | $ | (297 | ) | |||||||||||||||||||||
(1)Â | Fair value is presented prior to giving effect to netting adjustments. | |||||||||||||||||||||||||||||||
(2)Â | Amounts disclosed in this line are included in the Consolidated Statements of Income as capital markets products income for derivatives. | |||||||||||||||||||||||||||||||
(3)Â | Transfers in and transfers out are recognized at the end of each quarterly reporting period. In general, derivative assets and liabilities are transferred into Level 3 from Level 2 due to a lack of observable market data, as there was deterioration in the credit risk of the derivative counterparty. Conversely, derivative assets and liabilities are transferred out of Level 3 into Level 2 due to an improvement in the credit risk of the derivative counterparty. | |||||||||||||||||||||||||||||||
Summary Of The Difference Between Aggregate Fair Value And Aggregate Remaining Principle Balance For Mortgage Loans Held For Sale Elected To Be Carried At Fair Value | ' | |||||||||||||||||||||||||||||||
Difference Between Aggregate Fair Value and Aggregate Remaining Principal Balance | ||||||||||||||||||||||||||||||||
for Mortgage Loans Held-For-Sale Elected to be Carried at Fair Value (1)Â | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Aggregate fair value | $ | 17,619 | $ | 39,229 | ||||||||||||||||||||||||||||
Difference (1) | 238 | 2 | ||||||||||||||||||||||||||||||
Aggregate unpaid principal balance | $ | 17,857 | $ | 39,231 | ||||||||||||||||||||||||||||
(1)Â | The change in fair value is reflected in mortgage banking non-interest income. | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Fair Value | Losses | |||||||||||||||||||||||||||||||
December 31, | For the Year Ended | |||||||||||||||||||||||||||||||
Financial Assets: | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | 45,937 | $ | 64,545 | $ | 4,656 | $ | 29,825 | ||||||||||||||||||||||||
Covered assets - OREO (2) (3) | 6,044 | 13,586 | 532 | 1,699 | ||||||||||||||||||||||||||||
OREO (2) | 18,764 | 59,482 | 12,711 | 21,053 | ||||||||||||||||||||||||||||
Total | $ | 70,745 | $ | 137,613 | $ | 17,899 | $ | 52,577 | ||||||||||||||||||||||||
(1)Â | Represents the fair value of loans adjusted to the appraised value of the collateral with a write-down in fair value or change in specific reserves during the respective period. These fair value adjustments are recognized as part of the provision for loan losses charged to earnings. | |||||||||||||||||||||||||||||||
(2)Â | Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed real estate expense in the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||
(3)Â | The 20% portion of any covered asset OREO write-down not reimbursed by the FDIC is recorded as net foreclosed real estate expense. | |||||||||||||||||||||||||||||||
Quantitative Information Regarding Level 3 Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
Quantitative Information Regarding Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Financial Instrument: | Fair Value | Valuation Technique(s) | Unobservable | Range | Weighted | |||||||||||||||||||||||||||
of Assets / | Input | Average | ||||||||||||||||||||||||||||||
(Liabilities) at | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Watch list derivatives | $ | 414 | Discounted cash flow | Loss factors | 6.7% to 16.6% | 14.3 | % | |||||||||||||||||||||||||
Risk participation agreements | (64 | ) | (1)Â | Discounted cash flow | Loss factors | 0.7% to 16.6% | 10.3 | % | ||||||||||||||||||||||||
Collateral-dependent impaired loans | 45,937 | Sales comparison, | Property specific | -1.2% to -68.7% | 16.6 | % | (2)  | |||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
OREO | $ | 18,764 | Sales comparison, | Property specific | 3.1% to -60.1% | 15.7 | % | (2)Â Â | ||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
(1)Â | Represents fair value of underlying swap. | |||||||||||||||||||||||||||||||
(2)Â | Weighted average is calculated based on assets with a property specific adjustment. | |||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 133,518 | $ | 133,518 | $ | 133,518 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 306,544 | — | 306,544 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 26,816 | 26,816 | — | 26,816 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,602,476 | 1,602,476 | 142,575 | 1,459,901 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 921,436 | 896,908 | — | 896,908 | — | |||||||||||||||||||||||||||
FHLB stock | 30,005 | 30,005 | — | 30,005 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 10,500,912 | 10,484,250 | — | — | 10,484,250 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 96,235 | 113,593 | — | — | 113,593 | |||||||||||||||||||||||||||
Accrued interest receivable | 37,004 | 37,004 | — | — | 37,004 | |||||||||||||||||||||||||||
Investment in BOLI | 53,865 | 53,865 | — | — | 53,865 | |||||||||||||||||||||||||||
Derivative assets | 48,422 | 48,422 | — | 47,994 | 428 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,013,641 | $ | 12,024,079 | $ | — | $ | 9,443,094 | $ | 2,580,985 | ||||||||||||||||||||||
Short-term borrowings | 8,400 | 8,513 | — | 2,060 | 6,453 | |||||||||||||||||||||||||||
Long-term debt | 627,793 | 598,260 | 267,360 | 256,825 | 74,075 | |||||||||||||||||||||||||||
Accrued interest payable | 6,326 | 6,326 | — | — | 6,326 | |||||||||||||||||||||||||||
Derivative liabilities | 48,890 | 48,890 | — | 48,812 | 78 | |||||||||||||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 234,308 | $ | 234,308 | $ | 234,308 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 707,143 | 707,143 | — | 707,143 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 49,696 | 49,696 | — | 49,696 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,451,160 | 1,451,160 | 115,262 | 1,335,898 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 863,727 | 886,774 | — | 886,774 | — | |||||||||||||||||||||||||||
FHLB stock | 43,387 | 43,387 | — | 43,387 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 9,978,565 | 9,935,830 | — | — | 9,935,830 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 170,205 | 194,339 | — | — | 194,339 | |||||||||||||||||||||||||||
Accrued interest receivable | 34,832 | 34,832 | — | — | 34,832 | |||||||||||||||||||||||||||
Investment in BOLI | 52,513 | 52,513 | — | — | 52,513 | |||||||||||||||||||||||||||
Derivative assets | 99,261 | 99,261 | — | 98,238 | 1,023 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,173,634 | $ | 12,188,739 | $ | — | $ | 9,660,550 | $ | 2,528,189 | ||||||||||||||||||||||
Short-term borrowings | 5,000 | 5,107 | — | 5,107 | — | |||||||||||||||||||||||||||
Long-term debt | 499,793 | 505,460 | 274,023 | 11,495 | 219,942 | |||||||||||||||||||||||||||
Accrued interest payable | 7,141 | 7,141 | — | — | 7,141 | |||||||||||||||||||||||||||
Derivatives liabilities | 93,276 | 93,276 | — | 93,216 | 60 | |||||||||||||||||||||||||||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Operating Segments Performance | ' | |||||||||||||||
Operating Segments Performance | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Year Ended December 31, | Banking | Trust and Investments | Holding Company | Consolidated | ||||||||||||
and Other | ||||||||||||||||
Adjustments (1) | ||||||||||||||||
2013 | ||||||||||||||||
Net interest income (loss) | $ | 446,556 | $ | 3,326 | $ | (28,819 | ) | $ | 421,063 | |||||||
Provision for loan and covered loan losses | 31,796 | — | — | 31,796 | ||||||||||||
Non-interest income | 95,344 | 18,387 | 259 | 113,990 | ||||||||||||
Non-interest expense | 271,911 | 17,832 | 13,571 | 303,314 | ||||||||||||
Income (loss) before income taxes | 238,193 | 3,881 | (42,131 | ) | 199,943 | |||||||||||
Income tax provision (benefit) | 91,402 | 1,532 | (15,940 | ) | 76,994 | |||||||||||
Net income (loss) | $ | 146,791 | $ | 2,349 | $ | (26,191 | ) | $ | 122,949 | |||||||
Assets | $ | 12,465,063 | $ | — | $ | 1,620,683 | $ | 14,085,746 | ||||||||
Total loans | 10,644,021 | — | — | 10,644,021 | ||||||||||||
Deposits | 12,069,583 | — | (55,942 | ) | 12,013,641 | |||||||||||
2012 | ||||||||||||||||
Net interest income (loss) | $ | 438,406 | $ | 3,067 | $ | (21,540 | ) | $ | 419,933 | |||||||
Provision for loan and covered loan losses | 71,425 | — | — | 71,425 | ||||||||||||
Non-interest income | 93,943 | 17,018 | 80 | 111,041 | ||||||||||||
Non-interest expense | 285,272 | 17,386 | 24,474 | 327,132 | ||||||||||||
Income (loss) before income taxes | 175,652 | 2,699 | (45,934 | ) | 132,417 | |||||||||||
Income tax provision (benefit) | 67,578 | 1,064 | (14,121 | ) | 54,521 | |||||||||||
Net income (loss) | $ | 108,074 | $ | 1,635 | $ | (31,813 | ) | $ | 77,896 | |||||||
Assets | $ | 12,552,897 | $ | — | $ | 1,504,618 | $ | 14,057,515 | ||||||||
Total loans | 10,139,982 | — | — | 10,139,982 | ||||||||||||
Deposits | 12,251,614 | — | (77,980 | ) | 12,173,634 | |||||||||||
2011 | ||||||||||||||||
Net interest income (loss) | $ | 423,657 | $ | 2,466 | $ | (18,996 | ) | $ | 407,127 | |||||||
Provision for loan and covered loan losses | 132,897 | — | — | 132,897 | ||||||||||||
Non-interest income | 79,990 | 18,130 | 127 | 98,247 | ||||||||||||
Non-interest expense | 258,578 | 19,203 | 24,496 | 302,277 | ||||||||||||
Income (loss) before income taxes | 112,172 | 1,393 | (43,365 | ) | 70,200 | |||||||||||
Income tax provision (benefit) | 40,263 | 555 | (15,158 | ) | 25,660 | |||||||||||
Net income (loss) | 71,909 | 838 | (28,207 | ) | 44,540 | |||||||||||
Noncontrolling interest expense | — | 170 | — | 170 | ||||||||||||
Net income (loss) attributable to controlling interests | $ | 71,909 | $ | 668 | $ | (28,207 | ) | $ | 44,370 | |||||||
Assets | $ | 11,034,516 | $ | — | $ | 1,382,354 | $ | 12,416,870 | ||||||||
Total loans | 9,008,561 | — | — | 9,008,561 | ||||||||||||
Deposits | 10,542,517 | — | (149,663 | ) | 10,392,854 | |||||||||||
(1)Â | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE_INTEREST_ENTITIES_Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of Nonconsolidated Variable Interest Entities | ' | |||||||||||||||
Nonconsolidated VIEs | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||
to Loss | to Loss | |||||||||||||||
Trust preferred capital securities issuances | $ | 244,793 | $ | — | $ | 244,793 | $ | — | ||||||||
Community reinvestment investments | 3,121 | 3,371 | 2,483 | 2,733 | ||||||||||||
TDRs to commercial clients (1): | ||||||||||||||||
Outstanding loan balance | 43,481 | 48,975 | 113,031 | 131,724 | ||||||||||||
Related derivative asset | — | — | 37 | 37 | ||||||||||||
Total | $ | 291,395 | $ | 52,346 | $ | 360,344 | $ | 134,494 | ||||||||
(1)Â | Excludes personal loans and loans to non-for-profit entities. |
Condensed_Parent_Company_Finan1
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Statements Of Financial Condition | ' | |||||||||||
Statements of Financial Condition | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Cash and interest-bearing deposits | $ | 55,942 | $ | 77,980 | ||||||||
Investment in and advances to subsidiaries | 1,591,778 | 1,474,317 | ||||||||||
Other assets | 28,904 | 30,301 | ||||||||||
Total assets | $ | 1,676,624 | $ | 1,582,598 | ||||||||
Liabilities and Equity | ||||||||||||
Long-term debt | $ | 369,793 | $ | 369,793 | ||||||||
Accrued expenses and other liabilities | 4,927 | 5,639 | ||||||||||
Equity | 1,301,904 | 1,207,166 | ||||||||||
Total liabilities and equity | $ | 1,676,624 | $ | 1,582,598 | ||||||||
Statements Of Income | ' | |||||||||||
Statements of Income | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income | ||||||||||||
Interest income | $ | 3 | $ | 11 | $ | 19 | ||||||
Securities transactions and other income | 259 | 80 | 125 | |||||||||
Total income | 262 | 91 | 144 | |||||||||
Expenses | ||||||||||||
Interest expense | 25,493 | 18,471 | 16,532 | |||||||||
Salaries and employee benefits | 8,235 | 19,721 | 18,081 | |||||||||
Other expenses | 5,336 | 4,754 | 6,415 | |||||||||
Total expenses | 39,064 | 42,946 | 41,028 | |||||||||
Loss before income taxes and equity in undistributed income of subsidiaries | (38,802 | ) | (42,855 | ) | (40,884 | ) | ||||||
Income tax benefit | 14,627 | 12,908 | 14,169 | |||||||||
Loss before undistributed income of subsidiaries | (24,175 | ) | (29,947 | ) | (26,715 | ) | ||||||
Equity in undistributed income of subsidiaries | 147,124 | 107,843 | 71,255 | |||||||||
Net income | 122,949 | 77,896 | 44,540 | |||||||||
Net income attributable to noncontrolling interests | — | — | 170 | |||||||||
Net income attributable to controlling interests | 122,949 | 77,896 | 44,370 | |||||||||
Preferred stock dividend | — | 13,368 | 13,690 | |||||||||
Net income available to common stockholders | $ | 122,949 | $ | 64,528 | $ | 30,680 | ||||||
Statements Of Cash Flows | ' | |||||||||||
Statements of Cash Flows | ||||||||||||
(Parent Company only) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Operating Activities | ||||||||||||
Net income | $ | 122,949 | $ | 77,896 | $ | 44,540 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Equity in undistributed income from subsidiaries | (147,124 | ) | (107,843 | ) | (71,255 | ) | ||||||
Share-based compensation expense | 4,366 | 16,453 | 15,756 | |||||||||
Depreciation of premises, furniture and equipment | 139 | 259 | 306 | |||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | (425 | ) | (118 | ) | (143 | ) | ||||||
Net decrease (increase) in other assets | 1,011 | 5,574 | (8,652 | ) | ||||||||
Net (decrease) increase in other liabilities | (714 | ) | 661 | (746 | ) | |||||||
Net cash used in operating activities | (19,798 | ) | (7,118 | ) | (20,194 | ) | ||||||
Investing Activities | ||||||||||||
Net capital investments in bank subsidiaries | — | — | — | |||||||||
Net cash used in investing activities | — | — | — | |||||||||
Financing Activities | ||||||||||||
Proceeds from the issuance of long-term debt | — | 125,000 | — | |||||||||
Payments for the redemption of preferred stock | — | (243,815 | ) | — | ||||||||
Payments for the redemption of common stock warrant | — | (1,225 | ) | — | ||||||||
Net proceeds from the issuance of common stock | — | 70,657 | 31 | |||||||||
Stock repurchased in connection with benefit plans | (2,522 | ) | (2,696 | ) | (1,400 | ) | ||||||
Cash dividends paid | (3,119 | ) | (13,082 | ) | (15,128 | ) | ||||||
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 2,976 | 479 | 1,139 | |||||||||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 425 | 118 | 143 | |||||||||
Net cash used in financing activities | (2,240 | ) | (64,564 | ) | (15,215 | ) | ||||||
Net decrease in cash and cash equivalents | (22,038 | ) | (71,682 | ) | (35,409 | ) | ||||||
Cash and cash equivalents at beginning of year | 77,980 | 149,662 | 185,071 | |||||||||
Cash and cash equivalents at end of year | $ | 55,942 | $ | 77,980 | $ | 149,662 | ||||||
Quarterly_Earnings_Performance1
Quarterly Earnings Performance (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||||||||||||||
Quarterly Earnings Performance (1)Â | ||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Interest income | $ | 125,620 | $ | 123,577 | $ | 121,632 | $ | 121,409 | $ | 123,192 | $ | 122,028 | $ | 121,465 | $ | 120,351 | ||||||||||||||||
Interest expense | 17,164 | 17,742 | 17,900 | 18,369 | 18,389 | 16,620 | 16,119 | 15,975 | ||||||||||||||||||||||||
Net interest income | 108,456 | 105,835 | 103,732 | 103,040 | 104,803 | 105,408 | 105,346 | 104,376 | ||||||||||||||||||||||||
Provision for loan and covered loan losses | 4,476 | 8,120 | 8,843 | 10,357 | 13,177 | 13,509 | 17,038 | 27,701 | ||||||||||||||||||||||||
Fee revenue | 26,461 | 27,655 | 28,873 | 29,827 | 29,263 | 28,048 | 26,536 | 27,399 | ||||||||||||||||||||||||
Net securities gains (losses) | 279 | 118 | 136 | 641 | 191 | (211 | ) | (290 | ) | 105 | ||||||||||||||||||||||
Non-interest expense | 75,827 | 71,269 | 77,255 | 78,963 | 81,315 | 81,730 | 83,858 | 80,229 | ||||||||||||||||||||||||
Income before income taxes | 54,893 | 54,219 | 46,643 | 44,188 | 39,765 | 38,006 | 30,696 | 23,950 | ||||||||||||||||||||||||
Income tax provision | 21,187 | 21,161 | 17,728 | 16,918 | 16,682 | 14,952 | 13,192 | 9,695 | ||||||||||||||||||||||||
Net income | 33,706 | 33,058 | 28,915 | 27,270 | 23,083 | 23,054 | 17,504 | 14,255 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net income attributable to controlling interests | 33,706 | 33,058 | 28,915 | 27,270 | 23,083 | 23,054 | 17,504 | 14,255 | ||||||||||||||||||||||||
Preferred stock dividends and discount accretion | — | — | — | — | 3,043 | 3,447 | 3,442 | 3,436 | ||||||||||||||||||||||||
Net income available to common stockholders | $ | 33,706 | $ | 33,058 | $ | 28,915 | $ | 27,270 | $ | 20,040 | $ | 19,607 | $ | 14,062 | $ | 10,819 | ||||||||||||||||
Basic earnings per share | $ | 0.43 | $ | 0.42 | $ | 0.37 | $ | 0.35 | $ | 0.26 | $ | 0.27 | $ | 0.19 | $ | 0.15 | ||||||||||||||||
Diluted earnings per share | $ | 0.43 | $ | 0.42 | $ | 0.37 | $ | 0.35 | $ | 0.26 | $ | 0.27 | $ | 0.19 | $ | 0.15 | ||||||||||||||||
Return on average common equity | 10.28 | % | 10.43 | % | 9.28 | % | 9.01 | % | 6.64 | % | 7 | % | 5.18 | % | 4.05 | % | ||||||||||||||||
Return on average assets | 0.96 | % | 0.96 | % | 0.86 | % | 0.81 | % | 0.67 | % | 0.7 | % | 0.55 | % | 0.46 | % | ||||||||||||||||
Net interest margin – tax-equivalent | 3.18 | % | 3.18 | % | 3.22 | % | 3.19 | % | 3.16 | % | 3.35 | % | 3.46 | % | 3.53 | % | ||||||||||||||||
(1)Â | All ratios are presented on an annualized basis. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
accountingpolicy [Line Items] | ' |
Minimum Limit For Impaired Loans Collateral Annual Appraisal | 500,000 |
Maximim Limit for Impaired Loans Evaluated as Pools Using Historical Loss Experience | 500,000 |
Collateral-Dependent Impaired Loans [Member] | ' |
accountingpolicy [Line Items] | ' |
Impaired loans updated for appraisal in excess | 500,000 |
Minimum [Member] | ' |
accountingpolicy [Line Items] | ' |
Loss Rates, Allowance Methodology, Loss Experience by Product, Period | '12 months |
Intangible assets amortized estimated useful lives | '8 years |
Maximum [Member] | ' |
accountingpolicy [Line Items] | ' |
Loss Rates, Allowance Methodology, Loss Experience by Product, Period | '18 months |
Intangible assets amortized estimated useful lives | '12 years |
Building [Member] | Minimum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Building [Member] | Maximum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '1 year |
Leasehold Improvements [Member] | Maximum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '16 years |
Equipment [Member] | Minimum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Equipment [Member] | Maximum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '7 years |
Software [Member] | Minimum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Software [Member] | Maximum [Member] | ' |
accountingpolicy [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Securities_Securities_Portfoli
Securities (Securities Portfolio) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | $1,581,191 | $1,382,012 |
Securities Available-for-Sale, Gross Unrealized Gains | 36,610 | 69,326 |
Securities Available-for-Sale, Gross Unrealized Losses | -15,325 | -178 |
Available-for-sale Securities | 1,602,476 | 1,451,160 |
Securities held-to-maturity, Carrying Amount | 921,436 | 863,727 |
Securities Held-to-Maturity, Gross Unrealized Gains | 649 | 23,213 |
Securities Held-to-Maturity, Gross Unrealized Losses | -25,177 | -166 |
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 |
U.S. Treasury Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 145,716 | 114,252 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 1,050 |
Securities Available-for-Sale, Gross Unrealized Losses | -3,141 | -40 |
Available-for-sale Securities | 142,575 | 115,262 |
U.S. Agencies Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 47,409 | 0 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | -1,881 | 0 |
Available-for-sale Securities | 45,528 | 0 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 169,775 | 229,895 |
Securities Available-for-Sale, Gross Unrealized Gains | 6,356 | 11,155 |
Securities Available-for-Sale, Gross Unrealized Losses | -15 | -16 |
Available-for-sale Securities | 176,116 | 241,034 |
Securities held-to-maturity, Carrying Amount | 67,335 | 74,164 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 480 |
Securities Held-to-Maturity, Gross Unrealized Losses | -3,263 | 0 |
Held-to-maturity Securities, Fair Value | 64,072 | 74,644 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 946,656 | 823,191 |
Securities Available-for-Sale, Gross Unrealized Gains | 23,627 | 45,131 |
Securities Available-for-Sale, Gross Unrealized Losses | -7,176 | 0 |
Available-for-sale Securities | 963,107 | 868,322 |
Securities held-to-maturity, Carrying Amount | 688,410 | 703,419 |
Securities Held-to-Maturity, Gross Unrealized Gains | 637 | 22,058 |
Securities Held-to-Maturity, Gross Unrealized Losses | -15,274 | -29 |
Held-to-maturity Securities, Fair Value | 673,773 | 725,448 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities held-to-maturity, Carrying Amount | 164,607 | 85,680 |
Securities Held-to-Maturity, Gross Unrealized Gains | 6 | 670 |
Securities Held-to-Maturity, Gross Unrealized Losses | -6,640 | -137 |
Held-to-maturity Securities, Fair Value | 157,973 | 86,213 |
State And Municipal Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 271,135 | 214,174 |
Securities Available-for-Sale, Gross Unrealized Gains | 6,627 | 11,990 |
Securities Available-for-Sale, Gross Unrealized Losses | -3,112 | -122 |
Available-for-sale Securities | 274,650 | 226,042 |
Securities held-to-maturity, Carrying Amount | 1,084 | 464 |
Securities Held-to-Maturity, Gross Unrealized Gains | 6 | 5 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 1,090 | 469 |
Foreign Sovereign Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 500 | 500 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $500 | $500 |
SECURITIES_Securities_Narrativ
SECURITIES Securities (Narrative) (Detail) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Securities Narrative [Abstract] | ' | ' |
Carrying value of securities pledged | $401,400,000 | $455,600,000 |
Securities pledged under agreements subject to be sold or re-pledged by secured parties | 108,100,000 | 144,200,000 |
Investment securities from one issuer that exceeds maximum percentage | 0 | 0 |
Percentage of securities portfolio from one issuer, maximum | 10.00% | 10.00% |
Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value, Total | 38,892,000 | 3,271,000 |
Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | 2,632,000 | 27,000 |
Other than Temporary Impairment Losses, Investments | $0 | $0 |
Securities_Securities_In_Unrea
Securities (Securities In Unrealized Loss Position) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $572,611 | $48,460 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -15,025 | -151 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 10,325 | 3,271 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -300 | -27 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 582,936 | 51,731 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -15,325 | -178 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 743,503 | 39,349 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -22,845 | -166 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 28,567 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -2,332 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 772,070 | 39,349 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -25,177 | -166 |
U.S. Treasury Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 142,575 | 27,359 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -3,141 | -40 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 142,575 | 27,359 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -3,141 | -40 |
U.S. Agencies Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 45,528 | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -1,881 | ' |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 0 | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 45,528 | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -1,881 | 0 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 3,409 | 6,181 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -15 | -11 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 0 | 2,111 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | -5 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 3,409 | 8,292 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -15 | -16 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 64,072 | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -3,263 | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | 0 | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 64,072 | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -3,263 | 0 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 276,657 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -7,176 | 0 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 276,657 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -7,176 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 556,410 | 3,912 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -14,908 | -29 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 3,327 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -366 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 559,737 | 3,912 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -15,274 | -29 |
State And Municipal Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 104,442 | 14,920 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -2,812 | -100 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 10,325 | 1,160 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -300 | -22 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 114,767 | 16,080 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | -3,112 | -122 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 123,021 | 35,437 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -4,674 | -137 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 25,240 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -1,966 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 148,261 | 35,437 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | ($6,640) | ($137) |
Securities_Remaining_Contractu
Securities (Remaining Contractual Maturity Of Securities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Available-for-Sale Securities, Amortized Cost | $1,581,191 | ' |
Available-for-sale Securities | 1,602,476 | 1,451,160 |
Securities held-to-maturity, Carrying Amount | 921,436 | 863,727 |
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 |
US Treasury and Government, US States and Political Subdivisions Debt, and Foreign Government Debt Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-For Sale Securities, One year or less, Amortized Cost | 4,129 | ' |
Available-For Sale Securities, One year to five years, Amortized Cost | 224,651 | ' |
Available-For Sale Securities, Five years to ten years, Amortized Cost | 231,837 | ' |
Available-For Sale Securities, After ten years, Amortized Cost | 4,143 | ' |
Available-For Sale Securities, One year or less, Fair Value | 4,220 | ' |
Available-For Sale Securities, One year to five years, Fair Value | 225,818 | ' |
Available-For Sale Securities, Five years to ten years, Fair Value | 228,967 | ' |
Available-For Sale Securities, After ten years, Fair value | 4,248 | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 794 | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 290 | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 0 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 0 | ' |
Held-To-Maturity Securities, One year or less, Fair Value | 795 | ' |
Held-To-Maturity Securities, One year to five years, Fair Value | 295 | ' |
Held-To-Maturity Securities, five years to ten years, Fair Value | 0 | ' |
Held-To-Maturity Securities, after ten years, Fair Value | 0 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 169,775 | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 176,116 | ' |
Available-for-sale Securities | 176,116 | 241,034 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 67,335 | ' |
Securities held-to-maturity, Carrying Amount | 67,335 | 74,164 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 64,072 | ' |
Held-to-maturity Securities, Fair Value | 64,072 | 74,644 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 946,656 | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 963,107 | ' |
Available-for-sale Securities | 963,107 | 868,322 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 688,410 | ' |
Securities held-to-maturity, Carrying Amount | 688,410 | 703,419 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 673,773 | ' |
Held-to-maturity Securities, Fair Value | 673,773 | 725,448 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 0 | ' |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 0 | ' |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 164,607 | ' |
Securities held-to-maturity, Carrying Amount | 164,607 | 85,680 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 157,973 | ' |
Held-to-maturity Securities, Fair Value | $157,973 | $86,213 |
Securities_Securities_Gains_Lo
Securities (Securities Gains (Losses) (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ||
Proceeds from sales | $114,740,000 | $20,905,000 | $295,870,000 | ||
Gross realized gains | 1,178,000 | 573,000 | 6,300,000 | ||
Gross realized losses | -4,000 | -778,000 | -529,000 | ||
Net realized gains (losses) | 1,174,000 | -205,000 | [1] | 5,771,000 | [1] |
Income tax provision (benefit) on net realized gains (losses) | 463,000 | -81,000 | 2,295,000 | ||
Community Reinvestment Investments [Member] | ' | ' | ' | ||
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ||
Nonmarketable Equity Investments Net Realized Losses | ' | ($520,000) | ($41,000) | ||
[1] | Includes net losses of $520,000, and $41,000 in 2012 and 2011, respectively, associated with certain investment funds that make qualifying investments for purposes of supporting our community reinvestment initiatives in accordance with the Community Reinvestment Act ("CRA" investments). These investments are classified in other assets in the Consolidated Statements of Financial Condition. Effective in fourth quarter 2012, net losses from these investments are recorded in other non-interest expense in the Consolidated Statements of Income. |
Loans_Schedule_Of_Loan_Portfol
Loans (Schedule Of Loan Portfolio Excluding Covered Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | ' | ' | ' |
Commercial and industrial | $5,457,574 | $4,901,210 | ' |
Commercial - owner-occupied commercial real estate | 1,674,260 | 1,595,574 | ' |
Total Commercial | 7,131,834 | 6,496,784 | ' |
Commercial real estate | 1,987,307 | 2,132,063 | ' |
Commercial real estate - multi-family | 513,194 | 543,622 | ' |
Total Commercial real estate | 2,500,501 | 2,675,685 | ' |
Total Construction | 293,387 | 190,496 | ' |
Total Residential real estate | 341,868 | 373,580 | ' |
Total Home Equity | 149,732 | 167,760 | ' |
Total Personal | 226,699 | 235,677 | ' |
Total loans | 10,644,021 | 10,139,982 | 9,008,561 |
Deferred loan fees, net of costs, included as a reduction in total loans | 37,063 | 39,656 | ' |
Overdrawn demand deposits included in total loans | $2,772 | $3,091 | ' |
Loans_Schedule_Of_Carrying_Val
Loans (Schedule Of Carrying Value Of Loans Pledged) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
loans pledged to secure outstanding borrowings or availability: | ' | ' | ||
FRB discount window borrowings | $710,269 | [1] | $808,243 | [1] |
FHLB advances | 1,337,552 | 2,068,172 | ||
Total | $2,047,821 | $2,876,415 | ||
[1] | No borrowings were outstanding at DecemberB 31, 2013 or 2012. |
Loans_Narrative_Detail
Loans (Narrative) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans [Line Items] | ' | ' |
Minimum percentage owners of stock | 10.00% | 10.00% |
Related party loans total | $14,200,000 | $15,500,000 |
Loans and leases receivable, impaired, commitment to lend | 5,500,000 | 16,300,000 |
Specific reserves on nonaccrual troubled debt restructurings | 8,600,000 | 23,300,000 |
Specific Reserves On Accruing Troubled Debt Restructurings | $37,000 | $40,000 |
Maximum [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 8 | ' |
Minimum [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 1 | ' |
Pass [Member] | Minimum [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 1 | ' |
Loan Rated Five [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 5 | ' |
Special Mention [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 6 | ' |
Potential Problem And Nonperforming [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 7 | ' |
Nonperforming Financing Receivable [Member] | Maximum [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 8 | ' |
Nonperforming Financing Receivable [Member] | Minimum [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans receivable risk rating | 7 | ' |
Loans_Schedule_Of_Loan_Portfol1
Loans (Schedule Of Loan Portfolio Aging Excluding Covered Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | $10,540,913 | $9,982,732 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 7,854 | 11,365 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 1,016 | 7,105 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 10,549,783 | 10,001,202 | ' |
Loan Portfolio Aging, Nonaccrual | 94,238 | 138,780 | ' |
Total Commercial | 7,131,834 | 6,496,784 | ' |
Total Commercial real estate | 2,500,501 | 2,675,685 | ' |
Total Construction | 293,387 | 190,496 | ' |
Total Residential real estate | 341,868 | 373,580 | ' |
Total Home Equity | 149,732 | 167,760 | ' |
Total Personal | 226,699 | 235,677 | ' |
Total loans | 10,644,021 | 10,139,982 | 9,008,561 |
Commercial Loan [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 7,106,900 | 6,451,311 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 2 | 2,195 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 153 | 1,365 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 7,107,055 | 6,454,871 | ' |
Loan Portfolio Aging, Nonaccrual | 24,779 | 41,913 | ' |
Total loans | 7,131,834 | 6,496,784 | 5,323,774 |
Commercial Real Estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 2,447,441 | 2,597,780 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 5,946 | 4,073 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 161 | 5,278 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 2,453,548 | 2,607,131 | ' |
Loan Portfolio Aging, Nonaccrual | 46,953 | 68,554 | ' |
Total loans | 2,500,501 | 2,675,685 | 2,686,446 |
Construction Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 293,387 | 189,939 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 0 | 0 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 0 | 0 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 293,387 | 189,939 | ' |
Loan Portfolio Aging, Nonaccrual | 0 | 557 | ' |
Total loans | 293,387 | 190,496 | 287,002 |
Residential Real Estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 330,922 | 359,096 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 674 | 3,260 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 296 | 0 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 331,892 | 362,356 | ' |
Loan Portfolio Aging, Nonaccrual | 9,976 | 11,224 | ' |
Total loans | 341,868 | 373,580 | 297,229 |
Home Equity [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 136,341 | 153,754 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 1,108 | 1,835 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 404 | 461 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 137,853 | 156,050 | ' |
Loan Portfolio Aging, Nonaccrual | 11,879 | 11,710 | ' |
Total loans | 149,732 | 167,760 | 181,158 |
Personal [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 225,922 | 230,852 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 124 | 2 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 2 | 1 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 226,048 | 230,855 | ' |
Loan Portfolio Aging, Nonaccrual | 651 | 4,822 | ' |
Total loans | $226,699 | $235,677 | $232,952 |
Loans_Schedule_Of_Impaired_Loa
Loans (Schedule Of Impaired Loans Excluding Covered Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | ||||||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | $131,950 | $227,661 | ' | |||
Recorded Investment With No Specific Reserve | 45,536 | 78,037 | ' | |||
Recorded Investment With Specific Reserve | 68,878 | 121,723 | ' | |||
Total Recorded Investment | 114,414 | [1] | 199,760 | [1] | 360,761 | [1] |
Specific Reserve | 22,377 | [1] | 43,390 | [1] | 69,944 | [1] |
Commercial Loan [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 44,471 | 100,573 | ' | |||
Recorded Investment With No Specific Reserve | 30,039 | 46,243 | ' | |||
Recorded Investment With Specific Reserve | 11,774 | 39,937 | ' | |||
Total Recorded Investment | 41,813 | [1] | 86,180 | [1] | 108,527 | [1] |
Specific Reserve | 4,895 | [1] | 13,259 | [1] | 14,163 | [1] |
Commercial Real Estate [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 61,112 | 93,651 | ' | |||
Recorded Investment With No Specific Reserve | 10,301 | 26,653 | ' | |||
Recorded Investment With Specific Reserve | 38,203 | 56,659 | ' | |||
Total Recorded Investment | 48,504 | [1] | 83,312 | [1] | 174,605 | [1] |
Specific Reserve | 12,536 | [1] | 20,450 | [1] | 38,905 | [1] |
Construction [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 0 | 1,184 | ' | |||
Recorded Investment With No Specific Reserve | 0 | 0 | ' | |||
Recorded Investment With Specific Reserve | 0 | 557 | ' | |||
Total Recorded Investment | 0 | [1] | 557 | [1] | 21,879 | [1] |
Specific Reserve | 0 | [1] | 117 | [1] | 5,202 | [1] |
Residential Real Estate [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 11,823 | 12,121 | ' | |||
Recorded Investment With No Specific Reserve | 2,629 | 3,107 | ' | |||
Recorded Investment With Specific Reserve | 7,347 | 8,582 | ' | |||
Total Recorded Investment | 9,976 | [1] | 11,689 | [1] | 17,827 | [1] |
Specific Reserve | 2,412 | [1] | 3,996 | [1] | 976 | [1] |
Home Equity [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 13,893 | 14,888 | ' | |||
Recorded Investment With No Specific Reserve | 2,567 | 2,034 | ' | |||
Recorded Investment With Specific Reserve | 10,903 | 11,166 | ' | |||
Total Recorded Investment | 13,470 | [1] | 13,200 | [1] | 11,603 | [1] |
Specific Reserve | 2,386 | [1] | 2,797 | [1] | 1,272 | [1] |
Personal [Member] | ' | ' | ' | |||
Loans [Line Items] | ' | ' | ' | |||
Unpaid Contractual Principal Balance | 651 | 5,244 | ' | |||
Recorded Investment With No Specific Reserve | 0 | 0 | ' | |||
Recorded Investment With Specific Reserve | 651 | 4,822 | ' | |||
Total Recorded Investment | 651 | [1] | 4,822 | [1] | 26,320 | [1] |
Specific Reserve | $148 | [1] | $2,771 | [1] | $9,426 | [1] |
[1] | Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Loans_Average_Recorded_Investm
Loans (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | $165,740 | [1] | $307,766 | [1] |
Interest Income Recognized | 2,816 | [1] | 6,381 | [1] |
Commercial [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 72,050 | [1] | 118,683 | [1] |
Interest Income Recognized | 2,265 | [1] | 4,549 | [1] |
Commercial Real Estate [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 64,887 | [1] | 145,997 | [1] |
Interest Income Recognized | 428 | [1] | 1,458 | [1] |
Construction [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 0 | [1] | 2,121 | [1] |
Interest Income Recognized | 0 | [1] | 0 | [1] |
Residential Real Estate [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 11,354 | [1] | 14,094 | [1] |
Interest Income Recognized | 3 | [1] | 145 | [1] |
Home Equity [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 14,665 | [1] | 13,171 | [1] |
Interest Income Recognized | 120 | [1] | 110 | [1] |
Personal [Member] | ' | ' | ||
Loans [Line Items] | ' | ' | ||
Average Recorded Investment | 2,784 | [1] | 13,700 | [1] |
Interest Income Recognized | $0 | [1] | $119 | [1] |
[1] | Represents amounts while classified as impaired for the periods presented. |
Loans_Schedule_Of_Credit_Quali
Loans (Schedule Of Credit Quality Indicators Excluding Covered Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Special Mention Loans | $71,257 | $96,794 | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.70% | 1.00% | ' |
Potential Problem Loans | 101,772 | 107,876 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 1.00% | 1.10% | ' |
Non-Performing Loans | 94,238 | 138,780 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 0.90% | 1.40% | ' |
Total Commercial | 7,131,834 | 6,496,784 | ' |
Total Commercial real estate | 2,500,501 | 2,675,685 | ' |
Total Construction | 293,387 | 190,496 | ' |
Total Residential real estate | 341,868 | 373,580 | ' |
Total Home Equity | 149,732 | 167,760 | ' |
Total Personal | 226,699 | 235,677 | ' |
Total loans | 10,644,021 | 10,139,982 | 9,008,561 |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.90% | 1.10% | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 1.20% | 0.60% | ' |
Non-Performing Loans | 24,779 | 41,913 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 0.30% | 0.60% | ' |
Total loans | 7,131,834 | 6,496,784 | 5,323,774 |
Commercial [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 62,272 | 72,651 | ' |
Commercial [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 87,391 | 40,495 | ' |
Commercial [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 24,779 | 41,913 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | ' | 0.80% | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.20% | 1.80% | ' |
Non-Performing Loans | 46,953 | 68,554 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 1.90% | 2.60% | ' |
Total loans | 2,500,501 | 2,675,685 | 2,686,446 |
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 1,016 | 21,209 | ' |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 4,489 | 48,897 | ' |
Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 46,953 | 68,554 | ' |
Construction Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.00% | 0.00% | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.00% | 0.00% | ' |
Non-Performing Loans | 0 | 557 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 0.00% | 0.30% | ' |
Total loans | 293,387 | 190,496 | 287,002 |
Construction Loans [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 0 | 0 | ' |
Construction Loans [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 0 | 0 | ' |
Construction Loans [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 0 | 557 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 1.40% | 0.60% | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 2.10% | 3.70% | ' |
Non-Performing Loans | 9,976 | 11,224 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 2.90% | 3.00% | ' |
Total loans | 341,868 | 373,580 | 297,229 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 4,898 | 2,364 | ' |
Residential Real Estate [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 7,177 | 13,844 | ' |
Residential Real Estate [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 9,976 | 11,224 | ' |
Home Equity [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 1.90% | 0.30% | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 1.70% | 2.60% | ' |
Non-Performing Loans | 11,879 | 11,710 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 7.90% | 7.00% | ' |
Total loans | 149,732 | 167,760 | 181,158 |
Home Equity [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 2,884 | 562 | ' |
Home Equity [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 2,538 | 4,351 | ' |
Home Equity [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 11,879 | 11,710 | ' |
Personal [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.10% | ' | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.10% | 0.10% | ' |
Non-Performing Loans | 651 | 4,822 | ' |
Percentage of Non-performing Loans to Portfolio Loan Type Total | 0.30% | 2.00% | ' |
Total loans | 226,699 | 235,677 | 232,952 |
Personal [Member] | Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 187 | 8 | ' |
Personal [Member] | Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | 177 | 289 | ' |
Personal [Member] | Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Financing Receivable, Net | $651 | $4,822 | ' |
Loans_Troubled_Debt_Restructur
Loans (Troubled Debt Restructured Loans Outstanding) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accruing Interest [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | $20,176 | $60,980 |
Accruing Interest [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 17,034 | 44,267 |
Accruing Interest [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 1,551 | 14,758 |
Accruing Interest [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 0 | 465 |
Accruing Interest [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 1,591 | 1,490 |
Accruing Interest [Member] | Personal [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 0 | 0 |
Nonaccrual [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 32,182 | 64,792 |
Nonaccrual [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 6,188 | 25,200 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 19,309 | 29,426 |
Nonaccrual [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 2,239 | 2,867 |
Nonaccrual [Member] | Home Equity [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | 3,805 | 3,000 |
Nonaccrual [Member] | Personal [Member] | ' | ' |
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' |
Troubled debt restructured loans outstanding | $641 | $4,299 |
Loans_Additions_To_TDR_During_
Loans (Additions To TDR During The Period) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
borrower | borrower | |||
Accruing Interest [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 9 | 17 | ||
Pre-Modification Outstanding Recorded Investment | $8,399 | [1] | $65,530 | [1] |
Post-Modification Outstanding Recorded Investment | 8,399 | [1] | 58,750 | [1] |
Change in recorded investment due to principal paydown at time of modification | 0 | [1] | 980 | [1] |
Change in recorded investment due to charge-offs as part of the multiple note structuring | 0 | [1] | 5,800 | [1] |
Accruing Interest [Member] | Commercial [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 6 | 7 | ||
Pre-Modification Outstanding Recorded Investment | 7,288 | [1] | 52,284 | [1] |
Post-Modification Outstanding Recorded Investment | 7,288 | [1] | 46,334 | [1] |
Accruing Interest [Member] | Commercial [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 6 | [2] | 6 | [2] |
Pre-Modification Outstanding Recorded Investment | 7,288 | [1],[2] | 34,688 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 7,288 | [1],[2] | 34,538 | [1],[2] |
Accruing Interest [Member] | Commercial [Member] | Multiple Note Structuring [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 0 | [3] | 1 | [3] |
Pre-Modification Outstanding Recorded Investment | 0 | [1],[3] | 17,596 | [1],[3] |
Post-Modification Outstanding Recorded Investment | 0 | [1],[3] | 11,796 | [1],[3] |
Accruing Interest [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 2 | 5 | ||
Pre-Modification Outstanding Recorded Investment | 961 | [1] | 10,739 | [1] |
Post-Modification Outstanding Recorded Investment | 961 | [1] | 9,909 | [1] |
Accruing Interest [Member] | Commercial Real Estate [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | [2] | 5 | [2] |
Pre-Modification Outstanding Recorded Investment | 244 | [1],[2] | 10,739 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 244 | [1],[2] | 9,909 | [1],[2] |
Accruing Interest [Member] | Commercial Real Estate [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | [2] | 0 | [2] |
Pre-Modification Outstanding Recorded Investment | 717 | [1],[2] | 0 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 717 | [1],[2] | 0 | [1],[2] |
Accruing Interest [Member] | Residential Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investment | 150 | [1] | 2,382 | [1] |
Post-Modification Outstanding Recorded Investment | 150 | [1] | 2,382 | [1] |
Accruing Interest [Member] | Residential Real Estate [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | [2] | 3 | [2] |
Pre-Modification Outstanding Recorded Investment | 150 | [1],[2] | 2,182 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 150 | [1],[2] | 2,182 | [1],[2] |
Accruing Interest [Member] | Residential Real Estate [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 0 | [4] | 1 | [4] |
Pre-Modification Outstanding Recorded Investment | 0 | [1],[4] | 200 | [1],[4] |
Post-Modification Outstanding Recorded Investment | 0 | [1],[4] | 200 | [1],[4] |
Accruing Interest [Member] | Home Equity [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 0 | [2] | 1 | [2] |
Pre-Modification Outstanding Recorded Investment | 0 | [1],[2] | 125 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 0 | [1],[2] | 125 | [1],[2] |
Nonaccrual [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 35 | 21 | ||
Pre-Modification Outstanding Recorded Investment | 24,392 | [1] | 45,201 | [1] |
Post-Modification Outstanding Recorded Investment | 13,298 | [1] | 44,595 | [1] |
Change in recorded investment due to principal paydown at time of modification | 7,916 | [1] | 606 | [1] |
Change in recorded investment due to charge-offs as part of the multiple note structuring | 3,398 | [1] | 0 | [1] |
Nonaccrual [Member] | Commercial [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 8 | 5 | ||
Pre-Modification Outstanding Recorded Investment | 2,129 | [1] | 23,289 | [1] |
Post-Modification Outstanding Recorded Investment | 2,129 | [1] | 22,789 | [1] |
Nonaccrual [Member] | Commercial [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 2 | [2] | 3 | [2] |
Pre-Modification Outstanding Recorded Investment | 334 | [1],[2] | 5,777 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 334 | [1],[2] | 5,277 | [1],[2] |
Nonaccrual [Member] | Commercial [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 6 | [4] | 2 | [4] |
Pre-Modification Outstanding Recorded Investment | 1,795 | [1],[4] | 17,512 | [1],[4] |
Post-Modification Outstanding Recorded Investment | 1,795 | [1],[4] | 17,512 | [1],[4] |
Nonaccrual [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 11 | 8 | ||
Pre-Modification Outstanding Recorded Investment | 18,859 | [1] | 19,498 | [1] |
Post-Modification Outstanding Recorded Investment | 7,772 | [1] | 19,392 | [1] |
Nonaccrual [Member] | Commercial Real Estate [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | [2] | 6 | [2] |
Pre-Modification Outstanding Recorded Investment | 297 | [1],[2] | 1,173 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 297 | [1],[2] | 1,163 | [1],[2] |
Nonaccrual [Member] | Commercial Real Estate [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 10 | [4] | 2 | [4] |
Pre-Modification Outstanding Recorded Investment | 18,562 | [1],[4] | 18,325 | [1],[4] |
Post-Modification Outstanding Recorded Investment | 7,475 | [1],[4] | 18,229 | [1],[4] |
Nonaccrual [Member] | Residential Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | 4 | ||
Pre-Modification Outstanding Recorded Investment | 342 | [1] | 1,093 | [1] |
Post-Modification Outstanding Recorded Investment | 342 | [1] | 1,093 | [1] |
Nonaccrual [Member] | Residential Real Estate [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 0 | [2] | 2 | [2] |
Pre-Modification Outstanding Recorded Investment | 0 | [1],[2] | 794 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 0 | [1],[2] | 794 | [1],[2] |
Nonaccrual [Member] | Residential Real Estate [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 1 | [4] | 2 | [4] |
Pre-Modification Outstanding Recorded Investment | 342 | [1],[4] | 299 | [1],[4] |
Post-Modification Outstanding Recorded Investment | 342 | [1],[4] | 299 | [1],[4] |
Nonaccrual [Member] | Home Equity [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 13 | 4 | ||
Pre-Modification Outstanding Recorded Investment | 2,584 | [1] | 1,321 | [1] |
Post-Modification Outstanding Recorded Investment | 2,577 | [1] | 1,321 | [1] |
Nonaccrual [Member] | Home Equity [Member] | Extension Of Maturity Date [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 5 | [2] | 2 | [2] |
Pre-Modification Outstanding Recorded Investment | 824 | [1],[2] | 480 | [1],[2] |
Post-Modification Outstanding Recorded Investment | 824 | [1],[2] | 480 | [1],[2] |
Nonaccrual [Member] | Home Equity [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 8 | [4] | 2 | [4] |
Pre-Modification Outstanding Recorded Investment | 1,760 | [1],[4] | 841 | [1],[4] |
Post-Modification Outstanding Recorded Investment | 1,753 | [1],[4] | 841 | [1],[4] |
Nonaccrual [Member] | Personal [Member] | Other Concession [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number of Borrowers | 2 | [4] | 0 | [4] |
Pre-Modification Outstanding Recorded Investment | 478 | [1],[4] | 0 | [1],[4] |
Post-Modification Outstanding Recorded Investment | $478 | [1],[4] | $0 | [1],[4] |
[1] | Represents amounts outstanding as of the date immediately prior to and immediately after the modification is effective. | |||
[2] | Extension of maturity date also includes loans renewed at existing rate of interest which is considered a below market rate for that particular loanbs risk profile. | |||
[3] | The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. | |||
[4] | Other concessions primarily include interest rate reductions, loan increases, or deferrals of principal. |
Loans_Accruing_Troubled_Debt_R
Loans (Accruing Troubled Debt Restructurings Reclassified as Nonperforming Within 12 Months Of Restructuring) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
borrower | borrower | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number Of Borrowers | 3 | 6 | ||
Recorded Investment | $5,407 | [1] | $17,800 | [1] |
Commercial [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number Of Borrowers | 1 | 2 | ||
Recorded Investment | 149 | [1] | 16,599 | [1] |
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number Of Borrowers | 2 | 2 | ||
Recorded Investment | 5,258 | [1] | 879 | [1] |
Residential Real Estate [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number Of Borrowers | 0 | 1 | ||
Recorded Investment | 0 | [1] | 197 | [1] |
Home Equity [Member] | ' | ' | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | ' | ' | ||
Number Of Borrowers | 0 | 1 | ||
Recorded Investment | $0 | [1] | $125 | [1] |
[1] | Represents amounts as of the balance sheet date from the quarter the default was first reported. |
Recovered_Sheet2
Allowance For Loan Losses And Reserve For Unfunded Commitments (Allowance For Loan Losses and Recorded Investment in Loans) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | $161,417 | $191,594 | $222,821 | |||
Loans charged-off | -58,234 | -118,028 | -171,027 | |||
Recoveries on loans previously charged-off | 8,762 | 16,975 | 9,245 | |||
Net charge-offs | -49,472 | -101,053 | -161,782 | |||
Provision for loan losses | 31,164 | 70,876 | 130,555 | |||
Allowance for Loan Losses, Balance at end of period | 143,109 | 161,417 | 191,594 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 22,377 | [1] | 43,390 | [1] | 69,944 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 120,732 | 118,027 | 121,650 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 114,414 | [1] | 199,760 | [1] | 360,761 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 10,529,607 | 9,940,222 | 8,647,800 | |||
Total loans | 10,644,021 | 10,139,982 | 9,008,561 | |||
Commercial Loan [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 63,709 | 60,663 | 70,115 | |||
Loans charged-off | -22,339 | -31,768 | -32,742 | |||
Recoveries on loans previously charged-off | 5,054 | 4,179 | 4,280 | |||
Net charge-offs | -17,285 | -27,589 | -28,462 | |||
Provision for loan losses | 34,344 | 30,635 | 19,010 | |||
Allowance for Loan Losses, Balance at end of period | 80,768 | 63,709 | 60,663 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 4,895 | [1] | 13,259 | [1] | 14,163 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 75,873 | 50,450 | 46,500 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 41,813 | [1] | 86,180 | [1] | 108,527 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 7,090,021 | 6,410,604 | 5,215,247 | |||
Total loans | 7,131,834 | 6,496,784 | 5,323,774 | |||
Commercial Real Estate [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 73,150 | 94,905 | 110,853 | |||
Loans charged-off | -25,294 | -68,099 | -108,814 | |||
Recoveries on loans previously charged-off | 2,173 | 8,709 | 3,162 | |||
Net charge-offs | -23,121 | -59,390 | -105,652 | |||
Provision for loan losses | -7,667 | 37,635 | 89,704 | |||
Allowance for Loan Losses, Balance at end of period | 42,362 | 73,150 | 94,905 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 12,536 | [1] | 20,450 | [1] | 38,905 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 29,826 | 52,700 | 56,000 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 48,504 | [1] | 83,312 | [1] | 174,605 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 2,451,997 | 2,592,373 | 2,511,841 | |||
Total loans | 2,500,501 | 2,675,685 | 2,686,446 | |||
Construction Loans [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 2,434 | 12,852 | 19,778 | |||
Loans charged-off | 70 | -1,979 | -11,282 | |||
Recoveries on loans previously charged-off | 48 | 2,315 | 291 | |||
Net charge-offs | 118 | 336 | -10,991 | |||
Provision for loan losses | 786 | -10,754 | 4,065 | |||
Allowance for Loan Losses, Balance at end of period | 3,338 | 2,434 | 12,852 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 0 | [1] | 117 | [1] | 5,202 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 3,338 | 2,317 | 7,650 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 0 | [1] | 557 | [1] | 21,879 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 293,387 | 189,939 | 265,123 | |||
Total loans | 293,387 | 190,496 | 287,002 | |||
Residential Real Estate [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 9,696 | 6,376 | 5,321 | |||
Loans charged-off | -3,501 | -3,010 | -2,009 | |||
Recoveries on loans previously charged-off | 15 | 126 | 61 | |||
Net charge-offs | -3,486 | -2,884 | -1,948 | |||
Provision for loan losses | 1,345 | 6,204 | 3,003 | |||
Allowance for Loan Losses, Balance at end of period | 7,555 | 9,696 | 6,376 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 2,412 | [1] | 3,996 | [1] | 976 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 5,143 | 5,700 | 5,400 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 9,976 | [1] | 11,689 | [1] | 17,827 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 331,892 | 361,891 | 279,402 | |||
Total loans | 341,868 | 373,580 | 297,229 | |||
Home Equity [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 6,797 | 4,022 | 5,764 | |||
Loans charged-off | -3,445 | -3,128 | -6,586 | |||
Recoveries on loans previously charged-off | 475 | 509 | 337 | |||
Net charge-offs | -2,970 | -2,619 | -6,249 | |||
Provision for loan losses | 1,821 | 5,394 | 4,507 | |||
Allowance for Loan Losses, Balance at end of period | 5,648 | 6,797 | 4,022 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 2,386 | [1] | 2,797 | [1] | 1,272 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 3,262 | 4,000 | 2,750 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 13,470 | [1] | 13,200 | [1] | 11,603 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 136,262 | 154,560 | 169,555 | |||
Total loans | 149,732 | 167,760 | 181,158 | |||
Personal [Member] | ' | ' | ' | |||
Allowance for Loan Losses | ' | ' | ' | |||
Allowance for Loan Losses, Balance at beginning of period | 5,631 | 12,776 | 10,990 | |||
Loans charged-off | -3,725 | -10,044 | -9,594 | |||
Recoveries on loans previously charged-off | 997 | 1,137 | 1,114 | |||
Net charge-offs | -2,728 | -8,907 | -8,480 | |||
Provision for loan losses | 535 | 1,762 | 10,266 | |||
Allowance for Loan Losses, Balance at end of period | 3,438 | 5,631 | 12,776 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment (1) | 148 | [1] | 2,771 | [1] | 9,426 | [1] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 3,290 | 2,860 | 3,350 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment (1) | 651 | [1] | 4,822 | [1] | 26,320 | [1] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 226,048 | 230,855 | 206,632 | |||
Total loans | $226,699 | $235,677 | $232,952 | |||
[1] | Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Recovered_Sheet3
Allowance For Loan Losses And Reserve For Unfunded Commitments (Reserve For Unfunded Commitments) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reserve for Unfunded Commitments [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $7,343 | $7,277 | $8,119 | |||
Provision (release) for unfunded commitments | 1,863 | 66 | -842 | |||
Balance at end of period | 9,206 | 7,343 | 7,277 | |||
Unfunded commitments, excluding covered assets, at period end (1) | $5,028,268 | [1] | $4,707,373 | [1] | $4,448,177 | [1] |
[1] | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. |
Covered_Assets_Covered_Assets_
Covered Assets (Covered Assets) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Commercial loans | $11,562 | $21,046 | ' | ' | ||
Commercial real estate loans | 46,657 | 82,820 | ' | ' | ||
Residential mortgage loans | 36,883 | 42,529 | ' | ' | ||
Consumer installment and other | 3,472 | 4,706 | ' | ' | ||
Foreclosed real estate | 7,880 | 24,395 | ' | ' | ||
Asset in lieu | 0 | 11 | ' | ' | ||
Estimated loss reimbursement by the FDIC | 6,292 | 18,709 | ' | ' | ||
Total covered assets | 112,746 | 194,216 | ' | ' | ||
Allowance for covered loan losses | -16,511 | -24,011 | -25,939 | -15,334 | ||
Net covered assets | 96,235 | 170,205 | ' | ' | ||
Purchased Impaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Total covered assets | 7,615 | 22,300 | ' | ' | ||
Allowance for covered loan losses | -3,859 | -10,510 | -14,727 | -8,601 | ||
Net covered assets | 3,756 | 11,790 | ' | ' | ||
Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Total covered assets | 90,700 | 128,502 | ' | ' | ||
Allowance for covered loan losses | -12,652 | -13,501 | -11,212 | -6,733 | ||
Net covered assets | 78,048 | 115,001 | ' | ' | ||
Nonperforming covered loans | 15,610 | [1] | 18,242 | [1] | ' | ' |
Other Assets [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Total covered assets | 14,431 | 43,414 | ' | ' | ||
Net covered assets | 14,431 | 43,414 | ' | ' | ||
Commercial Loan [Member] | Purchased Impaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 4,657 | 6,044 | ' | ' | ||
Commercial Loan [Member] | Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 6,905 | 15,002 | ' | ' | ||
Commercial Real Estate [Member] | Purchased Impaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 2,505 | 15,864 | ' | ' | ||
Commercial Real Estate [Member] | Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 44,152 | 66,956 | ' | ' | ||
Residential Mortgage [Member] | Purchased Impaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 366 | 305 | ' | ' | ||
Residential Mortgage [Member] | Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 36,517 | 42,224 | ' | ' | ||
Consumer Loan [Member] | Purchased Impaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 87 | 87 | ' | ' | ||
Consumer Loan [Member] | Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 3,126 | 4,320 | ' | ' | ||
Consumer Loan [Member] | Other Assets [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 259 | 299 | ' | ' | ||
Other Real Estate Owned [Member] | Other Assets [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 7,880 | 24,395 | ' | ' | ||
Asset in Lieu [Member] | Other Assets [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | 0 | 11 | ' | ' | ||
Estimated Loss Reimbursement By the FDIC [Member] | Other Assets [Member] | ' | ' | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ' | ' | ||
Loans and Leases Receivable and Other Assets, Gross, Carrying Amount, Covered | $6,292 | $18,709 | ' | ' | ||
[1] | Excludes purchased impaired loans which are accounted for on a pool basis based on common risk characteristics as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, all purchased impaired loans are considered to be performing. |
Covered_Assets_Allowance_For_C
Covered Assets (Allowance For Covered Loan Losses) (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Covered Assets [Roll Forward] | ' | ' | ' | ' | |||
Loans and Leases Receivable, Allowance, Covered | $16,511 | $24,011 | $25,939 | $15,334 | |||
Loans charged-off | -4,489 | -1,044 | -334 | ' | |||
Recoveries on loans previously charged-off | 3,159 | 538 | 540 | ' | |||
Net (charge-offs) recoveries | -1,330 | -506 | 206 | ' | |||
(Release) provision for covered loan losses | -6,170 | [1] | -1,422 | [1] | 10,399 | [1] | ' |
Provision for credit losses | 632 | 500 | 2,300 | ' | |||
Non-reimbursable portion under the loss share agreement | 20.00% | ' | ' | ' | |||
Purchased Impaired Loans [Member] | ' | ' | ' | ' | |||
Covered Assets [Roll Forward] | ' | ' | ' | ' | |||
Loans and Leases Receivable, Allowance, Covered | 3,859 | 10,510 | 14,727 | 8,601 | |||
Loans charged-off | -3,715 | -905 | -264 | ' | |||
Recoveries on loans previously charged-off | 2,977 | 418 | 454 | ' | |||
Net (charge-offs) recoveries | -738 | -487 | 190 | ' | |||
(Release) provision for covered loan losses | -5,913 | [1] | -3,730 | [1] | 5,936 | [1] | ' |
Purchased Nonimpaired Loans [Member] | ' | ' | ' | ' | |||
Covered Assets [Roll Forward] | ' | ' | ' | ' | |||
Loans and Leases Receivable, Allowance, Covered | 12,652 | 13,501 | 11,212 | 6,733 | |||
Loans charged-off | -774 | -139 | -70 | ' | |||
Recoveries on loans previously charged-off | 182 | 120 | 86 | ' | |||
Net (charge-offs) recoveries | -592 | -19 | 16 | ' | |||
(Release) provision for covered loan losses | ($257) | [1] | $2,308 | [1] | $4,463 | [1] | ' |
[1] | Includes a provision for credit losses of $632,000, $549,000, and $2.3 million recorded in the Consolidated Statements of Income for the years ended DecemberB 31, 2013, 2012, and 2011, respectively, representing our 20% non-reimbursable portion of losses under the loss share agreement. |
Covered_Assets_Schedule_Of_Cha
Covered Assets (Schedule Of Change In Purchased Impaired Loans Accretable Yield And Carrying Amount) (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Purchased Impaired Loans [Roll Forward] | ' | ' | ' | ||
Balance at beginning/end of period, Accretable Yield | $1,752 | $5,595 | $1,102 | ||
Charge-offs/disposals, Accretable Yield | 0 | [1] | -2,391 | [1] | ' |
Reclassifications from nonaccretable difference, net, Accretable Yield | -12 | -438 | ' | ||
Accretion, Accretable Yield | -638 | -1,014 | ' | ||
Purchased Impaired Loans [Member] | ' | ' | ' | ||
Purchased Impaired Loans [Roll Forward] | ' | ' | ' | ||
Balance at beginning of period, Carrying Amount of Loans | 22,300 | 49,495 | ' | ||
Payments received, Carrying Amount of Loans | -11,128 | -16,173 | ' | ||
Charge-offs/disposals, Carrying Amount of Loans | -4,377 | [1] | -12,036 | [1] | ' |
Purchased Impaired Loans Accretion, Carrying Amount of Loans | 638 | 1,014 | ' | ||
Balance at end of period, Carrying Amount of Loans | 7,433 | 22,300 | ' | ||
Contractual amount outstanding at period end | $15,286 | $30,865 | ' | ||
[1] | Includes transfers to covered foreclosed real estate. |
Recovered_Sheet4
Goodwill And Other Intangible Assets (Changes In The Carrying Amount Of Goodwill By Operating Segment) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | $94,521 | $94,571 |
Tax benefit adjustment | -254 | -50 |
Goodwill, Written off Related to Sale of Business Unit | -226 | ' |
Balance, ending | 94,041 | 94,521 |
Banking [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 81,755 | 81,755 |
Tax benefit adjustment | 0 | 0 |
Balance, ending | 81,755 | 81,755 |
Trust And Investments [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 12,766 | 12,816 |
Tax benefit adjustment | -254 | -50 |
Goodwill, Written off Related to Sale of Business Unit | -226 | ' |
Balance, ending | 12,286 | 12,766 |
Holding Company And Other Adjustments [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning | 0 | 0 |
Tax benefit adjustment | 0 | 0 |
Balance, ending | $0 | $0 |
Premises_Furniture_And_Equipme2
Premises, Furniture, And Equipment (Premises, Furniture, And Equipment) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Land | $1,874 | $1,226 | ' |
Building | 7,581 | 7,322 | ' |
Leasehold improvements | 39,644 | 37,317 | ' |
Furniture and equipment | 42,044 | 39,559 | ' |
Software | 14,421 | 13,722 | ' |
Total cost | 105,564 | 99,146 | ' |
Accumulated depreciation | -65,860 | -59,638 | ' |
Net book value | 39,704 | 39,508 | ' |
Depreciation of premises, furniture, and equipment | $8,461 | $9,293 | $8,777 |
Recovered_Sheet5
Goodwill And Other Intangible Assets (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Banking [Member] | Banking [Member] | Banking [Member] | Trust And Investments [Member] | Trust And Investments [Member] | Trust And Investments [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Written off Related to Sale of Business Unit | ($226,000) | ' | ' | ' | ' | ' | ' | ' | ($226,000) | ' | ' |
Goodwill, Impairment charge | 146,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Tax benefit adjustment | -254,000 | -50,000 | ' | ' | ' | 0 | 0 | ' | -254,000 | -50,000 | ' |
Reporting unit, percentage of fair value in excess of carrying amount | ' | ' | ' | ' | ' | ' | ' | 73.00% | ' | ' | 161.00% |
Fair Value Inputs, Control Premium | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortized estimated useful lives | ' | ' | ' | '8 years | '12 years | ' | ' | ' | ' | ' | ' |
Intangible client relationships net carrying amount reduction | 815,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges for other intangible assets | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Premises_Furniture_And_Equipme3
Premises, Furniture, And Equipment (Future Minimum Rental Payments Under Operating Leases) (Detail) (USD $) | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' | |
2014 | $12,829,000 | [1] |
2015 | 13,079,000 | [1] |
2016 | 11,671,000 | [1] |
2017 | 11,234,000 | [1] |
2018 | 10,945,000 | [1] |
2019 and thereafter | 44,189,000 | [1] |
Total minimum lease payments | 103,947,000 | [1] |
Future Minimum Sublease Rentals | $231,000 | |
[1] | Minimum payments have not been reduced by minimum sublease rentals of $231,000 due in the future under non-cancellable subleases. |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Other Intangible Assets) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Net Carrying Amount - Other Intangible Assets | $8,892 | $12,828 | ' |
Amortization of Intangible Assets | 3,121 | 2,684 | 1,487 |
Core Deposits [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 18,093 | 18,093 | 18,093 |
Accumulated Amortization | 10,071 | 7,362 | 5,079 |
Net Carrying Amount - Other Intangible Assets | 8,022 | 10,731 | 13,014 |
Amortization of Intangible Assets | 2,709 | 2,282 | 1,095 |
Weighted average remaining life (in years) | '3 years | '4 years | '5 years |
Customer Relationships [Member] | ' | ' | ' |
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 2,002 | 5,059 | 4,900 |
Accumulated Amortization | 1,132 | 2,962 | 2,561 |
Net Carrying Amount - Other Intangible Assets | 870 | 2,097 | 2,339 |
Amortization of Intangible Assets | $412 | $402 | $392 |
Weighted average remaining life (in years) | '7 years | '7 years | '8 years |
Recovered_Sheet6
PREMISES, FURNITURE, AND EQUIPMENT Premises, Furniture, and Equipment (Rental Expense and Rental Income) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Rental income and expense [Abstract] | ' | ' | ' | |||
Rental expense charged to operations | $12,224 | [1],[2] | $12,128 | [1],[2] | $11,780 | [1],[2] |
Rental income from premises leased to others | $659 | [2] | $676 | [2] | $676 | [2] |
[1] | Including amounts paid under short-term cancellable leases. | |||||
[2] | Does not include rental expense or sublease rental income for certain restructured leases. |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Scheduled Amortization Of Other Intangible Assets) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Disclosure Goodwill And Other Intangible Assets Scheduled Amortization Of Other Intangible Assets [Abstract] | ' |
2014 | $3,007 |
2015 | 2,455 |
2016 | 2,161 |
2017 | 1,125 |
2018 | 98 |
2019 and thereafter | 46 |
Total | $8,892 |
Deposits_Summary_Of_Deposits_D
Deposits (Summary Of Deposits) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Deposits [Abstract] | ' | ' | ' | ||
Noninterest-bearing deposits | $3,172,676 | $3,690,340 | ' | ||
Interest-bearing deposits | 1,470,856 | 1,057,390 | ' | ||
Savings deposits | 284,482 | 310,188 | ' | ||
Money market accounts | 4,515,079 | 4,602,632 | ' | ||
Time deposits less than $100,000 | 346,812 | 245,955 | ' | ||
Time deposits of $100,000 or more | 2,223,736 | [1],[2] | 2,267,129 | [1] | ' |
Total deposits | $12,013,641 | $12,173,634 | $10,392,854 | ||
[1] | Includes deposits which, to our knowledge, have been placed with the Bank by a person who acts as a broker in placing these deposits on behalf of others or are otherwise deemed to be "brokered" by bank regulatory rules and regulations such as deposits under the CDARSB. deposit program ("brokered time deposits"). | ||||
[2] | Includes brokered time deposits. |
Deposits_Maturities_Of_Time_De
Deposits (Maturities Of Time Deposits Of $100,000 Or More) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Deposits [Abstract] | ' | ' | ||
Maturing within 3 months | $430,914 | [1] | ' | |
After 3 but within 6 months | 448,262 | [1] | ' | |
After 6 but within 12 months | 583,699 | [1] | ' | |
After 12 months | 760,861 | [1] | ' | |
Total | $2,223,736 | [1],[2] | $2,267,129 | [2] |
[1] | Includes brokered time deposits. | |||
[2] | Includes deposits which, to our knowledge, have been placed with the Bank by a person who acts as a broker in placing these deposits on behalf of others or are otherwise deemed to be "brokered" by bank regulatory rules and regulations such as deposits under the CDARSB. deposit program ("brokered time deposits"). |
Recovered_Sheet7
Short-Term and Secured Borrowings (Summary Of Short-Term Borrowings) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Short-term Debt [Line Items] | ' | ' | ||
FHLB Advances, Short-term | $2,000,000 | $5,000,000 | ||
FHLB advances, rate | 3.37% | 4.96% | ||
Weighted average remaining maturity of FHLB advances at period end (in months) | '12 months | '6 months | ||
Unused FHLB advances availability | 395,302,000 | 999,722,000 | ||
Unused overnight federal funds availability | 520,000,000 | [1] | 385,000,000 | [1] |
Borrowing capacity through the FRB's discount window primary credit program | 621,855,000 | [2] | 688,608,000 | [2] |
FHLB borrowing capacity | 645,600,000 | ' | ||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000,000 | ' | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $6,400,000 | ' | ||
[1] | Our total availability of overnight fed fund borrowings is not a committed line of credit and is dependent upon lender availability. | |||
[2] | Includes federal term auction facilities. Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
In Thousands, unless otherwise specified | 2.96% junior subordinated debentures due 2034 [Member] | 2.02% junior subordinated debentures due 2035 [Member] | 1.81% junior subordinated debentures due 2035 [Member] | 3.82% subordinated debt facility due 2015 [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | |||||||||||||||
2.96% junior subordinated debentures due 2034 [Member] | 2.96% junior subordinated debentures due 2034 [Member] | 2.02% junior subordinated debentures due 2035 [Member] | 2.02% junior subordinated debentures due 2035 [Member] | 1.81% junior subordinated debentures due 2035 [Member] | 1.81% junior subordinated debentures due 2035 [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | 7.125% subordinated debentures due 2042 [Member] | 7.125% subordinated debentures due 2042 [Member] | 3.82% subordinated debt facility due 2015 [Member] | 3.82% subordinated debt facility due 2015 [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.89% | ' | 1.95% | ' | 1.74% | ' | 10.00% | ' | 7.13% | ' | ' | ' | 3.82% | ' | ||||||||||||
Subordinated Borrowing, Due Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Jun-34 | ' | 15-Sep-35 | ' | 15-Dec-35 | ' | 15-Jun-68 | ' | 30-Oct-42 | ' | ' | ' | 26-Sep-15 | ' | ||||||||||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,248 | [1],[2] | $8,248 | [1],[2] | $51,547 | [1],[3] | $51,547 | [1],[3] | $41,238 | [1],[4] | $41,238 | [1],[4] | $143,760 | [1] | $143,760 | [1] | ' | ' | ' | ' | ' | ' | ||||
Subordinated debt | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | [5] | 125,000 | [5] | ' | ' | 0 | [6],[7] | 120,000 | [6],[7] | ||||||||
FHLB advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258,000 | 10,000 | ' | ' | ||||||||||||
Total long-term debt | $627,793 | $499,793 | ' | ' | ' | ' | ' | $369,793 | $369,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $258,000 | $130,000 | ' | ' | ||||||||||||
Weighted average interest rate of FHLB long-term advances at period end | 0.22% | 4.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Weighted average remaining maturity of FHLB long-term advances at period end (in years). | '2 years 1 month | '4 years 4 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Increment Over Libor Of Long Term Debt | ' | ' | ' | 2.65% | 1.71% | 1.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Percentage of balance qualified for Tier II capital | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | Qualifies as Tier 1 capital for regulatory capital purposes under current guidelines. Under the final regulatory capital rules issued in July 2013, these instruments are grandfathered for inclusion as a component of Tier 1 capital, although the Tier 1 capital treatment for these instruments will be subject to phase-out if an organization exceeds $15 billion in total consolidated assets due to acquisitions. | ||||||||||||||||||||||||||||||||||
[2] | Variable rate in effect at DecemberB 31, 2013, based on three-month LIBOR +2.65%. | ||||||||||||||||||||||||||||||||||
[3] | Variable rate in effect at DecemberB 31, 2013, based on three-month LIBOR +1.71%. | ||||||||||||||||||||||||||||||||||
[4] | Variable rate in effect at DecemberB 31, 2013, based on three-month LIBOR +1.50%. | ||||||||||||||||||||||||||||||||||
[5] | Qualifies as Tier 2 capital for regulatory capital purposes. | ||||||||||||||||||||||||||||||||||
[6] | Variable rate in effect at DecemberB 31, 2012, based on three-month LIBOR +3.50%. | ||||||||||||||||||||||||||||||||||
[7] | For regulatory capital purposes, as of DecemberB 31, 2012, 40%, of the outstanding balance qualified as Tier 2 capital. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Junior subordinated debentures issued | $244,793 | [1] | $244,793 | [1] |
Parent Company [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Junior subordinated debentures issued | $244,793 | ' | ||
Number of Wholly-Owned Trusts | 4 | ' | ||
[1] | The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures at maturity or upon their earlier redemption in whole or in part. The Debentures are redeemable in whole or in part prior to maturity at any time after the dates shown in the table and, only after we have obtained Federal Reserve approval, if then required under applicable guidelines or regulations. |
LongTerm_Debt_Scheduled_Maturi
Long-Term Debt (Scheduled Maturities Of Long-Term Debt) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Disclosure Long Term Debt Scheduled Maturities Of Long Term Debt [Abstract] | ' | ' |
2015 | $253,000 | ' |
2019 and thereafter | 374,793 | ' |
Total long-term debt | $627,793 | $499,793 |
Recovered_Sheet8
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Common Securities, Preferred Securities, And Related Debentures) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||
In Thousands, unless otherwise specified | Bloomfield Hills Statutory Trust I [Member] | Bloomfield Hills Statutory Trust I [Member] | Private Bancorp Statutory Trust II [Member] | Private Bancorp Statutory Trust II [Member] | Private Bancorp Statutory Trust III [Member] | Private Bancorp Statutory Trust III [Member] | Private Bancorp Statutory Trust IV [Member] | Private Bancorp Statutory Trust IV [Member] | TrustPreferredSecuritiesIssued [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||||||||||||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Issuance Date | ' | ' | 'May 2004B | ' | 'Jun. 2005B | ' | 'Dec.B 2005B | ' | 'May 2008B | ' | ' | ' | ' | ' | |||||||||||
Common Securities Issued | ' | ' | $248 | ' | $1,547 | ' | $1,238 | ' | $10 | ' | $3,043 | ' | ' | ' | |||||||||||
Trust Preferred Securities Issued | ' | ' | 8,000 | [1] | ' | 50,000 | [1] | ' | 40,000 | [1] | ' | 143,750 | [1] | ' | 241,750 | [1] | ' | ' | ' | ||||||
Coupon Rate | ' | ' | 2.89% | [2] | ' | 1.95% | [2] | ' | 1.74% | [2] | ' | 10.00% | [2] | ' | ' | ' | ' | ' | |||||||
Junior Subordinated Debentures, Redemption Date | ' | ' | 17-Jun-09 | [3] | ' | 15-Sep-10 | [3] | ' | 15-Dec-10 | [3] | ' | 15-Jun-13 | ' | ' | ' | ' | ' | ||||||||
Maturity | ' | ' | 'Jun. 2034B | ' | 'Sep. 2035B | ' | 'Dec.B 2035B | ' | 'Jun.B 2068B | ' | ' | ' | ' | ' | |||||||||||
Total of junior subordinated debentures held by the trusts | $244,793 | [3] | $244,793 | [3] | $8,248 | [3] | $8,248 | [3] | $51,547 | [3] | $51,547 | [3] | $41,238 | [3] | $41,238 | [3] | $143,760 | [3] | $143,760 | [3] | ' | ' | ' | ' | |
Increment Over Libor Of Long Term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.65% | 1.71% | 1.50% | |||||||||||
[1] | The trust preferred securities accrue distributions at a rate equal to the interest rate on and have a maturity identical to that of the related Debentures. The trust preferred securities will be redeemed upon maturity or earlier redemption of the related Debentures. | ||||||||||||||||||||||||
[2] | Reflects the coupon rate in effect at DecemberB 31, 2013. The coupon rate for the Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for the PrivateBancorp Statutory Trusts II and III are at a variable rate based on three-month LIBOR plus 1.71% for Trust II and three-month LIBOR plus 1.50% for Trust III. The coupon rate for the PrivateBancorp Statutory Trust IV is fixed. Distributions for all of the Trusts are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years in the case of the Debentures held by Trust IV, and five years in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the trust preferred securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. | ||||||||||||||||||||||||
[3] | The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures at maturity or upon their earlier redemption in whole or in part. The Debentures are redeemable in whole or in part prior to maturity at any time after the dates shown in the table and, only after we have obtained Federal Reserve approval, if then required under applicable guidelines or regulations. |
Recovered_Sheet9
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Narrative) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt [Line Items] | ' | ' | ||
Ownership percentage | 100.00% | ' | ||
Total of junior subordinated debentures held by the trusts | $244,793 | [1] | $244,793 | [1] |
Parent Company [Member] | ' | ' | ||
Debt [Line Items] | ' | ' | ||
Total of junior subordinated debentures held by the trusts | 244,793 | ' | ||
7.125% subordinated debentures due 2042 [Member] | Parent Company [Member] | ' | ' | ||
Debt [Line Items] | ' | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ' | ||
Private Bancorp Statutory Trust IV [Member] | ' | ' | ||
Debt [Line Items] | ' | ' | ||
Total of junior subordinated debentures held by the trusts | $143,760 | [1] | $143,760 | [1] |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ' | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | [2] | ' | |
[1] | The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the Debentures at maturity or upon their earlier redemption in whole or in part. The Debentures are redeemable in whole or in part prior to maturity at any time after the dates shown in the table and, only after we have obtained Federal Reserve approval, if then required under applicable guidelines or regulations. | |||
[2] | Reflects the coupon rate in effect at DecemberB 31, 2013. The coupon rate for the Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for the PrivateBancorp Statutory Trusts II and III are at a variable rate based on three-month LIBOR plus 1.71% for Trust II and three-month LIBOR plus 1.50% for Trust III. The coupon rate for the PrivateBancorp Statutory Trust IV is fixed. Distributions for all of the Trusts are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years in the case of the Debentures held by Trust IV, and five years in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the trust preferred securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Common Stock Offerings) (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Oct. 26, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 26, 2012 | Jan. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nonvoting Common Stock [Member] | Nonvoting Common Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | ' | 1,951,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | ' | ' | ' | ' | 1,585,000 | 3,536,000 | ' | ' | ' | ' | ' | 76,123,000 | 73,579,000 |
Value of shares purchased by the U.S. Treasury | ' | ' | ' | ' | ' | ' | ' | $243,800,000 | ' | ' | ' | ' | ' |
Number of shares purchased by the U.S. Treasury | ' | ' | ' | ' | ' | ' | ' | 243,815 | 0 | 0 | ' | ' | ' |
Liquidation preference per share | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' |
Expected term of warrant | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Number of shares for which warrants provide the right to purchase | ' | ' | ' | ' | ' | ' | ' | 1,290,026 | ' | ' | 645,013 | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | $28.35 | ' | ' | ' | ' | ' |
Annual dividend rate on preferred stock for the first five years | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Annual dividend rate on preferred stock after year five | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' |
Preferred stock redemption date | 24-Oct-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares issued in public offering | 75,000,000 | ' | 70,657,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | 4,761,905 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price per share | $15.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debt | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of preferred stock discount | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' |
Purchase Cost of Warrants | ' | ' | ' | $1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 274,000 | 947,000 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Components Of Accumulated Other Comprehensive Income) (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Trading Securities and Other Trading Assets [Roll Forward] | ' | ' | ' | ' | |||
Increase in unrealized gains (losses) on securities | ($46,690) | ($4,185) | $47,431 | ' | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -29,259 | -2,921 | 25,062 | ' | |||
Amount of gain recognized in AOCI (effective portion) | -8,729 | 9,945 | 3,156 | ' | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -8,961 | 4,288 | 1,557 | ' | |||
Total | 9,844 | 48,064 | 46,697 | 20,078 | |||
Deferred tax liability on increase in unrealized losses (gains) and other accumulated other comprehensive income adjustments | 21,532 | -2,428 | -20,125 | ' | |||
Other Comprehensive Income (Loss), Total Adjustment, before Reclassification Adjustments, Net of Tax | -33,887 | 3,332 | 30,462 | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -7,158 | [1] | -3,243 | [1] | -6,382 | [1] | ' |
Reclassification adjustments for tax expense on realized net gains | 2,825 | [2] | 1,278 | [2] | 2,539 | [2] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -4,333 | -1,965 | -3,843 | ' | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -38,220 | 1,367 | 26,619 | ' | |||
Unrealized Gain (Loss) On Available-For-Sale Securities [Member] | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Roll Forward] | ' | ' | ' | ' | |||
Unrealized Gain on Available-for-Sale Securities, Beginning | 42,219 | 45,140 | 20,078 | ' | |||
Increase in unrealized gains (losses) on securities | -46,690 | -4,185 | 47,431 | ' | |||
Deferred tax liabilitiy on increase in unrealized losses (gains) and other accumulated other comprehensive income adjustments | 18,142 | 1,455 | -18,869 | ' | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | -28,548 | -2,730 | 28,562 | ' | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | -1,174 | [1] | -315 | [1] | -5,812 | [1] | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 463 | [2] | 124 | [2] | 2,312 | [2] | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -711 | -191 | -3,500 | ' | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -29,259 | -2,921 | 25,062 | ' | |||
Unrealized Gain on Available-for-Sale Securities, Ending | 12,960 | 42,219 | 45,140 | ' | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | |||
Trading Securities and Other Trading Assets [Roll Forward] | ' | ' | ' | ' | |||
Accumulated Gain on Effective Cash Flow Hedges, Beginning | 5,845 | 1,557 | 0 | ' | |||
Amount of gain recognized in AOCI (effective portion) | -8,729 | 9,945 | 3,156 | ' | |||
Deferred tax liability on increase in unrealized losses (gains) and other accumulated other comprehensive income adjustments | 3,390 | -3,883 | -1,256 | ' | |||
Other Comprehensive Income (Loss), Derivatives Adjustment, before Reclassification Adjustments, Net of Tax | -5,339 | 6,062 | 1,900 | ' | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -5,984 | [1] | -2,928 | [1] | -570 | [1] | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 2,362 | [2] | 1,154 | [2] | 227 | [2] | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -3,622 | -1,774 | -343 | ' | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -8,961 | 4,288 | 1,557 | ' | |||
Accumulated Gain on Effective Cash Flow Hedges, Ending | ($3,116) | $5,845 | $1,557 | ' | |||
[1] | The amounts reclassified from AOCI for the available-for-sale securities are included in net securities gains on the Consolidated Statements of Income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the Consolidated Statements of Income. | ||||||
[2] | The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the Consolidated Statements of Income. |
Earnings_Per_Common_Share_Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Common Share) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Net income attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net Income (Loss) Attributable to Parent | $33,706 | [1] | $33,058 | [1] | $28,915 | [1] | $27,270 | [1] | $23,083 | [1] | $23,054 | [1] | $17,504 | [1] | $14,255 | [1] | $122,949 | $77,896 | $44,370 | |||
Preferred stock dividends and discount accretion | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,043 | [1] | 3,447 | [1] | 3,442 | [1] | 3,436 | [1] | 0 | 13,368 | 13,690 | |||
Net income (loss) available to common stockholders | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 20,040 | [1] | 19,607 | [1] | 14,062 | [1] | 10,819 | [1] | 122,949 | 64,528 | 30,680 | |||
Earnings allocated to participating stockholders (1) | ' | ' | ' | ' | ' | ' | ' | ' | -2,436 | [2] | -1,145 | [2] | -363 | [2] | ||||||||
Earnings allocated to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 120,513 | 63,383 | 30,317 | |||||||||||
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 76,398 | 71,951 | 70,449 | |||||||||||
Basic earnings per common share | $0.43 | [1] | $0.42 | [1] | $0.37 | [1] | $0.35 | [1] | $0.26 | [1] | $0.27 | [1] | $0.19 | [1] | $0.15 | [1] | $1.58 | $0.88 | $0.43 | |||
Diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Earnings allocated to common stockholders (2) | ' | ' | ' | ' | ' | ' | ' | ' | $120,520 | [3] | $63,383 | [3] | $30,315 | [3] | ||||||||
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 76,398 | 71,951 | 70,449 | |||||||||||
Dilutive effect of stock awards (3) | ' | ' | ' | ' | ' | ' | ' | ' | 247 | [4] | 223 | [4] | 193 | [4] | ||||||||
Weighted-average diluted common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 76,645 | 72,174 | 70,642 | |||||||||||
Diluted earnings per common share | $0.43 | [1] | $0.42 | [1] | $0.37 | [1] | $0.35 | [1] | $0.26 | [1] | $0.27 | [1] | $0.19 | [1] | $0.15 | [1] | $1.57 | $0.88 | $0.43 | |||
Total antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,909 | 3,679 | 4,365 | |||||||||||
Stock options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 2,908 | 3,646 | 3,525 | |||||||||||
Unvested stock/unit awards [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 33 | 195 | |||||||||||
Warrant related to the U.S. Treasury [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Total antidilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 645 | |||||||||||
[1] | All ratios are presented on an annualized basis. | |||||||||||||||||||||
[2] | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., the Companybs deferred and restricted stock units and nonvested restricted stock awards). | |||||||||||||||||||||
[3] | Earnings allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||||||||||||||||
[4] | The following table presents outstanding non-participating securities that were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the years presented.B Year Ended December 31,B 2013B 2012B 2011Stock options2,908B 3,646B 3,525Unvested stock/unit awards1B 33B 195Warrant related to the U.S. TreasurybB bB 645Total antidilutive shares2,909B 3,679B 4,365 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | ' | ' | ($2,600,000) |
Other Tax Expense (Benefit) | 200,000 | 2,500,000 | 645,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $347,000 | $130,000 | ' |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Taxes) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current tax provision | ' | ' | ' | ' | ' | ' | ' | ' | $62,348 | $38,693 | $23,935 | ||||||||
Deferred tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 14,646 | 15,828 | 1,725 | ||||||||
Total income tax provision (benefit) | 21,187 | [1] | 21,161 | [1] | 17,728 | [1] | 16,918 | [1] | 16,682 | [1] | 14,952 | [1] | 13,192 | [1] | 9,695 | [1] | 76,994 | 54,521 | 25,660 |
Federal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 51,169 | 31,521 | 19,529 | ||||||||
Deferred tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 11,749 | 11,668 | 4,437 | ||||||||
State [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 11,179 | 7,172 | 4,406 | ||||||||
Deferred tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $2,897 | $4,160 | ($2,712) | ||||||||
[1] | All ratios are presented on an annualized basis. |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Income Tax Provision To Statutory Federal Rate) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income tax provision at statutory federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $69,980 | $46,346 | $24,570 | ||||||||
Increase (decrease) in taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Tax exempt interest | ' | ' | ' | ' | ' | ' | ' | ' | -2,158 | -1,956 | -1,925 | ||||||||
Meals, entertainment and related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 577 | 483 | 547 | ||||||||
Bank owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -473 | -542 | -545 | ||||||||
Investment credits | ' | ' | ' | ' | ' | ' | ' | ' | -331 | -314 | -320 | ||||||||
Non-deductible compensation | ' | ' | ' | ' | ' | ' | ' | ' | 172 | 1,880 | 1,929 | ||||||||
State income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,618 | 6,039 | 3,480 | ||||||||
Share-based compensation charges | ' | ' | ' | ' | ' | ' | ' | ' | 200 | 2,468 | 645 | ||||||||
Deferred tax asset adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 1,136 | -2,289 | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -91 | -1,019 | -432 | ||||||||
Total income tax provision (benefit) | $21,187 | [1] | $21,161 | [1] | $17,728 | [1] | $16,918 | [1] | $16,682 | [1] | $14,952 | [1] | $13,192 | [1] | $9,695 | [1] | $76,994 | $54,521 | $25,660 |
[1] | All ratios are presented on an annualized basis. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $60,090 | $76,269 |
Share-based payment expenses | 15,310 | 14,003 |
Deferred compensation | 3,950 | 4,065 |
Loan fees | 15,088 | 18,979 |
OREO write-downs and expenses | 9,281 | 13,600 |
Nonaccrual interest income | 2,505 | 2,741 |
Covered assets b loans and OREO | 8,023 | 4,877 |
Other | 5,579 | 4,247 |
Total deferred tax assets | 119,826 | 138,781 |
Deferred tax liabilities: | ' | ' |
Unrealized gain on securities available-for-sale | -8,305 | -27,058 |
Intangible assets and acquisition adjustments | -8,232 | -6,689 |
Loan costs | 0 | -1,720 |
Premises and equipment | -1,919 | -2,656 |
Covered assets b FDIC loss share receivable | -2,482 | -7,376 |
Other | -243 | -3,944 |
Total deferred tax liabilities | -21,181 | -49,443 |
Net deferred tax assets | $98,645 | $89,338 |
Income_Taxes_Roll_Forward_Of_U
Income Taxes (Roll Forward Of Unrecognized Tax Benefits) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | |||
Balance at beginning of year | $179 | $499 | $783 | |||
Additions for tax positions related to prior years | 263 | 77 | 12 | |||
Reductions for tax positions related to prior years | 0 | -380 | -42 | |||
Reductions for lapse of statute of limitations | -31 | -17 | -254 | |||
Balance at end of year | 411 | 179 | 499 | |||
Interest and penalties, net of tax effect, recognized in income tax (benefit) expense during the year | 33 | -31 | -25 | |||
Interest and penalties, net of tax effect, accrued at year end (1) | $60 | [1] | $27 | [1] | $57 | [1] |
[1] | Not included in the unrecognized tax benefits roll forward presented above. |
ShareBased_Compensation_And_Ot2
Share-Based Compensation And Other Benefits (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
2011 Plan [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Minimum [Member] | Maximum [Member] | Executive Officer [Member] | ||||
executives | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' |
Stock options vesting period, years | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' |
Stock option agreement, term in years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
weighted average fair value for discount of marketability | 20.80% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Salary Stock Shares Issued | ' | 49,992 | 53,862 | ' | ' | ' | ' | ' | ' | ' |
Weighted Averaged Issuance Price Of Salary Stock | ' | $15.51 | $11.26 | ' | ' | ' | ' | ' | ' | ' |
Performance Share Units Granted | 53,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant Date Fair Value of Performance Shares | $15.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Value of Put Rights Associated with minority interest | ' | ' | $3,600,000 | ' | ' | ' | ' | ' | ' | ' |
Expense related to "put" rights | ' | ' | 197,000 | ' | ' | ' | ' | ' | ' | ' |
Employees' awards modified | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Share based compensation plan modification number of shares | ' | ' | ' | ' | 28,506 | 47,650 | ' | ' | ' | ' |
Purchase price of options stock | ' | ' | ' | ' | ' | ' | $14.99 | ' | ' | ' |
Share based compensation plan modification fair value of options | 329,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of compensation employees contribute to "KSOP" | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service requirement before employer contributions begin, years | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution amounts for each dollar contributed by the employee | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of employer contribution | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's matching contribution vest in increments | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required working hours per year for company's matching contribution | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of time company's matching contribution vests, years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage deferred of annual base salary | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage deferred of annual bonus | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage deferred of annual directors fees | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prime rate to federal long-term rate maximum allowable ratio | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DSUs | 126,393 | 124,952 | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_And_Ot3
Share-Based Compensation And Other Benefits (Effect Of Recognizing Share-Based Compensation Expense) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option expense | $3,648 | $7,620 | $6,717 |
Restricted stock and unit expense (including salary stock) | 8,802 | 13,035 | 9,039 |
Performance Share Unit Expense | 226 | 0 | 0 |
Total share-based compensation expense | 12,676 | 20,655 | 15,756 |
Income tax benefit | -4,818 | -6,755 | -5,289 |
Share-based compensation expense, net of tax | 7,858 | 13,900 | 10,467 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized share-based compensation expense: | 4,576 | 4,302 | 8,022 |
Weighted-average amortization period remaining (in years) | '1 year 9 months 18 days | '1 year 10 months | '1 year 5 months |
Restricted Stock and Unit Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized share-based compensation expense: | 11,205 | 9,942 | 11,745 |
Weighted-average amortization period remaining (in years) | '1 year 9 months 18 days | '1 year 11 months | '1 year 6 months |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized share-based compensation expense: | $635 | $0 | $0 |
Weighted-average amortization period remaining (in years) | '2 years 2 months 12 days | ' | ' |
ShareBased_Compensation_And_Ot4
Share-Based Compensation And Other Benefits (Schedule Of Stock Option Transactions) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |||
Options outstanding at beginning of year | 3,875 | 3,627 | 3,359 | |||
Options granted | 652 | [1] | 646 | [1] | 670 | [1] |
Options exercised | -200 | -95 | -22 | |||
Options forfeited | -86 | -63 | -192 | |||
Options expired | -151 | -240 | -188 | |||
Options outstanding at end of year | 4,090 | 3,875 | 3,627 | |||
Options exercisable at end of year | 2,890 | 2,829 | 2,190 | |||
Ending vested and expected to vest | 3,948 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | |||
Weighted-average exercise price outstanding at beginning of year | $24.40 | $26.15 | $28.59 | |||
Weighted-average exercise price granted | $18.10 | [1] | $14.43 | [1] | $14.80 | [1] |
Weighted-average exercise price exercised | $14.52 | $9.59 | $5.56 | |||
Weighted-average exercise price forfeited | $17.43 | $24.27 | $25.05 | |||
Weighted-average exercise price expired | $34.10 | $29.94 | $32.94 | |||
Weighted-average exercise price outstanding at end of year | $23.66 | $24.40 | $26.15 | |||
Weighted-average exercise price exercisable at end of year | $26.68 | $28.05 | $28.58 | |||
Weighted-average exercise price ending vested and expected to vest | $23.88 | ' | ' | |||
Weighted average remaining contractual life outstanding at end of year | '5 years 8 months 12 days | [2] | '6 years 1 month | [2] | '6 years 1 month | [2] |
Weighted-average remaining contractual life exercisable at end of year | '4 years 6 months | [2] | '5 years 1 month | [2] | '5 years 1 month | [2] |
Weighted average remaining contractual life ending vested and expected to vest | '5 years 6 months | [2] | ' | ' | ||
Aggregate intrinsic value outstanding at end of year | $27,255 | [3] | $1,381 | [3] | $311 | [3] |
Aggregate intrinsic value exercisable at end of year | 12,220 | [3] | 541 | [3] | 236 | [3] |
Aggregate intrinsic value ending vested and expected to vest | $25,643 | [3] | ' | ' | ||
Stock options granted to named executives, percentage | 20.00% | 6.00% | ' | |||
[1] | As a percentage of total stock options granted, 20% in 2013, 6% in 2012 and 10% in 2011 were granted to the Companybs named executive officers ("NEOs"), as will be reported in its 2014 Proxy Statement. | |||||
[2] | Represents the average contractual life remaining in years. | |||||
[3] | Aggregate intrinsic value represents the total pretax intrinsic value of the "in-the-money" stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. |
ShareBased_Compensation_And_Ot5
Share-Based Compensation And Other Benefits (Summary Of Stock Options Outstanding) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | |
Outstanding Options, Shares | 4,090 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '5 years 8 months 12 days | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $23.66 | |
Exercisable Options, Shares | 2,890 | |
Exercisable Options, Weighted-Average Exercise Price | $26.68 | |
$6.92 - $14.91 [Member] | ' | |
Range of Exercise Price, Lower limit | $6.92 | |
Range of Exercise Price, Upper limit | $14.91 | |
Outstanding Options, Shares | 684 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '7 years 8 months 12 days | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $13.95 | |
Exercisable Options, Shares | 296 | |
Exercisable Options, Weighted-Average Exercise Price | $13.50 | |
$14.92 - $18.67 [Member] | ' | |
Range of Exercise Price, Lower limit | $14.92 | |
Range of Exercise Price, Upper limit | $18.67 | |
Outstanding Options, Shares | 1,120 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '8 years 3 months 18 days | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $16.61 | |
Exercisable Options, Shares | 331 | |
Exercisable Options, Weighted-Average Exercise Price | $15.02 | |
$18.68 - $26.37 [Member] | ' | |
Range of Exercise Price, Lower limit | $18.68 | |
Range of Exercise Price, Upper limit | $26.37 | |
Outstanding Options, Shares | 942 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '3 years 10 months 24 days | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $25.98 | |
Exercisable Options, Shares | 921 | |
Exercisable Options, Weighted-Average Exercise Price | $26.09 | |
$26.38 - $32.19 [Member] | ' | |
Range of Exercise Price, Lower limit | $26.38 | |
Range of Exercise Price, Upper limit | $32.19 | |
Outstanding Options, Shares | 638 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '3 years 9 months 18 days | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $29.96 | |
Exercisable Options, Shares | 636 | |
Exercisable Options, Weighted-Average Exercise Price | $29.97 | |
$32.20 - $46.51 [Member] | ' | |
Range of Exercise Price, Lower limit | $32.20 | |
Range of Exercise Price, Upper limit | $46.51 | |
Outstanding Options, Shares | 706 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | '3 years 6 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $35.47 | |
Exercisable Options, Shares | 706 | |
Exercisable Options, Weighted-Average Exercise Price | $35.47 | |
[1] | Represents the weighted average contractual life remaining in years. |
ShareBased_Compensation_And_Ot6
Share-Based Compensation And Other Benefits (Schedule Of Stock Option Valuation Assumptions) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted-average fair value of options at their grant date | $7.79 | $6.52 | $6.80 |
Minimum [Member] | ' | ' | ' |
Expected life of the option (in years) | '5 years 4 months 25 days | '4 years 7 months 6 days | '4 years 6 months |
Expected stock volatility | 44.00% | 44.70% | 45.50% |
Risk-free interest rate | 1.00% | 1.60% | 1.90% |
Expected dividend yield | 0.10% | 0.20% | 0.30% |
Maximum [Member] | ' | ' | ' |
Expected life of the option (in years) | '6 years 3 months 19 days | '5 years 7 months 6 days | '5 years 6 months |
Expected stock volatility | 45.20% | 49.80% | 52.30% |
Risk-free interest rate | 2.10% | 2.40% | 3.70% |
Expected dividend yield | 0.20% | 0.30% | 0.60% |
ShareBased_Compensation_And_Ot7
Share-Based Compensation And Other Benefits (Schedule Of Other Stock Option Information) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation [Abstract] | ' | ' | ' | |||
Total intrinsic value of stock options exercised | $1,402 | $511 | $164 | |||
Cash received from stock options exercised | 2,847 | 312 | 126 | |||
Income tax benefit realized from stock options exercised | $502 | [1] | $199 | [1] | $47 | [1] |
[1] | Amounts were more than deferred tax benefit recorded during vesting period. |
ShareBased_Compensation_And_Ot8
Share-Based Compensation And Other Benefits (Restricted Stock And Unit Award Transactions) (Detail) (Restricted Stock and Unit Awards [Member], USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted Stock and Unit Awards [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | |||
Nonvested restricted stock and unit awards at beginning of year | 1,114 | [1] | 1,060 | [1] | 1,086 | [1] |
Number of units granted | 676 | [1],[2],[3] | 841 | [1],[2],[3] | 574 | [1],[2],[3] |
Number of units vested | -444 | [1] | -733 | [1] | -463 | [1] |
Number of units forfeited | -78 | [1] | -54 | [1] | -137 | [1] |
Nonvested restricted stock and unit awards at end of year | 1,268 | [1] | 1,114 | [1] | 1,060 | [1] |
Vested, but not issued at end of year | 136 | [1],[3] | 110 | [1],[3] | 79 | [1],[3] |
Nonvested restricted stock unit awards at beginning of year weighted average grant date fair value | $14.54 | [1] | $20.84 | [1] | $26.16 | [1] |
Weighted average grant date fair value granted | $18.07 | [1],[2],[3] | $14.56 | [1],[2],[3] | $14.36 | [1],[2],[3] |
Weighted average grant date fair value vested | $14.67 | [1] | $23.37 | [1] | $25.08 | [1] |
Weighted average grant date fair value forfeited | $15.70 | [1] | $18.81 | [1] | $25.40 | [1] |
Nonvested restricted stock unit awards at end of year weighted average grant date fair value | $16.30 | [1] | $14.54 | [1] | $20.84 | [1] |
Vested but not issued at yearend, weighted average grant date value | $16.98 | [1],[3] | $16.89 | [1],[3] | $17.85 | [1],[3] |
Restricted Stock And Unit Awards Granted To Named Executive Officers Percentage | 16.00% | 20.00% | 19.00% | |||
Restricted Stock Awards Granted To Named Executive Officers Excluding Salary Stock | ' | 15.00% | 10.00% | |||
[1] | 2012 and 2011 include salary stock awards as further discussed below. | |||||
[2] | As a percentage of total restricted stock and unit awards granted, 16% in 2013, 20% in 2012, and 19% in 2011 were granted to the Companybs NEOs, as will be reported in its 2014 Proxy Statement. Excluding the stock awards granted as salary stock as part of certain NEOsb fixed compensation, 15%, and 10% of the total restricted stock and unit awards were granted to the NEOs in 2012, and 2011, respectively. | |||||
[3] | Represents restricted stock units with a delayed settlement date. |
ShareBased_Compensation_And_Ot9
Share-Based Compensation And Other Benefits (Other Restricted Stock And Unit Award Information) (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | |||
Total fair value of vested/released restricted stock and units | $7,662 | $10,674 | $5,536 | |||
Income tax benefit realized from vesting/release of restricted stock and unit awards | $2,714 | [1] | $2,919 | [1] | $1,700 | [1] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmEyNzVhMjcxZGNkOTRiNzc5MTgwYTU5M2ZmZmE0N2U4fFRleHRTZWxlY3Rpb246NUE5NTFERjgwMzJENEJGMTBFNkYzMzBFN0JCRUZDM0MM} |
Recovered_Sheet10
Share-Based Compensation And Other Benefits (KSOP Plan Information) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ' | ' | ' |
Company matching contribution | $2,405 | $2,164 | $1,931 |
Number of Company shares held in KSOP | 394 | 411 | 479 |
Fair value of Company shares held by KSOP | 11,412 | 6,298 | 5,261 |
Dividends received | $16 | $17 | $20 |
Regulatory_And_Capital_Matters2
Regulatory And Capital Matters (Narrative) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory Capital Requirements [Abstract] | ' | ' |
Reserve balances required to be maintained with the FRB | $123.40 | $92.80 |
Maximum percentage loans or advances to single subsidiary | 10.00% | ' |
Maximum percentage loans or advances to all subsidiaries | 20.00% | ' |
Capacity under banking regulation to pay dividends subject to prior regulatory approval | $443.40 | ' |
Regulatory_And_Capital_Matters3
Regulatory And Capital Matters (Capital Measurements) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Actual [Member] | Consolidated [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Total risk-based capital | $1,720,740 | $1,624,239 |
Total risk-based ratio | 13.30% | 13.17% |
Tier 1 risk-based capital | 1,433,920 | 1,296,545 |
Tier 1 risk-based ratio | 11.08% | 10.51% |
Tier 1 leverage capital | 1,433,920 | 1,296,545 |
Tier 1 leverage ratio | 10.37% | 9.56% |
Actual [Member] | The PrivateBank [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Total risk-based capital | 1,637,376 | 1,518,609 |
Total risk-based ratio | 12.69% | 12.34% |
Tier 1 risk-based capital | 1,475,958 | 1,315,848 |
Tier 1 risk-based ratio | 11.44% | 10.69% |
Tier 1 leverage capital | 1,475,958 | 1,315,848 |
Tier 1 leverage ratio | 10.70% | 9.72% |
FRB Guidelines For Minimum Regulatory Capital [Member] | Consolidated [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Total risk-based capital, FRB minimum | 1,035,086 | 986,992 |
Total risk-based ratio, FRB minimum | 8.00% | 8.00% |
Tier 1 risk base capital, FRB minimum | 517,543 | 493,496 |
Tier 1 risk-based ratio, FRB minimum | 4.00% | 4.00% |
Tier 1 leverage-based capital, FRB minimum | 552,839 | 542,580 |
Tier 1 leverage-based ratio, FRB minimum | 4.00% | 4.00% |
Regulatory Minimum For Well Capitalized Under FDICIA [Member] | The PrivateBank [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
Total risk-based capital, FDICIA minimum | 1,290,606 | 1,230,490 |
Total risk-based ratio, FDICIA Minimum | 10.00% | 10.00% |
Tier 1 risk based capital, FDICIA minimum | 774,363 | 738,294 |
Tier 1 risk-based capital ratio, FDICIA minimum | 6.00% | 6.00% |
Tier 1 leverage capital, FDICIA minimum | $689,432 | $676,636 |
Tier 1 leverage-based ratio, FDICIA minimum | 5.00% | 5.00% |
Derivative_Instruments_Composi
Derivative Instruments (Composition Of Derivative Instruments And Fair Value) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | $4,005 | $8,883 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 9,748 | 163 | ||
Netting Adjustments, Asset Derivative Instruments | -13,158 | [1] | -6,149 | [1] |
Netting adjustments, Liability Derivatives | -18,777 | [1] | -6,149 | [1] |
Derivative Asset | 48,422 | 99,261 | ||
Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Notional Amount | 350,000 | [2] | 350,000 | [2] |
Derivative Asset, Fair Value, Gross Asset | 58,160 | [3] | 102,332 | [3] |
Derivative Liability, Fair Value, Gross Liability | 64,678 | [3] | 96,682 | [3] |
Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1,298 | [3] | 1,222 | [3] |
Derivative Liability, Fair Value, Gross Liability | 2,462 | [3] | 1,791 | [3] |
Credit Risk Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 34 | [3] | 32 | [3] |
Derivative Liability, Fair Value, Gross Liability | 98 | [3] | 42 | [3] |
Client Related Derivatives [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 54,155 | 93,449 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 3,029 | 2,910 | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Asset, at Fair Value | 34 | 32 | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 54,930 | 96,519 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 2,570 | 2,454 | ||
Price Risk Derivative Instruments Not Designated as Hedging Instruments Liability, at Fair Value | 98 | 42 | ||
Client Related Derivatives [Member] | Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Notional Amount | 3,959,328 | [2] | 3,666,560 | [2] |
Derivative Liability, Notional Amount | 3,959,328 | [2] | 3,666,560 | [2] |
Other End User Derivatives [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 16 | 5 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 218 | 119 | ||
Mortgage Banking Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 341 | 131 | ||
Mortgage Banking Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 103 | 128 | ||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liability, Notional Amount | 325,000 | [2] | 50,000 | [2] |
Not Designated as Hedging Instrument [Member] | Client Related Derivatives [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Notional Amount | 116,761 | [2] | 120,073 | [2] |
Derivative Liability, Notional Amount | 116,761 | [2] | 120,073 | [2] |
Not Designated as Hedging Instrument [Member] | Client Related Derivatives [Member] | Credit Risk Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Notional Amount | 91,694 | [2] | 99,770 | [2] |
Derivative Liability, Notional Amount | 113,348 | [2] | 124,980 | [2] |
Not Designated as Hedging Instrument [Member] | Other End User Derivatives [Member] | Foreign Exchange Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Notional Amount | 5,436 | [2] | 560 | [2] |
Derivative Liability, Notional Amount | 7,041 | [2] | 16,290 | [2] |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liabilities Fair Value Net | 48,890 | 93,276 | ||
Client Related Derivatives [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Capital Markets Group Derivatives Of Fair Value | 57,218 | 96,391 | ||
Capital Markets Group Liability Derivatives Of Fair Value | 57,598 | 99,015 | ||
Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset | 48,422 | 99,261 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 57,575 | 96,527 | ||
Derivative Liability, Fair Value, Gross Liability | 57,919 | 99,262 | ||
Other End User Derivatives [Member] | Derivative Financial Instruments, Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Other Liability Derivatives Fair Value | 321 | 247 | ||
Other End User Derivatives [Member] | Derivative Financial Instruments, Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Other Derivatives Fair Value | $357 | $136 | ||
[1] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. | |||
[2] | The remaining average notional amounts are shown for credit contracts. | |||
[3] | All derivative contracts are over-the-counter contracts. |
DERIVATIVE_INSTRUMENTS_Offsett
DERIVATIVE INSTRUMENTS Offsetting Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative assets subject to master netting agreement | $59,492 | [1] | $103,586 | [1] |
Derivative Asset, Not Subject to Master Netting Arrangement | 2,088 | [1] | 1,824 | [1] |
Total Derivative Assets, Gross, Including Derivatives Not Subject To A Master Netting Arrangement | 61,580 | [1] | 105,410 | [1] |
Derivative Asset, Gross Offset | -13,158 | [2] | -14,874 | [2] |
Derivative assets, net, subject to a master netting agreement | 46,334 | 88,712 | ||
Total Derivative Assets | 48,422 | 90,536 | ||
Derivative Assets, Amount Offset Against Collateral, Subject To A Master Netting Agreement | 46,334 | 88,712 | ||
Derivative Asset, Net Amount Offset Against Collateral | 48,422 | 90,536 | ||
Derivative Liabilities Subject to Master Netting Arrangement | 67,238 | [1] | 98,515 | [1] |
Derivative Liability, Not Subject to Master Netting Arrangement | 429 | [1] | 910 | [1] |
Derivative Liabilities, Amount Offset Against Collateral, Subject to a Master Netting Agreement | 67,667 | [1] | 99,425 | [1] |
Derivative Liability,Gross Offset | -18,777 | [2] | -14,874 | [2] |
Derivative Liability, Net, Subject to a Master Netting Agreement | 48,461 | 83,641 | ||
Total Derivative Liabilities | 48,890 | 84,551 | ||
Derivative Collateral Financial Instruments | -42,756 | [3],[4] | -82,689 | [3] |
Derivative Liabilities, Net, After Collateral, Subject to Master Netting Arrangements | 5,705 | 952 | ||
Derivative Liability, Net Amount Offset Agaisnt Collateral | 6,134 | 1,862 | ||
Interest Rate Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative Asset, Gross, Subject to a Master Netting Agreement | 58,160 | [1] | 102,332 | [1] |
Derivative Asset, Gross Offset | -12,371 | [2] | -14,212 | [2] |
Derivative assets, net, subject to a master netting agreement | 45,789 | 88,120 | ||
Derivative Assets, Amount Offset Against Collateral, Subject To A Master Netting Agreement | 45,789 | 88,120 | ||
Derivative Liability, Gross, Subject to Master Netting Agreement | 64,678 | [1] | 96,682 | [1] |
Derivative Liability,Gross Offset | -17,990 | [2] | -14,212 | [2] |
Derivative Liability, Net, Subject to a Master Netting Agreement | 46,688 | 82,470 | ||
Derivative Collateral Financial Instruments | -41,192 | [3],[4] | -81,531 | [3] |
Derivative Liabilities, Net, After Collateral, Subject to Master Netting Arrangements | 5,496 | 939 | ||
Foreign Exchange Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative Asset, Gross, Subject to a Master Netting Agreement | 1,298 | [1] | 1,222 | [1] |
Derivative Asset, Gross Offset | -767 | [2] | -662 | [2] |
Derivative assets, net, subject to a master netting agreement | 531 | 560 | ||
Derivative Assets, Amount Offset Against Collateral, Subject To A Master Netting Agreement | 531 | 560 | ||
Derivative Liability, Gross, Subject to Master Netting Agreement | 2,462 | [1] | 1,791 | [1] |
Derivative Liability,Gross Offset | -767 | [2] | -662 | [2] |
Derivative Liability, Net, Subject to a Master Netting Agreement | 1,695 | 1,129 | ||
Derivative Collateral Financial Instruments | -1,495 | [3],[4] | -1,116 | [3] |
Derivative Liabilities, Net, After Collateral, Subject to Master Netting Arrangements | 200 | 13 | ||
Credit Risk Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative Asset, Gross, Subject to a Master Netting Agreement | 34 | [1] | 32 | [1] |
Derivative Asset, Gross Offset | -20 | [2] | 0 | |
Derivative assets, net, subject to a master netting agreement | 14 | 32 | ||
Derivative Assets, Amount Offset Against Collateral, Subject To A Master Netting Agreement | 14 | 32 | ||
Derivative Liability, Gross, Subject to Master Netting Agreement | 98 | [1] | 42 | [1] |
Derivative Liability,Gross Offset | -20 | [2] | 0 | |
Derivative Liability, Net, Subject to a Master Netting Agreement | 78 | 42 | ||
Derivative Collateral Financial Instruments | -69 | [3],[4] | -42 | [3] |
Derivative Liabilities, Net, After Collateral, Subject to Master Netting Arrangements | $9 | $0 | ||
[1] | All derivative contracts are over-the-counter contracts. | |||
[2] | Represents end-user, client-related and cash flow hedging derivative contracts and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | |||
[3] | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. | |||
[4] | Financial collateral is disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. |
DERIVATIVE_INSTRUMENTS_Derivat
DERIVATIVE INSTRUMENTS Derivatives Subject to Credit Risk Contingency Features (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives Subject to Credit Risk Contingency Features [Abstract] | ' | ' |
Derivative, Net Liability Position, Aggregate Fair Value | $28,152 | $54,622 |
Collateral Already Posted, Aggregate Fair Value | 30,272 | 58,210 |
Additional Collateral, Aggregate Fair Value | 0 | 669 |
Assets Needed for Immediate Settlement, Aggregate Fair Value | $28,152 | $50,687 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Detail) (USD $) | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative [Line Items] | ' | ' | ||
Derivative, Collateral, Right to Reclaim Cash | $5,600,000 | ' | ||
Derivative, Collateral, Obligation to Return Cash | 0 | ' | ||
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value | 0 | ' | ||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ' | ||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | '6 years | ' | ||
Net deferred gains (losses), net of tax, recorded in AOCI expected to be reclassified into earnings during the next 12 months | 3,000,000 | ' | ||
Mortgages loans held-for-sale | 17,619,000 | 39,229,000 | ||
Interest rate lock commitments | 20,000,000 | ' | ||
Forward commitments for the future delivery of residential mortgage loans | 37,900,000 | ' | ||
Foreign currency risk on loans | 12,400,000 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Mortgages loans held-for-sale | $17,619,000 | [1] | $39,229,000 | [1] |
[1] | (1)B Amounts represent items for which the Bank has elected fair value option. |
Derivative_Instruments_Change_
Derivative Instruments (Change In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedge) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Amount of gain recognized in AOCI (effective portion) | ($8,729) | $9,945 | $3,156 |
Amount reclassified from AOCI to interest income on loans | -5,984 | -2,928 | -570 |
Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Unrealized gain at beginning of period | 9,603 | 2,586 | ' |
Amount of gain recognized in AOCI (effective portion) | -8,729 | 9,945 | ' |
Amount reclassified from AOCI to interest income on loans | -5,984 | -2,928 | ' |
Unrealized gain at end of period | -5,110 | 9,603 | ' |
Unrealized gain at beginning of period | 5,845 | 1,557 | ' |
Amount of gain recognized in AOCI (effective portion) | -5,339 | 6,062 | ' |
Amount reclassified from AOCI to interest income on loans | -3,622 | -1,774 | ' |
Unrealized gain at end of period | ($3,116) | $5,845 | ' |
Derivative_Instruments_Risk_Pa
Derivative Instruments (Risk Participation Agreements) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Fair value of written RPAs | ($98) | ($42) |
Maximum potential amount of future undiscounted payments | $3,263 | $4,219 |
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 16.00% | 64.00% |
Minimum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of remaining terms to maturity (in years) | '1 year | '1 year |
Range of assigned internal risk ratings | 2 | 2 |
Maximum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of remaining terms to maturity (in years) | '4 years | '4 years |
Range of assigned internal risk ratings | 7 | 4 |
Derivative_Instruments_Gain_Lo
Derivative Instruments (Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Gain on client-related derivatives recognized in capital markets products income | $20,728 | $25,958 | $19,341 |
Gain (loss) on end-user derivatives recognized in other income | 360 | -213 | 84 |
Total derivatives not designated in hedging relationship | 21,088 | 25,745 | 19,425 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain on client-related derivatives recognized in capital markets products income | 14,226 | 19,613 | 13,232 |
Foreign Exchange [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain on client-related derivatives recognized in capital markets products income | 6,506 | 6,024 | 5,719 |
Gain (loss) on end-user derivatives recognized in other income | 125 | -336 | 141 |
Credit Risk Contract [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain on client-related derivatives recognized in capital markets products income | -4 | 321 | 390 |
Mortgage Banking Derivatives [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) on end-user derivatives recognized in other income | $235 | $123 | ($57) |
Recovered_Sheet11
Commitments, Guarantees, And Contingent Liabilities (Contractual Or Notional Amounts Of Financial Instruments) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Unused Commitments to Extend Credit | $4,706,992,000 | [1] | $4,398,489,000 | [1] |
Total letters of credit | 340,009,000 | [1] | 331,918,000 | [1] |
Covered asset commitments | 18,700,000 | 23,000,000 | ||
Commitments to Extend Credit [Member] | ' | ' | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Home equity lines | 139,116,000 | [1] | 152,726,000 | [1] |
Residential 1-4 family construction | 32,714,000 | [1] | 22,682,000 | [1] |
Commercial real estate, other construction, and land development | 703,382,000 | [1] | 573,252,000 | [1] |
Commercial and industrial | 3,609,443,000 | [1] | 3,450,491,000 | [1] |
All other commitments | 222,337,000 | [1] | 199,338,000 | [1] |
Letter of Credit [Member] | ' | ' | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Financial standby | 308,577,000 | [1] | 304,413,000 | [1] |
Performance standby | 26,932,000 | [1] | 23,754,000 | [1] |
Commercial letters of credit | $4,500,000 | [1] | $3,751,000 | [1] |
[1] | Includes covered asset commitments of $18.7 million and $23.0 million as of DecemberB 31, 2013 and 2012, respectively. |
Recovered_Sheet12
Commitments, Guarantees, And Contingent Liabilities (Narrative) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Disclosure Commitments Guarantees And Contingent Liabilities Narrative [Abstract] | ' |
Reserve for unfunded commitments, included in other liabilities | $9.20 |
Unamortized fees associated with standby letters of credit, included in other liabilities | 1.4 |
Remaining weighted-average term, standby letters of credit | '13 months |
Remaining Actual Lives, Standby Letters of Credit, Minimum | '1 year |
Remaining Actual Lives Standby Letters Of Credit Maximum | '7 years |
Contributions to other investment partnerships | 14.2 |
Tax-credit investments | 2.2 |
Maximum potential future payments guaranteed, third-party settlement | $3.80 |
Recovered_Sheet13
Estimated Fair Value Of Financial Instruments (Narrative) (Detail) (USD $) | Dec. 31, 2013 |
Collateral-Dependent Impaired Loans [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Impaired loans updated for appraisal in excess | $500,000 |
OREO [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Appraisal value to be reviewed | 250,000 |
Appraisal value subject to technical review | $1,000,000 |
Recovered_Sheet14
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Recurring Basis) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | $1,602,476 | $1,451,160 | ||
Investments, Fair Value Disclosure | 1,602,476 | 1,451,160 | ||
Mortgages loans held-for-sale | 17,619 | 39,229 | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 4,005 | 8,883 | ||
Netting adjustments | 13,158 | [1] | 6,149 | [1] |
Derivative Asset | 48,422 | 99,261 | ||
Assets, Fair Value Disclosure, Recurring | 1,668,517 | 1,589,650 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 9,748 | 163 | ||
Netting adjustments, Liability Derivatives | 18,777 | [1] | 6,149 | [1] |
Liabilities, Fair Value Disclosure, Recurring | 48,890 | 93,276 | ||
U.S. Treasury Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 142,575 | 115,262 | ||
U.S. Agencies Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 45,528 | 0 | ||
Collateralized Mortgage Obligations [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 176,116 | 241,034 | ||
Residential Mortgage-Backed Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 963,107 | 868,322 | ||
Municipal Bonds [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 274,650 | 226,042 | ||
Foreign Sovereign Debt Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 500 | 500 | ||
Interest Rate Contract [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 4,005 | 8,883 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 9,748 | 163 | ||
Client Related Derivatives [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 57,218 | 96,391 | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 57,598 | 99,015 | ||
Other End User Derivatives [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other end-user derivatives | 357 | 136 | ||
Other end-user derivatives | 321 | 247 | ||
Netting [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Netting adjustments | -13,158 | -6,149 | ||
Netting adjustments, Liability Derivatives | -18,777 | -6,149 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 142,575 | 115,262 | ||
Assets, Fair Value Disclosure, Recurring | 142,575 | 115,262 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Investments, Fair Value Disclosure | 1,459,901 | 1,335,898 | ||
Mortgages loans held-for-sale | 17,619 | [2] | 39,229 | [2] |
Derivative Asset | 47,994 | 98,238 | ||
Assets, Fair Value Disclosure, Recurring | 1,525,514 | 1,473,365 | ||
Liabilities, Fair Value Disclosure, Recurring | 48,812 | 93,216 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Derivative Asset | 428 | 1,023 | ||
Assets, Fair Value Disclosure, Recurring | 428 | 1,023 | ||
Liabilities, Fair Value Disclosure, Recurring | 78 | 60 | ||
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 4,005 | 8,883 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 9,748 | 163 | ||
Client Related Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 56,770 | 95,368 | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 57,500 | 98,955 | ||
Client Related Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 448 | 1,023 | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 98 | 60 | ||
Other End User Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other end-user derivatives | 357 | 136 | ||
Other end-user derivatives | 321 | 247 | ||
Netting [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Netting adjustments | -13,138 | -6,149 | ||
Netting adjustments, Liability Derivatives | -18,757 | -6,149 | ||
Netting [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Netting adjustments | -20 | ' | ||
Netting adjustments, Liability Derivatives | -20 | ' | ||
U.S. Treasury Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 142,575 | 115,262 | ||
U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 142,575 | 115,262 | ||
U.S. Agencies Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 45,528 | 0 | ||
U.S. Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 45,528 | 0 | ||
Collateralized Mortgage Obligations [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 176,116 | 241,034 | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 176,116 | 241,034 | ||
Residential Mortgage-Backed Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 963,107 | 868,322 | ||
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 963,107 | 868,322 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 274,650 | 226,042 | ||
Foreign Sovereign Debt Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | 500 | 500 | ||
Foreign Sovereign Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Available-for-sale Securities | $500 | $500 | ||
[1] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. | |||
[2] | (1)B Amounts represent items for which the Bank has elected fair value option. |
Estimated_Fair_Value_Of_Financ2
Estimated Fair Value Of Financial Instruments (Reconciliation Of Beginning And Ending Fair Value For Those Fair Value Measurements Using Significant Unobservable Inputs) (Level 3) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Estimated Fair Value of Financial Instruments [Roll Forward] | ' | ' | ||
Balance at beginning of period | $1,023 | [1] | $827 | [1] |
Total gains (losses) included in earnings | 126 | [1],[2] | 259 | [1],[2] |
Issuances | 0 | [1] | 0 | [1] |
Settlements | -841 | [1] | -1,178 | [1] |
Transfers into Level 3 (out of Level 2) | 575 | [1],[3] | 1,941 | [1],[3] |
Transfers out of Level 3 (into Level 2) | -435 | [1],[3] | -826 | [1],[3] |
Balance at end of period | 448 | [1] | 1,023 | [1] |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | -19 | [1] | 275 | [1] |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Estimated Fair Value of Financial Instruments [Roll Forward] | ' | ' | ||
Balance at beginning of period | -60 | [1] | -32 | [1] |
Total gains (losses) included in earnings | -14 | [1],[2] | 301 | [1],[2] |
Issuances | -51 | [1] | 0 | [1] |
Settlements | 0 | [1] | -311 | [1] |
Transfers into Level 3 (out of Level 2) | 0 | [1],[3] | -18 | [1],[3] |
Transfers out of Level 3 (into Level 2) | 27 | [1],[3] | 0 | [1],[3] |
Balance at end of period | -98 | [1] | -60 | [1] |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | ($21) | [1] | ($297) | [1] |
[1] | Fair value is presented prior to giving effect to netting adjustments. | |||
[2] | Amounts disclosed in this line are included in the Consolidated Statements of Income as capital markets products income for derivatives. | |||
[3] | Transfers in and transfers out are recognized at the end of each quarterly reporting period. In general, derivative assets and liabilities are transferred into Level 3 from Level 2 due to a lack of observable market data, as there was deterioration in the credit risk of the derivative counterparty. Conversely, derivative assets and liabilities are transferred out of Level 3 into Level 2 due to an improvement in the credit risk of the derivative counterparty. |
Estimated_Fair_Value_Of_Financ3
Estimated Fair Value Of Financial Instruments (Summary Of The Difference Between The Aggregate Fair Value And Remaining Principle Balance In Mortgage Loans Held For Sale) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgages loans held-for-sale, Aggregate fair value | $17,619 | $39,229 | ||
Aggregate Fair Value [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgages loans held-for-sale, Aggregate fair value | 17,619 | 39,229 | ||
Difference [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgages loans held-for-sale, Aggregate fair value | 238 | [1] | 2 | [1] |
Aggregate Unpaid Principal Balance [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgages loans held-for-sale, Aggregate fair value | $17,857 | $39,231 | ||
[1] | The change in fair value is reflected in mortgage banking non-interest income. |
Estimated_Fair_Value_Of_Financ4
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Nonrecurring Basis) (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Disclosure Estimated Fair Value Of Financial Instruments Fair Value Measurements On A Nonrecurring Basis [Abstract] | ' | ' | ||
Collateral-dependent impaired loans, Fair Value | $45,937 | [1] | $64,545 | [1] |
Covered assets-OREO, Fair Value | 6,044 | [2],[3] | 13,586 | [2],[3] |
OREO, Fair Value | 18,764 | [3] | 59,482 | [3] |
Total, Fair Value | 70,745 | 137,613 | ||
Collateral-dependent impaired loans, Losses | 4,656 | [1] | 29,825 | [1] |
Covered assets - OREO, Losses | 532 | [2],[3] | 1,699 | [2],[3] |
OREO, Losses | 12,711 | [3] | 21,053 | [3] |
Total, Losses | $17,899 | $52,577 | ||
Percentage Of Non Reimbursable Portion Under Loss Share Agreement | 20.00% | ' | ||
[1] | Represents the fair value of loans adjusted to the appraised value of the collateral with a write-down in fair value or change in specific reserves during the respective period. These fair value adjustments are recognized as part of the provision for loan losses charged to earnings. | |||
[2] | The 20% portion of any covered asset OREO write-down not reimbursed by the FDIC is recorded as net foreclosed real estate expense. | |||
[3] | Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed real estate expense in the Consolidated Statements of Income. |
Estimated_Fair_Value_Of_Financ5
Estimated Fair Value Of Financial Instruments (Quantitative Information Regarding Level 3 Fair Value Measurements) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Watch List Derivatives [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value | $414 | |
Valuation Technique(s) | 'DiscountedB cashB flow | |
Unobservable Input | 'LossB factors | |
Weighted Average | 14.30% | |
Risk Participation Agreements [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value | -64 | [1] |
Valuation Technique(s) | 'Discounted cash flow | |
Unobservable Input | 'Loss factors | |
Weighted Average | 10.30% | |
Collateral-Dependent Impaired Loans [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value | 45,937 | |
Valuation Technique(s) | 'Sales comparison, income capitalization and/or cost approach | |
Unobservable Input | 'PropertyB specific adjustment | |
Weighted Average | 16.60% | [2] |
OREO [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value | $18,764 | |
Valuation Technique(s) | 'Sales comparison, income capitalization and/or cost approach | |
Unobservable Input | 'Property specific adjustment | |
Weighted Average | 15.70% | [2] |
Minimum [Member] | Watch List Derivatives [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | 6.70% | |
Minimum [Member] | Risk Participation Agreements [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | 0.70% | |
Minimum [Member] | Collateral-Dependent Impaired Loans [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | -1.20% | |
Minimum [Member] | OREO [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | 3.10% | |
Maximum [Member] | Watch List Derivatives [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | 16.60% | |
Maximum [Member] | Risk Participation Agreements [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | 16.60% | |
Maximum [Member] | Collateral-Dependent Impaired Loans [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | -68.70% | |
Maximum [Member] | OREO [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range | -60.10% | |
[1] | Represents fair value of underlying swap. | |
[2] | Weighted average is calculated based on assets with a property specific adjustment. |
Estimated_Fair_Value_Of_Financ6
Estimated Fair Value Of Financial Instruments (Financial Instruments) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ||
Cash and due from banks | $133,518 | $234,308 | ' | ||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 707,143 | ' | ||
Loans held for sale | 26,816 | [1] | 49,696 | [1] | ' |
Available-for-sale Securities | 1,602,476 | 1,451,160 | ' | ||
Securities held-to-maturity, Carrying Amount | 921,436 | 863,727 | ' | ||
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 | ' | ||
Federal Home Loan Bank (FHLB) stock | 30,005 | 43,387 | ' | ||
Loans, net of allowance for loan losses and unearned fees | 10,500,912 | 9,978,565 | ' | ||
Covered assets, net of allowance for covered loan losses | 96,235 | 170,205 | ' | ||
Accrued interest receivable | 37,004 | 34,832 | ' | ||
Investment in BOLI | 53,865 | 52,513 | ' | ||
Derivative Asset | 48,422 | 99,261 | ' | ||
Deposits | 12,013,641 | 12,173,634 | 10,392,854 | ||
Short-term borrowings | 8,400 | 5,000 | ' | ||
Long-term debt | 627,793 | 499,793 | ' | ||
Accrued interest payable | 6,326 | 7,141 | ' | ||
Derivative Liability | 48,890 | 93,276 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ||
Cash and due from banks | 133,518 | 234,308 | ' | ||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 707,143 | ' | ||
Loans held for sale | 26,816 | 49,696 | ' | ||
Available-for-sale Securities | 1,602,476 | 1,451,160 | ' | ||
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 | ' | ||
Federal Home Loan Bank (FHLB) stock | 30,005 | 43,387 | ' | ||
Loans, net of allowance for loan losses and unearned fees, fair value | 10,484,250 | 9,935,830 | ' | ||
Covered assets, net of allowance for covered loan losses, fair value | 113,593 | 194,339 | ' | ||
Accrued interest receivable | 37,004 | 34,832 | ' | ||
Investment in BOLI | 53,865 | 52,513 | ' | ||
Derivative Asset | 48,422 | 99,261 | ' | ||
Deposits, fair value | 12,024,079 | 12,188,739 | ' | ||
Short-term borrowings, fair value | 8,513 | 5,107 | ' | ||
Long-term debt, fair value | 598,260 | 505,460 | ' | ||
Accrued interest payable | 6,326 | 7,141 | ' | ||
Derivative Liability | 48,890 | 93,276 | ' | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ||
Cash and due from banks | 133,518 | 234,308 | ' | ||
Available-for-sale Securities | 142,575 | 115,262 | ' | ||
Securities held-to-maturity, Carrying Amount | ' | 0 | ' | ||
Long-term debt, fair value | 267,360 | 274,023 | ' | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ||
Federal funds sold and interest-bearing deposits in banks | 306,544 | 707,143 | ' | ||
Loans held for sale | 26,816 | 49,696 | ' | ||
Available-for-sale Securities | 1,459,901 | 1,335,898 | ' | ||
Held-to-maturity Securities, Fair Value | 896,908 | 886,774 | ' | ||
Federal Home Loan Bank (FHLB) stock | 30,005 | 43,387 | ' | ||
Derivative Asset | 47,994 | 98,238 | ' | ||
Deposits, fair value | 9,443,094 | 9,660,550 | ' | ||
Short-term borrowings, fair value | 2,060 | 5,107 | ' | ||
Long-term debt, fair value | 256,825 | 11,495 | ' | ||
Derivative Liability | 48,812 | 93,216 | ' | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ' | ||
Securities held-to-maturity, Carrying Amount | ' | 0 | ' | ||
Loans, net of allowance for loan losses and unearned fees, fair value | 10,484,250 | 9,935,830 | ' | ||
Covered assets, net of allowance for covered loan losses, fair value | 113,593 | 194,339 | ' | ||
Accrued interest receivable | 37,004 | 34,832 | ' | ||
Investment in BOLI | 53,865 | 52,513 | ' | ||
Derivative Asset | 428 | 1,023 | ' | ||
Deposits, fair value | 2,580,985 | 2,528,189 | ' | ||
Long-term debt, fair value | 74,075 | 219,942 | ' | ||
Accrued interest payable | 6,326 | 7,141 | ' | ||
Derivative Liability | $78 | $60 | ' | ||
[1] | (1)B Amounts represent items for which the Bank has elected fair value option. |
Operating_Segments_Operating_S
Operating Segments (Operating Segments Performance) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Operating Segments Performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net interest income (loss) | $108,456 | [1] | $105,835 | [1] | $103,732 | [1] | $103,040 | [1] | $104,803 | [1] | $105,408 | [1] | $105,346 | [1] | $104,376 | [1] | $421,063 | $419,933 | $407,127 | |||
Provision for loan and covered loan losses | 4,476 | [1] | 8,120 | [1] | 8,843 | [1] | 10,357 | [1] | 13,177 | [1] | 13,509 | [1] | 17,038 | [1] | 27,701 | [1] | 31,796 | 71,425 | 132,897 | |||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 113,990 | 111,041 | 98,247 | |||||||||||
Non-interest expense | 75,827 | [1] | 71,269 | [1] | 77,255 | [1] | 78,963 | [1] | 81,315 | [1] | 81,730 | [1] | 83,858 | [1] | 80,229 | [1] | 303,314 | 327,132 | 302,277 | |||
Income (loss) before income taxes | 54,893 | [1] | 54,219 | [1] | 46,643 | [1] | 44,188 | [1] | 39,765 | [1] | 38,006 | [1] | 30,696 | [1] | 23,950 | [1] | 199,943 | 132,417 | 70,200 | |||
Income tax provision (benefit) | 21,187 | [1] | 21,161 | [1] | 17,728 | [1] | 16,918 | [1] | 16,682 | [1] | 14,952 | [1] | 13,192 | [1] | 9,695 | [1] | 76,994 | 54,521 | 25,660 | |||
Net income (loss) | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,540 | |||
Noncontrolling interest expense | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 170 | |||
Net income (loss) attributable to controlling interests | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,370 | |||
Assets | 14,085,746 | ' | ' | ' | 14,057,515 | ' | ' | ' | 14,085,746 | 14,057,515 | 12,416,870 | |||||||||||
Total loans | 10,644,021 | ' | ' | ' | 10,139,982 | ' | ' | ' | 10,644,021 | 10,139,982 | 9,008,561 | |||||||||||
Deposits | 12,013,641 | ' | ' | ' | 12,173,634 | ' | ' | ' | 12,013,641 | 12,173,634 | 10,392,854 | |||||||||||
Banking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Segments Performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net interest income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 446,556 | 438,406 | 423,657 | |||||||||||
Provision for loan and covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 31,796 | 71,425 | 132,897 | |||||||||||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 95,344 | 93,943 | 79,990 | |||||||||||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 271,911 | 285,272 | 258,578 | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 238,193 | 175,652 | 112,172 | |||||||||||
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 91,402 | 67,578 | 40,263 | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 146,791 | 108,074 | 71,909 | |||||||||||
Noncontrolling interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||||||||||
Net income (loss) attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,909 | |||||||||||
Assets | 12,465,063 | ' | ' | ' | 12,552,897 | ' | ' | ' | 12,465,063 | 12,552,897 | 11,034,516 | |||||||||||
Total loans | 10,644,021 | ' | ' | ' | 10,139,982 | ' | ' | ' | 10,644,021 | 10,139,982 | 9,008,561 | |||||||||||
Deposits | 12,069,583 | ' | ' | ' | 12,251,614 | ' | ' | ' | 12,069,583 | 12,251,614 | 10,542,517 | |||||||||||
Trust And Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Segments Performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net interest income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,326 | 3,067 | 2,466 | |||||||||||
Provision for loan and covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 18,387 | 17,018 | 18,130 | |||||||||||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 17,832 | 17,386 | 19,203 | |||||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,881 | 2,699 | 1,393 | |||||||||||
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 1,532 | 1,064 | 555 | |||||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,349 | 1,635 | 838 | |||||||||||
Noncontrolling interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170 | |||||||||||
Net income (loss) attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 668 | |||||||||||
Assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Total loans | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Deposits | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | |||||||||||
Holding Company And Other Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Segments Performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net interest income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -28,819 | [2] | -21,540 | [2] | -18,996 | [2] | ||||||||
Provision for loan and covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 259 | [2] | 80 | [2] | 127 | [2] | ||||||||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,571 | [2] | 24,474 | [2] | 24,496 | [2] | ||||||||
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -42,131 | [2] | -45,934 | [2] | -43,365 | [2] | ||||||||
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -15,940 | [2] | -14,121 | [2] | -15,158 | [2] | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -26,191 | -31,813 | -28,207 | [2] | ||||||||||
Noncontrolling interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||||||||||
Net income (loss) attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,207 | [2] | ||||||||||
Assets | 1,620,683 | [2] | ' | ' | ' | 1,504,618 | [2] | ' | ' | ' | 1,620,683 | [2] | 1,504,618 | [2] | 1,382,354 | [2] | ||||||
Total loans | 0 | [2] | ' | ' | ' | 0 | [2] | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | ||||||
Deposits | ($55,942) | [2] | ' | ' | ' | ($77,980) | [2] | ' | ' | ' | ($55,942) | [2] | ($77,980) | [2] | ($149,663) | [2] | ||||||
[1] | All ratios are presented on an annualized basis. | |||||||||||||||||||||
[2] | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
Variable_Interest_Entities_Sch
Variable Interest Entities (Schedule of Non Consolidated Variable Interest Entities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | $291,395 | $360,344 | ||
Maximum Exposure to Loss | 52,346 | 134,494 | ||
Trust Preferred Capital Securities Issuances [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | 244,793 | 244,793 | ||
Maximum Exposure to Loss | 0 | 0 | ||
Community Reinvestment Investments [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | 3,121 | 2,483 | ||
Maximum Exposure to Loss | 3,371 | 2,733 | ||
Commercial TDR Outstanding Loan Balance [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | 43,481 | [1] | 113,031 | [1] |
Maximum Exposure to Loss | 48,975 | [1] | 131,724 | [1] |
Commercial TDR Related Derivative Asset [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | 0 | [1] | 37 | [1] |
Maximum Exposure to Loss | $0 | [1] | $37 | [1] |
[1] | Excludes personal loans and loans to non-for-profit entities. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Variable Interest Entities Narrative [Abstract] | ' |
Percentage of common equity of trusts | 100.00% |
Condensed_Parent_Company_Finan2
Condensed Parent Company Financial Statements (Statements Of Financial Condition) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Other assets | $157,328 | $143,981 | ' |
Total assets | 14,085,746 | 14,057,515 | 12,416,870 |
Liabilities and Equity | ' | ' | ' |
Long-term debt | 627,793 | 499,793 | ' |
Equity | 1,301,904 | 1,207,166 | ' |
Total liabilities and equity | 14,085,746 | 14,057,515 | ' |
Parent Company [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash and interest-bearing deposits | 55,942 | 77,980 | ' |
Investment in and advances to subsidiaries | 1,591,778 | 1,474,317 | ' |
Other assets | 28,904 | 30,301 | ' |
Total assets | 1,676,624 | 1,582,598 | ' |
Liabilities and Equity | ' | ' | ' |
Long-term debt | 369,793 | 369,793 | ' |
Accrued expenses and other liabilities | 4,927 | 5,639 | ' |
Equity | 1,301,904 | 1,207,166 | ' |
Total liabilities and equity | $1,676,624 | $1,582,598 | ' |
Condensed_Parent_Company_Finan3
Condensed Parent Company Financial Statements (Statements Of Income) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest income | $125,620 | [1] | $123,577 | [1] | $121,632 | [1] | $121,409 | [1] | $123,192 | [1] | $122,028 | [1] | $121,465 | [1] | $120,351 | [1] | $492,238 | $487,036 | $481,146 |
Securities transactions and other income | ' | ' | ' | ' | ' | ' | ' | ' | 6,207 | 6,021 | 8,218 | ||||||||
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | 17,164 | [1] | 17,742 | [1] | 17,900 | [1] | 18,369 | [1] | 18,389 | [1] | 16,620 | [1] | 16,119 | [1] | 15,975 | [1] | 71,175 | 67,103 | 74,019 |
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 166,929 | 174,948 | 156,763 | ||||||||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,351 | 13,670 | 11,666 | ||||||||
Loss before income taxes and equity in undistributed income of subsidiaries | 54,893 | [1] | 54,219 | [1] | 46,643 | [1] | 44,188 | [1] | 39,765 | [1] | 38,006 | [1] | 30,696 | [1] | 23,950 | [1] | 199,943 | 132,417 | 70,200 |
Income tax benefit | -21,187 | [1] | -21,161 | [1] | -17,728 | [1] | -16,918 | [1] | -16,682 | [1] | -14,952 | [1] | -13,192 | [1] | -9,695 | [1] | -76,994 | -54,521 | -25,660 |
Net income (loss) | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,540 |
Net income attributable to noncontrolling interests | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 170 |
Net income (loss) attributable to controlling interests | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,370 |
Preferred stock dividend | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,043 | [1] | 3,447 | [1] | 3,442 | [1] | 3,436 | [1] | 0 | 13,368 | 13,690 |
Net income (loss) available to common stockholders | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 20,040 | [1] | 19,607 | [1] | 14,062 | [1] | 10,819 | [1] | 122,949 | 64,528 | 30,680 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 11 | 19 | ||||||||
Securities transactions and other income | ' | ' | ' | ' | ' | ' | ' | ' | 259 | 80 | 125 | ||||||||
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 262 | 91 | 144 | ||||||||
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 25,493 | 18,471 | 16,532 | ||||||||
Salaries and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 8,235 | 19,721 | 18,081 | ||||||||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 5,336 | 4,754 | 6,415 | ||||||||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 39,064 | 42,946 | 41,028 | ||||||||
Loss before income taxes and equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -38,802 | -42,855 | -40,884 | ||||||||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 14,627 | 12,908 | 14,169 | ||||||||
Loss before undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -24,175 | -29,947 | -26,715 | ||||||||
Equity in undistributed income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 147,124 | 107,843 | 71,255 | ||||||||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 122,949 | 77,896 | 44,540 | ||||||||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 170 | ||||||||
Net income (loss) attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 122,949 | 77,896 | 44,370 | ||||||||
Preferred stock dividend | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 13,368 | 13,690 | ||||||||
Net income (loss) available to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $122,949 | $64,528 | $30,680 | ||||||||
[1] | All ratios are presented on an annualized basis. |
Condensed_Parent_Company_Finan4
Condensed Parent Company Financial Statements (Statements Of Cash Flows) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $122,949 | $77,896 | $44,540 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Share-based compensation expense | 12,676 | 20,655 | 15,953 |
Depreciation of premises, furniture, and equipment | 8,461 | 9,293 | 8,777 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | -723 | -118 | -143 |
Net decrease (increase) in other assets | -16,491 | -17,161 | 11,800 |
Net increase (decrease) in other liabilities | 7,285 | -11,438 | 20,098 |
Net cash provided by operating activities | 240,353 | 201,928 | 267,436 |
Investing Activities | ' | ' | ' |
Net cash used in investing activities | -711,207 | -1,182,434 | -405,052 |
Financing Activities | ' | ' | ' |
Proceeds from the issuance of long-term debt | 0 | 125,000 | 0 |
Payments for the redemption of preferred stock | 0 | -243,815 | 0 |
Payments for the redemption of common stock warrant | 0 | -1,225 | 0 |
Stock repurchased in connection with benefit plans | -2,522 | -2,696 | -1,400 |
Cash dividends paid | -3,119 | -13,082 | -15,128 |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 2,976 | 479 | 1,139 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 723 | 118 | 143 |
Net cash (used in) provided by financing activities | -30,535 | 1,560,216 | -154,731 |
Net (decrease) increase in cash and cash equivalents | -501,389 | 579,710 | -292,347 |
Cash and cash equivalents at beginning of year | 941,451 | 361,741 | 654,088 |
Cash and cash equivalents at end of year | 440,062 | 941,451 | 361,741 |
Parent Company [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 122,949 | 77,896 | 44,540 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed income from subsidiaries | -147,124 | -107,843 | -71,255 |
Share-based compensation expense | 4,366 | 16,453 | 15,756 |
Depreciation of premises, furniture, and equipment | 139 | 259 | 306 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | -425 | -118 | -143 |
Net decrease (increase) in other assets | 1,011 | 5,574 | -8,652 |
Net increase (decrease) in other liabilities | -714 | 661 | -746 |
Net cash provided by operating activities | -19,798 | -7,118 | -20,194 |
Investing Activities | ' | ' | ' |
Net capital investments in bank subsidiaries | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Financing Activities | ' | ' | ' |
Proceeds from the issuance of long-term debt | 0 | 125,000 | 0 |
Payments for the redemption of preferred stock | 0 | -243,815 | 0 |
Payments for the redemption of common stock warrant | 0 | -1,225 | 0 |
Net proceeds from (payments for) the issuance of common stock | 0 | 70,657 | 31 |
Stock repurchased in connection with benefit plans | -2,522 | -2,696 | -1,400 |
Cash dividends paid | -3,119 | -13,082 | -15,128 |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 2,976 | 479 | 1,139 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 425 | 118 | 143 |
Net cash (used in) provided by financing activities | -2,240 | -64,564 | -15,215 |
Net (decrease) increase in cash and cash equivalents | -22,038 | -71,682 | -35,409 |
Cash and cash equivalents at beginning of year | 77,980 | 149,662 | 185,071 |
Cash and cash equivalents at end of year | $55,942 | $77,980 | $149,662 |
Quarterly_Earnings_Performance2
Quarterly Earnings Performance (Quarterly Earnings Performance) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Interest income | $125,620 | [1] | $123,577 | [1] | $121,632 | [1] | $121,409 | [1] | $123,192 | [1] | $122,028 | [1] | $121,465 | [1] | $120,351 | [1] | $492,238 | $487,036 | $481,146 |
Interest expense | 17,164 | [1] | 17,742 | [1] | 17,900 | [1] | 18,369 | [1] | 18,389 | [1] | 16,620 | [1] | 16,119 | [1] | 15,975 | [1] | 71,175 | 67,103 | 74,019 |
Net interest income | 108,456 | [1] | 105,835 | [1] | 103,732 | [1] | 103,040 | [1] | 104,803 | [1] | 105,408 | [1] | 105,346 | [1] | 104,376 | [1] | 421,063 | 419,933 | 407,127 |
Provision for loan and covered loan losses | 4,476 | [1] | 8,120 | [1] | 8,843 | [1] | 10,357 | [1] | 13,177 | [1] | 13,509 | [1] | 17,038 | [1] | 27,701 | [1] | 31,796 | 71,425 | 132,897 |
Fee revenue | 26,461 | [1] | 27,655 | [1] | 28,873 | [1] | 29,827 | [1] | 29,263 | [1] | 28,048 | [1] | 26,536 | [1] | 27,399 | [1] | ' | ' | ' |
Net securities gains (losses) | 279 | [1] | 118 | [1] | 136 | [1] | 641 | [1] | 191 | [1] | -211 | [1] | -290 | [1] | 105 | [1] | 1,174 | -205 | 5,771 |
Non-interest expense | 75,827 | [1] | 71,269 | [1] | 77,255 | [1] | 78,963 | [1] | 81,315 | [1] | 81,730 | [1] | 83,858 | [1] | 80,229 | [1] | 303,314 | 327,132 | 302,277 |
Income (loss) before income taxes | 54,893 | [1] | 54,219 | [1] | 46,643 | [1] | 44,188 | [1] | 39,765 | [1] | 38,006 | [1] | 30,696 | [1] | 23,950 | [1] | 199,943 | 132,417 | 70,200 |
Income tax provision (benefit) | 21,187 | [1] | 21,161 | [1] | 17,728 | [1] | 16,918 | [1] | 16,682 | [1] | 14,952 | [1] | 13,192 | [1] | 9,695 | [1] | 76,994 | 54,521 | 25,660 |
Net income | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,540 |
Net income attributable to noncontrolling interests | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 0 | 170 |
Net income attributable to parent | 33,706 | [1] | 33,058 | [1] | 28,915 | [1] | 27,270 | [1] | 23,083 | [1] | 23,054 | [1] | 17,504 | [1] | 14,255 | [1] | 122,949 | 77,896 | 44,370 |
Preferred stock dividends and discount accretion | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,043 | [1] | 3,447 | [1] | 3,442 | [1] | 3,436 | [1] | 0 | 13,368 | 13,690 |
Net income (loss) available to common stockholders | $33,706 | [1] | $33,058 | [1] | $28,915 | [1] | $27,270 | [1] | $20,040 | [1] | $19,607 | [1] | $14,062 | [1] | $10,819 | [1] | $122,949 | $64,528 | $30,680 |
Basic earnings per share | $0.43 | [1] | $0.42 | [1] | $0.37 | [1] | $0.35 | [1] | $0.26 | [1] | $0.27 | [1] | $0.19 | [1] | $0.15 | [1] | $1.58 | $0.88 | $0.43 |
Diluted earnings per share | $0.43 | [1] | $0.42 | [1] | $0.37 | [1] | $0.35 | [1] | $0.26 | [1] | $0.27 | [1] | $0.19 | [1] | $0.15 | [1] | $1.57 | $0.88 | $0.43 |
Return on average common equity | 10.28% | [1] | 10.43% | [1] | 9.28% | [1] | 9.01% | [1] | 6.64% | [1] | 7.00% | [1] | 5.18% | [1] | 4.05% | [1] | ' | ' | ' |
Return on average assets | 0.96% | [1] | 0.96% | [1] | 0.86% | [1] | 0.81% | [1] | 0.67% | [1] | 0.70% | [1] | 0.55% | [1] | 0.46% | [1] | ' | ' | ' |
Net interest margin - tax-equivalent | 3.18% | [1] | 3.18% | [1] | 3.22% | [1] | 3.19% | [1] | 3.16% | [1] | 3.35% | [1] | 3.46% | [1] | 3.53% | [1] | ' | ' | ' |
[1] | All ratios are presented on an annualized basis. |