Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 04, 2014 | Aug. 04, 2014 | |
Common Stock [Member] | Nonvoting Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Registrant Name | 'PRIVATEBANCORP, INC | ' | ' |
Entity Central Index Key | '0000889936 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 76,488,491 | 1,584,879 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $247,048 | $133,518 |
Federal funds sold and interest-bearing deposits in banks | 160,349 | 306,544 |
Loans held-for-sale | 80,724 | 26,816 |
Securities available-for-sale, at fair value (pledged as collateral to creditors: $97.9. million - 2014; $108.1 million - 2013) | 1,527,747 | 1,602,476 |
Securities held-to-maturity, at amortized cost (fair value: $1.1 billion - 2014; $896.9 million - 2013) | 1,066,216 | 921,436 |
Federal Home Loan Bank (FHLB) stock | 28,666 | 30,005 |
Loans b excluding covered assets, net of unearned fees | 11,136,942 | 10,644,021 |
Allowance for loan losses | -146,491 | -143,109 |
Loans, net of allowance for loan losses and unearned fees | 10,990,451 | 10,500,912 |
Covered assets | 81,047 | 112,746 |
Allowance for covered loan losses | -14,375 | -16,511 |
Covered assets, net of allowance for covered loan losses | 66,672 | 96,235 |
Other real estate owned, excluding covered assets | 19,823 | 28,548 |
Premises, furniture, and equipment, net | 40,088 | 39,704 |
Accrued interest receivable | 36,568 | 37,004 |
Investment in bank owned life insurance | 54,500 | 53,865 |
Goodwill | 94,041 | 94,041 |
Other intangible assets | 7,381 | 8,892 |
Derivative assets | 47,012 | 48,422 |
Other assets | 135,118 | 157,328 |
Total assets | 14,602,404 | 14,085,746 |
Demand deposits: | ' | ' |
Noninterest-bearing | 3,387,424 | 3,172,676 |
Interest-bearing | 1,230,681 | 1,470,856 |
Savings deposits and money market accounts | 5,033,247 | 4,799,561 |
Time deposits | 1,299,616 | 1,336,522 |
Brokered time deposits | 1,285,233 | 1,234,026 |
Total deposits | 12,236,201 | 12,013,641 |
Short-term and secured borrowings | 235,319 | 8,400 |
Long-term debt | 626,793 | 627,793 |
Accrued interest payable | 6,282 | 6,326 |
Derivative liabilities | 35,402 | 48,890 |
Other liabilities | 64,586 | 78,792 |
Total liabilities | 13,204,583 | 12,783,842 |
Common Stock: [Abstract] | ' | ' |
Treasury stock | -945 | -6,415 |
Additional paid-in capital | 1,024,869 | 1,022,023 |
Retained earnings | 273,380 | 199,627 |
Accumulated other comprehensive income, net of tax | 23,406 | 9,844 |
Total equity | 1,397,821 | 1,301,904 |
Total liabilities and equity | 14,602,404 | 14,085,746 |
Common Stock [Member] | ' | ' |
Common Stock: [Abstract] | ' | ' |
Common stock | 75,526 | 75,240 |
Common Stock, Stated value, per share | $1 | $1 |
Common Stock, Shares authorized | 174,000 | 174,000 |
Common stock, Shares issued | 76,516 | 76,397 |
Common Stock, Shares outstanding | 76,484 | 76,123 |
Treasury shares | 32 | 274 |
Nonvoting Common Stock [Member] | ' | ' |
Common Stock: [Abstract] | ' | ' |
Common stock | $1,585 | $1,585 |
Common Stock, Stated value, per share | $1 | $1 |
Common Stock, Shares authorized | 5,000 | 5,000 |
Common stock, Shares issued | 1,585 | 1,585 |
Common Stock, Shares outstanding | 1,585 | 1,585 |
Series B Preferred Stock [Member] | ' | ' |
Common Stock: [Abstract] | ' | ' |
Preferred Stock, Shares authorized | 1,000 | 1,000 |
Preferred Stock, Shares issued | 0 | 0 |
Preferred Stock, Shares outstanding | 0 | 0 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available-for-sale, pledged as collateral to creditors | $97,900 | $108,071 |
Securities held-to-maturity, at fair value | 1,063,980 | 896,908 |
Securities held-to-maturity, pledged as collateral to creditors | $0 | $0 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Income | ' | ' | ' | ' |
Loans, including fees | $113,696 | $107,407 | $223,895 | $214,194 |
Federal funds sold and interest-bearing deposits in banks | 139 | 112 | 281 | 320 |
Securities: | ' | ' | ' | ' |
Taxable | 13,625 | 12,519 | 26,880 | 25,341 |
Exempt from Federal income taxes | 1,432 | 1,532 | 2,961 | 3,034 |
Other interest income | 59 | 62 | 92 | 152 |
Total interest income | 128,951 | 121,632 | 254,109 | 243,041 |
Interest Expense | ' | ' | ' | ' |
Interest-bearing demand deposits | 842 | 1,034 | 1,784 | 2,149 |
Savings deposits and money market accounts | 4,087 | 3,887 | 8,061 | 8,286 |
Time and brokered time deposits | 5,034 | 4,956 | 9,840 | 10,085 |
Short-term and secured borrowings | 141 | 410 | 337 | 528 |
Long-term debt | 6,496 | 7,613 | 12,984 | 15,221 |
Total interest expense | 16,600 | 17,900 | 33,006 | 36,269 |
Net interest income | 112,351 | 103,732 | 221,103 | 206,772 |
Provision for loan and covered loan losses | 327 | 8,843 | 4,034 | 19,200 |
Net interest income after provision for loan and covered loan losses | 112,024 | 94,889 | 217,069 | 187,572 |
Non-interest Income | ' | ' | ' | ' |
Asset management | 4,440 | 4,800 | 8,787 | 9,194 |
Mortgage banking | 2,626 | 3,198 | 4,258 | 7,368 |
Capital markets products | 5,006 | 6,048 | 9,089 | 11,087 |
Treasury management | 6,676 | 6,209 | 13,275 | 12,133 |
Loan, letter of credit and commitment fees | 4,806 | 4,282 | 9,440 | 8,359 |
Syndication fees | 5,440 | 3,140 | 8,753 | 6,972 |
Deposit service charges and fees and other income | 1,069 | 1,196 | 2,366 | 3,587 |
Net securities gains (losses) | 196 | 136 | 527 | 777 |
Total non-interest income | 30,259 | 29,009 | 56,495 | 59,477 |
Non-interest Expense | ' | ' | ' | ' |
Salaries and employee benefits | 44,405 | 39,854 | 89,025 | 82,994 |
Net occupancy expense | 7,728 | 7,387 | 15,504 | 14,921 |
Technology and related costs | 3,205 | 3,476 | 6,488 | 6,940 |
Marketing | 3,589 | 3,695 | 6,002 | 6,012 |
Professional services | 2,905 | 1,782 | 5,664 | 3,681 |
Outsourced servicing costs | 1,850 | 1,964 | 3,314 | 3,598 |
Net foreclosed property expenses | 2,771 | 5,555 | 5,594 | 12,198 |
Postage, telephone, and delivery | 927 | 981 | 1,752 | 1,824 |
Insurance | 3,016 | 2,804 | 5,919 | 5,343 |
Loan and collection expense | 1,573 | 2,280 | 2,629 | 5,057 |
Other expenses | 3,496 | 7,477 | 9,324 | 13,650 |
Total non-interest expense | 75,465 | 77,255 | 151,215 | 156,218 |
Income before income taxes | 66,818 | 46,643 | 122,349 | 90,831 |
Income tax provision | 25,994 | 17,728 | 47,020 | 34,646 |
Net income available to common stockholders | $40,824 | $28,915 | $75,329 | $56,185 |
Per Common Share Data | ' | ' | ' | ' |
Basic earnings per share (in dollars) | $0.52 | $0.37 | $0.97 | $0.72 |
Diluted earnings per share (in dollars) | $0.52 | $0.37 | $0.96 | $0.72 |
Cash dividends declared (per share) | $0.01 | $0.01 | $0.02 | $0.02 |
Weighted-average common shares outstanding | 77,062 | 76,415 | 76,869 | 76,280 |
Weighted-average diluted common shares outstanding | 77,806 | 76,581 | 77,612 | 76,393 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $40,824 | $28,915 | $75,329 | $56,185 |
Available-for-sale securities: | ' | ' | ' | ' |
Net unrealized gains (losses) | 11,559 | -36,755 | 15,236 | -41,380 |
Reclassification of net gains included in net income | -196 | -136 | -527 | -777 |
Income tax (expense) benefit | -4,444 | 14,382 | -5,764 | 16,423 |
Net unrealized gains (losses) on available-for-sale securities | 6,919 | -22,509 | 8,945 | -25,734 |
Cash flow hedges: | ' | ' | ' | ' |
Net unrealized gains (losses) | 7,741 | -11,099 | 11,878 | -10,941 |
Reclassification of net gains included in net income | -2,264 | -1,376 | -4,307 | -2,444 |
Income tax (expense) benefit | -2,137 | 4,879 | -2,954 | 5,235 |
Net unrealized gains (losses) on cash flow hedges | 3,340 | -7,596 | 4,617 | -8,150 |
Other comprehensive income (loss) | 10,259 | -30,105 | 13,562 | -33,884 |
Comprehensive income | $51,083 | ($1,190) | $88,891 | $22,301 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (Unaudited) (USD $) | Total | Common Shares Outstanding [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Common Stock [Member] | |||
In Thousands, except Per Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Beginning Balance at Dec. 31, 2012 | $1,207,166 | ' | $77,015 | ($24,150) | $1,026,438 | $79,799 | $48,064 | ' | |||
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 77,115 | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 56,185 | ' | ' | ' | ' | 56,185 | [1] | ' | ' | ||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income (loss) | -33,884 | ' | ' | ' | ' | ' | -33,884 | [1] | ' | ||
Total comprehensive income (loss) | [1] | 22,301 | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock ($0.02 per share) | -1,561 | ' | ' | ' | 'Â Â | -1,561 | ' | ' | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.02 | ' | ' | ' | ' | ' | ' | ' | |||
Nonvested (restricted) stock grants, shares | ' | 587 | ' | ' | ' | ' | ' | ' | |||
Nonvested (restricted) stock grants | 0 | ' | -587 | 14,932 | -14,345 | ' | ' | ' | |||
Exercise of stock options, shares | ' | 93 | ' | ' | ' | ' | ' | ' | |||
Exercise of stock options | 1,361 | ' | 5 | 2,095 | -739 | ' | ' | ' | |||
Restricted stock activity, shares | ' | -44 | ' | ' | ' | ' | ' | ' | |||
Restricted stock activity | -172 | ' | 389 | 218 | -779 | ' | ' | ' | |||
Deferred compensation plan, shares | ' | 13 | ' | ' | ' | ' | ' | ' | |||
Deferred compensation plan | 250 | ' | 1 | 337 | -88 | 'Â Â | ' | ' | |||
Excess tax benefit from share-based compensation plans | 29 | ' | ' | ' | 29 | ' | ' | ' | |||
Stock repurchased in connection with share-based compensation plans, shares | ' | -134 | ' | ' | ' | ' | ' | ' | |||
Stock repurchased in connection with share-based compensation plans | -2,433 | ' | ' | -2,433 | ' | ' | ' | ' | |||
Stock Issued During Period, Shares, Issued for Services | ' | 'Â Â | ' | ' | ' | ' | ' | ' | |||
Share-based compensation expense | 6,099 | ' | ' | ' | 6,099 | ' | ' | ' | |||
Ending Balance at Jun. 30, 2013 | 1,233,040 | ' | 76,823 | -9,001 | 1,016,615 | 134,423 | 14,180 | ' | |||
Ending Balance (in shares) at Jun. 30, 2013 | ' | 77,630 | ' | ' | ' | ' | ' | ' | |||
Beginning Balance at Dec. 31, 2013 | 1,301,904 | ' | 76,825 | -6,415 | 1,022,023 | 199,627 | 9,844 | ' | |||
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 77,707 | ' | ' | ' | ' | ' | 76,123 | |||
Discount Accretion On Preferred Stock | 0 | ' | ' | ' | ' | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | 75,329 | ' | ' | ' | ' | 75,329 | [1] | ' | ' | ||
Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other comprehensive income (loss) | 13,562 | ' | ' | ' | ' | ' | 13,562 | [1] | ' | ||
Total comprehensive income (loss) | [1] | 88,891 | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock ($0.02 per share) | -1,576 | ' | ' | ' | ' | -1,576 | ' | ' | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.02 | ' | ' | ' | ' | ' | ' | ' | |||
Nonvested (restricted) stock grants, shares | ' | 374 | ' | ' | ' | ' | ' | ' | |||
Nonvested (restricted) stock grants | 0 | ' | -242 | 5,548 | -5,306 | ' | ' | ' | |||
Exercise of stock options, shares | ' | 154 | ' | ' | ' | ' | ' | ' | |||
Exercise of stock options | 3,054 | ' | 'Â Â | 4,429 | -1,375 | ' | ' | ' | |||
Restricted stock activity, shares | ' | 0 | ' | ' | ' | ' | ' | ' | |||
Restricted stock activity | 0 | ' | 528 | 360 | -888 | ' | ' | ' | |||
Deferred compensation plan, shares | ' | 13 | ' | ' | ' | ' | ' | ' | |||
Deferred compensation plan | 384 | ' | 'Â Â | 384 | 0 | ' | ' | ' | |||
Excess tax benefit from share-based compensation plans | 2,838 | ' | ' | ' | 2,838 | ' | ' | ' | |||
Stock repurchased in connection with share-based compensation plans, shares | ' | -179 | ' | ' | ' | ' | ' | ' | |||
Stock repurchased in connection with share-based compensation plans | -5,251 | ' | ' | -5,251 | ' | ' | ' | ' | |||
Stock Issued During Period, Shares, Issued for Services | ' | 'Â Â | ' | ' | ' | ' | ' | ' | |||
Share-based compensation expense | 7,577 | ' | ' | ' | 7,577 | ' | ' | ' | |||
Ending Balance at Jun. 30, 2014 | $1,397,821 | ' | $77,111 | ($945) | $1,024,869 | $273,380 | $23,406 | ' | |||
Ending Balance (in shares) at Jun. 30, 2014 | ' | 78,069 | ' | ' | ' | ' | ' | 76,484 | |||
[1] | Net of taxes and reclassification adjustments. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities | ' | ' |
Net income (loss) | $75,329 | $56,185 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for loan and covered loan losses | 4,034 | 19,200 |
Depreciation of premises, furniture, and equipment | 4,266 | 4,349 |
Net amortization of premium on securities | 7,088 | 8,409 |
Net (gains) losses on sale of securities | -527 | -777 |
Valuation adjustments on other real estate owned | 3,715 | 10,586 |
Net (gains) losses on sale of other real estate owned | 379 | 48 |
Net amortization of discount on covered assets | 382 | 856 |
Bank owned life insurance income | -635 | -703 |
Net (decrease) increase in deferred loan fees | -1,525 | -4,136 |
Share-based compensation expense | 7,577 | 6,099 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | -3,141 | -543 |
Provision for deferred income tax expense | 1,067 | 13,307 |
Amortization of other intangibles | 1,511 | 1,562 |
Originations and purchases of loans held-for-sale | -212,029 | -300,636 |
Proceeds from sales of loans held-for-sale | 161,800 | 322,466 |
Net (gains) losses from sales of loans held-for-sale | -3,363 | -7,246 |
Net (increase) decrease in derivative assets and liabilities | -12,078 | 10,637 |
Net (increase) decrease in accrued interest receivable | 436 | -3,493 |
Net (decrease) increase in accrued interest payable | -44 | -1,178 |
Net (increase) decrease in other assets | 22,518 | -5,160 |
Net (decrease) increase in other liabilities | -14,222 | -4,157 |
Net cash provided by (used in) operating activities | 42,538 | 125,675 |
Available-for-sale securities: | ' | ' |
Proceeds from maturities, prepayments, and calls | 122,473 | 186,763 |
Proceeds from sales | 73,649 | 52,846 |
Purchases | -111,099 | -415,732 |
Held-to-maturity securities: | ' | ' |
Proceeds from maturities, repayments, and calls | 51,801 | 66,154 |
Purchases | -198,727 | -160,800 |
Net redemption (purchase) of FHLB stock | 1,339 | 9,324 |
Net decrease (increase) in loans | -495,273 | 7,859 |
Net decrease in covered assets | 30,606 | 35,275 |
Proceeds from sale of other real estate owned | 6,431 | 23,744 |
Net purchases of premises, furniture, and equipment | -4,650 | -1,866 |
Net cash (used in) provided by investing activities | -523,450 | -196,433 |
Financing Activities | ' | ' |
Net (decrease) increase in deposit accounts | 222,560 | -865,302 |
Increase (decrease) in short-term and secured borrowings | -4,081 | 0 |
Net increase (decrease) in FHLB advances | 230,000 | 295,000 |
Stock repurchased in connection with benefit plans | -5,251 | -2,433 |
Cash dividends paid | -1,560 | -1,558 |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 3,438 | 1,439 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 3,141 | 543 |
Net cash (used in) provided by financing activities | 448,247 | -572,311 |
Net (decrease) increase in cash and cash equivalents | -32,665 | -643,069 |
Cash and cash equivalents at beginning of year | 440,062 | 941,451 |
Cash and cash equivalents at end of period | 407,397 | 298,382 |
Supplemental Disclosures of Cash Flow Information: | ' | ' |
Cash paid for interest | 33,050 | 37,447 |
Cash paid for income taxes | 43,100 | 13,265 |
Non-cash transfer of loans to other real estate | $1,800 | $9,632 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
BASIS OF PRESENTATION | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The accompanying unaudited consolidated interim financial statements of PrivateBancorp, Inc. ("PrivateBancorp" or the "Company"), a Delaware corporation, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports on Form 10-Q and do not include certain information and footnote disclosures required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete annual financial statements. Accordingly, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for our fiscal year ended December 31, 2013. | |
The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. GAAP and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year or any other period. | |
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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. 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. | |
In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to June 30, 2014 for potential recognition or disclosure. |
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
NEW ACCOUNTING STANDARDS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
Recently Adopted Accounting Pronouncements | |
Accounting for Investments in Qualified Affordable Housing Projects - On January 1, 2014, we adopted new accounting guidance issued by the Financial Accounting Standards Board ("FASB") related to the accounting for investments in limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits. The guidance allows the Company to elect to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Additionally, the guidance requires disclosure of (1) the nature of the Company’s investments in qualified affordable housing projects and (2) the effect of the measurement of those investments and the related tax credits on the Company’s financial position and results of operations. Prior to the adoption of this new guidance, the Company previously accounted for such investments using the effective yield method. The guidance must be applied retrospectively. As permitted under the new guidance, the Company has elected to continue accounting for its investments in qualified affordable housing projects that existed prior to the date of adoption using the effective yield method. Any new investments in qualified affordable housing projects entered into on or after January 1, 2014 that meet certain conditions will be accounted for using the proportional amortization method. While the guidance affected our disclosures, adoption of the guidance did not impact our financial position or consolidated results of operations. Refer to Note 18 for the required disclosures. | |
Accounting Pronouncements Pending Adoption | |
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans - In January 2014, the FASB issued guidance that clarifies when the Company should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The guidance indicates that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or similar legal agreement. Additionally, the guidance requires disclosure of (1) the amount of foreclosed residential real estate property held by the Company and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The guidance will be effective for the Company’s financial statements that include periods beginning on or after January 1, 2015. The adoption of this guidance is not expected to have a material impact on our financial position or consolidated results of operations. | |
Revenue from Contracts with Customers - In May 2014, the FASB issued a comprehensive new revenue recognition standard that will replace most of the existing revenue recognition guidance in U.S. GAAP. All arrangements involving the transfer of goods or services to customers are within the scope of the guidance, except for certain contracts subject to other U.S. GAAP guidance, including lease contracts and rights and obligations related to financial instruments. The standard’s core principle is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also includes new disclosure requirements related to the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance will be effective for the Company’s financial statements that include periods beginning on or after January 1, 2017. The Company may choose to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2017. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations, as well as which transition method to use. | |
Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures - In June 2014, the FASB issued guidance that amends the accounting for repurchase-to-maturity transactions and repurchase financings. Under the new guidance, repurchase-to-maturity transactions will be accounted for as secured borrowings. Additionally, the initial transfer and related repurchase agreement in a repurchase financing will need to be considered separately, rather than as a linked transaction. In addition, new disclosures will be required for (1) repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings, and (2) transfers accounted for as sales when the transferor also retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The guidance will be effective for the Company’s financial statements that include periods beginning on or after January 1, 2015, except for the disclosures related to transactions accounted for as secured borrowings, which will be effective for the Company’s financial statements that include periods beginning on April 1, 2015. The adoption of this guidance is not expected to have a material impact on our financial position or consolidated results of operations. | |
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - In June 2014, the FASB issued guidance that clarifies the accounting for a performance target that affects vesting of a share-based payment award and that could be achieved after the requisite service period. The guidance indicates that such a performance target would not be reflected in the estimation of the award’s grant date fair value. Rather, compensation cost for such an award would be recognized over the requisite service period, if it is probable that the performance target will be achieved. The total amount of compensation cost recognized during and after the requisite service period would reflect the number of awards that are expected to vest and would be adjusted to reflect those awards that ultimately vest. The guidance will be effective for the Company’s financial statements that include periods beginning on or after January 1, 2016 and applied prospectively to awards that are granted or modified after the effective date. The adoption of this guidance is not expected to have a material impact on our financial position or consolidated results of operations. |
SECURITIES
SECURITIES | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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SECURITIES | ' | |||||||||||||||||||||||||||||||
SECURITIES | ||||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 145,056 | $ | — | $ | (1,598 | ) | $ | 143,458 | $ | 145,716 | $ | — | $ | (3,141 | ) | $ | 142,575 | ||||||||||||||
U.S. Agency | 47,184 | — | (851 | ) | 46,333 | 47,409 | — | (1,881 | ) | 45,528 | ||||||||||||||||||||||
Collateralized mortgage obligations | 153,307 | 6,293 | (7 | ) | 159,593 | 169,775 | 6,356 | (15 | ) | 176,116 | ||||||||||||||||||||||
Residential mortgage-backed securities | 861,730 | 27,735 | (2,603 | ) | 886,862 | 946,656 | 23,627 | (7,176 | ) | 963,107 | ||||||||||||||||||||||
State and municipal securities | 283,976 | 7,820 | (795 | ) | 291,001 | 271,135 | 6,627 | (3,112 | ) | 274,650 | ||||||||||||||||||||||
Foreign sovereign debt | 500 | — | — | 500 | 500 | — | — | 500 | ||||||||||||||||||||||||
Total | $ | 1,491,753 | $ | 41,848 | $ | (5,854 | ) | $ | 1,527,747 | $ | 1,581,191 | $ | 36,610 | $ | (15,325 | ) | $ | 1,602,476 | ||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 64,305 | $ | — | $ | (2,607 | ) | $ | 61,698 | $ | 67,335 | $ | — | $ | (3,263 | ) | $ | 64,072 | ||||||||||||||
Residential mortgage-backed securities | 826,723 | 6,619 | (4,354 | ) | 828,988 | 688,410 | 637 | (15,274 | ) | 673,773 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 174,273 | 626 | (2,529 | ) | 172,370 | 164,607 | 6 | (6,640 | ) | 157,973 | ||||||||||||||||||||||
State and municipal securities | 915 | 9 | — | 924 | 1,084 | 6 | — | 1,090 | ||||||||||||||||||||||||
Total | $ | 1,066,216 | $ | 7,254 | $ | (9,490 | ) | $ | 1,063,980 | $ | 921,436 | $ | 649 | $ | (25,177 | ) | $ | 896,908 | ||||||||||||||
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 $373.1 million and $401.4 million at June 30, 2014 and December 31, 2013, 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 $97.9 million and $108.1 million at June 30, 2014 and December 31, 2013, 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 June 30, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||||||
The following table presents the fair values of securities with unrealized losses as of June 30, 2014 and December 31, 2013. 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 June 30, 2014 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 19,845 | $ | (15 | ) | $ | 123,612 | $ | (1,583 | ) | $ | 143,457 | $ | (1,598 | ) | |||||||||||||||||
U.S. Agency | — | — | 46,334 | (851 | ) | 46,334 | (851 | ) | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,385 | (7 | ) | — | — | 2,385 | (7 | ) | ||||||||||||||||||||||||
Residential mortgage-backed securities | 37,736 | (65 | ) | 115,510 | (2,538 | ) | 153,246 | (2,603 | ) | |||||||||||||||||||||||
State and municipal securities | 27,252 | (100 | ) | 44,661 | (695 | ) | 71,913 | (795 | ) | |||||||||||||||||||||||
Total | $ | 87,218 | $ | (187 | ) | $ | 330,117 | $ | (5,667 | ) | $ | 417,335 | $ | (5,854 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 24,208 | $ | (19 | ) | $ | 250,674 | $ | (4,335 | ) | $ | 274,882 | $ | (4,354 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 3,287 | (5 | ) | 106,344 | (2,524 | ) | 109,631 | (2,529 | ) | |||||||||||||||||||||||
Collateralized mortgage obligations | — | — | 61,698 | (2,607 | ) | 61,698 | (2,607 | ) | ||||||||||||||||||||||||
Total | $ | 27,495 | $ | (24 | ) | $ | 418,716 | $ | (9,466 | ) | $ | 446,211 | $ | (9,490 | ) | |||||||||||||||||
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 | ) | |||||||||||||||||
There were $748.8 million of securities with $15.1 million in an unrealized loss position for greater than 12 months at June 30, 2014. At December 31, 2013, there were $38.9 million of securities with $2.6 million in an unrealized loss position for 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 the six months ended June 30, 2014 or during 2013. | ||||||||||||||||||||||||||||||||
The following table presents the remaining contractual maturity of securities as of June 30, 2014 by amortized cost and fair value. | ||||||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities | Held-To-Maturity Securities | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
U.S. Treasury, U.S. Agency, state and municipal and foreign sovereign debt securities: | ||||||||||||||||||||||||||||||||
One year or less | $ | 5,375 | $ | 5,428 | $ | 545 | $ | 545 | ||||||||||||||||||||||||
One year to five years | 298,082 | 300,249 | 370 | 379 | ||||||||||||||||||||||||||||
Five years to ten years | 170,263 | 172,504 | — | — | ||||||||||||||||||||||||||||
After ten years | 2,996 | 3,111 | — | — | ||||||||||||||||||||||||||||
All other securities: | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 153,307 | 159,593 | 64,305 | 61,698 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 861,730 | 886,862 | 826,723 | 828,988 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 174,273 | 172,370 | ||||||||||||||||||||||||||||
Total | $ | 1,491,753 | $ | 1,527,747 | $ | 1,066,216 | $ | 1,063,980 | ||||||||||||||||||||||||
The following table presents gains (losses) on securities for the six months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Proceeds from sales | $ | 26,172 | $ | 2,068 | $ | 73,649 | $ | 52,846 | ||||||||||||||||||||||||
Gross realized gains | $ | 213 | $ | 136 | $ | 610 | $ | 778 | ||||||||||||||||||||||||
Gross realized losses | (17 | ) | — | (83 | ) | (1 | ) | |||||||||||||||||||||||||
Net realized gains | $ | 196 | $ | 136 | $ | 527 | $ | 777 | ||||||||||||||||||||||||
Income tax provision on net realized gains | $ | 77 | $ | 53 | $ | 208 | $ | 306 | ||||||||||||||||||||||||
Refer to Note 11 for additional details of the securities available-for-sale portfolio and the related impact of unrealized gains (losses) on other comprehensive income. |
LOANS
LOANS | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
LOANS | ' | |||||||||||||||||||||||||||
LOANS | ||||||||||||||||||||||||||||
The following loan portfolio and credit quality disclosures exclude covered loans. Covered loans represent loans acquired through a Federal Deposit Insurance Corporation ("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) | ||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Commercial and industrial | $ | 5,871,425 | $ | 5,457,574 | ||||||||||||||||||||||||
Commercial - owner-occupied CRE | 1,699,861 | 1,674,260 | ||||||||||||||||||||||||||
Total commercial | 7,571,286 | 7,131,834 | ||||||||||||||||||||||||||
Commercial real estate | 1,985,273 | 1,987,307 | ||||||||||||||||||||||||||
Commercial real estate - multi-family | 533,854 | 513,194 | ||||||||||||||||||||||||||
Total commercial real estate | 2,519,127 | 2,500,501 | ||||||||||||||||||||||||||
Construction | 360,313 | 293,387 | ||||||||||||||||||||||||||
Residential real estate | 337,329 | 341,868 | ||||||||||||||||||||||||||
Home equity | 144,081 | 149,732 | ||||||||||||||||||||||||||
Personal | 204,806 | 226,699 | ||||||||||||||||||||||||||
Total loans | $ | 11,136,942 | $ | 10,644,021 | ||||||||||||||||||||||||
Deferred loan fees, net of costs, included as a reduction in total loans | $ | 35,538 | $ | 37,063 | ||||||||||||||||||||||||
Overdrawn demand deposits included in total loans | $ | 1,213 | $ | 2,772 | ||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Loans Held-For-Sale | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Mortgage loans held-for-sale (1) | $ | 20,290 | $ | 17,619 | ||||||||||||||||||||||||
Other loans held-for-sale (2) | 60,434 | 9,197 | ||||||||||||||||||||||||||
Total loans held-for-sale | $ | 80,724 | $ | 26,816 | ||||||||||||||||||||||||
(1)Â | Includes residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 16 for additional information regarding mortgage loans held-for-sale. | |||||||||||||||||||||||||||
(2)Â | Other loans held-for-sale represent commercial loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. | |||||||||||||||||||||||||||
Carrying Value of Loans Pledged | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Loans pledged to secure outstanding borrowings or availability: | ||||||||||||||||||||||||||||
FRB discount window borrowings (1) | $ | 522,926 | $ | 710,269 | ||||||||||||||||||||||||
FHLB advances | 1,742,575 | 1,337,552 | ||||||||||||||||||||||||||
Total | $ | 2,265,501 | $ | 2,047,821 | ||||||||||||||||||||||||
(1) | No borrowings were outstanding at June 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||||||||||
Commercial | $ | 7,536,364 | $ | 400 | $ | — | $ | — | $ | 7,536,764 | $ | 34,522 | $ | 7,571,286 | ||||||||||||||
Commercial real estate | 2,494,466 | 2,708 | — | — | 2,497,174 | 21,953 | 2,519,127 | |||||||||||||||||||||
Construction | 360,313 | — | — | — | 360,313 | — | 360,313 | |||||||||||||||||||||
Residential real estate | 327,875 | — | 117 | — | 327,992 | 9,337 | 337,329 | |||||||||||||||||||||
Home equity | 133,617 | 267 | — | — | 133,884 | 10,197 | 144,081 | |||||||||||||||||||||
Personal | 204,035 | 191 | — | — | 204,226 | 580 | 204,806 | |||||||||||||||||||||
Total loans | $ | 11,056,670 | $ | 3,566 | $ | 117 | $ | — | $ | 11,060,353 | $ | 76,589 | $ | 11,136,942 | ||||||||||||||
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 | ||||||||||||||
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. | ||||||||||||||||||||||||||||
The following two tables present our recorded investment in 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 June 30, 2014 | ||||||||||||||||||||||||||||
Commercial | $ | 70,744 | $ | 42,793 | $ | 22,058 | $ | 64,851 | $ | 11,113 | ||||||||||||||||||
Commercial real estate | 29,571 | 8,277 | 14,896 | 23,173 | 4,879 | |||||||||||||||||||||||
Residential real estate | 10,938 | 4,971 | 4,366 | 9,337 | 630 | |||||||||||||||||||||||
Home equity | 12,123 | 3,009 | 8,621 | 11,630 | 1,715 | |||||||||||||||||||||||
Personal | 580 | — | 580 | 580 | 150 | |||||||||||||||||||||||
Total impaired loans | $ | 123,956 | $ | 59,050 | $ | 50,521 | $ | 109,571 | $ | 18,487 | ||||||||||||||||||
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 | |||||||||||||||||||||||
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 | ||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans (1)Â | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
Commercial | $ | 55,534 | $ | 419 | $ | 76,777 | $ | 620 | ||||||||||||||||||||
Commercial real estate | 36,960 | 20 | 62,402 | 98 | ||||||||||||||||||||||||
Residential real estate | 9,481 | — | 13,023 | — | ||||||||||||||||||||||||
Home equity | 12,614 | 21 | 15,390 | 23 | ||||||||||||||||||||||||
Personal | 599 | — | 3,910 | — | ||||||||||||||||||||||||
Total | $ | 115,188 | $ | 460 | $ | 171,502 | $ | 741 | ||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
Commercial | $ | 48,935 | $ | 801 | $ | 81,893 | $ | 1,253 | ||||||||||||||||||||
Commercial real estate | 41,617 | 44 | 71,424 | 330 | ||||||||||||||||||||||||
Residential real estate | 9,700 | — | 12,452 | 3 | ||||||||||||||||||||||||
Home equity | 13,018 | 45 | 14,687 | 60 | ||||||||||||||||||||||||
Personal | 632 | — | 4,293 | — | ||||||||||||||||||||||||
Total | $ | 113,902 | $ | 890 | $ | 184,749 | $ | 1,646 | ||||||||||||||||||||
(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 | % of | Potential | % of | Non- | % of | Total Loans | ||||||||||||||||||||||
Mention | Portfolio | Problem | Portfolio | Performing | Portfolio | |||||||||||||||||||||||
Loan | Loans | Loan | Loans | Loan | ||||||||||||||||||||||||
Type | Type | Type | ||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||
Commercial | $ | 114,165 | 1.5 | $ | 114,443 | 1.5 | $ | 34,522 | 0.5 | $ | 7,571,286 | |||||||||||||||||
Commercial real estate | 773 | * | 1,924 | 0.1 | 21,953 | 0.9 | 2,519,127 | |||||||||||||||||||||
Construction | — | — | — | — | — | — | 360,313 | |||||||||||||||||||||
Residential real estate | 2,778 | 0.8 | 6,661 | 2 | 9,337 | 2.8 | 337,329 | |||||||||||||||||||||
Home equity | 1,939 | 1.3 | 1,990 | 1.4 | 10,197 | 7.1 | 144,081 | |||||||||||||||||||||
Personal | 223 | 0.1 | 15 | * | 580 | 0.3 | 204,806 | |||||||||||||||||||||
Total | $ | 119,878 | 1.1 | $ | 125,033 | 1.1 | $ | 76,589 | 0.7 | $ | 11,136,942 | |||||||||||||||||
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 | |||||||||||||||||
* | Less than 0.1% | |||||||||||||||||||||||||||
Troubled Debt Restructured Loans | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | ||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||
Accruing | Nonaccrual (1) | Accruing | Nonaccrual (1) | |||||||||||||||||||||||||
Commercial | $ | 30,329 | $ | 6,046 | $ | 17,034 | $ | 6,188 | ||||||||||||||||||||
Commercial real estate | 1,220 | 8,403 | 1,551 | 19,309 | ||||||||||||||||||||||||
Residential real estate | — | 1,534 | — | 2,239 | ||||||||||||||||||||||||
Home equity | 1,433 | 4,471 | 1,591 | 3,805 | ||||||||||||||||||||||||
Personal | — | 562 | — | 641 | ||||||||||||||||||||||||
Total | $ | 32,982 | $ | 21,016 | $ | 20,176 | $ | 32,182 | ||||||||||||||||||||
(1)Â | Included in nonperforming loans. | |||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, credit commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing) totaled $16.4 million and $5.5 million, respectively. | ||||||||||||||||||||||||||||
Additions to Accruing Troubled Debt Restructurings During the Period | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | |||||||||||||||||||||||||
Borrowers | Pre- | Post- | Borrowers | Pre- | Post- | |||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | $ | 3,550 | $ | 3,550 | 2 | $ | 4,600 | $ | 4,600 | ||||||||||||||||||
Other concession (3) | 1 | 2,638 | 2,638 | — | — | — | ||||||||||||||||||||||
Total commercial | 2 | 6,188 | 6,188 | 2 | 4,600 | 4,600 | ||||||||||||||||||||||
Total accruing | 2 | $ | 6,188 | $ | 6,188 | 2 | $ | 4,600 | $ | 4,600 | ||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | |||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||
Borrowers | Modification | Modification | Borrowers | Modification | Modification | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 2 | $ | 3,750 | $ | 3,750 | 4 | $ | 4,935 | $ | 4,935 | ||||||||||||||||||
Other concession (3) | 2 | 15,579 | 15,579 | — | — | — | ||||||||||||||||||||||
Total commercial | 4 | 19,329 | 19,329 | 4 | 4,935 | 4,935 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Other concession (3) | 1 | 426 | 426 | — | — | — | ||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 150 | 150 | ||||||||||||||||||||||
Total accruing | 5 | $ | 19,755 | $ | 19,755 | 5 | $ | 5,085 | $ | 5,085 | ||||||||||||||||||
(1)Â | Represents amounts 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. | |||||||||||||||||||||||||||
Additions to Nonaccrual Troubled Debt Restructurings During the Period | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | |||||||||||||||||||||||||
Borrowers | Pre- | Post- | Borrowers | Pre- | Post- | |||||||||||||||||||||||
Modification | Modification | Modification | Modification | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | $ | — | $ | — | 1 | $ | 134 | $ | 134 | ||||||||||||||||||
Other concession (3) | 2 | 97 | 97 | 4 | 1,723 | 1,723 | ||||||||||||||||||||||
Total commercial | 2 | 97 | 97 | 5 | 1,857 | 1,857 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Other concession (3) | 1 | 1,120 | 1,120 | — | — | — | ||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||
Other concession (3) | 1 | 70 | 70 | — | — | — | ||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Other concession (3) | 2 | 865 | 865 | 1 | 590 | 590 | ||||||||||||||||||||||
Total nonaccrual | 6 | $ | 2,152 | $ | 2,152 | 6 | $ | 2,447 | $ | 2,447 | ||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | |||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | |||||||||||||||||||||||
Borrowers | Modification | Modification | Borrowers | Modification | Modification | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | $ | — | $ | — | 1 | $ | 134 | $ | 134 | ||||||||||||||||||
Other concession (3) | 4 | 553 | 503 | 4 | 1,723 | 1,723 | ||||||||||||||||||||||
Total commercial | 4 | 553 | 503 | 5 | 1,857 | 1,857 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 297 | 297 | ||||||||||||||||||||||
Other concession (3) | 1 | 1,120 | 1,120 | — | — | — | ||||||||||||||||||||||
Total commercial real estate | 1 | 1,120 | 1,120 | 1 | 297 | 297 | ||||||||||||||||||||||
Residential real estate | ||||||||||||||||||||||||||||
Other concession (3) | 3 | 565 | 565 | — | — | — | ||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 114 | 114 | 3 | 476 | 476 | ||||||||||||||||||||||
Other concession (3) | 3 | 1,115 | 1,115 | 4 | 1,022 | 1,015 | ||||||||||||||||||||||
Total home equity | 4 | 1,229 | 1,229 | 7 | 1,498 | 1,491 | ||||||||||||||||||||||
Total nonaccrual | 12 | $ | 3,467 | $ | 3,417 | 13 | $ | 3,652 | $ | 3,645 | ||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | 50 | $ | 7 | ||||||||||||||||||||||||
(1)Â | Represents amounts 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, "Summary of Significant Accounting Policies," to the Notes to Consolidated Financial Statements of our 2013 Annual Report on Form 10-K regarding our policy for assessing potential impairment on such loans. Our allowance for loan losses included $3.7 million and $8.6 million in specific reserves for nonaccrual TDRs at June 30, 2014 and December 31, 2013, respectively. For accruing TDRs, there were specific reserves of $33,000 and $37,000 at June 30, 2014 and December 31, 2013, respectively, with the specific reserve representing the difference between the present value of cash flows for the restructured loan as compared to the recorded investment in the 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 six months ended June 30, 2014 and 2013. 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) | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||
Borrowers | Investment (1) | Borrowers | Investment (1) | |||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||
None | — | $ | — | — | $ | — | ||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 699 | 2 | $ | 5,258 | ||||||||||||||||||||||
(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 | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | ' | [1] | |||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | |||||||||||||||||||||||||||||
The following allowance and credit quality disclosures exclude covered loans. Refer to Note 6 for additional information regarding covered loans. | |||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 90,080 | $ | 37,575 | $ | 3,547 | $ | 6,978 | $ | 5,500 | $ | 3,088 | $ | 146,768 | |||||||||||||||
Loans charged-off | (2,142 | ) | (2,082 | ) | — | (180 | ) | (268 | ) | (13 | ) | (4,685 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 813 | 1,360 | 9 | 135 | 60 | 20 | 2,397 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (1,329 | ) | (722 | ) | 9 | (45 | ) | (208 | ) | 7 | (2,288 | ) | |||||||||||||||||
Provision (release) for loan losses | 7,575 | (3,554 | ) | 65 | (1,653 | ) | (277 | ) | (145 | ) | 2,011 | ||||||||||||||||||
Balance at end of period | $ | 96,326 | $ | 33,299 | $ | 3,621 | $ | 5,280 | $ | 5,015 | $ | 2,950 | $ | 146,491 | |||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 11,113 | $ | 4,879 | $ | — | $ | 630 | $ | 1,715 | $ | 150 | $ | 18,487 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 85,213 | $ | 28,420 | $ | 3,621 | $ | 4,650 | $ | 3,300 | $ | 2,800 | $ | 128,004 | |||||||||||||||
Recorded Investment in Loans: | |||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 64,851 | $ | 23,173 | $ | — | $ | 9,337 | $ | 11,630 | $ | 580 | $ | 109,571 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | 7,506,435 | 2,495,954 | 360,313 | 327,992 | 132,451 | 204,226 | 11,027,371 | ||||||||||||||||||||||
Total recorded investment in loans | $ | 7,571,286 | $ | 2,519,127 | $ | 360,313 | $ | 337,329 | $ | 144,081 | $ | 204,806 | $ | 11,136,942 | |||||||||||||||
(1)Â | Refer to Note 4 for additional information regarding impaired loans. | ||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 65,352 | $ | 63,968 | $ | 2,101 | $ | 10,003 | $ | 6,562 | $ | 6,006 | $ | 153,992 | |||||||||||||||
Loans charged-off | (2,372 | ) | (8,725 | ) | — | (783 | ) | (334 | ) | (2,776 | ) | (14,990 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 459 | 141 | 25 | 2 | 199 | 46 | 872 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (1,913 | ) | (8,584 | ) | 25 | (781 | ) | (135 | ) | (2,730 | ) | (14,118 | ) | ||||||||||||||||
Provision (release) for loan losses | 17,235 | (8,895 | ) | 500 | (176 | ) | (387 | ) | 32 | 8,309 | |||||||||||||||||||
Balance at end of period | $ | 80,674 | $ | 46,489 | $ | 2,626 | $ | 9,046 | $ | 6,040 | $ | 3,308 | $ | 148,183 | |||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 15,806 | $ | 9,669 | $ | — | $ | 4,101 | $ | 2,970 | $ | 178 | $ | 32,724 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 64,868 | $ | 36,820 | $ | 2,626 | $ | 4,945 | $ | 3,070 | $ | 3,130 | $ | 115,459 | |||||||||||||||
Recorded Investment in Loans: | |||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 91,655 | $ | 48,562 | $ | — | $ | 12,812 | $ | 15,260 | $ | 1,751 | $ | 170,040 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | 6,569,812 | 2,453,139 | 211,976 | 334,817 | 144,698 | 210,154 | 9,924,596 | ||||||||||||||||||||||
Total recorded investment in loans | $ | 6,661,467 | $ | 2,501,701 | $ | 211,976 | $ | 347,629 | $ | 159,958 | $ | 211,905 | $ | 10,094,636 | |||||||||||||||
(1)Â | Refer to Note 4 for additional information regarding impaired loans. | ||||||||||||||||||||||||||||
Allowance for Loan Losses (Continued) | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 80,768 | $ | 42,362 | $ | 3,338 | $ | 7,555 | $ | 5,648 | $ | 3,438 | $ | 143,109 | |||||||||||||||
Loans charged-off | (3,629 | ) | (4,664 | ) | — | (415 | ) | (715 | ) | (143 | ) | (9,566 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 4,475 | 2,048 | 16 | 435 | 88 | 426 | 7,488 | ||||||||||||||||||||||
Net recoveries (charge-offs) | 846 | (2,616 | ) | 16 | 20 | (627 | ) | 283 | (2,078 | ) | |||||||||||||||||||
Provision (release) for loan losses | 14,712 | (6,447 | ) | 267 | (2,295 | ) | (6 | ) | (771 | ) | 5,460 | ||||||||||||||||||
Balance at end of period | $ | 96,326 | $ | 33,299 | $ | 3,621 | $ | 5,280 | $ | 5,015 | $ | 2,950 | $ | 146,491 | |||||||||||||||
2013 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | |||||||||||||||
Loans charged-off | (13,518 | ) | (16,291 | ) | 70 | (1,219 | ) | (708 | ) | (2,781 | ) | (34,447 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 855 | 1,505 | 34 | 4 | 260 | 98 | 2,756 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (12,663 | ) | (14,786 | ) | 104 | (1,215 | ) | (448 | ) | (2,683 | ) | (31,691 | ) | ||||||||||||||||
Provision (release) for loan losses | 29,628 | (11,875 | ) | 88 | 565 | (309 | ) | 360 | 18,457 | ||||||||||||||||||||
Balance at end of period | $ | 80,674 | $ | 46,489 | $ | 2,626 | $ | 9,046 | $ | 6,040 | $ | 3,308 | $ | 148,183 | |||||||||||||||
Reserve for Unfunded Commitments (1)Â | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,702 | $ | 9,066 | $ | 9,206 | $ | 7,343 | |||||||||||||||||||||
Provision (release) for unfunded commitments | (339 | ) | 467 | 157 | 2,190 | ||||||||||||||||||||||||
Balance at end of period | $ | 9,363 | $ | 9,533 | $ | 9,363 | $ | 9,533 | |||||||||||||||||||||
Unfunded commitments, excluding covered assets, at period end (1) | $ | 5,140,210 | $ | 4,732,435 | |||||||||||||||||||||||||
(1)Â | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. | ||||||||||||||||||||||||||||
Refer to Note 15 for additional details of commitments to extend credit, standby letters of credit and commercial letters of credit. | |||||||||||||||||||||||||||||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
COVERED_ASSETS
COVERED ASSETS | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
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 loss share agreement expires on September 30, 2014 for non-single family loans and related assets and September 30, 2019 for single family loans and related assets. | ||||||||||||||||||||||||
The carrying amount of covered assets is presented in the following table. | ||||||||||||||||||||||||
Covered Assets | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||
Purchased | Other | Total | Purchased | Other | Total | |||||||||||||||||||
Loans (1) | Assets | Loans (1) | Assets | |||||||||||||||||||||
Commercial loans | $ | 4,717 | $ | — | $ | 4,717 | $ | 11,562 | $ | — | $ | 11,562 | ||||||||||||
Commercial real estate loans | 34,408 | — | 34,408 | 46,657 | — | 46,657 | ||||||||||||||||||
Residential mortgage loans | 34,311 | — | 34,311 | 36,883 | — | 36,883 | ||||||||||||||||||
Consumer installment and other | 2,747 | 229 | 2,976 | 3,213 | 259 | 3,472 | ||||||||||||||||||
Foreclosed real estate | — | 1,778 | 1,778 | — | 7,880 | 7,880 | ||||||||||||||||||
Estimated loss reimbursement by the FDIC | — | 2,857 | 2,857 | — | 6,292 | 6,292 | ||||||||||||||||||
Total covered assets | 76,183 | 4,864 | 81,047 | 98,315 | 14,431 | 112,746 | ||||||||||||||||||
Allowance for covered loan losses | (14,375 | ) | — | (14,375 | ) | (16,511 | ) | — | (16,511 | ) | ||||||||||||||
Net covered assets | $ | 61,808 | $ | 4,864 | $ | 66,672 | $ | 81,804 | $ | 14,431 | $ | 96,235 | ||||||||||||
Nonperforming covered loans (2) | $ | 11,813 | $ | 15,610 | ||||||||||||||||||||
(1) | Purchased loans include $3.6 million and $7.6 million of purchased impaired loans as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
(2)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. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||
Carrying Amount of Goodwill by Operating Segment | ||||||||
(Amounts in thousands) | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Banking | $ | 81,755 | $ | 81,755 | ||||
Asset management | 12,286 | 12,286 | ||||||
Total goodwill | $ | 94,041 | $ | 94,041 | ||||
Goodwill is not amortized but, instead, is subject to impairment tests at least on an annual basis or more often if events or circumstances occur that would indicate it is more likely than not that the fair value of a reporting unit is below its carrying value. Our annual goodwill impairment test was performed as of October 31, 2013, and it was determined no impairment existed as of that date. A goodwill impairment charge of $146,000 was recorded in the fourth quarter 2013 in connection with the December 31, 2013 sale of Lodestar Investment Counsel, LLC ("Lodestar"), an investment management firm and previously a wholly-owned subsidiary of the Company. | ||||||||
We are not aware of any events or circumstances that would indicate goodwill is impaired at June 30, 2014. | ||||||||
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. During second quarter 2014, 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 for the six months ended June 30, 2014. | ||||||||
Other Intangible Assets | ||||||||
(Amounts in thousands) | ||||||||
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | |||||||
Core deposit intangibles: | ||||||||
Gross carrying amount | $ | 18,093 | $ | 18,093 | ||||
Accumulated amortization | 11,478 | 10,071 | ||||||
Net carrying amount | $ | 6,615 | $ | 8,022 | ||||
Amortization during the period | $ | 1,407 | $ | 2,709 | ||||
Weighted average remaining life (in years) | 3 | 3 | ||||||
Client relationships: | ||||||||
Gross carrying amount | $ | 2,002 | $ | 2,002 | ||||
Accumulated amortization | 1,236 | 1,132 | ||||||
Net carrying amount | $ | 766 | $ | 870 | ||||
Amortization during the period | $ | 104 | $ | 412 | ||||
Weighted average remaining life (in years) | 6 | 7 | ||||||
Scheduled Amortization of Other Intangible Assets | ||||||||
(Amounts in thousands) | ||||||||
Total | ||||||||
Year ending December 31, | ||||||||
2014 - remaining six months | $ | 1,496 | ||||||
2015 | 2,455 | |||||||
2016 | 2,161 | |||||||
2017 | 1,125 | |||||||
2018 | 98 | |||||||
2019 and thereafter | 46 | |||||||
Total | $ | 7,381 | ||||||
SHORTTERM_AND_SECURED_BORROWIN
SHORT-TERM AND SECURED BORROWINGS | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
SHORT-TERM AND SECURED BORROWINGS | ' | |||||||||||||
SHORT-TERM AND SECURED BORROWINGS | ||||||||||||||
Summary of Short-Term Borrowings | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
Outstanding: | ||||||||||||||
FHLB advances | $ | 233,000 | 0.17 | % | $ | 2,000 | 3.37 | % | ||||||
Other Information: | ||||||||||||||
Weighted average remaining maturity of FHLB advances at period end | 4 days | 12 months | ||||||||||||
Unused FHLB advances availability | $ | 378,003 | $ | 395,302 | ||||||||||
Unused overnight federal funds availability (1) | $ | 610,000 | $ | 520,000 | ||||||||||
Borrowing capacity through the FRB discount window primary credit program (2) | $ | 451,998 | $ | 621,855 | ||||||||||
(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 | Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. | |||||||||||||
As a member of the FHLB Chicago, the Bank has access to a borrowing capacity of $858.3 million at June 30, 2014, of which $378.0 million is available, subject to the additional investment in FHLB Chicago stock required. Our borrowing capacity with the FHLB Chicago is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At June 30, 2014, advances from the FHLB Chicago were comprised of $230.0 million short-term and $250.0 million long-term. Qualifying residential, multi-family and commercial real estate loans, home equity lines of credit, and 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 June 30, 2014. | ||||||||||||||
The Company has a $60.0 million 364-day Revolving Line of Credit (the "Facility") with a group of commercial banks, which currently matures September 26, 2014. Any amounts outstanding under the Facility upon maturity may be converted, at the Company's option, to an amortizing term loan, with the balance of such loan due September 27, 2016. Loans under the Facility bear interest, at the Company's election, at a floating rate equal to either LIBOR plus 1.95% or a defined base rate minus 0.50%. At June 30, 2014, 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 June 30, 2014 and December 31, 2013, these loan participation agreements totaled $2.3 million and $6.4 million, respectively. A corresponding amount was recorded within loans on the Consolidated Statements of Financial Condition at each of these dates. |
LONGTERM_DEBT_LongTerm_Debt
LONG-TERM DEBT Long-Term Debt | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-term Debt [Text Block] | ' | |||||||||||
LONG-TERM DEBT | ||||||||||||
Long-Term Debt | ||||||||||||
(Dollars in thousands) | ||||||||||||
June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Parent Company: | ||||||||||||
2.88% junior subordinated debentures due 2034 | (1)(a)Â | $ | 8,248 | $ | 8,248 | |||||||
1.94% junior subordinated debentures due 2035 | (2)(a)Â | 51,547 | 51,547 | |||||||||
1.73% 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 | 257,000 | 258,000 | ||||||||||
Total long-term debt | $ | 626,793 | $ | 627,793 | ||||||||
Weighted average interest rate of FHLB long-term advances at period end | 0.21 | % | 0.22 | % | ||||||||
Weighted average remaining maturity of FHLB long-term advances at period end (in years) | 1.6 | 2.1 | ||||||||||
(1) | Variable rate in effect at June 30, 2014 based on three-month LIBOR +2.65%. | |||||||||||
(2) | Variable rate in effect at June 30, 2014, based on three-month LIBOR +1.71%. | |||||||||||
(3) | Variable rate in effect at June 30, 2014, based on three-month LIBOR +1.50%. | |||||||||||
(a)Â | 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. | |||||||||||
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 10 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 secured by residential mortgage-backed securities. | ||||||||||||
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 ending December 31, | ||||||||||||
2015 | $ | 252,000 | ||||||||||
2019 and thereafter (1) | 374,793 | |||||||||||
Total | $ | 626,793 | ||||||||||
(1)Â | Of the total, $5.0 million is due in 2019 and $369.8 million is due in 2034 and thereafter. |
JUNIOR_SUBORDINATED_DEFERRABLE
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 June 30, 2014, 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) | |||||||||||||||||||||||||
Common Securities Issued | Trust Preferred Securities | Earliest Redemption Date (on or after) (3) | Principal Amount of | ||||||||||||||||||||||
Issued (1) | Debentures (3) | ||||||||||||||||||||||||
Issuance | Coupon | Maturity | June 30, | December 31, | |||||||||||||||||||||
Date | Rate (2) | 2014 | 2013 | ||||||||||||||||||||||
Bloomfield Hills Statutory Trust I | May 2004 | $ | 248 | $ | 8,000 | 2.88 | % | Jun 17, 2009 | Jun. 2034 | $ | 8,248 | $ | 8,248 | ||||||||||||
PrivateBancorp Statutory Trust II | Jun. 2005 | 1,547 | 50,000 | 1.94 | % | Sep 15, 2010 | Sep. 2035 | 51,547 | 51,547 | ||||||||||||||||
PrivateBancorp Statutory Trust III | Dec. 2005 | 1,238 | 40,000 | 1.73 | % | 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 June 30, 2014. 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. |
EQUITY
EQUITY | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||
EQUITY | ' | |||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income ("AOCI") by Component | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrealized Gain on Available-for-Sale Securities | Accumulated | Total | Unrealized Gain on Available-for-Sale Securities | Accumulated | Total | |||||||||||||||||||
Loss on Effective | Gain on Effective | |||||||||||||||||||||||
Cash Flow | Cash Flow | |||||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||
Balance at beginning of period | $ | 12,960 | $ | (3,116 | ) | $ | 9,844 | $ | 42,219 | $ | 5,845 | $ | 48,064 | |||||||||||
Increase in unrealized gains (losses) on securities | 15,236 | — | 15,236 | (41,380 | ) | — | (41,380 | ) | ||||||||||||||||
Increase in unrealized gains on cash flow hedges | — | 11,878 | 11,878 | — | (10,941 | ) | (10,941 | ) | ||||||||||||||||
Tax (expense) benefit on increase in unrealized gains (losses) | (5,972 | ) | (4,650 | ) | (10,622 | ) | 16,117 | 4,271 | 20,388 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 9,264 | 7,228 | 16,492 | (25,263 | ) | (6,670 | ) | (31,933 | ) | |||||||||||||||
Reclassification adjustment of net gains included in net income (1) | (527 | ) | (4,307 | ) | (4,834 | ) | (777 | ) | (2,444 | ) | (3,221 | ) | ||||||||||||
Reclassification adjustment for tax expense on realized net gains(2) | 208 | 1,696 | 1,904 | 306 | 964 | 1,270 | ||||||||||||||||||
Amounts reclassified from AOCI | (319 | ) | (2,611 | ) | (2,930 | ) | (471 | ) | (1,480 | ) | (1,951 | ) | ||||||||||||
Net current period other comprehensive income (loss) | 8,945 | 4,617 | 13,562 | (25,734 | ) | (8,150 | ) | (33,884 | ) | |||||||||||||||
Balance at end of period | $ | 21,905 | $ | 1,501 | $ | 23,406 | $ | 16,485 | $ | (2,305 | ) | $ | 14,180 | |||||||||||
(1)Â | 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
EARNINGS PER COMMON SHARE | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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) | ||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income | $ | 40,824 | $ | 28,915 | $ | 75,329 | $ | 56,185 | ||||||||
Net income allocated to participating stockholders (1) | (519 | ) | (576 | ) | (1,147 | ) | (1,117 | ) | ||||||||
Net income allocated to common stockholders | $ | 40,305 | $ | 28,339 | $ | 74,182 | $ | 55,068 | ||||||||
Weighted-average common shares outstanding | 77,062 | 76,415 | 76,869 | 76,280 | ||||||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.37 | $ | 0.97 | $ | 0.72 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Diluted earnings applicable to common stockholders (2) | $ | 40,308 | $ | 28,340 | $ | 74,192 | $ | 55,069 | ||||||||
Weighted-average diluted common shares outstanding: | ||||||||||||||||
Weighted-average common shares outstanding | 77,062 | 76,415 | 76,869 | 76,280 | ||||||||||||
Dilutive effect of stock awards (3) | 744 | 166 | 743 | 113 | ||||||||||||
Weighted-average diluted common shares outstanding | 77,806 | 76,581 | 77,612 | 76,393 | ||||||||||||
Diluted earnings per common share | $ | 0.52 | $ | 0.37 | $ | 0.96 | $ | 0.72 | ||||||||
(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., certain of the Company’s deferred and restricted stock units and nonvested restricted stock awards). | |||||||||||||||
(2)Â | Net income 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 net income to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||||||||||
(3)Â | For the quarters ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.1 million, respectively, and for the six months ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
INCOME TAXES | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
Income Tax Provision Analysis | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended June 30, | |||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before income taxes | $ | 66,818 | $ | 46,643 | $ | 122,349 | $ | 90,831 | ||||||||
Income tax provision: | ||||||||||||||||
Current income tax provision | $ | 26,086 | $ | 12,973 | $ | 45,953 | $ | 21,339 | ||||||||
Deferred income tax (benefit) provision | (92 | ) | 4,755 | 1,067 | 13,307 | |||||||||||
Total income tax provision | $ | 25,994 | $ | 17,728 | $ | 47,020 | $ | 34,646 | ||||||||
Effective tax rate | 38.9 | % | 38 | % | 38.4 | % | 38.1 | % | ||||||||
Deferred Tax Assets | ||||||||||||||||
Net deferred tax assets totaled $88.6 million at June 30, 2014 and $98.6 million at December 31, 2013. Net deferred tax assets are included in other assets in the accompanying Consolidated Statements of Financial Condition. | ||||||||||||||||
At June 30, 2014, 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 our recent earnings history, on both a book and tax basis, and our outlook for earnings and taxable income in future periods. | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, we had $347,000 of unrecognized tax benefits relating to uncertain tax positions that, if recognized, would impact the effective tax rate. |
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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 for accounting purposes at June 30, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||
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, netting agreements, and the establishment of internal concentration limits by financial institution. | ||||||||||||||||||||||||||||||||
Composition of Derivative Instruments and Fair Value | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||
Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 500,000 | $ | 5,832 | $ | 350,000 | $ | 4,005 | $ | 250,000 | $ | 4,211 | $ | 325,000 | $ | 9,748 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Client-related derivatives: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,719,821 | $ | 49,403 | $ | 3,959,328 | $ | 54,155 | $ | 3,719,821 | $ | 50,548 | $ | 3,959,328 | $ | 54,930 | ||||||||||||||||
Foreign exchange contracts | 107,138 | 2,299 | 116,761 | 3,029 | 107,138 | 1,799 | 116,761 | 2,570 | ||||||||||||||||||||||||
Credit contracts (1) | 81,216 | 8 | 91,694 | 34 | 104,507 | 46 | 113,348 | 98 | ||||||||||||||||||||||||
Total client-related derivatives | $ | 51,710 | $ | 57,218 | $ | 52,393 | $ | 57,598 | ||||||||||||||||||||||||
Other end-user derivatives: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 4,272 | $ | 12 | $ | 5,436 | $ | 16 | $ | 15,692 | $ | 139 | $ | 7,041 | $ | 218 | ||||||||||||||||
Mortgage banking derivatives | 185 | 341 | 263 | 103 | ||||||||||||||||||||||||||||
Total other end-user derivatives | $ | 197 | $ | 357 | $ | 402 | $ | 321 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 51,907 | $ | 57,575 | $ | 52,795 | $ | 57,919 | ||||||||||||||||||||||||
Netting adjustments (2) | (10,727 | ) | (13,158 | ) | (21,604 | ) | (18,777 | ) | ||||||||||||||||||||||||
Total derivatives | $ | 47,012 | $ | 48,422 | $ | 35,402 | $ | 48,890 | ||||||||||||||||||||||||
(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 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. The Company has pledged cash or financial collateral in accordance with each counterparty's collateral posting requirements for all of the Company's derivative assets and liabilities in a net liability position as of June 30, 2014. 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 June 30, 2014, $10.9 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 June 30, 2014. 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 the derivative contracts entered into with the same counterparty. | ||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
(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 (3) | Net Amount | ||||||||||||||||||||||||||||
Financial Instruments (4) | Cash Collateral | |||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 55,235 | $ | (9,526 | ) | $ | 45,709 | $ | — | $ | — | $ | 45,709 | |||||||||||||||||||
Foreign exchange contracts | 1,248 | (1,198 | ) | 50 | — | — | 50 | |||||||||||||||||||||||||
Credit contracts | 8 | (3 | ) | 5 | — | — | 5 | |||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 56,491 | (10,727 | ) | 45,764 | — | — | 45,764 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 1,248 | — | 1,248 | — | — | 1,248 | ||||||||||||||||||||||||||
Total derivatives | $ | 57,739 | $ | (10,727 | ) | $ | 47,012 | $ | — | $ | — | $ | 47,012 | |||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 54,759 | $ | (20,846 | ) | $ | 33,913 | $ | (32,593 | ) | $ | — | $ | 1,320 | ||||||||||||||||||
Foreign exchange contracts | 1,705 | (756 | ) | 949 | (912 | ) | — | 37 | ||||||||||||||||||||||||
Credit contracts | 46 | (2 | ) | 44 | (42 | ) | — | 2 | ||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 56,510 | (21,604 | ) | 34,906 | (33,547 | ) | — | 1,359 | ||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 496 | — | 496 | — | — | 496 | ||||||||||||||||||||||||||
Total derivatives | $ | 57,006 | $ | (21,604 | ) | $ | 35,402 | $ | (33,547 | ) | $ | — | $ | 1,855 | ||||||||||||||||||
(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 instruments are 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 (3) | Net Amount | ||||||||||||||||||||||||||||
Financial Instruments (4) | Cash Collateral | |||||||||||||||||||||||||||||||
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 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 instruments are disclosed at fair value. 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 June 30, 2014 and December 31, 2013. Details on these derivative contracts are set forth in the following table. | ||||||||||||||||||||||||||||||||
Derivatives Subject to Credit Risk Contingency Features | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of derivatives with credit contingency features in a net liability position | $ | 21,634 | $ | 28,152 | ||||||||||||||||||||||||||||
Collateral posted for those transactions in a net liability position | $ | 23,780 | $ | 30,272 | ||||||||||||||||||||||||||||
If credit risk contingency features were triggered: | ||||||||||||||||||||||||||||||||
Additional collateral required to be posted to derivative counterparties | $ | — | $ | — | ||||||||||||||||||||||||||||
Outstanding derivative instruments that would be immediately settled | $ | 21,634 | $ | 28,152 | ||||||||||||||||||||||||||||
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 six months ended June 30, 2014, 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 June 30, 2014, 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) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | Pre-Tax | After-tax | Pre-Tax | After-tax | |||||||||||||||||||||||||
Accumulated unrealized (loss) gain at beginning of period | $ | (3,016 | ) | $ | (1,839 | ) | $ | 8,693 | $ | 5,291 | $ | (5,110 | ) | $ | (3,116 | ) | $ | 9,603 | $ | 5,845 | ||||||||||||
Amount of gain recognized in AOCI (effective portion) | 7,741 | 4,714 | (11,099 | ) | (6,763 | ) | 11,878 | 7,228 | (10,941 | ) | (6,670 | ) | ||||||||||||||||||||
Amount reclassified from AOCI to interest income on loans | (2,264 | ) | (1,374 | ) | (1,376 | ) | (833 | ) | (4,307 | ) | (2,611 | ) | (2,444 | ) | (1,480 | ) | ||||||||||||||||
Accumulated unrealized gain (loss) at end of period | $ | 2,461 | $ | 1,501 | $ | (3,782 | ) | $ | (2,305 | ) | $ | 2,461 | $ | 1,501 | $ | (3,782 | ) | $ | (2,305 | ) | ||||||||||||
As of June 30, 2014, $5.7 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 June 30, 2014. During the six months ended June 30, 2014, 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 June 30, 2014, the par value of our mortgage loans held-for-sale totaled $20.2 million, the notional value of our interest rate lock commitments totaled $64.9 million, and the notional value of our forward commitments for the future delivery of residential mortgage loans totaled $85.1 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 June 30, 2014, our exposure was to the Euro, Canadian dollar, British pound and Danish Kroner on $14.0 million of loans. We manage this risk by 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 the 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) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of written RPAs | $ | 46 | $ | 98 | ||||||||||||||||||||||||||||
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 7 | ||||||||||||||||||||||||||||||
Maximum potential amount of future undiscounted payments | $ | 2,621 | $ | 3,263 | ||||||||||||||||||||||||||||
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 51 | % | 16 | % | ||||||||||||||||||||||||||||
Gain (Loss) Recognized on Derivative Instruments | ||||||||||||||||||||||||||||||||
Not Designated in Hedging Relationship | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Gain on client-related derivatives recognized in capital markets products income: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 2,509 | $ | 4,399 | $ | 5,019 | $ | 8,073 | ||||||||||||||||||||||||
Foreign exchange contracts | 2,383 | 1,621 | 3,798 | 2,970 | ||||||||||||||||||||||||||||
Credit contracts | 114 | 28 | 272 | 44 | ||||||||||||||||||||||||||||
Total client-related derivatives | 5,006 | 6,048 | 9,089 | 11,087 | ||||||||||||||||||||||||||||
(Loss) gain on end-user derivatives recognized in other income: | ||||||||||||||||||||||||||||||||
Foreign exchange derivatives | (259 | ) | (77 | ) | (253 | ) | 936 | |||||||||||||||||||||||||
Mortgage banking derivatives | (134 | ) | 41 | (316 | ) | — | ||||||||||||||||||||||||||
Total end-user derivatives | (393 | ) | (36 | ) | (569 | ) | 936 | |||||||||||||||||||||||||
Total derivatives not designated in hedging relationship | $ | 4,613 | $ | 6,012 | $ | 8,520 | $ | 12,023 | ||||||||||||||||||||||||
COMMITMENTS_GUARANTEES_AND_CON
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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) | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | 130,485 | $ | 139,116 | ||||
Residential 1-4 family construction | 21,657 | 32,714 | ||||||
Commercial real estate, other construction, and land development | 804,790 | 703,382 | ||||||
Commercial and industrial | 3,562,808 | 3,609,443 | ||||||
All other commitments | 249,015 | 222,337 | ||||||
Total commitments to extend credit | $ | 4,768,755 | $ | 4,706,992 | ||||
Letters of credit: | ||||||||
Financial standby | $ | 345,938 | $ | 308,577 | ||||
Performance standby | 35,634 | 26,932 | ||||||
Commercial letters of credit | 5,368 | 4,500 | ||||||
Total letters of credit | $ | 386,940 | $ | 340,009 | ||||
(1) | Includes covered asset commitments of $15.5 million and $18.7 million as of June 30, 2014 and December 31, 2013, 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 June 30, 2014, we had a reserve for unfunded commitments of $9.4 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 $2.6 million as of June 30, 2014. We amortize these amounts into income over the commitment period. As of June 30, 2014, 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 Community Reinvestment Act ("CRA") investments and other investment partnerships totaling $15.1 million at June 30, 2014. Of these commitments, $1.8 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 $5.2 million at June 30, 2014. | ||||||||
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 June 30, 2014, we have no recorded 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 six months ended June 30, 2014 and 2013 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 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. In January 2014, the Circuit Court denied the Bank’s motion to dismiss, and the matter is now in the discovery process. Thereafter, the parties have agreed to participate in court-ordered non-binding mediation. 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 June 30, 2014, there were various other 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 | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
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 nonrecurring 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, U.S. Agency, 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. When a collateral dependent loan is secured by non-real estate collateral such as receivables, inventory, or equipment, the fair value is generally determined based upon appraisals, field exams, or receivable reports. The valuation techniques and inputs are reviewed internally by an asset based specialist for reasonableness of estimated liquidation costs, collectability probabilities, and other market data. 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 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, during the quarters ended June 30, 2014 and 2013, we did not alter 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 June 30, 2014 and December 31, 2013 on a recurring basis. | ||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | |||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | Markets for | Inputs | (Level 3) | |||||||||||||||||||||||||||
Identical | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Securities available-for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 143,458 | $ | — | $ | — | $ | 143,458 | $ | 142,575 | $ | — | $ | — | $ | 142,575 | ||||||||||||||||
U.S. Agency | — | 46,333 | — | 46,333 | — | 45,528 | — | 45,528 | ||||||||||||||||||||||||
Collateralized mortgage obligations | — | 159,593 | — | 159,593 | — | 176,116 | — | 176,116 | ||||||||||||||||||||||||
Residential mortgage-backed securities | — | 886,862 | — | 886,862 | — | 963,107 | — | 963,107 | ||||||||||||||||||||||||
State and municipal securities | — | 291,001 | — | 291,001 | — | 274,650 | — | 274,650 | ||||||||||||||||||||||||
Foreign sovereign debt | — | 500 | — | 500 | — | 500 | — | 500 | ||||||||||||||||||||||||
Total securities available-for-sale | 143,458 | 1,384,289 | — | 1,527,747 | 142,575 | 1,459,901 | — | 1,602,476 | ||||||||||||||||||||||||
Mortgage loans held-for-sale | — | 20,290 | — | 20,290 | — | 17,619 | — | 17,619 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | — | 5,832 | — | 5,832 | — | 4,005 | — | 4,005 | ||||||||||||||||||||||||
Client-related derivatives | — | 49,183 | 2,527 | 51,710 | — | 56,770 | 448 | 57,218 | ||||||||||||||||||||||||
Other end-user derivatives | — | 197 | — | 197 | — | 357 | — | 357 | ||||||||||||||||||||||||
Netting adjustments | — | (9,560 | ) | (1,167 | ) | (10,727 | ) | — | (13,138 | ) | (20 | ) | (13,158 | ) | ||||||||||||||||||
Total derivative assets | — | 45,652 | 1,360 | 47,012 | — | 47,994 | 428 | 48,422 | ||||||||||||||||||||||||
Total assets | $ | 143,458 | $ | 1,450,231 | $ | 1,360 | $ | 1,595,049 | $ | 142,575 | $ | 1,525,514 | $ | 428 | $ | 1,668,517 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | $ | — | $ | 4,211 | $ | — | $ | 4,211 | $ | — | $ | 9,748 | $ | — | $ | 9,748 | ||||||||||||||||
Client-related derivatives | — | 51,182 | 1,211 | 52,393 | — | 57,500 | 98 | 57,598 | ||||||||||||||||||||||||
Other end-user derivatives | — | 402 | — | 402 | — | 321 | — | 321 | ||||||||||||||||||||||||
Netting adjustments | — | (20,437 | ) | (1,167 | ) | (21,604 | ) | — | (18,757 | ) | (20 | ) | (18,777 | ) | ||||||||||||||||||
Total derivative liabilities | $ | — | $ | 35,358 | $ | 44 | $ | 35,402 | $ | — | $ | 48,812 | $ | 78 | $ | 48,890 | ||||||||||||||||
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, 2013 and June 30, 2014. | ||||||||||||||||||||||||||||||||
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, 2013 to June 30, 2014. | ||||||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Fair Value for Those | ||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1)Â | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | (Liabilities) | Assets | (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 857 | $ | (609 | ) | $ | 766 | $ | (60 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 86 | 424 | 29 | (27 | ) | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Settlements | (168 | ) | (78 | ) | (203 | ) | — | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 1,752 | (948 | ) | 442 | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | — | — | (407 | ) | — | |||||||||||||||||||||||||||
Balance at end of period | $ | 2,527 | $ | (1,211 | ) | $ | 627 | $ | (87 | ) | ||||||||||||||||||||||
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of period | $ | 87 | $ | 311 | $ | 24 | $ | (27 | ) | |||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | (Liabilities) | Assets | (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 448 | $ | (98 | ) | $ | 1,023 | $ | (60 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 165 | 604 | 36 | (8 | ) | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Issuances | — | — | — | (19 | ) | |||||||||||||||||||||||||||
Settlements | (553 | ) | (323 | ) | (439 | ) | — | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 2,579 | (1,394 | ) | 442 | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | (112 | ) | — | (435 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 2,527 | $ | (1,211 | ) | $ | 627 | $ | (87 | ) | ||||||||||||||||||||||
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of period | $ | 64 | $ | 788 | $ | 9 | $ | (9 | ) | |||||||||||||||||||||||
(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) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Aggregate fair value | $ | 20,290 | $ | 17,619 | ||||||||||||||||||||||||||||
Difference (1) | (78 | ) | 238 | |||||||||||||||||||||||||||||
Aggregate unpaid principal balance | $ | 20,212 | $ | 17,857 | ||||||||||||||||||||||||||||
(1)Â | The change in fair value is reflected in mortgage banking non-interest income. | |||||||||||||||||||||||||||||||
As of June 30, 2014, 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 six months ended June 30, 2014 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 second quarter 2014 and 2013, and still held at June 30, 2014 and 2013, 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 | Net Losses | |||||||||||||||||||||||||||||||
June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | 31,482 | $ | 60,270 | $ | 12,391 | $ | 7,223 | ||||||||||||||||||||||||
Covered assets - OREO (2) (3) | 1,464 | 2,040 | 170 | 353 | ||||||||||||||||||||||||||||
OREO (2) | 14,238 | 42,295 | 3,556 | 8,332 | ||||||||||||||||||||||||||||
Total | $ | 47,184 | $ | 104,605 | $ | 16,117 | $ | 15,908 | ||||||||||||||||||||||||
(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 recorded against the allowance for loan losses. | |||||||||||||||||||||||||||||||
(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, 2013 to June 30, 2014. | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Watch list derivatives | $ | 1,355 | Discounted cash flow | Loss factors | 6.4% to 16.5% | 14.7 |  % | |||||||||||||||||||||||||
Risk participation agreements | $ | (38 | ) | (1)Â | Discounted cash flow | Loss factors | 0.7% to 16.5% | 12.5 | Â % | |||||||||||||||||||||||
Collateral-dependent impaired loans | $ | 31,482 | Sales comparison, | Property specific | -1.2% to -30.8% | -23.9 |  % | (2)  | ||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
OREO | $ | 14,238 | Sales comparison, | Property specific | -0.1% to -100.0% | -21.1 | Â % | (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 our asset management 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. | ||||||||||||||||||||||||||||||||
FHLB advances with remaining maturities greater than one year and the Company's variable-rate junior subordinated debentures are 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 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 June 30, 2014 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 247,048 | $ | 247,048 | $ | 247,048 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 160,349 | 160,349 | — | 160,349 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 80,724 | 80,724 | — | 80,724 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,527,747 | 1,527,747 | 143,458 | 1,384,289 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 1,066,216 | 1,063,980 | — | 1,063,980 | — | |||||||||||||||||||||||||||
FHLB stock | 28,666 | 28,666 | — | 28,666 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 10,990,451 | 11,086,701 | — | — | 11,086,701 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 66,672 | 82,796 | — | — | 82,796 | |||||||||||||||||||||||||||
Accrued interest receivable | 36,568 | 36,568 | — | — | 36,568 | |||||||||||||||||||||||||||
Investment in BOLI | 54,500 | 54,500 | — | — | 54,500 | |||||||||||||||||||||||||||
Derivative assets | 47,012 | 47,012 | — | 45,652 | 1,360 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,236,201 | $ | 12,245,065 | $ | — | $ | 9,651,351 | $ | 2,593,714 | ||||||||||||||||||||||
Short-term and other borrowings | 235,319 | 234,818 | — | 233,064 | 1,754 | |||||||||||||||||||||||||||
Long-term debt | 626,793 | 616,061 | 281,481 | 255,910 | 78,670 | |||||||||||||||||||||||||||
Accrued interest payable | 6,282 | 6,282 | — | — | 6,282 | |||||||||||||||||||||||||||
Derivative liabilities | 35,402 | 35,402 | — | 35,358 | 44 | |||||||||||||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
OPERATING_SEGMENTS
OPERATING SEGMENTS | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
OPERATING SEGMENTS | ' | |||||||||||||||||||||||||||||||
OPERATING SEGMENTS | ||||||||||||||||||||||||||||||||
We have three primary operating segments: Banking, Asset Management (formerly named Trust and Investments) and the Holding Company. With respect to the Banking and Asset Management 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 Asset Management segment includes certain activities of our PrivateWealth group, including investment management, personal trust and estate administration, custodial and escrow, retirement plans 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, "Summary of Significant Accounting Policies," to the Notes to Consolidated Financial Statements of our 2013 Annual Report on Form 10-K. 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 Asset Management is included with the Banking segment. | ||||||||||||||||||||||||||||||||
Operating Segments Performance | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||
Banking | Asset Management | Holding Company | Consolidated | |||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net interest income (loss) | $ | 118,755 | $ | 110,091 | $ | 987 | $ | 809 | $ | (7,391 | ) | $ | (7,168 | ) | $ | 112,351 | $ | 103,732 | ||||||||||||||
Provision for loan and covered loan losses | 327 | 8,843 | — | — | — | — | 327 | 8,843 | ||||||||||||||||||||||||
Non-interest income | 25,804 | 24,054 | 4,440 | 4,800 | 15 | 155 | 30,259 | 29,009 | ||||||||||||||||||||||||
Non-interest expense | 68,520 | 69,368 | 4,332 | 4,652 | 2,613 | 3,235 | 75,465 | 77,255 | ||||||||||||||||||||||||
Income (loss) before taxes | 75,712 | 55,934 | 1,095 | 957 | (9,989 | ) | (10,248 | ) | 66,818 | 46,643 | ||||||||||||||||||||||
Income tax provision (benefit) | 29,330 | 21,452 | 431 | 377 | (3,767 | ) | (4,101 | ) | 25,994 | 17,728 | ||||||||||||||||||||||
Net income (loss) | $ | 46,382 | $ | 34,482 | $ | 664 | $ | 580 | $ | (6,222 | ) | $ | (6,147 | ) | $ | 40,824 | $ | 28,915 | ||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Banking | Asset Management | Holding Company | Consolidated | |||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net interest income (loss) | $ | 233,907 | $ | 219,490 | $ | 1,774 | $ | 1,604 | $ | (14,578 | ) | $ | (14,322 | ) | $ | 221,103 | $ | 206,772 | ||||||||||||||
Provision for loan and covered loan losses | 4,034 | 19,200 | — | — | — | — | 4,034 | 19,200 | ||||||||||||||||||||||||
Non-interest income | 47,676 | 50,056 | 8,789 | 9,194 | 30 | 227 | 56,495 | 59,477 | ||||||||||||||||||||||||
Non-interest expense | 137,180 | 140,340 | 8,408 | 9,040 | 5,627 | 6,838 | 151,215 | 156,218 | ||||||||||||||||||||||||
Income (loss) before taxes | 140,369 | 110,006 | 2,155 | 1,758 | (20,175 | ) | (20,933 | ) | 122,349 | 90,831 | ||||||||||||||||||||||
Income tax provision (benefit) | 53,983 | 42,231 | 849 | 693 | (7,812 | ) | (8,278 | ) | 47,020 | 34,646 | ||||||||||||||||||||||
Net income (loss) | $ | 86,386 | $ | 67,775 | $ | 1,306 | $ | 1,065 | $ | (12,363 | ) | $ | (12,655 | ) | $ | 75,329 | $ | 56,185 | ||||||||||||||
Banking | Holding Company and Other Adjustments(1) | Consolidated | ||||||||||||||||||||||||||||||
Selected Balances | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||||||||||||||
Assets | $ | 12,923,230 | $ | 12,465,063 | $ | 1,679,174 | $ | 1,620,683 | $ | 14,602,404 | $ | 14,085,746 | ||||||||||||||||||||
Total loans | 11,136,942 | 10,644,021 | — | — | 11,136,942 | 10,644,021 | ||||||||||||||||||||||||||
Deposits | 12,329,099 | 12,069,583 | (92,898 | ) | (55,942 | ) | 12,236,201 | 12,013,641 | ||||||||||||||||||||||||
(1)Â | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE_INTEREST_ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
VARIABLE INTEREST ENTITIES | ' | |||||||||||||||
VARIABLE INTEREST ENTITIES | ||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company had no variable interest entity ("VIE") consolidated in its financial statements. | ||||||||||||||||
Nonconsolidated VIEs | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||
to Loss | to Loss | |||||||||||||||
Trust preferred capital securities issuances | $ | 244,793 | $ | — | $ | 244,793 | $ | — | ||||||||
Community reinvestment investments | 7,345 | 9,270 | 7,889 | 9,813 | ||||||||||||
TDR loans to commercial clients (1) | 45,414 | 61,849 | 43,481 | 48,975 | ||||||||||||
Total | $ | 297,552 | $ | 71,119 | $ | 296,163 | $ | 58,788 | ||||||||
(1)Â | Excludes personal loans and loans to non-for-profit entities. | |||||||||||||||
Trust preferred capital securities issuances – As discussed in Note 10, 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. | ||||||||||||||||
A subset of our community reinvestment investments are investments in limited liability entities that invest in affordable housing projects that qualify for low-income housing tax credits. These investments entitle the Company to tax credits through 2025. As described in Note 2, "Recently Adopted Accounting Pronouncements," as of January 1, 2014, the Company adopted new guidance that permits the Company to account for investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Prior to adoption of this guidance, the Company accounted for all of its investments in qualified affordable housing projects using the effective yield method. As permitted under the new guidance, the Company has elected to continue accounting for preexisting tax credit investments using the effective yield method. Any new investments in qualified affordable housing projects entered into on or after January 1, 2014 that meet certain conditions will be accounted for using the proportional amortization method. As of June 30, 2014, the Company had not entered into any investments in qualified affordable housing projects that would be accounted for using the proportional amortization method. | ||||||||||||||||
The carrying value of the Company’s tax credit investments totaled $2.8 million and $3.0 million as of June 30, 2014 and December 31, 2013, respectively. The Company recognizes tax credits related to these investments, tax benefits from the operating losses generated by these investments, and amortization of the principal investment balances, all of which were immaterial during each of the six months ended June 30, 2014 and 2013. Commitments to provide future capital contributions totaling $1.8 million as of June 30, 2014, are expected to be paid through 2022. These investments are reviewed periodically for impairment. No impairment losses have been recorded for the six months ended June 30, 2014 and 2013 resulting from the forfeiture or ineligibility of tax credits. | ||||||||||||||||
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. |
SECURITIES_Tables
SECURITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Securities Portfolio | ' | |||||||||||||||||||||||||||||||
Securities Portfolio | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 145,056 | $ | — | $ | (1,598 | ) | $ | 143,458 | $ | 145,716 | $ | — | $ | (3,141 | ) | $ | 142,575 | ||||||||||||||
U.S. Agency | 47,184 | — | (851 | ) | 46,333 | 47,409 | — | (1,881 | ) | 45,528 | ||||||||||||||||||||||
Collateralized mortgage obligations | 153,307 | 6,293 | (7 | ) | 159,593 | 169,775 | 6,356 | (15 | ) | 176,116 | ||||||||||||||||||||||
Residential mortgage-backed securities | 861,730 | 27,735 | (2,603 | ) | 886,862 | 946,656 | 23,627 | (7,176 | ) | 963,107 | ||||||||||||||||||||||
State and municipal securities | 283,976 | 7,820 | (795 | ) | 291,001 | 271,135 | 6,627 | (3,112 | ) | 274,650 | ||||||||||||||||||||||
Foreign sovereign debt | 500 | — | — | 500 | 500 | — | — | 500 | ||||||||||||||||||||||||
Total | $ | 1,491,753 | $ | 41,848 | $ | (5,854 | ) | $ | 1,527,747 | $ | 1,581,191 | $ | 36,610 | $ | (15,325 | ) | $ | 1,602,476 | ||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 64,305 | $ | — | $ | (2,607 | ) | $ | 61,698 | $ | 67,335 | $ | — | $ | (3,263 | ) | $ | 64,072 | ||||||||||||||
Residential mortgage-backed securities | 826,723 | 6,619 | (4,354 | ) | 828,988 | 688,410 | 637 | (15,274 | ) | 673,773 | ||||||||||||||||||||||
Commercial mortgage-backed securities | 174,273 | 626 | (2,529 | ) | 172,370 | 164,607 | 6 | (6,640 | ) | 157,973 | ||||||||||||||||||||||
State and municipal securities | 915 | 9 | — | 924 | 1,084 | 6 | — | 1,090 | ||||||||||||||||||||||||
Total | $ | 1,066,216 | $ | 7,254 | $ | (9,490 | ) | $ | 1,063,980 | $ | 921,436 | $ | 649 | $ | (25,177 | ) | $ | 896,908 | ||||||||||||||
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 June 30, 2014 | ||||||||||||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 19,845 | $ | (15 | ) | $ | 123,612 | $ | (1,583 | ) | $ | 143,457 | $ | (1,598 | ) | |||||||||||||||||
U.S. Agency | — | — | 46,334 | (851 | ) | 46,334 | (851 | ) | ||||||||||||||||||||||||
Collateralized mortgage obligations | 2,385 | (7 | ) | — | — | 2,385 | (7 | ) | ||||||||||||||||||||||||
Residential mortgage-backed securities | 37,736 | (65 | ) | 115,510 | (2,538 | ) | 153,246 | (2,603 | ) | |||||||||||||||||||||||
State and municipal securities | 27,252 | (100 | ) | 44,661 | (695 | ) | 71,913 | (795 | ) | |||||||||||||||||||||||
Total | $ | 87,218 | $ | (187 | ) | $ | 330,117 | $ | (5,667 | ) | $ | 417,335 | $ | (5,854 | ) | |||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 24,208 | $ | (19 | ) | $ | 250,674 | $ | (4,335 | ) | $ | 274,882 | $ | (4,354 | ) | |||||||||||||||||
Commercial mortgage-backed securities | 3,287 | (5 | ) | 106,344 | (2,524 | ) | 109,631 | (2,529 | ) | |||||||||||||||||||||||
Collateralized mortgage obligations | — | — | 61,698 | (2,607 | ) | 61,698 | (2,607 | ) | ||||||||||||||||||||||||
Total | $ | 27,495 | $ | (24 | ) | $ | 418,716 | $ | (9,466 | ) | $ | 446,211 | $ | (9,490 | ) | |||||||||||||||||
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 | ) | |||||||||||||||||
Remaining Contractual Maturity of Securities | ' | |||||||||||||||||||||||||||||||
Remaining Contractual Maturity of Securities | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Available-For-Sale Securities | Held-To-Maturity Securities | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||
U.S. Treasury, U.S. Agency, state and municipal and foreign sovereign debt securities: | ||||||||||||||||||||||||||||||||
One year or less | $ | 5,375 | $ | 5,428 | $ | 545 | $ | 545 | ||||||||||||||||||||||||
One year to five years | 298,082 | 300,249 | 370 | 379 | ||||||||||||||||||||||||||||
Five years to ten years | 170,263 | 172,504 | — | — | ||||||||||||||||||||||||||||
After ten years | 2,996 | 3,111 | — | — | ||||||||||||||||||||||||||||
All other securities: | ||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 153,307 | 159,593 | 64,305 | 61,698 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 861,730 | 886,862 | 826,723 | 828,988 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | 174,273 | 172,370 | ||||||||||||||||||||||||||||
Total | $ | 1,491,753 | $ | 1,527,747 | $ | 1,066,216 | $ | 1,063,980 | ||||||||||||||||||||||||
Securities Gains (Losses) | ' | |||||||||||||||||||||||||||||||
Securities Gains (Losses) | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Proceeds from sales | $ | 26,172 | $ | 2,068 | $ | 73,649 | $ | 52,846 | ||||||||||||||||||||||||
Gross realized gains | $ | 213 | $ | 136 | $ | 610 | $ | 778 | ||||||||||||||||||||||||
Gross realized losses | (17 | ) | — | (83 | ) | (1 | ) | |||||||||||||||||||||||||
Net realized gains | $ | 196 | $ | 136 | $ | 527 | $ | 777 | ||||||||||||||||||||||||
Income tax provision on net realized gains | $ | 77 | $ | 53 | $ | 208 | $ | 306 | ||||||||||||||||||||||||
LOANS_Tables
LOANS (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Loan Portfolio Excluding Covered Assets | ' | ||||||||||||||||||||||||||||
Loan Portfolio | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,871,425 | $ | 5,457,574 | |||||||||||||||||||||||||
Commercial - owner-occupied CRE | 1,699,861 | 1,674,260 | |||||||||||||||||||||||||||
Total commercial | 7,571,286 | 7,131,834 | |||||||||||||||||||||||||||
Commercial real estate | 1,985,273 | 1,987,307 | |||||||||||||||||||||||||||
Commercial real estate - multi-family | 533,854 | 513,194 | |||||||||||||||||||||||||||
Total commercial real estate | 2,519,127 | 2,500,501 | |||||||||||||||||||||||||||
Construction | 360,313 | 293,387 | |||||||||||||||||||||||||||
Residential real estate | 337,329 | 341,868 | |||||||||||||||||||||||||||
Home equity | 144,081 | 149,732 | |||||||||||||||||||||||||||
Personal | 204,806 | 226,699 | |||||||||||||||||||||||||||
Total loans | $ | 11,136,942 | $ | 10,644,021 | |||||||||||||||||||||||||
Deferred loan fees, net of costs, included as a reduction in total loans | $ | 35,538 | $ | 37,063 | |||||||||||||||||||||||||
Overdrawn demand deposits included in total loans | $ | 1,213 | $ | 2,772 | |||||||||||||||||||||||||
Loans Held-for-sale | ' | ||||||||||||||||||||||||||||
Loans Held-For-Sale | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Mortgage loans held-for-sale (1) | $ | 20,290 | $ | 17,619 | |||||||||||||||||||||||||
Other loans held-for-sale (2) | 60,434 | 9,197 | |||||||||||||||||||||||||||
Total loans held-for-sale | $ | 80,724 | $ | 26,816 | |||||||||||||||||||||||||
(1)Â | Includes residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 16 for additional information regarding mortgage loans held-for-sale. | ||||||||||||||||||||||||||||
(2)Â | Other loans held-for-sale represent commercial loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. | ||||||||||||||||||||||||||||
Carrying Value Of Loans Pledged | ' | ||||||||||||||||||||||||||||
Carrying Value of Loans Pledged | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Loans pledged to secure outstanding borrowings or availability: | |||||||||||||||||||||||||||||
FRB discount window borrowings (1) | $ | 522,926 | $ | 710,269 | |||||||||||||||||||||||||
FHLB advances | 1,742,575 | 1,337,552 | |||||||||||||||||||||||||||
Total | $ | 2,265,501 | $ | 2,047,821 | |||||||||||||||||||||||||
(1) | No borrowings were outstanding at June 30, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | $ | 7,536,364 | $ | 400 | $ | — | $ | — | $ | 7,536,764 | $ | 34,522 | $ | 7,571,286 | |||||||||||||||
Commercial real estate | 2,494,466 | 2,708 | — | — | 2,497,174 | 21,953 | 2,519,127 | ||||||||||||||||||||||
Construction | 360,313 | — | — | — | 360,313 | — | 360,313 | ||||||||||||||||||||||
Residential real estate | 327,875 | — | 117 | — | 327,992 | 9,337 | 337,329 | ||||||||||||||||||||||
Home equity | 133,617 | 267 | — | — | 133,884 | 10,197 | 144,081 | ||||||||||||||||||||||
Personal | 204,035 | 191 | — | — | 204,226 | 580 | 204,806 | ||||||||||||||||||||||
Total loans | $ | 11,056,670 | $ | 3,566 | $ | 117 | $ | — | $ | 11,060,353 | $ | 76,589 | $ | 11,136,942 | |||||||||||||||
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 | |||||||||||||||
Impaired Loans Excluding Covered Assets | ' | ||||||||||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | $ | 70,744 | $ | 42,793 | $ | 22,058 | $ | 64,851 | $ | 11,113 | |||||||||||||||||||
Commercial real estate | 29,571 | 8,277 | 14,896 | 23,173 | 4,879 | ||||||||||||||||||||||||
Residential real estate | 10,938 | 4,971 | 4,366 | 9,337 | 630 | ||||||||||||||||||||||||
Home equity | 12,123 | 3,009 | 8,621 | 11,630 | 1,715 | ||||||||||||||||||||||||
Personal | 580 | — | 580 | 580 | 150 | ||||||||||||||||||||||||
Total impaired loans | $ | 123,956 | $ | 59,050 | $ | 50,521 | $ | 109,571 | $ | 18,487 | |||||||||||||||||||
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 | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Average Recorded Investment And Interest Income Recognized On Impaired Loans | ' | [1] | |||||||||||||||||||||||||||
Average Recorded Investment and Interest Income Recognized on Impaired Loans (1)Â | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarters Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Commercial | $ | 55,534 | $ | 419 | $ | 76,777 | $ | 620 | |||||||||||||||||||||
Commercial real estate | 36,960 | 20 | 62,402 | 98 | |||||||||||||||||||||||||
Residential real estate | 9,481 | — | 13,023 | — | |||||||||||||||||||||||||
Home equity | 12,614 | 21 | 15,390 | 23 | |||||||||||||||||||||||||
Personal | 599 | — | 3,910 | — | |||||||||||||||||||||||||
Total | $ | 115,188 | $ | 460 | $ | 171,502 | $ | 741 | |||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||||||
Commercial | $ | 48,935 | $ | 801 | $ | 81,893 | $ | 1,253 | |||||||||||||||||||||
Commercial real estate | 41,617 | 44 | 71,424 | 330 | |||||||||||||||||||||||||
Residential real estate | 9,700 | — | 12,452 | 3 | |||||||||||||||||||||||||
Home equity | 13,018 | 45 | 14,687 | 60 | |||||||||||||||||||||||||
Personal | 632 | — | 4,293 | — | |||||||||||||||||||||||||
Total | $ | 113,902 | $ | 890 | $ | 184,749 | $ | 1,646 | |||||||||||||||||||||
(1)Â | Represents amounts while classified as impaired for the periods presented. | ||||||||||||||||||||||||||||
Credit Quality Indicators Excluding Covered Assets | ' | [1] | |||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Special | % of | Potential | % of | Non- | % of | Total Loans | |||||||||||||||||||||||
Mention | Portfolio | Problem | Portfolio | Performing | Portfolio | ||||||||||||||||||||||||
Loan | Loans | Loan | Loans | Loan | |||||||||||||||||||||||||
Type | Type | Type | |||||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | $ | 114,165 | 1.5 | $ | 114,443 | 1.5 | $ | 34,522 | 0.5 | $ | 7,571,286 | ||||||||||||||||||
Commercial real estate | 773 | * | 1,924 | 0.1 | 21,953 | 0.9 | 2,519,127 | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | 360,313 | ||||||||||||||||||||||
Residential real estate | 2,778 | 0.8 | 6,661 | 2 | 9,337 | 2.8 | 337,329 | ||||||||||||||||||||||
Home equity | 1,939 | 1.3 | 1,990 | 1.4 | 10,197 | 7.1 | 144,081 | ||||||||||||||||||||||
Personal | 223 | 0.1 | 15 | * | 580 | 0.3 | 204,806 | ||||||||||||||||||||||
Total | $ | 119,878 | 1.1 | $ | 125,033 | 1.1 | $ | 76,589 | 0.7 | $ | 11,136,942 | ||||||||||||||||||
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 | ||||||||||||||||||
* | Less than 0.1% | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | ' | ||||||||||||||||||||||||||||
Troubled Debt Restructured Loans Outstanding | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||
Accruing | Nonaccrual (1) | Accruing | Nonaccrual (1) | ||||||||||||||||||||||||||
Commercial | $ | 30,329 | $ | 6,046 | $ | 17,034 | $ | 6,188 | |||||||||||||||||||||
Commercial real estate | 1,220 | 8,403 | 1,551 | 19,309 | |||||||||||||||||||||||||
Residential real estate | — | 1,534 | — | 2,239 | |||||||||||||||||||||||||
Home equity | 1,433 | 4,471 | 1,591 | 3,805 | |||||||||||||||||||||||||
Personal | — | 562 | — | 641 | |||||||||||||||||||||||||
Total | $ | 32,982 | $ | 21,016 | $ | 20,176 | $ | 32,182 | |||||||||||||||||||||
(1)Â | Included in nonperforming loans. | ||||||||||||||||||||||||||||
Additions To TDR During The Period | ' | ||||||||||||||||||||||||||||
Additions to Accruing Troubled Debt Restructurings During the Period | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Quarters Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | ||||||||||||||||||||||||||
Borrowers | Pre- | Post- | Borrowers | Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | $ | 3,550 | $ | 3,550 | 2 | $ | 4,600 | $ | 4,600 | |||||||||||||||||||
Other concession (3) | 1 | 2,638 | 2,638 | — | — | — | |||||||||||||||||||||||
Total commercial | 2 | 6,188 | 6,188 | 2 | 4,600 | 4,600 | |||||||||||||||||||||||
Total accruing | 2 | $ | 6,188 | $ | 6,188 | 2 | $ | 4,600 | $ | 4,600 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | ||||||||||||||||||||||||
Borrowers | Modification | Modification | Borrowers | Modification | Modification | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 2 | $ | 3,750 | $ | 3,750 | 4 | $ | 4,935 | $ | 4,935 | |||||||||||||||||||
Other concession (3) | 2 | 15,579 | 15,579 | — | — | — | |||||||||||||||||||||||
Total commercial | 4 | 19,329 | 19,329 | 4 | 4,935 | 4,935 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Other concession (3) | 1 | 426 | 426 | — | — | — | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 150 | 150 | |||||||||||||||||||||||
Total accruing | 5 | $ | 19,755 | $ | 19,755 | 5 | $ | 5,085 | $ | 5,085 | |||||||||||||||||||
(1)Â | Represents amounts 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. | ||||||||||||||||||||||||||||
Additions to Nonaccrual Troubled Debt Restructurings During the Period | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Quarters Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Number of | Recorded Investment (1) | Number of | Recorded Investment (1) | ||||||||||||||||||||||||||
Borrowers | Pre- | Post- | Borrowers | Pre- | Post- | ||||||||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | $ | — | $ | — | 1 | $ | 134 | $ | 134 | |||||||||||||||||||
Other concession (3) | 2 | 97 | 97 | 4 | 1,723 | 1,723 | |||||||||||||||||||||||
Total commercial | 2 | 97 | 97 | 5 | 1,857 | 1,857 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Other concession (3) | 1 | 1,120 | 1,120 | — | — | — | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Other concession (3) | 1 | 70 | 70 | — | — | — | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Other concession (3) | 2 | 865 | 865 | 1 | 590 | 590 | |||||||||||||||||||||||
Total nonaccrual | 6 | $ | 2,152 | $ | 2,152 | 6 | $ | 2,447 | $ | 2,447 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Recorded Investment (1) | Recorded Investment (1) | ||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | ||||||||||||||||||||||||
Borrowers | Modification | Modification | Borrowers | Modification | Modification | ||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | $ | — | $ | — | 1 | $ | 134 | $ | 134 | |||||||||||||||||||
Other concession (3) | 4 | 553 | 503 | 4 | 1,723 | 1,723 | |||||||||||||||||||||||
Total commercial | 4 | 553 | 503 | 5 | 1,857 | 1,857 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Extension of maturity date (2) | — | — | — | 1 | 297 | 297 | |||||||||||||||||||||||
Other concession (3) | 1 | 1,120 | 1,120 | — | — | — | |||||||||||||||||||||||
Total commercial real estate | 1 | 1,120 | 1,120 | 1 | 297 | 297 | |||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Other concession (3) | 3 | 565 | 565 | — | — | — | |||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Extension of maturity date (2) | 1 | 114 | 114 | 3 | 476 | 476 | |||||||||||||||||||||||
Other concession (3) | 3 | 1,115 | 1,115 | 4 | 1,022 | 1,015 | |||||||||||||||||||||||
Total home equity | 4 | 1,229 | 1,229 | 7 | 1,498 | 1,491 | |||||||||||||||||||||||
Total nonaccrual | 12 | $ | 3,467 | $ | 3,417 | 13 | $ | 3,652 | $ | 3,645 | |||||||||||||||||||
Change in recorded investment due to principal paydown at time of modification | $ | 50 | $ | 7 | |||||||||||||||||||||||||
(1)Â | Represents amounts 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 Restructurings That Became Nonperforming Within 12 Months Of Restructuring | ' | ||||||||||||||||||||||||||||
Accruing Troubled Debt Restructurings | |||||||||||||||||||||||||||||
Reclassified as Nonperforming Within 12 Months of Restructuring | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||
Borrowers | Investment (1) | Borrowers | Investment (1) | ||||||||||||||||||||||||||
Quarters Ended June 30, | |||||||||||||||||||||||||||||
None | — | $ | — | — | $ | — | |||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 699 | 2 | $ | 5,258 | |||||||||||||||||||||||
(1)Â | Represents amounts as of the balance sheet date from the quarter the default was first reported. | ||||||||||||||||||||||||||||
[1] | Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. |
ALLOWANCE_FOR_LOAN_LOSSES_AND_1
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance For Loan Losses and Recorded Investment in Loans | ' | [1] | |||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2014 | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 90,080 | $ | 37,575 | $ | 3,547 | $ | 6,978 | $ | 5,500 | $ | 3,088 | $ | 146,768 | |||||||||||||||
Loans charged-off | (2,142 | ) | (2,082 | ) | — | (180 | ) | (268 | ) | (13 | ) | (4,685 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 813 | 1,360 | 9 | 135 | 60 | 20 | 2,397 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (1,329 | ) | (722 | ) | 9 | (45 | ) | (208 | ) | 7 | (2,288 | ) | |||||||||||||||||
Provision (release) for loan losses | 7,575 | (3,554 | ) | 65 | (1,653 | ) | (277 | ) | (145 | ) | 2,011 | ||||||||||||||||||
Balance at end of period | $ | 96,326 | $ | 33,299 | $ | 3,621 | $ | 5,280 | $ | 5,015 | $ | 2,950 | $ | 146,491 | |||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 11,113 | $ | 4,879 | $ | — | $ | 630 | $ | 1,715 | $ | 150 | $ | 18,487 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 85,213 | $ | 28,420 | $ | 3,621 | $ | 4,650 | $ | 3,300 | $ | 2,800 | $ | 128,004 | |||||||||||||||
Recorded Investment in Loans: | |||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 64,851 | $ | 23,173 | $ | — | $ | 9,337 | $ | 11,630 | $ | 580 | $ | 109,571 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | 7,506,435 | 2,495,954 | 360,313 | 327,992 | 132,451 | 204,226 | 11,027,371 | ||||||||||||||||||||||
Total recorded investment in loans | $ | 7,571,286 | $ | 2,519,127 | $ | 360,313 | $ | 337,329 | $ | 144,081 | $ | 204,806 | $ | 11,136,942 | |||||||||||||||
(1)Â | Refer to Note 4 for additional information regarding impaired loans. | ||||||||||||||||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans (Continued) | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarter Ended June 30, 2013 | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 65,352 | $ | 63,968 | $ | 2,101 | $ | 10,003 | $ | 6,562 | $ | 6,006 | $ | 153,992 | |||||||||||||||
Loans charged-off | (2,372 | ) | (8,725 | ) | — | (783 | ) | (334 | ) | (2,776 | ) | (14,990 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 459 | 141 | 25 | 2 | 199 | 46 | 872 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (1,913 | ) | (8,584 | ) | 25 | (781 | ) | (135 | ) | (2,730 | ) | (14,118 | ) | ||||||||||||||||
Provision (release) for loan losses | 17,235 | (8,895 | ) | 500 | (176 | ) | (387 | ) | 32 | 8,309 | |||||||||||||||||||
Balance at end of period | $ | 80,674 | $ | 46,489 | $ | 2,626 | $ | 9,046 | $ | 6,040 | $ | 3,308 | $ | 148,183 | |||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 15,806 | $ | 9,669 | $ | — | $ | 4,101 | $ | 2,970 | $ | 178 | $ | 32,724 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | $ | 64,868 | $ | 36,820 | $ | 2,626 | $ | 4,945 | $ | 3,070 | $ | 3,130 | $ | 115,459 | |||||||||||||||
Recorded Investment in Loans: | |||||||||||||||||||||||||||||
Ending balance, loans individually evaluated for impairment (1) | $ | 91,655 | $ | 48,562 | $ | — | $ | 12,812 | $ | 15,260 | $ | 1,751 | $ | 170,040 | |||||||||||||||
Ending balance, loans collectively evaluated for impairment | 6,569,812 | 2,453,139 | 211,976 | 334,817 | 144,698 | 210,154 | 9,924,596 | ||||||||||||||||||||||
Total recorded investment in loans | $ | 6,661,467 | $ | 2,501,701 | $ | 211,976 | $ | 347,629 | $ | 159,958 | $ | 211,905 | $ | 10,094,636 | |||||||||||||||
(1)Â | Refer to Note 4 for additional information regarding impaired loans. | ||||||||||||||||||||||||||||
Allowance for Loan Losses (Continued) | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Home | Personal | Total | |||||||||||||||||||||||
Real | Real | Equity | |||||||||||||||||||||||||||
Estate | Estate | ||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 80,768 | $ | 42,362 | $ | 3,338 | $ | 7,555 | $ | 5,648 | $ | 3,438 | $ | 143,109 | |||||||||||||||
Loans charged-off | (3,629 | ) | (4,664 | ) | — | (415 | ) | (715 | ) | (143 | ) | (9,566 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 4,475 | 2,048 | 16 | 435 | 88 | 426 | 7,488 | ||||||||||||||||||||||
Net recoveries (charge-offs) | 846 | (2,616 | ) | 16 | 20 | (627 | ) | 283 | (2,078 | ) | |||||||||||||||||||
Provision (release) for loan losses | 14,712 | (6,447 | ) | 267 | (2,295 | ) | (6 | ) | (771 | ) | 5,460 | ||||||||||||||||||
Balance at end of period | $ | 96,326 | $ | 33,299 | $ | 3,621 | $ | 5,280 | $ | 5,015 | $ | 2,950 | $ | 146,491 | |||||||||||||||
2013 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 63,709 | $ | 73,150 | $ | 2,434 | $ | 9,696 | $ | 6,797 | $ | 5,631 | $ | 161,417 | |||||||||||||||
Loans charged-off | (13,518 | ) | (16,291 | ) | 70 | (1,219 | ) | (708 | ) | (2,781 | ) | (34,447 | ) | ||||||||||||||||
Recoveries on loans previously charged-off | 855 | 1,505 | 34 | 4 | 260 | 98 | 2,756 | ||||||||||||||||||||||
Net (charge-offs) recoveries | (12,663 | ) | (14,786 | ) | 104 | (1,215 | ) | (448 | ) | (2,683 | ) | (31,691 | ) | ||||||||||||||||
Provision (release) for loan losses | 29,628 | (11,875 | ) | 88 | 565 | (309 | ) | 360 | 18,457 | ||||||||||||||||||||
Balance at end of period | $ | 80,674 | $ | 46,489 | $ | 2,626 | $ | 9,046 | $ | 6,040 | $ | 3,308 | $ | 148,183 | |||||||||||||||
Reserve For Unfunded Commitments | ' | [1] | |||||||||||||||||||||||||||
Reserve for Unfunded Commitments (1)Â | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 9,702 | $ | 9,066 | $ | 9,206 | $ | 7,343 | |||||||||||||||||||||
Provision (release) for unfunded commitments | (339 | ) | 467 | 157 | 2,190 | ||||||||||||||||||||||||
Balance at end of period | $ | 9,363 | $ | 9,533 | $ | 9,363 | $ | 9,533 | |||||||||||||||||||||
Unfunded commitments, excluding covered assets, at period end (1) | $ | 5,140,210 | $ | 4,732,435 | |||||||||||||||||||||||||
(1)Â | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss sharing agreement with the FDIC. | ||||||||||||||||||||||||||||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
COVERED_ASSETS_Tables
COVERED ASSETS (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||
Covered Assets | ' | |||||||||||||||||||||||
Covered Assets | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||
Purchased | Other | Total | Purchased | Other | Total | |||||||||||||||||||
Loans (1) | Assets | Loans (1) | Assets | |||||||||||||||||||||
Commercial loans | $ | 4,717 | $ | — | $ | 4,717 | $ | 11,562 | $ | — | $ | 11,562 | ||||||||||||
Commercial real estate loans | 34,408 | — | 34,408 | 46,657 | — | 46,657 | ||||||||||||||||||
Residential mortgage loans | 34,311 | — | 34,311 | 36,883 | — | 36,883 | ||||||||||||||||||
Consumer installment and other | 2,747 | 229 | 2,976 | 3,213 | 259 | 3,472 | ||||||||||||||||||
Foreclosed real estate | — | 1,778 | 1,778 | — | 7,880 | 7,880 | ||||||||||||||||||
Estimated loss reimbursement by the FDIC | — | 2,857 | 2,857 | — | 6,292 | 6,292 | ||||||||||||||||||
Total covered assets | 76,183 | 4,864 | 81,047 | 98,315 | 14,431 | 112,746 | ||||||||||||||||||
Allowance for covered loan losses | (14,375 | ) | — | (14,375 | ) | (16,511 | ) | — | (16,511 | ) | ||||||||||||||
Net covered assets | $ | 61,808 | $ | 4,864 | $ | 66,672 | $ | 81,804 | $ | 14,431 | $ | 96,235 | ||||||||||||
Nonperforming covered loans (2) | $ | 11,813 | $ | 15,610 | ||||||||||||||||||||
(1) | Purchased loans include $3.6 million and $7.6 million of purchased impaired loans as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
(2)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. |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Carrying Amount Of Goodwill By Operating Segment | ' | |||||||
Carrying Amount of Goodwill by Operating Segment | ||||||||
(Amounts in thousands) | ||||||||
June 30, | 31-Dec-13 | |||||||
2014 | ||||||||
Banking | $ | 81,755 | $ | 81,755 | ||||
Asset management | 12,286 | 12,286 | ||||||
Total goodwill | $ | 94,041 | $ | 94,041 | ||||
Other Intangible Assets | ' | |||||||
Other Intangible Assets | ||||||||
(Amounts in thousands) | ||||||||
Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | |||||||
Core deposit intangibles: | ||||||||
Gross carrying amount | $ | 18,093 | $ | 18,093 | ||||
Accumulated amortization | 11,478 | 10,071 | ||||||
Net carrying amount | $ | 6,615 | $ | 8,022 | ||||
Amortization during the period | $ | 1,407 | $ | 2,709 | ||||
Weighted average remaining life (in years) | 3 | 3 | ||||||
Client relationships: | ||||||||
Gross carrying amount | $ | 2,002 | $ | 2,002 | ||||
Accumulated amortization | 1,236 | 1,132 | ||||||
Net carrying amount | $ | 766 | $ | 870 | ||||
Amortization during the period | $ | 104 | $ | 412 | ||||
Weighted average remaining life (in years) | 6 | 7 | ||||||
Scheduled Amortization Of Other Intangible Assets | ' | |||||||
Scheduled Amortization of Other Intangible Assets | ||||||||
(Amounts in thousands) | ||||||||
Total | ||||||||
Year ending December 31, | ||||||||
2014 - remaining six months | $ | 1,496 | ||||||
2015 | 2,455 | |||||||
2016 | 2,161 | |||||||
2017 | 1,125 | |||||||
2018 | 98 | |||||||
2019 and thereafter | 46 | |||||||
Total | $ | 7,381 | ||||||
SHORTTERM_AND_SECURED_BORROWIN1
SHORT-TERM AND SECURED BORROWINGS (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
Summary Of Short-Term Borrowings | ' | |||||||||||||
Summary of Short-Term Borrowings | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
Outstanding: | ||||||||||||||
FHLB advances | $ | 233,000 | 0.17 | % | $ | 2,000 | 3.37 | % | ||||||
Other Information: | ||||||||||||||
Weighted average remaining maturity of FHLB advances at period end | 4 days | 12 months | ||||||||||||
Unused FHLB advances availability | $ | 378,003 | $ | 395,302 | ||||||||||
Unused overnight federal funds availability (1) | $ | 610,000 | $ | 520,000 | ||||||||||
Borrowing capacity through the FRB discount window primary credit program (2) | $ | 451,998 | $ | 621,855 | ||||||||||
(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 | Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. |
LONGTERM_DEBT_LongTerm_Debt_Ta
LONG-TERM DEBT Long-Term Debt (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||
Long-Term Debt | ||||||||||||
(Dollars in thousands) | ||||||||||||
June 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Parent Company: | ||||||||||||
2.88% junior subordinated debentures due 2034 | (1)(a)Â | $ | 8,248 | $ | 8,248 | |||||||
1.94% junior subordinated debentures due 2035 | (2)(a)Â | 51,547 | 51,547 | |||||||||
1.73% 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 | 257,000 | 258,000 | ||||||||||
Total long-term debt | $ | 626,793 | $ | 627,793 | ||||||||
Weighted average interest rate of FHLB long-term advances at period end | 0.21 | % | 0.22 | % | ||||||||
Weighted average remaining maturity of FHLB long-term advances at period end (in years) | 1.6 | 2.1 | ||||||||||
(1) | Variable rate in effect at June 30, 2014 based on three-month LIBOR +2.65%. | |||||||||||
(2) | Variable rate in effect at June 30, 2014, based on three-month LIBOR +1.71%. | |||||||||||
(3) | Variable rate in effect at June 30, 2014, based on three-month LIBOR +1.50%. | |||||||||||
(a)Â | 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. | |||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||||||
Scheduled Maturities of Long-Term Debt | ||||||||||||
(Amounts in thousands) | ||||||||||||
Total | ||||||||||||
Year ending December 31, | ||||||||||||
2015 | $ | 252,000 | ||||||||||
2019 and thereafter (1) | 374,793 | |||||||||||
Total | $ | 626,793 | ||||||||||
(1)Â | Of the total, $5.0 million is due in 2019 and $369.8 million is due in 2034 and thereafter. |
JUNIOR_SUBORDINATED_DEFERRABLE1
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Common Securities, Preferred Securities, And Related Debentures | ' | ||||||||||||||||||||||||
Common Securities, Preferred Securities, and Related Debentures | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Common Securities Issued | Trust Preferred Securities | Earliest Redemption Date (on or after) (3) | Principal Amount of | ||||||||||||||||||||||
Issued (1) | Debentures (3) | ||||||||||||||||||||||||
Issuance | Coupon | Maturity | June 30, | December 31, | |||||||||||||||||||||
Date | Rate (2) | 2014 | 2013 | ||||||||||||||||||||||
Bloomfield Hills Statutory Trust I | May 2004 | $ | 248 | $ | 8,000 | 2.88 | % | Jun 17, 2009 | Jun. 2034 | $ | 8,248 | $ | 8,248 | ||||||||||||
PrivateBancorp Statutory Trust II | Jun. 2005 | 1,547 | 50,000 | 1.94 | % | Sep 15, 2010 | Sep. 2035 | 51,547 | 51,547 | ||||||||||||||||
PrivateBancorp Statutory Trust III | Dec. 2005 | 1,238 | 40,000 | 1.73 | % | 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 June 30, 2014. 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. |
EQUITY_Tables
EQUITY (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income by Component | ' | |||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income ("AOCI") by Component | ||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Unrealized Gain on Available-for-Sale Securities | Accumulated | Total | Unrealized Gain on Available-for-Sale Securities | Accumulated | Total | |||||||||||||||||||
Loss on Effective | Gain on Effective | |||||||||||||||||||||||
Cash Flow | Cash Flow | |||||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||
Balance at beginning of period | $ | 12,960 | $ | (3,116 | ) | $ | 9,844 | $ | 42,219 | $ | 5,845 | $ | 48,064 | |||||||||||
Increase in unrealized gains (losses) on securities | 15,236 | — | 15,236 | (41,380 | ) | — | (41,380 | ) | ||||||||||||||||
Increase in unrealized gains on cash flow hedges | — | 11,878 | 11,878 | — | (10,941 | ) | (10,941 | ) | ||||||||||||||||
Tax (expense) benefit on increase in unrealized gains (losses) | (5,972 | ) | (4,650 | ) | (10,622 | ) | 16,117 | 4,271 | 20,388 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 9,264 | 7,228 | 16,492 | (25,263 | ) | (6,670 | ) | (31,933 | ) | |||||||||||||||
Reclassification adjustment of net gains included in net income (1) | (527 | ) | (4,307 | ) | (4,834 | ) | (777 | ) | (2,444 | ) | (3,221 | ) | ||||||||||||
Reclassification adjustment for tax expense on realized net gains(2) | 208 | 1,696 | 1,904 | 306 | 964 | 1,270 | ||||||||||||||||||
Amounts reclassified from AOCI | (319 | ) | (2,611 | ) | (2,930 | ) | (471 | ) | (1,480 | ) | (1,951 | ) | ||||||||||||
Net current period other comprehensive income (loss) | 8,945 | 4,617 | 13,562 | (25,734 | ) | (8,150 | ) | (33,884 | ) | |||||||||||||||
Balance at end of period | $ | 21,905 | $ | 1,501 | $ | 23,406 | $ | 16,485 | $ | (2,305 | ) | $ | 14,180 | |||||||||||
(1)Â | 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) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Basic and Diluted Earnings Per Common Share | ' | |||||||||||||||
Basic and Diluted Earnings per Common Share | ||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per common share | ||||||||||||||||
Net income | $ | 40,824 | $ | 28,915 | $ | 75,329 | $ | 56,185 | ||||||||
Net income allocated to participating stockholders (1) | (519 | ) | (576 | ) | (1,147 | ) | (1,117 | ) | ||||||||
Net income allocated to common stockholders | $ | 40,305 | $ | 28,339 | $ | 74,182 | $ | 55,068 | ||||||||
Weighted-average common shares outstanding | 77,062 | 76,415 | 76,869 | 76,280 | ||||||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.37 | $ | 0.97 | $ | 0.72 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Diluted earnings applicable to common stockholders (2) | $ | 40,308 | $ | 28,340 | $ | 74,192 | $ | 55,069 | ||||||||
Weighted-average diluted common shares outstanding: | ||||||||||||||||
Weighted-average common shares outstanding | 77,062 | 76,415 | 76,869 | 76,280 | ||||||||||||
Dilutive effect of stock awards (3) | 744 | 166 | 743 | 113 | ||||||||||||
Weighted-average diluted common shares outstanding | 77,806 | 76,581 | 77,612 | 76,393 | ||||||||||||
Diluted earnings per common share | $ | 0.52 | $ | 0.37 | $ | 0.96 | $ | 0.72 | ||||||||
(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., certain of the Company’s deferred and restricted stock units and nonvested restricted stock awards). | |||||||||||||||
(2)Â | Net income 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 net income to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||||||||||
(3)Â | For the quarters ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.1 million, respectively, and for the six months ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Income Tax Provision Analysis | ' | |||||||||||||||
Income Tax Provision Analysis | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Quarters Ended | Six Months Ended June 30, | |||||||||||||||
June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income before income taxes | $ | 66,818 | $ | 46,643 | $ | 122,349 | $ | 90,831 | ||||||||
Income tax provision: | ||||||||||||||||
Current income tax provision | $ | 26,086 | $ | 12,973 | $ | 45,953 | $ | 21,339 | ||||||||
Deferred income tax (benefit) provision | (92 | ) | 4,755 | 1,067 | 13,307 | |||||||||||
Total income tax provision | $ | 25,994 | $ | 17,728 | $ | 47,020 | $ | 34,646 | ||||||||
Effective tax rate | 38.9 | % | 38 | % | 38.4 | % | 38.1 | % |
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Composition Of Derivative Instruments And Fair Value | ' | |||||||||||||||||||||||||||||||
Composition of Derivative Instruments and Fair Value | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||
Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | Notional (1) | Fair | |||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 500,000 | $ | 5,832 | $ | 350,000 | $ | 4,005 | $ | 250,000 | $ | 4,211 | $ | 325,000 | $ | 9,748 | ||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Client-related derivatives: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 3,719,821 | $ | 49,403 | $ | 3,959,328 | $ | 54,155 | $ | 3,719,821 | $ | 50,548 | $ | 3,959,328 | $ | 54,930 | ||||||||||||||||
Foreign exchange contracts | 107,138 | 2,299 | 116,761 | 3,029 | 107,138 | 1,799 | 116,761 | 2,570 | ||||||||||||||||||||||||
Credit contracts (1) | 81,216 | 8 | 91,694 | 34 | 104,507 | 46 | 113,348 | 98 | ||||||||||||||||||||||||
Total client-related derivatives | $ | 51,710 | $ | 57,218 | $ | 52,393 | $ | 57,598 | ||||||||||||||||||||||||
Other end-user derivatives: | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 4,272 | $ | 12 | $ | 5,436 | $ | 16 | $ | 15,692 | $ | 139 | $ | 7,041 | $ | 218 | ||||||||||||||||
Mortgage banking derivatives | 185 | 341 | 263 | 103 | ||||||||||||||||||||||||||||
Total other end-user derivatives | $ | 197 | $ | 357 | $ | 402 | $ | 321 | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 51,907 | $ | 57,575 | $ | 52,795 | $ | 57,919 | ||||||||||||||||||||||||
Netting adjustments (2) | (10,727 | ) | (13,158 | ) | (21,604 | ) | (18,777 | ) | ||||||||||||||||||||||||
Total derivatives | $ | 47,012 | $ | 48,422 | $ | 35,402 | $ | 48,890 | ||||||||||||||||||||||||
(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 of Derivative Assets and Liabilities | ' | |||||||||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||||||||||||||
(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 (3) | Net Amount | ||||||||||||||||||||||||||||
Financial Instruments (4) | Cash Collateral | |||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 55,235 | $ | (9,526 | ) | $ | 45,709 | $ | — | $ | — | $ | 45,709 | |||||||||||||||||||
Foreign exchange contracts | 1,248 | (1,198 | ) | 50 | — | — | 50 | |||||||||||||||||||||||||
Credit contracts | 8 | (3 | ) | 5 | — | — | 5 | |||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 56,491 | (10,727 | ) | 45,764 | — | — | 45,764 | |||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 1,248 | — | 1,248 | — | — | 1,248 | ||||||||||||||||||||||||||
Total derivatives | $ | 57,739 | $ | (10,727 | ) | $ | 47,012 | $ | — | $ | — | $ | 47,012 | |||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 54,759 | $ | (20,846 | ) | $ | 33,913 | $ | (32,593 | ) | $ | — | $ | 1,320 | ||||||||||||||||||
Foreign exchange contracts | 1,705 | (756 | ) | 949 | (912 | ) | — | 37 | ||||||||||||||||||||||||
Credit contracts | 46 | (2 | ) | 44 | (42 | ) | — | 2 | ||||||||||||||||||||||||
Total derivatives subject to a master netting agreement | 56,510 | (21,604 | ) | 34,906 | (33,547 | ) | — | 1,359 | ||||||||||||||||||||||||
Total derivatives not subject to a master netting agreement | 496 | — | 496 | — | — | 496 | ||||||||||||||||||||||||||
Total derivatives | $ | 57,006 | $ | (21,604 | ) | $ | 35,402 | $ | (33,547 | ) | $ | — | $ | 1,855 | ||||||||||||||||||
(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 instruments are 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 (3) | Net Amount | ||||||||||||||||||||||||||||
Financial Instruments (4) | Cash Collateral | |||||||||||||||||||||||||||||||
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 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 instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||||||||||||||||||||||||||||||
Derivatives Subject To Credit Risk Contingency Features | ' | |||||||||||||||||||||||||||||||
Derivatives Subject to Credit Risk Contingency Features | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of derivatives with credit contingency features in a net liability position | $ | 21,634 | $ | 28,152 | ||||||||||||||||||||||||||||
Collateral posted for those transactions in a net liability position | $ | 23,780 | $ | 30,272 | ||||||||||||||||||||||||||||
If credit risk contingency features were triggered: | ||||||||||||||||||||||||||||||||
Additional collateral required to be posted to derivative counterparties | $ | — | $ | — | ||||||||||||||||||||||||||||
Outstanding derivative instruments that would be immediately settled | $ | 21,634 | $ | 28,152 | ||||||||||||||||||||||||||||
Change In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedge | ' | |||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Related to Interest Rate Swaps Designated as Cash Flow Hedge | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Pre-tax | After-tax | Pre-tax | After-tax | Pre-Tax | After-tax | Pre-Tax | After-tax | |||||||||||||||||||||||||
Accumulated unrealized (loss) gain at beginning of period | $ | (3,016 | ) | $ | (1,839 | ) | $ | 8,693 | $ | 5,291 | $ | (5,110 | ) | $ | (3,116 | ) | $ | 9,603 | $ | 5,845 | ||||||||||||
Amount of gain recognized in AOCI (effective portion) | 7,741 | 4,714 | (11,099 | ) | (6,763 | ) | 11,878 | 7,228 | (10,941 | ) | (6,670 | ) | ||||||||||||||||||||
Amount reclassified from AOCI to interest income on loans | (2,264 | ) | (1,374 | ) | (1,376 | ) | (833 | ) | (4,307 | ) | (2,611 | ) | (2,444 | ) | (1,480 | ) | ||||||||||||||||
Accumulated unrealized gain (loss) at end of period | $ | 2,461 | $ | 1,501 | $ | (3,782 | ) | $ | (2,305 | ) | $ | 2,461 | $ | 1,501 | $ | (3,782 | ) | $ | (2,305 | ) | ||||||||||||
Risk Participation Agreements | ' | |||||||||||||||||||||||||||||||
Risk Participation Agreements | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Fair value of written RPAs | $ | 46 | $ | 98 | ||||||||||||||||||||||||||||
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 7 | ||||||||||||||||||||||||||||||
Maximum potential amount of future undiscounted payments | $ | 2,621 | $ | 3,263 | ||||||||||||||||||||||||||||
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 51 | % | 16 | % | ||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Gain on client-related derivatives recognized in capital markets products income: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 2,509 | $ | 4,399 | $ | 5,019 | $ | 8,073 | ||||||||||||||||||||||||
Foreign exchange contracts | 2,383 | 1,621 | 3,798 | 2,970 | ||||||||||||||||||||||||||||
Credit contracts | 114 | 28 | 272 | 44 | ||||||||||||||||||||||||||||
Total client-related derivatives | 5,006 | 6,048 | 9,089 | 11,087 | ||||||||||||||||||||||||||||
(Loss) gain on end-user derivatives recognized in other income: | ||||||||||||||||||||||||||||||||
Foreign exchange derivatives | (259 | ) | (77 | ) | (253 | ) | 936 | |||||||||||||||||||||||||
Mortgage banking derivatives | (134 | ) | 41 | (316 | ) | — | ||||||||||||||||||||||||||
Total end-user derivatives | (393 | ) | (36 | ) | (569 | ) | 936 | |||||||||||||||||||||||||
Total derivatives not designated in hedging relationship | $ | 4,613 | $ | 6,012 | $ | 8,520 | $ | 12,023 | ||||||||||||||||||||||||
COMMITMENTS_GUARANTEES_AND_CON1
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Contractual Or Notional Amounts Of Financial Instruments | ' | |||||||
Contractual or Notional Amounts of Financial Instruments (1)Â | ||||||||
(Amounts in thousands) | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Commitments to extend credit: | ||||||||
Home equity lines | $ | 130,485 | $ | 139,116 | ||||
Residential 1-4 family construction | 21,657 | 32,714 | ||||||
Commercial real estate, other construction, and land development | 804,790 | 703,382 | ||||||
Commercial and industrial | 3,562,808 | 3,609,443 | ||||||
All other commitments | 249,015 | 222,337 | ||||||
Total commitments to extend credit | $ | 4,768,755 | $ | 4,706,992 | ||||
Letters of credit: | ||||||||
Financial standby | $ | 345,938 | $ | 308,577 | ||||
Performance standby | 35,634 | 26,932 | ||||||
Commercial letters of credit | 5,368 | 4,500 | ||||||
Total letters of credit | $ | 386,940 | $ | 340,009 | ||||
(1) | Includes covered asset commitments of $15.5 million and $18.7 million as of June 30, 2014 and December 31, 2013, respectively. |
ESTIMATED_FAIR_VALUE_OF_FINANC1
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Quoted | Significant | Significant | Total | Quoted | Significant | Significant | Total | |||||||||||||||||||||||||
Prices in | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||||||
Markets for | Inputs | (Level 3) | Markets for | Inputs | (Level 3) | |||||||||||||||||||||||||||
Identical | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Securities available-for sale: | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 143,458 | $ | — | $ | — | $ | 143,458 | $ | 142,575 | $ | — | $ | — | $ | 142,575 | ||||||||||||||||
U.S. Agency | — | 46,333 | — | 46,333 | — | 45,528 | — | 45,528 | ||||||||||||||||||||||||
Collateralized mortgage obligations | — | 159,593 | — | 159,593 | — | 176,116 | — | 176,116 | ||||||||||||||||||||||||
Residential mortgage-backed securities | — | 886,862 | — | 886,862 | — | 963,107 | — | 963,107 | ||||||||||||||||||||||||
State and municipal securities | — | 291,001 | — | 291,001 | — | 274,650 | — | 274,650 | ||||||||||||||||||||||||
Foreign sovereign debt | — | 500 | — | 500 | — | 500 | — | 500 | ||||||||||||||||||||||||
Total securities available-for-sale | 143,458 | 1,384,289 | — | 1,527,747 | 142,575 | 1,459,901 | — | 1,602,476 | ||||||||||||||||||||||||
Mortgage loans held-for-sale | — | 20,290 | — | 20,290 | — | 17,619 | — | 17,619 | ||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | — | 5,832 | — | 5,832 | — | 4,005 | — | 4,005 | ||||||||||||||||||||||||
Client-related derivatives | — | 49,183 | 2,527 | 51,710 | — | 56,770 | 448 | 57,218 | ||||||||||||||||||||||||
Other end-user derivatives | — | 197 | — | 197 | — | 357 | — | 357 | ||||||||||||||||||||||||
Netting adjustments | — | (9,560 | ) | (1,167 | ) | (10,727 | ) | — | (13,138 | ) | (20 | ) | (13,158 | ) | ||||||||||||||||||
Total derivative assets | — | 45,652 | 1,360 | 47,012 | — | 47,994 | 428 | 48,422 | ||||||||||||||||||||||||
Total assets | $ | 143,458 | $ | 1,450,231 | $ | 1,360 | $ | 1,595,049 | $ | 142,575 | $ | 1,525,514 | $ | 428 | $ | 1,668,517 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contract derivatives designated as hedging instruments | $ | — | $ | 4,211 | $ | — | $ | 4,211 | $ | — | $ | 9,748 | $ | — | $ | 9,748 | ||||||||||||||||
Client-related derivatives | — | 51,182 | 1,211 | 52,393 | — | 57,500 | 98 | 57,598 | ||||||||||||||||||||||||
Other end-user derivatives | — | 402 | — | 402 | — | 321 | — | 321 | ||||||||||||||||||||||||
Netting adjustments | — | (20,437 | ) | (1,167 | ) | (21,604 | ) | — | (18,757 | ) | (20 | ) | (18,777 | ) | ||||||||||||||||||
Total derivative liabilities | $ | — | $ | 35,358 | $ | 44 | $ | 35,402 | $ | — | $ | 48,812 | $ | 78 | $ | 48,890 | ||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | (Liabilities) | Assets | (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 857 | $ | (609 | ) | $ | 766 | $ | (60 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 86 | 424 | 29 | (27 | ) | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Settlements | (168 | ) | (78 | ) | (203 | ) | — | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 1,752 | (948 | ) | 442 | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | — | — | (407 | ) | — | |||||||||||||||||||||||||||
Balance at end of period | $ | 2,527 | $ | (1,211 | ) | $ | 627 | $ | (87 | ) | ||||||||||||||||||||||
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of period | $ | 87 | $ | 311 | $ | 24 | $ | (27 | ) | |||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||||||||
Assets | (Liabilities) | Assets | (Liabilities) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 448 | $ | (98 | ) | $ | 1,023 | $ | (60 | ) | ||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||
Included in earnings (2) | 165 | 604 | 36 | (8 | ) | |||||||||||||||||||||||||||
Purchases, issuances, sales and settlements: | ||||||||||||||||||||||||||||||||
Issuances | — | — | — | (19 | ) | |||||||||||||||||||||||||||
Settlements | (553 | ) | (323 | ) | (439 | ) | — | |||||||||||||||||||||||||
Transfers into Level 3 (out of Level 2) (3) | 2,579 | (1,394 | ) | 442 | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (into Level 2) (3) | (112 | ) | — | (435 | ) | — | ||||||||||||||||||||||||||
Balance at end of period | $ | 2,527 | $ | (1,211 | ) | $ | 627 | $ | (87 | ) | ||||||||||||||||||||||
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of period | $ | 64 | $ | 788 | $ | 9 | $ | (9 | ) | |||||||||||||||||||||||
(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) | ||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Aggregate fair value | $ | 20,290 | $ | 17,619 | ||||||||||||||||||||||||||||
Difference (1) | (78 | ) | 238 | |||||||||||||||||||||||||||||
Aggregate unpaid principal balance | $ | 20,212 | $ | 17,857 | ||||||||||||||||||||||||||||
(1)Â | The change in fair value is reflected in mortgage banking non-interest income. | |||||||||||||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ' | |||||||||||||||||||||||||||||||
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 | Net Losses | |||||||||||||||||||||||||||||||
June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Collateral-dependent impaired loans (1) | $ | 31,482 | $ | 60,270 | $ | 12,391 | $ | 7,223 | ||||||||||||||||||||||||
Covered assets - OREO (2) (3) | 1,464 | 2,040 | 170 | 353 | ||||||||||||||||||||||||||||
OREO (2) | 14,238 | 42,295 | 3,556 | 8,332 | ||||||||||||||||||||||||||||
Total | $ | 47,184 | $ | 104,605 | $ | 16,117 | $ | 15,908 | ||||||||||||||||||||||||
(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 recorded against the allowance for loan losses. | |||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Watch list derivatives | $ | 1,355 | Discounted cash flow | Loss factors | 6.4% to 16.5% | 14.7 |  % | |||||||||||||||||||||||||
Risk participation agreements | $ | (38 | ) | (1)Â | Discounted cash flow | Loss factors | 0.7% to 16.5% | 12.5 | Â % | |||||||||||||||||||||||
Collateral-dependent impaired loans | $ | 31,482 | Sales comparison, | Property specific | -1.2% to -30.8% | -23.9 |  % | (2)  | ||||||||||||||||||||||||
income capitalization | adjustment | |||||||||||||||||||||||||||||||
and/or cost approach | ||||||||||||||||||||||||||||||||
OREO | $ | 14,238 | Sales comparison, | Property specific | -0.1% to -100.0% | -21.1 | Â % | (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. | |||||||||||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value Measurements Using | |||||||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 247,048 | $ | 247,048 | $ | 247,048 | $ | — | $ | — | ||||||||||||||||||||||
Federal funds sold and interest-bearing deposits in banks | 160,349 | 160,349 | — | 160,349 | — | |||||||||||||||||||||||||||
Loans held-for-sale | 80,724 | 80,724 | — | 80,724 | — | |||||||||||||||||||||||||||
Securities available-for-sale | 1,527,747 | 1,527,747 | 143,458 | 1,384,289 | — | |||||||||||||||||||||||||||
Securities held-to-maturity | 1,066,216 | 1,063,980 | — | 1,063,980 | — | |||||||||||||||||||||||||||
FHLB stock | 28,666 | 28,666 | — | 28,666 | — | |||||||||||||||||||||||||||
Loans, net of allowance for loan losses and unearned fees | 10,990,451 | 11,086,701 | — | — | 11,086,701 | |||||||||||||||||||||||||||
Covered assets, net of allowance for covered loan losses | 66,672 | 82,796 | — | — | 82,796 | |||||||||||||||||||||||||||
Accrued interest receivable | 36,568 | 36,568 | — | — | 36,568 | |||||||||||||||||||||||||||
Investment in BOLI | 54,500 | 54,500 | — | — | 54,500 | |||||||||||||||||||||||||||
Derivative assets | 47,012 | 47,012 | — | 45,652 | 1,360 | |||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Deposits | $ | 12,236,201 | $ | 12,245,065 | $ | — | $ | 9,651,351 | $ | 2,593,714 | ||||||||||||||||||||||
Short-term and other borrowings | 235,319 | 234,818 | — | 233,064 | 1,754 | |||||||||||||||||||||||||||
Long-term debt | 626,793 | 616,061 | 281,481 | 255,910 | 78,670 | |||||||||||||||||||||||||||
Accrued interest payable | 6,282 | 6,282 | — | — | 6,282 | |||||||||||||||||||||||||||
Derivative liabilities | 35,402 | 35,402 | — | 35,358 | 44 | |||||||||||||||||||||||||||
Financial Instruments (Continued) | ||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Operating Segments Performance | ' | |||||||||||||||||||||||||||||||
Operating Segments Performance | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||||||||
Banking | Asset Management | Holding Company | Consolidated | |||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net interest income (loss) | $ | 118,755 | $ | 110,091 | $ | 987 | $ | 809 | $ | (7,391 | ) | $ | (7,168 | ) | $ | 112,351 | $ | 103,732 | ||||||||||||||
Provision for loan and covered loan losses | 327 | 8,843 | — | — | — | — | 327 | 8,843 | ||||||||||||||||||||||||
Non-interest income | 25,804 | 24,054 | 4,440 | 4,800 | 15 | 155 | 30,259 | 29,009 | ||||||||||||||||||||||||
Non-interest expense | 68,520 | 69,368 | 4,332 | 4,652 | 2,613 | 3,235 | 75,465 | 77,255 | ||||||||||||||||||||||||
Income (loss) before taxes | 75,712 | 55,934 | 1,095 | 957 | (9,989 | ) | (10,248 | ) | 66,818 | 46,643 | ||||||||||||||||||||||
Income tax provision (benefit) | 29,330 | 21,452 | 431 | 377 | (3,767 | ) | (4,101 | ) | 25,994 | 17,728 | ||||||||||||||||||||||
Net income (loss) | $ | 46,382 | $ | 34,482 | $ | 664 | $ | 580 | $ | (6,222 | ) | $ | (6,147 | ) | $ | 40,824 | $ | 28,915 | ||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
Banking | Asset Management | Holding Company | Consolidated | |||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Net interest income (loss) | $ | 233,907 | $ | 219,490 | $ | 1,774 | $ | 1,604 | $ | (14,578 | ) | $ | (14,322 | ) | $ | 221,103 | $ | 206,772 | ||||||||||||||
Provision for loan and covered loan losses | 4,034 | 19,200 | — | — | — | — | 4,034 | 19,200 | ||||||||||||||||||||||||
Non-interest income | 47,676 | 50,056 | 8,789 | 9,194 | 30 | 227 | 56,495 | 59,477 | ||||||||||||||||||||||||
Non-interest expense | 137,180 | 140,340 | 8,408 | 9,040 | 5,627 | 6,838 | 151,215 | 156,218 | ||||||||||||||||||||||||
Income (loss) before taxes | 140,369 | 110,006 | 2,155 | 1,758 | (20,175 | ) | (20,933 | ) | 122,349 | 90,831 | ||||||||||||||||||||||
Income tax provision (benefit) | 53,983 | 42,231 | 849 | 693 | (7,812 | ) | (8,278 | ) | 47,020 | 34,646 | ||||||||||||||||||||||
Net income (loss) | $ | 86,386 | $ | 67,775 | $ | 1,306 | $ | 1,065 | $ | (12,363 | ) | $ | (12,655 | ) | $ | 75,329 | $ | 56,185 | ||||||||||||||
Banking | Holding Company and Other Adjustments(1) | Consolidated | ||||||||||||||||||||||||||||||
Selected Balances | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | ||||||||||||||||||||||||||
Assets | $ | 12,923,230 | $ | 12,465,063 | $ | 1,679,174 | $ | 1,620,683 | $ | 14,602,404 | $ | 14,085,746 | ||||||||||||||||||||
Total loans | 11,136,942 | 10,644,021 | — | — | 11,136,942 | 10,644,021 | ||||||||||||||||||||||||||
Deposits | 12,329,099 | 12,069,583 | (92,898 | ) | (55,942 | ) | 12,236,201 | 12,013,641 | ||||||||||||||||||||||||
(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) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Nonconsolidated Variable Interest Entities | ' | |||||||||||||||
Nonconsolidated VIEs | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||
to Loss | to Loss | |||||||||||||||
Trust preferred capital securities issuances | $ | 244,793 | $ | — | $ | 244,793 | $ | — | ||||||||
Community reinvestment investments | 7,345 | 9,270 | 7,889 | 9,813 | ||||||||||||
TDR loans to commercial clients (1) | 45,414 | 61,849 | 43,481 | 48,975 | ||||||||||||
Total | $ | 297,552 | $ | 71,119 | $ | 296,163 | $ | 58,788 | ||||||||
(1)Â | Excludes personal loans and loans to non-for-profit entities. |
Securities_Securities_Portfoli
Securities (Securities Portfolio) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | $1,491,753 | $1,581,191 |
Securities Available-for-Sale, Gross Unrealized Gains | 41,848 | 36,610 |
Securities Available-for-Sale, Gross Unrealized Losses | -5,854 | -15,325 |
Securities available-for-sale, at fair value | 1,527,747 | 1,602,476 |
Securities held-to-maturity, at amortized cost | 1,066,216 | 921,436 |
Securities Held-to-Maturity, Gross Unrealized Gains | 7,254 | 649 |
Securities Held-to-Maturity, Gross Unrealized Losses | -9,490 | -25,177 |
Securities Held-to-Maturity, Fair Value | 1,063,980 | 896,908 |
U.S. Treasury Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 145,056 | 145,716 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | -1,598 | -3,141 |
Securities available-for-sale, at fair value | 143,458 | 142,575 |
U.S. Agency [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 47,184 | 47,409 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | -851 | -1,881 |
Securities available-for-sale, at fair value | 46,333 | 45,528 |
Collateralized mortgage obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 153,307 | 169,775 |
Securities Available-for-Sale, Gross Unrealized Gains | 6,293 | 6,356 |
Securities Available-for-Sale, Gross Unrealized Losses | -7 | -15 |
Securities available-for-sale, at fair value | 159,593 | 176,116 |
Securities held-to-maturity, at amortized cost | 64,305 | 67,335 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | -2,607 | -3,263 |
Securities Held-to-Maturity, Fair Value | 61,698 | 64,072 |
Residential mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 861,730 | 946,656 |
Securities Available-for-Sale, Gross Unrealized Gains | 27,735 | 23,627 |
Securities Available-for-Sale, Gross Unrealized Losses | -2,603 | -7,176 |
Securities available-for-sale, at fair value | 886,862 | 963,107 |
Securities held-to-maturity, at amortized cost | 826,723 | 688,410 |
Securities Held-to-Maturity, Gross Unrealized Gains | 6,619 | 637 |
Securities Held-to-Maturity, Gross Unrealized Losses | -4,354 | -15,274 |
Securities Held-to-Maturity, Fair Value | 828,988 | 673,773 |
Commercial mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities held-to-maturity, at amortized cost | 174,273 | 164,607 |
Securities Held-to-Maturity, Gross Unrealized Gains | 626 | 6 |
Securities Held-to-Maturity, Gross Unrealized Losses | -2,529 | -6,640 |
Securities Held-to-Maturity, Fair Value | 172,370 | 157,973 |
State and municipal securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Amortized Cost | 283,976 | 271,135 |
Securities Available-for-Sale, Gross Unrealized Gains | 7,820 | 6,627 |
Securities Available-for-Sale, Gross Unrealized Losses | -795 | -3,112 |
Securities available-for-sale, at fair value | 291,001 | 274,650 |
Securities held-to-maturity, at amortized cost | 915 | 1,084 |
Securities Held-to-Maturity, Gross Unrealized Gains | 9 | 6 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Fair Value | 924 | 1,090 |
Foreign sovereign debt [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 |
Securities available-for-sale, at fair value | $500 | $500 |
Securities_Narrative_Detail
Securities (Narrative) (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Disclosure Securities Narrative [Abstract] | ' | ' |
Available-for-sale and held-to-maturity securities pledged carrying value | $373,100,000 | $401,400,000 |
Securities pledged as collateral which may be sold or re-pledged by the secured party | 97,900,000 | 108,100,000 |
Investments 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 | 748,833,000 | 38,892,000 |
Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses Accumulated In Investments | -15,133,000 | -2,632,000 |
Other than Temporary Impairment Losses, Investments | $0 | ' |
Securities_Securities_In_Unrea
Securities (Securities In Unrealized Loss Position) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $87,218 | $572,611 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -187 | -15,025 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 330,117 | 10,325 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -5,667 | -300 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 417,335 | 582,936 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -5,854 | -15,325 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 27,495 | 743,503 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -24 | -22,845 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 418,716 | 28,567 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -9,466 | -2,332 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value | 446,211 | 772,070 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | -9,490 | -25,177 |
U.S. Treasury Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 19,845 | 142,575 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -15 | -3,141 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 123,612 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -1,583 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 143,457 | 142,575 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -1,598 | -3,141 |
U.S. Agency [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 45,528 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 0 | -1,881 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 46,334 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -851 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 46,334 | 45,528 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -851 | -1,881 |
Collateralized mortgage obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,385 | 3,409 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -7 | -15 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 2,385 | 3,409 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -7 | -15 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 64,072 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | 0 | -3,263 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 61,698 | 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -2,607 | 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value | 61,698 | 64,072 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | -2,607 | -3,263 |
Residential mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 37,736 | 276,657 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -65 | -7,176 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 115,510 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -2,538 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 153,246 | 276,657 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -2,603 | -7,176 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 24,208 | 556,410 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -19 | -14,908 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 250,674 | 3,327 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -4,335 | -366 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value | 274,882 | 559,737 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | -4,354 | -15,274 |
State and municipal securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 27,252 | 104,442 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -100 | -2,812 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 44,661 | 10,325 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | -695 | -300 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Fair Value | 71,913 | 114,767 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | -795 | -3,112 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | 0 | 0 |
Commercial mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 3,287 | 123,021 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | -5 | -4,674 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 106,344 | 25,240 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | -2,524 | -1,966 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value | 109,631 | 148,261 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | ($2,529) | ($6,640) |
Securities_Remaining_Contractu
Securities (Remaining Contractual Maturity Of Securities) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Available-For-Sale Securities, Total Amortized Cost | $1,491,753 | ' |
Securities available-for-sale, at fair value | 1,527,747 | 1,602,476 |
Securities held-to-maturity, at amortized cost | 1,066,216 | 921,436 |
Securities Held-to-Maturity, Fair Value | 1,063,980 | 896,908 |
U.S. Treasury, U.S. Agency, state and municipal and foreign sovereign debt securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-For-Sale Securities, One year or less, Amortized Cost | 5,375 | ' |
Available-For-Sale Securities, One year to five years, Amortized Cost | 298,082 | ' |
Available-For-Sale Securities, Five years to ten years, Amortized Cost | 170,263 | ' |
Available-For-Sale Securities, After ten years, Amortized Cost | 2,996 | ' |
Available-For-Sale Securities, One year or less, Fair Value | 5,428 | ' |
Available-For-Sale Securities, One year to five years, Fair Value | 300,249 | ' |
Available-For-Sale Securities, Five years to ten years, Fair Value | 172,504 | ' |
Available-For-Sale Securities, After ten years, Fair value | 3,111 | ' |
Held-to-Maturity Securities, One year or less, Amortized Cost | 545 | ' |
Held-to-Maturity Securities, One year to five years, Amortized Cost | 370 | ' |
Held-to-Maturity Securities, Five years to ten years, Amortized Cost | 0 | ' |
Held-to-Maturity Securities, After ten years, Amortized Cost | 0 | ' |
Held-to-Maturity Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 545 | ' |
Held-to-Maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 379 | ' |
Held-to-Maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 0 | ' |
Held-to-Maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value | 0 | ' |
Collateralized mortgage obligations [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 153,307 | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Fair Value | 159,593 | ' |
Securities available-for-sale, at fair value | 159,593 | 176,116 |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 64,305 | ' |
Securities held-to-maturity, at amortized cost | 64,305 | 67,335 |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Fair Value | 61,698 | ' |
Securities Held-to-Maturity, Fair Value | 61,698 | 64,072 |
Residential mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 861,730 | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Fair Value | 886,862 | ' |
Securities available-for-sale, at fair value | 886,862 | 963,107 |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 826,723 | ' |
Securities held-to-maturity, at amortized cost | 826,723 | 688,410 |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Fair Value | 828,988 | ' |
Securities Held-to-Maturity, Fair Value | 828,988 | 673,773 |
Commercial mortgage-backed securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 0 | ' |
Available-For-Sale Securities, All other debt securities, Without Single Maturity Date, Fair Value | 0 | ' |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Amortized Cost | 174,273 | ' |
Securities held-to-maturity, at amortized cost | 174,273 | 164,607 |
Held-to-Maturity Securities, All other debt securities, Without Single Maturity Date, Fair Value | 172,370 | ' |
Securities Held-to-Maturity, Fair Value | $172,370 | $157,973 |
Securities_Securities_Gains_Lo
Securities (Securities Gains (Losses)) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Proceeds from sales | $26,172 | $2,068 | $73,649 | $52,846 |
Gross realized gains | 213 | 136 | 610 | 778 |
Gross realized losses | -17 | 0 | -83 | -1 |
Net realized (losses) gains | 196 | 136 | 527 | 777 |
Income tax provision (benefit) on net realized gains (losses) | $77 | $53 | $208 | $306 |
Loans_Schedule_Of_Loan_Portfol
Loans (Schedule Of Loan Portfolio Excluding Covered Assets) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | ' | ' | ' |
Commercial and industrial | $5,871,425 | $5,457,574 | ' |
Commercial - owner-occupied CRE | 1,699,861 | 1,674,260 | ' |
Total commercial | 7,571,286 | 7,131,834 | ' |
Commercial real estate | 1,985,273 | 1,987,307 | ' |
Commercial real estate - multi-family | 533,854 | 513,194 | ' |
Total Commercial real estate | 2,519,127 | 2,500,501 | ' |
Construction | 360,313 | 293,387 | ' |
Residential real estate | 337,329 | 341,868 | ' |
Home equity | 144,081 | 149,732 | ' |
Personal | 204,806 | 226,699 | ' |
Total loans | 11,136,942 | 10,644,021 | 10,094,636 |
Deferred loan fees, net of costs, included as a reduction in total loans | 35,538 | 37,063 | ' |
Overdrawn demand deposits included in total loans | $1,213 | $2,772 | ' |
LOANS_Loans_HeldForSale_Detail
LOANS Loans Held-For-Sale (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans Held-for-Sale [Abstract] | ' | ' | ||
Loans Held-for-sale, Mortgages | $20,290 | [1] | $17,619 | [1] |
Loans Held-for-sale, Other | 60,434 | [2] | 9,197 | [2] |
Loans held-for-sale | $80,724 | $26,816 | ||
[1] | Includes residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 16 for additional information regarding mortgage loans held-for-sale. | |||
[2] | Other loans held-for-sale represent commercial loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Loans_Schedule_Of_Carrying_Val
Loans (Schedule Of Carrying Value Of Loans Pledged) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Loans pledged to secure outstanding borrowings or availability: [Abstract] | ' | ' | ||
Loans pledged to secure FRB discount window borrowings | $522,926 | [1] | $710,269 | [1] |
Loans pledged to secure FHLB advances | 1,742,575 | 1,337,552 | ||
Total | $2,265,501 | $2,047,821 | ||
[1] | No borrowings were outstanding at JuneB 30, 2014 or DecemberB 31, 2013. |
Loans_Schedule_Of_Loan_Portfol1
Loans (Schedule Of Loan Portfolio Aging) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | $11,056,670 | $10,540,913 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 3,566 | 7,854 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 117 | 1,016 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 11,060,353 | 10,549,783 | ' |
Loan Portfolio Aging, Nonaccrual | 76,589 | 94,238 | ' |
Total Commercial | 7,571,286 | 7,131,834 | ' |
Total Commercial real estate | 2,519,127 | 2,500,501 | ' |
Total Construction | 360,313 | 293,387 | ' |
Total Residential real estate | 337,329 | 341,868 | ' |
Total Home equity | 144,081 | 149,732 | ' |
Total Personal | 204,806 | 226,699 | ' |
Total loans | 11,136,942 | 10,644,021 | 10,094,636 |
Commercial [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 7,536,364 | 7,106,900 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 400 | 2 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 0 | 153 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 7,536,764 | 7,107,055 | ' |
Total loans | 7,571,286 | ' | 6,661,467 |
Commercial real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 2,494,466 | 2,447,441 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 2,708 | 5,946 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 0 | 161 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 2,497,174 | 2,453,548 | ' |
Total loans | 2,519,127 | ' | 2,501,701 |
Construction [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 360,313 | 293,387 | ' |
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 | 360,313 | 293,387 | ' |
Total loans | 360,313 | ' | 211,976 |
Residential real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 327,875 | 330,922 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 0 | 674 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 117 | 296 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 327,992 | 331,892 | ' |
Total loans | 337,329 | ' | 347,629 |
Home equity [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 133,617 | 136,341 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 267 | 1,108 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 0 | 404 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 133,884 | 137,853 | ' |
Total loans | 144,081 | ' | 159,958 |
Personal [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Current | 204,035 | 225,922 | ' |
Loan Portfolio Aging, 30 - 59 Days Past Due | 191 | 124 | ' |
Loan Portfolio Aging, 60 - 89 Days Past Due | 0 | 2 | ' |
Loan Portfolio Aging, 90 Days Past Due and Accruing | 0 | 0 | ' |
Loan Portfolio Aging, Total Accruing Loans | 204,226 | 226,048 | ' |
Total loans | 204,806 | ' | 211,905 |
Nonaccrual [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 76,589 | 94,238 | ' |
Nonaccrual [Member] | Commercial [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 34,522 | 24,779 | ' |
Nonaccrual [Member] | Commercial real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 21,953 | 46,953 | ' |
Nonaccrual [Member] | Construction [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 0 | 0 | ' |
Nonaccrual [Member] | Residential real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 9,337 | 9,976 | ' |
Nonaccrual [Member] | Home equity [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | 10,197 | 11,879 | ' |
Nonaccrual [Member] | Personal [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Loan Portfolio Aging, Nonaccrual | $580 | $651 | ' |
Loans_Schedule_of_Impaired_Loa
Loans (Schedule of Impaired Loans Excluding Covered Assets) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | $123,956 | $131,950 | ' | ||
Recorded Investment With No Specific Reserve | 59,050 | 45,536 | ' | ||
Recorded Investment With Specific Reserve | 50,521 | 68,878 | ' | ||
Total Recorded Investment | 109,571 | [1] | 114,414 | 170,040 | [1] |
Specific Reserve | 18,487 | [1] | 22,377 | 32,724 | [1] |
Commercial [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | 70,744 | 44,471 | ' | ||
Recorded Investment With No Specific Reserve | 42,793 | 30,039 | ' | ||
Recorded Investment With Specific Reserve | 22,058 | 11,774 | ' | ||
Total Recorded Investment | 64,851 | [1] | 41,813 | 91,655 | [1] |
Specific Reserve | 11,113 | [1] | 4,895 | 15,806 | [1] |
Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | 29,571 | 61,112 | ' | ||
Recorded Investment With No Specific Reserve | 8,277 | 10,301 | ' | ||
Recorded Investment With Specific Reserve | 14,896 | 38,203 | ' | ||
Total Recorded Investment | 23,173 | [1] | 48,504 | 48,562 | [1] |
Specific Reserve | 4,879 | [1] | 12,536 | 9,669 | [1] |
Construction [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Total Recorded Investment | 0 | [1] | ' | 0 | [1] |
Specific Reserve | 0 | [1] | ' | 0 | [1] |
Residential real estate [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | 10,938 | 11,823 | ' | ||
Recorded Investment With No Specific Reserve | 4,971 | 2,629 | ' | ||
Recorded Investment With Specific Reserve | 4,366 | 7,347 | ' | ||
Total Recorded Investment | 9,337 | [1] | 9,976 | 12,812 | [1] |
Specific Reserve | 630 | [1] | 2,412 | 4,101 | [1] |
Home equity [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | 12,123 | 13,893 | ' | ||
Recorded Investment With No Specific Reserve | 3,009 | 2,567 | ' | ||
Recorded Investment With Specific Reserve | 8,621 | 10,903 | ' | ||
Total Recorded Investment | 11,630 | [1] | 13,470 | 15,260 | [1] |
Specific Reserve | 1,715 | [1] | 2,386 | 2,970 | [1] |
Personal [Member] | ' | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Unpaid Contractual Principal Balance | 580 | 651 | ' | ||
Recorded Investment With No Specific Reserve | 0 | 0 | ' | ||
Recorded Investment With Specific Reserve | 580 | 651 | ' | ||
Total Recorded Investment | 580 | [1] | 651 | 1,751 | [1] |
Specific Reserve | $150 | [1] | $148 | $178 | [1] |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Loans_Average_Recorded_Investm
Loans (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | $115,188 | [1] | $171,502 | [1] | $113,902 | [1] | $184,749 | [1] |
Interest Income Recognized | 460 | [1] | 741 | [1] | 890 | [1] | 1,646 | [1] |
Commercial [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 55,534 | [1] | 76,777 | [1] | 48,935 | [1] | 81,893 | [1] |
Interest Income Recognized | 419 | [1] | 620 | [1] | 801 | [1] | 1,253 | [1] |
Commercial real estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 36,960 | [1] | 62,402 | [1] | 41,617 | [1] | 71,424 | [1] |
Interest Income Recognized | 20 | [1] | 98 | [1] | 44 | [1] | 330 | [1] |
Residential real estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 9,481 | [1] | 13,023 | [1] | 9,700 | [1] | 12,452 | [1] |
Interest Income Recognized | 0 | [1] | 0 | [1] | 0 | [1] | 3 | [1] |
Home equity [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 12,614 | [1] | 15,390 | [1] | 13,018 | [1] | 14,687 | [1] |
Interest Income Recognized | 21 | [1] | 23 | [1] | 45 | [1] | 60 | [1] |
Personal [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ||||
Average Recorded Investment | 599 | [1] | 3,910 | [1] | 632 | [1] | 4,293 | [1] |
Interest Income Recognized | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | Represents amounts while classified as impaired for the periods presented. |
Loans_Narrative_Detail
Loans (Narrative) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Pass [Member] | Loan Rated Five [Member] | Special Mention [Member] | Potential Problem and Non-Performing [Member] | Non-Performing Loans [Member] | |||
Minimum [Member] | risk_rating | risk_rating | risk_rating | Maximum [Member] | |||
risk_rating | risk_rating | ||||||
Loans [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loans receivable risk rating | ' | ' | 1 | 5 | 6 | 7 | 8 |
Loans and leases receivable, impaired, commitment to lend | $16,400,000 | $5,500,000 | ' | ' | ' | ' | ' |
Specific reserves on nonaccrual troubled debt restructurings | 3,700,000 | 8,600,000 | ' | ' | ' | ' | ' |
Specific reserves on accruing troubled debt restructurings | $33,000 | $37,000 | ' | ' | ' | ' | ' |
Loans_Credit_Quality_Indicator
Loans (Credit Quality Indicators) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | $76,589 | $94,238 | ' |
Total Commercial | 7,571,286 | 7,131,834 | ' |
Total Commercial real estate | 2,519,127 | 2,500,501 | ' |
Total Construction | 360,313 | 293,387 | ' |
Total Residential real estate | 337,329 | 341,868 | ' |
Total Home equity | 144,081 | 149,732 | ' |
Total Personal | 204,806 | 226,699 | ' |
Total loans | 11,136,942 | 10,644,021 | 10,094,636 |
Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 119,878 | 71,257 | ' |
Percentage of Special Mention to Portfolio Loan Type | 1.10% | 0.70% | ' |
Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 125,033 | 101,772 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.10% | 1.00% | ' |
Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 76,589 | 94,238 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.70% | 0.90% | ' |
Commercial [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 7,571,286 | ' | 6,661,467 |
Commercial [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 114,165 | 62,272 | ' |
Percentage of Special Mention to Portfolio Loan Type | 1.50% | 0.90% | ' |
Commercial [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 114,443 | 87,391 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.50% | 1.20% | ' |
Commercial [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 34,522 | 24,779 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.50% | 0.30% | ' |
Commercial real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 2,519,127 | ' | 2,501,701 |
Commercial real estate [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 773 | 1,016 | ' |
Commercial real estate [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 1,924 | 4,489 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 0.10% | 0.20% | ' |
Commercial real estate [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 21,953 | 46,953 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.90% | 1.90% | ' |
Construction [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 360,313 | ' | 211,976 |
Construction [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 0 | 0 | ' |
Percentage of Special Mention to Portfolio Loan Type | 0.00% | 0.00% | ' |
Construction [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 0 | 0 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 0.00% | 0.00% | ' |
Construction [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 0 | 0 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.00% | 0.00% | ' |
Residential real estate [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 337,329 | ' | 347,629 |
Residential real estate [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 2,778 | 4,898 | ' |
Percentage of Special Mention to Portfolio Loan Type | 0.80% | 1.40% | ' |
Residential real estate [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 6,661 | 7,177 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 2.00% | 2.10% | ' |
Residential real estate [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 9,337 | 9,976 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 2.80% | 2.90% | ' |
Home equity [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 144,081 | ' | 159,958 |
Home equity [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 1,939 | 2,884 | ' |
Percentage of Special Mention to Portfolio Loan Type | 1.30% | 1.90% | ' |
Home equity [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 1,990 | 2,538 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.40% | 1.70% | ' |
Home equity [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | 10,197 | 11,879 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 7.10% | 7.90% | ' |
Personal [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Total loans | 204,806 | ' | 211,905 |
Personal [Member] | Special Mention [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Special Mention | 223 | 187 | ' |
Percentage of Special Mention to Portfolio Loan Type | 0.10% | 0.10% | ' |
Personal [Member] | Potential Problem Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Potential Problem Loans | 15 | 177 | ' |
Percentage of Potential Problem Loans to Portfolio Loan Type | ' | 0.10% | ' |
Personal [Member] | Non-Performing Loans [Member] | ' | ' | ' |
Loans [Line Items] | ' | ' | ' |
Non-Performing Loans | $580 | $651 | ' |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.30% | 0.30% | ' |
Loans_Troubled_Debt_Restructur
Loans (Troubled Debt Restructured Loans Outstanding) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Accruing [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | $32,982 | $20,176 | ||
Accruing [Member] | Commercial [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 30,329 | 17,034 | ||
Accruing [Member] | Commercial real estate [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 1,220 | 1,551 | ||
Accruing [Member] | Residential real estate [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 0 | 0 | ||
Accruing [Member] | Home equity [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 1,433 | 1,591 | ||
Accruing [Member] | Personal [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 0 | 0 | ||
Nonaccrual [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 21,016 | [1] | 32,182 | [1] |
Nonaccrual [Member] | Commercial [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 6,046 | [1] | 6,188 | [1] |
Nonaccrual [Member] | Commercial real estate [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 8,403 | [1] | 19,309 | [1] |
Nonaccrual [Member] | Residential real estate [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 1,534 | [1] | 2,239 | [1] |
Nonaccrual [Member] | Home equity [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | 4,471 | [1] | 3,805 | [1] |
Nonaccrual [Member] | Personal [Member] | ' | ' | ||
Troubled Debt Restructured Loans Outstanding [Line Items] | ' | ' | ||
Troubled debt restructured loans outstanding | $562 | [1] | $641 | [1] |
[1] | Included in nonperforming loans. |
Loans_Additions_To_TDR_During_
Loans (Additions To TDR During The Period) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
borrower | borrower | borrower | borrower | |||||
Accruing Interest [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 2 | 2 | 5 | 5 | ||||
Recorded Investment, Pre-Modification | $6,188 | [1] | $4,600 | [1] | $19,755 | [1] | $5,085 | [1] |
Recorded Investment, Post-Modification | 6,188 | [1] | 4,600 | [1] | 19,755 | [1] | 5,085 | [1] |
Accruing Interest [Member] | Commercial [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 2 | 2 | 4 | 4 | ||||
Recorded Investment, Pre-Modification | 6,188 | [1] | 4,600 | [1] | 19,329 | [1] | 4,935 | [1] |
Recorded Investment, Post-Modification | 6,188 | [1] | 4,600 | [1] | 19,329 | [1] | 4,935 | [1] |
Accruing Interest [Member] | Commercial [Member] | Extension of maturity date [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 1 | 2 | 2 | 4 | ||||
Recorded Investment, Pre-Modification | 3,550 | [1],[2] | 4,600 | [1],[2] | 3,750 | [1],[2] | 4,935 | [1],[2] |
Recorded Investment, Post-Modification | 3,550 | [1],[2] | 4,600 | [1],[2] | 3,750 | [1],[2] | 4,935 | [1],[2] |
Accruing Interest [Member] | Commercial [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 1 | 0 | 2 | 0 | ||||
Recorded Investment, Pre-Modification | 2,638 | [1],[3] | 0 | 15,579 | [1],[3] | 0 | ||
Recorded Investment, Post-Modification | 2,638 | [1],[3] | 0 | 15,579 | [1],[3] | 0 | ||
Accruing Interest [Member] | Commercial real estate [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 1 | 0 | ||||
Recorded Investment, Pre-Modification | ' | ' | 426 | [1],[3] | 0 | |||
Recorded Investment, Post-Modification | ' | ' | 426 | [1],[3] | 0 | |||
Accruing Interest [Member] | Residential real estate [Member] | Extension of maturity date [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 0 | 1 | ||||
Recorded Investment, Pre-Modification | ' | ' | 0 | [1],[2] | 150 | [1],[2] | ||
Recorded Investment, Post-Modification | ' | ' | 0 | [1],[2] | 150 | [1],[2] | ||
Non Accrual [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 6 | 6 | 12 | 13 | ||||
Recorded Investment, Pre-Modification | 2,152 | [1] | 2,447 | [1] | 3,467 | [1] | 3,652 | [1] |
Recorded Investment, Post-Modification | 2,152 | [1] | 2,447 | [1] | 3,417 | [1] | 3,645 | [1] |
Change in recorded investment due to principal paydown at time of modification | ' | ' | 50 | [1] | 7 | [1] | ||
Non Accrual [Member] | Commercial [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 2 | 5 | 4 | 5 | ||||
Recorded Investment, Pre-Modification | 97 | [1] | 1,857 | [1] | 553 | [1] | 1,857 | [1] |
Recorded Investment, Post-Modification | 97 | [1] | 1,857 | [1] | 503 | [1] | 1,857 | [1] |
Non Accrual [Member] | Commercial [Member] | Extension of maturity date [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 0 | 1 | 0 | 1 | ||||
Recorded Investment, Pre-Modification | 0 | [1],[2] | 134 | [1],[2] | 0 | [1],[2] | 134 | [1],[2] |
Recorded Investment, Post-Modification | 0 | [1],[2] | 134 | [1],[2] | 0 | [1],[2] | 134 | [1],[2] |
Non Accrual [Member] | Commercial [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 2 | 4 | 4 | 4 | ||||
Recorded Investment, Pre-Modification | 97 | [1],[3] | 1,723 | [1],[3] | 553 | [1],[3] | 1,723 | [1],[3] |
Recorded Investment, Post-Modification | 97 | [1],[3] | 1,723 | [1],[3] | 503 | [1],[3] | 1,723 | [1],[3] |
Non Accrual [Member] | Commercial real estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 1 | 1 | ||||
Recorded Investment, Pre-Modification | ' | ' | 1,120 | [1] | 297 | [1] | ||
Recorded Investment, Post-Modification | ' | ' | 1,120 | [1] | 297 | [1] | ||
Non Accrual [Member] | Commercial real estate [Member] | Extension of maturity date [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 0 | 1 | ||||
Recorded Investment, Pre-Modification | ' | ' | 0 | [1],[2] | 297 | [1],[2] | ||
Recorded Investment, Post-Modification | ' | ' | 0 | [1],[2] | 297 | [1],[2] | ||
Non Accrual [Member] | Commercial real estate [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 1 | 0 | 1 | 0 | ||||
Recorded Investment, Pre-Modification | 1,120 | [1],[3] | 0 | 1,120 | [1],[3] | 0 | ||
Recorded Investment, Post-Modification | 1,120 | [1],[3] | 0 | 1,120 | [1],[3] | 0 | ||
Non Accrual [Member] | Residential real estate [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 1 | 0 | 3 | 0 | ||||
Recorded Investment, Pre-Modification | 70 | [1],[3] | 0 | [1],[3] | 565 | [1],[3] | 0 | |
Recorded Investment, Post-Modification | 70 | [1],[3] | 0 | [1],[3] | 565 | [1],[3] | 0 | |
Non Accrual [Member] | Home equity [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 4 | 7 | ||||
Recorded Investment, Pre-Modification | ' | ' | 1,229 | [1] | 1,498 | [1] | ||
Recorded Investment, Post-Modification | ' | ' | 1,229 | [1] | 1,491 | [1] | ||
Non Accrual [Member] | Home equity [Member] | Extension of maturity date [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | ' | ' | 1 | 3 | ||||
Recorded Investment, Pre-Modification | ' | ' | 114 | [1],[2] | 476 | [1],[2] | ||
Recorded Investment, Post-Modification | ' | ' | 114 | [1],[2] | 476 | [1],[2] | ||
Non Accrual [Member] | Home equity [Member] | Other concession [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Borrowers | 2 | 1 | 3 | 4 | ||||
Recorded Investment, Pre-Modification | 865 | [1],[3] | 590 | [1],[3] | 1,115 | [1],[3] | 1,022 | [1],[3] |
Recorded Investment, Post-Modification | $865 | [1],[3] | $590 | [1],[3] | $1,115 | [1],[3] | $1,015 | [1],[3] |
[1] | Represents amounts 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] | 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) (Commercial real estate [Member], USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
borrower | borrower | |||
Commercial real estate [Member] | ' | ' | ||
Financing Receivable, Modifications [Line Items] | ' | ' | ||
Number of Borrowers | 1 | 2 | ||
Recorded Investment | $699 | [1] | $5,258 | [1] |
[1] | Represents amounts as of the balance sheet date from the quarter the default was first reported. |
Recovered_Sheet1
Allowance For Loan Losses And Reserve For Unfunded Commitments (Allowance For Loan Losses and Recorded Investment in Loans) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | $146,768 | $153,992 | $143,109 | $161,417 | ' | ||||
Loans charged-off | -4,685 | -14,990 | -9,566 | -34,447 | ' | ||||
Recoveries on loans previously charged-off | 2,397 | 872 | 7,488 | 2,756 | ' | ||||
Net (charge-offs) recoveries | -2,288 | -14,118 | -2,078 | -31,691 | ' | ||||
Provision (release) for loan losses | 2,011 | 8,309 | 5,460 | 18,457 | ' | ||||
Balance at end of period | 146,491 | 148,183 | 146,491 | 148,183 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 18,487 | [1] | 32,724 | [1] | 18,487 | [1] | 32,724 | [1] | 22,377 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 128,004 | 115,459 | 128,004 | 115,459 | ' | ||||
Ending balance, loans individually evaluated for impairment | 109,571 | [1] | 170,040 | [1] | 109,571 | [1] | 170,040 | [1] | 114,414 |
Ending balance, loans collectively evaluated for impairment | 11,027,371 | 9,924,596 | 11,027,371 | 9,924,596 | ' | ||||
Total loans | 11,136,942 | 10,094,636 | 11,136,942 | 10,094,636 | 10,644,021 | ||||
Commercial [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 90,080 | 65,352 | 80,768 | 63,709 | ' | ||||
Loans charged-off | -2,142 | -2,372 | -3,629 | -13,518 | ' | ||||
Recoveries on loans previously charged-off | 813 | 459 | 4,475 | 855 | ' | ||||
Net (charge-offs) recoveries | -1,329 | -1,913 | 846 | -12,663 | ' | ||||
Provision (release) for loan losses | 7,575 | 17,235 | 14,712 | 29,628 | ' | ||||
Balance at end of period | 96,326 | 80,674 | 96,326 | 80,674 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 11,113 | [1] | 15,806 | [1] | 11,113 | [1] | 15,806 | [1] | 4,895 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 85,213 | 64,868 | 85,213 | 64,868 | ' | ||||
Ending balance, loans individually evaluated for impairment | 64,851 | [1] | 91,655 | [1] | 64,851 | [1] | 91,655 | [1] | 41,813 |
Ending balance, loans collectively evaluated for impairment | 7,506,435 | 6,569,812 | 7,506,435 | 6,569,812 | ' | ||||
Total loans | 7,571,286 | 6,661,467 | 7,571,286 | 6,661,467 | ' | ||||
Commercial real estate [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 37,575 | 63,968 | 42,362 | 73,150 | ' | ||||
Loans charged-off | -2,082 | -8,725 | -4,664 | -16,291 | ' | ||||
Recoveries on loans previously charged-off | 1,360 | 141 | 2,048 | 1,505 | ' | ||||
Net (charge-offs) recoveries | -722 | -8,584 | -2,616 | -14,786 | ' | ||||
Provision (release) for loan losses | -3,554 | -8,895 | -6,447 | -11,875 | ' | ||||
Balance at end of period | 33,299 | 46,489 | 33,299 | 46,489 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 4,879 | [1] | 9,669 | [1] | 4,879 | [1] | 9,669 | [1] | 12,536 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 28,420 | 36,820 | 28,420 | 36,820 | ' | ||||
Ending balance, loans individually evaluated for impairment | 23,173 | [1] | 48,562 | [1] | 23,173 | [1] | 48,562 | [1] | 48,504 |
Ending balance, loans collectively evaluated for impairment | 2,495,954 | 2,453,139 | 2,495,954 | 2,453,139 | ' | ||||
Total loans | 2,519,127 | 2,501,701 | 2,519,127 | 2,501,701 | ' | ||||
Construction [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 3,547 | 2,101 | 3,338 | 2,434 | ' | ||||
Loans charged-off | 0 | 0 | 0 | 70 | ' | ||||
Recoveries on loans previously charged-off | 9 | 25 | 16 | 34 | ' | ||||
Net (charge-offs) recoveries | 9 | 25 | 16 | 104 | ' | ||||
Provision (release) for loan losses | 65 | 500 | 267 | 88 | ' | ||||
Balance at end of period | 3,621 | 2,626 | 3,621 | 2,626 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 3,621 | 2,626 | 3,621 | 2,626 | ' | ||||
Ending balance, loans individually evaluated for impairment | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Ending balance, loans collectively evaluated for impairment | 360,313 | 211,976 | 360,313 | 211,976 | ' | ||||
Total loans | 360,313 | 211,976 | 360,313 | 211,976 | ' | ||||
Residential real estate [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 6,978 | 10,003 | 7,555 | 9,696 | ' | ||||
Loans charged-off | -180 | -783 | -415 | -1,219 | ' | ||||
Recoveries on loans previously charged-off | 135 | 2 | 435 | 4 | ' | ||||
Net (charge-offs) recoveries | -45 | -781 | 20 | -1,215 | ' | ||||
Provision (release) for loan losses | -1,653 | -176 | -2,295 | 565 | ' | ||||
Balance at end of period | 5,280 | 9,046 | 5,280 | 9,046 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 630 | [1] | 4,101 | [1] | 630 | [1] | 4,101 | [1] | 2,412 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 4,650 | 4,945 | 4,650 | 4,945 | ' | ||||
Ending balance, loans individually evaluated for impairment | 9,337 | [1] | 12,812 | [1] | 9,337 | [1] | 12,812 | [1] | 9,976 |
Ending balance, loans collectively evaluated for impairment | 327,992 | 334,817 | 327,992 | 334,817 | ' | ||||
Total loans | 337,329 | 347,629 | 337,329 | 347,629 | ' | ||||
Home Equity [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 5,500 | 6,562 | 5,648 | 6,797 | ' | ||||
Loans charged-off | -268 | -334 | -715 | -708 | ' | ||||
Recoveries on loans previously charged-off | 60 | 199 | 88 | 260 | ' | ||||
Net (charge-offs) recoveries | -208 | -135 | -627 | -448 | ' | ||||
Provision (release) for loan losses | -277 | -387 | -6 | -309 | ' | ||||
Balance at end of period | 5,015 | 6,040 | 5,015 | 6,040 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 1,715 | [1] | 2,970 | [1] | 1,715 | [1] | 2,970 | [1] | 2,386 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 3,300 | 3,070 | 3,300 | 3,070 | ' | ||||
Ending balance, loans individually evaluated for impairment | 11,630 | [1] | 15,260 | [1] | 11,630 | [1] | 15,260 | [1] | 13,470 |
Ending balance, loans collectively evaluated for impairment | 132,451 | 144,698 | 132,451 | 144,698 | ' | ||||
Total loans | 144,081 | 159,958 | 144,081 | 159,958 | ' | ||||
Personal [Member] | ' | ' | ' | ' | ' | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance at beginning of period | 3,088 | 6,006 | 3,438 | 5,631 | ' | ||||
Loans charged-off | -13 | -2,776 | -143 | -2,781 | ' | ||||
Recoveries on loans previously charged-off | 20 | 46 | 426 | 98 | ' | ||||
Net (charge-offs) recoveries | 7 | -2,730 | 283 | -2,683 | ' | ||||
Provision (release) for loan losses | -145 | 32 | -771 | 360 | ' | ||||
Balance at end of period | 2,950 | 3,308 | 2,950 | 3,308 | ' | ||||
Ending balance, Allowance for credit losses individually evaluated for impairment | 150 | [1] | 178 | [1] | 150 | [1] | 178 | [1] | 148 |
Ending balance, Allowance for credit losses collectively evaluated for impairment | 2,800 | 3,130 | 2,800 | 3,130 | ' | ||||
Ending balance, loans individually evaluated for impairment | 580 | [1] | 1,751 | [1] | 580 | [1] | 1,751 | [1] | 651 |
Ending balance, loans collectively evaluated for impairment | 204,226 | 210,154 | 204,226 | 210,154 | ' | ||||
Total loans | $204,806 | $211,905 | $204,806 | $211,905 | ' | ||||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Recovered_Sheet2
Allowance For Loan Losses And Reserve For Unfunded Commitments (Reserve For Unfunded Commitments) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reserve for Unfunded Commitments [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period | $9,702 | $9,066 | $9,206 | $7,343 | ||||
Provision (release) for unfunded commitments | -339 | 467 | 157 | 2,190 | ||||
Balance at end of period | 9,363 | 9,533 | 9,363 | 9,533 | ||||
Unfunded commitments, excluding covered assets, at period end | $5,140,210 | [1] | $4,732,435 | [1] | $5,140,210 | [1] | $4,732,435 | [1] |
[1] | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to 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 $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | $81,047 | $112,746 | ||
Allowance for covered loan losses | -14,375 | -16,511 | ||
Net covered assets | 66,672 | 96,235 | ||
Purchased Impaired Loans | 3,554 | 7,615 | ||
Foreclosed Real Estate [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 1,778 | 7,880 | ||
Estimated Loss Reimbursement By the FDIC [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 2,857 | 6,292 | ||
Commercial Loan [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 4,717 | 11,562 | ||
Commercial Real Estate Loans [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 34,408 | 46,657 | ||
Residential Mortgage Loans [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 34,311 | 36,883 | ||
Consumer installment and other [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 2,976 | 3,472 | ||
Purchased Loans [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 76,183 | [1] | 98,315 | [1] |
Allowance for covered loan losses | -14,375 | [1] | -16,511 | [1] |
Net covered assets | 61,808 | [1] | 81,804 | [1] |
Nonperforming covered loans | 11,813 | [1],[2] | 15,610 | [1],[2] |
Purchased Loans [Member] | Commercial Loan [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 4,717 | [1] | 11,562 | [1] |
Purchased Loans [Member] | Commercial Real Estate Loans [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 34,408 | [1] | 46,657 | [1] |
Purchased Loans [Member] | Residential Mortgage Loans [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 34,311 | [1] | 36,883 | [1] |
Purchased Loans [Member] | Consumer installment and other [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 2,747 | [1] | 3,213 | [1] |
Other Assets [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 4,864 | 14,431 | ||
Net covered assets | 4,864 | 14,431 | ||
Other Assets [Member] | Foreclosed Real Estate [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 1,778 | 7,880 | ||
Other Assets [Member] | Estimated Loss Reimbursement By the FDIC [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | 2,857 | 6,292 | ||
Other Assets [Member] | Consumer installment and other [Member] | ' | ' | ||
Covered Assets [Line Items] | ' | ' | ||
Covered assets | $229 | $259 | ||
[1] | Purchased loans include $3.6 million and $7.6 million of purchased impaired loans as of JuneB 30, 2014 and DecemberB 31, 2013, respectively | |||
[2] | cludes 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. |
Recovered_Sheet3
Goodwill And Other Intangible Assets (Changes In The Carrying Amount Of Goodwill By Operating Segment) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $94,041 | $94,041 |
Banking [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 81,755 | 81,755 |
Asset Management Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $12,286 | $12,286 |
Recovered_Sheet4
Goodwill And Other Intangible Assets (Narrative) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Minimum [Member] | Maximum [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Impairment Loss | $146,000 | ' | ' | ' |
Intangible assets amortized estimated useful lives | ' | ' | '8 years | '12 years |
Impairment of intangible assets | ' | $0 | ' | ' |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Other Intangible Assets) (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Core Deposits [Member] | Core Deposits [Member] | Customer Relationships [Member] | Customer Relationships [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | ' | ' | $18,093 | $18,093 | $2,002 | $2,002 |
Accumulated Amortization | ' | ' | 11,478 | 10,071 | 1,236 | 1,132 |
Net carrying amount | ' | ' | 6,615 | 8,022 | 766 | 870 |
Amortization during the period | $1,511 | $1,562 | $1,407 | $2,709 | $104 | $412 |
Weighted average remaining useful life (in years) | ' | ' | '3 years | '3 years | '6 years | '7 years |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Scheduled Amortization Of Other Intangible Assets) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remaining Months | $1,496 | ' |
2015 | 2,455 | ' |
2016 | 2,161 | ' |
2017 | 1,125 | ' |
2018 | 98 | ' |
2019 and thereafter | 46 | ' |
Total | $7,381 | $8,892 |
Recovered_Sheet5
Short-Term and Secured Borrowings (Summary Of Short-Term Borrowings) (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Outstanding: [Abstract] | ' | ' | ||
FHLB advances, Short-term | $233,000,000 | $2,000,000 | ||
FHLB advances, rate | 0.17% | 3.37% | ||
Other Information: [Abstract] | ' | ' | ||
Weighted average remaining maturity of FHLB advances at period end | '4 days | '12 months | ||
Unused FHLB advances availability | 378,003,000 | 395,302,000 | ||
Unused overnight federal funds availability | 610,000,000 | [1] | 520,000,000 | [1] |
Borrowing capacity through the FRB discount window primary credit program | 451,998,000 | [2] | 621,855,000 | [2] |
Narrative: [Abstract] | ' | ' | ||
FHLB Chicago borrowing capacity | 858,300,000 | ' | ||
Revolving line of credit (Facility), Maximum Borrowing Capacity | 60,000,000 | ' | ||
Line of Credit Facility, Expiration Date | 27-Sep-16 | ' | ||
Increment Over Libor, revolving line of credit | 1.95% | ' | ||
Increment Under PRIME, revolving line of credit | 0.50% | ' | ||
Line of Credit Facility, Amount Outstanding | 0 | ' | ||
Secured borrowings, loan participation agreements | 2,300,000 | 6,400,000 | ||
Federal Home Loan Bank of Chicago [Member] | ' | ' | ||
Outstanding: [Abstract] | ' | ' | ||
FHLB advances, Short-term | 230,000,000 | ' | ||
Narrative: [Abstract] | ' | ' | ||
Long-term Federal Home Loan Bank Advances | $250,000,000 | ' | ||
[1] | Our total availability of overnight fed fund borrowings is not a committed line of credit and is dependent upon lender availability. | |||
[2] | Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. |
LONGTERM_DEBT_LongTerm_Debt_Sc
LONG-TERM DEBT Long-Term Debt (Schedule of Long-Term Debt) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | ||||||||||
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] | 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] | |||||||||||||
Three Month Libor Plus Two Point Six Five Percentage [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 Seven One Percentage [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | Ten Point Zero Zero Percentage Junior Subordinated Debentures Due Two Zero Six Eight [Member] | Ten Point Zero Zero Percentage Junior Subordinated Debentures Due Two Zero Six Eight [Member] | Seven Point One Two Five Percentage Subordinated Debentures due Two Zero Four Two [Member] | Seven Point One Two Five Percentage Subordinated Debentures due Two Zero Four Two [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 2.88% | [1] | ' | 1.94% | [2] | ' | 1.73% | [3] | ' | 10.00% | ' | 7.13% | ' | ' | ' | |||||||
Subordinated Borrowing, Due Date | ' | ' | ' | ' | ' | ' | ' | 17-Jun-34 | ' | 15-Sep-35 | ' | 15-Dec-35 | ' | 15-Jun-68 | ' | 30-Oct-42 | ' | ' | ' | ||||||||||
Junior subordinated debentures | ' | ' | ' | ' | ' | ' | ' | $8,248 | [1],[4] | $8,248 | [1],[4] | $51,547 | [2],[4] | $51,547 | [2],[4] | $41,238 | [3],[4] | $41,238 | [3],[4] | $143,760 | [4] | $143,760 | [4] | ' | ' | ' | ' | ||
Subordinated debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | [5] | 125,000 | [5] | ' | ' | ||||||||
Long-term debt | 626,793 | 627,793 | ' | ' | ' | 369,793 | 369,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term Federal Home Loan Bank Advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $257,000 | $258,000 | ||||||||||
Weighted average interest rate of FHLB long-term advances at period end | 0.21% | 0.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Weighted average remaining maturity of FHLB long-term advances at period end (in years) | '1 year 7 months 6 days | '2 years 1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Increment Over Libor Of Long Term Debt | 1.95% | ' | 2.65% | 1.71% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Variable rate in effect at JuneB 30, 2014 based on three-month LIBOR +2.65%. | ||||||||||||||||||||||||||||
[2] | Variable rate in effect at JuneB 30, 2014, based on three-month LIBOR +1.71%. | ||||||||||||||||||||||||||||
[3] | Variable rate in effect at JuneB 30, 2014, based on three-month LIBOR +1.50%. | ||||||||||||||||||||||||||||
[4] | 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. | ||||||||||||||||||||||||||||
[5] | Qualifies as Tier 2 capital for regulatory capital purposes. |
LONGTERM_DEBT_Longterm_Debt_Na
LONG-TERM DEBT Long-term Debt (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt [Line Items] | ' | ' | ||
Number of wholly-owned trusts | 4 | ' | ||
Parent Company [Member] | ' | ' | ||
Debt [Line Items] | ' | ' | ||
Junior subordinated debentures | $244,793 | [1] | $244,793 | [1] |
[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 (Details) (USD $) | Jun. 30, 2014 | |
Year ending December 31, [Abstract] | ' | |
2015 | $252,000,000 | |
2019 and thereafter | 374,793,000 | [1] |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 5,000,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $369,800,000 | |
[1] | Of the total, $5.0 million is due in 2019 and $369.8 million is due in 2034 and thereafter. |
Recovered_Sheet6
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Narrative) (Detail) | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt [Line Items] | ' | |
Ownership percentage | 100.00% | |
Number of wholly-owned trusts | 4 | |
PrivateBancorp Statutory Trust IV [Member] | ' | |
Debt [Line Items] | ' | |
Debt Instrument, Covenant Description | '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. | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | [1] |
Parent Company [Member] | Seven Point One Two Five Percentage Subordinated Debentures due Two Zero Four Two [Member] | ' | |
Debt [Line Items] | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | |
[1] | Reflects the coupon rate in effect at JuneB 30, 2014. 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. |
Recovered_Sheet7
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Common Securities, Preferred Securities, And Related Debentures) (Detail) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Increment Over Libor Of Long Term Debt | 1.95% | ' | ||
Bloomfield Hills Statutory Trust I [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Issuance Date | 'MayB 2004 | ' | ||
Common Securities Issued | $248 | ' | ||
Trust Preferred Securities Issued | 8,000 | [1] | ' | |
Coupon Rate | 2.88% | [2] | ' | |
Earliest Redemption Date (on or after) | 17-Jun-09 | [3] | ' | |
Maturity Date | 'Jun. 2034 | ' | ||
Principal Amount of Debentures | 8,248 | [3] | 8,248 | [3] |
PrivateBancorp Statutory Trust II [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Issuance Date | 'Jun.B 2005 | ' | ||
Common Securities Issued | 1,547 | ' | ||
Trust Preferred Securities Issued | 50,000 | [1] | ' | |
Coupon Rate | 1.94% | [2] | ' | |
Earliest Redemption Date (on or after) | 15-Sep-10 | [3] | ' | |
Maturity Date | 'Sep.B 2035 | ' | ||
Principal Amount of Debentures | 51,547 | [3] | 51,547 | [3] |
PrivateBancorp Statutory Trust III [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Issuance Date | 'Dec.B 2005 | ' | ||
Common Securities Issued | 1,238 | ' | ||
Trust Preferred Securities Issued | 40,000 | [1] | ' | |
Coupon Rate | 1.73% | [2] | ' | |
Earliest Redemption Date (on or after) | 15-Dec-10 | [3] | ' | |
Maturity Date | 'Dec.B 2035 | ' | ||
Principal Amount of Debentures | 41,238 | [3] | 41,238 | [3] |
PrivateBancorp Statutory Trust IV [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Issuance Date | 'MayB 2008 | ' | ||
Common Securities Issued | 10 | ' | ||
Trust Preferred Securities Issued | 143,750 | [1] | ' | |
Coupon Rate | 10.00% | [2] | ' | |
Earliest Redemption Date (on or after) | 15-Jun-13 | [3] | ' | |
Maturity Date | 'Jun. 2068 | ' | ||
Principal Amount of Debentures | 143,760 | [3] | 143,760 | [3] |
Junior Subordinated Debt [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Common Securities Issued | 3,043 | ' | ||
Trust Preferred Securities Issued | 241,750 | [1] | ' | |
Three Month Libor Plus Two Point Six Five Percentage [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Increment Over Libor Of Long Term Debt | 2.65% | ' | ||
Three Month Libor Plus One Point Seven One Percentage [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Increment Over Libor Of Long Term Debt | 1.71% | ' | ||
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] | ' | ' | ||
Increment Over Libor Of Long Term Debt | 1.50% | ' | ||
Parent Company [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Principal Amount of Debentures | $244,793 | [3] | $244,793 | [3] |
Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Coupon Rate | 2.88% | [4] | ' | |
Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | ' | ' | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | ' | ' | ||
Coupon Rate | 1.94% | [5] | ' | |
Parent Company [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] | ' | ' | ||
Coupon Rate | 1.73% | [6] | ' | |
[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 JuneB 30, 2014. 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. | |||
[4] | Variable rate in effect at JuneB 30, 2014 based on three-month LIBOR +2.65%. | |||
[5] | Variable rate in effect at JuneB 30, 2014, based on three-month LIBOR +1.71%. | |||
[6] | Variable rate in effect at JuneB 30, 2014, based on three-month LIBOR +1.50%. |
Equity_Change_in_Accumulated_O
Equity (Change in Accumulated Other Comprehensive Income by Component) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period, Accumulated Other Comprehensive Income | ' | ' | $9,844 | $48,064 | ||
Increase in unrealized gains (losses) on securities | 11,559 | -36,755 | 15,236 | -41,380 | ||
Increase in unrealized gains (losses) on cash flow hedges | 7,741 | -11,099 | 11,878 | -10,941 | ||
Tax benefit (expense) on increase in unrealized gains (losses) | ' | ' | -10,622 | 20,388 | ||
Other comprehensive income (loss) before reclassifications | ' | ' | 16,492 | -31,933 | ||
Reclassification adjustment of net gains included in net income | ' | ' | -4,834 | [1] | -3,221 | [1] |
Reclassification adjustment for tax expense on realized net gains | ' | ' | 1,904 | [2] | 1,270 | [2] |
Amounts reclassified from AOCI | ' | ' | -2,930 | -1,951 | ||
Net current period other comprehensive income (loss) | 6,919 | -22,509 | 8,945 | -25,734 | ||
Net unrealized gains (losses) on cash flow hedges | 3,340 | -7,596 | 4,617 | -8,150 | ||
Net current period other comprehensive income (loss) | ' | ' | 13,562 | -33,884 | ||
Balance at end of period, Accumulated Other Comprehensive Income | 23,406 | 14,180 | 23,406 | 14,180 | ||
Unrealized Gain (Loss) on Available-for-Sale Securities[Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period, Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | 12,960 | 42,219 | ||
Increase in unrealized gains (losses) on securities | ' | ' | 15,236 | -41,380 | ||
Tax benefit (expense) on increase in unrealized gains (losses) | ' | ' | -5,972 | 16,117 | ||
Other comprehensive income (loss), before reclassifications | ' | ' | 9,264 | -25,263 | ||
Reclassification adjustment of net gains included in net income | ' | ' | -527 | [1] | -777 | [1] |
Reclassification adjustment for tax expense on realized net gains | ' | ' | 208 | [2] | 306 | [2] |
Amount reclassified from AOCI | ' | ' | -319 | -471 | ||
Net current period other comprehensive income (loss) | ' | ' | 8,945 | -25,734 | ||
Balance at end of period, Unrealized Gain (Loss) on Available-for-Sale Securities | 21,905 | 16,485 | 21,905 | 16,485 | ||
Accumulated Gain (Loss) on Effective Cash Flow Hedges [Member] | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Balance at beginning of period, Accumulated Gain (Loss) on Effective Cash Flow Hedges | ' | ' | -3,116 | 5,845 | ||
Increase in unrealized gains (losses) on cash flow hedges | ' | ' | 11,878 | -10,941 | ||
Tax benefit (expense) on increase in unrealized gains (losses) | ' | ' | -4,650 | 4,271 | ||
Other comprehensive income (loss), before reclassifications | ' | ' | 7,228 | -6,670 | ||
Reclassification adjustment of net gains included in net income | ' | ' | -4,307 | [1] | -2,444 | [1] |
Reclassification adjustment for tax expense on realized net gains | ' | ' | 1,696 | [2] | 964 | [2] |
Amount reclassified from AOCI | ' | ' | -2,611 | -1,480 | ||
Net unrealized gains (losses) on cash flow hedges | ' | ' | 4,617 | -8,150 | ||
Balance at end of period, Accumulated Gain (Loss) on Effective Cash Flow Hedges | $1,501 | ($2,305) | $1,501 | ($2,305) | ||
[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 | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Basic earnings per common share | ' | ' | ' | ' | ||||
Net income | $40,824 | $28,915 | $75,329 | $56,185 | ||||
Net income (loss) allocated to participating stockholders | -519 | [1] | -576 | [1] | -1,147 | [1] | -1,117 | [1] |
Net income (loss) allocated to common stockholders | 40,305 | 28,339 | 74,182 | 55,068 | ||||
Weighted-average common shares outstanding | 77,062,000 | 76,415,000 | 76,869,000 | 76,280,000 | ||||
Basic earnings per common share | $0.52 | $0.37 | $0.97 | $0.72 | ||||
Diluted earnings per common share | ' | ' | ' | ' | ||||
Diluted earnings applicable to common stockholders | $40,308 | [2] | $28,340 | [2] | $74,192 | [2] | $55,069 | [2] |
Weighted-average common shares outstanding | 77,062,000 | 76,415,000 | 76,869,000 | 76,280,000 | ||||
Dilutive effect of stock awards | 744,000 | [3] | 166,000 | [3] | 743,000 | [3] | 113,000 | [3] |
Weighted-average diluted common shares outstanding | 77,806,000 | 76,581,000 | 77,612,000 | 76,393,000 | ||||
Diluted earnings per common share | $0.52 | $0.37 | $0.96 | $0.72 | ||||
Employee Stock Option [Member] | ' | ' | ' | ' | ||||
Diluted earnings per common share | ' | ' | ' | ' | ||||
Antidilutive shares, excluded from computation | 1,300,000 | 3,100,000 | 1,300,000 | 3,200,000 | ||||
[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., certain of the Companybs deferred and restricted stock units and nonvested restricted stock awards). | |||||||
[2] | Net income 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 net income to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | |||||||
[3] | For the quarters ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.1 million, respectively, and for the six months ended June 30, 2014 and 2013, the weighted-average outstanding non-participating securities of 1.3 million and 3.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provision Analysis) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Income Taxes Components Of Income Taxes [Abstract] | ' | ' | ' | ' |
Income before income taxes | $66,818 | $46,643 | $122,349 | $90,831 |
Income tax provision: [Abstract] | ' | ' | ' | ' |
Current income tax provision | 26,086 | 12,973 | 45,953 | 21,339 |
Deferred income tax provision | -92 | 4,755 | 1,067 | 13,307 |
Total income tax provision (benefit) | $25,994 | $17,728 | $47,020 | $34,646 |
Effective tax rate | 38.90% | 38.00% | 38.40% | 38.10% |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Disclosure Income Taxes Narrative [Abstract] | ' | ' |
Net deferred tax assets | $88,600,000 | $98,600,000 |
Deferred Tax Assets, Valuation Allowance | 0 | ' |
Unrecognized tax benefits relating to uncertain tax positions | $347,000 | $347,000 |
Derivative_Instruments_Composi
Derivative Instruments (Composition Of Derivative Instruments And Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Interest rate contracts, cash flow hedging, asset derivatives | $5,832 | $4,005 | ||
Derivatives not designated as hedging instruments, asset derivatives | 51,907 | 57,575 | ||
Netting adjustments, asset derivatives | -10,727 | [1] | -13,158 | [1] |
Total derivatives, asset derivatives | 47,012 | 48,422 | ||
Interest rate contracts, cash flow hedging, liability derivatives | 4,211 | 9,748 | ||
Derivatives not designated as hedging, liability derivatives | 52,795 | 57,919 | ||
Netting adjustments, liability derivatives | -21,604 | [1] | -18,777 | [1] |
Total derivatives, liability derivatives | 35,402 | 48,890 | ||
Client-Related Derivatives [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Interest rate contracts, not designated as hedging, asset derivatives | 49,403 | 54,155 | ||
Foreign exchange contracts, not designated as hedging, asset derivatives | 2,299 | 3,029 | ||
Credit contracts, not designated as hedging, asset derivatives | 8 | 34 | ||
Derivatives not designated as hedging instruments, asset derivatives | 51,710 | 57,218 | ||
Interest rate contracts, not designated as hedging, liability derivatives | 50,548 | 54,930 | ||
Foreign exchange contracts, not designated as hedging, liability Derivatives | 1,799 | 2,570 | ||
Credit contracts, not designated as hedging, liability derivatives | 46 | 98 | ||
Derivatives not designated as hedging, liability derivatives | 52,393 | 57,598 | ||
Other End-User Derivatives [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Foreign exchange contracts, not designated as hedging, asset derivatives | 12 | 16 | ||
Mortgage banking derivatives, not designated as hedging, asset derivatives | 185 | 341 | ||
Derivatives not designated as hedging instruments, asset derivatives | 197 | 357 | ||
Foreign exchange contracts, not designated as hedging, liability Derivatives | 139 | 218 | ||
Mortgage banking derivatives, not designated as hedging, liability derivatives | 263 | 103 | ||
Derivatives not designated as hedging, liability derivatives | 402 | 321 | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount, asset derivatives | 500,000 | [2] | 350,000 | [2] |
Notional amount, liability derivatives | 250,000 | [2] | 325,000 | [2] |
Interest Rate Contract [Member] | Client-Related Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount, asset derivatives | 3,719,821 | [2] | 3,959,328 | [2] |
Notional amount, liability derivatives | 3,719,821 | [2] | 3,959,328 | [2] |
Foreign Exchange Contract [Member] | Client-Related Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount, asset derivatives | 107,138 | [2] | 116,761 | [2] |
Notional amount, liability derivatives | 107,138 | [2] | 116,761 | [2] |
Foreign Exchange Contract [Member] | Other End-User Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount, asset derivatives | 4,272 | [2] | 5,436 | [2] |
Notional amount, liability derivatives | 15,692 | [2] | 7,041 | [2] |
Credit Contract [Member] | Client-Related Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Notional amount, asset derivatives | 81,216 | [2] | 91,694 | [2] |
Notional amount, liability derivatives | $104,507 | [2] | $113,348 | [2] |
[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. |
DERIVATIVE_INSTRUMENTS_Derivat
DERIVATIVE INSTRUMENTS Derivative Instruments (Offsetting Assets and Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative asset, gross, subject to a master netting agreement | $56,491 | [1] | $59,492 | [1] |
Derivative assets, not subject to a master netting agreement | 1,248 | [1] | 2,088 | [1] |
Total derivative assets, gross, including derivatives not subject to a master netting agreement | 57,739 | [1] | 61,580 | [1] |
Derivative asset, gross offset | -10,727 | [2] | -13,158 | [2] |
Derivative assets, net, subject to a master netting agreement | 45,764 | 46,334 | ||
Total derivative assets | 47,012 | 48,422 | ||
Derivative assets, amount offset against collateral, subject to a master netting agreement | 45,764 | 46,334 | ||
Derivative asset, net amount offset against collateral | 47,012 | 48,422 | ||
Derivative liability, gross, subject to master netting agreement | 56,510 | [1] | 67,238 | [1] |
Derivative liability, not subject to a master netting agreement | 496 | [1] | 429 | [1] |
Total derivative liability, gross, including derivatives not subject to a master netting agreement | 57,006 | [1] | 67,667 | [1] |
Derivative liability, gross offset | -21,604 | [2] | -18,777 | [2] |
Derivative liability, net, subject to a master netting agreement | 34,906 | 48,461 | ||
Total derivative liabilities | 35,402 | 48,890 | ||
Derivative Collateral Financial Instruments | -33,547 | [3],[4] | -42,756 | [3],[4] |
Derivative liabilities, amount offset against collateral, subject to a master netting agreement | 1,359 | 5,705 | ||
Derivative Liabilities, Net, After Collateral, not Subject to Master Netting Arrangements | 496 | ' | ||
Derivative liability, net amount offset against collateral | 1,855 | 6,134 | ||
Interest Rate Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative asset, gross, subject to a master netting agreement | 55,235 | [1] | 58,160 | [1] |
Derivative asset, gross offset | -9,526 | [2] | -12,371 | [2] |
Derivative assets, net, subject to a master netting agreement | 45,709 | 45,789 | ||
Derivative assets, amount offset against collateral, subject to a master netting agreement | 45,709 | 45,789 | ||
Derivative liability, gross, subject to master netting agreement | 54,759 | [1] | 64,678 | [1] |
Derivative liability, gross offset | -20,846 | [2] | -17,990 | [2] |
Derivative liability, net, subject to a master netting agreement | 33,913 | 46,688 | ||
Derivative Collateral Financial Instruments | -32,593 | [3],[4] | -41,192 | [3],[4] |
Derivative liabilities, amount offset against collateral, subject to a master netting agreement | 1,320 | 5,496 | ||
Foreign Exchange Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative asset, gross, subject to a master netting agreement | 1,248 | [1] | 1,298 | [1] |
Derivative asset, gross offset | -1,198 | [2] | -767 | [2] |
Derivative assets, net, subject to a master netting agreement | 50 | 531 | ||
Derivative assets, amount offset against collateral, subject to a master netting agreement | 50 | 531 | ||
Derivative liability, gross, subject to master netting agreement | 1,705 | [1] | 2,462 | [1] |
Derivative liability, gross offset | -756 | [2] | -767 | [2] |
Derivative liability, net, subject to a master netting agreement | 949 | 1,695 | ||
Derivative Collateral Financial Instruments | -912 | [3],[4] | -1,495 | [3],[4] |
Derivative liabilities, amount offset against collateral, subject to a master netting agreement | 37 | 200 | ||
Credit Contract [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative asset, gross, subject to a master netting agreement | 8 | [1] | 34 | [1] |
Derivative asset, gross offset | -3 | [2] | -20 | [2] |
Derivative assets, net, subject to a master netting agreement | 5 | 14 | ||
Derivative assets, amount offset against collateral, subject to a master netting agreement | 5 | 14 | ||
Derivative liability, gross, subject to master netting agreement | 46 | [1] | 98 | [1] |
Derivative liability, gross offset | -2 | [2] | -20 | [2] |
Derivative liability, net, subject to a master netting agreement | 44 | 78 | ||
Derivative Collateral Financial Instruments | -42 | [3],[4] | -69 | [3],[4] |
Derivative liabilities, amount offset against collateral, subject to a master netting agreement | 2 | 9 | ||
Total Derivatives Not Subject To A Master Netting Agreement [Member] | ' | ' | ||
Offsetting Assets and Liabilities [Line Items] | ' | ' | ||
Derivative assets, not subject to a master netting agreement | ' | 2,088 | ||
Derivative Assets, Amount Offset Against Collateral, Not Subject To A Master Netting Agreement | 1,248 | 2,088 | ||
Derivative liability, not subject to a master netting agreement | ' | 429 | ||
Derivative Liabilities, Net, After Collateral, not Subject to Master Netting Arrangements | ' | $429 | ||
[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] | Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. | |||
[4] | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the derivative. |
Recovered_Sheet8
Derivative Instruments (Derivatives Subject To Credit Risk Contingency Features) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Derivative Instruments Derivatives Subject To Credit Risk Contingency Features [Abstract] | ' | ' |
Fair Value of derivatives with credit contingency features in a net liability position | $21,634 | $28,152 |
Collateral posted for those transactions in a net liability position | 23,780 | 30,272 |
If credit risk contingency features were triggered: [Abstract] | ' | ' |
Additional Collateral required to be posted to derivative counterparties | 0 | 0 |
Outstanding derivative instruments that would be immediately settled | $21,634 | $28,152 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ' | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | $10,900,000 | $10,900,000 | ' |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ' |
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value | 0 | 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 | ' | ' | 5,700,000 |
Interest rate lock commitments | 64,900,000 | 64,900,000 | ' |
Forward commitments for the future delivery of residential mortgage loans | 85,100,000 | 85,100,000 | ' |
Foreign currency risk on loans | 14,000,000 | 14,000,000 | ' |
Possible Minimum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Range of assigned internal risk ratings | ' | ' | 1 |
Possible Maximum [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Range of assigned internal risk ratings | ' | ' | 8 |
Mortgage Receivable [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Mortgage loans held-for-sale, par value | $20,200,000 | $20,200,000 | $17,900,000 |
Derivative_Instruments_Change_
Derivative Instruments (Change In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow Hedge) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI (effective portion), pre-tax | $7,741 | ($11,099) | $11,878 | ($10,941) |
Other Comprehensive Income Reclassification Adjustment To Earnings Of Unrealized Gains From Cash Flow Hedges Included In Net Income Pre-tax | -2,264 | -1,376 | -4,307 | -2,444 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' |
Accumulated unrealized gain (loss) at beginning of period, pre-tax | -3,016 | 8,693 | -5,110 | 9,603 |
Amount of gain (loss) recognized in AOCI (effective portion), pre-tax | 7,741 | -11,099 | 11,878 | -10,941 |
Other Comprehensive Income Reclassification Adjustment To Earnings Of Unrealized Gains From Cash Flow Hedges Included In Net Income Pre-tax | -2,264 | -1,376 | -4,307 | -2,444 |
Accumulated unrealized gain (loss) at end of period, pre-tax | 2,461 | -3,782 | 2,461 | -3,782 |
Accumulated unrealized gain (loss) at beginning of period, after-tax | -1,839 | 5,291 | -3,116 | 5,845 |
Amount of gain (loss) recognized in AOCI (effective portion), after-tax | 4,714 | -6,763 | 7,228 | -6,670 |
Amount reclassified from AOCI to interest income on loans, after-tax | -1,374 | -833 | -2,611 | -1,480 |
Accumulated unrealized gain (loss) at end of period, after-tax | $1,501 | ($2,305) | $1,501 | ($2,305) |
Derivative_Instruments_Risk_Pa
Derivative Instruments (Risk Participation Agreements) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Fair value of written RPAs | $46 | $98 |
Maximum potential amount of future undiscounted payments | $2,621 | $3,263 |
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 51.00% | 16.00% |
Minimum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of Risk Participation Agreement Term to Maturity (in years) | '0 years 3 months | '1 year |
Range of assigned internal risk ratings | 2 | 2 |
Maximum [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of Risk Participation Agreement Term to Maturity (in years) | '4 years | '4 years |
Range of assigned internal risk ratings | 7 | 7 |
Derivative_Instruments_Gain_Lo
Derivative Instruments (Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Client-related derivatives | $5,006 | $6,048 | $9,089 | $11,087 |
End-user derivatives | -393 | -36 | -569 | 936 |
Total derivatives not designated in hedging relationship | 4,613 | 6,012 | 8,520 | 12,023 |
Interest Rate Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Client-related derivatives | 2,509 | 4,399 | 5,019 | 8,073 |
Foreign Exchange Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Client-related derivatives | 2,383 | 1,621 | 3,798 | 2,970 |
End-user derivatives | -259 | -77 | -253 | 936 |
Credit Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Client-related derivatives | 114 | 28 | 272 | 44 |
Mortgage Banking Derivatives [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
End-user derivatives | ($134) | $41 | ($316) | $0 |
Recovered_Sheet9
Commitments, Guarantees, And Contingent Liabilities (Contractual Or Notional Amounts Of Financial Instruments) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Total commitments to extend credit | $4,768,755,000 | [1] | $4,706,992,000 | [1] |
Total letters of credit | 386,940,000 | [1] | 340,009,000 | [1] |
Covered asset commitments | 15,500,000 | 18,700,000 | ||
Commitments to Extend Credit [Member] | ' | ' | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Home equity lines | 130,485,000 | [1] | 139,116,000 | [1] |
Residential 1-4 family construction | 21,657,000 | [1] | 32,714,000 | [1] |
Commercial real estate, other construction, and land development | 804,790,000 | [1] | 703,382,000 | [1] |
Commercial and industrial | 3,562,808,000 | [1] | 3,609,443,000 | [1] |
Other Commitments | 249,015,000 | [1] | 222,337,000 | [1] |
Letter of Credit [Member] | ' | ' | ||
Commitments Guarantees And Contingent Liabilities [Line Items] | ' | ' | ||
Financial standby | 345,938,000 | [1] | 308,577,000 | [1] |
Performance standby | 35,634,000 | [1] | 26,932,000 | [1] |
Commercial letters of credit | $5,368,000 | [1] | $4,500,000 | [1] |
[1] | Includes covered asset commitments of $15.5 million and $18.7 million as of JuneB 30, 2014 and DecemberB 31, 2013, respectively. |
Recovered_Sheet10
Commitments, Guarantees, And Contingent Liabilities (Narrative) (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Commitments Guarantees And Contingent Liabilities Narrative [Abstract] | ' |
Reserve for unfunded commitments | $9,400,000 |
Unamortized fees associated with standby letters of credit | 2,600,000 |
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 |
Unfunded commitments for contributions to CRA investments and other investment partnerships | 15,100,000 |
Unfunded commitments for tax-credit investments | 1,800,000 |
Maximum potential future payments guaranteed, third-party settlement | 5,200,000 |
Loss Contingency Accrual | $0 |
Recovered_Sheet11
Estimated Fair Value Of Financial Instruments (Narrative) (Detail) (USD $) | Jun. 30, 2014 |
Disclosure Estimated Fair Value Of Financial Instruments Narrative [Abstract] | ' |
Impaired loans updated for appraisal in excess | $500,000 |
OREO appraisal value to be reviewed, value in excess | 250,000 |
OREO appraisal value subject to technical review, value in excess | $1,000,000 |
Recovered_Sheet12
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Recurring Basis) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | $1,527,747 | $1,602,476 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 20,290 | 17,619 | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 5,832 | 4,005 | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 51,907 | 57,575 | ||
Netting adjustments, asset derivatives | -10,727 | [1] | -13,158 | [1] |
Derivative assets | 47,012 | 48,422 | ||
Total assets | 1,595,049 | 1,668,517 | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 4,211 | 9,748 | ||
Netting adjustments, liability derivatives | -21,604 | [1] | -18,777 | [1] |
Derivative liabilities | 35,402 | 48,890 | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 143,458 | 142,575 | ||
Derivative assets | 0 | 0 | ||
Total assets | 143,458 | 142,575 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 1,384,289 | 1,459,901 | ||
Mortgages Held-for-sale, Fair Value Disclosure | 20,290 | 17,619 | ||
Derivative assets | 45,652 | 47,994 | ||
Total assets | 1,450,231 | 1,525,514 | ||
Derivative liabilities | 35,358 | 48,812 | ||
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 0 | 0 | ||
Derivative assets | 1,360 | 428 | ||
Total assets | 1,360 | 428 | ||
Derivative liabilities | 44 | 78 | ||
U.S. Treasury Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 143,458 | 142,575 | ||
U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 143,458 | 142,575 | ||
U.S. Agency [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 46,333 | 45,528 | ||
U.S. Agency [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 46,333 | 45,528 | ||
Collateralized mortgage obligations [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 159,593 | 176,116 | ||
Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 159,593 | 176,116 | ||
Residential mortgage-backed securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 886,862 | 963,107 | ||
Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 886,862 | 963,107 | ||
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 291,001 | 274,650 | ||
State and Municipal Securities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 291,001 | 274,650 | ||
Foreign sovereign debt [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 500 | 500 | ||
Foreign sovereign debt [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Securities available-for-sale, at fair value | 500 | 500 | ||
Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 5,832 | 4,005 | ||
Netting adjustments, asset derivatives | -10,727 | -13,158 | ||
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 5,832 | 4,005 | ||
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 49,183 | 56,770 | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 51,182 | 57,500 | ||
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 2,527 | 448 | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 1,211 | 98 | ||
Netting [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Netting adjustments, asset derivatives | -9,560 | -13,138 | ||
Netting adjustments, liability derivatives | -20,437 | -18,757 | ||
Netting [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Netting adjustments, asset derivatives | -1,167 | -20 | ||
Netting adjustments, liability derivatives | -1,167 | -20 | ||
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 4,211 | 9,748 | ||
Netting adjustments, liability derivatives | -21,604 | -18,777 | ||
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Interest Rate Cash Flow Hedge Liability at Fair Value | 4,211 | 9,748 | ||
Client-Related Derivatives [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 51,710 | 57,218 | ||
Client-Related Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 51,710 | 57,218 | ||
Client-Related Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 52,393 | 57,598 | ||
Other End-User Derivatives [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 197 | 357 | ||
Other End-User Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Assets at Fair Value | 197 | 357 | ||
Other End-User Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | 402 | 321 | ||
Other End-User Derivatives [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value | $402 | $321 | ||
[1] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. |
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 $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Financial Instruments, Assets [Member] | ' | ' | ' | ' | ||||
Estimated Fair Value of Financial Instruments [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period, derivative assets | $857 | [1] | $766 | [1] | $448 | $1,023 | ||
Total gains (losses) included in earnings, derivative assets | 86 | [1],[2] | 29 | [1],[2] | 165 | [2] | 36 | [2] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | ' | ' | 0 | ' | ||||
Settlements, derivative assets | -168 | [1] | -203 | [1] | -553 | -439 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1,752 | [3] | 442 | [3] | 2,579 | [3] | 442 | [3] |
Transfers out of Level 3 (into Level 2), derivative assets | 0 | [1],[3] | -407 | [1],[3] | -112 | [3] | -435 | [3] |
Balance at end of period, derivative assets | 2,527 | [1] | 627 | [1] | 2,527 | [1] | 627 | [1] |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | 87 | [1] | 24 | [1] | 64 | 9 | ||
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ' | ' | ||||
Estimated Fair Value of Financial Instruments [Roll Forward] | ' | ' | ' | ' | ||||
Balance at beginning of period, derivative liabilities | -609 | [1] | -60 | [1] | -98 | -60 | ||
Total gains (losses) included in earnings, derivative liabilities | 424 | [1],[2] | -27 | [1],[2] | 604 | [2] | -8 | [2] |
Issuances, derivative liabilities | ' | ' | 0 | -19 | ||||
Settlements, derivative liabilities | -78 | [1] | 0 | [1] | -323 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | -948 | [1] | ' | -1,394 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | ' | ' | 0 | ' | ||||
Balance at end of period, derivative liabilities | -1,211 | [1] | -87 | [1] | -1,211 | [1] | -87 | [1] |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | $311 | [1] | ($27) | [1] | $788 | ($9) | ||
[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 $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgages loans held-for-sale, aggregate fair value | $20,290,000 | $17,619,000 | ||
Mortgage Receivable [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgage loans held-for-sale, aggregate unpaid principal balance | 20,200,000 | 17,900,000 | ||
Assets Held-for-sale [Member] | Mortgage Receivable [Member] | ' | ' | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Mortgage loans held-for-sale, difference | ($78,000) | [1] | $238,000 | [1] |
[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 $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ' | ' | ||
Collateral-dependent impaired loans, Fair Value | $31,482 | [1] | $60,270 | [1] |
Covered assets-OREO, Fair Value | 1,464 | [2],[3] | 2,040 | [2],[3] |
OREO, Fair Value | 14,238 | [3] | 42,295 | [3] |
Total, Fair Value | 47,184 | 104,605 | ||
Collateral-dependent impaired loans, Losses | 12,391 | [1] | 7,223 | [1] |
Covered assets - OREO, Losses | 170 | [2],[3] | 353 | [2],[3] |
OREO, Losses | 3,556 | [3] | 8,332 | [3] |
Total, Losses | $16,117 | $15,908 | ||
Percentage of non-reimbursable portion of losses under loss share Agreement | 20.00% | 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 recorded against the allowance for loan losses. | |||
[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) (Fair Value, Inputs, Level 3 [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Watch List Derivatives [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,355 | |
Watch List Derivatives [Member] | Minimum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 6.40% | |
Watch List Derivatives [Member] | Maximum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 16.50% | |
Watch List Derivatives [Member] | Weighted Average [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 14.70% | |
Watch List Derivatives [Member] | Loss Factors [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Unobservable Input | 'LossB factors | |
Watch List Derivatives [Member] | Discounted Cash Flow [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value Measurements, Valuation Techniques | 'DiscountedB cashB flow | |
Risk Participation Agreements [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | -38 | |
Risk Participation Agreements [Member] | Minimum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 0.70% | |
Risk Participation Agreements [Member] | Maximum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 16.50% | |
Risk Participation Agreements [Member] | Weighted Average [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | 12.50% | |
Risk Participation Agreements [Member] | Loss Factors [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Unobservable Input | 'Loss factors | |
Risk Participation Agreements [Member] | Discounted Cash Flow [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flow | |
Collateral Dependent Impaired Loans [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 31,482 | |
Collateral Dependent Impaired Loans [Member] | Minimum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -1.20% | |
Collateral Dependent Impaired Loans [Member] | Maximum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -30.80% | |
Collateral Dependent Impaired Loans [Member] | Weighted Average [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -23.90% | [1] |
Collateral Dependent Impaired Loans [Member] | Property Specific Adjustment [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Unobservable Input | 'PropertyB specific adjustment | |
Collateral Dependent Impaired Loans [Member] | Sales Comparison, Income Capitalization And/Or Cost Approach [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value Measurements, Valuation Techniques | 'Sales comparison, income capitalization and/or cost approach | |
Other Real Estate Owned [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 14,238 | |
Other Real Estate Owned [Member] | Minimum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -0.10% | |
Other Real Estate Owned [Member] | Maximum [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -100.00% | |
Other Real Estate Owned [Member] | Weighted Average [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Range Of Inputs Significant Unobservable Inputs | -21.10% | [1] |
Other Real Estate Owned [Member] | Property Specific Adjustment [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Unobservable Input | 'Property specific adjustment | |
Other Real Estate Owned [Member] | Sales Comparison, Income Capitalization And/Or Cost Approach [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Fair Value Measurements, Valuation Techniques | 'Sales comparison, income capitalization and/or cost approach | |
[1] | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | $247,048 | $133,518 |
Federal funds sold and interest-bearing deposits in banks | 160,349 | 306,544 |
Loans held-for-sale | 80,724 | 26,816 |
Securities available-for-sale, at fair value | 1,527,747 | 1,602,476 |
Securities held-to-maturity, at amortized cost | 1,066,216 | 921,436 |
Securities held-to-maturity, at fair value | 1,063,980 | 896,908 |
Federal Home Loan Bank Stock | 28,666 | 30,005 |
Loans, net of allowance for loan losses and unearned fees, carrying amount | 10,990,451 | 10,500,912 |
Covered assets, net of allowance for covered loan losses, carrying amount | 66,672 | 96,235 |
Accrued interest receivable | 36,568 | 37,004 |
Investment in BOLI | 54,500 | 53,865 |
Derivative assets | 47,012 | 48,422 |
Deposits, carrying amount | 12,236,201 | 12,013,641 |
Short-term and secured borrowings, carrying amount | 235,319 | 8,400 |
Long-term debt | 626,793 | 627,793 |
Accrued interest payable | 6,282 | 6,326 |
Derivative liabilities | 35,402 | 48,890 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 247,048 | 133,518 |
Federal funds sold and interest-bearing deposits in banks | 160,349 | 306,544 |
Loans held-for-sale | 80,724 | 26,816 |
Securities available-for-sale, at fair value | 1,527,747 | 1,602,476 |
Securities held-to-maturity, at fair value | 1,063,980 | 896,908 |
Federal Home Loan Bank Stock | 28,666 | 30,005 |
Loans, net of allowance for loan losses and unearned fees. fair value | 11,086,701 | 10,484,250 |
Covered assets, net of allowance for covered loan losses, fair value | 82,796 | 113,593 |
Accrued interest receivable | 36,568 | 37,004 |
Investment in BOLI | 54,500 | 53,865 |
Derivative assets | 47,012 | 48,422 |
Deposits, fair value | 12,245,065 | 12,024,079 |
Short-term and secured borrowings, fair value | 234,818 | 8,513 |
Long-term debt, fair value | 616,061 | 598,260 |
Accrued interest payable | 6,282 | 6,326 |
Derivative liabilities | 35,402 | 48,890 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 247,048 | 133,518 |
Federal funds sold and interest-bearing deposits in banks | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Securities available-for-sale, at fair value | 143,458 | 142,575 |
Securities held-to-maturity, at fair value | 0 | 0 |
Federal Home Loan Bank Stock, fair value | 0 | 0 |
Loans, net of allowance for loan losses and unearned fees. fair value | 0 | 0 |
Covered assets, net of allowance for covered loan losses, fair value | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Investment in BOLI | 0 | 0 |
Derivative assets | 0 | 0 |
Deposits, fair value | 0 | 0 |
Short-term and secured borrowings, fair value | 0 | 0 |
Long-term debt, fair value | 281,481 | 267,360 |
Accrued interest payable | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing deposits in banks | 160,349 | 306,544 |
Loans held-for-sale | 80,724 | 26,816 |
Securities available-for-sale, at fair value | 1,384,289 | 1,459,901 |
Securities held-to-maturity, at fair value | 1,063,980 | 896,908 |
Federal Home Loan Bank Stock | 28,666 | 30,005 |
Loans, net of allowance for loan losses and unearned fees. fair value | 0 | 0 |
Covered assets, net of allowance for covered loan losses, fair value | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Investment in BOLI | 0 | 0 |
Derivative assets | 45,652 | 47,994 |
Deposits, fair value | 9,651,351 | 9,443,094 |
Short-term and secured borrowings, fair value | 233,064 | 2,060 |
Long-term debt, fair value | 255,910 | 256,825 |
Accrued interest payable | 0 | 0 |
Derivative liabilities | 35,358 | 48,812 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and due from banks | 0 | 0 |
Federal funds sold and interest-bearing deposits in banks | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Securities held-to-maturity, at fair value | 0 | 0 |
Federal Home Loan Bank Stock, fair value | 0 | 0 |
Loans, net of allowance for loan losses and unearned fees. fair value | 11,086,701 | 10,484,250 |
Covered assets, net of allowance for covered loan losses, fair value | 82,796 | 113,593 |
Accrued interest receivable | 36,568 | 37,004 |
Investment in BOLI | 54,500 | 53,865 |
Derivative assets | 1,360 | 428 |
Deposits, fair value | 2,593,714 | 2,580,985 |
Short-term and secured borrowings, fair value | 1,754 | 6,453 |
Long-term debt, fair value | 78,670 | 74,075 |
Accrued interest payable | 6,282 | 6,326 |
Derivative liabilities | $44 | $78 |
Operating_Segments_Operating_S
Operating Segments (Operating Segments Performance) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Net interest income (loss) | $112,351 | $103,732 | $221,103 | $206,772 | ' | |||
Provision for loan and covered loan losses | 327 | 8,843 | 4,034 | 19,200 | ' | |||
Non-interest income | 30,259 | 29,009 | 56,495 | 59,477 | ' | |||
Non-interest expense | 75,465 | 77,255 | 151,215 | 156,218 | ' | |||
Income before income taxes | 66,818 | 46,643 | 122,349 | 90,831 | ' | |||
Income tax provision (benefit) | 25,994 | 17,728 | 47,020 | 34,646 | ' | |||
Net income | 40,824 | 28,915 | 75,329 | 56,185 | ' | |||
Assets | 14,602,404 | ' | 14,602,404 | ' | 14,085,746 | |||
Total loans | 11,136,942 | 10,094,636 | 11,136,942 | 10,094,636 | 10,644,021 | |||
Deposits | 12,236,201 | ' | 12,236,201 | ' | 12,013,641 | |||
Banking [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Net interest income (loss) | 118,755 | 110,091 | 233,907 | 219,490 | ' | |||
Provision for loan and covered loan losses | 327 | 8,843 | 4,034 | 19,200 | ' | |||
Non-interest income | 25,804 | 24,054 | 47,676 | 50,056 | ' | |||
Non-interest expense | 68,520 | 69,368 | 137,180 | 140,340 | ' | |||
Income before income taxes | 75,712 | 55,934 | 140,369 | 110,006 | ' | |||
Income tax provision (benefit) | 29,330 | 21,452 | 53,983 | 42,231 | ' | |||
Net income | 46,382 | 34,482 | 86,386 | 67,775 | ' | |||
Assets | 12,923,230 | ' | 12,923,230 | ' | 12,465,063 | |||
Total loans | 11,136,942 | ' | 11,136,942 | ' | 10,644,021 | |||
Deposits | 12,329,099 | ' | 12,329,099 | ' | 12,069,583 | |||
Asset Management Segment [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Net interest income (loss) | 987 | 809 | 1,774 | 1,604 | ' | |||
Provision for loan and covered loan losses | 0 | 0 | 0 | 0 | ' | |||
Non-interest income | 4,440 | 4,800 | 8,789 | 9,194 | ' | |||
Non-interest expense | 4,332 | 4,652 | 8,408 | 9,040 | ' | |||
Income before income taxes | 1,095 | 957 | 2,155 | 1,758 | ' | |||
Income tax provision (benefit) | 431 | 377 | 849 | 693 | ' | |||
Net income | 664 | 580 | 1,306 | 1,065 | ' | |||
Holding Company And Other Adjustments [Member] | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Net interest income (loss) | -7,391 | -7,168 | -14,578 | -14,322 | ' | |||
Provision for loan and covered loan losses | 0 | 0 | 0 | 0 | ' | |||
Non-interest income | 15 | 155 | 30 | 227 | ' | |||
Non-interest expense | 2,613 | 3,235 | 5,627 | 6,838 | ' | |||
Income before income taxes | -9,989 | -10,248 | -20,175 | -20,933 | ' | |||
Income tax provision (benefit) | -3,767 | -4,101 | -7,812 | -8,278 | ' | |||
Net income | -6,222 | -6,147 | -12,363 | -12,655 | ' | |||
Assets | 1,679,174 | ' | 1,679,174 | ' | 1,620,683 | |||
Total loans | 0 | ' | 0 | ' | 0 | |||
Deposits | ($92,898) | [1] | ' | ($92,898) | [1] | ' | ($55,942) | [1] |
[1] | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
Variable_Interest_Entities_Non
Variable Interest Entities (Nonconsolidated Variable Interest Entities) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | $297,552 | $296,163 | ||
Maximum Exposure to Loss | 71,119 | 58,788 | ||
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 | 7,345 | 7,889 | ||
Maximum Exposure to Loss | 9,270 | 9,813 | ||
TDR loans to commercial clients [Member] | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ||
Carrying Amount | 45,414 | [1] | 43,481 | [1] |
Maximum Exposure to Loss | $61,849 | [1] | $48,975 | [1] |
[1] | Excludes personal loans and loans to non-for-profit entities. |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Detail) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Low Income Housing Tax Credit Investment [Member] | Tax Credit Investments [Member] | Tax Credit Investments [Member] | Tax Credit Investments [Member] | Tax Credit Investments [Member] | |||
Disclosure Variable Interest Entities Narrative [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Tax credit benefits, end of period, year | ' | ' | '2025 | ' | ' | '2022 | ' |
Tax credit investments carrying value | ' | ' | ' | $2,800,000 | ' | $2,800,000 | $3,000,000 |
Tax credit investment unfunded commitments | 15,100,000 | ' | ' | 1,800,000 | ' | 1,800,000 | ' |
Impairment Losses, Tax Credit Investments | $0 | ' | ' | $0 | $0 | ' | ' |