Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PRIVATEBANCORP, INC | |
Entity Central Index Key | 889,936 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,385,364 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and due from banks | $ 133,001 | $ 145,147 | |
Federal funds sold and interest-bearing deposits in banks | 337,465 | 238,511 | |
Loans held-for-sale | 64,029 | 108,798 | |
Securities available-for-sale, at fair value (pledged as collateral to creditors: $104.7 million - 2016; $100.2 million - 2015) | 1,831,848 | 1,765,366 | |
Securities held-to-maturity, at amortized cost (fair value: $1.5 billion - 2016; $1.4 billion - 2015) | 1,456,760 | 1,355,283 | |
Federal Home Loan Bank (FHLB) stock | 38,113 | 26,613 | |
Loans – excluding covered assets, net of unearned fees | 13,457,665 | 13,266,475 | |
Allowance for loan losses | (165,356) | (160,736) | |
Loans, net of allowance for loan losses and unearned fees | 13,292,309 | 13,105,739 | |
Covered assets | 25,769 | 26,954 | |
Allowance for covered loan losses | (5,526) | (5,712) | |
Covered assets, net of allowance for covered loan losses | 20,243 | 21,242 | |
Other real estate owned, excluding covered assets | 14,806 | 7,273 | |
Premises, furniture, and equipment, net | 41,717 | 42,405 | |
Accrued interest receivable | 47,349 | 45,482 | |
Investment in bank owned life insurance | 57,011 | 56,653 | |
Goodwill | 94,041 | 94,041 | |
Other intangible assets | 2,890 | 3,430 | |
Derivative assets | [1] | 66,406 | 40,615 |
Other assets | [2] | 169,384 | 196,250 |
Total assets | [2] | 17,667,372 | 17,252,848 |
Deposits: | |||
Noninterest-bearing | 4,338,177 | 4,355,700 | |
Interest-bearing | 10,126,692 | 9,989,892 | |
Total deposits | 14,464,869 | 14,345,592 | |
Short-term borrowings | 602,365 | 372,467 | |
Long-term debt | [2] | 688,238 | 688,215 |
Accrued interest payable | 6,630 | 7,080 | |
Derivative liabilities | [1] | 22,498 | 18,229 |
Other liabilities | 114,781 | 122,314 | |
Total liabilities | [2] | 15,899,381 | 15,553,897 |
Equity | |||
Common stock (no par value, $1 stated value; authorized shares: 174 million; issued shares: 79,442,549 - 2016 and 79,099,157 - 2015) | 78,894 | 78,439 | |
Treasury stock, at cost (120,239 - 2016 and 2,574 - 2015) | (4,389) | (103) | |
Additional paid-in capital | 1,078,470 | 1,071,674 | |
Retained earnings | 580,418 | 531,682 | |
Accumulated other comprehensive income, net of tax | 34,598 | 17,259 | |
Total equity | 1,767,991 | 1,698,951 | |
Total liabilities and equity | [2] | $ 17,667,372 | $ 17,252,848 |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Prior period amounts have been updated to reflect the first quarter 2016 adoption of Accounting Standard Update ("ASU") 2015-03 and ASU 2015-15 related to debt issuance costs. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available-for-sale, pledged as collateral to creditors | $ 104,706 | $ 100,221 |
Securities held-to-maturity, at fair value | $ 1,474,643 | $ 1,351,241 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 174,000,000 | 174,000,000 |
Common Stock, Shares, Issued | 79,442,549 | 79,099,157 |
Treasury Stock, Shares Issued | 120,239 | 2,574 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Income | ||
Loans, including fees | $ 140,067 | $ 122,702 |
Federal funds sold and interest-bearing deposits in banks | 340 | 261 |
Securities: | ||
Taxable | 15,210 | 13,556 |
Exempt from Federal income taxes | 2,333 | 1,806 |
Other interest income | 150 | 48 |
Total interest income | 158,100 | 138,373 |
Interest Expense | ||
Deposits | 13,141 | 11,255 |
Short-term borrowings | 230 | 197 |
Long-term debt | 5,211 | 4,928 |
Total interest expense | 18,582 | 16,380 |
Net interest income | 139,518 | 121,993 |
Provision for loan and covered loan losses | 6,402 | 5,646 |
Net interest income after provision for loan and covered loan losses | 133,116 | 116,347 |
Non-interest Income | ||
Asset management | 4,725 | 4,363 |
Mortgage banking | 2,969 | 3,775 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4,328 | 5,182 |
Treasury management | 8,174 | 7,327 |
Loan, letter of credit and commitment fees | 5,200 | 5,106 |
Syndication fees | 5,434 | 2,622 |
Deposit service charges and fees and other income | 1,370 | 5,617 |
Net securities gains (losses) | 531 | 534 |
Total non-interest income | 33,602 | 33,516 |
Non-interest Expense | ||
Salaries and employee benefits | 58,339 | 52,361 |
Net occupancy and equipment expense | 7,215 | 6,934 |
Technology and related costs | 5,293 | 4,351 |
Marketing | 4,404 | 3,578 |
Professional services | 2,994 | 2,310 |
Outsourced servicing costs | 1,840 | 1,680 |
Net foreclosed property expenses | 566 | 1,328 |
Postage, telephone, and delivery | 840 | 862 |
Insurance | 3,820 | 3,211 |
Loan and collection expense | 1,532 | 2,268 |
Other expenses | 3,650 | 4,262 |
Total non-interest expense | 90,493 | 83,145 |
Income (loss) before income taxes | 76,225 | 66,718 |
Income tax provision | 26,673 | 25,234 |
Net income (loss) available to common stockholders | $ 49,552 | $ 41,484 |
Per Common Share Data | ||
Basic earnings per share (in dollars) | $ 0.63 | $ 0.53 |
Diluted earnings per share (in dollars) | 0.62 | 0.52 |
Cash dividends declared (per share) | $ 0.01 | $ 0.01 |
Weighted-average common shares outstanding | 78,550 | 77,407 |
Weighted-average diluted common shares outstanding | 79,856 | 78,512 |
Client-Related Derivatives [Member] | ||
Non-interest Income | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 5,199 | $ 4,172 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income (loss) | $ 49,552 | $ 41,484 |
Available-for-sale securities: | ||
Net unrealized gains (losses) | 18,930 | 8,590 |
Reclassification of net (gains) losses included in net income | (531) | (534) |
Income tax benefit (expense) | (7,079) | (3,148) |
Net unrealized gains (losses) on available-for-sale securities | 11,320 | 4,908 |
Cash flow hedges: | ||
Net unrealized gains (losses) | 12,008 | 8,630 |
Reclassification of net gains included in net income | (2,190) | (2,538) |
Income tax benefit (expense) | (3,799) | (2,370) |
Net unrealized gains (losses) on cash flow hedges | 6,019 | 3,722 |
Other Comprehensive Income (Loss) | 17,339 | 8,630 |
Comprehensive income | $ 66,891 | $ 50,114 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 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, Dividends, Per Share, Cash Paid | $ 0.01 | |||||||
Common Shares Outstanding, Beginning Balance at Dec. 31, 2014 | 78,178 | |||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2014 | $ 1,481,679 | $ 77,211 | $ (53) | $ 1,034,048 | $ 349,556 | $ 20,917 | ||
Comprehensive income (loss) | ||||||||
Net income (loss) | 41,484 | 41,484 | ||||||
Other comprehensive income (loss) | 8,630 | 8,630 | [1] | |||||
Total comprehensive income (loss) | 50,114 | |||||||
Cash dividends declared: | ||||||||
Cash dividends declared ($0.01 per common share) | (793) | 0 | (793) | |||||
Common stock issued for: [Abstract] | ||||||||
Nonvested (restricted) stock grants, shares | 248 | |||||||
Nonvested (restricted) stock grants | 0 | 0 | 0 | 0 | ||||
Exercise of stock options, shares | 235 | |||||||
Exercise of stock options | 5,558 | 227 | 316 | 5,015 | ||||
Restricted stock activity, shares | 0 | |||||||
Restricted stock activity | 0 | 530 | 0 | (530) | ||||
Deferred compensation plan, shares | 1 | |||||||
Deferred compensation plan | 146 | 0 | 22 | 124 | ||||
Excess tax benefit from share-based compensation plans | 3,427 | 3,427 | ||||||
Stock repurchased in connection with benefit plans, shares | (168) | |||||||
Stock repurchased in connection with benefit plans | (5,845) | (5,845) | ||||||
Share-based compensation expense, shares | 0 | |||||||
Share-based compensation expense | 5,143 | 5,143 | ||||||
Common Shares Outstanding, Ending Balance at Mar. 31, 2015 | 78,494 | |||||||
Stockholders' Equity, Ending Balance at Mar. 31, 2015 | $ 1,539,429 | 77,968 | (5,560) | 1,047,227 | 390,247 | 29,547 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.01 | |||||||
Common Shares Outstanding, Beginning Balance at Dec. 31, 2015 | 79,100 | 79,097 | ||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2015 | $ 1,698,951 | 78,439 | (103) | 1,071,674 | 531,682 | 17,259 | ||
Comprehensive income (loss) | ||||||||
Net income (loss) | 49,552 | 49,552 | ||||||
Other comprehensive income (loss) | 17,339 | 17,339 | [1] | |||||
Total comprehensive income (loss) | 66,891 | |||||||
Cash dividends declared: | ||||||||
Cash dividends declared ($0.01 per common share) | (816) | 0 | (816) | |||||
Common stock issued for: [Abstract] | ||||||||
Nonvested (restricted) stock grants, shares | 263 | |||||||
Nonvested (restricted) stock grants | 0 | 0 | 0 | 0 | ||||
Exercise of stock options, shares | 53 | |||||||
Exercise of stock options | 980 | 44 | 311 | 625 | ||||
Restricted stock activity, shares | 32 | |||||||
Restricted stock activity | 0 | 408 | 0 | (408) | ||||
Deferred compensation plan, shares | 5 | |||||||
Deferred compensation plan | 291 | 3 | 66 | 222 | ||||
Stock repurchased in connection with benefit plans, shares | (128) | |||||||
Stock repurchased in connection with benefit plans | (4,663) | (4,663) | ||||||
Share-based compensation expense, shares | 0 | |||||||
Share-based compensation expense | $ 6,357 | 6,357 | ||||||
Common Shares Outstanding, Ending Balance at Mar. 31, 2016 | 79,300 | 79,322 | ||||||
Stockholders' Equity, Ending Balance at Mar. 31, 2016 | $ 1,767,991 | $ 78,894 | $ (4,389) | $ 1,078,470 | $ 580,418 | $ 34,598 | ||
[1] | Net of taxes and reclassification adjustments. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Operating Activities | ||||
Net income (loss) | $ 49,552 | $ 41,484 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Provision for loan and covered loan losses | 6,402 | 5,646 | ||
Provision for unfunded commitments | [1] | 595 | 376 | |
Depreciation of premises, furniture, and equipment | 2,348 | 2,163 | ||
Net amortization of premium on securities | 5,099 | 4,044 | ||
Net securities gains | (531) | (534) | ||
Valuation adjustment on other real estate owned | 588 | 935 | ||
Net (gains) losses on sale of other real estate owned | 24 | 227 | ||
Net amortization of discount on covered assets | (51) | 141 | ||
Bank owned life insurance income | (358) | (354) | ||
Net (decrease) increase in deferred loan fees and unamortized discounts and premiums on loans | 3,415 | 1,025 | ||
Share-based compensation expense | 6,357 | 5,143 | ||
Excess tax benefit from exercise of stock options and vesting of restricted shares | (2,081) | (3,772) | ||
Provision for deferred income tax (benefit) expense | 1,300 | 3,694 | ||
Amortization of other intangibles | 540 | 655 | ||
Originations and purchases of loans held-for-sale | (101,612) | (166,002) | ||
Proceeds from sales of loans held-for-sale | 149,001 | 195,010 | ||
Net (gains) losses from sales of loans held-for-sale | (2,604) | (3,268) | ||
Gain on sale of branch | 0 | (4,092) | ||
Net (increase) decrease in derivative assets and liabilities | (21,522) | (13,345) | ||
Net (increase) decrease in accrued interest receivable | (1,867) | (671) | ||
Net increase (decrease) in accrued interest payable | (450) | 56 | ||
Net (increase) decrease in other assets | 24,490 | 49,691 | ||
Net increase (decrease) in other liabilities | (6,031) | (12,285) | ||
Net cash provided by (used in) operating activities | 112,604 | 105,967 | ||
Available-for-sale securities: | ||||
Proceeds from maturities, prepayments, and calls | 49,584 | 48,884 | ||
Proceeds from sales | 26,682 | 28,931 | ||
Purchases | (126,833) | (57,733) | ||
Held-to-maturity securities: | ||||
Proceeds from maturities, prepayments, and calls | 41,308 | 34,460 | ||
Purchases | (144,869) | (66,457) | ||
Net redemption (purchase) of FHLB stock | (11,500) | 110 | ||
Net decrease (increase) in loans | (205,715) | (282,821) | ||
Net decrease in covered assets | 1,084 | 2,475 | ||
Proceeds from sale of other real estate owned | 1,149 | 2,781 | ||
Net purchases of premises, furniture, and equipment | (1,660) | (1,564) | ||
Net cash (used in) provided by investing activities | (370,770) | (290,934) | ||
Financing Activities | ||||
Net (decrease) increase in deposit accounts | 119,277 | 889,544 | ||
Net increase (decrease) in short-term borrowings, excluding FHLB advances | (102) | 1,403 | ||
Net (decrease) in FHLB Advances | (175,000) | |||
Proceeds from Federal Home Loan Bank Borrowings | 230,000 | |||
Stock repurchased in connection with benefit plans | (4,663) | (5,845) | ||
Cash dividends paid | (809) | (779) | ||
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 1,271 | 5,704 | ||
Excess tax benefit from exercise of stock options and vesting of restricted shares | 0 | 3,772 | ||
Net cash (used in) provided by financing activities | 344,974 | 718,799 | ||
Net increase (decrease) in cash and cash equivalents | 86,808 | 533,832 | ||
Cash and cash equivalents at beginning of year | 383,658 | 424,552 | $ 424,552 | |
Cash and cash equivalents at end of period | 470,466 | 958,384 | $ 383,658 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Cash paid for interest | 19,032 | 16,324 | ||
Cash paid for income taxes | 3,272 | 1,863 | ||
Non-cash transfers of loans to loans held-for-sale | 28,335 | 50,263 | ||
Non-cash transfers of loans to other real estate | $ 9,294 | $ 2,152 | ||
[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 share agreement with the FDIC. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - On January 1, 2016, we adopted new accounting guidance issued by the Financial Accounting Standards Board (“FASB”) 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 is applied prospectively to awards that are granted or modified after the effective date. The adoption of this guidance did not impact our consolidated financial position or consolidated results of operations. Amendments to the Consolidation Analysis - On January 1, 2016, we adopted new accounting guidance issued by the FASB that changes certain aspects of the variable interest and voting interest consolidation models. The amendments modify existing guidance on (1) the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (2) when fee arrangements represent variable interests in a VIE, and (3) the primary beneficiary determination for VIEs. Additionally, the guidance eliminates the presumption that a general partner controls a limited partnership under the voting interest model and exempts reporting entities from consolidating money market funds that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940. The Company elected to apply the guidance through a cumulative effect adjustment as of January 1, 2016. The adoption of this guidance did not impact our consolidated financial position or consolidated results of operations. Debt Issuance Costs - On January 1, 2016, we adopted new accounting guidance issued by the FASB that clarifies the presentation of debt issuance costs within the balance sheet. This guidance requires that an entity present debt issuance costs related to a recognized debt liability on the balance sheet as a direct deduction from the carrying amount of that debt liability, not as a separate asset. The standard does not affect the current guidance for the recognition and measurement for debt issuance costs. This guidance was applied retrospectively. The adoption of this guidance did not materially impact our consolidated financial position or consolidated results of operations. Improvements to Employee Share-Based Payment Accounting - In March 2016, the FASB issued guidance that amends certain aspects of share-based payment accounting. The new guidance (1) requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled, and eliminates the accounting for additional paid-in-capital (“APIC”) pools; (2) allows the Company to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting; (3) requires the Company to make an accounting policy election to either recognize forfeitures as they occur or estimate the number of awards expected to be forfeited; (4) requires the Company to present excess tax benefits as an operating activity on the statement of cash flows; and (5) clarifies that the Company must classify cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on the statement of cash flows. Regarding the accounting policy election related to the accounting for forfeitures, the Company has elected to estimate the number of awards expected to be forfeited, consistent with our past practice of estimating forfeitures. As permitted under the new guidance, the Company has elected to early adopt the guidance for the Company’s financial statements that include periods beginning on January 1, 2016. The Company has applied the guidance related to items (1) and (4) prospectively; the guidance related to item (5) retrospectively; and the guidance related to items (2) and (3) using a modified retrospective transition method with a cumulative-effect adjustment to retained earnings. In the first quarter 2016, the Company recognized a $2.1 million tax benefit in the consolidated statements of income within the income tax provision, representing the prospective application of the accounting change described in (1) above. Adoption of all other changes did not have an impact on our consolidated financial position or consolidated results of operations. Accounting Pronouncements Pending Adoption Revenue from Contracts with Customers - In May 2014, August 2015 and March 2016, the FASB issued new revenue recognition guidance 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 is effective for the Company’s financial statements beginning January 1, 2018. The Company may choose to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. 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. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern - In August 2014, the FASB issued guidance that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. The guidance requires new disclosures to the extent management concludes there is substantial doubt about an entity’s ability to continue as a going concern. The guidance will be effective for the Company’s annual financial statements dated December 31, 2016, as well as interim periods thereafter. The adoption of this guidance is not expected to have a material impact on our financial position or consolidated results of operations. Recognition and Measurement of Financial Assets and Financial Liabilities - In January 2016, the FASB issued guidance that amends the accounting for certain financial asset and financial liabilities. The guidance will require the Company to (1) measure certain equity investments at fair value with changes in fair value recognized in earnings, (2) record changes in instrument-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income, and (3) assess the realizability of deferred tax assets related to available-for-sale debt securities in combination with the Company’s other deferred tax assets. The standard does not change the guidance for classifying and measuring investments in debt securities and loans. The guidance amends certain disclosure requirements related to financial assets and financial liabilities. The guidance will be effective for the Company’s financial statements that include periods beginning January 1, 2018. Certain provisions of the standard will be applied through a cumulative-effect adjustment as of January 1, 2018, and other provisions will be applied prospectively. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. Leases - In February 2016, the FASB issued guidance that amends the accounting for leases. Under the new guidance, lessees will need to recognize a right-of-use asset and a lease liability for the vast majority of leases. Operating leases will result in straight-line expense, while finance leases will result in a front-loaded expense pattern. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Lessor accounting will remain similar to the current model. Lessors will classify leases as operating, direct financing, or sales-type, consistent with the current model. The new guidance will also require extensive quantitative and qualitative disclosures related to the revenue and expense recognized and expected to be recognized over the lease term, as well as significant judgments made by management. The guidance will be effective for the Company’s financial statements that include periods beginning January 1, 2018, and early adoption is permitted. The new standard must be applied using a modified retrospective transition. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 the fiscal year ended December 31, 2015 . The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. GAAP, and (where applicable) in accordance with accounting and reporting guidelines prescribed by bank regulation and authority, 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 full year or any other period. The accompanying consolidated financial statements include the accounts and results of operations of the Company and its subsidiary, The PrivateBank and Trust Company (the “Bank”), 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 March 31, 2016 , for potential recognition or disclosure. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
SECURITIES | SECURITIES Securities Portfolio (Amounts in thousands) March 31, 2016 December 31, 2015 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 347,700 $ 3,223 $ (18 ) $ 350,905 $ 322,922 $ 30 $ (1,301 ) $ 321,651 U.S. Agencies 46,390 397 — 46,787 46,504 — (406 ) 46,098 Collateralized mortgage obligations 90,496 3,099 (10 ) 93,585 97,260 2,784 (72 ) 99,972 Residential mortgage-backed securities 856,515 21,822 (272 ) 878,065 817,006 15,870 (3,021 ) 829,855 State and municipal securities 449,076 13,569 (139 ) 462,506 458,402 9,779 (391 ) 467,790 Total $ 1,790,177 $ 42,110 $ (439 ) $ 1,831,848 $ 1,742,094 $ 28,463 $ (5,191 ) $ 1,765,366 Held-to-Maturity Collateralized mortgage obligations $ 49,013 $ — $ (784 ) $ 48,229 $ 50,708 $ — $ (1,729 ) $ 48,979 Residential mortgage-backed securities 1,154,838 14,799 (315 ) 1,169,322 1,069,746 4,809 (4,983 ) 1,069,572 Commercial mortgage-backed securities 247,980 4,470 (215 ) 252,235 229,722 499 (2,158 ) 228,063 State and municipal securities 254 — — 254 254 — — 254 Foreign sovereign debt 500 — — 500 500 — — 500 Other securities 4,175 — (72 ) 4,103 4,353 — (480 ) 3,873 Total $ 1,456,760 $ 19,269 $ (1,386 ) $ 1,474,643 $ 1,355,283 $ 5,308 $ (9,350 ) $ 1,351,241 The carrying value of securities pledged to secure public deposits, FHLB advances, trust deposits, Federal Reserve Bank (“FRB”) discount window borrowing availability, derivative transactions, and standby letters of credit with counterparty banks and for other purposes as permitted or required by law totaled $437.9 million and $421.9 million at March 31, 2016 and December 31, 2015 , 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 $104.7 million and $100.2 million at March 31, 2016 and December 31, 2015 , respectively. Excluding securities issued or backed by the U.S. Government, its agencies and U.S. Government-sponsored enterprises, there were no investments in securities from one issuer that exceeded 10% of consolidated equity at March 31, 2016 or December 31, 2015 . The following table presents the fair values of securities with unrealized losses as of March 31, 2016 and December 31, 2015 . 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 Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31, 2016 Available-for-Sale U.S. Treasury — $ — $ — 1 $ 25,856 $ (18 ) $ 25,856 $ (18 ) Collateralized mortgage obligations 2 1,249 (4 ) 1 1,801 (6 ) 3,050 (10 ) Residential mortgage-backed securities 3 70,815 (51 ) 5 57,848 (221 ) 128,663 (272 ) State and municipal securities 30 17,451 (128 ) 9 2,715 (11 ) 20,166 (139 ) Total $ 89,515 $ (183 ) $ 88,220 $ (256 ) $ 177,735 $ (439 ) Held-to-Maturity Collateralized mortgage obligations — $ — $ — 4 $ 48,229 $ (784 ) $ 48,229 $ (784 ) Residential mortgage-backed securities 7 70,469 (48 ) 9 32,497 (267 ) 102,966 (315 ) Commercial mortgage-backed securities 3 10,447 (119 ) 8 23,256 (96 ) 33,703 (215 ) Other securities 1 4,103 (72 ) — — — 4,103 (72 ) Total $ 85,019 $ (239 ) $ 103,982 $ (1,147 ) $ 189,001 $ (1,386 ) As of December 31, 2015 Available-for-Sale U.S. Treasury 11 $ 271,006 $ (1,081 ) 1 $ 25,773 $ (220 ) $ 296,779 $ (1,301 ) U.S. Agencies 3 46,098 (406 ) — — — 46,098 (406 ) Collateralized mortgage obligations 6 7,528 (72 ) — — — 7,528 (72 ) Residential mortgage-backed securities 28 243,862 (1,148 ) 5 75,533 (1,873 ) 319,395 (3,021 ) State and municipal securities 95 48,974 (353 ) 12 3,485 (38 ) 52,459 (391 ) Total $ 617,468 $ (3,060 ) $ 104,791 $ (2,131 ) $ 722,259 $ (5,191 ) Held-to-Maturity Collateralized mortgage obligations — $ — $ — 4 $ 48,979 $ (1,729 ) $ 48,979 $ (1,729 ) Residential mortgage-backed securities 48 512,395 (3,680 ) 10 57,340 (1,303 ) 569,735 (4,983 ) Commercial mortgage-backed securities 35 128,434 (1,502 ) 12 37,350 (656 ) 165,784 (2,158 ) Other securities 1 3,873 (480 ) — — — 3,873 (480 ) Total $ 644,702 $ (5,662 ) $ 143,669 $ (3,688 ) $ 788,371 $ (9,350 ) There were $192.2 million of securities with $1.4 million in an unrealized loss position for greater than 12 months at March 31, 2016 . At December 31, 2015 , there were $248.5 million of securities with $5.8 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 relate to changes in interest rates and market spreads. We do not intend to sell the securities and we do not believe it is 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. We conduct a quarterly assessment of our investment portfolio to determine whether any securities are other-than-temporarily impaired. During the year ended December 31, 2015, we identified three municipal debt securities from the same issuer totaling $1.1 million , which had credit rating downgrades during the period. We determined that the difference between amortized cost and fair value was other-than-temporary and accordingly, recognized the $466,000 difference as a component of net securities gains in the consolidated statement of income. The securities were sold in January 2016 with no further losses recognized. No other securities were considered other-than-temporary impaired during the first quarter 2016. The following table presents the remaining contractual maturity of securities as of March 31, 2016 , by amortized cost and fair value. Remaining Contractual Maturity of Securities (Amounts in thousands) March 31, 2016 Available-For-Sale Held-To-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities: One year or less $ 14,462 $ 14,582 $ 132 $ 132 One year to five years 564,970 572,917 622 622 Five years to ten years 234,094 242,280 4,175 4,103 After ten years 29,640 30,419 — — All other securities: Collateralized mortgage obligations 90,496 93,585 49,013 48,229 Residential mortgage-backed securities 856,515 878,065 1,154,838 1,169,322 Commercial mortgage-backed securities — — 247,980 252,235 Total $ 1,790,177 $ 1,831,848 $ 1,456,760 $ 1,474,643 The following table presents gains on securities for the three months ended March 31, 2016 and 2015 . Securities Gains (Amounts in thousands) Three Months Ended March 31, 2016 2015 Proceeds from sales $ 26,682 $ 28,931 Gross realized gains $ 553 $ 538 Gross realized losses (22 ) (4 ) Net realized gains $ 531 $ 534 Income tax provision on net realized gains $ 205 $ 210 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. All non-marketable Community Reinvestment Act (“CRA”) qualified investments, totaling $53.9 million and $54.2 million at March 31, 2016 and December 31, 2015 , respectively, are recorded in other assets on the consolidated statements of financial condition. |
LOANS AND CREDIT QUALITY
LOANS AND CREDIT QUALITY | 3 Months Ended |
Mar. 31, 2016 | |
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LOANS | LOANS AND CREDIT QUALITY 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 the “Covered Assets” section in this footnote for further information regarding covered loans. Loan Portfolio (Amounts in thousands) March 31, December 31, Commercial and industrial $ 6,812,596 $ 6,747,389 Commercial - owner-occupied commercial real estate 1,865,242 1,888,238 Total commercial 8,677,838 8,635,627 Commercial real estate 2,705,694 2,629,873 Commercial real estate - multi-family 764,292 722,637 Total commercial real estate 3,469,986 3,352,510 Construction 537,304 522,263 Residential real estate 477,263 461,412 Home equity 126,096 129,317 Personal 169,178 165,346 Total loans $ 13,457,665 $ 13,266,475 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 51,424 $ 48,009 Overdrawn demand deposits included in total loans $ 4,299 $ 2,654 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) March 31, December 31, Mortgage loans held-for-sale (1) $ 15,568 $ 35,704 Other loans held-for-sale (2) 48,461 73,094 Total loans held-for-sale $ 64,029 $ 108,798 (1) Comprised of 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 17 for additional information regarding mortgage loans held-for-sale. (2) Amounts at March 31, 2016 and December 31, 2015 , represent commercial, commercial real estate and construction loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $583,000 and $667,000 at March 31, 2016 and December 31, 2015 , respectively. 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) March 31, December 31, Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 430,934 $ 440,023 FHLB advances (2) 4,096,673 4,133,942 Total $ 4,527,607 $ 4,573,965 (1) No borrowings were outstanding at March 31, 2016 and December 31, 2015 . (2) Refer to Notes 8 and 9 for additional information regarding FHLB advances. Loan Portfolio Aging (Amounts in thousands) Delinquent Current 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days Past Due and Accruing Total Accruing Loans Nonaccrual Total Loans As of March 31, 2016 Commercial $ 8,624,851 $ 11,496 $ 117 $ — $ 8,636,464 $ 41,374 $ 8,677,838 Commercial real estate 3,459,778 1,508 458 — 3,461,744 8,242 3,469,986 Construction 537,304 — — — 537,304 — 537,304 Residential real estate 471,645 1,718 — — 473,363 3,900 477,263 Home equity 120,136 40 377 — 120,553 5,543 126,096 Personal 169,149 10 8 — 169,167 11 169,178 Total loans $ 13,382,863 $ 14,772 $ 960 $ — $ 13,398,595 $ 59,070 $ 13,457,665 As of December 31, 2015 Commercial $ 8,595,150 $ 6,641 $ 1,042 $ — $ 8,602,833 $ 32,794 $ 8,635,627 Commercial real estate 3,343,714 — 295 — 3,344,009 8,501 3,352,510 Construction 522,263 — — — 522,263 — 522,263 Residential real estate 455,764 613 273 — 456,650 4,762 461,412 Home equity 121,580 66 — — 121,646 7,671 129,317 Personal 165,188 132 5 — 165,325 21 165,346 Total loans $ 13,203,659 $ 7,452 $ 1,615 $ — $ 13,212,726 $ 53,749 $ 13,266,475 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, either (i) management believes that 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 (ii) it has been classified as a TDR due to providing a concession to a borrower that is inconsistent with the risk profile. 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 Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve As of March 31, 2016 Commercial $ 70,925 $ 43,043 $ 25,161 $ 68,204 $ 4,671 Commercial real estate 9,891 1,855 6,387 8,242 1,062 Residential real estate 4,088 — 3,900 3,900 243 Home equity 7,680 2,597 4,951 7,548 775 Personal 11 — 11 11 — Total impaired loans $ 92,595 $ 47,495 $ 40,410 $ 87,905 $ 6,751 As of December 31, 2015 Commercial $ 49,912 $ 27,300 $ 20,020 $ 47,320 $ 4,458 Commercial real estate 14,150 2,085 6,416 8,501 1,156 Residential real estate 4,950 — 4,762 4,762 539 Home equity 10,071 2,626 7,065 9,691 1,106 Personal 21 — 21 21 3 Total impaired loans $ 79,104 $ 32,011 $ 38,284 $ 70,295 $ 7,262 Average Recorded Investment and Interest Income Recognized on Impaired Loans (1) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Average Interest Average Interest Commercial $ 51,994 $ 320 $ 53,048 $ 184 Commercial real estate 8,495 — 17,897 3 Residential real estate 4,129 — 4,979 — Home equity 8,429 27 13,332 22 Personal 45 — 356 — Total $ 73,092 $ 347 $ 89,612 $ 209 (1) Represents amounts while classified as impaired for the periods presented. Credit Quality Indicators We attempt to mitigate risk through loan structure, collateral, monitoring, and other credit risk management controls. 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 considered “pass” rated credits that we believe exhibit acceptable financial performance, cash flow, and leverage. Credits rated 6 are performing in accordance with contractual terms but are considered “special mention” as they demonstrate potential weakness that, if left unresolved, may result in deterioration in our 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. Potential problem loans continue to accrue interest but the ultimate collection of these loans in full is a risk 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 a declining 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 we 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 circumstances warrant. Credit Quality Indicators (Dollars in thousands) Special Mention % of Portfolio Loan Type Potential Problem Loans % of Portfolio Loan Type Non- Performing Loans % of Portfolio Loan Type Total Loans As of March 31, 2016 Commercial $ 111,224 1.3 $ 129,776 1.5 $ 41,374 0.5 $ 8,677,838 Commercial real estate 2,600 0.1 119 * 8,242 0.2 3,469,986 Construction — — — — — — 537,304 Residential real estate 6,275 1.3 5,621 1.2 3,900 0.8 477,263 Home equity 555 0.4 789 0.6 5,543 4.4 126,096 Personal 585 0.3 17 * 11 * 169,178 Total $ 121,239 0.9 $ 136,322 1.0 $ 59,070 0.4 $ 13,457,665 As of December 31, 2015 Commercial $ 85,217 1.0 $ 124,654 1.4 $ 32,794 0.4 $ 8,635,627 Commercial real estate 27,580 0.8 121 * 8,501 0.3 3,352,510 Construction — — — — — — 522,263 Residential real estate 5,988 1.3 5,031 1.1 4,762 1.0 461,412 Home equity 623 0.5 2,451 1.9 7,671 5.9 129,317 Personal 620 0.4 141 0.1 21 * 165,346 Total $ 120,028 0.9 $ 132,398 1.0 $ 53,749 0.4 $ 13,266,475 * Less than 0.1% Troubled Debt Restructured Loans Troubled Debt Restructured Loans Outstanding (Amounts in thousands) March 31, 2016 December 31, 2015 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 26,830 $ 20,285 $ 14,526 $ 25,034 Commercial real estate — 7,854 — 7,619 Residential real estate — — — 1,341 Home equity 2,005 4,565 2,020 5,177 Personal — 1,198 — — Total $ 28,835 $ 33,902 $ 16,546 $ 39,171 (1) Included in nonperforming loans. At March 31, 2016 and December 31, 2015 , credit commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing) totaled $17.6 million and $9.7 million , respectively. The following table presents the type of modification for loans that have been restructured and the post-modification recorded investment during the three months ended March 31, 2016 and 2015 . Additions to Troubled Debt Restructurings During the Period (Dollars in thousands) Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Three Months Ended March 31, 2016 Accruing: Commercial — $ — 2 $ 15,227 2 $ 15,227 Nonaccruing: Commercial 2 $ 762 — $ — 2 $ 762 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 1 73 1 73 Home equity — — 2 124 2 124 Total accruing and nonaccruing additions 3 $ 839 6 $ 16,115 9 $ 16,954 Three Months Ended March 31, 2015 Accruing: Commercial 1 $ 2,394 — $ — 1 $ 2,394 Nonaccruing: Commercial — $ — 1 $ 666 1 $ 666 Commercial real estate 2 1,660 1 3,773 3 5,433 Home equity — — 2 77 2 77 Total accruing and nonaccruing additions 3 $ 4,054 4 $ 4,516 7 $ 8,570 Change in recorded investment due to principal paydown at time of modification $ 94 (1) Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. (2) 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 population. 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. Our allowance for loan losses included $2.6 million and $3.9 million in specific reserves for nonaccrual TDRs at March 31, 2016 , and December 31, 2015 , respectively. During the three months ended March 31, 2016 and the three months ended March 31, 2015 , there were no loans that became nonperforming within 12 months of being modified as an accruing TDR. A loan typically becomes nonperforming and placed on nonaccrual status 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 the 90-day past due date. Other Real Estate Owned (“OREO”) The following table presents the composition of property acquired as a result of borrower defaults on loans secured by real property. OREO Composition (Amounts in thousands) March 31, 2016 December 31, 2015 Single-family homes $ 1,725 $ 1,878 Land parcels 1,530 1,760 Multi-family 414 598 Office/industrial 1,799 1,779 Retail 9,338 1,258 Total OREO properties $ 14,806 $ 7,273 The recorded investment in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $1.3 million at March 31, 2016 , and $3.0 million at December 31, 2015 . Covered Assets Covered assets represent acquired residential mortgage loans and foreclosed real estate covered under a loss share 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 will expire on September 30, 2019. The carrying amount of covered assets is presented in the following table. Covered Assets (Amounts in thousands) March 31, 2016 December 31, 2015 Residential mortgage loans (1) $ 23,739 $ 24,717 Foreclosed real estate - single family homes 527 530 Estimated loss reimbursement by the FDIC 1,503 1,707 Total covered assets 25,769 26,954 Allowance for covered loan losses (5,526 ) (5,712 ) Net covered assets $ 20,243 $ 21,242 (1) Includes $222,000 and $257,000 of purchased credit-impaired loans as of March 31, 2016 and December 31, 2015 , respectively. The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $718,000 and $775,000 at March 31, 2016 and December 31, 2015 , respectively. |
ALLOWANCE FOR LOAN LOSSES AND R
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | 3 Months Ended | |
Mar. 31, 2016 | ||
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ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS The following allowance and credit quality disclosures exclude covered loans. Refer to Note 4 for a discussion regarding covered loans. Allowance for Loan Losses and Recorded Investment in Loans (Amounts in thousands) Three Months Ended March 31, 2016 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of period $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (78 ) (1,497 ) — (484 ) (192 ) (150 ) (2,401 ) Recoveries on loans previously charged-off 187 296 19 19 34 30 585 Net recoveries (charge-offs) 109 (1,201 ) 19 (465 ) (158 ) (120 ) (1,816 ) Provision (release) for loan losses 2,960 3,548 (529 ) 269 (160 ) 348 6,436 Balance at end of period $ 120,688 $ 29,957 $ 4,931 $ 4,043 $ 3,426 $ 2,311 $ 165,356 Ending balance, loans individually evaluated for impairment (1) $ 4,671 $ 1,062 $ — $ 243 $ 775 $ — $ 6,751 Ending balance, loans collectively evaluated for impairment $ 116,017 $ 28,895 $ 4,931 $ 3,800 $ 2,651 $ 2,311 $ 158,605 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 68,204 $ 8,242 $ — $ 3,900 $ 7,548 $ 11 $ 87,905 Ending balance, loans collectively evaluated for impairment 8,609,634 3,461,744 537,304 473,363 118,548 169,167 13,369,760 Total recorded investment in loans $ 8,677,838 $ 3,469,986 $ 537,304 $ 477,263 $ 126,096 $ 169,178 $ 13,457,665 (1) Refer to Note 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Three Months Ended March 31, 2015 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of period $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Loans charged-off (2,202 ) (887 ) — (37 ) (371 ) (10 ) (3,507 ) Recoveries on loans previously charged-off 511 598 19 57 70 873 2,128 Net (charge-offs) recoveries (1,691 ) (289 ) 19 20 (301 ) 863 (1,379 ) Provision (release) for loan losses 7,102 57 (283 ) (113 ) (35 ) (1,237 ) 5,491 Balance at end of period $ 108,873 $ 31,606 $ 4,026 $ 5,223 $ 4,588 $ 2,294 $ 156,610 Ending balance, loans individually evaluated for impairment (1) $ 10,643 $ 2,201 $ — $ 430 $ 2,292 $ 70 $ 15,636 Ending balance, loans collectively evaluated for impairment $ 98,230 $ 29,405 $ 4,026 $ 4,793 $ 2,296 $ 2,224 $ 140,974 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 59,748 $ 15,796 $ — $ 4,763 $ 12,761 $ 318 $ 93,386 Ending balance, loans collectively evaluated for impairment 8,130,882 2,888,258 357,258 371,978 125,973 202,749 12,077,098 Total recorded investment in loans $ 8,190,630 $ 2,904,054 $ 357,258 $ 376,741 $ 138,734 $ 203,067 $ 12,170,484 (1) Refer to Note 4 for additional information regarding impaired loans. Reserve for Unfunded Commitments (1) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 11,759 $ 12,274 Provision for unfunded commitments 595 376 Balance at end of period $ 12,354 $ 12,650 Unfunded commitments, excluding covered assets, at period end $ 6,361,917 $ 6,096,084 (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 share agreement with the FDIC. Refer to Note 16 for additional details of commitments to extend credit, standby letters of credit and commercial letters of credit. | [1] |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2016 | |
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GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Carrying Amount of Goodwill by Operating Segment (Amounts in thousands) March 31, December 31, 2015 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, 2015 , and it was determined no impairment existed as of that date nor are we aware of any events or circumstances that would indicate goodwill is impaired at March 31, 2016 . There were no impairment charges for goodwill recorded in 2015 . Our annual goodwill test will be completed during fourth quarter 2016 . 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 other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. During the three months ended March 31, 2016 , there were no events or circumstances that we believe indicate there may be impairment of other intangible assets, and no impairment charges for other intangible assets were recorded for the three months ended March 31, 2016 . Other Intangible Assets (Dollars in thousands) Three Months Ended March 31, 2016 Year Ended December 31, 2015 Core deposit intangibles: Gross carrying amount $ 12,378 $ 18,093 Accumulated amortization 9,924 15,140 Net carrying amount $ 2,454 $ 2,953 Amortization during the period $ 499 $ 2,270 Weighted average remaining life (in years) 1.3 1.5 Client relationships: Gross carrying amount $ 1,459 $ 2,002 Accumulated amortization 1,023 1,525 Net carrying amount $ 436 $ 477 Amortization during the period $ 41 $ 185 Weighted average remaining life (in years) 4.8 5.1 Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2016 - remaining nine months $ 1,621 2017 1,125 2018 98 2019 28 2020 15 2021 and thereafter 3 Total $ 2,890 |
DEPOSITS DEPOSITS
DEPOSITS DEPOSITS | 3 Months Ended |
Mar. 31, 2016 | |
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DEPOSITS | DEPOSITS Summary of Deposits (Amounts in thousands) March 31, 2016 December 31, 2015 Noninterest-bearing demand deposits $ 4,338,177 $ 4,355,700 Interest-bearing demand deposits 1,445,368 1,503,372 Savings deposits 410,891 377,191 Money market accounts 6,132,695 5,919,252 Time deposits (1) 2,137,738 2,190,077 Total deposits $ 14,464,869 $ 14,345,592 (1) Time deposits with a minimum denomination of $250,000 totaled $1.2 billion and $1.3 billion at March 31, 2016 and December 31, 2015 , respectively. Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year Ended December 31, 2016: Second quarter $ 333,830 Third quarter 465,437 Fourth quarter 291,580 2017 540,119 2018 169,852 2019 92,853 2020 228,566 2021 and thereafter 15,501 Total $ 2,137,738 Maturities of Time Deposits of $100,000 or More (Amounts in thousands) March 31, 2016 Maturing within 3 months $ 282,136 After 3 but within 6 months 429,322 After 6 but within 12 months 434,489 After 12 months 720,659 Total $ 1,866,606 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 3 Months Ended |
Mar. 31, 2016 | |
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SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Summary of Short-Term Borrowings (Dollars in thousands) March 31, 2016 December 31, 2015 Amount Rate Amount Rate Outstanding: FHLB advances $ 600,000 0.22 % $ 370,000 0.16 % Other borrowings — — % 250 0.20 % Secured borrowings 2,365 4.00 % 2,217 4.00 % Total short-term borrowings $ 602,365 $ 372,467 Unused Availability: Federal funds (1) $ 580,500 $ 630,500 FRB discount window primary credit program (2) 369,811 384,419 FHLB advances (3) 1,237,847 1,481,102 Revolving line of credit 60,000 60,000 (1) Our total availability of overnight Federal fund (“Fed funds”) 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. (3) As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2016 , our borrowing capacity was $2.2 billion , of which $1.2 billion is available, subject to making the required additional investment in FHLB Chicago stock. Borrowings with maturities of one year or less are classified as short-term. FHLB Advances - At March 31, 2016 , FHLB advances total $1.0 billion , consisting of $600.0 million in short-term borrowings, and $400.0 million classified as long-term debt. Qualifying residential, multi-family and commercial real estate (“CRE”) loans, home equity lines of credit, and residential mortgage-backed securities are pledged as collateral to secure current outstanding balances and additional borrowing availability. Other Borrowings - Other borrowings represents cash received by counterparty in excess of derivative liability at December 31, 2015. Secured Borrowings - Secured borrowings represent amounts related to certain loan participation agreements on loans we originated that were classified as secured borrowings because they did not qualify for sale accounting treatment. A corresponding amount is recorded within loans on the consolidated statements of financial condition. Revolving Line of Credit - The Company has a 364-day revolving line of credit (the “Facility”) with a group of commercial banks allowing borrowing of up to $60.0 million , and maturing on September 23, 2016 . The interest rate applied to borrowings under the Facility will be elected by the Company at the time an advance is made; interest rate elections include either 30-day or 90-day LIBOR plus 1.75% or Prime minus 0.50% at the time the advance is made. Any amounts outstanding under the Facility upon or before maturity may be converted, at the Company’s option, to an amortizing term loan, with the balance of such loan due September 24, 2018 . At March 31, 2016 , no amounts have been drawn on the Facility. |
LONG-TERM DEBT Long-Term Debt
LONG-TERM DEBT Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-Term Debt (Dollars in thousands) Rate Type Current Rate Maturity March 31, December 31, Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.29% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.34% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.13% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,586 66,576 Subordinated debt facility (3)(4) Fixed 7.125% 2042 120,619 120,606 Subtotal 288,238 288,215 Subsidiaries: FHLB advances Floating, FHLBC overnight discount note index + 0.065% 0.16% 2017 350,000 350,000 FHLB advances (5)(6) Fixed 3.58% - 4.68% 2019 50,000 50,000 Total long-term debt $ 688,238 $ 688,215 (1) 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 could be subject to phase-out due to certain acquisitions. (2) Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015 . (3) Net of deferred financing costs of $4.4 million at both March 31, 2016 and December 31, 2015 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at both March 31, 2016 and December 31, 2015 . (6) Amounts reported at March 31, 2016 and December 31, 2015 include three long-term advances totaling $45.0 million with a weighted average interest rate of 3.66% . The advances provide for a one-time option, two years from the issuance date, to increase the amount outstanding up to $150.0 million each at the same fixed rate as the original advance. The advances include a prepayment feature and are subject to a prepayment fee. The $167.6 million in junior subordinated debentures presented 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. At March 31, 2016 , outstanding long-term FHLB advances were secured by qualifying residential, multi-family, CRE, and home equity lines of credit. From time to time, we may pledge eligible real estate mortgage-backed securities to support additional borrowings. We reclassify long-term debt to short-term borrowings when the remaining maturity becomes less than one year. Scheduled Maturities of Long-Term Debt (Amounts in thousands) Total Year Ended December 31, 2017 $ 350,000 2019 50,000 2021 and thereafter 288,238 Total $ 688,238 |
JUNIOR SUBORDINATED DEFERRABLE
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES | 3 Months Ended |
Mar. 31, 2016 | |
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JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES | JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES As of March 31, 2016 , we sponsored and wholly owned 100% of the common equity of four trusts that were formed for the purpose of issuing 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 totaled $167.6 million , net of deferred financing costs, at March 31, 2016 , are the sole assets of each respective trust. Our obligations under the Debentures and related documents constitute a full and unconditional guarantee by the Company on a subordinated basis of all 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 at a redemption price of 100% of the principal amount plus accrued and unpaid interest. The repayment, redemption or repurchase of any of the Debentures would be subject to the terms of the applicable indenture and result in a corresponding repayment, redemption or repurchase of an equivalent amount of the related series of Trust Preferred Securities. Any redemption of the 10% Debentures held by the PrivateBancorp Capital Trust IV also would be subject to the terms of the replacement capital covenant described below. In connection with the issuance in 2008 of the 10% Debentures, which rank junior to the other Debentures, we entered into a replacement capital covenant that relates to the redemption of the 10% 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 10% 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 and held by us 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 Issued (1) Principal Amount of Debentures (1) Issuance Date Coupon Rate (2) Maturity March 31, Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.29 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.34 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.13 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,586 (3 ) Total $ 3,038 $ 166,750 $ 167,619 (1) The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. (2) Reflects the coupon rate in effect at March 31, 2016 . The coupon rate for Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65% . The coupon rates for 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 PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities 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) Net of deferred financing costs of $2.2 million at March 31, 2016 . |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
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EQUITY | EQUITY Capital Stock At March 31, 2016 and December 31, 2015 , the Company had authority to issue 180 million shares of capital stock, consisting of one million shares of preferred stock, five million shares of non-voting common stock and 174 million shares of voting common stock. At March 31, 2016 and December 31, 2015 , no shares of preferred stock or non-voting common stock were issued or outstanding. The Company had 79.4 million shares of voting common stock issued and 79.3 million shares outstanding at March 31, 2016 and 79.1 million shares issued and outstanding at December 31, 2015 . The Company reissues treasury stock, when available, or new shares to fulfill its obligation to issue shares granted pursuant to the share-based compensation plans. Treasury shares are reissued at average cost. The Company held 120,239 shares and 2,574 shares in treasury at March 31, 2016 and December 31, 2015 , respectively. Comprehensive Income Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Three Months Ended March 31, 2016 2015 Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Balance at beginning of period $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 Increase in unrealized gains on securities 18,930 — 18,930 8,590 — 8,590 Increase in unrealized gains on cash flow hedges — 12,008 12,008 — 8,630 8,630 Tax expense on increase in unrealized gains (7,284 ) (4,646 ) (11,930 ) (3,358 ) (3,369 ) (6,727 ) Other comprehensive income before reclassifications 11,646 7,362 19,008 5,232 5,261 10,493 Reclassification adjustment of net gains included in net income (1) (531 ) (2,190 ) (2,721 ) (534 ) (2,538 ) (3,072 ) Reclassification adjustment for tax expense on realized net gains (2) 205 847 1,052 210 999 1,209 Amounts reclassified from AOCI (326 ) (1,343 ) (1,669 ) (324 ) (1,539 ) (1,863 ) Net current period other comprehensive income 11,320 6,019 17,339 4,908 3,722 8,630 Balance at end of period $ 25,368 $ 9,230 $ 34,598 $ 24,356 $ 5,191 $ 29,547 (1) The amounts reclassified from AOCI for the available-for-sale securities are reported 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
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2016 | |
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EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Three Months Ended March 31, 2016 2015 Basic earnings per common share Net income $ 49,552 $ 41,484 Net income allocated to participating stockholders (1) (425 ) (463 ) Net income allocated to common stockholders $ 49,127 $ 41,021 Weighted-average common shares outstanding 78,550 77,407 Basic earnings per common share $ 0.63 $ 0.53 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 49,134 $ 41,028 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 78,550 77,407 Dilutive effect of stock awards (3) 1,306 1,105 Weighted-average diluted common shares outstanding 79,856 78,512 Diluted earnings per common share $ 0.62 $ 0.52 (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, restricted stock and performance share 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 earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. (3) For the three months ended March 31, 2016 and 2015 , the weighted-average outstanding non-participating securities of 462,899 and 730,502 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 | 3 Months Ended |
Mar. 31, 2016 | |
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INCOME TAXES | INCOME TAXES Income Tax Provision Analysis (Dollars in thousands) Three Months Ended March 31, 2016 2015 Income before income taxes $ 76,225 $ 66,718 Income tax provision: Current income tax provision $ 25,373 $ 21,540 Deferred income tax provision 1,300 3,694 Total income tax provision $ 26,673 $ 25,234 Effective tax rate 35.0 % 37.8 % Deferred Tax Assets Net deferred tax assets totaled $90.1 million at March 31, 2016 and $102.2 million at December 31, 2015 . Net deferred tax assets are included in other assets in the accompanying consolidated statements of financial condition. At March 31, 2016 , we have concluded that it is more likely than not that the deferred tax assets will be realized and, accordingly, 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. At March 31, 2016 and December 31, 2015 , we had $491,000 and $126,000 , respectively, of unrecognized tax benefits relating to uncertain tax positions that, if recognized, would impact the effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not anticipate this change will have a material impact on the results of operations or the financial position of the Company. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We utilize an overall risk management strategy that incorporates the use of derivative instruments to reduce both interest rate risk (relating to mortgage loan commitments and planned sales of loans) and foreign currency risk (relating 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 client-related and other end-user derivatives, noted in the table below, were designated as hedging instruments for accounting purposes at March 31, 2016 , and December 31, 2015 . Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Derivatives designated as hedging instruments: Interest rate contracts $ 600,000 $ 11,933 $ 675,000 $ 5,366 $ — $ — $ 125,000 $ 799 Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 3,954,076 $ 67,366 $ 3,933,977 $ 41,734 $ 3,954,076 $ 70,519 $ 3,933,977 $ 43,001 Foreign exchange contracts 157,883 4,893 155,914 5,008 149,408 4,112 127,664 4,274 Risk participation agreements (1) 88,000 11 84,216 6 78,570 24 111,269 27 Total client-related derivatives $ 72,270 $ 46,748 $ 74,655 $ 47,302 Other end-user derivatives: Foreign exchange contracts $ 15,968 $ 38 $ 28,058 $ 220 $ 18,777 $ 330 $ 4,486 $ 3 Mortgage banking derivatives 248 519 290 181 Warrants 146 — — — Total other end-user derivatives $ 432 $ 739 $ 620 $ 184 Total derivatives not designated as hedging instruments $ 72,702 $ 47,487 $ 75,275 $ 47,486 Netting adjustments (2) (18,229 ) (12,238 ) (52,777 ) (30,056 ) Total derivatives $ 66,406 $ 40,615 $ 22,498 $ 18,229 (1) The remaining average notional amounts are shown for risk participation agreements. (2) Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. 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. Certain of our derivative contracts contain embedded credit risk contingent features that if triggered 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 such requirements were met at March 31, 2016 . The fair value of the derivatives with credit contingency features in a net liability position at March 31, 2016 totaled $13.1 million and $12.5 million of collateral was posted for these transactions. If the credit risk contingency features were triggered at March 31, 2016 , no additional collateral would be required to be posted to derivative counterparties and $13.1 million in outstanding derivative instruments would be immediately settled. Derivatives Designated in Hedge Relationships We 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. 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 loan cash flows 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 three months ended March 31, 2016 , 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 AOCI and are subsequently reclassified to interest income on loans in the period that the hedged interest cash flows affect earnings. As of March 31, 2016 , the maximum length of time over which forecasted interest cash flows are hedged is four years . As of March 31, 2016 , $4.3 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 March 31, 2016 .There are no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to our cash flow hedge strategy. During the three months ended March 31, 2016 , 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. Refer to Note 11 for additional information regarding the changes in AOCI related to the interest rate swaps designated as cash flow hedges. Derivatives Not Designated in Hedge Relationships 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 (“RPAs”) 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) March 31, December 31, Fair value of written RPAs $ 24 $ 27 Range of remaining terms to maturity (in years) Less than 1 to 4 Less than 1 to 5 Range of assigned internal risk ratings 2 to 7 2 to 7 Maximum potential amount of future undiscounted payments $ 3,479 $ 3,937 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 44 % 43 % Other End-User Derivatives – We use forward commitments to sell to-be-announced securities and other commitments to sell residential mortgage loans at specified prices to economically hedge the change in fair value of customer interest rate lock commitments and residential mortgage loans held-for-sale. The forward commitments to sell and the interest rate lock commitments are considered derivatives. At March 31, 2016 , the par value of our residential mortgage loans held-for-sale totaled $15.5 million , the notional value of our interest rate lock commitments totaled $70.6 million , and the notional value of our forward commitments to sell totaled $90.9 million . We are also exposed at times to foreign exchange risk as a result of originating loans in which the principal and interest are settled in a currency other than U.S. dollars. As of March 31, 2016 , our exposure was to the Euro, Canadian dollar, Danish kroner and British pound on $34.1 million of loans. We manage this risk using forward currency derivatives. Additionally, in connection with certain negotiated credit facilities, we receive warrants to acquire stock in privately-held client companies and are considered derivatives under current accounting standards. As of March 31, 2016 , warrants totaled $146,000 . Gain (Loss) Recognized on Derivative Instruments Not Designated in Hedging Relationship (Amounts in thousands) Location in Consolidated Statement of Income Three Months Ended March 31, 2016 2015 Gain on client-related derivatives: Interest rate contracts Capital markets income $ 3,531 $ 2,363 Foreign exchange contracts Capital markets income 1,660 1,753 RPAs Capital markets income 8 56 Total client-related derivatives 5,199 4,172 (Loss) gain on end-user derivatives: Foreign exchange contracts Other income, service and charges income (504 ) 1,050 Mortgage banking derivatives Mortgage banking income (513 ) (40 ) Warrants Other income, service and charges income 146 — Total end-user derivatives (871 ) 1,010 Total net gain recognized on derivatives not designated in hedging relationship $ 4,328 $ 5,182 |
BALANCE SHEET OFFSETTING BALANC
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING | 3 Months Ended |
Mar. 31, 2016 | |
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BALANCE SHEET OFFSETTING | BALANCE SHEET OFFSETTING Master Netting Agreements Certain financial instruments, including repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to enforceable master netting or similar agreements. Authoritative accounting guidance permits the netting of financial assets and liabilities when a legally enforceable master netting agreement exists between us and a counterparty. A master netting agreement is an agreement between two counterparties who have multiple financial 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 financial instruments subject to enforceable master netting agreements, assets and liabilities, and related cash collateral, with the same counterparty are reported on a net basis within the assets and liabilities on the consolidated statements of financial condition. Derivative contracts may require us 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. We have 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 March 31, 2016 and December 31, 2015 . Certain collateral posting requirements are subject to posting thresholds and minimum transfer amounts, such that we are 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 March 31, 2016 and December 31, 2015 , $34.5 million and $17.8 million of cash collateral pledged, respectively, was netted with the related financial liabilities on the consolidated statements of financial condition. To the extent not netted against fair values under a master netting agreement, the excess collateral received or pledged is included in other short-term borrowings or other investments, respectively. There was no excess cash collateral pledged at March 31, 2016 and December 31, 2015 . Any securities pledged to counterparties as financial instrument collateral remain on the consolidated statements of financial condition as long as we do not default. The following table presents information about our financial assets and liabilities and the related collateral by derivative type (e.g., interest rate contracts). As we post collateral with counterparties on the basis of our net position in all financial contracts with a given counterparty, the information presented below aggregates the financial contracts entered into with the same counterparty. Offsetting of Financial Assets and Liabilities (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities 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 March 31, 2016 Financial assets: Derivatives (1) : Interest rate contracts $ 79,299 $ (15,644 ) $ 63,655 $ — $ — $ 63,655 Foreign exchange contracts 3,488 (2,579 ) 909 (74 ) — 835 RPAs 11 — 11 — — 11 Mortgage banking derivatives 6 (6 ) — — — — Total derivatives subject to a master netting agreement 82,804 (18,229 ) 64,575 (74 ) — 64,501 Total derivatives not subject to a master netting agreement 1,831 — 1,831 — — 1,831 Total derivatives $ 84,635 $ (18,229 ) $ 66,406 $ (74 ) $ — $ 66,332 Financial liabilities: Derivatives (1) : Interest rate contracts $ 70,519 $ (51,170 ) $ 19,349 $ (15,124 ) $ — $ 4,225 Foreign exchange contracts 3,036 (1,601 ) 1,435 (1,121 ) — 314 RPAs 24 — 24 (19 ) — 5 Mortgage banking derivatives 156 (6 ) 150 — — 150 Total derivatives subject to a master netting agreement 73,735 (52,777 ) 20,958 (16,264 ) — 4,694 Total derivatives not subject to a master netting agreement 1,540 — 1,540 — — 1,540 Total derivatives $ 75,275 $ (52,777 ) $ 22,498 $ (16,264 ) $ — $ 6,234 (1) All derivative contracts are over-the-counter contracts. (2) Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. (3) Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. (4) Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. Offsetting of Financial Assets and Liabilities (Continued) (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities 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, 2015 Financial assets: Derivatives (1) : Interest rate contracts $ 47,100 $ (8,970 ) $ 38,130 $ (55 ) $ — $ 38,075 Foreign exchange contracts 4,059 (3,254 ) 805 (88 ) — 717 RPAs 6 — 6 — — 6 Mortgage banking derivatives 34 (14 ) 20 — — 20 Total derivatives subject to a master netting agreement 51,199 (12,238 ) 38,961 (143 ) — 38,818 Total derivatives not subject to a master netting agreement 1,654 — 1,654 — — 1,654 Total derivatives $ 52,853 $ (12,238 ) $ 40,615 $ (143 ) $ — $ 40,472 Financial liabilities: Derivatives (1) : Interest rate contracts $ 43,800 $ (28,574 ) $ 15,226 $ (10,475 ) $ — $ 4,751 Foreign exchange contracts 2,287 (1,458 ) 829 (570 ) — 259 RPAs 27 (10 ) 17 (12 ) — 5 Mortgage banking derivatives 14 (14 ) — — — — Total derivatives subject to a master netting agreement 46,128 (30,056 ) 16,072 (11,057 ) — 5,015 Total derivatives not subject to a master netting agreement 2,157 — 2,157 — — 2,157 Total derivatives $ 48,285 $ (30,056 ) $ 18,229 $ (11,057 ) $ — $ 7,172 (1) All derivative contracts are over-the-counter contracts. (2) Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. (3) Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. (4) Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. |
COMMITMENTS, GUARANTEES, AND CO
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2016 | |
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) (Amounts in thousands) March 31, December 31, Commitments to extend credit: Home equity lines $ 12,089 $ 1,338 Residential 1-4 family construction 42,015 47,504 Commercial real estate, other construction, and land development 1,225,183 1,321,123 Commercial and industrial 3,997,468 4,191,895 All other commitments 692,836 508,096 Total commitments to extend credit $ 5,969,591 $ 6,069,956 Letters of credit: Financial standby $ 354,471 $ 365,760 Performance standby 43,741 38,264 Commercial letters of credit 3,723 3,999 Total letters of credit $ 401,935 $ 408,023 (1) Includes covered loan commitments of $9.6 million and $9.7 million as of March 31, 2016 , and December 31, 2015 , respectively. Commitments to extend credit are agreements to lend funds to, or issue letters of credit for the account of, a client as long as there is no violation of any condition established in the credit 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 unfunded commitments require regulatory capital support, except for unfunded commitments of less than one year that are 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 March 31, 2016 , we had a reserve for unfunded commitments of $12.4 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 upon 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 CRE, 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 $3.1 million as of March 31, 2016 . We amortize these amounts into income over the commitment period. As of March 31, 2016 , 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 5 years . Other Commitments The Company has unfunded commitments to CRA investments and other investment partnerships totaling $32.0 million at March 31, 2016 . Of these commitments, $22.3 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 provider 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 provider. However, in certain circumstances, we may enter into a recourse agreement, which transfers the credit risk from the third-party provider 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 $18.5 million at March 31, 2016 . 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 March 31, 2016 , we had 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 in the secondary market have limited recourse provisions. The losses for the three months ended March 31, 2016 and 2015 , 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 v. Marek et. al. The lawsuit, brought by the beneficiaries of two trusts for which the Bank served 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. In late 2015, the Bank was replaced as trustee. In April 2016, the claims were bifurcated to proceed as two trials, with a bench trial against the Bank separated from a jury trial against the other named defendants. Discovery is complete and the Bank has filed a motion for summary judgment that is scheduled for hearing in May 2016. If summary judgment is not successful, the claims against the Bank are scheduled to proceed to trial in June 2016. 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 results of operations, financial condition or cash flows. As of March 31, 2016 , and in the ordinary course of business, there were various other legal proceedings pending against the Company and our subsidiaries that are incidental to our regular business operations. Management does not believe that the outcome of any of these proceedings will have, individually or in the aggregate, a material adverse effect on our business, results of operations, financial condition or cash flows. |
ESTIMATED FAIR VALUE OF FINANCI
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2016 | |
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. Agencies, 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 generally classified in level 2 of the valuation hierarchy. In cases where significant credit valuation adjustments are incorporated into the estimation of fair value, reported amounts are classified as level 3. 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. 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 appraisal. If the most recent appraisal is greater than one-year old, a new appraisal of the underlying collateral is obtained. For collateral-dependent impaired loans that are secured by real estate, we generally obtain “as is” appraisal values to evaluate impairment. 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 on appraisals, field exams, or receivable reports. The valuation techniques and inputs are reviewed internally by workout and/or asset-based specialists for reasonableness of estimated liquidation costs, collectability probabilities, and other market data. Appraisals for real estate collateral-dependent impaired 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 performed at the six-month interval between annual appraisals. If during the course of the six-month review process there is evidence supporting a meaningful decline in the value of collateral, the appraised value is either 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, or based on quoted market prices obtained from external pricing services. 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, RPAs, interest rate lock commitments and warrants, 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 parties based on our validation procedures, during the quarters ended March 31, 2016 and 2015 , we did not alter the fair values ultimately provided by the third-party advisors. Level 3 derivatives include RPAs, derivatives associated with clients whose loans are risk rated 6 or higher (“watch list derivative”), interest rate lock commitments and warrants. Refer to “Credit Quality Indicators” in Note 4 for further discussion of risk ratings. For the level 3 RPAs, watch list 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 RPAs 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 RPAs 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. For the interest rate lock commitments on mortgage loans, the fair value is based on prices obtained for loans with similar characteristics from third-party sources, adjusted for the probability that the interest rate lock commitment will fund (the “pull-through” rate). The significant unobservable input that causes these derivatives to be classified in level 3 of the fair value hierarchy is the pull-through rate. Pull-through rates are derived using the Company’s historical data and reflect the Company’s best estimate of the likelihood that a committed loan will ultimately fund. Significant increases in this input in isolation would result in a significantly higher fair value measurement and significant decreases would result in a significantly lower fair value measurement. The fair value of our warrants to acquire stock in privately-held client companies is based on a Black-Scholes option pricing model that estimates the asset value by using stated strike prices, estimated stock prices, option expiration dates, risk-free interest rates based on a duration-matched U.S. Treasury rate, and option volatility assumptions. The significant unobservable inputs that cause these derivatives to be classified in level 3 of the fair value hierarchy are the estimated stock prices, adjustments to the option expiration dates, and option volatility assumptions. The estimated stock prices are based on the most recent valuation of the privately-held client company, adjusted as deemed appropriate for changes in relevant market conditions. Option expiration dates are modified to account for the estimated actual remaining life relative to the stated expiration of the warrants. The option volatility assumptions are based on the volatility of publicly-traded companies that operate in similar industries as the privately-held client companies. Significant increases in these inputs in isolation would result in a significantly higher fair value measurement and significant decreases would result in a significantly lower fair value measurement. 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 March 31, 2016 , and December 31, 2015 on a recurring basis. Fair Value Measurements on a Recurring Basis (Amounts in thousands) March 31, 2016 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Securities available-for sale: U.S. Treasury $ 350,905 $ — $ — $ 350,905 $ 321,651 $ — $ — $ 321,651 U.S. Agencies — 46,787 — 46,787 — 46,098 — 46,098 Collateralized mortgage obligations — 93,585 — 93,585 — 99,972 — 99,972 Residential mortgage-backed securities — 878,065 — 878,065 — 829,855 — 829,855 State and municipal securities — 462,506 — 462,506 — 467,160 630 467,790 Total securities available-for-sale 350,905 1,480,943 — 1,831,848 321,651 1,443,085 630 1,765,366 Mortgage loans held-for-sale — 15,568 — 15,568 — 35,704 — 35,704 Derivative assets: Interest rate contract derivatives designated as hedging instruments — 11,933 — 11,933 — 5,366 — 5,366 Client-related derivatives — 71,822 448 72,270 — 46,342 406 46,748 Other end-user derivatives — 44 388 432 — 254 485 739 Netting adjustments — (18,161 ) (68 ) (18,229 ) — (12,167 ) (71 ) (12,238 ) Total derivative assets — 65,638 768 66,406 — 39,795 820 40,615 Total assets $ 350,905 $ 1,562,149 $ 768 $ 1,913,822 $ 321,651 $ 1,518,584 $ 1,450 $ 1,841,685 Liabilities: Derivative liabilities: Interest rate contract derivatives designated as hedging instruments $ — $ — $ — $ — $ — $ 799 $ — $ 799 Client-related derivatives — 74,563 92 74,655 — 47,204 98 47,302 Other end-user derivatives — 486 134 620 — 17 167 184 Netting adjustments — (52,709 ) (68 ) (52,777 ) — (29,974 ) (82 ) (30,056 ) Total derivative liabilities $ — $ 22,340 $ 158 $ 22,498 $ — $ 18,046 $ 183 $ 18,229 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, 2015 , and March 31, 2016 . 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, 2015 , to March 31, 2016 . Reconciliation of Beginning and Ending Fair Value for Those Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Derivative Assets Derivative (Liabilities) Balance at beginning of period $ 630 $ 891 $ (265 ) $ 1,412 $ (676 ) Total gains: Included in earnings (2) 30 409 (286 ) 312 (24 ) Purchases, issuances, sales and settlements: Issuances — 420 — — — Settlements (660 ) (903 ) 325 (500 ) 147 Transfers into Level 3 (out of Level 2) (3) — 26 — 884 (160 ) Transfers out of Level 3 (into Level 2) (3) — (7 ) — (354 ) 8 Balance at end of period $ — $ 836 $ (226 ) $ 1,754 $ (705 ) Change in unrealized gains in earnings relating to assets and liabilities still held at end of period $ — $ 147 $ 16 $ 241 $ 24 (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 and mortgage banking income for interest rate lock commitments. (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. 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 (Amounts in thousands) March 31, December 31, Aggregate fair value $ 15,568 $ 35,704 Difference (1) (68 ) 301 Aggregate unpaid principal balance $ 15,500 $ 36,005 (1) The change in fair value is reflected in mortgage banking non-interest income. As of March 31, 2016 and December 31, 2015 , 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 three months ended March 31, 2016 , 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 three months ended March 31, 2016 and 2015 , and still held at March 31, 2016 and 2015 , 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 (Gains) Losses March 31, For the Three Months Ended March 31, 2016 2015 2016 2015 Collateral-dependent impaired loans (1) $ 22,968 $ 27,234 $ (1,377 ) $ (1,653 ) OREO (2) 2,838 5,128 588 935 Total $ 25,806 $ 32,362 $ (789 ) $ (718 ) (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) 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 property expenses in the consolidated statements of income. 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, 2015 , to March 31, 2016 . 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 of Assets / (Liabilities) at March 31, 2016 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 369 Discounted cash flow Loss factors 3.7% to 22.7% 14.5 % RPAs $ (13 ) (1) Discounted cash flow Loss factors 0.2% to 22.7% 4.5 % Interest rate lock commitments $ 265 Discounted cash flow Pull-through rate 68.3% to 100.0% 83.0 % Warrants $ 146 Black-Scholes option pricing model Estimated stock price $0.71 to $13.97 $ 9.47 Remaining life assumption 5 years 5 years Volatility 23.4% to 72.0% 60.8 % (1) Represents fair value of underlying swap. The significant unobservable inputs used in the fair value measurement of the watch list derivatives and RPAs 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 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. Other loans held-for-sale - Included in loans held-for sale at March 31, 2016 and December 31, 2015 are $48.5 million and $73.1 million , respectively, of loans carried at the lower of aggregate cost or fair value. Fair value estimates are based on the actual agreed upon price in the agreement. Securities held-to-maturity – Securities held-to-maturity include collateralized mortgage obligations, residential mortgage-backed securities, 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, and 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 share 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. Community reinvestment investments - The fair values of these instruments were estimated using an income approach (discounted cash flow) that incorporates current market rates. 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 certificates of deposit and 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 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 the repurchase obligation is considered to be equal to the carrying value because of its short-term nature. 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 March 31, 2016 Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 133,001 $ 133,001 $ 133,001 $ — $ — Federal funds sold and interest-bearing deposits in banks 337,465 337,465 — 337,465 — Loans held-for-sale 64,029 64,029 — 64,029 — Securities available-for-sale 1,831,848 1,831,848 350,905 1,480,943 — Securities held-to-maturity 1,456,760 1,474,643 — 1,474,643 — FHLB stock 38,113 38,113 — 38,113 — Loans, net of allowance for loan losses and unearned fees 13,292,309 13,060,530 — — 13,060,530 Covered assets, net of allowance for covered loan losses 20,243 25,469 — — 25,469 Accrued interest receivable 47,349 47,349 — — 47,349 Investment in BOLI 57,011 57,011 — — 57,011 Derivative assets 66,406 66,406 — 65,638 768 Community reinvestment investments 16,194 16,831 — 16,831 — Financial Liabilities: Deposits $ 14,464,869 $ 14,476,940 $ — $ 12,327,130 $ 2,149,810 Short-term borrowings 602,365 602,349 — 599,994 2,355 Long-term debt 688,238 660,432 200,258 400,066 60,108 Accrued interest payable 6,630 6,630 — — 6,630 Derivative liabilities 22,498 22,498 — 22,340 158 Financial Instruments (Continued) (Amounts in thousands) As of December 31, 2015 Carrying |
OPERATING SEGMENTS
OPERATING SEGMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS We have three primary operating segments: Banking, Asset Management and the Holding Company. With respect to the Banking and Asset Management segments, each is delineated by the products and services that it 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 . 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) Three Months Ended March 31, Banking Asset Management Holding Company and Other Adjustments Consolidated 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income (expense) $ 144,107 $ 126,498 $ 1,248 $ 899 $ (5,837 ) $ (5,404 ) $ 139,518 $ 121,993 Provision for loan and covered loan losses 6,402 5,646 — — — — 6,402 5,646 Non-interest income 28,861 29,138 4,724 4,363 17 15 33,602 33,516 Non-interest expense 83,098 75,935 4,569 4,312 2,826 2,898 90,493 83,145 Income (loss) before taxes 83,468 74,055 1,403 950 (8,646 ) (8,287 ) 76,225 66,718 Income tax provision (benefit) 29,384 27,937 543 374 (3,254 ) (3,077 ) 26,673 25,234 Net income (loss) $ 54,084 $ 46,118 $ 860 $ 576 $ (5,392 ) $ (5,210 ) $ 49,552 $ 41,484 Banking Holding Company and Other Adjustments (1) Consolidated 3/31/2016 12/31/2015 3/31/2016 12/31/2015 3/31/2016 12/31/2015 Selected Balances Assets $ 15,661,462 $ 15,314,801 $ 2,005,910 $ 1,938,047 $ 17,667,372 $ 17,252,848 Total loans 13,457,665 13,266,475 — — 13,457,665 13,266,475 Deposits 14,515,263 14,407,127 (50,394 ) (61,535 ) 14,464,869 14,345,592 (1) Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES At March 31, 2016 , and December 31, 2015 , the Company did not have any variable interest entities (“VIEs”) consolidated in its financial statements. The table below presents our interests in VIEs that are not consolidated in our financial statements. Nonconsolidated VIEs (Amounts in thousands) March 31, 2016 December 31, 2015 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,619 $ — $ 169,788 $ — Community reinvestment investments and loans (2) 46,980 56,194 41,020 44,191 Restructured loans to commercial clients (2) : Outstanding loan balance 54,969 72,562 47,178 56,854 Related derivative asset 153 153 81 81 Warrants 13 13 — — Total $ 269,734 $ 128,922 $ 258,067 $ 101,126 (1) Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015 . (2) 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 therefrom in debentures issued by the Company. The trusts’ only assets are 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 and loans – We hold certain investments and loans that make investments to further our community reinvestment initiatives. Investments are included within other assets and loans are included within loans in our consolidated statements of financial condition. Certain of these investments and loans meet the definition of a VIE, but the Company is not the primary beneficiary as we are a limited investor and do not have the power to direct their investment activities. Accordingly, we will continue to account for our interests in these investments and loans on an unconsolidated basis. Our maximum exposure to loss is limited to the carrying amount plus additional required future capital contributions. A portion 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 2028 . Any new investments in qualified affordable housing projects entered into on or after January 1, 2014, that meet certain conditions are accounted for using the proportional amortization method. Prior to January 1, 2014, the Company accounted for all of its investments in qualified affordable housing projects using the effective yield method and has elected to continue accounting for preexisting tax credit investments using the effective yield method as permitted under the accounting standards. The carrying value of the Company’s tax credit investments in affordable housing projects totaled $26.6 million at March 31, 2016 and $27.0 million at December 31, 2015 . Commitments to provide future capital contributions totaling $22.3 million as of March 31, 2016 , are expected to be paid through 2030 . These investments are reviewed periodically for impairment. No impairment losses were recorded for the three months ended March 31, 2016 and 2015 . The following table summarizes the impact on the consolidated statement of income for the periods presented. Affordable Housing Tax Credit Investments (Amounts in thousands) For the Three Months Ended March 31, 2016 2015 Tax credits $ 430 $ 150 Tax benefits from operating losses 147 54 Amortization of principal investment $ 443 $ 135 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 restructuring, the borrower entity typically meets the definition of a VIE, 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. Warrants – In connection with certain negotiated credit facilities, we receive warrants to acquire stock in privately-held client companies. We have no contractual requirement to provide financial support to the borrowing entities beyond the funding commitments established at origination of the credit facilities. As we do not have the power to direct the activities that most significantly impact the client companies’ operations, we are not considered the primary beneficiary of these companies. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Securities Portfolio | Securities Portfolio (Amounts in thousands) March 31, 2016 December 31, 2015 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 347,700 $ 3,223 $ (18 ) $ 350,905 $ 322,922 $ 30 $ (1,301 ) $ 321,651 U.S. Agencies 46,390 397 — 46,787 46,504 — (406 ) 46,098 Collateralized mortgage obligations 90,496 3,099 (10 ) 93,585 97,260 2,784 (72 ) 99,972 Residential mortgage-backed securities 856,515 21,822 (272 ) 878,065 817,006 15,870 (3,021 ) 829,855 State and municipal securities 449,076 13,569 (139 ) 462,506 458,402 9,779 (391 ) 467,790 Total $ 1,790,177 $ 42,110 $ (439 ) $ 1,831,848 $ 1,742,094 $ 28,463 $ (5,191 ) $ 1,765,366 Held-to-Maturity Collateralized mortgage obligations $ 49,013 $ — $ (784 ) $ 48,229 $ 50,708 $ — $ (1,729 ) $ 48,979 Residential mortgage-backed securities 1,154,838 14,799 (315 ) 1,169,322 1,069,746 4,809 (4,983 ) 1,069,572 Commercial mortgage-backed securities 247,980 4,470 (215 ) 252,235 229,722 499 (2,158 ) 228,063 State and municipal securities 254 — — 254 254 — — 254 Foreign sovereign debt 500 — — 500 500 — — 500 Other securities 4,175 — (72 ) 4,103 4,353 — (480 ) 3,873 Total $ 1,456,760 $ 19,269 $ (1,386 ) $ 1,474,643 $ 1,355,283 $ 5,308 $ (9,350 ) $ 1,351,241 |
Securities in Unrealized Loss Position | Securities in Unrealized Loss Position (Amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31, 2016 Available-for-Sale U.S. Treasury — $ — $ — 1 $ 25,856 $ (18 ) $ 25,856 $ (18 ) Collateralized mortgage obligations 2 1,249 (4 ) 1 1,801 (6 ) 3,050 (10 ) Residential mortgage-backed securities 3 70,815 (51 ) 5 57,848 (221 ) 128,663 (272 ) State and municipal securities 30 17,451 (128 ) 9 2,715 (11 ) 20,166 (139 ) Total $ 89,515 $ (183 ) $ 88,220 $ (256 ) $ 177,735 $ (439 ) Held-to-Maturity Collateralized mortgage obligations — $ — $ — 4 $ 48,229 $ (784 ) $ 48,229 $ (784 ) Residential mortgage-backed securities 7 70,469 (48 ) 9 32,497 (267 ) 102,966 (315 ) Commercial mortgage-backed securities 3 10,447 (119 ) 8 23,256 (96 ) 33,703 (215 ) Other securities 1 4,103 (72 ) — — — 4,103 (72 ) Total $ 85,019 $ (239 ) $ 103,982 $ (1,147 ) $ 189,001 $ (1,386 ) As of December 31, 2015 Available-for-Sale U.S. Treasury 11 $ 271,006 $ (1,081 ) 1 $ 25,773 $ (220 ) $ 296,779 $ (1,301 ) U.S. Agencies 3 46,098 (406 ) — — — 46,098 (406 ) Collateralized mortgage obligations 6 7,528 (72 ) — — — 7,528 (72 ) Residential mortgage-backed securities 28 243,862 (1,148 ) 5 75,533 (1,873 ) 319,395 (3,021 ) State and municipal securities 95 48,974 (353 ) 12 3,485 (38 ) 52,459 (391 ) Total $ 617,468 $ (3,060 ) $ 104,791 $ (2,131 ) $ 722,259 $ (5,191 ) Held-to-Maturity Collateralized mortgage obligations — $ — $ — 4 $ 48,979 $ (1,729 ) $ 48,979 $ (1,729 ) Residential mortgage-backed securities 48 512,395 (3,680 ) 10 57,340 (1,303 ) 569,735 (4,983 ) Commercial mortgage-backed securities 35 128,434 (1,502 ) 12 37,350 (656 ) 165,784 (2,158 ) Other securities 1 3,873 (480 ) — — — 3,873 (480 ) Total $ 644,702 $ (5,662 ) $ 143,669 $ (3,688 ) $ 788,371 $ (9,350 ) |
Remaining Contractual Maturity of Securities | Remaining Contractual Maturity of Securities (Amounts in thousands) March 31, 2016 Available-For-Sale Held-To-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities: One year or less $ 14,462 $ 14,582 $ 132 $ 132 One year to five years 564,970 572,917 622 622 Five years to ten years 234,094 242,280 4,175 4,103 After ten years 29,640 30,419 — — All other securities: Collateralized mortgage obligations 90,496 93,585 49,013 48,229 Residential mortgage-backed securities 856,515 878,065 1,154,838 1,169,322 Commercial mortgage-backed securities — — 247,980 252,235 Total $ 1,790,177 $ 1,831,848 $ 1,456,760 $ 1,474,643 |
Securities Gains (Losses) | Securities Gains (Amounts in thousands) Three Months Ended March 31, 2016 2015 Proceeds from sales $ 26,682 $ 28,931 Gross realized gains $ 553 $ 538 Gross realized losses (22 ) (4 ) Net realized gains $ 531 $ 534 Income tax provision on net realized gains $ 205 $ 210 |
LOANS AND CREDIT QUALITY (Table
LOANS AND CREDIT QUALITY (Tables) | 3 Months Ended | |
Mar. 31, 2016 | ||
Text Block [Abstract] | ||
Loan Portfolio | Loan Portfolio (Amounts in thousands) March 31, December 31, Commercial and industrial $ 6,812,596 $ 6,747,389 Commercial - owner-occupied commercial real estate 1,865,242 1,888,238 Total commercial 8,677,838 8,635,627 Commercial real estate 2,705,694 2,629,873 Commercial real estate - multi-family 764,292 722,637 Total commercial real estate 3,469,986 3,352,510 Construction 537,304 522,263 Residential real estate 477,263 461,412 Home equity 126,096 129,317 Personal 169,178 165,346 Total loans $ 13,457,665 $ 13,266,475 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 51,424 $ 48,009 Overdrawn demand deposits included in total loans $ 4,299 $ 2,654 | |
Loans Held-for-sale | Loans Held-For-Sale (Amounts in thousands) March 31, December 31, Mortgage loans held-for-sale (1) $ 15,568 $ 35,704 Other loans held-for-sale (2) 48,461 73,094 Total loans held-for-sale $ 64,029 $ 108,798 (1) Comprised of 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 17 for additional information regarding mortgage loans held-for-sale. (2) Amounts at March 31, 2016 and December 31, 2015 , represent commercial, commercial real estate and construction loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $583,000 and $667,000 at March 31, 2016 and December 31, 2015 , respectively. 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) March 31, December 31, Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 430,934 $ 440,023 FHLB advances (2) 4,096,673 4,133,942 Total $ 4,527,607 $ 4,573,965 (1) No borrowings were outstanding at March 31, 2016 and December 31, 2015 . (2) Refer to Notes 8 and 9 for additional information regarding FHLB advances. | |
Loan Portfolio Aging | Loan Portfolio Aging (Amounts in thousands) Delinquent Current 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days Past Due and Accruing Total Accruing Loans Nonaccrual Total Loans As of March 31, 2016 Commercial $ 8,624,851 $ 11,496 $ 117 $ — $ 8,636,464 $ 41,374 $ 8,677,838 Commercial real estate 3,459,778 1,508 458 — 3,461,744 8,242 3,469,986 Construction 537,304 — — — 537,304 — 537,304 Residential real estate 471,645 1,718 — — 473,363 3,900 477,263 Home equity 120,136 40 377 — 120,553 5,543 126,096 Personal 169,149 10 8 — 169,167 11 169,178 Total loans $ 13,382,863 $ 14,772 $ 960 $ — $ 13,398,595 $ 59,070 $ 13,457,665 As of December 31, 2015 Commercial $ 8,595,150 $ 6,641 $ 1,042 $ — $ 8,602,833 $ 32,794 $ 8,635,627 Commercial real estate 3,343,714 — 295 — 3,344,009 8,501 3,352,510 Construction 522,263 — — — 522,263 — 522,263 Residential real estate 455,764 613 273 — 456,650 4,762 461,412 Home equity 121,580 66 — — 121,646 7,671 129,317 Personal 165,188 132 5 — 165,325 21 165,346 Total loans $ 13,203,659 $ 7,452 $ 1,615 $ — $ 13,212,726 $ 53,749 $ 13,266,475 | [1] |
Impaired Loans | Impaired Loans (Amounts in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve As of March 31, 2016 Commercial $ 70,925 $ 43,043 $ 25,161 $ 68,204 $ 4,671 Commercial real estate 9,891 1,855 6,387 8,242 1,062 Residential real estate 4,088 — 3,900 3,900 243 Home equity 7,680 2,597 4,951 7,548 775 Personal 11 — 11 11 — Total impaired loans $ 92,595 $ 47,495 $ 40,410 $ 87,905 $ 6,751 As of December 31, 2015 Commercial $ 49,912 $ 27,300 $ 20,020 $ 47,320 $ 4,458 Commercial real estate 14,150 2,085 6,416 8,501 1,156 Residential real estate 4,950 — 4,762 4,762 539 Home equity 10,071 2,626 7,065 9,691 1,106 Personal 21 — 21 21 3 Total impaired loans $ 79,104 $ 32,011 $ 38,284 $ 70,295 $ 7,262 | |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | Average Recorded Investment and Interest Income Recognized on Impaired Loans (1) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Average Interest Average Interest Commercial $ 51,994 $ 320 $ 53,048 $ 184 Commercial real estate 8,495 — 17,897 3 Residential real estate 4,129 — 4,979 — Home equity 8,429 27 13,332 22 Personal 45 — 356 — Total $ 73,092 $ 347 $ 89,612 $ 209 (1) Represents amounts while classified as impaired for the periods presented. | [1] |
Credit Quality Indicators | Credit Quality Indicators (Dollars in thousands) Special Mention % of Portfolio Loan Type Potential Problem Loans % of Portfolio Loan Type Non- Performing Loans % of Portfolio Loan Type Total Loans As of March 31, 2016 Commercial $ 111,224 1.3 $ 129,776 1.5 $ 41,374 0.5 $ 8,677,838 Commercial real estate 2,600 0.1 119 * 8,242 0.2 3,469,986 Construction — — — — — — 537,304 Residential real estate 6,275 1.3 5,621 1.2 3,900 0.8 477,263 Home equity 555 0.4 789 0.6 5,543 4.4 126,096 Personal 585 0.3 17 * 11 * 169,178 Total $ 121,239 0.9 $ 136,322 1.0 $ 59,070 0.4 $ 13,457,665 As of December 31, 2015 Commercial $ 85,217 1.0 $ 124,654 1.4 $ 32,794 0.4 $ 8,635,627 Commercial real estate 27,580 0.8 121 * 8,501 0.3 3,352,510 Construction — — — — — — 522,263 Residential real estate 5,988 1.3 5,031 1.1 4,762 1.0 461,412 Home equity 623 0.5 2,451 1.9 7,671 5.9 129,317 Personal 620 0.4 141 0.1 21 * 165,346 Total $ 120,028 0.9 $ 132,398 1.0 $ 53,749 0.4 $ 13,266,475 * Less than 0.1% | [1] |
Troubled Debt Restructured Loans Outstanding | Troubled Debt Restructured Loans Outstanding (Amounts in thousands) March 31, 2016 December 31, 2015 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 26,830 $ 20,285 $ 14,526 $ 25,034 Commercial real estate — 7,854 — 7,619 Residential real estate — — — 1,341 Home equity 2,005 4,565 2,020 5,177 Personal — 1,198 — — Total $ 28,835 $ 33,902 $ 16,546 $ 39,171 (1) Included in nonperforming loans. | |
Additions To TDR During The Period | Additions to Troubled Debt Restructurings During the Period (Dollars in thousands) Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Three Months Ended March 31, 2016 Accruing: Commercial — $ — 2 $ 15,227 2 $ 15,227 Nonaccruing: Commercial 2 $ 762 — $ — 2 $ 762 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 1 73 1 73 Home equity — — 2 124 2 124 Total accruing and nonaccruing additions 3 $ 839 6 $ 16,115 9 $ 16,954 Three Months Ended March 31, 2015 Accruing: Commercial 1 $ 2,394 — $ — 1 $ 2,394 Nonaccruing: Commercial — $ — 1 $ 666 1 $ 666 Commercial real estate 2 1,660 1 3,773 3 5,433 Home equity — — 2 77 2 77 Total accruing and nonaccruing additions 3 $ 4,054 4 $ 4,516 7 $ 8,570 Change in recorded investment due to principal paydown at time of modification $ 94 (1) Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. (2) Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. | |
OREO Composition | OREO Composition (Amounts in thousands) March 31, 2016 December 31, 2015 Single-family homes $ 1,725 $ 1,878 Land parcels 1,530 1,760 Multi-family 414 598 Office/industrial 1,799 1,779 Retail 9,338 1,258 Total OREO properties $ 14,806 $ 7,273 | |
Covered Assets | Covered Assets (Amounts in thousands) March 31, 2016 December 31, 2015 Residential mortgage loans (1) $ 23,739 $ 24,717 Foreclosed real estate - single family homes 527 530 Estimated loss reimbursement by the FDIC 1,503 1,707 Total covered assets 25,769 26,954 Allowance for covered loan losses (5,526 ) (5,712 ) Net covered assets $ 20,243 $ 21,242 (1) Includes $222,000 and $257,000 of purchased credit-impaired loans as of March 31, 2016 and December 31, 2015 , respectively. | |
[1] | Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. |
ALLOWANCE FOR LOAN LOSSES AND29
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS (Tables) | 3 Months Ended | |
Mar. 31, 2016 | [1] | |
Text Block [Abstract] | ||
Allowance For Loan Losses and Recorded Investment in Loans | Allowance for Loan Losses and Recorded Investment in Loans (Amounts in thousands) Three Months Ended March 31, 2016 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of period $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (78 ) (1,497 ) — (484 ) (192 ) (150 ) (2,401 ) Recoveries on loans previously charged-off 187 296 19 19 34 30 585 Net recoveries (charge-offs) 109 (1,201 ) 19 (465 ) (158 ) (120 ) (1,816 ) Provision (release) for loan losses 2,960 3,548 (529 ) 269 (160 ) 348 6,436 Balance at end of period $ 120,688 $ 29,957 $ 4,931 $ 4,043 $ 3,426 $ 2,311 $ 165,356 Ending balance, loans individually evaluated for impairment (1) $ 4,671 $ 1,062 $ — $ 243 $ 775 $ — $ 6,751 Ending balance, loans collectively evaluated for impairment $ 116,017 $ 28,895 $ 4,931 $ 3,800 $ 2,651 $ 2,311 $ 158,605 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 68,204 $ 8,242 $ — $ 3,900 $ 7,548 $ 11 $ 87,905 Ending balance, loans collectively evaluated for impairment 8,609,634 3,461,744 537,304 473,363 118,548 169,167 13,369,760 Total recorded investment in loans $ 8,677,838 $ 3,469,986 $ 537,304 $ 477,263 $ 126,096 $ 169,178 $ 13,457,665 (1) Refer to Note 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Three Months Ended March 31, 2015 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of period $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Loans charged-off (2,202 ) (887 ) — (37 ) (371 ) (10 ) (3,507 ) Recoveries on loans previously charged-off 511 598 19 57 70 873 2,128 Net (charge-offs) recoveries (1,691 ) (289 ) 19 20 (301 ) 863 (1,379 ) Provision (release) for loan losses 7,102 57 (283 ) (113 ) (35 ) (1,237 ) 5,491 Balance at end of period $ 108,873 $ 31,606 $ 4,026 $ 5,223 $ 4,588 $ 2,294 $ 156,610 Ending balance, loans individually evaluated for impairment (1) $ 10,643 $ 2,201 $ — $ 430 $ 2,292 $ 70 $ 15,636 Ending balance, loans collectively evaluated for impairment $ 98,230 $ 29,405 $ 4,026 $ 4,793 $ 2,296 $ 2,224 $ 140,974 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 59,748 $ 15,796 $ — $ 4,763 $ 12,761 $ 318 $ 93,386 Ending balance, loans collectively evaluated for impairment 8,130,882 2,888,258 357,258 371,978 125,973 202,749 12,077,098 Total recorded investment in loans $ 8,190,630 $ 2,904,054 $ 357,258 $ 376,741 $ 138,734 $ 203,067 $ 12,170,484 (1) Refer to Note 4 for additional information regarding impaired loans. | |
Reserve For Unfunded Commitments | Reserve for Unfunded Commitments (1) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 11,759 $ 12,274 Provision for unfunded commitments 595 376 Balance at end of period $ 12,354 $ 12,650 Unfunded commitments, excluding covered assets, at period end $ 6,361,917 $ 6,096,084 (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 share agreement with the FDIC. | |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
GOODWILL AND OTHER INTANGIBLE30
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Carrying Amount of Goodwill By Operating Segment | Carrying Amount of Goodwill by Operating Segment (Amounts in thousands) March 31, December 31, 2015 Banking $ 81,755 $ 81,755 Asset management 12,286 12,286 Total goodwill $ 94,041 $ 94,041 |
Other Intangible Assets | Other Intangible Assets (Dollars in thousands) Three Months Ended March 31, 2016 Year Ended December 31, 2015 Core deposit intangibles: Gross carrying amount $ 12,378 $ 18,093 Accumulated amortization 9,924 15,140 Net carrying amount $ 2,454 $ 2,953 Amortization during the period $ 499 $ 2,270 Weighted average remaining life (in years) 1.3 1.5 Client relationships: Gross carrying amount $ 1,459 $ 2,002 Accumulated amortization 1,023 1,525 Net carrying amount $ 436 $ 477 Amortization during the period $ 41 $ 185 Weighted average remaining life (in years) 4.8 5.1 |
Scheduled Amortization of Other Intangible Assets | Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2016 - remaining nine months $ 1,621 2017 1,125 2018 98 2019 28 2020 15 2021 and thereafter 3 Total $ 2,890 |
DEPOSITS DEPOSITS (Tables)
DEPOSITS DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Summary of Deposits | Summary of Deposits (Amounts in thousands) March 31, 2016 December 31, 2015 Noninterest-bearing demand deposits $ 4,338,177 $ 4,355,700 Interest-bearing demand deposits 1,445,368 1,503,372 Savings deposits 410,891 377,191 Money market accounts 6,132,695 5,919,252 Time deposits (1) 2,137,738 2,190,077 Total deposits $ 14,464,869 $ 14,345,592 (1) Time deposits with a minimum denomination of $250,000 totaled $1.2 billion and $1.3 billion at March 31, 2016 and December 31, 2015 , respectively. |
Scheduled Maturities of Time Deposits | Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year Ended December 31, 2016: Second quarter $ 333,830 Third quarter 465,437 Fourth quarter 291,580 2017 540,119 2018 169,852 2019 92,853 2020 228,566 2021 and thereafter 15,501 Total $ 2,137,738 |
Maturities of Time Deposits of $100,000 or More | Maturities of Time Deposits of $100,000 or More (Amounts in thousands) March 31, 2016 Maturing within 3 months $ 282,136 After 3 but within 6 months 429,322 After 6 but within 12 months 434,489 After 12 months 720,659 Total $ 1,866,606 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Summary Of Short-Term Borrowings | Summary of Short-Term Borrowings (Dollars in thousands) March 31, 2016 December 31, 2015 Amount Rate Amount Rate Outstanding: FHLB advances $ 600,000 0.22 % $ 370,000 0.16 % Other borrowings — — % 250 0.20 % Secured borrowings 2,365 4.00 % 2,217 4.00 % Total short-term borrowings $ 602,365 $ 372,467 Unused Availability: Federal funds (1) $ 580,500 $ 630,500 FRB discount window primary credit program (2) 369,811 384,419 FHLB advances (3) 1,237,847 1,481,102 Revolving line of credit 60,000 60,000 (1) Our total availability of overnight Federal fund (“Fed funds”) 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. (3) As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2016 , our borrowing capacity was $2.2 billion , of which $1.2 billion is available, subject to making the required additional investment in FHLB Chicago stock |
LONG-TERM DEBT Long-Term Debt (
LONG-TERM DEBT Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt (Dollars in thousands) Rate Type Current Rate Maturity March 31, December 31, Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.29% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.34% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.13% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,586 66,576 Subordinated debt facility (3)(4) Fixed 7.125% 2042 120,619 120,606 Subtotal 288,238 288,215 Subsidiaries: FHLB advances Floating, FHLBC overnight discount note index + 0.065% 0.16% 2017 350,000 350,000 FHLB advances (5)(6) Fixed 3.58% - 4.68% 2019 50,000 50,000 Total long-term debt $ 688,238 $ 688,215 (1) 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 could be subject to phase-out due to certain acquisitions. (2) Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015 . (3) Net of deferred financing costs of $4.4 million at both March 31, 2016 and December 31, 2015 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at both March 31, 2016 and December 31, 2015 . (6) Amounts reported at March 31, 2016 and December 31, 2015 include three long-term advances totaling $45.0 million with a weighted average interest rate of 3.66% . The advances provide for a one-time option, two years from the issuance date, to increase the amount outstanding up to $150.0 million each at the same fixed rate as the original advance. The advances include a prepayment feature and are subject to a prepayment fee. |
Scheduled Maturities of Long-Term Debt | Scheduled Maturities of Long-Term Debt (Amounts in thousands) Total Year Ended December 31, 2017 $ 350,000 2019 50,000 2021 and thereafter 288,238 Total $ 688,238 |
JUNIOR SUBORDINATED DEFERRABL34
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 Issued (1) Principal Amount of Debentures (1) Issuance Date Coupon Rate (2) Maturity March 31, Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.29 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.34 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.13 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,586 (3 ) Total $ 3,038 $ 166,750 $ 167,619 (1) The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. (2) Reflects the coupon rate in effect at March 31, 2016 . The coupon rate for Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65% . The coupon rates for 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 PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities 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) Net of deferred financing costs of $2.2 million at March 31, 2016 . |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Change in Accumulated Other Comprehensive Income by Component | Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Three Months Ended March 31, 2016 2015 Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Balance at beginning of period $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 Increase in unrealized gains on securities 18,930 — 18,930 8,590 — 8,590 Increase in unrealized gains on cash flow hedges — 12,008 12,008 — 8,630 8,630 Tax expense on increase in unrealized gains (7,284 ) (4,646 ) (11,930 ) (3,358 ) (3,369 ) (6,727 ) Other comprehensive income before reclassifications 11,646 7,362 19,008 5,232 5,261 10,493 Reclassification adjustment of net gains included in net income (1) (531 ) (2,190 ) (2,721 ) (534 ) (2,538 ) (3,072 ) Reclassification adjustment for tax expense on realized net gains (2) 205 847 1,052 210 999 1,209 Amounts reclassified from AOCI (326 ) (1,343 ) (1,669 ) (324 ) (1,539 ) (1,863 ) Net current period other comprehensive income 11,320 6,019 17,339 4,908 3,722 8,630 Balance at end of period $ 25,368 $ 9,230 $ 34,598 $ 24,356 $ 5,191 $ 29,547 (1) The amounts reclassified from AOCI for the available-for-sale securities are reported 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 (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Basic and Diluted Earnings Per Common Share | Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Three Months Ended March 31, 2016 2015 Basic earnings per common share Net income $ 49,552 $ 41,484 Net income allocated to participating stockholders (1) (425 ) (463 ) Net income allocated to common stockholders $ 49,127 $ 41,021 Weighted-average common shares outstanding 78,550 77,407 Basic earnings per common share $ 0.63 $ 0.53 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 49,134 $ 41,028 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 78,550 77,407 Dilutive effect of stock awards (3) 1,306 1,105 Weighted-average diluted common shares outstanding 79,856 78,512 Diluted earnings per common share $ 0.62 $ 0.52 (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, restricted stock and performance share 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 earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. (3) For the three months ended March 31, 2016 and 2015 , the weighted-average outstanding non-participating securities of 462,899 and 730,502 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) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Income Tax Provision Analysis | Income Tax Provision Analysis (Dollars in thousands) Three Months Ended March 31, 2016 2015 Income before income taxes $ 76,225 $ 66,718 Income tax provision: Current income tax provision $ 25,373 $ 21,540 Deferred income tax provision 1,300 3,694 Total income tax provision $ 26,673 $ 25,234 Effective tax rate 35.0 % 37.8 % |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Notional Amounts and Fair Value of Derivative Instruments | Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Derivatives designated as hedging instruments: Interest rate contracts $ 600,000 $ 11,933 $ 675,000 $ 5,366 $ — $ — $ 125,000 $ 799 Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 3,954,076 $ 67,366 $ 3,933,977 $ 41,734 $ 3,954,076 $ 70,519 $ 3,933,977 $ 43,001 Foreign exchange contracts 157,883 4,893 155,914 5,008 149,408 4,112 127,664 4,274 Risk participation agreements (1) 88,000 11 84,216 6 78,570 24 111,269 27 Total client-related derivatives $ 72,270 $ 46,748 $ 74,655 $ 47,302 Other end-user derivatives: Foreign exchange contracts $ 15,968 $ 38 $ 28,058 $ 220 $ 18,777 $ 330 $ 4,486 $ 3 Mortgage banking derivatives 248 519 290 181 Warrants 146 — — — Total other end-user derivatives $ 432 $ 739 $ 620 $ 184 Total derivatives not designated as hedging instruments $ 72,702 $ 47,487 $ 75,275 $ 47,486 Netting adjustments (2) (18,229 ) (12,238 ) (52,777 ) (30,056 ) Total derivatives $ 66,406 $ 40,615 $ 22,498 $ 18,229 (1) The remaining average notional amounts are shown for risk participation agreements. (2) Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. |
Risk Participation Agreements | Risk Participation Agreements (Dollars in thousands) March 31, December 31, Fair value of written RPAs $ 24 $ 27 Range of remaining terms to maturity (in years) Less than 1 to 4 Less than 1 to 5 Range of assigned internal risk ratings 2 to 7 2 to 7 Maximum potential amount of future undiscounted payments $ 3,479 $ 3,937 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 44 % 43 % |
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) Location in Consolidated Statement of Income Three Months Ended March 31, 2016 2015 Gain on client-related derivatives: Interest rate contracts Capital markets income $ 3,531 $ 2,363 Foreign exchange contracts Capital markets income 1,660 1,753 RPAs Capital markets income 8 56 Total client-related derivatives 5,199 4,172 (Loss) gain on end-user derivatives: Foreign exchange contracts Other income, service and charges income (504 ) 1,050 Mortgage banking derivatives Mortgage banking income (513 ) (40 ) Warrants Other income, service and charges income 146 — Total end-user derivatives (871 ) 1,010 Total net gain recognized on derivatives not designated in hedging relationship $ 4,328 $ 5,182 |
BALANCE SHEET OFFSETTING BALA39
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Offsetting of Financial Assets and Liabilities | Offsetting of Financial Assets and Liabilities (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities 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 March 31, 2016 Financial assets: Derivatives (1) : Interest rate contracts $ 79,299 $ (15,644 ) $ 63,655 $ — $ — $ 63,655 Foreign exchange contracts 3,488 (2,579 ) 909 (74 ) — 835 RPAs 11 — 11 — — 11 Mortgage banking derivatives 6 (6 ) — — — — Total derivatives subject to a master netting agreement 82,804 (18,229 ) 64,575 (74 ) — 64,501 Total derivatives not subject to a master netting agreement 1,831 — 1,831 — — 1,831 Total derivatives $ 84,635 $ (18,229 ) $ 66,406 $ (74 ) $ — $ 66,332 Financial liabilities: Derivatives (1) : Interest rate contracts $ 70,519 $ (51,170 ) $ 19,349 $ (15,124 ) $ — $ 4,225 Foreign exchange contracts 3,036 (1,601 ) 1,435 (1,121 ) — 314 RPAs 24 — 24 (19 ) — 5 Mortgage banking derivatives 156 (6 ) 150 — — 150 Total derivatives subject to a master netting agreement 73,735 (52,777 ) 20,958 (16,264 ) — 4,694 Total derivatives not subject to a master netting agreement 1,540 — 1,540 — — 1,540 Total derivatives $ 75,275 $ (52,777 ) $ 22,498 $ (16,264 ) $ — $ 6,234 (1) All derivative contracts are over-the-counter contracts. (2) Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. (3) Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. (4) Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. Offsetting of Financial Assets and Liabilities (Continued) (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities 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, 2015 Financial assets: Derivatives (1) : Interest rate contracts $ 47,100 $ (8,970 ) $ 38,130 $ (55 ) $ — $ 38,075 Foreign exchange contracts 4,059 (3,254 ) 805 (88 ) — 717 RPAs 6 — 6 — — 6 Mortgage banking derivatives 34 (14 ) 20 — — 20 Total derivatives subject to a master netting agreement 51,199 (12,238 ) 38,961 (143 ) — 38,818 Total derivatives not subject to a master netting agreement 1,654 — 1,654 — — 1,654 Total derivatives $ 52,853 $ (12,238 ) $ 40,615 $ (143 ) $ — $ 40,472 Financial liabilities: Derivatives (1) : Interest rate contracts $ 43,800 $ (28,574 ) $ 15,226 $ (10,475 ) $ — $ 4,751 Foreign exchange contracts 2,287 (1,458 ) 829 (570 ) — 259 RPAs 27 (10 ) 17 (12 ) — 5 Mortgage banking derivatives 14 (14 ) — — — — Total derivatives subject to a master netting agreement 46,128 (30,056 ) 16,072 (11,057 ) — 5,015 Total derivatives not subject to a master netting agreement 2,157 — 2,157 — — 2,157 Total derivatives $ 48,285 $ (30,056 ) $ 18,229 $ (11,057 ) $ — $ 7,172 (1) All derivative contracts are over-the-counter contracts. (2) Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. (3) Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. (4) Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. |
COMMITMENTS, GUARANTEES, AND 40
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Contractual Or Notional Amounts Of Financial Instruments | Contractual or Notional Amounts of Financial Instruments (1) (Amounts in thousands) March 31, December 31, Commitments to extend credit: Home equity lines $ 12,089 $ 1,338 Residential 1-4 family construction 42,015 47,504 Commercial real estate, other construction, and land development 1,225,183 1,321,123 Commercial and industrial 3,997,468 4,191,895 All other commitments 692,836 508,096 Total commitments to extend credit $ 5,969,591 $ 6,069,956 Letters of credit: Financial standby $ 354,471 $ 365,760 Performance standby 43,741 38,264 Commercial letters of credit 3,723 3,999 Total letters of credit $ 401,935 $ 408,023 (1) Includes covered loan commitments of $9.6 million and $9.7 million as of March 31, 2016 , and December 31, 2015 , respectively. |
ESTIMATED FAIR VALUE OF FINAN41
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Fair Value Measurements on a Recurring Basis | Fair Value Measurements on a Recurring Basis (Amounts in thousands) March 31, 2016 December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Securities available-for sale: U.S. Treasury $ 350,905 $ — $ — $ 350,905 $ 321,651 $ — $ — $ 321,651 U.S. Agencies — 46,787 — 46,787 — 46,098 — 46,098 Collateralized mortgage obligations — 93,585 — 93,585 — 99,972 — 99,972 Residential mortgage-backed securities — 878,065 — 878,065 — 829,855 — 829,855 State and municipal securities — 462,506 — 462,506 — 467,160 630 467,790 Total securities available-for-sale 350,905 1,480,943 — 1,831,848 321,651 1,443,085 630 1,765,366 Mortgage loans held-for-sale — 15,568 — 15,568 — 35,704 — 35,704 Derivative assets: Interest rate contract derivatives designated as hedging instruments — 11,933 — 11,933 — 5,366 — 5,366 Client-related derivatives — 71,822 448 72,270 — 46,342 406 46,748 Other end-user derivatives — 44 388 432 — 254 485 739 Netting adjustments — (18,161 ) (68 ) (18,229 ) — (12,167 ) (71 ) (12,238 ) Total derivative assets — 65,638 768 66,406 — 39,795 820 40,615 Total assets $ 350,905 $ 1,562,149 $ 768 $ 1,913,822 $ 321,651 $ 1,518,584 $ 1,450 $ 1,841,685 Liabilities: Derivative liabilities: Interest rate contract derivatives designated as hedging instruments $ — $ — $ — $ — $ — $ 799 $ — $ 799 Client-related derivatives — 74,563 92 74,655 — 47,204 98 47,302 Other end-user derivatives — 486 134 620 — 17 167 184 Netting adjustments — (52,709 ) (68 ) (52,777 ) — (29,974 ) (82 ) (30,056 ) Total derivative liabilities $ — $ 22,340 $ 158 $ 22,498 $ — $ 18,046 $ 183 $ 18,229 |
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) (Amounts in thousands) Three Months Ended March 31, 2016 2015 Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Derivative Assets Derivative (Liabilities) Balance at beginning of period $ 630 $ 891 $ (265 ) $ 1,412 $ (676 ) Total gains: Included in earnings (2) 30 409 (286 ) 312 (24 ) Purchases, issuances, sales and settlements: Issuances — 420 — — — Settlements (660 ) (903 ) 325 (500 ) 147 Transfers into Level 3 (out of Level 2) (3) — 26 — 884 (160 ) Transfers out of Level 3 (into Level 2) (3) — (7 ) — (354 ) 8 Balance at end of period $ — $ 836 $ (226 ) $ 1,754 $ (705 ) Change in unrealized gains in earnings relating to assets and liabilities still held at end of period $ — $ 147 $ 16 $ 241 $ 24 (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 and mortgage banking income for interest rate lock commitments. (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. |
Difference Between Aggregate Fair Value And Aggregate Remaining Principal 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 (Amounts in thousands) March 31, December 31, Aggregate fair value $ 15,568 $ 35,704 Difference (1) (68 ) 301 Aggregate unpaid principal balance $ 15,500 $ 36,005 (1) The change in fair value is reflected in mortgage banking non-interest income. |
Fair Value Measurements on a Nonrecurring Basis | Fair Value Measurements on a Nonrecurring Basis (Amounts in thousands) Fair Value Net (Gains) Losses March 31, For the Three Months Ended March 31, 2016 2015 2016 2015 Collateral-dependent impaired loans (1) $ 22,968 $ 27,234 $ (1,377 ) $ (1,653 ) OREO (2) 2,838 5,128 588 935 Total $ 25,806 $ 32,362 $ (789 ) $ (718 ) (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) 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 property expenses in the consolidated statements of income. |
Quantitative Information Regarding Level 3 Fair Value Measurements | Quantitative Information Regarding Level 3 Fair Value Measurements (Dollars in thousands) Financial Instrument: Fair Value of Assets / (Liabilities) at March 31, 2016 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 369 Discounted cash flow Loss factors 3.7% to 22.7% 14.5 % RPAs $ (13 ) (1) Discounted cash flow Loss factors 0.2% to 22.7% 4.5 % Interest rate lock commitments $ 265 Discounted cash flow Pull-through rate 68.3% to 100.0% 83.0 % Warrants $ 146 Black-Scholes option pricing model Estimated stock price $0.71 to $13.97 $ 9.47 Remaining life assumption 5 years 5 years Volatility 23.4% to 72.0% 60.8 % (1) Represents fair value of underlying swap. |
Financial Instruments | Financial Instruments (Amounts in thousands) As of March 31, 2016 Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 133,001 $ 133,001 $ 133,001 $ — $ — Federal funds sold and interest-bearing deposits in banks 337,465 337,465 — 337,465 — Loans held-for-sale 64,029 64,029 — 64,029 — Securities available-for-sale 1,831,848 1,831,848 350,905 1,480,943 — Securities held-to-maturity 1,456,760 1,474,643 — 1,474,643 — FHLB stock 38,113 38,113 — 38,113 — Loans, net of allowance for loan losses and unearned fees 13,292,309 13,060,530 — — 13,060,530 Covered assets, net of allowance for covered loan losses 20,243 25,469 — — 25,469 Accrued interest receivable 47,349 47,349 — — 47,349 Investment in BOLI 57,011 57,011 — — 57,011 Derivative assets 66,406 66,406 — 65,638 768 Community reinvestment investments 16,194 16,831 — 16,831 — Financial Liabilities: Deposits $ 14,464,869 $ 14,476,940 $ — $ 12,327,130 $ 2,149,810 Short-term borrowings 602,365 602,349 — 599,994 2,355 Long-term debt 688,238 660,432 200,258 400,066 60,108 Accrued interest payable 6,630 6,630 — — 6,630 Derivative liabilities 22,498 22,498 — 22,340 158 Financial Instruments (Continued) (Amounts in thousands) As of December 31, 2015 Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 145,147 $ 145,147 $ 145,147 $ — $ — Federal funds sold and interest-bearing deposits in banks 238,511 238,511 — 238,511 — Loans held-for-sale 108,798 108,798 — 108,798 — Securities available-for-sale 1,765,366 1,765,366 321,651 1,443,085 630 Securities held-to-maturity 1,355,283 1,351,241 — 1,351,241 — FHLB stock 26,613 26,613 — 26,613 — Loans, net of allowance for loan losses and unearned fees 13,105,739 12,929,340 — — 12,929,340 Covered assets, net of allowance for covered loan losses 21,242 26,758 — — 26,758 Accrued interest receivable 45,482 45,482 — — 45,482 Investment in BOLI 56,653 56,653 — — 56,653 Derivative assets 40,615 40,615 — 39,795 820 Community reinvestment investments 15,602 15,812 — 15,812 — Financial Liabilities: Deposits $ 14,345,592 $ 14,348,272 $ — $ 12,155,516 $ 2,192,756 Short-term borrowings 372,467 372,451 — 370,244 2,207 Long-term debt 688,215 669,210 207,750 398,146 63,314 Accrued interest payable 7,080 7,080 — — 7,080 Derivative liabilities 18,229 18,229 — 18,046 183 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Operating Segments Performance | Operating Segments Performance (Amounts in thousands) Three Months Ended March 31, Banking Asset Management Holding Company and Other Adjustments Consolidated 2016 2015 2016 2015 2016 2015 2016 2015 Net interest income (expense) $ 144,107 $ 126,498 $ 1,248 $ 899 $ (5,837 ) $ (5,404 ) $ 139,518 $ 121,993 Provision for loan and covered loan losses 6,402 5,646 — — — — 6,402 5,646 Non-interest income 28,861 29,138 4,724 4,363 17 15 33,602 33,516 Non-interest expense 83,098 75,935 4,569 4,312 2,826 2,898 90,493 83,145 Income (loss) before taxes 83,468 74,055 1,403 950 (8,646 ) (8,287 ) 76,225 66,718 Income tax provision (benefit) 29,384 27,937 543 374 (3,254 ) (3,077 ) 26,673 25,234 Net income (loss) $ 54,084 $ 46,118 $ 860 $ 576 $ (5,392 ) $ (5,210 ) $ 49,552 $ 41,484 Banking Holding Company and Other Adjustments (1) Consolidated 3/31/2016 12/31/2015 3/31/2016 12/31/2015 3/31/2016 12/31/2015 Selected Balances Assets $ 15,661,462 $ 15,314,801 $ 2,005,910 $ 1,938,047 $ 17,667,372 $ 17,252,848 Total loans 13,457,665 13,266,475 — — 13,457,665 13,266,475 Deposits 14,515,263 14,407,127 (50,394 ) (61,535 ) 14,464,869 14,345,592 (1) 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) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Nonconsolidated Variable Interest Entities | Nonconsolidated VIEs (Amounts in thousands) March 31, 2016 December 31, 2015 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,619 $ — $ 169,788 $ — Community reinvestment investments and loans (2) 46,980 56,194 41,020 44,191 Restructured loans to commercial clients (2) : Outstanding loan balance 54,969 72,562 47,178 56,854 Related derivative asset 153 153 81 81 Warrants 13 13 — — Total $ 269,734 $ 128,922 $ 258,067 $ 101,126 (1) Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015 . (2) Excludes personal loans and loans to non-for-profit entities. |
Affordable Housing Tax Credit Investments | Affordable Housing Tax Credit Investments (Amounts in thousands) For the Three Months Ended March 31, 2016 2015 Tax credits $ 430 $ 150 Tax benefits from operating losses 147 54 Amortization of principal investment $ 443 $ 135 |
Securities (Securities Portfoli
Securities (Securities Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | $ 1,790,177 | $ 1,742,094 |
Securities Available-for-Sale, Gross Unrealized Gains | 42,110 | 28,463 |
Securities Available-for-Sale, Gross Unrealized Losses | (439) | (5,191) |
Securities available-for-sale, at fair value | 1,831,848 | 1,765,366 |
Securities Held-to-Maturity, Amortized Cost | 1,456,760 | 1,355,283 |
Securities Held-to-Maturity, Gross Unrealized Gains | 19,269 | 5,308 |
Securities Held-to-Maturity, Gross Unrealized Losses | (1,386) | (9,350) |
Securities Held-to-Maturity, Fair Value | 1,474,643 | 1,351,241 |
U.S. Treasury [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 347,700 | 322,922 |
Securities Available-for-Sale, Gross Unrealized Gains | 3,223 | 30 |
Securities Available-for-Sale, Gross Unrealized Losses | (18) | (1,301) |
Securities available-for-sale, at fair value | 350,905 | 321,651 |
U.S. Agencies [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 46,390 | 46,504 |
Securities Available-for-Sale, Gross Unrealized Gains | 397 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | 0 | (406) |
Securities available-for-sale, at fair value | 46,787 | 46,098 |
Collateralized mortgage obligations [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 90,496 | 97,260 |
Securities Available-for-Sale, Gross Unrealized Gains | 3,099 | 2,784 |
Securities Available-for-Sale, Gross Unrealized Losses | (10) | (72) |
Securities available-for-sale, at fair value | 93,585 | 99,972 |
Securities Held-to-Maturity, Amortized Cost | 49,013 | 50,708 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (784) | (1,729) |
Securities Held-to-Maturity, Fair Value | 48,229 | 48,979 |
Residential mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 856,515 | 817,006 |
Securities Available-for-Sale, Gross Unrealized Gains | 21,822 | 15,870 |
Securities Available-for-Sale, Gross Unrealized Losses | (272) | (3,021) |
Securities available-for-sale, at fair value | 878,065 | 829,855 |
Securities Held-to-Maturity, Amortized Cost | 1,154,838 | 1,069,746 |
Securities Held-to-Maturity, Gross Unrealized Gains | 14,799 | 4,809 |
Securities Held-to-Maturity, Gross Unrealized Losses | (315) | (4,983) |
Securities Held-to-Maturity, Fair Value | 1,169,322 | 1,069,572 |
Commercial mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Securities Held-to-Maturity, Amortized Cost | 247,980 | 229,722 |
Securities Held-to-Maturity, Gross Unrealized Gains | 4,470 | 499 |
Securities Held-to-Maturity, Gross Unrealized Losses | (215) | (2,158) |
Securities Held-to-Maturity, Fair Value | 252,235 | 228,063 |
State and municipal securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 449,076 | 458,402 |
Securities Available-for-Sale, Gross Unrealized Gains | 13,569 | 9,779 |
Securities Available-for-Sale, Gross Unrealized Losses | (139) | (391) |
Securities available-for-sale, at fair value | 462,506 | 467,790 |
Securities Held-to-Maturity, Amortized Cost | 254 | 254 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Fair Value | 254 | 254 |
Foreign sovereign debt [Member] | ||
Investment [Line Items] | ||
Securities Held-to-Maturity, Amortized Cost | 500 | 500 |
Securities Held-to-Maturity, Fair Value | 500 | 500 |
Other securities [Member] | ||
Investment [Line Items] | ||
Securities Held-to-Maturity, Amortized Cost | 4,175 | 4,353 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (72) | (480) |
Securities Held-to-Maturity, Fair Value | $ 4,103 | $ 3,873 |
Securities (Narrative) (Detail)
Securities (Narrative) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2016 | |
Disclosure Securities Narrative [Abstract] | ||
Available-for-sale and held-to-maturity securities, pledged, carrying value | $ 421,900,000 | $ 437,900,000 |
Securities pledged as collateral which may be sold or re-pledged by the secured party | 100,200,000 | 104,700,000 |
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 | $ 248,500,000 | $ 192,200,000 |
Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Aggregate Losses | 5,800,000 | 1,400,000 |
Available for sale securities, amortized cost before other than temporary impairment | 1,100,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 466,000 | |
Non-marketable CRA qualified investments | $ 54,200,000 | $ 53,900,000 |
Securities (Securities In Unrea
Securities (Securities In Unrealized Loss Position) (Detail) $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Investment [Line Items] | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 89,515 | $ 617,468 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (183) | (3,060) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 88,220 | 104,791 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (256) | (2,131) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 177,735 | 722,259 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | (439) | (5,191) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 85,019 | 644,702 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (239) | (5,662) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 103,982 | 143,669 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,147) | (3,688) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 189,001 | 788,371 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,386) | $ (9,350) |
U.S. Treasury [Member] | ||
Investment [Line Items] | ||
Securities Available-for-sale, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 0 | 11 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 271,006 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ 0 | $ (1,081) |
Securities Available-for-sale, Continuous Unrealized Loss Position, Greater than or Equal to One Year, Number of Securities | 1 | 1 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 25,856 | $ 25,773 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (18) | (220) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 25,856 | 296,779 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (18) | $ (1,301) |
U.S. Agencies [Member] | ||
Investment [Line Items] | ||
Securities Available-for-sale, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 3 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 46,098 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (406) | |
Securities Available-for-sale, Continuous Unrealized Loss Position, Greater than or Equal to One Year, Number of Securities | 0 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | 0 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 46,098 | |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (406) | |
Collateralized mortgage obligations [Member] | ||
Investment [Line Items] | ||
Securities Available-for-sale, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 2 | 6 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 1,249 | $ 7,528 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (4) | $ (72) |
Securities Available-for-sale, Continuous Unrealized Loss Position, Greater than or Equal to One Year, Number of Securities | 1 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 1,801 | $ 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (6) | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 3,050 | 7,528 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (10) | $ (72) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 0 | 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 0 | $ 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position,Greater than or Equal to One Year, Number of Securities | 4 | 4 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 48,229 | $ 48,979 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (784) | (1,729) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 48,229 | 48,979 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (784) | $ (1,729) |
Residential mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-sale, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 3 | 28 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 70,815 | $ 243,862 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (51) | $ (1,148) |
Securities Available-for-sale, Continuous Unrealized Loss Position, Greater than or Equal to One Year, Number of Securities | 5 | 5 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 57,848 | $ 75,533 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (221) | (1,873) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 128,663 | 319,395 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (272) | $ (3,021) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 7 | 48 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 70,469 | $ 512,395 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ (48) | $ (3,680) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position,Greater than or Equal to One Year, Number of Securities | 9 | 10 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 32,497 | $ 57,340 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (267) | (1,303) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 102,966 | 569,735 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (315) | $ (4,983) |
Commercial mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 3 | 35 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 10,447 | $ 128,434 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ (119) | $ (1,502) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position,Greater than or Equal to One Year, Number of Securities | 8 | 12 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 23,256 | $ 37,350 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (96) | (656) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 33,703 | 165,784 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (215) | $ (2,158) |
State and municipal securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-sale, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 30 | 95 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 17,451 | $ 48,974 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (128) | $ (353) |
Securities Available-for-sale, Continuous Unrealized Loss Position, Greater than or Equal to One Year, Number of Securities | 9 | 12 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 2,715 | $ 3,485 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (11) | (38) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 20,166 | 52,459 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (139) | $ (391) |
Other securities [Member] | ||
Investment [Line Items] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than One Year, Number of Securities | 1 | 1 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 4,103 | $ 3,873 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | $ (72) | (480) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position,Greater than or Equal to One Year, Number of Securities | 0 | |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 4,103 | 3,873 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (72) | $ (480) |
Securities (Remaining Contractu
Securities (Remaining Contractual Maturity Of Securities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Available-For-Sale Securities, Amortized Cost | $ 1,790,177 | $ 1,742,094 |
Securities available-for-sale, at fair value | 1,831,848 | 1,765,366 |
Securities Held-to-Maturity, Amortized Cost | 1,456,760 | 1,355,283 |
Securities Held-to-Maturity, Fair Value | 1,474,643 | 1,351,241 |
U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities [Member] | ||
Investment [Line Items] | ||
Available-For-Sale Securities, One year or less, Amortized Cost | 14,462 | |
Available-For-Sale Securities, One year to five years, Amortized Cost | 564,970 | |
Available-For-Sale Securities, Five years to ten years, Amortized Cost | 234,094 | |
Available-For-Sale Securities, After ten years, Amortized Cost | 29,640 | |
Available-For-Sale Securities, One year or less, Fair Value | 14,582 | |
Available-For-Sale Securities, One year to five years, Fair Value | 572,917 | |
Available-For-Sale Securities, Five years to ten years, Fair Value | 242,280 | |
Available-For-Sale Securities, After ten years, Fair value | 30,419 | |
Held-to-Maturity Securities, One year or less, Amortized Cost | 132 | |
Held-to-Maturity Securities, One year to five years, Amortized Cost | 622 | |
Held-to-Maturity Securities, Five years to ten years, Amortized Cost | 4,175 | |
Held-to-Maturity Securities, After ten years, Amortized Cost | 0 | |
Held-to-Maturity Securities, One year or less, Fair Value | 132 | |
Held-to-Maturity Securities, One year to five years, Fair Value | 622 | |
Held-to-Maturity Securities, Five years to ten years, Fair Value | 4,103 | |
Held-to-Maturity Securities, After ten years, Fair Value | 0 | |
Collateralized mortgage obligations [Member] | ||
Investment [Line Items] | ||
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 90,496 | |
Available-For-Sale Securities, Amortized Cost | 90,496 | 97,260 |
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 93,585 | |
Securities available-for-sale, at fair value | 93,585 | 99,972 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 49,013 | |
Securities Held-to-Maturity, Amortized Cost | 49,013 | 50,708 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 48,229 | |
Securities Held-to-Maturity, Fair Value | 48,229 | 48,979 |
Residential mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 856,515 | |
Available-For-Sale Securities, Amortized Cost | 856,515 | 817,006 |
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 878,065 | |
Securities available-for-sale, at fair value | 878,065 | 829,855 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 1,154,838 | |
Securities Held-to-Maturity, Amortized Cost | 1,154,838 | 1,069,746 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 1,169,322 | |
Securities Held-to-Maturity, Fair Value | 1,169,322 | 1,069,572 |
Commercial mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 0 | |
Available-For-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 0 | |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 247,980 | |
Securities Held-to-Maturity, Amortized Cost | 247,980 | 229,722 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 252,235 | |
Securities Held-to-Maturity, Fair Value | $ 252,235 | $ 228,063 |
Securities (Securities Gains (L
Securities (Securities Gains (Losses)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Gain (Loss) on Investments [Line Items] | ||
Proceeds from sales | $ 26,682 | $ 28,931 |
Gross realized gains | 553 | 538 |
Gross realized losses | (22) | (4) |
Net realized gains (losses) | 531 | 534 |
Income tax provision (benefit) on net realized gains (losses) | $ 205 | $ 210 |
Loans and Credit Quality (Loan
Loans and Credit Quality (Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Loans [Line Items] | |||
Commercial and industrial | $ 6,812,596 | $ 6,747,389 | |
Commercial - owner-occupied CRE | 1,865,242 | 1,888,238 | |
Total commercial | 8,677,838 | 8,635,627 | |
Commercial real estate | 2,705,694 | 2,629,873 | |
Commercial real estate - multi-family | 764,292 | 722,637 | |
Total Commercial real estate | 3,469,986 | 3,352,510 | |
Construction | 537,304 | 522,263 | |
Residential real estate | 477,263 | 461,412 | |
Home equity | 126,096 | 129,317 | |
Personal | 169,178 | 165,346 | |
Total loans | 13,457,665 | 13,266,475 | $ 12,170,484 |
Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans | 51,424 | 48,009 | |
Overdrawn demand deposits included in total loans | $ 4,299 | $ 2,654 |
LOANS AND CREDIT QUALITY Loans
LOANS AND CREDIT QUALITY Loans and Credit Quality (Loans Held-For-Sale) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Mortgage loans held-for-sale | [1] | $ 15,568,000 | $ 35,704,000 |
Other loans held-for-sale | [2] | 48,461,000 | 73,094,000 |
Total loans held-for-sale | 64,029,000 | 108,798,000 | |
Non accrual loan [Member] | |||
Other loans held-for-sale | $ 583,000 | $ 667,000 | |
[1] | Comprised of 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 17 for additional information regarding mortgage loans held-for-sale. | ||
[2] | Amounts at March 31, 2016 and December 31, 2015, represent commercial, commercial real estate and construction loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $583,000 and $667,000 at March 31, 2016 and December 31, 2015, respectively. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Loans and Credit Quality (Narra
Loans and Credit Quality (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)risk_rating | Dec. 31, 2015USD ($) | |
Loans [Line Items] | ||
Loans and leases receivable, impaired, commitment to lend | $ | $ 17,600,000 | $ 9,700,000 |
Specific reserves on nonaccrual troubled debt restructurings | $ | 2,600,000 | 3,900,000 |
OREO Recorded Investment of Consumer Mortgage Loans Secured by Residential Real Estate Properties For Which Foreclosure Proceedings Are In Process | $ | 1,300,000 | 3,000,000 |
Covered Assets Recorded Investment of Properties For Which Foreclosure Proceedings Are In Process | $ | $ 718,000 | $ 775,000 |
Pass [Member] | Minimum [Member] | ||
Loans [Line Items] | ||
Loans receivable risk rating | 1 | |
Non-Performing Loans [Member] | Maximum [Member] | ||
Loans [Line Items] | ||
Loans receivable risk rating | 8 | |
Loan Rated Five [Member] | Maximum [Member] | ||
Loans [Line Items] | ||
Loans receivable risk rating | 5 | |
Special Mention [Member] | ||
Loans [Line Items] | ||
Loans receivable risk rating | 6 | |
Potential Problem and Non-Performing [Member] | ||
Loans [Line Items] | ||
Loans receivable risk rating | 7 |
Loans and Credit Quality (Carry
Loans and Credit Quality (Carrying Value Of Loans Pledged) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Loans pledged to secure outstanding borrowings or availability: [Abstract] | |||
Loans pledged to secure FRB discount window borrowings availability | [1] | $ 430,934 | $ 440,023 |
Loans pledged to secure FHLB advances | [2] | 4,096,673 | 4,133,942 |
Total | $ 4,527,607 | $ 4,573,965 | |
[1] | No borrowings were outstanding at March 31, 2016 and December 31, 2015. | ||
[2] | Refer to Notes 8 and 9 for additional information regarding FHLB advances. |
Loans and Credit Quality (Loa53
Loans and Credit Quality (Loan Portfolio Aging) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Loans [Line Items] | |||
Loan Portfolio Aging, Current | $ 13,382,863 | $ 13,203,659 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 13,398,595 | 13,212,726 | |
Loan Portfolio Aging, Nonaccrual | 59,070 | 53,749 | |
Total Commercial | 8,677,838 | 8,635,627 | |
Total Commercial real estate | 3,469,986 | 3,352,510 | |
Total Construction | 537,304 | 522,263 | |
Total Residential real estate | 477,263 | 461,412 | |
Total Home equity | 126,096 | 129,317 | |
Total Personal | 169,178 | 165,346 | |
Total loans | 13,457,665 | 13,266,475 | $ 12,170,484 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 14,772 | 7,452 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 960 | 1,615 | |
Commercial [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 8,624,851 | 8,595,150 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 8,636,464 | 8,602,833 | |
Loan Portfolio Aging, Nonaccrual | 41,374 | 32,794 | |
Total loans | 8,677,838 | 8,190,630 | |
Commercial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 11,496 | 6,641 | |
Commercial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 117 | 1,042 | |
Commercial real estate [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 3,459,778 | 3,343,714 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 3,461,744 | 3,344,009 | |
Loan Portfolio Aging, Nonaccrual | 8,242 | 8,501 | |
Total loans | 3,469,986 | 2,904,054 | |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,508 | 0 | |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 458 | 295 | |
Construction [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 537,304 | 522,263 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 537,304 | 522,263 | |
Loan Portfolio Aging, Nonaccrual | 0 | 0 | |
Total loans | 537,304 | 357,258 | |
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Residential real estate [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 471,645 | 455,764 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 473,363 | 456,650 | |
Loan Portfolio Aging, Nonaccrual | 3,900 | 4,762 | |
Total loans | 477,263 | 376,741 | |
Residential real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 1,718 | 613 | |
Residential real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 0 | 273 | |
Home equity [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 120,136 | 121,580 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 120,553 | 121,646 | |
Loan Portfolio Aging, Nonaccrual | 5,543 | 7,671 | |
Total loans | 126,096 | 138,734 | |
Home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 40 | 66 | |
Home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 377 | 0 | |
Personal [Member] | |||
Loans [Line Items] | |||
Loan Portfolio Aging, Current | 169,149 | 165,188 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Financing Receivables, Accruing Loans | 169,167 | 165,325 | |
Loan Portfolio Aging, Nonaccrual | 11 | 21 | |
Total loans | 169,178 | $ 203,067 | |
Personal [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 10 | 132 | |
Personal [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $ 8 | $ 5 |
Loans and Credit Quality (Impai
Loans and Credit Quality (Impaired Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | $ 92,595 | $ 79,104 | ||||
Recorded Investment With No Specific Reserve | 47,495 | 32,011 | ||||
Recorded Investment With Specific Reserve | 40,410 | 38,284 | ||||
Total Recorded Investment | 87,905 | [1] | 70,295 | $ 93,386 | [1] | |
Specific Reserve | 6,751 | [1] | 7,262 | 15,636 | [1] | |
Commercial [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 70,925 | 49,912 | ||||
Recorded Investment With No Specific Reserve | 43,043 | 27,300 | ||||
Recorded Investment With Specific Reserve | 25,161 | 20,020 | ||||
Total Recorded Investment | 68,204 | [1] | 47,320 | 59,748 | [1] | |
Specific Reserve | 4,671 | [1] | 4,458 | 10,643 | [1] | |
Commercial real estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 9,891 | 14,150 | ||||
Recorded Investment With No Specific Reserve | 1,855 | 2,085 | ||||
Recorded Investment With Specific Reserve | 6,387 | 6,416 | ||||
Total Recorded Investment | 8,242 | [1] | 8,501 | 15,796 | [1] | |
Specific Reserve | 1,062 | [1] | 1,156 | 2,201 | [1] | |
Construction [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Total Recorded Investment | [1] | 0 | 0 | |||
Specific Reserve | [1] | 0 | 0 | |||
Residential real estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 4,088 | 4,950 | ||||
Recorded Investment With No Specific Reserve | 0 | 0 | ||||
Recorded Investment With Specific Reserve | 3,900 | 4,762 | ||||
Total Recorded Investment | 3,900 | [1] | 4,762 | 4,763 | [1] | |
Specific Reserve | 243 | [1] | 539 | 430 | [1] | |
Home equity [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 7,680 | 10,071 | ||||
Recorded Investment With No Specific Reserve | 2,597 | 2,626 | ||||
Recorded Investment With Specific Reserve | 4,951 | 7,065 | ||||
Total Recorded Investment | 7,548 | [1] | 9,691 | 12,761 | [1] | |
Specific Reserve | 775 | [1] | 1,106 | 2,292 | [1] | |
Personal [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 11 | 21 | ||||
Recorded Investment With No Specific Reserve | 0 | 0 | ||||
Recorded Investment With Specific Reserve | 11 | 21 | ||||
Total Recorded Investment | 11 | [1] | 21 | 318 | [1] | |
Specific Reserve | $ 0 | [1] | $ 3 | $ 70 | [1] | |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Loans and Credit Quality (Avera
Loans and Credit Quality (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | $ 73,092 | $ 89,612 |
Interest Income Recognized | [1] | 347 | 209 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 51,994 | 53,048 |
Interest Income Recognized | [1] | 320 | 184 |
Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 8,495 | 17,897 |
Interest Income Recognized | [1] | 0 | 3 |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 4,129 | 4,979 |
Interest Income Recognized | [1] | 0 | 0 |
Home equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 8,429 | 13,332 |
Interest Income Recognized | [1] | 27 | 22 |
Personal [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 45 | 356 |
Interest Income Recognized | [1] | $ 0 | $ 0 |
[1] | Represents amounts while classified as impaired for the periods presented. |
Loans and Credit Quality (Credi
Loans and Credit Quality (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Loans [Line Items] | |||
Special Mention | $ 121,239 | $ 120,028 | |
Percentage of Special Mention to Portfolio Loan Type | 0.90% | 0.90% | |
Potential Problem Loans | $ 136,322 | $ 132,398 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.00% | 1.00% | |
Non-Performing Loans | $ 59,070 | $ 53,749 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.40% | 0.40% | |
Total Commercial | $ 8,677,838 | $ 8,635,627 | |
Total Commercial real estate | 3,469,986 | 3,352,510 | |
Total Construction | 537,304 | 522,263 | |
Total Residential real estate | 477,263 | 461,412 | |
Total Home equity | 126,096 | 129,317 | |
Total Personal | 169,178 | 165,346 | |
Total loans | 13,457,665 | 13,266,475 | $ 12,170,484 |
Commercial [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 111,224 | $ 85,217 | |
Percentage of Special Mention to Portfolio Loan Type | 1.30% | 1.00% | |
Potential Problem Loans | $ 129,776 | $ 124,654 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.50% | 1.40% | |
Non-Performing Loans | $ 41,374 | $ 32,794 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.50% | 0.40% | |
Total loans | $ 8,677,838 | 8,190,630 | |
Commercial real estate [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 2,600 | $ 27,580 | |
Percentage of Special Mention to Portfolio Loan Type | 0.10% | 0.80% | |
Potential Problem Loans | $ 119 | $ 121 | |
Non-Performing Loans | $ 8,242 | $ 8,501 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.20% | 0.30% | |
Total loans | $ 3,469,986 | 2,904,054 | |
Construction [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 0 | $ 0 | |
Percentage of Special Mention to Portfolio Loan Type | 0.00% | 0.00% | |
Potential Problem Loans | $ 0 | $ 0 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 0.00% | 0.00% | |
Non-Performing Loans | $ 0 | $ 0 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.00% | 0.00% | |
Total loans | $ 537,304 | 357,258 | |
Residential real estate [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 6,275 | $ 5,988 | |
Percentage of Special Mention to Portfolio Loan Type | 1.30% | 1.30% | |
Potential Problem Loans | $ 5,621 | $ 5,031 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 1.20% | 1.10% | |
Non-Performing Loans | $ 3,900 | $ 4,762 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 0.80% | 1.00% | |
Total loans | $ 477,263 | 376,741 | |
Home equity [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 555 | $ 623 | |
Percentage of Special Mention to Portfolio Loan Type | 0.40% | 0.50% | |
Potential Problem Loans | $ 789 | $ 2,451 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 0.60% | 1.90% | |
Non-Performing Loans | $ 5,543 | $ 7,671 | |
Percentage of Non-Performing Loans to Portfolio Loan Type | 4.40% | 5.90% | |
Total loans | $ 126,096 | 138,734 | |
Personal [Member] | |||
Loans [Line Items] | |||
Special Mention | $ 585 | $ 620 | |
Percentage of Special Mention to Portfolio Loan Type | 0.30% | 0.40% | |
Potential Problem Loans | $ 17 | $ 141 | |
Percentage of Potential Problem Loans to Portfolio Loan Type | 0.10% | ||
Non-Performing Loans | 11 | $ 21 | |
Total loans | $ 169,178 | $ 203,067 |
Loans and Credit Quality (Troub
Loans and Credit Quality (Troubled Debt Restructured Loans Outstanding) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Performing Financial Instruments [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | $ 28,835 | $ 16,546 | |
Performing Financial Instruments [Member] | Commercial [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 26,830 | 14,526 | |
Performing Financial Instruments [Member] | Commercial real estate [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Residential real estate [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Home equity [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 2,005 | 2,020 | |
Performing Financial Instruments [Member] | Personal [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Nonperforming Financial Instruments [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 33,902 | 39,171 |
Nonperforming Financial Instruments [Member] | Commercial [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 20,285 | 25,034 |
Nonperforming Financial Instruments [Member] | Commercial real estate [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 7,854 | 7,619 |
Nonperforming Financial Instruments [Member] | Residential real estate [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 0 | 1,341 |
Nonperforming Financial Instruments [Member] | Home equity [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 4,565 | 5,177 |
Nonperforming Financial Instruments [Member] | Personal [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | $ 1,198 | $ 0 |
[1] | Included in nonperforming loans. |
Loans and Credit Quality (Addit
Loans and Credit Quality (Additions To TDR During The Period) (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)borrower | Mar. 31, 2015USD ($)borrower | |||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 9 | 7 | ||
Recorded Investment, Post-Modification | $ 16,954 | [1] | $ 8,570 | |
Change in recorded investment due to principal paydown (advances) at time of modification | $ 94 | |||
Extension of maturity date [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 3 | 3 | |
Recorded Investment, Post-Modification | [2] | $ 839 | [1] | $ 4,054 |
Other concession [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 6 | 4 | |
Recorded Investment, Post-Modification | [3] | $ 16,115 | [1] | $ 4,516 |
Commercial [Member] | Performing Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 1 | ||
Recorded Investment, Post-Modification | $ 15,227 | $ 2,394 | ||
Commercial [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 1 | ||
Recorded Investment, Post-Modification | $ 762 | $ 666 | ||
Commercial [Member] | Extension of maturity date [Member] | Performing Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 0 | 1 | |
Recorded Investment, Post-Modification | [2] | $ 0 | $ 2,394 | |
Commercial [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 2 | 0 | |
Recorded Investment, Post-Modification | [2] | $ 762 | $ 0 | |
Commercial [Member] | Other concession [Member] | Performing Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 2 | 0 | |
Recorded Investment, Post-Modification | [3] | $ 15,227 | $ 0 | |
Commercial [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 0 | 1 | |
Recorded Investment, Post-Modification | [3] | $ 0 | $ 666 | |
Commercial real estate [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 3 | ||
Recorded Investment, Post-Modification | $ 768 | $ 5,433 | ||
Commercial real estate [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 1 | 2 | |
Recorded Investment, Post-Modification | [2] | $ 77 | $ 1,660 | |
Commercial real estate [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 1 | 1 | |
Recorded Investment, Post-Modification | [3] | $ 691 | $ 3,773 | |
Residential real estate [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 1 | |||
Recorded Investment, Post-Modification | $ 73 | |||
Residential real estate [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 0 | ||
Recorded Investment, Post-Modification | [2] | $ 0 | ||
Residential real estate [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 1 | ||
Recorded Investment, Post-Modification | [3] | $ 73 | ||
Home equity [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 2 | ||
Recorded Investment, Post-Modification | $ 124 | $ 77 | ||
Home equity [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 0 | 0 | |
Recorded Investment, Post-Modification | [2] | $ 0 | $ 0 | |
Home equity [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | ||||
Additions to TDR During The Period [Line Items] | ||||
Financing Receivable, Modifications, Number of Loans | borrower | [3] | 2 | 2 | |
Recorded Investment, Post-Modification | [3] | $ 124 | $ 77 | |
[1] | . | |||
[2] | Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. | |||
[3] | Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. |
LOANS AND CREDIT QUALITY Loan59
LOANS AND CREDIT QUALITY Loans and Credit Quality (OREO Composition) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 14,806 | $ 7,273 |
Single-Family Homes [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,725 | 1,878 |
Land Parcels [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,530 | 1,760 |
Multi-Family [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 414 | 598 |
Office/Industrial [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,799 | 1,779 |
Retail [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 9,338 | $ 1,258 |
LOANS AND CREDIT QUALITY Loan60
LOANS AND CREDIT QUALITY Loans and Credit Quality (Covered Assets) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure Covered Assets Carrying Amount Of Covered Assets [Abstract] | |||
Residential mortgage loans | [1] | $ 23,739,000 | $ 24,717,000 |
Foreclosed real estate - single family homes | 527,000 | 530,000 | |
Estimated loss reimbursement by the FDIC | 1,503,000 | 1,707,000 | |
Covered assets | 25,769,000 | 26,954,000 | |
Allowance for covered loan losses | (5,526,000) | (5,712,000) | |
Net covered assets | 20,243,000 | 21,242,000 | |
Purchased credit-impaired loans | $ 222,000 | $ 257,000 | |
[1] | Includes $222,000 and $257,000 of purchased credit-impaired loans as of March 31, 2016 and December 31, 2015, respectively. |
Allowance For Loan Losses And61
Allowance For Loan Losses And Reserve For Unfunded Commitments (Allowance For Loan Losses and Recorded Investment in Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | $ 160,736 | $ 152,498 | ||||
Loans charged-off | (2,401) | (3,507) | ||||
Recoveries on loans previously charged-off | 585 | 2,128 | ||||
Net recoveries (charge-offs) | (1,816) | (1,379) | ||||
Provision (release) for loan losses | 6,436 | 5,491 | ||||
Balance at end of period | 165,356 | 156,610 | ||||
Ending balance, loans individually evaluated for impairment | 6,751 | [1] | 15,636 | [1] | $ 7,262 | |
Ending balance, loans collectively evaluated for impairment | 158,605 | 140,974 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 87,905 | [1] | 93,386 | [1] | 70,295 | |
Ending balance, loans collectively evaluated for impairment | 13,369,760 | 12,077,098 | ||||
Total loans | 13,457,665 | 12,170,484 | 13,266,475 | |||
Commercial [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 117,619 | 103,462 | ||||
Loans charged-off | (78) | (2,202) | ||||
Recoveries on loans previously charged-off | 187 | 511 | ||||
Net recoveries (charge-offs) | 109 | (1,691) | ||||
Provision (release) for loan losses | 2,960 | 7,102 | ||||
Balance at end of period | 120,688 | 108,873 | ||||
Ending balance, loans individually evaluated for impairment | 4,671 | [1] | 10,643 | [1] | 4,458 | |
Ending balance, loans collectively evaluated for impairment | 116,017 | 98,230 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 68,204 | [1] | 59,748 | [1] | 47,320 | |
Ending balance, loans collectively evaluated for impairment | 8,609,634 | 8,130,882 | ||||
Total loans | 8,677,838 | 8,190,630 | ||||
Commercial real estate [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 27,610 | 31,838 | ||||
Loans charged-off | (1,497) | (887) | ||||
Recoveries on loans previously charged-off | 296 | 598 | ||||
Net recoveries (charge-offs) | (1,201) | (289) | ||||
Provision (release) for loan losses | 3,548 | 57 | ||||
Balance at end of period | 29,957 | 31,606 | ||||
Ending balance, loans individually evaluated for impairment | 1,062 | [1] | 2,201 | [1] | 1,156 | |
Ending balance, loans collectively evaluated for impairment | 28,895 | 29,405 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 8,242 | [1] | 15,796 | [1] | 8,501 | |
Ending balance, loans collectively evaluated for impairment | 3,461,744 | 2,888,258 | ||||
Total loans | 3,469,986 | 2,904,054 | ||||
Construction [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 5,441 | 4,290 | ||||
Loans charged-off | 0 | 0 | ||||
Recoveries on loans previously charged-off | 19 | 19 | ||||
Net recoveries (charge-offs) | 19 | 19 | ||||
Provision (release) for loan losses | (529) | (283) | ||||
Balance at end of period | 4,931 | 4,026 | ||||
Ending balance, loans individually evaluated for impairment | [1] | 0 | 0 | |||
Ending balance, loans collectively evaluated for impairment | 4,931 | 4,026 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 0 | 0 | |||
Ending balance, loans collectively evaluated for impairment | 537,304 | 357,258 | ||||
Total loans | 537,304 | 357,258 | ||||
Residential real estate [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 4,239 | 5,316 | ||||
Loans charged-off | (484) | (37) | ||||
Recoveries on loans previously charged-off | 19 | 57 | ||||
Net recoveries (charge-offs) | (465) | 20 | ||||
Provision (release) for loan losses | 269 | (113) | ||||
Balance at end of period | 4,043 | 5,223 | ||||
Ending balance, loans individually evaluated for impairment | 243 | [1] | 430 | [1] | 539 | |
Ending balance, loans collectively evaluated for impairment | 3,800 | 4,793 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 3,900 | [1] | 4,763 | [1] | 4,762 | |
Ending balance, loans collectively evaluated for impairment | 473,363 | 371,978 | ||||
Total loans | 477,263 | 376,741 | ||||
Home equity [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 3,744 | 4,924 | ||||
Loans charged-off | (192) | (371) | ||||
Recoveries on loans previously charged-off | 34 | 70 | ||||
Net recoveries (charge-offs) | (158) | (301) | ||||
Provision (release) for loan losses | (160) | (35) | ||||
Balance at end of period | 3,426 | 4,588 | ||||
Ending balance, loans individually evaluated for impairment | 775 | [1] | 2,292 | [1] | 1,106 | |
Ending balance, loans collectively evaluated for impairment | 2,651 | 2,296 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 7,548 | [1] | 12,761 | [1] | 9,691 | |
Ending balance, loans collectively evaluated for impairment | 118,548 | 125,973 | ||||
Total loans | 126,096 | 138,734 | ||||
Personal [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 2,083 | 2,668 | ||||
Loans charged-off | (150) | (10) | ||||
Recoveries on loans previously charged-off | 30 | 873 | ||||
Net recoveries (charge-offs) | (120) | 863 | ||||
Provision (release) for loan losses | 348 | (1,237) | ||||
Balance at end of period | 2,311 | 2,294 | ||||
Ending balance, loans individually evaluated for impairment | 0 | [1] | 70 | [1] | 3 | |
Ending balance, loans collectively evaluated for impairment | 2,311 | 2,224 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | 11 | [1] | 318 | [1] | $ 21 | |
Ending balance, loans collectively evaluated for impairment | 169,167 | 202,749 | ||||
Total loans | $ 169,178 | $ 203,067 | ||||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Allowance For Loan Losses And62
Allowance For Loan Losses And Reserve For Unfunded Commitments (Reserve For Unfunded Commitments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Reserve for Unfunded Commitments [Roll Forward] | |||
Balance at beginning of period | [1] | $ 11,759 | $ 12,274 |
Provision (release) for unfunded commitments | [1] | 595 | 376 |
Balance at end of period | [1] | 12,354 | 12,650 |
Unfunded commitments, excluding covered assets, at period end | [1] | $ 6,361,917 | $ 6,096,084 |
[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 share agreement with the FDIC. |
Goodwill And Other Intangible63
Goodwill And Other Intangible Assets (Carrying Amount of Goodwill by Operating Segment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 94,041 | $ 94,041 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 81,755 | 81,755 |
Asset Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 12,286 | $ 12,286 |
Goodwill And Other Intangible64
Goodwill And Other Intangible Assets (Narrative) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Impairment Loss | $ 0 |
Impairment of intangible assets | $ 0 |
Minimum [Member] | |
Goodwill [Line Items] | |
Intangible assets amortized estimated useful lives | 8 years |
Maximum [Member] | |
Goodwill [Line Items] | |
Intangible assets amortized estimated useful lives | 12 years |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Other Intangible Assets) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization during the period | $ 540 | $ 655 | |
Core Deposits Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 12,378 | $ 18,093 | |
Accumulated amortization | 9,924 | 15,140 | |
Net carrying amount | 2,454 | 2,953 | |
Amortization during the period | $ 499 | $ 2,270 | |
Weighted average remaining life (in years) | 1 year 4 months | 1 year 6 months | |
Client Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 1,459 | $ 2,002 | |
Accumulated amortization | 1,023 | 1,525 | |
Net carrying amount | 436 | 477 | |
Amortization during the period | $ 41 | $ 185 | |
Weighted average remaining life (in years) | 4 years 10 months | 5 years 1 month |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Scheduled Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2016 - remaining nine months | $ 1,621 | |
2,017 | 1,125 | |
2,018 | 98 | |
2,019 | 28 | |
2,020 | 15 | |
2021 and thereafter | 3 | |
Total | $ 2,890 | $ 3,430 |
DEPOSITS Deposits (Summary of D
DEPOSITS Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | |||
Noninterest-bearing demand deposits | $ 4,338,177 | $ 4,355,700 | |
Interest-bearing demand deposits | 1,445,368 | 1,503,372 | |
Savings deposits | 410,891 | 377,191 | |
Money market accounts | 6,132,695 | 5,919,252 | |
Time deposits | [1] | 2,137,738 | 2,190,077 |
Total deposits | $ 14,464,869 | $ 14,345,592 | |
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.2 billion and $1.3 billion at March 31, 2016 and December 31, 2015, respectively. |
DEPOSITS Deposits (Scheduled Ma
DEPOSITS Deposits (Scheduled Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
2,017 | $ 540,119 | ||
2,018 | 169,852 | ||
2,019 | 92,853 | ||
2,020 | 228,566 | ||
2021 and thereafter | 15,501 | ||
Total time deposits | [1] | 2,137,738 | $ 2,190,077 |
Second Quarter [Member] | |||
Time Deposit Maturities, Next Twelve Months | 333,830 | ||
Third Quarter [Member] | |||
Time Deposit Maturities, Next Twelve Months | 465,437 | ||
Fourth Quarter [Member] | |||
Time Deposit Maturities, Next Twelve Months | $ 291,580 | ||
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.2 billion and $1.3 billion at March 31, 2016 and December 31, 2015, respectively. |
DEPOSITS Deposits (Maturities o
DEPOSITS Deposits (Maturities of Time Deposits of $100,000 or More) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | |
Maturing within 3 months | $ 282,136 |
After 3 but within 6 months | 429,322 |
After 6 but within 12 months | 434,489 |
After 12 months | 720,659 |
Total time deposits, $100,000 or More | $ 1,866,606 |
Short-Term Borrowings (Summary
Short-Term Borrowings (Summary Of Short-Term Borrowings) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Outstanding: [Abstract] | |||
FHLB advances, Short-term | $ 600,000 | $ 370,000 | |
Other Borrowings | 0 | 250 | |
Short-term borrowings | 602,365 | 372,467 | |
Unused Availability: [Abstract] | |||
Federal funds availability | [1] | 580,500 | 630,500 |
FRB discount window primary credit program availability | [2] | 369,811 | 384,419 |
FHLB advances availability | [3] | 1,237,847 | 1,481,102 |
FHLB advances borrowing capacity | 2,200,000 | ||
Narrative: [Abstract] | |||
Federal Home Loan Bank Advances | 1,000,000 | ||
Long-term Federal Home Loan Bank Advances | $ 400,000 | ||
Revolving Line of Credit, Conversion to Term Loan Option, Conversion Date | Sep. 23, 2016 | ||
Revolving Line of Credit, Conversion to Term Loan Option, Loan Interest Option Increment Over Libor | 1.75% | ||
Revolving Line of Credit, Conversion to Term Loan Option, Loan Interest Option Increment Under PRIME | 0.50% | ||
Revolving Line of Credit, Conversion to Term Loan Option, Term Loan Due Date | Sep. 24, 2018 | ||
Revolving Credit Facility [Member] | |||
Unused Availability: [Abstract] | |||
Revolving Line of Credit, maximum borrowing capacity | $ 60,000 | $ 60,000 | |
Narrative: [Abstract] | |||
Revolving Line of Credit, Amount Outstanding | $ 0 | ||
Short-term Debt [Member] | |||
Outstanding: [Abstract] | |||
FHLB advances, Short-term, Rate | 0.22% | 0.16% | |
Secured borrowings | $ 2,365 | $ 2,217 | |
Other Short-Term Borrowing [Member] | |||
Outstanding: [Abstract] | |||
Other borrowings, Rate | 0.00% | 0.20% | |
Secured borrowings [Member] | |||
Outstanding: [Abstract] | |||
Secured borrowings, Rate | 4.00% | 4.00% | |
[1] | Our total availability of overnight Federal fund (“Fed funds”) 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. | ||
[3] | As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2016, our borrowing capacity was $2.2 billion, of which $1.2 billion is available, subject to making the required additional investment in FHLB Chicago stock |
LONG-TERM DEBT Long-Term Debt71
LONG-TERM DEBT Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | $ 688,238 | $ 688,215 |
Long-term Federal Home Loan Bank Advances | 400,000 | ||
Forward Commitment Advance with FHLB | 150,000 | ||
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 288,238 | 288,215 | |
Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | [2] | $ 8,248 | 8,248 |
Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Increment Over LIBOR Of Debt | 2.65% | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.29% | ||
Subordinated borrowing, Maturity Date | Jun. 17, 2034 | ||
Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | [2] | $ 51,547 | 51,547 |
Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Increment Over LIBOR Of Debt | 1.71% | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.34% | ||
Subordinated borrowing, Maturity Date | Sep. 15, 2035 | ||
Parent Company [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | [2] | $ 41,238 | 41,238 |
Parent Company [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Increment Over LIBOR Of Debt | 1.50% | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.13% | ||
Subordinated borrowing, Maturity Date | Dec. 15, 2035 | ||
Parent Company [Member] | Ten Point Zero Zero Percentage Junior Subordinated Debentures Due Two Zero Six Eight [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures | [2],[3] | $ 66,586 | 66,576 |
Deferred Finance Costs, Net | $ 2,200 | ||
Parent Company [Member] | Ten Point Zero Zero Percentage Junior Subordinated Debentures Due Two Zero Six Eight [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
Subordinated borrowing, Maturity Date | Jun. 15, 2068 | ||
Parent Company [Member] | Seven Point One Two Five Percentage Subordinated Debentures due Two Zero Four Two [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | ||
Subordinated borrowing, Maturity Date | Oct. 30, 2042 | ||
Subordinated debt facility | [4],[5] | $ 120,619 | 120,606 |
Deferred Finance Costs, Net | 4,400 | ||
Subsidiaries [Member] | Floating, FHLBC Overnight Discount Note Index Plus Zero Point Zero Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Federal Home Loan Bank Advances | $ 350,000 | 350,000 | |
Subsidiaries [Member] | Floating, FHLBC Overnight Discount Note Index Plus Zero Point Zero Six Five Percentage [Member] | Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.16% | ||
FHLB advances, Maturity Date | Jun. 5, 2017 | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Federal Home Loan Bank Advances | [6],[7] | $ 50,000 | 50,000 |
Subsidiaries [Member] | Fixed Interest Rate [Member] | Credit Expansion Option [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Federal Home Loan Bank Advances | $ 45,000 | $ 45,000 | |
Subsidiaries [Member] | Fixed Interest Rate [Member] | Long-term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank Advances, Long-term, Weighted average interest rate | 3.75% | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | Long-term Debt [Member] | Credit Expansion Option [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank Advances, Long-term, Weighted average interest rate | 3.66% | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances, Maturity Date | Mar. 25, 2019 | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | Federal Home Loan Bank Advances [Member] | December 9, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank Advances, Long-term, Interest Rate, Range from | 3.58% | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | Federal Home Loan Bank Advances [Member] | May 22, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank Advances, Long-term, Interest Rate, Range to | 4.68% | ||
[1] | Prior period amounts have been updated to reflect the first quarter 2016 adoption of Accounting Standard Update ("ASU") 2015-03 and ASU 2015-15 related to debt issuance costs. | ||
[2] | 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 could be subject to phase-out due to certain acquisitions. | ||
[3] | Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015. | ||
[4] | Net of deferred financing costs of $4.4 million at both March 31, 2016 and December 31, 2015. | ||
[5] | Qualifies as Tier 2 capital for regulatory capital purposes. | ||
[6] | Amounts reported at March 31, 2016 and December 31, 2015 include three long-term advances totaling $45.0 million with a weighted average interest rate of 3.66%. The advances provide for a one-time option, two years from the issuance date, to increase the amount outstanding up to $150.0 million each at the same fixed rate as the original advance. The advances include a prepayment feature and are subject to a prepayment fee. | ||
[7] | Weighted average interest rate was 3.75% at both March 31, 2016 and December 31, 2015. |
LONG-TERM DEBT Long-Term Debt72
LONG-TERM DEBT Long-Term Debt (Narrative) (Details) $ in Thousands | Mar. 31, 2016USD ($)trust | |
Debt [Line Items] | ||
Number of wholly-owned trusts | trust | 4 | |
Parent Company [Member] | ||
Debt [Line Items] | ||
Junior subordinated debentures, net of deferred financing costs | $ | $ 167,619 | [1] |
[1] | The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. |
LONG-TERM DEBT Long-Term Debt73
LONG-TERM DEBT Long-Term Debt (Scheduled Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Year ending December 31, [Abstract] | |||
2,017 | $ 350,000 | ||
2,019 | 50,000 | ||
2021 and thereafter | 288,238 | ||
Total long-term debt | [1] | $ 688,238 | $ 688,215 |
[1] | Prior period amounts have been updated to reflect the first quarter 2016 adoption of Accounting Standard Update ("ASU") 2015-03 and ASU 2015-15 related to debt issuance costs. |
Junior Subordinated Deferrabl74
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities (Narrative) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)trust | ||
Debt [Line Items] | ||
Ownership percentage | 100.00% | |
Number of wholly-owned trusts | trust | 4 | |
Parent Company [Member] | ||
Debt [Line Items] | ||
Junior subordinated debentures, net of deferred financing costs | $ 167,619 | [1] |
Parent Company [Member] | Seven Point One Two Five Percentage Subordinated Debentures Due Two Zero Four Two [Member] | Long-term Debt [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | |
Subordinated Borrowing, Due Date | Oct. 30, 2042 | |
PrivateBancorp Capital Trust IV [Member] | ||
Debt [Line Items] | ||
Junior subordinated debentures, net of deferred financing costs | $ 66,586 | [1],[2] |
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 10% 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% | [3] |
[1] | The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. | |
[2] | Net of deferred financing costs of $2.2 million at March 31, 2016. | |
[3] | Reflects the coupon rate in effect at March 31, 2016. The coupon rate for Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for PrivateBancorp Statutory Trusts II and III are at a variable rate based on three-month LIBOR plus 1.71% for Trust II and three-month LIBOR plus 1.50% for Trust III. The coupon rate for PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years, in the case of the Debentures held by Trust IV, and five years, in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the trust preferred securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. |
Junior Subordinated Deferrabl75
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities (Common Securities, Preferred Securities, And Related Debentures) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Common securities issued | $ 78,894 | $ 78,439 | |
Bloomfield Hills Statutory Trust I [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | May 2004 | ||
Common securities issued | $ 248 | ||
Trust Preferred Securities Issued | [1] | $ 8,000 | |
Coupon Rate | [2] | 3.29% | |
Maturity | June 2,034 | ||
Principal Amount of Debentures | [1] | $ 8,248 | |
PrivateBancorp Statutory Trust II [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | June 2005 | ||
Common securities issued | $ 1,547 | ||
Trust Preferred Securities Issued | [1] | $ 50,000 | |
Coupon Rate | [2] | 2.34% | |
Maturity | Sept. 2035 | ||
Principal Amount of Debentures | [1] | $ 51,547 | |
PrivateBancorp Statutory Trust III [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | Dec. 2005 | ||
Common securities issued | $ 1,238 | ||
Trust Preferred Securities Issued | [1] | $ 40,000 | |
Coupon Rate | [2] | 2.13% | |
Maturity | Dec. 2035 | ||
Principal Amount of Debentures | [1] | $ 41,238 | |
PrivateBancorp Capital Trust IV [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | May 2008 | ||
Common securities issued | $ 5 | ||
Trust Preferred Securities Issued | [1] | $ 68,750 | |
Coupon Rate | [2] | 10.00% | |
Maturity | June 2,068 | ||
Principal Amount of Debentures | [1],[3] | $ 66,586 | |
Deferred Finance Costs, Net | 2,200 | ||
Junior Subordinated Debt [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Common securities issued | 3,038 | ||
Trust Preferred Securities Issued | [1] | 166,750 | |
Parent Company [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Principal Amount of Debentures | [1] | $ 167,619 | |
Parent Company [Member] | Long-term Debt [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 3.29% | ||
Increment Over Libor Of Long Term Debt | 2.65% | ||
Parent Company [Member] | Long-term Debt [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 2.34% | ||
Increment Over Libor Of Long Term Debt | 1.71% | ||
Parent Company [Member] | Long-term Debt [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 2.13% | ||
Increment Over Libor Of Long Term Debt | 1.50% | ||
[1] | The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. | ||
[2] | Reflects the coupon rate in effect at March 31, 2016. The coupon rate for Bloomfield Hills Statutory Trust I is a variable rate and is based on three-month LIBOR plus 2.65%. The coupon rates for 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 PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities 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] | Net of deferred financing costs of $2.2 million at March 31, 2016. |
EQUITY Equity (Narrative) (Deta
EQUITY Equity (Narrative) (Details) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Common and Preferred Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares Authorized | 174,000,000 | 174,000,000 |
Common Stock, Shares, Issued | 79,442,549 | 79,099,157 |
Common Stock, Shares Outstanding | 79,300,000 | 79,100,000 |
Treasury Stock, Shares | 120,239 | 2,574 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares Outstanding | 0 | 0 |
Equity (Change in Accumulated O
Equity (Change in Accumulated Other Comprehensive Income by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | $ 1,698,951 | $ 1,481,679 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Tax benefit (expense) on increase in unrealized gains (losses) | (11,930) | (6,727) | |
OCI, before reclassifications, net of tax | 19,008 | 10,493 | |
Reclassification adjustment of net gains included in net income | [1] | (2,721) | (3,072) |
Reclassification adjustment for tax expense on realized net gains | [2] | 1,052 | 1,209 |
Amount reclassified from AOCI | (1,669) | (1,863) | |
Net current period other comprehensive income (loss) | 17,339 | 8,630 | |
Stockholders' Equity, Ending Balance | 1,767,991 | 1,539,429 | |
Accumulated Other Comprehensive Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | 17,259 | 20,917 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Stockholders' Equity, Ending Balance | 34,598 | 29,547 | |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | 14,048 | 19,448 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Increase (decrease) in unrealized gains, before reclassifications, before Tax | 18,930 | 8,590 | |
Tax benefit (expense) on increase in unrealized gains (losses) | (7,284) | (3,358) | |
OCI, before reclassifications, net of tax | 11,646 | 5,232 | |
Reclassification adjustment of net gains included in net income | [1] | (531) | (534) |
Reclassification adjustment for tax expense on realized net gains | [2] | 205 | 210 |
Amount reclassified from AOCI | (326) | (324) | |
Net current period other comprehensive income (loss) | 11,320 | 4,908 | |
Stockholders' Equity, Ending Balance | 25,368 | 24,356 | |
Accumulated Gain (Loss) on Effective Cash Flow Hedges [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | 3,211 | 1,469 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Increase (decrease) in unrealized gains, before reclassifications, before Tax | 12,008 | 8,630 | |
Tax benefit (expense) on increase in unrealized gains (losses) | (4,646) | (3,369) | |
OCI, before reclassifications, net of tax | 7,362 | 5,261 | |
Reclassification adjustment of net gains included in net income | [1] | (2,190) | (2,538) |
Reclassification adjustment for tax expense on realized net gains | [2] | 847 | 999 |
Amount reclassified from AOCI | (1,343) | (1,539) | |
Net current period other comprehensive income (loss) | 6,019 | 3,722 | |
Stockholders' Equity, Ending Balance | $ 9,230 | $ 5,191 | |
[1] | The amounts reclassified from AOCI for the available-for-sale securities are reported 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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Basic earnings per common share | |||
Net income | $ 49,552 | $ 41,484 | |
Net income allocated to participating stockholders | [1] | (425) | (463) |
Net income allocated to common stockholders | $ 49,127 | $ 41,021 | |
Weighted-average common shares outstanding | 78,550,000 | 77,407,000 | |
Basic earnings per common share | $ 0.63 | $ 0.53 | |
Diluted earnings per common share | |||
Diluted earnings applicable to common stockholders | [2] | $ 49,134 | $ 41,028 |
Weighted-average common shares outstanding | 78,550,000 | 77,407,000 | |
Dilutive effect of stock awards | [3] | 1,306,000 | 1,105,000 |
Weighted-average diluted common shares outstanding | 79,856,000 | 78,512,000 | |
Diluted earnings per common share | $ 0.62 | $ 0.52 | |
Employee Stock Option [Member] | |||
Diluted earnings per common share | |||
Antidilutive shares, excluded from computation | 462,899 | 730,502 | |
[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, restricted stock and performance share 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 earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | ||
[3] | For the three months ended March 31, 2016 and 2015, the weighted-average outstanding non-participating securities of 462,899 and 730,502 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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income (loss) before income taxes | $ 76,225 | $ 66,718 |
Income tax provision: | ||
Current income tax provision | 25,373 | 21,540 |
Deferred income tax provision (benefit) | 1,300 | 3,694 |
Total income tax provision (benefit) | $ 26,673 | $ 25,234 |
Effective tax rate | 35.00% | 37.80% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Disclosure Income Taxes Narrative [Abstract] | ||
Net deferred tax assets | $ 90,100,000 | $ 102,200,000 |
Deferred Tax Assets, Valuation Allowance | 0 | |
Unrecognized tax benefits relating to uncertain tax positions | $ 491,000 | $ 126,000 |
Derivative Instruments (Notiona
Derivative Instruments (Notional Amounts and Fair Value of Derivative Instruments) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | ||
Derivative [Line Items] | ||||
Interest rate contracts, cash flow hedging, asset derivatives | $ 11,933,000 | $ 5,366,000 | ||
Derivatives, not designated as hedging, asset derivatives | 72,702,000 | 47,487,000 | ||
Netting adjustments | [1],[2],[3] | (18,229,000) | (12,238,000) | |
Total derivatives, asset derivatives | [1] | 66,406,000 | 40,615,000 | |
Interest rate contracts, cash flow hedging, liability derivatives | 0 | 799,000 | ||
Derivatives, not designated as hedging, liability derivatives | 75,275,000 | 47,486,000 | ||
Netting adjustments | [1],[2],[3] | (52,777,000) | (30,056,000) | |
Total derivatives, liability derivatives | [1] | 22,498,000 | 18,229,000 | |
Client-Related Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Interest rate contracts, not designated as hedging, asset derivatives | 67,366,000 | 41,734,000 | ||
Foreign exchange contracts, not designated as hedging, asset derivatives | 4,893,000 | 5,008,000 | ||
Risk participation agreements, not designated as hedging, asset derivatives | 11,000 | 6,000 | ||
Derivatives, not designated as hedging, asset derivatives | 72,270,000 | 46,748,000 | ||
Interest rate contracts, not designated as hedging, liability derivatives | 70,519,000 | 43,001,000 | ||
Foreign exchange contracts, not designated as hedging, liability derivatives | 4,112,000 | 4,274,000 | ||
Risk participation agreements, not designated as hedging, liability derivatives | 24,000 | 27,000 | ||
Derivatives, not designated as hedging, liability derivatives | 74,655,000 | 47,302,000 | ||
Other End-User Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Foreign exchange contracts, not designated as hedging, asset derivatives | 38,000 | 220,000 | ||
Mortgage banking derivatives, not designated as hedging, asset derivatives | 248,000 | 519,000 | ||
Derivatives, not designated as hedging, asset derivatives | 432,000 | 739,000 | ||
Foreign exchange contracts, not designated as hedging, liability derivatives | 330,000 | 3,000 | ||
Mortgage banking derivatives, not designated as hedging, liability derivatives | 290,000 | 181,000 | ||
Derivatives, not designated as hedging, liability derivatives | 620,000 | 184,000 | ||
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Netting adjustments | [2] | (15,644,000) | [1] | (8,970,000) |
Netting adjustments | [1],[2] | (51,170,000) | (28,574,000) | |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Netting adjustments | [2] | (2,579,000) | [1] | (3,254,000) |
Netting adjustments | (1,601,000) | [1],[2] | (1,458,000) | |
Risk participation agreements [Member] | ||||
Derivative [Line Items] | ||||
Netting adjustments | 0 | [1],[2] | 0 | |
Netting adjustments | [1],[2] | 0 | (10,000) | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional amount, asset derivatives | 600,000,000 | 675,000,000 | ||
Notional amount, liability derivatives | 0 | 125,000,000 | ||
Not Designated as Hedging Instrument [Member] | Other End-User Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Warrants, not designated as hedging, asset derivatives | 146,000 | 0 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Client-Related Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Notional amount, asset derivatives | 3,954,076,000 | 3,933,977,000 | ||
Notional amount, liability derivatives | 3,954,076,000 | 3,933,977,000 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Client-Related Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Notional amount, asset derivatives | 157,883,000 | 155,914,000 | ||
Notional amount, liability derivatives | 149,408,000 | 127,664,000 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other End-User Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Notional amount, asset derivatives | 15,968,000 | 28,058,000 | ||
Notional amount, liability derivatives | 18,777,000 | 4,486,000 | ||
Not Designated as Hedging Instrument [Member] | Risk participation agreements [Member] | Client-Related Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Notional amount, asset derivatives | [4] | 88,000,000 | 84,216,000 | |
Notional amount, liability derivatives | [4] | $ 78,570,000 | $ 111,269,000 | |
[1] | All derivative contracts are over-the-counter contracts. | |||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | |||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. | |||
[4] | The remaining average notional amounts are shown for risk participation agreements. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Fair value of the derivatives with credit contingency features in a net liability position | $ 13,100,000 | |
Collateral Posted for derivatives with credit contingency features in a net liability position | 12,500,000 | |
Additional collateral required to be posted to derivative counterparties if credit contingency features were triggered | 0 | |
Outstanding derivatives to be immediately settled if credit contingency features were triggered | 13,100,000 | |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 4 years | |
Net deferred gains (losses), net of tax, recorded in AOCI expected to be reclassified into earnings during the next 12 months | $ 4,300,000 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 0 | |
Interest rate lock commitments, notional value | 70,600,000 | |
Notional value of forward commitments for the future delivery of residential mortgage loans | 90,900,000 | |
Foreign currency risk on loans | 34,100,000 | |
Not Designated as Hedging Instrument [Member] | Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Warrants and Rights Outstanding | $ 146,000 | $ 0 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Written RPAs Range Of Internal Risk Ratings | 1 | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Written RPAs Range Of Internal Risk Ratings | 8 | |
Mortgage Receivable [Member] | ||
Derivative [Line Items] | ||
Mortgage loans held-for-sale, par value | $ 15,500,000 | $ 36,005,000 |
Derivative Instruments (Risk Pa
Derivative Instruments (Risk Participation Agreements) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)risk_rating | Dec. 31, 2015USD ($)risk_rating | |
Derivative [Line Items] | ||
Fair value of written RPAs | $ | $ 24 | $ 27 |
Maximum potential amount of future undiscounted payments | $ | $ 3,479 | $ 3,937 |
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 44.00% | 43.00% |
Minimum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) for written RPAs | 1 year | 1 year |
Range of assigned internal risk ratings for written RPAs | risk_rating | 2 | 2 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) for written RPAs | 4 years | 5 years |
Range of assigned internal risk ratings for written RPAs | risk_rating | 7 | 7 |
Derivative Instruments (Gain (L
Derivative Instruments (Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Total derivatives, not designated in hedging relationship | $ 4,328 | $ 5,182 |
Client-Related Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on interest rate contracts, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Gain (loss) on interest rate contracts, not designated as hedging | $ 3,531 | 2,363 |
Location of Gain (Loss) on foreign exchange contracts, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Gain (loss) on foreign exchange contracts, not designated as hedging | $ 1,660 | 1,753 |
Total derivatives, not designated in hedging relationship | $ 5,199 | 4,172 |
Client-Related Derivatives [Member] | Risk participation agreements [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Gain (loss) on derivatives held for trading purposes, not designated as hedging | $ 8 | 56 |
Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on foreign exchange contracts, not designated as hedging, in Consolidated Statement of Income | Other income, service and charges income | |
Gain (loss) on foreign exchange contracts, not designated as hedging | $ (504) | 1,050 |
Total derivatives, not designated in hedging relationship | $ (871) | 1,010 |
Other End-User Derivatives [Member] | Mortgage Banking Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Mortgage banking income | |
Gain (loss) on derivatives held for trading purposes, not designated as hedging | $ (513) | (40) |
Other End-User Derivatives [Member] | Warrants [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Other income, service and charges income | |
Gain (loss) on derivatives held for trading purposes, not designated as hedging | $ 146 | $ 0 |
BALANCE SHEET OFFSETTING Bala85
BALANCE SHEET OFFSETTING Balance Sheet Offsetting (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Offsetting [Abstract] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 34,500 | $ 17,800 |
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value | $ 0 | $ 0 |
BALANCE SHEET OFFSETTING Bala86
BALANCE SHEET OFFSETTING Balance Sheet Offsetting (Offsetting of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | ||
Derivative Asset [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 82,804 | $ 51,199 | |
Derivative Asset, Not Subject to Master Netting Arrangement | [1] | 1,831 | 1,654 | |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [1] | 84,635 | 52,853 | |
Derivative Asset, Fair Value, Gross Liability | [1],[2],[3] | (18,229) | (12,238) | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 64,575 | 38,961 | |
Derivative Asset | [1] | 66,406 | 40,615 | |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (74) | (143) | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 64,501 | 38,818 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [1] | 66,332 | 40,472 | |
Derivative Liability [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 73,735 | 46,128 | |
Derivative Liability, Not Subject to Master Netting Arrangement | [1] | 1,540 | 2,157 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [1] | 75,275 | 48,285 | |
Derivative Liability, Fair Value, Gross Asset | [1],[2],[3] | (52,777) | (30,056) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 20,958 | 16,072 | |
Derivative Liability | [1] | 22,498 | 18,229 | |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (16,264) | (11,057) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 4,694 | 5,015 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [1] | 6,234 | 7,172 | |
Interest Rate Contract [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 79,299 | [1] | 47,100 | |
Derivative Asset, Fair Value, Gross Liability | [2] | (15,644) | [1] | (8,970) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 63,655 | 38,130 | |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | 0 | (55) | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 63,655 | 38,075 | |
Derivative Liability [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 70,519 | 43,800 | |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | (51,170) | (28,574) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 19,349 | 15,226 | |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (15,124) | (10,475) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 4,225 | 4,751 | |
Foreign Exchange Contract [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | 3,488 | 4,059 | |
Derivative Asset, Fair Value, Gross Liability | [2] | (2,579) | [1] | (3,254) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 909 | 805 | |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (74) | (88) | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 835 | 717 | |
Derivative Liability [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 3,036 | 2,287 | |
Derivative Liability, Fair Value, Gross Asset | (1,601) | [1],[2] | (1,458) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 1,435 | 829 | |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1,121) | (570) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 314 | 259 | |
Risk participation agreements [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 11 | [1] | 6 | |
Derivative Asset, Fair Value, Gross Liability | 0 | [1],[2] | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 11 | 6 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 11 | 6 | |
Derivative Liability [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 24 | 27 | |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | 0 | (10) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 24 | 17 | |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (19) | (12) | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 5 | 5 | |
Mortgage Banking Derivatives [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | [1] | 6 | 34 | |
Derivative Asset, Fair Value, Gross Liability | [1] | (6) | [2] | (14) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 20 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 0 | 20 | |
Derivative Liability [Abstract] | ||||
Derivative Liability, Fair Value, Gross Liability | [1] | 156 | 14 | |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | (6) | (14) | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 150 | [1] | 0 | |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | 0 | 0 | |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | $ 150 | [1] | $ 0 | |
[1] | All derivative contracts are over-the-counter contracts. | |||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | |||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. | |||
[4] | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. | |||
[5] | Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. |
Commitments, Guarantees, And 87
Commitments, Guarantees, And Contingent Liabilities (Contractual Or Notional Amounts Of Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 5,969,591 | $ 6,069,956 |
Letters of credit | [1] | 401,935 | 408,023 |
Covered loan commitments | 9,600 | 9,700 | |
Financial standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 354,471 | 365,760 |
Performance standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 43,741 | 38,264 |
Commercial letters of credit [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 3,723 | 3,999 |
Home equity lines [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 12,089 | 1,338 |
Residential 1-4 family construction [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 42,015 | 47,504 |
Commercial real estate, other construction and land development [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 1,225,183 | 1,321,123 |
Commercial and industrial [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 3,997,468 | 4,191,895 |
All other commitments [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 692,836 | $ 508,096 |
[1] | Includes covered loan commitments of $9.6 million and $9.7 million as of March 31, 2016, and December 31, 2015, respectively. |
Commitments, Guarantees, And 88
Commitments, Guarantees, And Contingent Liabilities (Narrative) (Detail) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Disclosure Commitments Guarantees And Contingent Liabilities Narrative [Abstract] | |||||
Reserve For Unfunded Commitments | [1] | $ 12,354,000 | $ 11,759,000 | $ 12,650,000 | $ 12,274,000 |
Unamortized fees associated with standby letters of credit | $ 3,100,000 | ||||
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 | 5 years | ||||
Unfunded commitments for contributions to CRA investments and other investment partnerships | $ 32,000,000 | ||||
Unfunded commitments for tax-credit investments | 22,300,000 | ||||
Maximum potential future payments guarantee obligation, credit card settlement guarantees | 18,500,000 | ||||
Contingency liability, settlement guarantee program | $ 0 | ||||
[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 share agreement with the FDIC. |
Estimated Fair Value Of Finan89
Estimated Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal value subject to compliance review | $ 250,000 | ||
Appraisal value subject to technical review | 1,000,000 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |
Mortgage loans held-for-sale, 90 days past due and still accruing | 0 | 0 | |
Loans Held-for-sale, Other | [1] | $ 48,461,000 | $ 73,094,000 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Changes in Valuation Techniques | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurements, Changes in Valuation Techniques | 0 | 0 | |
[1] | Amounts at March 31, 2016 and December 31, 2015, represent commercial, commercial real estate and construction loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $583,000 and $667,000 at March 31, 2016 and December 31, 2015, respectively. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Estimated Fair Value Of Finan90
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Recurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | $ 1,831,848 | $ 1,765,366 | |
Mortgages loans held-for-sale | 15,568 | 35,704 | |
Interest rate contract derivatives assets designated as hedging instruments | 11,933 | 5,366 | |
Other derivative assets, not designated as hedging instruments | 72,702 | 47,487 | |
Netting adjustments | [1],[2],[3] | (18,229) | (12,238) |
Derivative assets | [1] | 66,406 | 40,615 |
Total assets | 1,913,822 | 1,841,685 | |
Interest rate contract derivatives liabilities designated as hedging instruments | 0 | 799 | |
Netting adjustments | [1],[2],[3] | (52,777) | (30,056) |
Derivative liabilities | [1] | 22,498 | 18,229 |
Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 350,905 | 321,651 | |
Mortgages loans held-for-sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total assets | 350,905 | 321,651 | |
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 | 1,480,943 | 1,443,085 | |
Mortgages loans held-for-sale | 15,568 | 35,704 | |
Interest rate contract derivatives assets designated as hedging instruments | 11,933 | 5,366 | |
Netting adjustments | (18,161) | (12,167) | |
Derivative assets | 65,638 | 39,795 | |
Total assets | 1,562,149 | 1,518,584 | |
Interest rate contract derivatives liabilities designated as hedging instruments | 0 | 799 | |
Netting adjustments | (52,709) | (29,974) | |
Derivative liabilities | 22,340 | 18,046 | |
Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 0 | 630 | |
Mortgages loans held-for-sale | 0 | 0 | |
Netting adjustments | (68) | (71) | |
Derivative assets | 768 | 820 | |
Total assets | 768 | 1,450 | |
Netting adjustments | (68) | (82) | |
Derivative liabilities | 158 | 183 | |
U.S. Treasury [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 350,905 | 321,651 | |
U.S. Treasury [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 350,905 | 321,651 | |
U.S. Agencies [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 46,787 | 46,098 | |
U.S. Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 46,787 | 46,098 | |
Collateralized mortgage obligations [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 93,585 | 99,972 | |
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 | 93,585 | 99,972 | |
Residential mortgage-backed securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 878,065 | 829,855 | |
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 | 878,065 | 829,855 | |
State and municipal securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 462,506 | 467,790 | |
State and municipal securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 462,506 | 467,160 | |
State and municipal securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale, at fair value | 0 | 630 | |
Client-Related Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 72,270 | 46,748 | |
Other derivatives liabilities, not designated as hedging instruments | 74,655 | 47,302 | |
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 71,822 | 46,342 | |
Other derivatives liabilities, not designated as hedging instruments | 74,563 | 47,204 | |
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 448 | 406 | |
Other derivatives liabilities, not designated as hedging instruments | 92 | 98 | |
Other End-User Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 432 | 739 | |
Other derivatives liabilities, not designated as hedging instruments | 620 | 184 | |
Other End-User Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 44 | 254 | |
Other derivatives liabilities, not designated as hedging instruments | 486 | 17 | |
Other End-User Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 388 | 485 | |
Other derivatives liabilities, not designated as hedging instruments | $ 134 | $ 167 | |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | ||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. |
Estimated Fair Value Of Finan91
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 ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Available-for-sale Securities [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | $ 630 | |
Total gains (losses) included in earnings, assets | [1],[2] | 30 | |
Settlements, assets | [1] | (660) | |
Transfers into Level 3 (out of Level 2) assets | [1],[3] | 0 | |
Balance at end of period, assets | [1] | 0 | |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | 0 | |
Derivative Assets [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | 891 | $ 1,412 |
Total gains (losses) included in earnings, assets | [1],[2] | 409 | 312 |
Issuances, assets | [1] | 420 | 0 |
Settlements, assets | [1] | (903) | (500) |
Transfers into Level 3 (out of Level 2) assets | [1],[3] | 26 | 884 |
Transfers out of Level 3 (into Level 2), assets | [1],[3] | (7) | (354) |
Balance at end of period, assets | [1] | 836 | 1,754 |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | 147 | 241 |
Derivative (Liabilities) [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, derivative (liabilities) | [1] | (265) | (676) |
Total gains (losses) included in earnings, derivative (liabilities) | [1],[2] | (286) | (24) |
Issuances, derivative (liabilities) | [1] | 0 | 0 |
Settlements, derivative (liabilities) | [1] | 325 | 147 |
Transfers into Level 3 (out of Level 2) derivative (liabilities) | [1],[3] | 0 | (160) |
Transfers out of Level 3 (into Level 2) derivative (liabilities) | [1],[3] | 0 | 8 |
Balance at end of period, derivative (liabilities) | [1] | (226) | (705) |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | $ 16 | $ 24 |
[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 and mortgage banking income for interest rate lock commitments. | ||
[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 Finan92
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 ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgages loans held-for-sale, aggregate fair value | $ 15,568 | $ 35,704 | |
Mortgage Receivable [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgage loans held-for-sale, aggregate unpaid principal balance | 15,500 | 36,005 | |
Assets Held-for-sale [Member] | Mortgage Receivable [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgage loans held-for-sale, difference | [1] | $ (68) | $ 301 |
[1] | The change in fair value is reflected in mortgage banking non-interest income. |
Estimated Fair Value Of Finan93
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Collateral-dependent impaired loans, Fair Value | [1] | $ 22,968 | $ 27,234 |
OREO, Fair Value | [2] | 2,838 | 5,128 |
Total, Fair Value | 25,806 | 32,362 | |
Collateral-dependent impaired loans, Net (gains) losses | [1] | (1,377) | (1,653) |
OREO, Net (gains) losses | [2] | 588 | 935 |
Total, Net (gains) losses | $ (789) | $ (718) | |
[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] | 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 property expenses in the consolidated statements of income. |
Estimated Fair Value Of Finan94
Estimated Fair Value Of Financial Instruments (Quantitative Information Regarding Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
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 | $ 369,000 | |
Watch List Derivatives [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 3.70% | |
Watch List Derivatives [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 22.70% | |
Watch List Derivatives [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 14.50% | |
Watch List Derivatives [Member] | Loss Factors [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Loss factors | |
Watch List Derivatives [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Risk participation agreements [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ (13,000) | [1] |
Risk participation agreements [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 0.20% | |
Risk participation agreements [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 22.70% | |
Risk participation agreements [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 4.50% | |
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 | |
Interest Rate Lock Commitments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 265,000 | |
Interest Rate Lock Commitments [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 68.30% | |
Interest Rate Lock Commitments [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 100.00% | |
Interest Rate Lock Commitments [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 83.00% | |
Interest Rate Lock Commitments [Member] | Pull-through Rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Pull-through rate | |
Interest Rate Lock Commitments [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Discounted cash flow | |
Warrants [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 146,000 | |
Warrants [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Estimated stock price | |
Warrants [Member] | Estimate of Fair Value Measurement [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | $ 0.71 | |
Warrants [Member] | Estimate of Fair Value Measurement [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | 13.97 | |
Warrants [Member] | Estimate of Fair Value Measurement [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | $ 9.47 | |
Warrants [Member] | Remaining Life Assumption [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Remaining life assumption | |
Warrants [Member] | Remaining Life Assumption [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 5 years | |
Warrants [Member] | Remaining Life Assumption [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 5 years | |
Warrants [Member] | Remaining Life Assumption [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 5 years | |
Warrants [Member] | Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Volatility | |
Warrants [Member] | Volatility [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 23.40% | |
Warrants [Member] | Volatility [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 72.00% | |
Warrants [Member] | Volatility [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 60.80% | |
Warrants [Member] | Black-Scholes option pricing model [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Techniques | Black-Scholes option pricing model | |
Collateral-Dependent Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 0.00% | |
Collateral-Dependent Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 0.00% | |
Other Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 0.00% | |
Other Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs Significant Unobservable Inputs | 0.00% | |
[1] | Represents fair value of underlying swap. |
Estimated Fair Value Of Finan95
Estimated Fair Value Of Financial Instruments (Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financial assets: [Abstract] | |||
Cash and due from banks | $ 133,001 | $ 145,147 | |
Federal funds sold and interest-bearing deposits in banks | 337,465 | 238,511 | |
Loans held-for-sale | 64,029 | 108,798 | |
Securities available-for-sale, at fair value | 1,831,848 | 1,765,366 | |
Securities Held-to-Maturity, Amortized Cost | 1,456,760 | 1,355,283 | |
Securities held-to-maturity, at fair value | 1,474,643 | 1,351,241 | |
Federal Home Loan Bank Stock | 38,113 | 26,613 | |
Loans, net of allowance for loan losses and unearned fees | 13,292,309 | 13,105,739 | |
Covered assets, net of allowance for covered loan losses | 20,243 | 21,242 | |
Accrued interest receivable | 47,349 | 45,482 | |
Investment in BOLI | 57,011 | 56,653 | |
Derivative assets | [1] | 66,406 | 40,615 |
Community reinvestment investments | 16,194 | 15,602 | |
Financial liabilities: [Abstract] | |||
Deposits | 14,464,869 | 14,345,592 | |
Short-term borrowings | 602,365 | 372,467 | |
Long-term debt | [2] | 688,238 | 688,215 |
Accrued interest payable | 6,630 | 7,080 | |
Derivative liabilities | [1] | 22,498 | 18,229 |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 133,001 | 145,147 | |
Federal funds sold and interest-bearing deposits in banks | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Securities available-for-sale, at fair value | 350,905 | 321,651 | |
Securities held-to-maturity, at fair value | 0 | 0 | |
Federal Home Loan Bank Stock | 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 | |
Financial liabilities: [Abstract] | |||
Deposits, fair value | 0 | 0 | |
Short-term borrowings, fair value | 0 | 0 | |
Long-term debt, fair value | 200,258 | 207,750 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 0 | 0 | |
Federal funds sold and interest-bearing deposits in banks | 337,465 | 238,511 | |
Loans held-for-sale | 64,029 | 108,798 | |
Securities available-for-sale, at fair value | 1,480,943 | 1,443,085 | |
Securities held-to-maturity, at fair value | 1,474,643 | 1,351,241 | |
Federal Home Loan Bank Stock | 38,113 | 26,613 | |
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 | 65,638 | 39,795 | |
Community Reinvestment Investments, Fair Value | 16,831 | 15,812 | |
Financial liabilities: [Abstract] | |||
Deposits, fair value | 12,327,130 | 12,155,516 | |
Short-term borrowings, fair value | 599,994 | 370,244 | |
Long-term debt, fair value | 400,066 | 398,146 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 22,340 | 18,046 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: [Abstract] | |||
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 | 630 | |
Securities held-to-maturity, at fair value | 0 | 0 | |
Federal Home Loan Bank Stock | 0 | 0 | |
Loans, net of allowance for loan losses and unearned fees, fair value | 13,060,530 | 12,929,340 | |
Covered assets, net of allowance for covered loan losses, fair value | 25,469 | 26,758 | |
Accrued interest receivable | 47,349 | 45,482 | |
Investment in BOLI | 57,011 | 56,653 | |
Derivative assets | 768 | 820 | |
Financial liabilities: [Abstract] | |||
Deposits, fair value | 2,149,810 | 2,192,756 | |
Short-term borrowings, fair value | 2,355 | 2,207 | |
Long-term debt, fair value | 60,108 | 63,314 | |
Accrued interest payable | 6,630 | 7,080 | |
Derivative liabilities | 158 | 183 | |
Estimate of Fair Value Measurement [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 133,001 | 145,147 | |
Federal funds sold and interest-bearing deposits in banks | 337,465 | 238,511 | |
Loans held-for-sale | 64,029 | 108,798 | |
Securities available-for-sale, at fair value | 1,831,848 | 1,765,366 | |
Securities held-to-maturity, at fair value | 1,474,643 | 1,351,241 | |
Federal Home Loan Bank Stock | 38,113 | 26,613 | |
Loans, net of allowance for loan losses and unearned fees, fair value | 13,060,530 | 12,929,340 | |
Covered assets, net of allowance for covered loan losses, fair value | 25,469 | 26,758 | |
Accrued interest receivable | 47,349 | 45,482 | |
Investment in BOLI | 57,011 | 56,653 | |
Derivative assets | 66,406 | 40,615 | |
Community Reinvestment Investments, Fair Value | 16,831 | 15,812 | |
Financial liabilities: [Abstract] | |||
Deposits, fair value | 14,476,940 | 14,348,272 | |
Short-term borrowings, fair value | 602,349 | 372,451 | |
Long-term debt, fair value | 660,432 | 669,210 | |
Accrued interest payable | 6,630 | 7,080 | |
Derivative liabilities | $ 22,498 | $ 18,229 | |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Prior period amounts have been updated to reflect the first quarter 2016 adoption of Accounting Standard Update ("ASU") 2015-03 and ASU 2015-15 related to debt issuance costs. |
Operating Segments (Operating S
Operating Segments (Operating Segments Performance) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 139,518 | $ 121,993 | ||
Provision for loan and covered loan losses | 6,402 | 5,646 | ||
Non-interest income | 33,602 | 33,516 | ||
Non-interest expense | 90,493 | 83,145 | ||
Income (loss) before income taxes | 76,225 | 66,718 | ||
Income tax provision (benefit) | 26,673 | 25,234 | ||
Net income (loss) | 49,552 | 41,484 | ||
Assets | [1] | 17,667,372 | $ 17,252,848 | |
Total loans | 13,457,665 | 12,170,484 | 13,266,475 | |
Deposits | 14,464,869 | 14,345,592 | ||
Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 144,107 | 126,498 | ||
Provision for loan and covered loan losses | 6,402 | 5,646 | ||
Non-interest income | 28,861 | 29,138 | ||
Non-interest expense | 83,098 | 75,935 | ||
Income (loss) before income taxes | 83,468 | 74,055 | ||
Income tax provision (benefit) | 29,384 | 27,937 | ||
Net income (loss) | 54,084 | 46,118 | ||
Assets | 15,661,462 | 15,314,801 | ||
Total loans | 13,457,665 | 13,266,475 | ||
Deposits | 14,515,263 | 14,407,127 | ||
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 1,248 | 899 | ||
Provision for loan and covered loan losses | 0 | 0 | ||
Non-interest income | 4,724 | 4,363 | ||
Non-interest expense | 4,569 | 4,312 | ||
Income (loss) before income taxes | 1,403 | 950 | ||
Income tax provision (benefit) | 543 | 374 | ||
Net income (loss) | 860 | 576 | ||
Holding Company And Other Adjustments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (5,837) | (5,404) | ||
Provision for loan and covered loan losses | 0 | 0 | ||
Non-interest income | 17 | 15 | ||
Non-interest expense | 2,826 | 2,898 | ||
Income (loss) before income taxes | (8,646) | (8,287) | ||
Income tax provision (benefit) | (3,254) | (3,077) | ||
Net income (loss) | (5,392) | $ (5,210) | ||
Assets | [2] | 2,005,910 | 1,938,047 | |
Total loans | 0 | 0 | ||
Deposits | [2] | $ (50,394) | $ (61,535) | |
[1] | Prior period amounts have been updated to reflect the first quarter 2016 adoption of Accounting Standard Update ("ASU") 2015-03 and ASU 2015-15 related to debt issuance costs. | |||
[2] | 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 ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Carrying Amount | $ 269,734 | $ 258,067 | |
Maximum Exposure to Loss | 128,922 | 101,126 | |
Trust Preferred Capital Securities Issuances [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [1] | 167,619 | 169,788 |
Maximum Exposure to Loss | [1] | 0 | 0 |
Community Reinvestment Investments and Loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 46,980 | 41,020 |
Maximum Exposure to Loss | [2] | 56,194 | 44,191 |
Restructured loans to commercial clients, outstanding loan balance [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 54,969 | 47,178 |
Maximum Exposure to Loss | [2] | 72,562 | 56,854 |
Restructured loans to commercial clients, related derivative asset [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 153 | 81 |
Maximum Exposure to Loss | [2] | 153 | 81 |
Warrants [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | 13 | 0 | |
Maximum Exposure to Loss | 13 | $ 0 | |
Ten Point Zero Zero Percentage Junior Subordinated Debentures Due Two Zero Six Eight [Member] | Parent Company [Member] | |||
Variable Interest Entity [Line Items] | |||
Deferred Finance Costs, Net | $ 2,200 | ||
[1] | Net of deferred financing costs of $2.2 million at both March 31, 2016 and December 31, 2015. | ||
[2] | Excludes personal loans and loans to non-for-profit entities. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)trust | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Investment Holdings [Line Items] | |||
Ownership percentage | 100.00% | ||
Number of wholly-owned trusts | trust | 4 | ||
Amortization Method Qualified Affordable Housing Project Investments | $ 26,600,000 | $ 27,000,000 | |
Tax Credit Investment Unfunded Commitments | $ 22,300,000 | ||
Low Income Housing Tax Credit Investment [Member] | |||
Investment Holdings [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid Through | 2,028 | ||
Tax Credit Investments [Member] | |||
Investment Holdings [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid Through | 2,030 | ||
Impairment Losses, Tax Credit Investments | $ 0 | $ 0 |
VARIABLE INTEREST ENTITIES Vari
VARIABLE INTEREST ENTITIES Variable Interest Entities (Affordable Housing Tax Credit Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Amortization of principal investments | $ 443 | $ 135 |
Tax Credit [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 430 | 150 |
Tax Benefit From Operating Losses [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 147 | $ 54 |