Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 27, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,446,864,642 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 80,026,661 | ||
Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and due from banks | $ 161,168 | $ 145,147 | |
Federal funds sold and interest-bearing deposits in banks | 587,563 | 238,511 | |
Loans held-for-sale | 103,284 | 108,798 | |
Securities available-for-sale, at fair value (pledged as collateral to creditors: $86.6 million - 2016; $100.2 million - 2015) | 2,013,525 | 1,765,366 | |
Securities held-to-maturity, at amortized cost (fair value: $1.7 billion - 2016; $1.4 billion - 2015) | 1,738,123 | 1,355,283 | |
Federal Home Loan Bank (FHLB) stock | 54,163 | 26,613 | |
Loans – excluding covered assets, net of unearned fees | 15,056,241 | 13,266,475 | |
Allowance for loan losses | (185,765) | (160,736) | |
Loans, net of allowance for loan losses and unearned fees | 14,870,476 | 13,105,739 | |
Covered assets | 22,063 | 26,954 | |
Allowance for covered loan losses | (4,766) | (5,712) | |
Covered assets, net of allowance for covered loan losses | 17,297 | 21,242 | |
Other real estate owned, excluding covered assets | 10,203 | 7,273 | |
Premises, furniture, and equipment, net | 46,967 | 42,405 | |
Accrued interest receivable | 57,986 | 45,482 | |
Investment in bank owned life insurance | 58,115 | 56,653 | |
Goodwill | 94,041 | 94,041 | |
Other intangible assets | 1,269 | 3,430 | |
Derivative Asset | [1] | 27,965 | 40,615 |
Other assets | 211,628 | 196,250 | |
Total assets | 20,053,773 | 17,252,848 | |
Deposits: [Abstract] | |||
Noninterest-bearing deposits | 5,196,587 | 4,355,700 | |
Interest-bearing deposits | 10,868,642 | 9,989,892 | |
Total deposits | 16,065,229 | 14,345,592 | |
Short-term borrowings | 1,544,746 | 372,467 | |
Long-term debt | 338,310 | 688,215 | |
Accrued interest payable | 9,063 | 7,080 | |
Derivative liabilities | [1] | 18,122 | 18,229 |
Other liabilities | 158,628 | 122,314 | |
Total liabilities | 18,134,098 | 15,553,897 | |
Equity | |||
Common stock (no par value, $1 stated value; authorized shares: 174 million; issued shares: 79,849,213 - 2016 and 79,099,157 - 2015) | 79,313 | 78,439 | |
Treasury Stock, at cost (0 - 2016 and 2,574 - 2015) | 0 | (103) | |
Additional paid-in capital | 1,101,946 | 1,071,674 | |
Retained earnings | 736,798 | 531,682 | |
Accumulated other comprehensive income, net of tax | 1,618 | 17,259 | |
Total equity | 1,919,675 | 1,698,951 | |
Total liabilities and equity | $ 20,053,773 | $ 17,252,848 | |
[1] | All derivative contracts are over-the-counter contracts. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available-for-sale, pledged as collateral to creditors | $ 86,592 | $ 100,221 |
Securities held-to-maturity, fair value | $ 1,714,770 | $ 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 | 79,849,213 | 79,099,157 |
Treasury Stock, Common, Shares, Issued | 0 | 2,574 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income | |||
Loans, including fees | $ 591,051 | $ 517,461 | $ 463,755 |
Federal funds sold and interest-bearing deposits in banks | 1,477 | 903 | 770 |
Securities: | |||
Taxable | 62,542 | 55,283 | 53,500 |
Exempt from Federal income taxes | 9,326 | 8,270 | 6,173 |
Other interest income | 622 | 295 | 189 |
Total interest income | 665,018 | 582,212 | 524,387 |
Interest Expense | |||
Interest Expense, Domestic Deposits | 58,574 | 47,106 | 41,951 |
Short-term borrowings | 3,413 | 656 | 638 |
Long-term debt | 20,605 | 20,035 | 27,061 |
Total interest expense | 82,592 | 67,797 | 69,650 |
Net interest income (expense) | 582,426 | 514,415 | 454,737 |
Provision for loan and covered loan losses | 33,710 | 14,790 | 12,044 |
Net interest income after provision for loan and covered loan losses | 548,716 | 499,625 | 442,693 |
Non-interest Income | |||
Asset Management | 21,120 | 17,958 | 17,268 |
Mortgage banking | 15,895 | 14,079 | 10,245 |
Capital markets products | 25,323 | 18,530 | 18,047 |
Treasury management | 33,942 | 30,641 | 27,472 |
Loan, letter of credit and commitment fees | 21,343 | 20,648 | 19,311 |
Syndication fees | 20,956 | 17,205 | 19,514 |
Deposit service charges and fees and other income | 8,068 | 10,129 | 5,203 |
Net securities gains (losses) | 1,111 | 822 | 530 |
Total non-interest income | 147,758 | 130,012 | 117,590 |
Non-interest Expense | |||
Salaries and employee benefits | 227,777 | 205,019 | 182,192 |
Net occupancy and equipment expense | 29,162 | 28,214 | 27,417 |
Technology and related costs | 23,722 | 18,761 | 17,122 |
Marketing | 17,496 | 16,122 | 13,441 |
Professional services | 18,884 | 11,320 | 11,761 |
Outsourced servicing costs | 6,201 | 7,494 | 6,864 |
Net foreclosed property expenses | 3,524 | 4,210 | 8,681 |
Postage, telephone, and delivery | 3,426 | 3,582 | 3,400 |
Insurance | 15,796 | 13,972 | 12,451 |
Loan and collection expense | 8,132 | 8,556 | 6,765 |
Other expenses | 18,353 | 15,987 | 21,982 |
Total non-interest expense | 372,473 | 333,237 | 312,076 |
Income (loss) before income taxes | 324,001 | 296,400 | 248,207 |
Income tax provision (benefit) | 115,644 | 111,089 | 95,128 |
Net income (loss) available to common stockholders | $ 208,357 | $ 185,311 | $ 153,079 |
Per Common Share Data | |||
Basic earnings per share | $ 2.62 | $ 2.36 | $ 1.96 |
Diluted earnings per share | 2.57 | 2.32 | 1.94 |
Cash dividends declared (per share) | $ 0.04 | $ 0.04 | $ 0.04 |
Weighted-average common shares outstanding | 78,900 | 77,968 | 77,007 |
Weighted-average diluted common shares outstanding | 80,484 | 79,206 | 77,822 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 208,357 | $ 185,311 | $ 153,079 |
Available-for-sale securities: | |||
Net unrealized gains (losses) | (27,628) | (7,440) | 11,244 |
Reclassification of net gains (losses) included in net income (loss) | (1,111) | (1,287) | (530) |
Income tax benefit (expense) | 11,215 | 3,327 | (4,226) |
Net unrealized (losses) gains on available-for-sale securities | (17,524) | (5,400) | 6,488 |
Cash flow hedges: | |||
Net unrealized gains (losses) | 10,282 | 13,152 | 16,777 |
Reclassification of net gains included in net income (loss) | (7,235) | (10,320) | (9,262) |
Income tax benefit (expense) | (1,164) | (1,090) | (2,930) |
Net unrealized gains (losses) on cash flow hedges | 1,883 | 1,742 | 4,585 |
Other comprehensive income (loss) | (15,641) | (3,658) | 11,073 |
Comprehensive Income | $ 192,716 | $ 181,653 | $ 164,152 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ 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] | |||
Beginning Balance, shares at Dec. 31, 2013 | 77,707,000 | |||||||||
Beginning Balance at Dec. 31, 2013 | $ 1,301,904 | $ 76,825 | $ (6,415) | $ 1,022,023 | $ 199,627 | $ 9,844 | ||||
Comprehensive Income (loss): | ||||||||||
Net income attributable to parent | 153,079 | 153,079 | [1] | |||||||
Other comprehensive income (loss) | 11,073 | 11,073 | [1] | |||||||
Total comprehensive income (loss) | [1] | 164,152 | ||||||||
Cash dividends declared ($0.04 per common share) | $ (3,150) | 0 | (3,150) | |||||||
Cash dividends declared (per share) (parenthetical) | $ 0.04 | |||||||||
Nonvested (restricted) stock grants, shares | 378,000 | |||||||||
Nonvested (restricted) stock grants | $ 0 | (244) | 5,607 | (5,363) | ||||||
Exercise of stock options, shares | 277,000 | 277,000 | ||||||||
Exercise of stock options | $ 5,149 | 93 | 5,340 | (284) | ||||||
Restricted stock activity, shares | (16,000) | |||||||||
Restricted stock activity | 0 | 537 | 360 | (897) | ||||||
Deferred compensation plan, shares | 13,000 | |||||||||
Deferred compensation plan | 449 | 0 | 385 | 64 | ||||||
Excess (shortfall) tax benefit from share-based compensation | 2,937 | 2,937 | ||||||||
Stock repurchased in connection with benefit plans, shares | (181,000) | |||||||||
Stock repurchased in connection with benefit plans | (5,330) | (5,330) | ||||||||
Stock Issued During Period, Shares | 0 | |||||||||
Share-based compensation expense | 15,568 | 0 | 15,568 | |||||||
Ending Balance, shares at Dec. 31, 2014 | 78,178,000 | |||||||||
Ending Balance at Dec. 31, 2014 | 1,481,679 | 77,211 | (53) | 1,034,048 | 349,556 | 20,917 | ||||
Comprehensive Income (loss): | ||||||||||
Net income attributable to parent | 185,311 | 185,311 | [1] | |||||||
Other comprehensive income (loss) | (3,658) | (3,658) | [1] | |||||||
Total comprehensive income (loss) | [1] | 181,653 | ||||||||
Cash dividends declared ($0.04 per common share) | $ (3,185) | 0 | (3,185) | |||||||
Cash dividends declared (per share) (parenthetical) | $ 0.04 | |||||||||
Nonvested (restricted) stock grants, shares | 252,000 | |||||||||
Nonvested (restricted) stock grants | $ 0 | 0 | 0 | 0 | ||||||
Exercise of stock options, shares | 838,000 | 835,000 | ||||||||
Exercise of stock options | $ 20,938 | 666 | 5,903 | 14,369 | ||||||
Restricted stock activity, shares | 2,000 | |||||||||
Restricted stock activity | 0 | 561 | 0 | (561) | ||||||
Deferred compensation plan, shares | 2,000 | |||||||||
Deferred compensation plan | 385 | 1 | 29 | 355 | ||||||
Excess (shortfall) tax benefit from share-based compensation | 4,624 | 4,624 | ||||||||
Stock repurchased in connection with benefit plans, shares | (172,000) | |||||||||
Stock repurchased in connection with benefit plans | (5,982) | (5,982) | ||||||||
Stock Issued During Period, Shares | 0 | |||||||||
Share-based compensation expense | $ 18,839 | 18,839 | ||||||||
Ending Balance, shares at Dec. 31, 2015 | 79,100,000 | 79,097,000 | ||||||||
Ending Balance at Dec. 31, 2015 | $ 1,698,951 | 78,439 | (103) | 1,071,674 | 531,682 | 17,259 | ||||
Comprehensive Income (loss): | ||||||||||
Net income attributable to parent | 208,357 | 208,357 | [1] | |||||||
Other comprehensive income (loss) | (15,641) | (15,641) | [1] | |||||||
Total comprehensive income (loss) | [1] | 192,716 | ||||||||
Cash dividends declared ($0.04 per common share) | $ (3,241) | 0 | (3,241) | |||||||
Cash dividends declared (per share) (parenthetical) | $ 0.04 | |||||||||
Nonvested (restricted) stock grants, shares | 266,000 | |||||||||
Nonvested (restricted) stock grants | $ 0 | 0 | 0 | 0 | ||||||
Exercise of stock options, shares | 573,000 | 573,000 | ||||||||
Exercise of stock options | $ 14,650 | 456 | 4,252 | 9,942 | ||||||
Restricted stock activity, shares | 37,000 | |||||||||
Restricted stock activity | 0 | 414 | 464 | (878) | ||||||
Deferred compensation plan, shares | 6,000 | |||||||||
Deferred compensation plan | 627 | 4 | 81 | 542 | ||||||
Stock repurchased in connection with benefit plans, shares | (130,000) | |||||||||
Stock repurchased in connection with benefit plans | (4,765) | (4,694) | (71) | |||||||
Stock Issued During Period, Shares | 0 | |||||||||
Share-based compensation expense | $ 20,737 | 20,737 | ||||||||
Ending Balance, shares at Dec. 31, 2016 | 79,849,213 | 79,849,000 | ||||||||
Ending Balance at Dec. 31, 2016 | $ 1,919,675 | $ 79,313 | $ 0 | $ 1,101,946 | $ 736,798 | $ 1,618 | ||||
[1] | Net of taxes and reclassification adjustments. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Activities | ||||
Net income (loss) | $ 208,357 | $ 185,311 | $ 153,079 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for loan and covered loan losses | 33,710 | 14,790 | 12,044 | |
(Release) provision for unfunded commitments | [1] | 5,381 | (519) | 3,152 |
Depreciation and impairment of premises, furniture, and equipment | 9,374 | 8,457 | 8,693 | |
Net amortization of premium on securities | 24,096 | 17,888 | 14,899 | |
Net losses (gains) on sale of securities | (1,111) | (822) | (530) | |
Valuation adjustments on other real estate owned | 2,757 | 2,356 | 6,479 | |
Net (gains) losses on sales of other real estate owned | 392 | 1,267 | 189 | |
Net amortization (accretion) of discount on covered assets | (51) | 298 | 136 | |
Bank owned life insurance income | (1,462) | (1,446) | (1,342) | |
Net increase (decrease) in deferred fees and unamortized discounts and premiums on loans | 2,789 | (4,156) | 9,954 | |
Share-based compensation expense | 20,737 | 18,839 | 15,568 | |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (3,690) | (5,329) | (3,588) | |
Deferred income tax benefit | (16,508) | (1,821) | (8,184) | |
Amortization of other intangibles | 2,161 | 2,455 | 3,007 | |
Originations and purchases of loans held-for-sale | (621,559) | (623,756) | (518,147) | |
Proceeds from sales of loans held-for-sale | 643,571 | 641,596 | 438,254 | |
Net gains (losses) from sales of loans held-for-sale | (16,944) | (11,793) | (8,199) | |
Gain on sale of branch | 0 | (4,092) | 0 | |
Net (increase) decrease in derivative assets and liabilities | 12,543 | (6,091) | (16,763) | |
Net decrease (increase) in accrued interest receivable | (12,504) | (4,951) | (3,527) | |
Net increase (decrease) in accrued interest payable | 1,983 | 132 | 622 | |
Net (increase) decrease in other assets | 14,674 | 5,348 | (30,437) | |
Net (decrease) increase in other liabilities | 34,671 | 28,346 | 19,269 | |
Net cash provided by operating activities | 343,367 | 262,307 | 94,628 | |
Available-for-sale securities: | ||||
Proceeds from maturities, prepayments, and calls | 214,609 | 209,536 | 232,967 | |
Proceeds from sales | 45,446 | 90,777 | 74,690 | |
Purchases | (549,001) | (439,536) | (349,320) | |
Held-to-maturity securities: | ||||
Proceeds from maturities, prepayments, and calls | 221,687 | 161,787 | 120,844 | |
Purchases | (615,464) | (394,377) | (333,553) | |
Net (purchase) redemption of FHLB stock | (27,550) | 2,053 | 1,339 | |
Net increase in loans | (1,811,679) | (1,382,771) | (1,270,685) | |
Net decrease in covered assets | 4,240 | 7,277 | 67,564 | |
Proceeds from sale of other real estate owned | 4,120 | 12,763 | 13,936 | |
Net purchases of premises, furniture, and equipment | (13,936) | (11,719) | (8,174) | |
Net cash used in investing activities | (2,527,528) | (1,744,210) | (1,450,392) | |
Financing Activities | ||||
Net increase (decrease) in deposit accounts, including deposits held-for-sale | 1,719,637 | 1,133,408 | 1,198,543 | |
Net (decrease) increase in short-term borrowings, excluding FHLB advances | 2,279 | (1,918) | (2,015) | |
Proceeds from Federal Home Loan Bank Advances | 820,000 | 292,000 | 218,000 | |
Repayment of long-term debt | 0 | 0 | (75,005) | |
Stock repurchased in connection with benefit plans | (4,765) | (5,982) | (5,330) | |
Cash dividends paid | (3,194) | (3,151) | (3,125) | |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 15,277 | 21,323 | 5,598 | |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 0 | 5,329 | 3,588 | |
Net cash (used in) provided by financing activities | 2,549,234 | 1,441,009 | 1,340,254 | |
Net (decrease) increase in cash and cash equivalents | 365,073 | (40,894) | (15,510) | |
Cash and cash equivalents at beginning of year | 383,658 | 424,552 | 440,062 | |
Cash and cash equivalents at end of year | 748,731 | 383,658 | 424,552 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Cash paid for interest | 80,609 | 67,666 | 69,028 | |
Cash paid for income taxes | 120,257 | 107,477 | 99,820 | |
Non-cash transfers of loans to loans held-for-sale | 150,634 | 164,355 | 182,831 | |
Non-cash transfers of loans to other real estate | 10,199 | 6,243 | 8,753 | |
Non-cash transfers of covered assets to loans | 0 | 0 | 28,692 | |
Non-cash transfers of covered asset OREO to other real estate | 0 | 0 | 719 | |
Non-cash transfers of deposits to deposits held-for-sale | $ 0 | $ 0 | $ 122,216 | |
[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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations – PrivateBancorp, Inc. (“PrivateBancorp” or the “Company”) was incorporated in Delaware in 1989 and became a holding company registered under the Bank Holding Company Act of 1956, as amended. The PrivateBank and Trust Company (the “Bank” or the “PrivateBank”), the sole banking subsidiary of PrivateBancorp, was opened in Chicago in 1991. The Company completed its initial public offering in June 1999. The Bank provides customized business and personal financial services to middle market companies and business owners, executives, entrepreneurs and families in all of the markets and communities it serves. On June 29, 2016, the Company entered into a definitive merger agreement with Canadian Imperial Bank of Commerce (“CIBC”), a Canadian chartered bank, and CIBC Holdco Inc. (“Holdco”), a newly-formed Delaware corporation and a direct, wholly owned subsidiary of CIBC, which contemplates that the Company will merge with and into Holdco, with Holdco surviving the merger. Closing of the transaction remains subject to the receipt of required regulatory and stockholder approvals and other customary closing conditions. Following the merger, the Bank will be headquartered in Chicago, Illinois, retain its Illinois state banking charter and be an indirect, wholly owned subsidiary of CIBC. Under the terms of the definitive agreement, shareholders of the Company will receive $18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock. As of June 28, 2016 , the last trading day before public announcement of the transaction, total consideration for the transaction was valued at approximately $3.8 billion , or $47.00 per share of common stock of the Company, based on CIBC’s closing stock price on June 28, 2016 of $77.11 . As of such date, the aggregate consideration would have been paid with approximately $1.5 billion in cash and approximately 29.5 million common shares of CIBC, representing a 40 percent cash and 60 percent share mix. The actual transaction value will be based on the number of shares of common stock of the Company outstanding at the closing and the price of CIBC common stock as of the closing. The full text of and additional information about the definitive merger agreement is included in the Company’s Current Report on Form 8-K filed with the Securities Exchange Commission (“SEC”) on July 6, 2016. Direct costs related to the proposed transaction were expensed as incurred and totaled $6.7 million for the year ended December 31, 2016 . These costs were primarily comprised of financial advisor and other professional services fees. Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. In general, investments in unconsolidated entities where the Company has the ability to exercise significant influence over the entities’ operating and financing decisions are accounted for using the equity method of accounting. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries, and accordingly, are not included in the consolidated financial statements. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and general practice within the banking industry. We use the accrual basis of accounting for financial reporting purposes. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to December 31, 2016 for potential recognition or disclosure in this annual report on Form 10-K. The following is a summary of the significant accounting policies adhered to in the preparation of the consolidated financial statements. Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair value as of the date of acquisition, with any excess of the cost of the acquisition over the fair value of the net tangible and identifiable intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the consolidated statements of income from the effective date of acquisition. Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Cash and Cash Equivalents – For purposes of the consolidated statements of cash flows, management has defined cash and cash equivalents to include cash and due from banks, federal funds sold, and other interest-bearing deposits in banks. Generally, federal funds are sold for one-day periods, but not longer than 30 days. Short-term investments generally mature in less than 30 days. All cash and cash equivalents have maturities of three months or less. Debt Securities – At the time of purchase, debt securities are classified as held-to-maturity or available-for-sale. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost. Debt securities are classified as available-for-sale when management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded as a separate component of other comprehensive income (“OCI”). The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the life of the security, using the level-yield method. Amortization of premium and accretion of discount are included in interest income. Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the consolidated statements of income. The cost of securities sold is based on the specific identification method. We conduct a quarterly assessment of our investment portfolio to determine whether any securities are other-than-temporarily impaired (“OTTI”). When assessing unrealized losses for OTTI, we consider the nature of the investment, the financial condition of the issuer, the extent and duration of unrealized loss, expected cash flows of underlying assets and market conditions. OTTI is considered to have occurred if the security is impaired and (1) if management intends to sell the security; (2) if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3) if the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. For debt securities that we do not intend to sell or for which it is not more likely than not that the Company will be required to sell prior to recovery, the OTTI is separated into credit and noncredit components. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and changes in risk-free interest rates. For securities we expect to sell prior to recovery, the entire impairment (i.e., the difference between the amortized cost basis and the fair value) is recognized in earnings. Federal Home Loan Bank (“FHLB”) Stock – Investments in FHLB stock are restricted as to redemption and are carried at cost. Loans Held-for-Sale – Loans held-for-sale (“LHFS”) represent mortgage loan originations intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower of cost or fair value as determined on an individual asset basis or carried at fair value where the Company has elected fair value accounting. The Company has elected to measure certain residential mortgage loans originated as held-for-sale under the fair value option. Increases or decreases in the fair value of these LHFS are recognized in mortgage banking income in the consolidated statements of income. Mortgage loan origination costs related to LHFS that the Company accounts for under the fair value option are recognized in non-interest expense as incurred. Held-for-investment loans that have been transferred to LHFS are carried at the lower of cost or fair value. For these LHFS, any decreases in value below cost are recognized in other income in the consolidated statements of income and increases in fair value above cost are not recognized until the loans are sold. The credit component of any write down upon transfer to LHFS is reflected in charge-offs to the allowance for loan losses. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying amount of the loans. Gains and losses on the disposition of loans held-for-sale are determined using the specific identification method. Residential mortgage loans sold in the secondary market are sold without retaining servicing rights or other residual interests. Originated Loans Held-for-Investment – Originated loans held-for-investment are carried at the principal amount outstanding, net of deferred loan fees and costs and any direct principal charge-offs, except for certain residential real estate loans for which the fair value option was elected. These residential real estate loans are measured at fair value as of each reporting date, with changes in fair value recognized in mortgage banking income in the consolidated statements of income. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, fees for commitments that are expected to be exercised and certain direct loan origination costs are deferred and the net amount is amortized over the life of the related loan or commitment period as a yield adjustment. Other fees not associated with originating a loan are recognized as fee income when earned. Delinquent and Nonaccrual Loans – Loans are reported as past due if contractual principal or interest payments are due and unpaid for 30 days or more. All loans that are over 90 days past due in principal or interest are considered “impaired” and placed on nonaccrual status. Management may also place some loans on nonaccrual status before they are 90 days past due if they meet the below definition of “impaired.” When a loan is placed on nonaccrual status, accrued and unpaid interest credited to income is reversed and accretion of net deferred loan fees ceases. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income may only be recorded on a cash basis if the remaining recorded investment is deemed fully collectible. Nonaccrual loans are returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement and the financial position of the borrower and other relevant factors indicate there is no longer doubt as to such collectibility. Restructured Loans – As part of our ongoing risk management practices and in certain circumstances, we may extend or modify the terms of a loan in an attempt to maximize the collection of amounts due when a borrower is experiencing financial difficulties. These modifications are structured on a loan-by-loan basis, and depending on the circumstances, may consist of reducing the interest rate, extending the maturity dates, reducing the principal balance, or other concession intended to minimize potential losses and maximize our chances of a more successful recovery on a troubled loan. The Company may also utilize a multiple note structure as a workout alternative for certain loans. The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which the Company has granted a concession that it would not otherwise consider, are recognized as troubled debt restructurings (“TDRs”). We consider many factors in determining whether to agree to a loan modification involving concessions, and seek a solution that will both minimize potential loss to the Company and attempt to help the borrower. We evaluate our borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional securities or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. TDRs may include loans continuing on accrual status, moving to nonaccrual or remaining on nonaccrual, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of at least six months to ensure that the borrower performs in accordance with the restructured terms including consistent and timely loan payments. However, the borrower’s performance prior to the restructuring or other significant events at the time of the restructuring may be considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status after a shorter performance period or concurrent with the restructuring. In such situations, the loan will be reported as a “restructured loan accruing interest.” If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Impaired Loans – Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, 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. Once a loan is determined to be impaired, the amount of impairment is measured based on the loan’s observable fair value; fair value of the underlying collateral less estimated selling costs, if the loan is collateral-dependent; or the present value of expected future cash flows discounted at the loan’s effective interest rate. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees and costs and unamortized premium or discount), impairment is recognized by creating a specific valuation reserve as a component of the allowance for loan losses. Non-TDR impaired loans and nonaccrual TDRs exceeding $500,000 are evaluated individually, while non-TDR impaired loans and nonaccrual TDRs less than $500,000 are evaluated as pools using historical loss experience, as well as management’s loss expectations, for the respective asset class and product type. All accruing TDRs, no matter the balance, are evaluated individually for impairment. All impaired loans and their related reserves are reviewed and updated each quarter. Any impaired loan for which a determination has been made that the economic value is permanently reduced is charged-off against the allowance for loan losses to reflect its current economic value in the period in which the determination is made. 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 evaluation 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 upon 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. All appraisals and internal reviews are current under this methodology at December 31, 2016 . Allowance for Loan Losses (the “Allowance”) – We maintain an allowance for loan losses at a level management believes is sufficient to absorb credit losses inherent in our loan portfolio at the consolidated statements of financial condition date. The Allowance is assessed quarterly and represents an accounting estimate of probable losses in the portfolio at each statement of financial condition date based on a review of available and relevant information at that time. The Allowance contains reserves for identified probable losses relating to specific borrowing relationships that are considered to be impaired (“the specific allocated component” of the Allowance), and for probable losses inherent in the loan portfolio that have not been specifically identified (“the general allocated component” of the Allowance). The specific allocated component of the Allowance is the summation of individual reserves related to impaired loans that are analyzed on a loan-by-loan basis at the consolidated statements of financial condition date. Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. See “Impaired Loans” section of this Note 1 for a detailed discussion of the specific allocated component of the Allowance. The general allocated component of the Allowance is determined using a methodology that is a function of quantitative and qualitative factors and considerations applied to segments of our loan portfolio. Our methodology applies a historical loss model that takes into account at a product level (e.g., commercial, commercial real estate, construction, consumer) the default and loss history of similar products or sub-products using a look-back period that begins in 2010 and is updated with monthly data on a lagged quarter to the most recent period. Our methodology uses our default and loss history over the look-back period to establish a probability of default (“PD”) for each product type (and, in some cases, sub-segments within a product type) and risk rating, as well as an expected loss given default (“LGD”) for each product type. For our consumer portfolio, we assign a PD to each delinquency period and LGD to collateral position or size of credit. Our methodology applies the PD and LGD to the applicable loan balances and produces a loss estimate by product that is inclusive of the loss emergence period. We assess the appropriate balance of the general allocated component of the reserve at the model loss emergence period based on a variety of internal and external quantitative and qualitative factors giving consideration to conditions that we believe are not fully reflected in the model-generated loss estimates. Topics considered in this assessment include changes in lending practices and procedures (e.g., underwriting standards) internally and in our industry, changes in business or economic conditions, changes in the nature and volume of loans, changes in staffing or management in our lending teams, changes in the quality of our results from loan reviews (which includes credit quality trends and risk rating accuracy), changes in underlying collateral values, recent portfolio performance, concentration risks, and other external factors such as legal or regulatory matters relevant to management’s assessment of required reserve levels. In certain instances, these additional factors and judgments may lead to management’s conclusion that the appropriate level of the reserve differs from the amount determined through the model-driven quantitative framework, with respect to a given product type. In determining the amount of any qualitative adjustment to be made to the quantitative model output, management may adjust the PD and/or LGD for a product type (or a sub-segment within a product type) to reflect conditions that it does not believe are reflected in historical loss rates and apply those adjusted PDs and LGDs to determine the impact on the model output, with the result used to inform management’s determination of the appropriate qualitative adjustment to be made to the general allocated component for the product type. The product segments we evaluate in the general allocated component methodology are commercial loans, commercial real estate loans, construction loans and consumer loans (which include personal loans, residential mortgage loans and home equity lines of credit). Our commercial loan portfolio includes lines of credit to businesses and term loans. Certain non-residential owner-occupied commercial real estate loans are also included in our commercial loan portfolio if the cash flows from the owner’s business serve as the primary source of loan repayment. Commercial loans contain risks unique to the business and market of each borrower and the repayment is dependent upon the financial success and viability of the borrower. These risks include, but are not limited to: reliance on sustained cash flow of the borrower to repay the loan and diminutive collateral to take recourse on as a secondary source of repayment for our leveraged loans, dependency on government receivables at the state and federal levels for our healthcare loans, reliance on conversion of assets rather than operating cash flows for our asset-based lending loans, and susceptibility of a slowdown in the manufacturing portfolio as a result of the recent commodity price fluctuations within the manufacturing industry. Commercial real estate loans comprise loans secured by various types of collateral including one-to-four family non-owner occupied housing units located primarily in our target market areas, multi-family real estate, office buildings, warehouses, retail space, mixed use buildings, and vacant land, the bulk of which is held for long-term investment or development. Risks inherent in real estate lending are related to the underlying net operating income, the market value of the property taken as collateral, and the general economic condition of the market in which the collateral is located. Repayment is generally dependent on the ability of the borrower to attract and retain tenants at rental rates that provide for a sufficient level of net operating income to cover debt service, and ultimately the long term financing options of the borrower. Our construction loan portfolio consists of single-family residential properties, multi-family properties, and commercial projects, and includes both investment properties and properties that will be owner-occupied. Risks inherent in construction lending are similar to those in commercial real estate lending. Additional risks include unexpected cost increases or delays in constructing or improving a property, the borrower’s inability to generate funding until the project is complete, the greater sensitivity to interest rate movements and the real estate market that these borrowers face while a project is being completed or while a borrower is seeking a buyer, and the lack of availability of permanent financing. Construction loans, as a product segment, have the highest inherent risk in our portfolio. Consumer loans are a smaller portion of our overall portfolio and consist of residential home mortgages, home equity lines of credit and personal loans. The risk issues associated with these products are closely correlated to the U.S. housing market and the local markets in which the collateral resides and include home prices, sales volume, unemployment rates, foreclosure rates, and delinquency rates. Some personal loans may be unsecured and therefore offer little secondary source of repayment. Determination of the Allowance is inherently subjective, as it requires significant estimates, including the amounts and timing of expected future cash flows and collateral appraisal values on impaired loans; estimated losses on pools of homogeneous loans based on historical loss experience, risk ratings, product type, delinquency aging for consumer loans, and consideration of current economic trends and portfolio attributes, all of which may be susceptible to significant change. Default estimates are derived using a monthly rating migration approach over the appropriate look-back period for each segment for the commercial portfolio and delinquency aging for the consumer portfolio, and are estimated consistent with the loss emergence period for a particular product. In addition, we compare current model-derived and historic reserve levels to charge-off trends in considering the appropriate Allowance at each product level. Credit exposures deemed to be uncollectible are charged-off against the Allowance, while recoveries of amounts previously charged-off are credited to the Allowance. A provision for loan losses, which is a charge against earnings, is recorded to bring the Allowance to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio as of the consolidated statements of financial condition date. Reserve for Unfunded Commitments – We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The reserve is included in other liabilities in the consolidated statements of financial condition. The general reserve is computed using a methodology similar to that used to determine the general allocated component of the Allowance and is based on a model that uses recent commitment utilization patterns at the product level as a method of predicting future usage across the portfolio. The specific reserve is the summation of individual reserves related to unfunded commitments that are analyzed on a commitment-by-commitment basis. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense in the consolidated statements of income. Purchased Loans – U.S. GAAP requires purchased loans acquired through portfolio purchases or in a business combination (“purchased non-impaired loans”) to be recorded at fair value at the acquisition date and prohibits the “carrying over” or creation of valuation allowances in the initial accounting for loans acquired in a transfer. Differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loan. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. Purchased loans with evidence of credit deterioration at the time of the acquisition and where it is probable that not all contractual payments will be collected are considered purchased credit-impaired loans. Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, declines in borrower FICO scores, and declines in loan-to-value ratios. The fair values for purchased credit-impaired loans are determined by discounting cash flows expected to be collected using an observable discount rate for similar instruments with adjustments to the discount rate that management believes a market participant would consider in determining fair value. We estimate the timing and amount of cash flows expected to be collected at acquisition using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. Under the applicable accounting guidance for purchased credit-impaired loans, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using the constant effective yield method when there is a reasonable expectation about the amount and timing of such cash flows. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Decreases in expected cash flows subsequent to acquisition generally result in an allowance for loan losses. Subsequent increases in cash flows result in a reversal of the allowance for loan losses to the extent previously established or a prospective adjustment to the accretable yield. Purchased credit-impaired loans with common risk characteristics are accounted for on a pool basis as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, they are all considered to be performing. Covered Assets – Purchased loans and foreclosed loan collateral covered under loss share or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”) are reported separately on the face of the consolidated statements of financial condition inclusive of the fair value of reimbursement cash flows the Company expects to receive from the FDIC under the agreement. The allowance for covered loan losses is determined without regard to the expected reimbursement from the FDIC with any provision for covered loan loss charges recorded in the consolidated statements of income net of such FDIC reimbursement. Other Real Estate Owned (“OREO”) – OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are initially recorded at fair value less estimated selling costs. Any write-downs in the carrying value of a property at the time of acquisition are charged against the Allowance. Subsequent to initial recognition, OREO is recorded at the lower of the initial cost basis or current fair value less estimated selling costs. Any subsequent write-downs to reflect current fair value less estimated selling costs are recorded through a valuation allowance. Such write-downs, as well as gains or losses on disposition and revenues and expenses incurred in maintaining such properties, are reported in non-interest expense in the consolidated statements of income. Depreciable Assets – Premises, leasehold improvements, furniture and equipment, and software on our servers are stated at cost less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the asset or the lease term. Rates of depreciation are generally based on the following useful lives: buildings, 30 - 40 years; leasehold improvements, typically 1 - 15 year |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [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 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. For the year ended December 31, 2016 , the Company recognized a $3.7 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. 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 was effective for the Company’s annual financial statements dated December 31, 2016. The adoption of this guidance did not impact our financial position or consolidated results of operations. Accounting Pronouncements Pending Adoption Revenue from Contracts with Customers - In May 2014, August 2015, March 2016, April 2016, May 2016 and December 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 guidance allows an entity to apply the new standard either retrospectively or through a cumulative effect adjustment as of January 1, 2018. We have elected to implement this new accounting guidance using a cumulative-effect adjustment. This guidance does not apply to revenue associated with financial instruments, including loans, securities, and derivatives that are accounted for under other U.S. GAAP guidance. For that reason, we do not expect it to have a material impact on our consolidated results of operations for elements of the statement of income associated with financial instruments, including securities gains, interest income and interest expense. However, we do believe the new standard will result in new disclosure requirements. We are currently in the process of reviewing contracts to assess the impact of the new guidance on our service offerings that are in the scope of the guidance, including Treasury Management and Asset Management services. The Company is continuing to evaluate the effect of the new guidance on revenue sources other than financial instruments on our financial position and 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 is 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 is effective for the Company’s financial statements that include periods beginning January 1, 2019, 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. Measurement of Credit Losses on Financial Instruments - In June 2016, the FASB issued guidance that changes the impairment model for most financial assets and certain other instruments that are not measured at fair value through net income. For financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures (including loans, held-to-maturity debt securities, and loan commitments), the new guidance will require the Company to record an allowance based on the estimated credit losses expected over the life of the financial instrument or pool of financial instruments. The estimate of lifetime expected credit losses must consider historical information, current conditions, and reasonable and supportable forecasts. The new guidance also amends the current other-than-temporary impairment model for available-for-sale debt securities. The new guidance will require the Company to record an allowance for estimated credit losses on available-for-sale securities when the fair value of the security is below the amortized cost of the asset. Additionally, the guidance expands the disclosure requirements related to the Company’s assumptions, models, and methods for estimating the allowance for credit losses. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2020. Early adoption is permitted beginning January 1, 2019. The new standard will be applied using a modified retrospective approach. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. Classification of Certain Cash Receipts and Cash Payments - In August 2016, the FASB issued guidance that clarifies how certain cash receipts and cash payments are presented and classified in the consolidated statements of cash flows. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2018, as well as interim periods thereafter, with early adoption permitted. The guidance will be applied using a retrospective transition method. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. Intra-Entity Transfers of Assets Other Than Inventory - In October 2016, the FASB issued guidance that will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This eliminates the current exception for all intra-entity transfers of an asset other than inventory that requires deferral of the tax effects until the asset is sold to a third party or otherwise recovered through use. The guidance is effective for the Company’s financial statements that include periods beginning after January 1, 2018, as well as periods thereafter. Early adoption is permitted. The guidance will be applied using a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. Interests Held through Related Parties that are Under Common Control - In October 2016, the FASB issued guidance that alters how a decision maker considers indirect interests in a VIE held through an entity under common control. Under the new ASU, if a decision maker is required to evaluate whether it is the primary beneficiary of a VIE, it will need to consider only its proportionate indirect interest in the VIE held through a common control party. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2017, 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. Restricted Cash - In November 2016, the FASB issued clarifying guidance that requires that the statement of cash flows include restricted cash in the beginning and end-of-period total amounts and that the statement of cash flows explain changes in restricted cash during the period. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2018, as well as interim periods thereafter. Early adoption is permitted. The amendments will be applied using a retrospective transition method. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
SECURITIES | SECURITIES Securities Portfolio (Amounts in thousands) December 31, 2016 2015 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 548,894 $ 351 $ (6,950 ) $ 542,295 $ 322,922 $ 30 $ (1,301 ) $ 321,651 U.S. Agencies 46,043 — (103 ) 45,940 46,504 — (406 ) 46,098 Collateralized mortgage obligations 73,228 2,167 (50 ) 75,345 97,260 2,784 (72 ) 99,972 Residential mortgage-backed securities 884,176 10,741 (8,367 ) 886,550 817,006 15,870 (3,021 ) 829,855 State and municipal securities 466,651 2,630 (5,886 ) 463,395 458,402 9,779 (391 ) 467,790 Total $ 2,018,992 $ 15,889 $ (21,356 ) $ 2,013,525 $ 1,742,094 $ 28,463 $ (5,191 ) $ 1,765,366 Held-to-Maturity Collateralized mortgage obligations $ 40,568 $ — $ (1,295 ) $ 39,273 $ 50,708 $ — $ (1,729 ) $ 48,979 Residential mortgage-backed securities 1,378,610 2,529 (20,218 ) 1,360,921 1,069,746 4,809 (4,983 ) 1,069,572 Commercial mortgage-backed securities 314,622 692 (5,153 ) 310,161 229,722 499 (2,158 ) 228,063 State and municipal securities 204 — — 204 254 — — 254 Foreign sovereign debt 500 — — 500 500 — — 500 Other securities 3,619 92 — 3,711 4,353 — (480 ) 3,873 Total $ 1,738,123 $ 3,313 $ (26,666 ) $ 1,714,770 $ 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 $351.4 million and $421.9 million at December 31, 2016 and 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 $86.7 million and $100.2 million at December 31, 2016 and 2015 , respectively. Excluding securities issued or backed by the U.S. Government and its agencies and U.S. Government-sponsored enterprises, there were no investments in securities from one issuer that exceeded 10% of consolidated equity at December 31, 2016 or 2015 . The following table presents the fair values of securities with unrealized losses as of December 31, 2016 and 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 December 31, 2016 Securities Available-for-Sale U.S. Treasury 14 $ 341,497 $ (6,950 ) — $ — $ — $ 341,497 $ (6,950 ) U.S. Agency 3 45,940 (103 ) — — — 45,940 (103 ) Collateralized mortgage obligations 4 4,438 (50 ) — — — 4,438 (50 ) Residential mortgage-backed securities 51 535,001 (8,367 ) — — — 535,001 (8,367 ) State and municipal securities 686 309,958 (5,764 ) 5 2,462 (122 ) 312,420 (5,886 ) Total $ 1,236,834 $ (21,234 ) $ 2,462 $ (122 ) $ 1,239,296 $ (21,356 ) Securities Held-to-Maturity Collateralized mortgage obligations 1 $ 9,261 $ (224 ) 3 $ 30,012 $ (1,071 ) $ 39,273 $ (1,295 ) Residential mortgage-backed securities 92 1,023,841 (19,816 ) 4 13,036 (402 ) 1,036,877 (20,218 ) Commercial mortgage-backed securities 56 207,235 (5,063 ) 1 3,361 (90 ) 210,596 (5,153 ) Total $ 1,240,337 $ (25,103 ) $ 46,409 $ (1,563 ) $ 1,286,746 $ (26,666 ) As of December 31, 2015 Securities Available-for-Sale U.S. Treasury 11 $ 271,006 $ (1,081 ) 1 $ 25,773 $ (220 ) $ 296,779 $ (1,301 ) U.S. Agency 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 ) Securities 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 $48.9 million of securities with $1.7 million in an unrealized loss position for greater than 12 months at December 31, 2016 . At December 31, 2015 , there were $248.5 million of securities with $5.8 million in an unrealized loss position 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 OTTI. 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 statements of income. The securities were sold in January 2016 with no further losses recognized. The following table presents the remaining contractual maturity of securities as of December 31, 2016 by amortized cost and fair value. Remaining Contractual Maturity of Securities (Amounts in thousands) December 31, 2016 Available-For-Sale Securities Held-To-Maturity Securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt securities: One year or less $ 74,077 $ 74,204 $ 204 $ 204 One year to five years 511,883 512,651 500 500 Five years to ten years 437,275 427,918 3,619 3,711 After ten years 38,353 36,857 — — All other securities: Collateralized mortgage obligations 73,228 75,345 40,568 39,273 Residential mortgage-backed securities 884,176 886,550 1,378,610 1,360,921 Commercial mortgage-backed securities — — 314,622 310,161 Total $ 2,018,992 $ 2,013,525 $ 1,738,123 $ 1,714,770 The following table presents gains (losses) on securities for the three years ended December 31, 2016 , 2015 , and 2014 . Securities Gains (Losses) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Proceeds from sales $ 45,446 $ 90,777 $ 74,690 Gross realized gains $ 1,133 $ 1,322 $ 615 Gross realized losses (1) (22 ) (500 ) (85 ) Net realized gains $ 1,111 $ 822 $ 530 Income tax provision on net realized gains $ 428 $ 318 $ 209 (1) Includes OTTI of $466,000 for the year ended December 31, 2015, and is reported in the consolidated statements of income and cash flows within net securities gains. Refer to Note 12 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 $59.0 million and $54.2 million at December 31, 2016 and 2015 , respectively, are recorded in other assets on the consolidated statements of financial condition. There has been no impairment recorded as of December 31, 2016 , 2015 or 2014 . |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS | LOANS AND CREDIT QUALITY The following loan portfolio and credit quality disclosures exclude covered loans. Covered loans represent loans acquired through a FDIC-assisted acquisition 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) December 31, 2016 2015 Commercial and industrial $ 7,506,977 $ 6,747,389 Commercial – owner-occupied commercial real estate 2,142,068 1,888,238 Total commercial 9,649,045 8,635,627 Commercial real estate 3,127,373 2,629,873 Commercial real estate – multi-family 993,352 722,637 Total commercial real estate 4,120,725 3,352,510 Construction 417,955 522,263 Residential real estate 581,757 461,412 Home equity 119,049 129,317 Personal 167,710 165,346 Total loans $ 15,056,241 $ 13,266,475 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 45,220 $ 48,009 Overdrawn demand deposits included in total loans $ 2,160 $ 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) December 31, 2016 2015 Mortgage loans held-for-sale (1) $ 24,934 $ 35,704 Other loans held-for-sale (2) 78,350 73,094 Total loans held-for-sale $ 103,284 $ 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 20 for additional information regarding mortgage loans held-for-sale. (2) Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $667,000 at December 31, 2015 . 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) December 31, 2016 2015 Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 818,116 $ 440,023 FHLB advances (2) 3,855,892 4,133,942 Total $ 4,674,008 $ 4,573,965 (1) No borrowings were outstanding at December 31, 2016 or 2015 . (2) Refer to Notes 9 and 10 for additional information regarding FHLB advances. Related Party Loans Some of our directors, and certain business entities for which they serve as an executive officer and/or in which they directly or indirectly own 10% or more of the equity, are or have been in the past, lending clients of the Bank. Additionally, two of our executive officers each had an immediate family member who had a small balance loan outstanding as of year end 2015 and 2016. Loans made to these individuals and their affiliated entities were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated persons and do not involve more than the normal risk of collectability. Such loans, in the aggregate, totaled $37.4 million and $39.4 million at December 31, 2016 and 2015 , respectively, and were not greater than 5% of stockholders' equity. 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 December 31, 2016 Commercial $ 9,572,607 $ 6,889 $ 96 $ — $ 9,579,592 $ 69,453 $ 9,649,045 Commercial real estate 4,114,409 — — — 4,114,409 6,316 4,120,725 Construction 417,955 — — — 417,955 — 417,955 Residential real estate 573,667 2,859 640 — 577,166 4,591 581,757 Home equity 115,652 80 — — 115,732 3,317 119,049 Personal 167,675 19 5 — 167,699 11 167,710 Total loans $ 14,961,965 $ 9,847 $ 741 $ — $ 14,972,553 $ 83,688 $ 15,056,241 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 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. 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 December 31, 2016 Commercial $ 141,415 $ 104,408 $ 28,756 $ 133,164 $ 10,930 Commercial real estate 6,316 5,169 1,147 6,316 223 Residential real estate 4,708 — 4,591 4,591 406 Home equity 5,740 2,291 3,317 5,608 376 Personal 11 — 11 11 3 Total impaired loans $ 158,190 $ 111,868 $ 37,822 $ 149,690 $ 11,938 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) 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial $ 89,565 $ 2,734 $ 52,489 $ 968 Commercial real estate 9,330 — 14,269 13 Construction 33 1 171 — Residential real estate 4,179 — 4,584 — Home equity 7,551 122 12,012 107 Personal 24 — 173 — Total $ 110,682 $ 2,857 $ 83,698 $ 1,088 (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 under 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 December 31, 2016 Commercial $ 173,626 1.8 $ 114,090 1.2 $ 69,453 0.7 $ 9,649,045 Commercial real estate — — 4,632 0.1 6,316 0.2 4,120,725 Construction — — — — — — 417,955 Residential real estate 5,449 0.9 3,829 0.7 4,591 0.8 581,757 Home equity 508 0.4 733 0.6 3,317 2.8 119,049 Personal 28 * 61 * 11 * 167,710 Total $ 179,611 1.2 $ 123,345 0.8 $ 83,688 0.6 $ 15,056,241 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) December 31, 2016 2015 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 63,711 $ 33,141 $ 14,526 $ 25,034 Commercial real estate — 5,857 — 7,619 Residential real estate — 1,534 — 1,341 Home equity 2,291 3,081 2,020 5,177 Total $ 66,002 $ 43,613 $ 16,546 $ 39,171 (1) Included in nonperforming loans. At December 31, 2016 and 2015 , credit commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing) totaled $13.4 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 years ended December 31, 2016 and 2015. Additions to Troubled Debt Restructurings During the Year (Dollars in thousands) Year Ended December 31, 2016 Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Accruing: Commercial 8 $ 7,223 10 $ 70,384 18 $ 77,607 Home equity — — 2 538 2 538 Nonaccruing: Commercial 4 792 7 14,540 11 15,332 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 5 550 5 550 Home equity — — 3 146 3 146 Total accruing and nonaccruing additions 13 $ 8,092 28 $ 86,849 41 $ 94,941 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 3,527 (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. Additions to Troubled Debt Restructurings During the Year (Continued) (Dollars in thousands) Year Ended December 31, 2015 Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Accruing: Commercial 9 $ 27,656 — $ — 9 $ 27,656 Home equity 1 346 — — 1 346 Nonaccruing: Commercial 6 19,899 3 7,246 9 27,145 Commercial real estate 2 1,660 1 3,773 3 5,433 Residential real estate — — 1 49 1 49 Home equity 4 224 5 513 9 737 Total accruing and nonaccruing additions 22 $ 49,785 10 $ 11,581 32 $ 61,366 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 395 (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 calculation. However, our general reserve methodology considers the amount and product type of the TDRs removed as a proxy for potentially heightened risk in the portfolio when establishing final reserve requirements. As impaired loans, TDRs (both accruing and nonaccruing) are evaluated for impairment at the end of each quarter with a specific valuation reserve created, or adjusted (either individually or as part of a pool), if necessary, as a component of the allowance for loan losses. Refer to the “Impaired Loan” and “Allowance for Loan Loss” sections of Note 1 regarding our policy for assessing potential impairment on such loans. Our allowance for loan losses included $1.6 million and $3.9 million in specific reserves for nonaccrual TDRs at December 31, 2016 and 2015 , respectively. During the year ended December 31, 2016 , two commercial loans totaling $8.0 million and one home equity loan totaling $187,000 became nonperforming within 12 months of being modified as an accruing TDR. During the year ended December 31, 2015 , a single commercial real estate loan totaling $175,000 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 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) December 31, 2016 2015 Single-family homes $ 186 $ 1,878 Land parcels 1,070 1,760 Multi-family — 598 Office/industrial 1,003 1,779 Retail 7,944 1,258 Total OREO properties $ 10,203 $ 7,273 The recorded investment in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $1.4 million at December 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) December 31, 2016 2015 Residential mortgage loans (1) $ 20,347 $ 24,717 Foreclosed real estate - single-family homes 777 530 Estimated loss reimbursement by the FDIC 939 1,707 Total covered assets 22,063 26,954 Allowance for covered loan losses (4,766 ) (5,712 ) Net covered assets $ 17,297 $ 21,242 (1) Includes $203,000 and $257,000 of purchased credit-impaired loans as of December 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 $194,000 and $775,000 at December 31, 2016 and December 31, 2015 , respectively. |
ALLOWANCE FOR LOAN LOSSES AND R
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS The following allowance and credit quality disclosures exclude covered loans. Refer to Note 4 for a discussion regarding covered loans. Allowance for Loan Losses and Recorded Investment in Loans (Amounts in thousands) Year Ended December 31, 2016 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (8,427 ) (1,510 ) — (859 ) (226 ) (225 ) (11,247 ) Recoveries on loans previously charged-off 1,082 795 119 99 165 62 2,322 Net (charge-offs) recoveries (7,345 ) (715 ) 119 (760 ) (61 ) (163 ) (8,925 ) Provision (release) for loan losses 30,773 3,731 527 255 (1,383 ) 51 33,954 Balance at end of year $ 141,047 $ 30,626 $ 6,087 $ 3,734 $ 2,300 $ 1,971 $ 185,765 Ending balance, loans individually evaluated for impairment (1) $ 10,930 $ 223 $ — $ 406 $ 376 $ 3 $ 11,938 Ending balance, loans collectively evaluated for impairment $ 130,117 $ 30,403 $ 6,087 $ 3,328 $ 1,924 $ 1,968 $ 173,827 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 133,164 $ 6,316 $ — $ 4,591 $ 5,608 $ 11 $ 149,690 Ending balance, loans collectively evaluated for impairment 9,515,881 4,114,409 417,955 577,166 113,441 167,699 14,906,551 Total recorded investment in loans $ 9,649,045 $ 4,120,725 $ 417,955 $ 581,757 $ 119,049 $ 167,710 $ 15,056,241 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Year Ended December 31, 2015 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Loans charged-off (11,438 ) (1,458 ) — (494 ) (716 ) (59 ) (14,165 ) Recoveries on loans previously charged-off 4,396 1,209 204 318 507 1,102 7,736 Net (charge-offs) recoveries (7,042 ) (249 ) 204 (176 ) (209 ) 1,043 (6,429 ) Provision (release) for loan losses 21,199 (3,979 ) 947 (901 ) (971 ) (1,628 ) 14,667 Balance at end of year $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Ending balance, loans individually evaluated for impairment (1) $ 4,458 $ 1,156 $ — $ 539 $ 1,106 $ 3 $ 7,262 Ending balance, loans collectively evaluated for impairment $ 113,161 $ 26,454 $ 5,441 $ 3,700 $ 2,638 $ 2,080 $ 153,474 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 47,320 $ 8,501 $ — $ 4,762 $ 9,691 $ 21 $ 70,295 Ending balance, loans collectively evaluated for impairment 8,588,307 3,344,009 522,263 456,650 119,626 165,325 13,196,180 Total recorded investment in loans $ 8,635,627 $ 3,352,510 $ 522,263 $ 461,412 $ 129,317 $ 165,346 $ 13,266,475 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Year Ended December 31, 2014 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 80,768 $ 42,362 $ 3,338 $ 7,555 $ 5,648 $ 3,438 $ 143,109 Loans charged-off (5,588 ) (6,214 ) (6 ) (1,514 ) (1,017 ) (158 ) (14,497 ) Recoveries on loans previously charged-off 6,340 2,674 79 675 228 721 10,717 Net recoveries (charge-offs) 752 (3,540 ) 73 (839 ) (789 ) 563 (3,780 ) Provision (release) for loan losses 21,942 (6,984 ) 879 (1,400 ) 65 (1,333 ) 13,169 Balance at end of year $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Ending balance, loans individually evaluated for impairment (1) $ 11,487 $ 2,441 $ — $ 735 $ 1,855 $ 109 $ 16,627 Ending balance, loans collectively evaluated for impairment $ 91,975 $ 29,397 $ 4,290 $ 4,581 $ 3,069 $ 2,559 $ 135,871 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 52,171 $ 19,948 $ — $ 5,274 $ 12,466 $ 430 $ 90,289 Ending balance, loans collectively evaluated for impairment 7,836,463 2,896,771 381,102 356,291 129,711 201,592 11,801,930 Total recorded investment in loans $ 7,888,634 $ 2,916,719 $ 381,102 $ 361,565 $ 142,177 $ 202,022 $ 11,892,219 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. Reserve for Unfunded Commitments (1) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 11,759 $ 12,274 $ 9,206 Provision (release) for unfunded commitments 5,381 (519 ) 3,152 Recovery (charge-off) of unfunded commitments — 4 (84 ) Balance at end of year $ 17,140 $ 11,759 $ 12,274 Unfunded commitments, excluding covered assets, at year end $ 6,804,421 $ 6,468,324 $ 6,041,301 (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 19 for additional details of commitments to extend credit, standby letters of credit and commercial letters of credit. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Carrying Amount of Goodwill by Operating Unit (Amounts in thousands) December 31, 2016 2015 2014 Banking $ 81,755 $ 81,755 $ 81,755 Asset Management 12,286 12,286 12,286 Total $ 94,041 $ 94,041 $ 94,041 In conjunction with our annual goodwill impairment test performed as of October 31, 2016 , we elected to perform a qualitative assessment to determine whether it was more likely than not that the fair values of the Banking and Asset Management reporting units were less than their carrying values. Based on our analysis, we determined it was not more likely than not that the fair values of the Banking and Asset Management reporting units were less than their carrying values, and as such we bypassed the two-step quantitative goodwill impairment test and concluded that goodwill was not impaired as of October 31, 2016 . We are not aware of any events or circumstances subsequent to our annual goodwill impairment testing date of October 31, 2016 that would indicate impairment of goodwill allocated to the Banking and Asset Management reporting units at December 31, 2016 . There were no impairment charges for goodwill allocated to the Banking and Asset Management reporting units recorded in 2015 or 2014 . We have other intangible assets capitalized on the consolidated statements of financial condition in the form of core deposit premiums and client relationships. These intangible assets are being amortized over their estimated useful lives, which range from 8 to 12 years . We review other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. During 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 in 2016 , 2015 , or 2014 . Other Intangible Assets (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Core deposit intangible: Gross carrying amount $ 12,378 $ 18,093 $ 18,093 Accumulated amortization 11,420 15,140 12,870 Net carrying amount $ 958 $ 2,953 $ 5,223 Amortization during the period $ 1,995 $ 2,270 $ 2,799 Weighted-average remaining life (in years) 0.5 1.5 2.5 Client relationships: Gross carrying amount $ 1,459 $ 2,002 $ 2,002 Accumulated amortization 1,148 1,525 1,340 Net carrying amount $ 311 $ 477 $ 662 Amortization during the period $ 166 $ 185 $ 208 Weighted-average remaining life (in years) 4.1 5.1 5.9 Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2017 $ 1,125 2018 98 2019 28 2020 15 2021 3 2022 and thereafter — Total $ 1,269 |
Premises, Furniture, And Equipm
Premises, Furniture, And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises, Furniture, And Equipment | PREMISES, FURNITURE, AND EQUIPMENT Premises, Furniture, and Equipment (Amounts in thousands) December 31, 2016 2015 Land $ 1,872 $ 1,874 Building 10,250 10,079 Leasehold improvements 42,737 43,575 Furniture and equipment 48,987 37,478 Software 16,143 15,087 Total cost 119,989 108,093 Accumulated depreciation (73,022 ) (65,688 ) Net book value $ 46,967 $ 42,405 Depreciation expense on premises, furniture, and equipment totaled $9.4 million , including $535,000 in impairment, in 2016 , $8.5 million in 2015 and $8.7 million in 2014 . At December 31, 2016 , we were obligated under certain non-cancellable operating leases for premises and equipment, which expire at various dates through the year 2031 . Many of these leases contain renewal options, and certain leases provide a right of refusal to purchase the leased property during the lease term. Some leases contain escalation clauses calling for rentals to be adjusted for increased real estate taxes and other operating expenses, or proportionately adjusted for increases in the consumer price index. The following summary reflects the future minimum rental payments, by year, required under operating leases that, as of December 31, 2016 , have initial or remaining non-cancellable lease terms in excess of one year. Operating Leases (1) (Amounts in thousands) Total Year Ended December 31, 2017 $ 13,668 2018 13,885 2019 13,526 2020 13,029 2021 12,578 2022 and thereafter 46,420 Total minimum lease payments $ 113,106 (1) Minimum payments have not been reduced by minimum sublease rentals of $1.5 million due in the future under non-cancellable subleases. Year Ended December 31, 2016 2015 2014 Rental expense charged to operations (1)(2) $ 12,541 $ 12,670 $ 12,066 Rental income from premises leased to others (2) $ 751 $ 770 $ 704 (1) Including amounts paid under short-term cancellable leases. (2) Does not include rental expense or sublease rental income for certain restructured leases. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Summary of Deposits (Amounts in thousands) December 31, 2016 2015 Noninterest-bearing deposits $ 5,196,587 $ 4,355,700 Interest-bearing deposits 1,942,992 1,503,372 Savings deposits 439,689 377,191 Money market accounts 6,144,950 5,919,252 Time deposits less than $100,000 (1) 298,169 270,483 Time deposits of $100,000 or more (1) 2,042,842 1,919,594 Total deposits $ 16,065,229 $ 14,345,592 (1) Time deposits with a minimum denomination of $250,000 totaled $1.5 billion and $1.3 billion at December 31, 2016 and December 31, 2015, respectively. Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year ending December 31, 2017: First quarter $ 423,114 Second quarter 382,576 Third quarter 530,183 Fourth quarter 211,024 2018 289,951 2019 144,329 2020 211,616 2021 147,997 2022 and thereafter 221 Total $ 2,341,011 Maturities of Time Deposits of $100,000 or More (Amounts in thousands) 2016 Maturing within 3 months $ 390,693 After 3 but within 6 months 333,305 After 6 but within 12 months 622,421 After 12 months 696,423 Total $ 2,042,842 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Summary of Short-Term Borrowings (Dollars in thousands) December 31, 2016 December 31, 2015 Amount Rate Amount Rate Outstanding: FHLB advances $ 1,540,000 0.63 % $ 370,000 0.16 % Other borrowings 1,773 0.18 % 250 0.20 % Secured borrowing 2,973 4.05 % 2,217 4.00 % Total short-term borrowings $ 1,544,746 $ 372,467 Unused Availability: Federal funds (1) $ 620,500 $ 630,500 FRB discount window primary credit program (2) 668,412 384,419 FHLB advances (3) 648,199 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 December 31, 2016 , our borrowing capacity was $2.2 billion , of which $648.2 million 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 December 31, 2016 , FHLB advances totaled $1.6 billion , consisting of $1.5 billion in short-term borrowings, and $50.0 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 - At December 31, 2016 , other borrowings consisted of cash received by counterparty in excess of derivative liability and the Company’s obligation to a third party bank under a commercial credit card servicing arrangement. At December 31, 2015 , other borrowings represented cash received by counterparty in excess of derivative liability. 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 the earlier of September 22, 2017 or the consummation of the Company’s merger with CIBC. 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 amortized term loan, with the balance of such loan due September 22, 2019 (subject to earlier maturity upon consummation of the merger with CIBC, as previously noted). At December 31, 2016 , no amounts were drawn on the Facility. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-Term Debt (Dollars in thousands) December 31, Rate Type Contractual Rate Maturity 2016 2015 Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.64% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.67% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.46% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,618 66,576 Subordinated debt facility (3) (4) Fixed 7.125% 2042 120,659 120,606 Subtotal 288,310 288,215 Subsidiaries: FHLB advances — — 350,000 FHLB advances (5) Fixed 3.58% - 4.68% 2019 50,000 50,000 $ 338,310 $ 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 in the event we were to make certain acquisitions. Furthermore, upon completion of our pending merger with CIBC, we do not expect the outstanding Trust Preferred Securities to continue to qualify as Tier 1 capital under FRB regulations as currently in effect. (2) Net of deferred financing costs of $2.1 million at December 31, 2016 and $2.2 million at December 31, 2015 . (3) Net of deferred financing costs of $4.3 million at December 31, 2016 and $4.4 million at December 31, 2015 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at December 31, 2016 and 2015 . The $167.7 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 11 for further information on the nature and terms of these and previously issued debentures. At December 31, 2016 , outstanding long-term FHLB advances were secured by qualifying residential, multi-family, commercial real estate, and home equity lines of credit. From time to time, we may pledge eligible real estate mortgage-backed securities to support additional borrowings. The advances include a prepayment feature and are subject to a prepayment fee. 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, 2019 $ 50,000 2034 and thereafter 288,310 Total $ 338,310 |
JUNIOR SUBORDINATED DEFERRABLE
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES | JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES As of December 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 $167.7 million , net of deferred financing costs, at December 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) Issuance Date Common Securities Issued Trust Preferred Securities Issued (1) Coupon Rate (2) Maturity Principal Amount of Debentures (1) December 31, 2016 Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.64 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.67 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.46 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,618 (3) Total $ 3,038 $ 166,750 $ 167,651 (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 December 31, 2016 . The coupon rates for Bloomfield Hills Statutory Trust I, PrivateBancorp Statutory Trust II and PrivateBancorp Statutory Trust III are variable based on three-month LIBOR plus 2.65% , 1.71% and 1.50% , respectively. 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 $2.1 million at December 31, 2016 . |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Year Ended December 31, 2016 2015 2014 Basic earnings per common share Net income $ 208,357 $ 185,311 $ 153,079 Net income allocated to participating stockholders (1) (1,720 ) (1,625 ) (2,134 ) Net income allocated to common stockholders $ 206,637 $ 183,686 $ 150,945 Weighted-average common shares outstanding 78,900 77,968 77,007 Basic earnings per common share $ 2.62 $ 2.36 $ 1.96 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 206,670 $ 183,711 $ 150,967 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 78,900 77,968 77,007 Dilutive effect of stock awards (3) 1,584 1,238 815 Weighted-average diluted common shares outstanding 80,484 79,206 77,822 Diluted earnings per common share $ 2.57 $ 2.32 $ 1.94 (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 years ended December 31, 2016 , 2015 , and 2014 , the weighted-average outstanding non-participating securities of 290,000 , 360,000 and 1.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY Capital Stock At December 31, 2016 and 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 December 31, 2016 and 2015 , no shares of preferred stock or non-voting common stock were issued or outstanding. The Company had 79.8 million and 79.1 million shares of voting common stock issued and outstanding at December 31, 2016 and 2015 , respectively. 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 no shares in treasury at December 31, 2016 and 2,574 shares in treasury at December 31, 2015 . Comprehensive Income Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Unrealized Gain on Available- for-Sale Securities Accumu- lated (Loss) Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available- for-Sale Securities Accumu- lated Gain (Loss) on Effective Cash Flow Hedges Total Unrealized Gain on Available- for-Sale Securities Accumu- lated Gain on Effective Cash Flow Hedges Total Balance at beginning of year $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 $ 12,960 (3,116 ) $ 9,844 Increase in unrealized (losses) gains on securities (27,628 ) — (27,628 ) (7,440 ) — (7,440 ) 11,244 — 11,244 Increase in unrealized gains (losses) on cash flow hedges — 10,282 10,282 — 13,152 13,152 — 16,777 16,777 Tax benefit (expense) on increase in unrealized (losses) gains 10,787 (3,950 ) 6,837 2,829 (5,083 ) (2,254 ) (4,435 ) (6,576 ) (11,011 ) Other comprehensive (loss) income before reclassifications (16,841 ) 6,332 (10,509 ) (4,611 ) 8,069 3,458 6,809 10,201 17,010 Reclassification adjustment of net gains included in net income (1) (1,111 ) (7,235 ) (8,346 ) (1,287 ) (10,320 ) (11,607 ) (530 ) (9,262 ) (9,792 ) Reclassification adjustment for tax expense on realized net gains (2) 428 2,786 3,214 498 3,993 4,491 209 3,646 3,855 Amounts reclassified from AOCI (683 ) (4,449 ) (5,132 ) (789 ) (6,327 ) (7,116 ) (321 ) (5,616 ) (5,937 ) Net current period other comprehensive (loss) income (17,524 ) 1,883 (15,641 ) (5,400 ) 1,742 (3,658 ) 6,488 4,585 11,073 Balance at end of year $ (3,476 ) $ 5,094 $ 1,618 $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 (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. For the year ended December 31, 2015, $466,000 was reclassified out of AOCI related to OTTI on available-for-sale securities and included in the consolidated statements of income within net securities gains. (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. |
Income Taxes
Income Taxes | 12 Months Ended | |
Dec. 31, 2016 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | INCOME TAXES Components of Income Taxes (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Current income tax provision: Federal $ 114,019 $ 97,942 $ 86,234 State 18,133 14,968 17,078 Total 132,152 112,910 103,312 Deferred income (benefit) tax provision: Federal (15,008 ) (2,236 ) (7,392 ) State (1,500 ) 415 (792 ) Total (16,508 ) (1,821 ) (8,184 ) Total income tax provision $ 115,644 $ 111,089 $ 95,128 Reconciliation of Income Tax Provision to Statutory Federal Rate (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Income tax provision at statutory federal income tax rate $ 113,400 $ 103,739 $ 86,872 (Decrease) increase in taxes resulting from: Tax exempt interest $ (3,185 ) $ (2,842 ) $ (2,139 ) Meals, entertainment and related expenses 935 757 621 Bank owned life insurance (512 ) (506 ) (470 ) Tax credit investments (2,485 ) (518 ) (331 ) State income taxes 10,403 9,692 10,292 Share-based compensation charges (3,704 ) — — Deferred tax asset adjustments 515 652 504 Other 277 115 (221 ) Total income tax provision $ 115,644 $ 111,089 $ 95,128 Differences between the amounts reported in the consolidated financial statements and the tax bases of assets and liabilities result in temporary differences for which deferred tax assets and liabilities have been recorded. Deferred Tax Assets and Liabilities (Amounts in thousands) December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 78,090 $ 66,713 Share-based payments 18,100 16,883 Deferred compensation 8,427 6,906 Loan fees and costs 19,409 17,671 OREO write-downs 4,916 4,509 Premises and equipment 1,626 2,253 Covered assets 1,783 2,324 Unrealized losses on securities available-for-sale 2,105 — Other 4,014 3,003 Total deferred tax assets 138,470 120,262 Deferred tax liabilities: Unrealized gain on securities available-for-sale — (9,004 ) Intangible assets and acquisition adjustments (6,138 ) (6,732 ) Other (3,549 ) (2,290 ) Total deferred tax liabilities (9,687 ) (18,026 ) Net deferred tax assets $ 128,783 $ 102,236 Deferred Tax Assets At December 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 on our recent earnings history, on both a book and tax basis, and our outlook for earnings and taxable income in future periods. The net deferred tax asset is recorded on the statement of financial condition within other assets. Taxable income in prior years and reversing deferred taxable temporary differences provide sources from which deferred tax assets may be absorbed. Additionally, we have relied on our expectation of generating pre-tax earnings in future periods, which should give rise to taxable income levels, exclusive of reversing temporary differences, that more likely than not will be sufficient to absorb the deferred tax assets. Liabilities Associated with Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Roll Forward of Unrecognized Tax Benefits (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 194 $ 269 $ 411 Additions for tax positions taken during prior periods 4,659 — — Reductions for tax positions taken during prior periods (12 ) (15 ) (142 ) Reductions for lapse of statute of limitations — (10 ) — Reductions for settlements with tax authorities — (50 ) — Balance at end of year $ 4,841 $ 194 $ 269 Interest and penalties, net of tax effect, recognized in income tax expense (benefit) during the year $ 58 $ (50 ) $ (6 ) Interest and penalties, net of tax effect, accrued at year end (1) $ 62 $ 3 $ 54 (1) Not included in the unrecognized tax benefits presented above. As of December 31, 2016 and 2015 , we had $3.3 million and $126,000 , respectively, of unrecognized tax benefits relating to uncertain tax positions that, if recognized, would impact the effective tax rate. It is reasonably possible that a significant portion of the liability for unrecognized tax benefits at December 31, 2016 could decrease in the next twelve months due to completion of state tax authorities’ exams or the expiration of statutes of limitations. We file a U.S. federal income tax return and state income tax returns in various states. We are no longer subject to examinations by U.S. federal tax authorities for 2007 and prior years. We are also no longer subject to examinations by state tax authorities for 2008 and prior years. | [1] |
[1] | Not included in the unrecognized tax benefits presented above. |
Share-Based Compensation And Ot
Share-Based Compensation And Other Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation And Other Benefits | SHARE-BASED COMPENSATION AND OTHER BENEFITS Share-Based Plans The Company adopted the 2011 Incentive Compensation Plan (the “2011 Plan”) in May 2011. In 2014, the Company’s stockholders approved an amendment and restatement of the 2011 Plan to add 2.0 million authorized shares for a total of approximately 6.7 million shares of common stock. The 2011 Plan is designed to align the interests of management with the interests of shareholders, foster retention, create a long-term focus and provide participants a competitive long-term incentive opportunity. The 2011 Plan allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock and restricted stock units, equity-based performance stock and units, stock awards and other cash and share-based incentives to employees, including officers and non-employee directors of the Company and its subsidiaries. At December 31, 2016 , 1.9 million shares were available for future grant under the 2011 Plan. The Company has three other share-based compensation plans for which no shares remain available for grant, but have unexercised awards outstanding at December 31, 2016 . The Company issues shares from treasury, when available, or new shares to fulfill its obligation to issue shares pursuant to grants under the share-based compensation plans. To the extent new shares are issued, the Company believes as of December 31, 2016 , there are adequate authorized shares to satisfy anticipated award issuances in 2017 . Financial Statement Impact The following table presents the share-based compensation expense and related income tax benefits recognized for all equity awards in the accompanying consolidated statements of income for the years ended December 31, 2016 , 2015 and 2014 . Effect of Recognizing Share-based Compensation Expense (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Recognized share-based compensation expense: Stock option expense $ 2,943 $ 3,337 $ 3,710 Restricted stock and unit expense 14,140 12,918 10,562 Performance share unit expense 3,654 2,584 1,296 Total share-based compensation expense 20,737 18,839 15,568 Income tax benefit (7,976 ) (7,271 ) (6,050 ) Share-based compensation expense, net of tax $ 12,761 $ 11,568 $ 9,518 Unrecognized share-based compensation expense: Stock options $ 3,131 $ 2,855 $ 3,391 Weighted-average amortization period remaining (in years) 1.8 1.7 1.6 Restricted stock and unit expense $ 12,800 $ 12,343 $ 11,902 Weighted-average amortization period remaining (in years) 1.7 1.7 1.7 Performance share unit expense (1) $ 3,765 $ 3,991 $ 2,694 Weighted-average amortization period remaining (in years) 1.7 1.8 2.0 (1) Based on an estimate of the number of shares expected to vest as a result of actual performance against the performance criteria at December 31, 2016 , 2015 and 2014 . For additional information regarding our performance share units, refer to the “Performance Share Units” section further in this Note. Stock Options Stock option awards have an exercise price equal to the closing price of the Company’s common stock on the date the awards are granted. Stock options vest three years from grant based on continuous service and have a ten -year term. The following table summarizes stock option activity for the years ended December 31, 2016 , 2015 and 2014 . Stock Option Activity (Amounts in thousands, except per share data) Options Weighted-Average Aggregate Intrinsic Value (2) Exercise Price Remaining Contractual Life (1) 2014 Outstanding at beginning of year 4,090 $ 23.66 Granted 203 27.98 Exercised (277 ) 18.59 Forfeited (15 ) 18.82 Expired (123 ) 34.23 Outstanding at end of year 3,878 $ 23.94 5.0 $ 38,174 Exercisable at end of year 2,862 $ 25.57 3.9 $ 23,890 2015 Outstanding at beginning of year 3,878 $ 23.94 Granted 186 35.20 Exercised (838 ) 25.10 Forfeited (27 ) 20.89 Expired (8 ) 37.43 Outstanding at end of year 3,191 $ 24.28 4.6 $ 53,716 Exercisable at end of year 2,210 $ 24.72 3.2 $ 36,297 2016 Outstanding at beginning of year 3,191 $ 24.28 Granted 204 34.19 Exercised (573 ) 25.56 Forfeited (8 ) 29.02 Expired (54 ) 46.51 Outstanding at end of year 2,760 $ 24.30 4.2 $ 82,500 Exercisable at end of year 2,182 $ 22.13 3.2 $ 69,936 Ending vested and expected to vest 2,707 $ 24.10 4.1 $ 81,441 (1) Represents the average contractual life remaining in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value of the “in-the-money” stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. Summary of Stock Options Outstanding and Exercisable (Number of shares in thousands) Outstanding Options Exercisable Options Range of Exercise Price Shares Weighted-Average Shares Weighted- Average Exercise Price Remaining Contractual Life (1) Exercise Price $6.92 - $15.04 691 4.4 $ 14.36 691 $ 14.36 $15.05 - $25.22 484 6.0 18.01 484 18.01 $25.23 - $26.84 527 0.9 26.16 527 26.16 $26.85 - $33.77 529 3.3 30.29 336 31.61 $33.78 - $44.50 529 6.6 35.16 144 36.47 Total 2,760 4.2 $ 24.30 2,182 $ 22.13 (1) Represents the weighted-average contractual life remaining in years. Stock Option Valuation Assumptions - The fair value of stock options is estimated at the date of grant using a binomial option-pricing model that utilizes the assumptions outlined in the following table. Stock Option Valuation Assumptions Year Ended December 31, 2016 2015 2014 Expected life of the option (in years) 6.9 - 7.0 6.5 6.0 Expected stock volatility 43.4 - 46.2% 42.4 - 43.3% 43.3 - 44.3% Risk-free interest rate 1.7 - 1.8% 1.9 % 1.8 - 2.1% Expected dividend yield 0.1% 0.1% 0.1 % Weighted-average fair value of options at their grant date $ 16.48 $ 15.86 $ 12.20 Expected life is based on historical exercise and termination behavior. Expected stock price volatility is based on historical volatility of our common stock combined with the implied volatility on the exchange-traded stock options that are derived from the value of our common stock. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life of the option. The expected dividend yield represents the most recent annual dividend yield as of the date of grant. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to reflect updated information. Other Stock Option Information (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Total intrinsic value of stock options exercised $ 11,440 $ 11,386 $ 3,204 Cash received from stock options exercised $ 14,650 $ 20,938 $ 5,149 Income tax benefit realized from stock options exercised (1) $ 4,372 $ 4,307 $ 1,217 (1) Amounts may be more or less than deferred tax benefit recorded during vesting period. Restricted Stock and Restricted Unit Awards We issue common stock with restrictions to certain key employees. The shares are restricted as to transfer, but are not restricted as to voting rights. Dividends are accrued and paid out at the same time the underlying shares are settled. The transfer restrictions generally lapse over a three year period and are contingent upon continued employment. We also issue restricted stock units which settle in common stock when restrictions lapse which generally coincides with the vest date for most awards, however certain awards have a delayed settlement date. Restricted stock units are issued on similar terms as restricted common stock (with the exception of non-employee directors whose restrictions lapse in equal quarterly installments over a one-year period) and have the right to receive dividend equivalents at settlement, but no voting rights. The fair value of restricted stock and units is based on our closing stock price on the date of grant. For certain restricted stock unit awards with delayed settlement, a discount for lack of marketability (“DLOM”) was applied to the grant date fair value. The weighted-average DLOM applied to awards granted was 28% in 2016 , 27% in 2015 and 24% in 2014 . The following table summarizes our restricted stock and unit activity for the years ended December 31, 2016 , 2015 and 2014 . Restricted Stock and Unit Awards Activity (Number of shares/units in thousands) Year Ended December 31, 2016 2015 2014 Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Nonvested restricted stock and unit awards at beginning of year 871 $ 27.61 1,093 $ 20.18 1,268 $ 15.76 Granted 457 32.35 416 33.52 431 27.15 Vested (486 ) 24.48 (610 ) 18.33 (577 ) 15.62 Forfeited (10 ) 32.94 (28 ) 27.55 (29 ) 21.51 Nonvested restricted stock and unit awards at end of year 832 $ 31.99 871 $ 27.61 1,093 $ 20.18 Vested, but not issued at end of year (2) 271 $ 17.66 213 $ 16.46 164 $ 16.56 (1) Includes the effect of the DLOM. (2) Represents restricted stock units with a delayed settlement date. Other Restricted Stock and Unit Award Information (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Total fair value of vested/released restricted stock and units $ 15,731 $ 19,613 $ 16,135 Current income tax benefit realized from vesting/release of restricted stock and unit awards (1) $ 6,018 $ 7,297 $ 6,036 (1) Amount may be more or less than deferred tax benefit recorded during vesting period. Performance Share Units Performance share units (“PSUs”) are a component of our executive compensation program which entitles recipients to receive the underlying shares of common stock subject to continued service and the Company’s achievement of specified performance criteria over a three-year period including a relative total shareholder return (“TSR”) multiplier. PSUs are granted at a target number of shares and based on the Company’s performance, the number of shares that vest can be adjusted downward to zero and upward to a maximum of 200%, based on relative TSR against an index of 50 banks over the same three-year period as the performance criteria. The PSUs vest in the quarter following the end of the performance period, after review and certification of the achievement of the specified performance criteria by the Company’s Compensation Committee of the Board of Directors. The PSUs will be settled and converted to shares of common stock two years after vesting, subject to recoupment under certain circumstances. Holders of PSUs are not entitled to vote or receive cash dividends until settlement, but do accrue a dividend equivalent at the same rate as dividend payments to stockholders from grant date until settlement and to be paid out at that time based on actual shares converted to common stock. The fair value of PSUs is based on our closing stock price on the date of grant, adjusted to reflect any market conditions and is net of a DLOM due to the delayed settlement provisions. The following table summarizes our performance share unit activity for the years ended December 31, 2016 , 2015 and 2014 . Performance Share Units Activity (1) (Number of shares/units in thousands) Year Ended December 31, 2016 2015 2014 Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Nonvested performance share unit awards at beginning of year 241 $ 25.50 150 $ 22.19 54 $ 15.44 Granted (3) 123 28.71 93 30.84 99 26.00 Vested (3) (81 ) 15.44 — — — — Forfeited (1 ) 30.84 (2 ) 26.00 (3 ) 26.00 Nonvested performance share unit awards at end of year 282 $ 29.77 241 $ 25.50 $ 150 $ 22.19 Vested, but not issued at end of year (4) 81 $ 15.44 — $ — $ — $ — (1) Presented at target level of performance. (2) Includes the effect of a 20% DLOM on awards granted in each 2016 , 2015 and 2014 . (3) 2016 includes adjustments for achieving specific performance goals for PSUs granted in 2013. (4) Represents PSUs with a delayed settlement date. Savings and Retirement Plan The Company has a defined contribution retirement plan, The PrivateBancorp, Inc. Savings, Retirement and Employee Stock Ownership Plan (the “KSOP”), which allows employees to make contributions up to 75% of compensation on a pre-tax basis and/or after-tax basis through salary deferrals under Section 401(k) of the Internal Revenue Code. At the employees’ direction, employee contributions are invested among a variety of investment alternatives, including pooled-separate accounts maintained by an insurance carrier, mutual funds of registered investment companies and Company common stock. For employees who have met a 1 year service requirement and make voluntary contributions to the KSOP, we contribute an amount equal to $0.50 for each dollar contributed up to 6% of an employee’s compensation (subject to certain maximum compensation amounts as prescribed in Internal Revenue Service guidance). The Company’s matching contribution vests in increments of 20% annually for each year in which 1,000 hours are worked. The KSOP also allows for a discretionary company contribution. Although no such contribution was made for 2016 , 2015 or 2014 , the discretionary component vests in increments of 20% annually over a period of 5 years based on the employee’s years of service. KSOP Plan Information (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Company matching contribution $ 3,397 $ 2,946 $ 2,509 Number of Company shares held in KSOP 309 363 373 Fair value of Company shares held by KSOP $ 16,772 $ 14,892 $ 12,472 Dividends received on Company shares $ 14 $ 15 $ 16 Fair value of participant-directed investments in KSOP (1) $ 117,599 $ 96,279 $ 85,301 (1) Amounts reported include the fair value of Company shares held by KSOP disclosed above. Deferred Compensation Plan We maintain a non-qualified deferred compensation plan (the “Plan”) which allows eligible participants to defer the receipt of cash compensation or non-employee director fees otherwise payable to them. The purpose of the Plan is to further our ability to attract and retain high quality executives and non-employee directors. Employees who participate in the Plan may elect to defer up to 50% of annual base salary and 100% of annual bonus amounts not subject to a mandatory deferral and directors may elect to defer up to 100% of his or her cash portion of director’s fees earned and paid during the Plan year. Participants elect at the time amounts that are deferred whether such deferral amounts will be credited with “earnings” as if they were invested in either a fixed income account with interest credited based on our prime rate (not to exceed 120% of the applicable federal long-term rate) on the cash value of the funds deposited, or in deferred stock units (“DSUs”) in Company stock with earnings credited in the form of dividends equivalent to that paid to our common stockholders. Except for an “earnings” credit on the deferred amounts, we do not provide any contributions or credits to participants under the Plan. At December 31, 2016 and 2015 , there were 145,271 and 133,481 DSUs, respectively, in the Plan. At the time of distribution, amounts credited in DSUs are paid in shares of our common stock while amounts credited in the fixed income account are paid in cash. All elections and payments under the Plan are subject to compliance with requirements of Section 409A of the Internal Revenue Code which may limit elections and require delay in payment of benefits in certain circumstances. |
Regulatory And Capital Matters
Regulatory And Capital Matters | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory And Capital Matters | REGULATORY AND CAPITAL MATTERS The Company and the Bank are subject to various regulatory requirements that impose requirements or restrictions on cash reserves, loans or advances, and dividends. The Bank is required to maintain reserves against deposits. Reserves are held either in the form of vault cash or noninterest-bearing balances maintained with the FRB and are based on the average daily balances and statutory reserve ratios prescribed by the type of deposit account. Reserve balances required to be maintained at the FRB were $257.5 million and $199.4 million at December 31, 2016 and 2015 , respectively. Under current FRB regulations, the Bank is limited in the amount it may loan or advance to PrivateBancorp, Inc. on an unconsolidated basis (the “Parent Company”). Loans or advances to a single subsidiary may not exceed 10% of the Bank’s capital stock and surplus (as defined) and loans to all subsidiaries may not exceed 20% . Loans from the Bank to the Parent Company are also required to meet certain collateral requirements. Various state banking regulations limit the amount of dividends that may be paid to the Parent Company by the Bank and the payment of such dividends is contingent upon a number of factors including the Bank’s ability to meet applicable regulatory capital requirements, the strength of the Bank’s balance sheet, the Bank’s profitability and earnings and the Bank’s ability to satisfy its obligations and support any projected growth. During 2016 and 2015 , the Bank paid no dividends to the Parent Company. As of December 31, 2016 , the Bank had the capacity under banking regulation to pay dividends of $967.3 million , subject to the Company’s internal capital policy. Under applicable regulatory capital adequacy guidelines, the Company and the Bank are subject to various capital requirements adopted and administered by the federal banking agencies. These guidelines specify minimum capital ratios calculated in accordance with the definitions in the guidelines, including the leverage ratio, which is Tier 1 capital as a percentage of adjusted average assets, and the Tier 1 risk-based capital, common equity Tier 1 and the total risk-based capital ratios, which are calculated based on risk-weighted assets and off-balance sheet items that have been weighted according to broad risk categories. These minimum ratios are shown in the table below. To satisfy safety and soundness standards, banking institutions are expected to maintain capital levels in excess of the regulatory minimums depending on the risk inherent in the balance sheet, regulatory expectations and the changing risk profile of business activities. Under our capital management policy, we conduct periodic stress testing of our capital adequacy and target capital ratios at levels above regulatory minimums that we believe are appropriate based on various other risk considerations, including the current operating and economic environment and outlook, internal risk guidelines, and our strategic objectives as well as regulatory expectations. As of December 31, 2016 , the Company’s and the Bank’s capital position was in excess of all minimum regulatory capital adequacy requirements to which they are subject. As of December 31, 2016 , the most recent regulatory notification classified the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes would change the Bank’s classification for this purpose. Failure to meet minimum capital requirements could result in certain mandatory, and possible discretionary, actions by regulators which, if undertaken, could have a material effect on our consolidated financial statements. The following table presents information about our capital measures and the related regulatory capital guidelines. Capital Measurements (Amounts in thousands) Actual FRB Guidelines for Minimum Regulatory Capital Regulatory Minimum Capital Ratio Capital Ratio Capital Ratio As of December 31, 2016 Regulatory capital ratios: Total risk-based capital: Consolidated $ 2,326,611 12.49 % $ 1,606,652 8.625 % n/a n/a The PrivateBank 2,264,752 12.17 n/a n/a $ 1,861,353 10.00 % Tier 1 risk-based capital: Consolidated 1,998,280 10.73 1,234,095 6.625 n/a n/a The PrivateBank 2,057,081 11.05 n/a n/a 1,489,082 8.00 Tier 1 leverage: Consolidated 1,998,280 10.28 777,777 4.000 n/a n/a The PrivateBank 2,057,081 10.59 n/a n/a 971,400 5.00 Common equity Tier 1: Consolidated 1,830,630 9.83 954,677 5.125 n/a n/a The PrivateBank 2,057,081 11.05 n/a n/a 1,209,879 6.50 As of December 31, 2015 Regulatory capital ratios: Total risk-based capital: Consolidated $ 2,066,766 12.37 % $ 1,336,240 8.00 % n/a n/a The PrivateBank 1,985,535 11.91 n/a n/a $ 1,667,746 10.00 % Tier 1 risk-based capital: Consolidated 1,763,559 10.56 1,002,180 6.00 n/a n/a The PrivateBank 1,807,328 10.84 n/a n/a 1,334,197 8.00 Tier 1 leverage: Consolidated 1,763,559 10.35 681,670 4.00 n/a n/a The PrivateBank 1,807,328 10.62 n/a n/a 850,746 5.00 Common equity Tier 1: Consolidated 1,593,780 9.54 751,635 4.50 n/a n/a The PrivateBank 1,807,337 10.84 n/a n/a 1,084,035 6.50 n/a Not applicable. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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 December 31, 2016 and 2015 . Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 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 $ 350,000 $ 1,873 $ 675,000 $ 5,366 $ — $ — $ 125,000 $ 799 Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 4,490,888 $ 31,871 $ 3,933,977 $ 41,734 $ 4,490,888 $ 32,058 $ 3,933,977 $ 43,001 Foreign exchange contracts 126,447 6,579 155,914 5,008 124,598 5,901 127,664 4,274 Risk participation agreements (1) 61,001 10 84,216 6 93,561 11 111,269 27 Total client-related derivatives $ 38,460 $ 46,748 $ 37,970 $ 47,302 Other end-user derivatives: Foreign exchange contracts $ 19,155 $ 1,518 $ 28,058 $ 220 $ 29,943 $ 201 $ 4,486 $ 3 Mortgage banking derivatives 1,033 519 350 181 Warrants 263 — — — Total other end-user derivatives $ 2,814 $ 739 $ 551 $ 184 Total derivatives not designated as hedging instruments $ 41,274 $ 47,487 $ 38,521 $ 47,486 Netting adjustments (2) (15,182 ) (12,238 ) (20,399 ) (30,056 ) Total derivatives $ 27,965 $ 40,615 $ 18,122 $ 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 18 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 either allow the derivative counterparty to terminate the derivative or require additional collateral. These contingent features are triggered if we do not meet specified financial performance indicators such as minimum capital ratios under the federal banking agencies’ guidelines. All such requirements were met at December 31, 2016 and December 31, 2015 . The fair value of the derivatives with credit contingency features in a net liability position at December 31, 2016 totaled $2.1 million and $1.0 million of collateral was posted for these transactions. If the credit risk contingency features were triggered at December 31, 2016 , no additional collateral would be required to be posted to derivative counterparties and $2.1 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 year ended December 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 accumulated other comprehensive income (“AOCI”) and are subsequently reclassified to interest income on loans in the period that the hedged interest cash flows affect earnings. As of December 31, 2016 , the maximum length of time over which forecasted interest cash flows are hedged is approximately four years . As of December 31, 2016 , $2.3 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 December 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 year ended December 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 12 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 generally mitigate our exposure to market risk through the execution of off-setting positions with inter-bank dealer counterparties. Although the off-setting nature of transactions originated by our capital markets group limits our market risk exposure, they do expose us to other risks including counterparty credit, settlement, and operational risk. To accommodate our loan clients, we occasionally enter into risk participation agreements (“RPA”) with counterparty banks to either accept or transfer a portion of the credit risk related to their interest rate derivatives or transfer a portion of the credit risk related to our interest rate derivatives. This allows clients to execute an interest rate derivative with one bank while allowing for distribution of the credit risk among participating members. We have entered into written RPAs in which we accept a portion of the credit risk associated with an interest rate derivative of another bank’s loan client in exchange for a fee. We manage this credit risk through our loan underwriting process, and when appropriate, the RPA is backed by collateral provided by the clients under their loan agreement. The current payment/performance risk of written RPAs is assessed using internal risk ratings which range from 1 to 8 with the latter representing the highest credit risk. The risk rating is based on several factors including the financial condition of the RPA’s underlying derivative counterparty, present economic conditions, performance trends, leverage, and liquidity. The maximum potential amount of future undiscounted payments that we could be required to make under our written RPAs assumes that the underlying derivative counterparty defaults and that the floating interest rate index of the underlying derivative remains at zero percent. In the event that we would have to pay out any amounts under our RPAs, we will seek to maximize the recovery of these amounts from assets that our clients pledged as collateral for the derivative and the related loan. Risk Participation Agreements (Dollars in thousands) December 31, 2016 2015 Fair value of written RPAs $ 11 $ 27 Range of remaining terms to maturity (in years) Less than 1 to 5 Less than 1 to 5 Range of assigned internal risk ratings 2 to 7 2 to 7 Maximum potential amount of future undiscounted payments $ 4,107 $ 3,937 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 65 % 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 December 31, 2016 , the par value of our residential mortgage loans held-for-sale totaled $25.4 million , the notional value of our interest rate lock commitments totaled $37.4 million , and the notional value of our forward commitments to sell totaled $85.9 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 December 31, 2016 , our exposure was to the Euro, Canadian dollar, Danish kroner, British pound and Australian dollar on $38.4 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 December 31, 2016 , warrants totaled $263,000 . Gain (Loss) Recognized on Derivative Instruments Not Designated in Hedging Relationship (Amounts in thousands) Location in Consolidated Statements of Income Year Ended December 31, 2016 2015 2014 Gain (loss) on client-related derivatives: Interest rate contracts Capital markets income $ 17,952 $ 9,974 $ 10,634 Foreign exchange contracts Capital markets income 7,351 8,327 7,068 Risk participation agreements Capital markets income 20 229 345 Total client-related derivatives 25,323 18,530 18,047 Gain (loss) on end-user derivatives: Foreign exchange derivatives Other income, service and charges income 4,280 1,907 1,402 Mortgage banking derivatives Mortgage banking income (82 ) 264 (253 ) Warrants Other income, service and charges income 64 — — Total end-user derivatives 4,262 2,171 1,149 Total gain recognized on derivatives not designated in hedging relationship $ 29,585 $ 20,701 $ 19,196 |
BALANCE SHEET OFFSETTING BALANC
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
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 December 31, 2016 and 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 December 31, 2016 and 2015 , $5.2 million and $17.8 million of cash collateral pledged, respectively, was netted with the related financial liabilities on the consolidated statement 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 December 31, 2016 and 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 December 31, 2016 Financial assets: Derivatives (1) : Interest rate contracts $ 33,744 $ (11,828 ) $ 21,916 $ (2,424 ) $ — $ 19,492 Foreign exchange contracts 6,296 (3,321 ) 2,975 — — 2,975 Risk participation agreements 10 — 10 — — 10 Mortgage banking derivatives 449 (33 ) 416 — — 416 Total derivatives subject to a master netting agreement 40,499 (15,182 ) 25,317 (2,424 ) — 22,893 Total derivatives not subject to a master netting agreement 2,648 — 2,648 — — 2,648 Total derivatives $ 43,147 $ (15,182 ) $ 27,965 $ (2,424 ) $ — $ 25,541 Financial liabilities: Derivatives (1) : Interest rate contracts $ 32,058 $ (18,719 ) $ 13,339 $ (1,229 ) $ — $ 12,110 Foreign exchange contracts 2,983 (1,647 ) 1,336 (123 ) — 1,213 Risk participation agreements 11 — 11 (1 ) — 10 Mortgage banking derivatives 33 (33 ) — — — — Total derivatives subject to a master netting agreement 35,085 (20,399 ) 14,686 (1,353 ) — 13,333 Total derivatives not subject to a master netting agreement 3,436 — 3,436 — — 3,436 Total derivatives $ 38,521 $ (20,399 ) $ 18,122 $ (1,353 ) $ — $ 16,769 (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 Risk participation agreements 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 Risk participation agreements 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 | 12 Months Ended |
Dec. 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) December 31, 2016 2015 Commitments to extend credit: Home equity lines $ 14,880 $ 1,338 Credit card lines 6,314 — Residential 1-4 family construction 89,787 47,504 Commercial real estate, other construction, and land development 1,387,823 1,321,123 Commercial and industrial 3,889,323 4,191,895 All other commitments 1,052,254 508,096 Total commitments to extend credit $ 6,440,381 $ 6,069,956 Letters of credit: Financial standby $ 330,350 $ 365,760 Performance standby 39,068 38,264 Commercial letters of credit 3,627 3,999 Total letters of credit $ 373,045 $ 408,023 (1) Includes covered loan commitments of $9.0 million and $9.7 million as of December 31, 2016 and 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 December 31, 2016 , we had a reserve for unfunded commitments of $17.1 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 $1.7 million as of December 31, 2016 . We amortize these amounts into income over the commitment period. As of December 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 6 years . Other Commitments The Company has unfunded commitments to CRA investments and other investment partnerships totaling $45.4 million at December 31, 2016 . Of these commitments, $35.9 million related to legally-binding unfunded commitments for tax-credit investments and was included on the consolidated statements of financial condition within other liabilities and included within other assets as part of the carrying value of the investments. 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 $21.3 million at December 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 December 31, 2016 , we have no recorded contingent liability in the consolidated financial statements for this settlement guarantee program, and management believes that the probability of any loss under this arrangement is remote. Mortgage Loans Sold with Recourse Certain mortgage loans sold in the secondary market have limited recourse provisions. The losses for the years ended December 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 Following the announcement of the proposed transaction with CIBC, three putative class actions were filed on behalf of our public stockholders in the Circuit Court of Cook County, Chicago, Illinois. The three actions have been consolidated and styled In re PrivateBancorp, Inc. Shareholder Litigation , 2016-CH-08949. All of the actions name as defendants the Company and each of its directors individually, and assert that the directors breached their fiduciary duties in connection with the proposed transaction. Two of the complaints are also brought against CIBC and assert that the Company and CIBC aided and abetted the directors’ alleged breaches. The actions broadly allege that the transaction was the result of a flawed process, that the price is unfair, and that certain provisions of the merger agreement might dissuade a potential suitor from making a competing offer, among other things. The plaintiffs subsequently filed an amended complaint, adding a claim alleging breaches of the fiduciary duty of disclosure by the directors. Plaintiffs seek injunctive and other relief, including damages. The plaintiffs in the three actions have agreed in principle not to pursue the actions as a result of the inclusion of certain additional disclosures in the proxy statement for the Company’s special meeting of stockholders. The defendants, including the Company, believe the demands and complaints are without merit and there are substantial legal and factual defenses to the claims asserted, and the proxy statement for the special meeting disclosed all material information prior to the inclusion of the additional disclosures. As of December 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. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 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) Banking Asset Management Holding Company and Other Adjustments (1) Consolidated Year Ended December 31, 2016 Net interest income (expense) $ 600,956 $ 4,408 $ (22,938 ) $ 582,426 Provision for loan and covered loan losses 33,710 — — 33,710 Non-interest income 127,787 19,897 74 147,758 Non-interest expense 336,982 17,406 18,085 372,473 Income (loss) before income taxes 358,051 6,899 (40,949 ) 324,001 Income tax provision (benefit) 129,201 2,656 (16,213 ) 115,644 Net income (loss) $ 228,850 $ 4,243 $ (24,736 ) $ 208,357 Assets $ 17,893,329 $ — $ 2,160,444 $ 20,053,773 Total loans 15,056,241 — — 15,056,241 Deposits 16,118,043 — (52,814 ) 16,065,229 2015 Net interest income (expense) $ 532,497 $ 4,315 $ (22,397 ) $ 514,415 Provision for loan and covered loan losses 14,790 — — 14,790 Non-interest income 111,961 17,989 62 130,012 Non-interest expense 304,991 17,030 11,216 333,237 Income (loss) before income taxes 324,677 5,274 (33,551 ) 296,400 Income tax provision (benefit) 121,784 2,041 (12,736 ) 111,089 Net income (loss) $ 202,893 $ 3,233 $ (20,815 ) $ 185,311 Assets $ 15,321,374 $ — $ 1,931,474 $ 17,252,848 Total loans 13,266,475 — — 13,266,475 Deposits 14,407,127 — (61,535 ) 14,345,592 Operating Segments Performance (Continued) (Amounts in thousands) Banking Asset Management Holding Company (1) Consolidated Year Ended December 31, 2014 Net interest income (expense) $ 481,084 $ 3,363 $ (29,710 ) $ 454,737 Provision for loan and covered loan losses 12,044 — — 12,044 Non-interest income 100,259 17,271 60 117,590 Non-interest expense 284,726 16,554 10,796 312,076 Income (loss) before income taxes 284,573 4,080 (40,446 ) 248,207 Income tax provision (benefit) 109,088 1,606 (15,566 ) 95,128 Net income (loss) $ 175,485 $ 2,474 $ (24,880 ) $ 153,079 Assets $ 13,882,805 $ — $ 1,713,919 $ 15,596,724 Total loans 11,892,219 — — 11,892,219 Deposits, excluding deposits held-for-sale 13,150,600 — (60,632 ) 13,089,968 (1) Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
ESTIMATED FAIR VALUE OF FINANCI
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 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. Agency, collateralized mortgage obligations, residential mortgage-backed securities, state and municipal securities, and foreign sovereign debt. Substantially all available-for-sale securities are fixed-income instruments that are not quoted on an exchange, but may be traded in active markets. The fair value of these securities is based on quoted market prices obtained from external pricing services. The principal markets for our securities portfolio are the secondary institutional markets, with an exit price that is predominantly reflective of bid level pricing in those markets. U.S. Treasury securities have been classified in level 1 of the valuation hierarchy. All other remaining securities are 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. Residential Real Estate Loans Fair Value Option – Residential real estate loans fair value option represent residential real estate loans that originated as held-for-sale and subsequently transferred to loans held-for-investment. Similar to the mortgage loans held-for-sale, we have elected the fair value option for these loans. These residential real estate 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 these residential real estate loans 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. Residential real estate loans fair value option are classified in level 2 of the valuation hierarchy. Collateral-Dependent Impaired Loans – We do not record loans held-for-investment at fair value on a recurring basis. However, periodically, we record nonrecurring adjustments to reduce the carrying value of certain impaired loans based on fair value measurement. This population of impaired loans includes those for which repayment of the loan is expected to be provided solely by the underlying collateral. We measure the fair value of collateral-dependent impaired loans based on the fair value of the collateral securing these loans less estimated selling costs. A majority of collateral-dependent impaired loans are secured by real estate with the fair value generally determined based upon appraisals performed by a certified or licensed appraiser using a combination of valuation techniques such as sales comparison, income capitalization and cost approach and include inputs such as absorption rates, capitalization rates and comparables. We also consider other factors or recent developments that could result in adjustments to the collateral value estimates indicated in the appraisals. Accordingly, fair value estimates for collateral-dependent impaired loans are classified in level 3 of the valuation hierarchy. The carrying value of all impaired loans and the related specific reserves are disclosed in Note 4 . At the time a collateral-dependent loan is initially determined to be impaired, we review the existing appraisal. If the most recent appraisal is greater than one-year old, a new evaluation 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 upon 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. Accordingly, these fair value estimates are classified in level 3 of the valuation hierarchy. 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, 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, and 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 years ended December 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 and 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 December 31, 2016 and 2015 on a recurring basis. Fair Value Measurements on a Recurring Basis (Amounts in thousands) December 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 $ 542,295 $ — $ — $ 542,295 $ 321,651 $ — $ — $ 321,651 U.S. Agencies — 45,940 — 45,940 — 46,098 — 46,098 Collateralized mortgage obligations — 75,345 — 75,345 — 99,972 — 99,972 Residential mortgage-backed securities — 886,550 — 886,550 — 829,855 — 829,855 State and municipal securities — 463,395 — 463,395 — 467,160 630 467,790 Total securities available-for-sale 542,295 1,471,230 — 2,013,525 321,651 1,443,085 630 1,765,366 Mortgage loans held-for-sale — 24,934 — 24,934 — 35,704 — 35,704 Residential real estate loans (1) — 1,029 — 1,029 — — — — Derivative assets: Interest rate contract derivatives designated as hedging instruments — 1,873 — 1,873 — 5,366 — 5,366 Client-related derivatives — 37,612 848 38,460 — 46,342 406 46,748 Other end-user derivatives — 1,967 847 2,814 — 254 485 739 Netting adjustments — (15,182 ) — (15,182 ) — (12,167 ) (71 ) (12,238 ) Total derivative assets — 26,270 1,695 27,965 — 39,795 820 40,615 Total assets $ 542,295 $ 1,523,463 $ 1,695 $ 2,067,453 $ 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 — 37,959 11 37,970 — 47,204 98 47,302 Other end-user derivatives — 234 317 551 — 17 167 184 Netting adjustments — (20,399 ) — (20,399 ) — (29,974 ) (82 ) (30,056 ) Total derivative liabilities $ — $ 17,794 $ 328 $ 18,122 $ — $ 18,046 $ 183 $ 18,229 (1) Represents loans accounted for under the fair value option. If a change in valuation techniques, input assumptions or market observability/liquidity 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 December 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 December 31, 2016 . Reconciliation of Beginning and Ending Fair Value for Those Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1) (Amounts in thousands) December 31, 2016 December 31, 2015 Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Balance at beginning of year $ 630 $ 891 $ (265 ) $ — $ 2,198 $ (1,477 ) Total gains (losses): Included in earnings (2) 30 621 (641 ) — (306 ) 226 Purchases, issuances, sales and settlements: Issuances — 2,310 — — 1,198 — Settlements (660 ) (3,014 ) 501 (341 ) (2,261 ) 687 Transfers into Level 3 (out of Level 2) (3) — 1,228 — 971 1,456 (160 ) Transfers out of Level 3 (into Level 2) (3) — (341 ) 77 — (1,394 ) 459 Balance at end of year $ — $ 1,695 $ (328 ) $ 630 $ 891 $ (265 ) Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year $ — $ 89 $ (8 ) $ (341 ) $ 445 $ 240 (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 Loans Elected to be Carried at Fair Value (Amounts in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (1) As of December 31, 2016 Mortgage loans held-for-sale $ 24,934 $ 25,424 $ (490 ) Residential real estate loans fair value option 1,029 991 38 As of December 31, 2015 Mortgage loans held-for-sale $ 35,704 $ 36,005 $ (301 ) (1) The change in fair value is reflected in mortgage banking non-interest income. As of December 31, 2016 and 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 year ended December 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 years ended December 31, 2016 and 2015 and still held at December 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 December 31, For the Year Ended 2016 2015 2016 2015 Collateral-dependent impaired loans (1) $ 25,885 $ 21,082 $ (10,169 ) $ (491 ) OREO (2) 10,165 3,202 2,326 961 Total $ 36,050 $ 24,284 $ (7,843 ) $ 470 (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 real estate expense 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 December 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 December 31, 2016 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 838 Discounted cash flow Loss factors 12.5% to 29.4% 22.4 % RPAs (1 ) (1) Discounted cash flow Loss factors 0.1% to 23.9% 1.8 % Interest rate lock commitments (744 ) Discounted cash flow Pull-through rate 72.2% to 100.0% 82.6 % Collateral-dependent impaired loans 25,885 Sales comparison, income capitalization and/or cost approach Property specific adjustment -79.2% to 22.6% -45.5 % OREO 10,165 Sales comparison, income capitalization and/or cost approach Property specific adjustment -0.5% to -83.3% -18.4 % Warrants 263 Black-Scholes option pricing model Estimated stock price $0.59 to $13.97 $ 9.13 Remaining life assumption 9 to 10 years 9.2 years Volatility 27.0% to 64.0% 52.1 % (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. An increase (decrease) in the pertinent loss factor would result in a lower (higher) fair value measurement. Estimated Fair Value of Certain Financial Instruments U.S. GAAP requires disclosure of the estimated fair values of certain financial instruments, both assets and liabilities, on and off-balance sheet, for which it is practical to estimate the fair value. Because the disclosure of estimated fair values provided herein excludes the fair value of certain other financial instruments and all non-financial instruments, any aggregation of the estimated fair value amounts presented would not represent total underlying value. Examples of non-financial instruments having value not disclosed herein include the future earnings potential of significant customer relationships and the value of our asset management operations and other fee-generating businesses. In addition, other significant assets including property, plant, and equipment and goodwill are not considered financial instruments and, therefore, have not been included in the disclosure. Various methodologies and assumptions have been utilized in management’s determination of the estimated fair value of our financial instruments, which are detailed below. The fair value estimates are made at a discrete point in time based on relevant market information. Because no market exists for a significant portion of these financial instruments, fair value estimates are based on judgments regarding future expected economic conditions, loss experience, and risk characteristics of the financial instruments. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. In addition to the valuation methodology explained above for financial instruments recorded at fair value, the following methods and assumptions were used in estimating the fair value of financial instruments that are carried at cost in the consolidated statements of financial condition and includes the general classification of the assets and liabilities pursuant to the valuation hierarchy. Short-term financial assets and liabilities – For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value. Those financial instruments include cash and due from banks, federal funds sold and interest-bearing deposits in banks (including the receivable for cash collateral pledged), accrued interest receivable, and accrued interest payable. Accrued interest receivable and accrued interest payable are classified consistent with the hierarchy of their corresponding assets and liabilities. Other loans held-for-sale - Included in loans held-for-sale at December 31, 2016 and 2015 are $78.4 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 – Other than certain residential real estate loans accounted for under the fair value option, 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 and other 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 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES The Company is required to consolidate VIEs in which it has a controlling financial interest. The following table summarizes the carrying amounts of the consolidated VIEs’ assets included in the Company’s statements of financial condition as adjusted for intercompany eliminations at December 31, 2016 . At December 31, 2015 , the Company did not have any VIEs that were consolidated in our financial statements. Consolidated VIEs (Amounts in thousands) December 31, 2016 Assets: Loans $ 17,774 Accrued interest receivable 66 Total assets $ 17,840 The Company sponsors and consolidates certain VIEs that invest in community development projects designed primarily to promote community welfare, such as economic rehabilitation and development of low-income areas by providing housing, services, or jobs for residents. These VIEs invest in community development projects through the extension of below-market loans that generate a return primarily through the realization of federal new markets tax credits. The consolidated VIEs’ loans are recognized within loans on the Company’s consolidated statements of financial condition. The federal new markets tax credits earned from equity investments in VIEs are recognized as a component of income tax expense, and interest income received on the loans is recognized within interest income on the Company’s consolidated statements of income. The assets of the consolidated VIEs are the primary source of funds to settle their respective obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to each consolidated VIE is limited to the amount of equity invested by the Company in the VIE. The table below presents our interests in VIEs that are not consolidated in our financial statements at December 31, 2016 and 2015 . Nonconsolidated VIEs (Amounts in thousands) December 31, 2016 December 31, 2015 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,651 $ — $ 167,609 $ — Community reinvestment investments and loans (2) 55,560 64,668 44,894 48,065 Restructured loans to commercial clients (2) : Outstanding loan balance 102,709 116,134 47,178 56,854 Related derivative asset 74 74 81 81 Warrants 35 35 — — Total $ 326,029 $ 180,911 $ 259,762 $ 105,000 (1) Net of deferred financing costs of $2.1 million and $2.2 million at December 31, 2016 and 2015 respectively. (2) Excludes personal loans and loans to non-for-profit entities. Trust preferred capital securities issuance s – As discussed in Note 11 , 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. CRA investments and loans – We hold certain investments and loans that make investments to further our CRA initiatives. CRA 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 CRA 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 2029 . 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 $42.9 million and $27.0 million as of December 31, 2016 and 2015 , respectively. Commitments to provide future capital contributions totaling $35.9 million as of December 31, 2016 , are expected to be paid through 2031 . These investments are reviewed periodically for impairment. No impairment losses were recorded for the years ended December 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) Year Ended December 31, 2016 2015 Tax credits $ 1,546 $ 649 Tax benefits from operating losses 811 245 Amortization of principal investment $ 1,889 $ 655 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. |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | CONDENSED PARENT COMPANY FINANCIAL STATEMENTS The following represents the condensed financial statements of PrivateBancorp, Inc., the parent company. Statements of Financial Condition (Parent Company only) (Amounts in thousands) December 31, 2016 2015 Assets Cash and interest-bearing deposits $ 52,814 $ 61,535 Investment in and advances to subsidiaries 2,149,164 1,915,546 Other assets 13,528 15,928 Total assets $ 2,215,506 $ 1,993,009 Liabilities and Equity Long-term debt $ 288,310 $ 288,215 Accrued expenses and other liabilities 7,521 5,843 Equity 1,919,675 1,698,951 Total liabilities and equity $ 2,215,506 $ 1,993,009 Statements of Income (Parent Company only) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Income Dividends from subsidiaries $ — $ — $ 100,000 Interest income 2 3 3 Securities transactions and other income 262 249 60 Total income 264 252 100,063 Expenses Interest expense 18,530 18,082 26,348 Salaries and employee benefits 5,696 5,372 5,672 Other expenses 12,577 6,026 5,123 Total expenses 36,803 29,480 37,143 (Loss) income before income taxes and equity in undistributed income of subsidiaries (36,539 ) (29,228 ) 62,920 Income tax benefit 14,515 11,065 14,242 (Loss) income before undistributed income of subsidiaries (22,024 ) (18,163 ) 77,162 Equity in undistributed income of subsidiaries 230,381 203,474 75,917 Net income available to common stockholders $ 208,357 $ 185,311 $ 153,079 Statements of Cash Flows (Parent Company only) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Operating Activities Net income $ 208,357 $ 185,311 $ 153,079 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income from subsidiaries (230,381 ) (203,474 ) (75,917 ) Share-based compensation expense 1,859 1,744 2,072 Depreciation of premises, furniture and equipment 43 43 43 Excess tax benefit from exercise of stock options and vesting of restricted shares (742 ) (1,388 ) (1,147 ) Net decrease in other assets 3,099 3,937 877 Net increase (decrease) in other liabilities 1,726 1,152 2,398 Net cash (used in) provided by operating activities (16,039 ) (12,675 ) 81,405 Investing Activities — — — Financing Activities Repayment of long-term debt — — (75,005 ) Stock repurchased in connection with benefit plans (4,765 ) (5,982 ) (5,330 ) Cash dividends paid (3,194 ) (3,151 ) (3,125 ) Proceeds from exercise of stock options and issuance of common stock under benefit plans 15,277 21,323 5,598 Excess tax benefit from exercise of stock options and vesting of restricted shares — 1,388 1,147 Net cash provided by (used in) financing activities 7,318 13,578 (76,715 ) Net (decrease) increase in cash and cash equivalents (8,721 ) 903 4,690 Cash and cash equivalents at beginning of year 61,535 60,632 55,942 Cash and cash equivalents at end of year $ 52,814 $ 61,535 $ 60,632 |
Quarterly Earnings Performance
Quarterly Earnings Performance | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Earnings Performance | QUARTERLY EARNINGS PERFORMANCE (UNAUDITED) Quarterly Earnings Performance (1) (Dollars in thousands, except per share data) 2016 2015 Fourth Third Second First Fourth Third Second First Interest income $ 177,912 $ 166,883 $ 162,123 $ 158,100 $ 154,243 $ 148,119 $ 141,477 $ 138,373 Interest expense 22,531 21,373 20,106 18,582 17,652 16,910 16,855 16,380 Net interest income 155,381 145,510 142,017 139,518 136,591 131,209 124,622 121,993 Provision for loan and covered loan losses 6,048 15,691 5,569 6,402 2,831 4,197 2,116 5,646 Fee revenue 39,412 37,614 36,550 33,071 32,619 30,529 33,060 32,982 Net securities gains (losses) — — 580 531 29 260 (1 ) 534 Non-interest expense 95,844 91,920 94,216 90,493 83,020 85,175 81,897 83,145 Income before income taxes 92,901 75,513 79,362 76,225 83,388 72,626 73,668 66,718 Income tax provision 33,353 26,621 28,997 26,673 31,251 27,358 27,246 25,234 Net income $ 59,548 $ 48,892 $ 50,365 $ 49,552 $ 52,137 $ 45,268 $ 46,422 $ 41,484 Basic earnings per share $ 0.75 $ 0.61 $ 0.63 $ 0.63 $ 0.66 $ 0.58 $ 0.59 $ 0.53 Diluted earnings per share $ 0.73 $ 0.60 $ 0.62 $ 0.62 $ 0.65 $ 0.57 $ 0.58 $ 0.52 Return on average common equity 12.40 % 10.40 % 11.20 % 11.40 % 12.29 % 11.05 % 11.85 % 11.05 % Return on average assets 1.21 % 1.04 % 1.14 % 1.15 % 1.21 % 1.09 % 1.15 % 1.07 % Net interest margin – tax-equivalent 3.23 % 3.18 % 3.28 % 3.30 % 3.25 % 3.23 % 3.17 % 3.21 % (1) All ratios are presented on an annualized basis. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles Of Consolidation And Basis Of Presentation | Nature of Operations – PrivateBancorp, Inc. (“PrivateBancorp” or the “Company”) was incorporated in Delaware in 1989 and became a holding company registered under the Bank Holding Company Act of 1956, as amended. The PrivateBank and Trust Company (the “Bank” or the “PrivateBank”), the sole banking subsidiary of PrivateBancorp, was opened in Chicago in 1991. The Company completed its initial public offering in June 1999. The Bank provides customized business and personal financial services to middle market companies and business owners, executives, entrepreneurs and families in all of the markets and communities it serves. On June 29, 2016, the Company entered into a definitive merger agreement with Canadian Imperial Bank of Commerce (“CIBC”), a Canadian chartered bank, and CIBC Holdco Inc. (“Holdco”), a newly-formed Delaware corporation and a direct, wholly owned subsidiary of CIBC, which contemplates that the Company will merge with and into Holdco, with Holdco surviving the merger. Closing of the transaction remains subject to the receipt of required regulatory and stockholder approvals and other customary closing conditions. Following the merger, the Bank will be headquartered in Chicago, Illinois, retain its Illinois state banking charter and be an indirect, wholly owned subsidiary of CIBC. Under the terms of the definitive agreement, shareholders of the Company will receive $18.80 in cash and 0.3657 of a CIBC common share for each share of PrivateBancorp common stock. As of June 28, 2016 , the last trading day before public announcement of the transaction, total consideration for the transaction was valued at approximately $3.8 billion , or $47.00 per share of common stock of the Company, based on CIBC’s closing stock price on June 28, 2016 of $77.11 . As of such date, the aggregate consideration would have been paid with approximately $1.5 billion in cash and approximately 29.5 million common shares of CIBC, representing a 40 percent cash and 60 percent share mix. The actual transaction value will be based on the number of shares of common stock of the Company outstanding at the closing and the price of CIBC common stock as of the closing. The full text of and additional information about the definitive merger agreement is included in the Company’s Current Report on Form 8-K filed with the Securities Exchange Commission (“SEC”) on July 6, 2016. Direct costs related to the proposed transaction were expensed as incurred and totaled $6.7 million for the year ended December 31, 2016 . These costs were primarily comprised of financial advisor and other professional services fees. Principles of Consolidation and Basis of Presentation – The accompanying consolidated financial statements include the accounts and results of operations of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. In general, investments in unconsolidated entities where the Company has the ability to exercise significant influence over the entities’ operating and financing decisions are accounted for using the equity method of accounting. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. Assets held in a fiduciary or agency capacity are not assets of the Company or its subsidiaries, and accordingly, are not included in the consolidated financial statements. The accounting and reporting policies of the Company and its subsidiaries conform to U.S. generally accepted accounting principles (“U.S. GAAP”) and general practice within the banking industry. We use the accrual basis of accounting for financial reporting purposes. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to December 31, 2016 for potential recognition or disclosure in this annual report on Form 10-K. The following is a summary of the significant accounting policies adhered to in the preparation of the consolidated financial statements. |
Business Combinations | Business Combinations – Business combinations are accounted for under the acquisition method of accounting. Under the acquisition method, assets and liabilities of the business acquired are recorded at their estimated fair value as of the date of acquisition, with any excess of the cost of the acquisition over the fair value of the net tangible and identifiable intangible assets acquired recorded as goodwill. Results of operations of the acquired business are included in the consolidated statements of income from the effective date of acquisition. |
Use Of Estimates | Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents – For purposes of the consolidated statements of cash flows, management has defined cash and cash equivalents to include cash and due from banks, federal funds sold, and other interest-bearing deposits in banks. Generally, federal funds are sold for one-day periods, but not longer than 30 days. Short-term investments generally mature in less than 30 days. All cash and cash equivalents have maturities of three months or less. |
Debt Securities | Debt Securities – At the time of purchase, debt securities are classified as held-to-maturity or available-for-sale. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are carried at amortized cost. Debt securities are classified as available-for-sale when management has the intent and ability to hold such securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell available-for-sale securities would be based on various factors, including but not limited to asset/liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related deferred income taxes, recorded as a separate component of other comprehensive income (“OCI”). The historical cost of debt securities is adjusted for amortization of premiums and accretion of discounts over the life of the security, using the level-yield method. Amortization of premium and accretion of discount are included in interest income. Purchases and sales of securities are recognized on a trade date basis. Realized securities gains or losses are reported in net securities gains (losses) in the consolidated statements of income. The cost of securities sold is based on the specific identification method. We conduct a quarterly assessment of our investment portfolio to determine whether any securities are other-than-temporarily impaired (“OTTI”). When assessing unrealized losses for OTTI, we consider the nature of the investment, the financial condition of the issuer, the extent and duration of unrealized loss, expected cash flows of underlying assets and market conditions. OTTI is considered to have occurred if the security is impaired and (1) if management intends to sell the security; (2) if it is more likely than not we will be required to sell the security before recovery of its amortized cost basis; or (3) if the present value of the expected cash flows is not sufficient to recover the entire amortized cost basis. For debt securities that we do not intend to sell or for which it is not more likely than not that the Company will be required to sell prior to recovery, the OTTI is separated into credit and noncredit components. The credit-related OTTI, represented by the expected loss in principal, is recognized in non-interest income, while noncredit-related OTTI is recognized in OCI. Noncredit-related OTTI results from other factors, including increased liquidity spreads and changes in risk-free interest rates. For securities we expect to sell prior to recovery, the entire impairment (i.e., the difference between the amortized cost basis and the fair value) is recognized in earnings. |
Federal Home Loan Bank Stock | Federal Home Loan Bank (“FHLB”) Stock – Investments in FHLB stock are restricted as to redemption and are carried at cost. |
Loans Held-for-Sale | Loans Held-for-Sale – Loans held-for-sale (“LHFS”) represent mortgage loan originations intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower of cost or fair value as determined on an individual asset basis or carried at fair value where the Company has elected fair value accounting. The Company has elected to measure certain residential mortgage loans originated as held-for-sale under the fair value option. Increases or decreases in the fair value of these LHFS are recognized in mortgage banking income in the consolidated statements of income. Mortgage loan origination costs related to LHFS that the Company accounts for under the fair value option are recognized in non-interest expense as incurred. Held-for-investment loans that have been transferred to LHFS are carried at the lower of cost or fair value. For these LHFS, any decreases in value below cost are recognized in other income in the consolidated statements of income and increases in fair value above cost are not recognized until the loans are sold. The credit component of any write down upon transfer to LHFS is reflected in charge-offs to the allowance for loan losses. Loan origination costs for LHFS carried at the lower of cost or fair value are capitalized as part of the carrying amount of the loans. Gains and losses on the disposition of loans held-for-sale are determined using the specific identification method. Residential mortgage loans sold in the secondary market are sold without retaining servicing rights or other residual interests. |
Originated Loans Held-for-Investment | Originated Loans Held-for-Investment – Originated loans held-for-investment are carried at the principal amount outstanding, net of deferred loan fees and costs and any direct principal charge-offs, except for certain residential real estate loans for which the fair value option was elected. These residential real estate loans are measured at fair value as of each reporting date, with changes in fair value recognized in mortgage banking income in the consolidated statements of income. Interest income on loans is accrued based on principal amounts outstanding. Loan origination fees, fees for commitments that are expected to be exercised and certain direct loan origination costs are deferred and the net amount is amortized over the life of the related loan or commitment period as a yield adjustment. Other fees not associated with originating a loan are recognized as fee income when earned. |
Delinquent and Nonaccrual Loans | Delinquent and Nonaccrual Loans – Loans are reported as past due if contractual principal or interest payments are due and unpaid for 30 days or more. All loans that are over 90 days past due in principal or interest are considered “impaired” and placed on nonaccrual status. Management may also place some loans on nonaccrual status before they are 90 days past due if they meet the below definition of “impaired.” When a loan is placed on nonaccrual status, accrued and unpaid interest credited to income is reversed and accretion of net deferred loan fees ceases. Subsequent receipts on nonaccrual loans are recorded as a reduction of principal, and interest income may only be recorded on a cash basis if the remaining recorded investment is deemed fully collectible. Nonaccrual loans are returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement and the financial position of the borrower and other relevant factors indicate there is no longer doubt as to such collectibility. |
Restructured Loans | Restructured Loans – As part of our ongoing risk management practices and in certain circumstances, we may extend or modify the terms of a loan in an attempt to maximize the collection of amounts due when a borrower is experiencing financial difficulties. These modifications are structured on a loan-by-loan basis, and depending on the circumstances, may consist of reducing the interest rate, extending the maturity dates, reducing the principal balance, or other concession intended to minimize potential losses and maximize our chances of a more successful recovery on a troubled loan. The Company may also utilize a multiple note structure as a workout alternative for certain loans. The multiple note structure typically bifurcates a troubled loan into two separate notes, where the first note is reasonably assured of repayment and performance according to the modified terms, and the portion of the troubled loan that is not reasonably assured of repayment is charged-off. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which the Company has granted a concession that it would not otherwise consider, are recognized as troubled debt restructurings (“TDRs”). We consider many factors in determining whether to agree to a loan modification involving concessions, and seek a solution that will both minimize potential loss to the Company and attempt to help the borrower. We evaluate our borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional securities or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. TDRs may include loans continuing on accrual status, moving to nonaccrual or remaining on nonaccrual, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of at least six months to ensure that the borrower performs in accordance with the restructured terms including consistent and timely loan payments. However, the borrower’s performance prior to the restructuring or other significant events at the time of the restructuring may be considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status after a shorter performance period or concurrent with the restructuring. In such situations, the loan will be reported as a “restructured loan accruing interest.” If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. |
Impaired Loans | Impaired Loans – Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, 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. Once a loan is determined to be impaired, the amount of impairment is measured based on the loan’s observable fair value; fair value of the underlying collateral less estimated selling costs, if the loan is collateral-dependent; or the present value of expected future cash flows discounted at the loan’s effective interest rate. If the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest, net of deferred loan fees and costs and unamortized premium or discount), impairment is recognized by creating a specific valuation reserve as a component of the allowance for loan losses. Non-TDR impaired loans and nonaccrual TDRs exceeding $500,000 are evaluated individually, while non-TDR impaired loans and nonaccrual TDRs less than $500,000 are evaluated as pools using historical loss experience, as well as management’s loss expectations, for the respective asset class and product type. All accruing TDRs, no matter the balance, are evaluated individually for impairment. All impaired loans and their related reserves are reviewed and updated each quarter. Any impaired loan for which a determination has been made that the economic value is permanently reduced is charged-off against the allowance for loan losses to reflect its current economic value in the period in which the determination is made. 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 evaluation 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 upon 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. All appraisals and internal reviews are current under this methodology at December 31, 2016 . |
Allowance For Loan Losses | Allowance for Loan Losses (the “Allowance”) – We maintain an allowance for loan losses at a level management believes is sufficient to absorb credit losses inherent in our loan portfolio at the consolidated statements of financial condition date. The Allowance is assessed quarterly and represents an accounting estimate of probable losses in the portfolio at each statement of financial condition date based on a review of available and relevant information at that time. The Allowance contains reserves for identified probable losses relating to specific borrowing relationships that are considered to be impaired (“the specific allocated component” of the Allowance), and for probable losses inherent in the loan portfolio that have not been specifically identified (“the general allocated component” of the Allowance). The specific allocated component of the Allowance is the summation of individual reserves related to impaired loans that are analyzed on a loan-by-loan basis at the consolidated statements of financial condition date. Impaired loans consist of nonaccrual loans (which include nonaccrual TDRs) and loans classified as accruing TDRs. See “Impaired Loans” section of this Note 1 for a detailed discussion of the specific allocated component of the Allowance. The general allocated component of the Allowance is determined using a methodology that is a function of quantitative and qualitative factors and considerations applied to segments of our loan portfolio. Our methodology applies a historical loss model that takes into account at a product level (e.g., commercial, commercial real estate, construction, consumer) the default and loss history of similar products or sub-products using a look-back period that begins in 2010 and is updated with monthly data on a lagged quarter to the most recent period. Our methodology uses our default and loss history over the look-back period to establish a probability of default (“PD”) for each product type (and, in some cases, sub-segments within a product type) and risk rating, as well as an expected loss given default (“LGD”) for each product type. For our consumer portfolio, we assign a PD to each delinquency period and LGD to collateral position or size of credit. Our methodology applies the PD and LGD to the applicable loan balances and produces a loss estimate by product that is inclusive of the loss emergence period. We assess the appropriate balance of the general allocated component of the reserve at the model loss emergence period based on a variety of internal and external quantitative and qualitative factors giving consideration to conditions that we believe are not fully reflected in the model-generated loss estimates. Topics considered in this assessment include changes in lending practices and procedures (e.g., underwriting standards) internally and in our industry, changes in business or economic conditions, changes in the nature and volume of loans, changes in staffing or management in our lending teams, changes in the quality of our results from loan reviews (which includes credit quality trends and risk rating accuracy), changes in underlying collateral values, recent portfolio performance, concentration risks, and other external factors such as legal or regulatory matters relevant to management’s assessment of required reserve levels. In certain instances, these additional factors and judgments may lead to management’s conclusion that the appropriate level of the reserve differs from the amount determined through the model-driven quantitative framework, with respect to a given product type. In determining the amount of any qualitative adjustment to be made to the quantitative model output, management may adjust the PD and/or LGD for a product type (or a sub-segment within a product type) to reflect conditions that it does not believe are reflected in historical loss rates and apply those adjusted PDs and LGDs to determine the impact on the model output, with the result used to inform management’s determination of the appropriate qualitative adjustment to be made to the general allocated component for the product type. The product segments we evaluate in the general allocated component methodology are commercial loans, commercial real estate loans, construction loans and consumer loans (which include personal loans, residential mortgage loans and home equity lines of credit). Our commercial loan portfolio includes lines of credit to businesses and term loans. Certain non-residential owner-occupied commercial real estate loans are also included in our commercial loan portfolio if the cash flows from the owner’s business serve as the primary source of loan repayment. Commercial loans contain risks unique to the business and market of each borrower and the repayment is dependent upon the financial success and viability of the borrower. These risks include, but are not limited to: reliance on sustained cash flow of the borrower to repay the loan and diminutive collateral to take recourse on as a secondary source of repayment for our leveraged loans, dependency on government receivables at the state and federal levels for our healthcare loans, reliance on conversion of assets rather than operating cash flows for our asset-based lending loans, and susceptibility of a slowdown in the manufacturing portfolio as a result of the recent commodity price fluctuations within the manufacturing industry. Commercial real estate loans comprise loans secured by various types of collateral including one-to-four family non-owner occupied housing units located primarily in our target market areas, multi-family real estate, office buildings, warehouses, retail space, mixed use buildings, and vacant land, the bulk of which is held for long-term investment or development. Risks inherent in real estate lending are related to the underlying net operating income, the market value of the property taken as collateral, and the general economic condition of the market in which the collateral is located. Repayment is generally dependent on the ability of the borrower to attract and retain tenants at rental rates that provide for a sufficient level of net operating income to cover debt service, and ultimately the long term financing options of the borrower. Our construction loan portfolio consists of single-family residential properties, multi-family properties, and commercial projects, and includes both investment properties and properties that will be owner-occupied. Risks inherent in construction lending are similar to those in commercial real estate lending. Additional risks include unexpected cost increases or delays in constructing or improving a property, the borrower’s inability to generate funding until the project is complete, the greater sensitivity to interest rate movements and the real estate market that these borrowers face while a project is being completed or while a borrower is seeking a buyer, and the lack of availability of permanent financing. Construction loans, as a product segment, have the highest inherent risk in our portfolio. Consumer loans are a smaller portion of our overall portfolio and consist of residential home mortgages, home equity lines of credit and personal loans. The risk issues associated with these products are closely correlated to the U.S. housing market and the local markets in which the collateral resides and include home prices, sales volume, unemployment rates, foreclosure rates, and delinquency rates. Some personal loans may be unsecured and therefore offer little secondary source of repayment. Determination of the Allowance is inherently subjective, as it requires significant estimates, including the amounts and timing of expected future cash flows and collateral appraisal values on impaired loans; estimated losses on pools of homogeneous loans based on historical loss experience, risk ratings, product type, delinquency aging for consumer loans, and consideration of current economic trends and portfolio attributes, all of which may be susceptible to significant change. Default estimates are derived using a monthly rating migration approach over the appropriate look-back period for each segment for the commercial portfolio and delinquency aging for the consumer portfolio, and are estimated consistent with the loss emergence period for a particular product. In addition, we compare current model-derived and historic reserve levels to charge-off trends in considering the appropriate Allowance at each product level. Credit exposures deemed to be uncollectible are charged-off against the Allowance, while recoveries of amounts previously charged-off are credited to the Allowance. A provision for loan losses, which is a charge against earnings, is recorded to bring the Allowance to a level that, in management’s judgment, is appropriate to absorb probable losses in the loan portfolio as of the consolidated statements of financial condition date. |
Reserve For Unfunded Commitments | Reserve for Unfunded Commitments – We maintain a reserve for unfunded commitments at a level we believe to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The reserve is included in other liabilities in the consolidated statements of financial condition. The general reserve is computed using a methodology similar to that used to determine the general allocated component of the Allowance and is based on a model that uses recent commitment utilization patterns at the product level as a method of predicting future usage across the portfolio. The specific reserve is the summation of individual reserves related to unfunded commitments that are analyzed on a commitment-by-commitment basis. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense in the consolidated statements of income. |
Purchased Loans | Purchased Loans – U.S. GAAP requires purchased loans acquired through portfolio purchases or in a business combination (“purchased non-impaired loans”) to be recorded at fair value at the acquisition date and prohibits the “carrying over” or creation of valuation allowances in the initial accounting for loans acquired in a transfer. Differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loan. Decreases in expected cash flows after the purchase date are recognized by recording an allowance for loan losses. Purchased loans with evidence of credit deterioration at the time of the acquisition and where it is probable that not all contractual payments will be collected are considered purchased credit-impaired loans. Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, declines in borrower FICO scores, and declines in loan-to-value ratios. The fair values for purchased credit-impaired loans are determined by discounting cash flows expected to be collected using an observable discount rate for similar instruments with adjustments to the discount rate that management believes a market participant would consider in determining fair value. We estimate the timing and amount of cash flows expected to be collected at acquisition using internal models that incorporate management’s best estimate of current key assumptions, such as default rates, loss severity and payment speeds. Under the applicable accounting guidance for purchased credit-impaired loans, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan using the constant effective yield method when there is a reasonable expectation about the amount and timing of such cash flows. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference. Decreases in expected cash flows subsequent to acquisition generally result in an allowance for loan losses. Subsequent increases in cash flows result in a reversal of the allowance for loan losses to the extent previously established or a prospective adjustment to the accretable yield. Purchased credit-impaired loans with common risk characteristics are accounted for on a pool basis as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Because we are recognizing interest income on each pool of loans, they are all considered to be performing. |
Covered Assets | Covered Assets – Purchased loans and foreclosed loan collateral covered under loss share or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”) are reported separately on the face of the consolidated statements of financial condition inclusive of the fair value of reimbursement cash flows the Company expects to receive from the FDIC under the agreement. The allowance for covered loan losses is determined without regard to the expected reimbursement from the FDIC with any provision for covered loan loss charges recorded in the consolidated statements of income net of such FDIC reimbursement. |
Other Real Estate Owned | Other Real Estate Owned (“OREO”) – OREO is comprised of property acquired through foreclosure proceedings or acceptance of a deed-in-lieu of foreclosure in partial or total satisfaction of certain loans. Properties are initially recorded at fair value less estimated selling costs. Any write-downs in the carrying value of a property at the time of acquisition are charged against the Allowance. Subsequent to initial recognition, OREO is recorded at the lower of the initial cost basis or current fair value less estimated selling costs. Any subsequent write-downs to reflect current fair value less estimated selling costs are recorded through a valuation allowance. Such write-downs, as well as gains or losses on disposition and revenues and expenses incurred in maintaining such properties, are reported in non-interest expense in the consolidated statements of income. |
Depreciable Assets | Depreciable Assets – Premises, leasehold improvements, furniture and equipment, and software on our servers are stated at cost less accumulated depreciation. Depreciation expense is determined by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the asset or the lease term. Rates of depreciation are generally based on the following useful lives: buildings, 30 - 40 years; leasehold improvements, typically 1 - 15 years; furniture and equipment, 3 - 7 years; and software a maximum of 3 years. Gains on dispositions are included in other non-interest income, and losses on dispositions are included in other non-interest expense in the consolidated statements of income. Maintenance and repairs are charged to operating expenses as incurred, while improvements that extend the useful life of assets are capitalized and depreciated over the estimated remaining life. Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the estimated undiscounted future cash flows attributable to a long-lived asset are less than its carrying value. In that event, the Company recognizes a loss equal to the difference between the carrying amount and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recorded in other non-interest expense in the consolidated statements of income. |
Bank Owned Life Insurance ("BOLI") | Bank Owned Life Insurance (“BOLI”) – BOLI represents life insurance policies on the lives of certain Company officers or former officers for which the Company is the beneficiary. These policies are recorded as an asset on the consolidated statements of financial condition at their cash surrender values, or the amount that could be realized currently. The change in cash surrender value and insurance proceeds received are recorded as BOLI income in non-interest income in the consolidated statements of income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets – Goodwill represents the excess of purchase price over the fair value of net assets acquired (including identifiable intangible assets) using the acquisition method of accounting. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Goodwill is allocated to reporting units at acquisition. We have determined that our operating segments represent our reporting units under U.S. GAAP, and goodwill is allocated to the Banking and Asset Management reporting units. Subsequent to initial recognition, goodwill is not amortized but, instead, is tested for impairment at the reporting unit level at least annually, or more often if an event occurs or circumstances change that would indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We perform our annual goodwill impairment assessment as of October 31 each year. In the event we conclude that all or a portion of our goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded in earnings. Such a charge would have no impact on tangible or regulatory capital. The goodwill impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. In “step one,” the fair value of each reporting unit is compared to the recorded book value. Our step one calculation of each reporting unit’s fair value is based upon a simple average of two metrics: (1) a primary market approach, which measures fair value based upon trading multiples of independent publicly traded financial institutions of comparable size and character to the reporting units, and (2) an income approach, which estimates fair value based upon discounted cash flows and terminal value (using the perpetuity growth method). If the fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired and “step two” is not considered necessary. If the carrying value of a reporting unit exceeds its fair value, the impairment test continues (“step two”) by comparing the carrying value of the reporting unit’s goodwill to the implied fair value of goodwill. The implied fair value of goodwill is determined using the residual approach, where the fair value of a reporting unit is allocated to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit, calculated in step one, is the price paid to acquire the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment charge is recognized to the extent the carrying value of goodwill exceeds the implied fair value of goodwill. The Company has the option at the time of our annual goodwill impairment test to perform a qualitative assessment for each reporting unit to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value before applying the existing two-step goodwill impairment test. If we conclude that this is the case, we would proceed with the existing two-step test, as described above. Otherwise, we would be able to bypass the two-step test and conclude that goodwill is not impaired from a qualitative perspective. Identified intangible assets that have a finite useful life are amortized over that life in a manner that reflects the estimated decline in the economic value of the identified intangible asset and are subject to impairment testing whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Company’s other intangible assets have finite lives and are amortized over their estimated useful lives with varying periods not exceeding 12 years . |
Fiduciary Assets And Assets Under Management | Fiduciary Assets and Assets under Management – Assets held in a fiduciary capacity for clients are not included in the consolidated financial statements as they are not assets of the Company or its subsidiaries. Fiduciary and asset management fees are generally determined based upon market values of assets under management as of a specified date during the period and are included as a component of non-interest income in the consolidated statements of income. |
Advertising Costs | Advertising Costs – All advertising costs are expensed in the period they are incurred. |
Loss Contingencies | Loss Contingencies – Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. |
Derivative Instruments | Derivative Instruments – We utilize an overall risk management strategy that incorporates the use of derivative instruments to reduce interest rate risk, as it relates to mortgage loan commitments and planned sales of loans, and foreign currency volatility. We also use these instruments to accommodate our clients as we provide them with risk management solutions, including interest rate and foreign currency contracts. None of the aforementioned end-user and client-related derivatives are designated as hedging instruments. We also use interest rate derivatives to hedge variability in forecasted interest cash flows in our loan portfolio, which is comprised primarily of floating-rate loans. These derivatives are designated as cash flow hedges. All derivative instruments are recorded at fair value in the consolidated statements of financial condition, after considering the effects of master netting agreements as allowed under authoritative accounting guidance. On the date we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, cash flow hedge, or as a freestanding derivative instrument. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, that are attributable to a particular risk, such as interest rate risk, are considered to be fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in the cash flows of a recognized asset or liability, or of a forecasted transaction, that are attributable to a particular risk are considered to be cash flow hedges. We formally document the relationship between all hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking each hedge transaction, at inception of the relationship. For derivative instruments that are designated and qualify as a fair value hedge and are effective, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, are recognized in current earnings during the period of the change in fair values. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of OCI. The unrealized gain or loss is reclassified into earnings in the same period the hedged item affects earnings. For all hedge relationships, derivative gains and losses not effective in hedging the change in fair value or expected cash flows of the hedged item are recognized in earnings during the period of change. For derivatives not designated in a hedge relationship, all changes in fair value are reported in current earnings during the period of change. At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in the fair values or cash flows of the derivative instruments have been highly effective in offsetting changes in the fair values or cash flows of the hedged item and whether they are expected to be highly effective in the future. If a derivative instrument designated as a hedge is terminated or ceases to be highly effective, hedge accounting is discontinued and the gain or loss is amortized to earnings over the remaining life of the hedged asset or liability (fair value hedge) or over the same period that the forecasted hedged transactions impact earnings (cash flow hedge). However, if the forecasted transaction is not probable of occurring, the gain or loss is included in earnings immediately. The Company classifies cash flows from derivative instruments designated in a hedge relationship in the same category as the cash flows from the items being hedged as long as the derivatives do not include an other-than-insignificant financing element. |
Income Taxes | Income Taxes – The Company and its subsidiaries file a consolidated Federal income tax return. The provision for income taxes is based on income reported in the consolidated statements of income, rather than amounts reported on our income tax return. We recognize a deferred tax asset or liability for the estimated future tax effects attributable to “temporary differences.” Temporary differences include differences between financial statement income and tax return income that are expected to reverse in future periods, as well as differences between the financial reporting and tax bases of assets and liabilities that are also expected to be settled in future periods. Deferred tax assets and liabilities are measured using the enacted tax rates that we expect will apply when the differences are reversed or settled. Changes in corporate income tax rates, if any, would impact the pricing of our deferred tax assets and liabilities in the period of enactment, with any changes in the valuation of deferred tax assets and liabilities reflected as an adjustment to income tax expense. A valuation allowance is recorded to reduce deferred tax assets to the amount management concludes is more likely than not to be realized. We periodically review and evaluate the status of uncertain tax positions and may establish tax reserves for tax benefits that may not be realized. Any income tax-related interest and penalties are included in income tax expense. |
Net Earnings Per Common Share | Net Earnings Per Common Share – Basic income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security stockholders based on their respective rights to receive dividends. Share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., the Company’s deferred stock units and certain restricted stock and unit awards). Undistributed net losses are not allocated to holders of participating securities, as they do not have a contractual obligation to fund the losses incurred by the Company. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period, net of participating securities. Diluted income per common share considers common stock issuable under the assumed release of unvested restricted stock awards and units and the assumed exercise of stock options granted under the Company’s stock plans (“potentially dilutive common stock equivalents”). The dilutive effect of share-based payment awards that are not deemed to be participating securities is calculated using the treasury stock method, which assumes that the proceeds from exercise are used to purchase common stock at the average market price for the period. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method (which assumes that the participating securities are exercised/released) or the two-class method (which assumes that the participating securities are not exercised/released and earnings are reallocated between common and participating security stockholders). Potentially dilutive common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which the effect would be antidilutive. |
Treasury Stock | Treasury Stock – Treasury stock acquired is recorded at cost and is carried as a reduction of equity on the consolidated statements of financial condition. |
Share-Based Compensation | Share-Based Compensation – Share-based compensation cost is recognized as expense for stock options, restricted stock awards, restricted stock units, and performance share units issued to employees and non-employee directors based on the fair value of these awards at the date of grant. A binomial option-pricing model is utilized to estimate the fair value of stock options, while the closing market price of the Company’s common stock at the date of grant is used for restricted stock awards, restricted stock units and performance share units (“full value awards”). To the extent full value awards are subject to post-vesting transferability restrictions, a discount for lack of marketability may be applied to the grant date fair value. Additionally, the grant date fair value of full value awards is adjusted to reflect any market conditions that affect vesting of the awards. The costs are recognized ratably on a straight-line basis over the requisite service period, generally defined as the vesting period for the awards. For performance share units, an estimate is made as to the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in the current period. When an award is granted to an employee who is retirement eligible or who will become retirement eligible prior to the end of the service period and will continue to vest after retirement, the compensation cost of these awards is recognized over the period up to the date an employee first becomes eligible to retire. The amortization of share-based compensation generally reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time share-based awards expire, are exercised or canceled, or as restrictions are released, we may be required to recognize an adjustment to income tax expense, depending on the market price of the Company’s stock at that time and the amount of the deferred tax asset relating to such awards. Share-based compensation expense is included in “salaries and wages” in the consolidated statements of income. |
Comprehensive Income | Comprehensive Income – Comprehensive income consists of two components, reported net income and OCI. OCI refers to revenue, expenses, gains, and losses that are recorded as an element of equity but are excluded from reported net income. OCI consists of unrealized gains (losses) on securities available-for-sale and changes in the fair value of derivative instruments designated as cash flow hedges, net of tax. |
Segment Disclosures | Segment Disclosures – An operating segment is a component of a business that (i) engages in business activities from which it may earn revenues and incur expenses; (ii) has operating results that are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and (iii) has discrete financial information available. Our chief operating decision maker evaluates the operations of the Company under three operating segments: Banking, Asset Management, and Holding Company. |
Variable Interest Entities | Variable Interest Entities – A variable interest entity (“VIE”) is a partnership, limited liability company, trust, or other legal entity that does not have sufficient equity to permit it to finance its activities without additional subordinated financial support from other parties, or whose investors lack one of three characteristics associated with owning a controlling financial interest. Those characteristics are: (i) the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance, (ii) the obligation to absorb the expected losses of the entity; and (iii) the right to receive the expected residual returns of the entity. U.S. GAAP requires VIEs to be consolidated by the party that has a controlling financial interest in the VIE (i.e., the primary beneficiary). The Company is deemed to have a controlling financial interest and is the primary beneficiary of a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Securities Portfolio | Securities Portfolio (Amounts in thousands) December 31, 2016 2015 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 548,894 $ 351 $ (6,950 ) $ 542,295 $ 322,922 $ 30 $ (1,301 ) $ 321,651 U.S. Agencies 46,043 — (103 ) 45,940 46,504 — (406 ) 46,098 Collateralized mortgage obligations 73,228 2,167 (50 ) 75,345 97,260 2,784 (72 ) 99,972 Residential mortgage-backed securities 884,176 10,741 (8,367 ) 886,550 817,006 15,870 (3,021 ) 829,855 State and municipal securities 466,651 2,630 (5,886 ) 463,395 458,402 9,779 (391 ) 467,790 Total $ 2,018,992 $ 15,889 $ (21,356 ) $ 2,013,525 $ 1,742,094 $ 28,463 $ (5,191 ) $ 1,765,366 Held-to-Maturity Collateralized mortgage obligations $ 40,568 $ — $ (1,295 ) $ 39,273 $ 50,708 $ — $ (1,729 ) $ 48,979 Residential mortgage-backed securities 1,378,610 2,529 (20,218 ) 1,360,921 1,069,746 4,809 (4,983 ) 1,069,572 Commercial mortgage-backed securities 314,622 692 (5,153 ) 310,161 229,722 499 (2,158 ) 228,063 State and municipal securities 204 — — 204 254 — — 254 Foreign sovereign debt 500 — — 500 500 — — 500 Other securities 3,619 92 — 3,711 4,353 — (480 ) 3,873 Total $ 1,738,123 $ 3,313 $ (26,666 ) $ 1,714,770 $ 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 December 31, 2016 Securities Available-for-Sale U.S. Treasury 14 $ 341,497 $ (6,950 ) — $ — $ — $ 341,497 $ (6,950 ) U.S. Agency 3 45,940 (103 ) — — — 45,940 (103 ) Collateralized mortgage obligations 4 4,438 (50 ) — — — 4,438 (50 ) Residential mortgage-backed securities 51 535,001 (8,367 ) — — — 535,001 (8,367 ) State and municipal securities 686 309,958 (5,764 ) 5 2,462 (122 ) 312,420 (5,886 ) Total $ 1,236,834 $ (21,234 ) $ 2,462 $ (122 ) $ 1,239,296 $ (21,356 ) Securities Held-to-Maturity Collateralized mortgage obligations 1 $ 9,261 $ (224 ) 3 $ 30,012 $ (1,071 ) $ 39,273 $ (1,295 ) Residential mortgage-backed securities 92 1,023,841 (19,816 ) 4 13,036 (402 ) 1,036,877 (20,218 ) Commercial mortgage-backed securities 56 207,235 (5,063 ) 1 3,361 (90 ) 210,596 (5,153 ) Total $ 1,240,337 $ (25,103 ) $ 46,409 $ (1,563 ) $ 1,286,746 $ (26,666 ) As of December 31, 2015 Securities Available-for-Sale U.S. Treasury 11 $ 271,006 $ (1,081 ) 1 $ 25,773 $ (220 ) $ 296,779 $ (1,301 ) U.S. Agency 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 ) Securities 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) December 31, 2016 Available-For-Sale Securities Held-To-Maturity Securities Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt securities: One year or less $ 74,077 $ 74,204 $ 204 $ 204 One year to five years 511,883 512,651 500 500 Five years to ten years 437,275 427,918 3,619 3,711 After ten years 38,353 36,857 — — All other securities: Collateralized mortgage obligations 73,228 75,345 40,568 39,273 Residential mortgage-backed securities 884,176 886,550 1,378,610 1,360,921 Commercial mortgage-backed securities — — 314,622 310,161 Total $ 2,018,992 $ 2,013,525 $ 1,738,123 $ 1,714,770 |
Securities Gains (Losses) | Securities Gains (Losses) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Proceeds from sales $ 45,446 $ 90,777 $ 74,690 Gross realized gains $ 1,133 $ 1,322 $ 615 Gross realized losses (1) (22 ) (500 ) (85 ) Net realized gains $ 1,111 $ 822 $ 530 Income tax provision on net realized gains $ 428 $ 318 $ 209 (1) Includes OTTI of $466,000 for the year ended December 31, 2015, and is reported in the consolidated statements of income and cash flows within net securities gains. |
Loans (Tables)
Loans (Tables) | 12 Months Ended | |
Dec. 31, 2016 | ||
Loans and Leases Receivable Disclosure [Abstract] | ||
Loan Portfolio | Loan Portfolio (Amounts in thousands) December 31, 2016 2015 Commercial and industrial $ 7,506,977 $ 6,747,389 Commercial – owner-occupied commercial real estate 2,142,068 1,888,238 Total commercial 9,649,045 8,635,627 Commercial real estate 3,127,373 2,629,873 Commercial real estate – multi-family 993,352 722,637 Total commercial real estate 4,120,725 3,352,510 Construction 417,955 522,263 Residential real estate 581,757 461,412 Home equity 119,049 129,317 Personal 167,710 165,346 Total loans $ 15,056,241 $ 13,266,475 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 45,220 $ 48,009 Overdrawn demand deposits included in total loans $ 2,160 $ 2,654 | |
Loans Held-For-Sale | Loans Held-For-Sale (Amounts in thousands) December 31, 2016 2015 Mortgage loans held-for-sale (1) $ 24,934 $ 35,704 Other loans held-for-sale (2) 78,350 73,094 Total loans held-for-sale $ 103,284 $ 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 20 for additional information regarding mortgage loans held-for-sale. (2) Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $667,000 at December 31, 2015 . 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) December 31, 2016 2015 Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 818,116 $ 440,023 FHLB advances (2) 3,855,892 4,133,942 Total $ 4,674,008 $ 4,573,965 (1) No borrowings were outstanding at December 31, 2016 or 2015 . (2) Refer to Notes 9 and 10 for additional information regarding FHLB advances. | [1] |
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 December 31, 2016 Commercial $ 9,572,607 $ 6,889 $ 96 $ — $ 9,579,592 $ 69,453 $ 9,649,045 Commercial real estate 4,114,409 — — — 4,114,409 6,316 4,120,725 Construction 417,955 — — — 417,955 — 417,955 Residential real estate 573,667 2,859 640 — 577,166 4,591 581,757 Home equity 115,652 80 — — 115,732 3,317 119,049 Personal 167,675 19 5 — 167,699 11 167,710 Total loans $ 14,961,965 $ 9,847 $ 741 $ — $ 14,972,553 $ 83,688 $ 15,056,241 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 December 31, 2016 Commercial $ 141,415 $ 104,408 $ 28,756 $ 133,164 $ 10,930 Commercial real estate 6,316 5,169 1,147 6,316 223 Residential real estate 4,708 — 4,591 4,591 406 Home equity 5,740 2,291 3,317 5,608 376 Personal 11 — 11 11 3 Total impaired loans $ 158,190 $ 111,868 $ 37,822 $ 149,690 $ 11,938 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 | [1] |
Average Recorded Investment And Interest Income Recognized On Impaired Loans | Average Recorded Investment and Interest Income Recognized on Impaired Loans (1) (Amounts in thousands) 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial $ 89,565 $ 2,734 $ 52,489 $ 968 Commercial real estate 9,330 — 14,269 13 Construction 33 1 171 — Residential real estate 4,179 — 4,584 — Home equity 7,551 122 12,012 107 Personal 24 — 173 — Total $ 110,682 $ 2,857 $ 83,698 $ 1,088 (1) Represents amounts while classified as impaired for the periods presented. | |
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 December 31, 2016 Commercial $ 173,626 1.8 $ 114,090 1.2 $ 69,453 0.7 $ 9,649,045 Commercial real estate — — 4,632 0.1 6,316 0.2 4,120,725 Construction — — — — — — 417,955 Residential real estate 5,449 0.9 3,829 0.7 4,591 0.8 581,757 Home equity 508 0.4 733 0.6 3,317 2.8 119,049 Personal 28 * 61 * 11 * 167,710 Total $ 179,611 1.2 $ 123,345 0.8 $ 83,688 0.6 $ 15,056,241 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 Outstanding | Troubled Debt Restructured Loans Outstanding (Amounts in thousands) December 31, 2016 2015 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 63,711 $ 33,141 $ 14,526 $ 25,034 Commercial real estate — 5,857 — 7,619 Residential real estate — 1,534 — 1,341 Home equity 2,291 3,081 2,020 5,177 Total $ 66,002 $ 43,613 $ 16,546 $ 39,171 (1) Included in nonperforming loans. | |
Additions To Troubled Debt Restructurings During the Period | Additions to Troubled Debt Restructurings During the Year (Dollars in thousands) Year Ended December 31, 2016 Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Accruing: Commercial 8 $ 7,223 10 $ 70,384 18 $ 77,607 Home equity — — 2 538 2 538 Nonaccruing: Commercial 4 792 7 14,540 11 15,332 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 5 550 5 550 Home equity — — 3 146 3 146 Total accruing and nonaccruing additions 13 $ 8,092 28 $ 86,849 41 $ 94,941 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 3,527 (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. Additions to Troubled Debt Restructurings During the Year (Continued) (Dollars in thousands) Year Ended December 31, 2015 Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Accruing: Commercial 9 $ 27,656 — $ — 9 $ 27,656 Home equity 1 346 — — 1 346 Nonaccruing: Commercial 6 19,899 3 7,246 9 27,145 Commercial real estate 2 1,660 1 3,773 3 5,433 Residential real estate — — 1 49 1 49 Home equity 4 224 5 513 9 737 Total accruing and nonaccruing additions 22 $ 49,785 10 $ 11,581 32 $ 61,366 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 395 (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. | |
Other real estate owned (OREO) Composition [Policy Text Block] | OREO Composition (Amounts in thousands) December 31, 2016 2015 Single-family homes $ 186 $ 1,878 Land parcels 1,070 1,760 Multi-family — 598 Office/industrial 1,003 1,779 Retail 7,944 1,258 Total OREO properties $ 10,203 $ 7,273 | |
Covered Assets [Table Text Block] | Covered Assets (Amounts in thousands) December 31, 2016 2015 Residential mortgage loans (1) $ 20,347 $ 24,717 Foreclosed real estate - single-family homes 777 530 Estimated loss reimbursement by the FDIC 939 1,707 Total covered assets 22,063 26,954 Allowance for covered loan losses (4,766 ) (5,712 ) Net covered assets $ 17,297 $ 21,242 (1) Includes $203,000 and $257,000 of purchased credit-impaired loans as of December 31, 2016 and December 31, 2015 , respectively. | |
[1] | Represents amounts while classified as impaired for the periods presented. |
ALLOWANCE FOR LOAN LOSSES AND35
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Allowance For Loan Losses And Recorded Investment In Loans | Allowance for Loan Losses and Recorded Investment in Loans (Amounts in thousands) Year Ended December 31, 2016 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (8,427 ) (1,510 ) — (859 ) (226 ) (225 ) (11,247 ) Recoveries on loans previously charged-off 1,082 795 119 99 165 62 2,322 Net (charge-offs) recoveries (7,345 ) (715 ) 119 (760 ) (61 ) (163 ) (8,925 ) Provision (release) for loan losses 30,773 3,731 527 255 (1,383 ) 51 33,954 Balance at end of year $ 141,047 $ 30,626 $ 6,087 $ 3,734 $ 2,300 $ 1,971 $ 185,765 Ending balance, loans individually evaluated for impairment (1) $ 10,930 $ 223 $ — $ 406 $ 376 $ 3 $ 11,938 Ending balance, loans collectively evaluated for impairment $ 130,117 $ 30,403 $ 6,087 $ 3,328 $ 1,924 $ 1,968 $ 173,827 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 133,164 $ 6,316 $ — $ 4,591 $ 5,608 $ 11 $ 149,690 Ending balance, loans collectively evaluated for impairment 9,515,881 4,114,409 417,955 577,166 113,441 167,699 14,906,551 Total recorded investment in loans $ 9,649,045 $ 4,120,725 $ 417,955 $ 581,757 $ 119,049 $ 167,710 $ 15,056,241 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Year Ended December 31, 2015 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Loans charged-off (11,438 ) (1,458 ) — (494 ) (716 ) (59 ) (14,165 ) Recoveries on loans previously charged-off 4,396 1,209 204 318 507 1,102 7,736 Net (charge-offs) recoveries (7,042 ) (249 ) 204 (176 ) (209 ) 1,043 (6,429 ) Provision (release) for loan losses 21,199 (3,979 ) 947 (901 ) (971 ) (1,628 ) 14,667 Balance at end of year $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Ending balance, loans individually evaluated for impairment (1) $ 4,458 $ 1,156 $ — $ 539 $ 1,106 $ 3 $ 7,262 Ending balance, loans collectively evaluated for impairment $ 113,161 $ 26,454 $ 5,441 $ 3,700 $ 2,638 $ 2,080 $ 153,474 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 47,320 $ 8,501 $ — $ 4,762 $ 9,691 $ 21 $ 70,295 Ending balance, loans collectively evaluated for impairment 8,588,307 3,344,009 522,263 456,650 119,626 165,325 13,196,180 Total recorded investment in loans $ 8,635,627 $ 3,352,510 $ 522,263 $ 461,412 $ 129,317 $ 165,346 $ 13,266,475 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. Allowance for Loan Losses and Recorded Investment in Loans (Continued) (Amounts in thousands) Year Ended December 31, 2014 Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total Allowance for Loan Losses: Balance at beginning of year $ 80,768 $ 42,362 $ 3,338 $ 7,555 $ 5,648 $ 3,438 $ 143,109 Loans charged-off (5,588 ) (6,214 ) (6 ) (1,514 ) (1,017 ) (158 ) (14,497 ) Recoveries on loans previously charged-off 6,340 2,674 79 675 228 721 10,717 Net recoveries (charge-offs) 752 (3,540 ) 73 (839 ) (789 ) 563 (3,780 ) Provision (release) for loan losses 21,942 (6,984 ) 879 (1,400 ) 65 (1,333 ) 13,169 Balance at end of year $ 103,462 $ 31,838 $ 4,290 $ 5,316 $ 4,924 $ 2,668 $ 152,498 Ending balance, loans individually evaluated for impairment (1) $ 11,487 $ 2,441 $ — $ 735 $ 1,855 $ 109 $ 16,627 Ending balance, loans collectively evaluated for impairment $ 91,975 $ 29,397 $ 4,290 $ 4,581 $ 3,069 $ 2,559 $ 135,871 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 52,171 $ 19,948 $ — $ 5,274 $ 12,466 $ 430 $ 90,289 Ending balance, loans collectively evaluated for impairment 7,836,463 2,896,771 381,102 356,291 129,711 201,592 11,801,930 Total recorded investment in loans $ 7,888,634 $ 2,916,719 $ 381,102 $ 361,565 $ 142,177 $ 202,022 $ 11,892,219 (1) Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Reserve For Unfunded Commitments | Reserve for Unfunded Commitments (1) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 11,759 $ 12,274 $ 9,206 Provision (release) for unfunded commitments 5,381 (519 ) 3,152 Recovery (charge-off) of unfunded commitments — 4 (84 ) Balance at end of year $ 17,140 $ 11,759 $ 12,274 Unfunded commitments, excluding covered assets, at year end $ 6,804,421 $ 6,468,324 $ 6,041,301 (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 INTANGIBLE36
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Changes in the Carrying Amount of Goodwill by Reporting Unit | Carrying Amount of Goodwill by Operating Unit (Amounts in thousands) December 31, 2016 2015 2014 Banking $ 81,755 $ 81,755 $ 81,755 Asset Management 12,286 12,286 12,286 Total $ 94,041 $ 94,041 $ 94,041 |
Other Intangible Assets | Other Intangible Assets (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Core deposit intangible: Gross carrying amount $ 12,378 $ 18,093 $ 18,093 Accumulated amortization 11,420 15,140 12,870 Net carrying amount $ 958 $ 2,953 $ 5,223 Amortization during the period $ 1,995 $ 2,270 $ 2,799 Weighted-average remaining life (in years) 0.5 1.5 2.5 Client relationships: Gross carrying amount $ 1,459 $ 2,002 $ 2,002 Accumulated amortization 1,148 1,525 1,340 Net carrying amount $ 311 $ 477 $ 662 Amortization during the period $ 166 $ 185 $ 208 Weighted-average remaining life (in years) 4.1 5.1 5.9 |
Scheduled Amortization Of Other Intangible Assets | Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2017 $ 1,125 2018 98 2019 28 2020 15 2021 3 2022 and thereafter — Total $ 1,269 |
Premises, Furniture, And Equi37
Premises, Furniture, And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Premises, Furniture, And Equipment | Premises, Furniture, and Equipment (Amounts in thousands) December 31, 2016 2015 Land $ 1,872 $ 1,874 Building 10,250 10,079 Leasehold improvements 42,737 43,575 Furniture and equipment 48,987 37,478 Software 16,143 15,087 Total cost 119,989 108,093 Accumulated depreciation (73,022 ) (65,688 ) Net book value $ 46,967 $ 42,405 |
Schedule Of Future Minimum Rental Payments Under Operating Leases | The following summary reflects the future minimum rental payments, by year, required under operating leases that, as of December 31, 2016 , have initial or remaining non-cancellable lease terms in excess of one year. Operating Leases (1) (Amounts in thousands) Total Year Ended December 31, 2017 $ 13,668 2018 13,885 2019 13,526 2020 13,029 2021 12,578 2022 and thereafter 46,420 Total minimum lease payments $ 113,106 (1) Minimum payments have not been reduced by minimum sublease rentals of $1.5 million due in the future under non-cancellable subleases. |
Rental Income Expense From Premises [Table Text Block] | Year Ended December 31, 2016 2015 2014 Rental expense charged to operations (1)(2) $ 12,541 $ 12,670 $ 12,066 Rental income from premises leased to others (2) $ 751 $ 770 $ 704 (1) Including amounts paid under short-term cancellable leases. (2) Does not include rental expense or sublease rental income for certain restructured leases. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Summary Of Deposits | Summary of Deposits (Amounts in thousands) December 31, 2016 2015 Noninterest-bearing deposits $ 5,196,587 $ 4,355,700 Interest-bearing deposits 1,942,992 1,503,372 Savings deposits 439,689 377,191 Money market accounts 6,144,950 5,919,252 Time deposits less than $100,000 (1) 298,169 270,483 Time deposits of $100,000 or more (1) 2,042,842 1,919,594 Total deposits $ 16,065,229 $ 14,345,592 (1) Time deposits with a minimum denomination of $250,000 totaled $1.5 billion and $1.3 billion at December 31, 2016 and December 31, 2015, respectively. |
Scheduled Maturities Of Time Deposits [Table Text Block] | Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year ending December 31, 2017: First quarter $ 423,114 Second quarter 382,576 Third quarter 530,183 Fourth quarter 211,024 2018 289,951 2019 144,329 2020 211,616 2021 147,997 2022 and thereafter 221 Total $ 2,341,011 |
Maturities Of Time Deposits Of $100,000 Or More | Maturities of Time Deposits of $100,000 or More (Amounts in thousands) 2016 Maturing within 3 months $ 390,693 After 3 but within 6 months 333,305 After 6 but within 12 months 622,421 After 12 months 696,423 Total $ 2,042,842 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary Of Short-Term Borrowings | Summary of Short-Term Borrowings (Dollars in thousands) December 31, 2016 December 31, 2015 Amount Rate Amount Rate Outstanding: FHLB advances $ 1,540,000 0.63 % $ 370,000 0.16 % Other borrowings 1,773 0.18 % 250 0.20 % Secured borrowing 2,973 4.05 % 2,217 4.00 % Total short-term borrowings $ 1,544,746 $ 372,467 Unused Availability: Federal funds (1) $ 620,500 $ 630,500 FRB discount window primary credit program (2) 668,412 384,419 FHLB advances (3) 648,199 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 December 31, 2016 , our borrowing capacity was $2.2 billion , of which $648.2 million is available, subject to making the required additional investment in FHLB Chicago stock. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Long-Term Debt | Long-Term Debt (Dollars in thousands) December 31, Rate Type Contractual Rate Maturity 2016 2015 Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.64% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.67% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.46% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,618 66,576 Subordinated debt facility (3) (4) Fixed 7.125% 2042 120,659 120,606 Subtotal 288,310 288,215 Subsidiaries: FHLB advances — — 350,000 FHLB advances (5) Fixed 3.58% - 4.68% 2019 50,000 50,000 $ 338,310 $ 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 in the event we were to make certain acquisitions. Furthermore, upon completion of our pending merger with CIBC, we do not expect the outstanding Trust Preferred Securities to continue to qualify as Tier 1 capital under FRB regulations as currently in effect. (2) Net of deferred financing costs of $2.1 million at December 31, 2016 and $2.2 million at December 31, 2015 . (3) Net of deferred financing costs of $4.3 million at December 31, 2016 and $4.4 million at December 31, 2015 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at December 31, 2016 and 2015 . |
Scheduled Maturities Of Long-Term Debt | Scheduled Maturities of Long-Term Debt (Amounts in thousands) Total Year Ended December 31, 2019 $ 50,000 2034 and thereafter 288,310 Total $ 338,310 |
JUNIOR SUBORDINATED DEFERRABL41
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED GUARANTEED CAPITAL DEBT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Common Securities, Preferred Securities, and Related Debentures | Common Securities, Preferred Securities, and Related Debentures (Dollars in thousands) Issuance Date Common Securities Issued Trust Preferred Securities Issued (1) Coupon Rate (2) Maturity Principal Amount of Debentures (1) December 31, 2016 Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.64 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.67 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.46 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,618 (3) Total $ 3,038 $ 166,750 $ 167,651 (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 December 31, 2016 . The coupon rates for Bloomfield Hills Statutory Trust I, PrivateBancorp Statutory Trust II and PrivateBancorp Statutory Trust III are variable based on three-month LIBOR plus 2.65% , 1.71% and 1.50% , respectively. 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 $2.1 million at December 31, 2016 . |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Change in Accumulated Other Comprehensive Income (AOCI) by Component [Table Text Block] | Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Unrealized Gain on Available- for-Sale Securities Accumu- lated (Loss) Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available- for-Sale Securities Accumu- lated Gain (Loss) on Effective Cash Flow Hedges Total Unrealized Gain on Available- for-Sale Securities Accumu- lated Gain on Effective Cash Flow Hedges Total Balance at beginning of year $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 $ 12,960 (3,116 ) $ 9,844 Increase in unrealized (losses) gains on securities (27,628 ) — (27,628 ) (7,440 ) — (7,440 ) 11,244 — 11,244 Increase in unrealized gains (losses) on cash flow hedges — 10,282 10,282 — 13,152 13,152 — 16,777 16,777 Tax benefit (expense) on increase in unrealized (losses) gains 10,787 (3,950 ) 6,837 2,829 (5,083 ) (2,254 ) (4,435 ) (6,576 ) (11,011 ) Other comprehensive (loss) income before reclassifications (16,841 ) 6,332 (10,509 ) (4,611 ) 8,069 3,458 6,809 10,201 17,010 Reclassification adjustment of net gains included in net income (1) (1,111 ) (7,235 ) (8,346 ) (1,287 ) (10,320 ) (11,607 ) (530 ) (9,262 ) (9,792 ) Reclassification adjustment for tax expense on realized net gains (2) 428 2,786 3,214 498 3,993 4,491 209 3,646 3,855 Amounts reclassified from AOCI (683 ) (4,449 ) (5,132 ) (789 ) (6,327 ) (7,116 ) (321 ) (5,616 ) (5,937 ) Net current period other comprehensive (loss) income (17,524 ) 1,883 (15,641 ) (5,400 ) 1,742 (3,658 ) 6,488 4,585 11,073 Balance at end of year $ (3,476 ) $ 5,094 $ 1,618 $ 14,048 $ 3,211 $ 17,259 $ 19,448 $ 1,469 $ 20,917 (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. For the year ended December 31, 2015, $466,000 was reclassified out of AOCI related to OTTI on available-for-sale securities and included in the consolidated statements of income within net securities gains. (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) | 12 Months Ended |
Dec. 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) Year Ended December 31, 2016 2015 2014 Basic earnings per common share Net income $ 208,357 $ 185,311 $ 153,079 Net income allocated to participating stockholders (1) (1,720 ) (1,625 ) (2,134 ) Net income allocated to common stockholders $ 206,637 $ 183,686 $ 150,945 Weighted-average common shares outstanding 78,900 77,968 77,007 Basic earnings per common share $ 2.62 $ 2.36 $ 1.96 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 206,670 $ 183,711 $ 150,967 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 78,900 77,968 77,007 Dilutive effect of stock awards (3) 1,584 1,238 815 Weighted-average diluted common shares outstanding 80,484 79,206 77,822 Diluted earnings per common share $ 2.57 $ 2.32 $ 1.94 (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 years ended December 31, 2016 , 2015 , and 2014 , the weighted-average outstanding non-participating securities of 290,000 , 360,000 and 1.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended | |
Dec. 31, 2016 | [1] | |
Income Tax Disclosure [Abstract] | ||
Components Of Income Taxes | Components of Income Taxes (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Current income tax provision: Federal $ 114,019 $ 97,942 $ 86,234 State 18,133 14,968 17,078 Total 132,152 112,910 103,312 Deferred income (benefit) tax provision: Federal (15,008 ) (2,236 ) (7,392 ) State (1,500 ) 415 (792 ) Total (16,508 ) (1,821 ) (8,184 ) Total income tax provision $ 115,644 $ 111,089 $ 95,128 | |
Reconciliation Of Income Tax Provision To Statutory Federal Rate | Reconciliation of Income Tax Provision to Statutory Federal Rate (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Income tax provision at statutory federal income tax rate $ 113,400 $ 103,739 $ 86,872 (Decrease) increase in taxes resulting from: Tax exempt interest $ (3,185 ) $ (2,842 ) $ (2,139 ) Meals, entertainment and related expenses 935 757 621 Bank owned life insurance (512 ) (506 ) (470 ) Tax credit investments (2,485 ) (518 ) (331 ) State income taxes 10,403 9,692 10,292 Share-based compensation charges (3,704 ) — — Deferred tax asset adjustments 515 652 504 Other 277 115 (221 ) Total income tax provision $ 115,644 $ 111,089 $ 95,128 | |
Deferred Tax Assets And Liabilities | Deferred Tax Assets and Liabilities (Amounts in thousands) December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 78,090 $ 66,713 Share-based payments 18,100 16,883 Deferred compensation 8,427 6,906 Loan fees and costs 19,409 17,671 OREO write-downs 4,916 4,509 Premises and equipment 1,626 2,253 Covered assets 1,783 2,324 Unrealized losses on securities available-for-sale 2,105 — Other 4,014 3,003 Total deferred tax assets 138,470 120,262 Deferred tax liabilities: Unrealized gain on securities available-for-sale — (9,004 ) Intangible assets and acquisition adjustments (6,138 ) (6,732 ) Other (3,549 ) (2,290 ) Total deferred tax liabilities (9,687 ) (18,026 ) Net deferred tax assets $ 128,783 $ 102,236 | |
Roll Forward of Unrecognized Tax Benefits | Roll Forward of Unrecognized Tax Benefits (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 194 $ 269 $ 411 Additions for tax positions taken during prior periods 4,659 — — Reductions for tax positions taken during prior periods (12 ) (15 ) (142 ) Reductions for lapse of statute of limitations — (10 ) — Reductions for settlements with tax authorities — (50 ) — Balance at end of year $ 4,841 $ 194 $ 269 Interest and penalties, net of tax effect, recognized in income tax expense (benefit) during the year $ 58 $ (50 ) $ (6 ) Interest and penalties, net of tax effect, accrued at year end (1) $ 62 $ 3 $ 54 (1) Not included in the unrecognized tax benefits presented above. | |
[1] | Not included in the unrecognized tax benefits presented above. |
Share-Based Compensation And 45
Share-Based Compensation And Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Effect Of Recognizing Share-based Compensation Expense | Effect of Recognizing Share-based Compensation Expense (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Recognized share-based compensation expense: Stock option expense $ 2,943 $ 3,337 $ 3,710 Restricted stock and unit expense 14,140 12,918 10,562 Performance share unit expense 3,654 2,584 1,296 Total share-based compensation expense 20,737 18,839 15,568 Income tax benefit (7,976 ) (7,271 ) (6,050 ) Share-based compensation expense, net of tax $ 12,761 $ 11,568 $ 9,518 Unrecognized share-based compensation expense: Stock options $ 3,131 $ 2,855 $ 3,391 Weighted-average amortization period remaining (in years) 1.8 1.7 1.6 Restricted stock and unit expense $ 12,800 $ 12,343 $ 11,902 Weighted-average amortization period remaining (in years) 1.7 1.7 1.7 Performance share unit expense (1) $ 3,765 $ 3,991 $ 2,694 Weighted-average amortization period remaining (in years) 1.7 1.8 2.0 (1) Based on an estimate of the number of shares expected to vest as a result of actual performance against the performance criteria at December 31, 2016 , 2015 and 2014 . For additional information regarding our performance share units, refer to the “Performance Share Units” section further in this Note. |
Stock Option Activity | Stock Option Activity (Amounts in thousands, except per share data) Options Weighted-Average Aggregate Intrinsic Value (2) Exercise Price Remaining Contractual Life (1) 2014 Outstanding at beginning of year 4,090 $ 23.66 Granted 203 27.98 Exercised (277 ) 18.59 Forfeited (15 ) 18.82 Expired (123 ) 34.23 Outstanding at end of year 3,878 $ 23.94 5.0 $ 38,174 Exercisable at end of year 2,862 $ 25.57 3.9 $ 23,890 2015 Outstanding at beginning of year 3,878 $ 23.94 Granted 186 35.20 Exercised (838 ) 25.10 Forfeited (27 ) 20.89 Expired (8 ) 37.43 Outstanding at end of year 3,191 $ 24.28 4.6 $ 53,716 Exercisable at end of year 2,210 $ 24.72 3.2 $ 36,297 2016 Outstanding at beginning of year 3,191 $ 24.28 Granted 204 34.19 Exercised (573 ) 25.56 Forfeited (8 ) 29.02 Expired (54 ) 46.51 Outstanding at end of year 2,760 $ 24.30 4.2 $ 82,500 Exercisable at end of year 2,182 $ 22.13 3.2 $ 69,936 Ending vested and expected to vest 2,707 $ 24.10 4.1 $ 81,441 (1) Represents the average contractual life remaining in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value of the “in-the-money” stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. |
Summary Of Stock Options Outstanding and Exercisable | Summary of Stock Options Outstanding and Exercisable (Number of shares in thousands) Outstanding Options Exercisable Options Range of Exercise Price Shares Weighted-Average Shares Weighted- Average Exercise Price Remaining Contractual Life (1) Exercise Price $6.92 - $15.04 691 4.4 $ 14.36 691 $ 14.36 $15.05 - $25.22 484 6.0 18.01 484 18.01 $25.23 - $26.84 527 0.9 26.16 527 26.16 $26.85 - $33.77 529 3.3 30.29 336 31.61 $33.78 - $44.50 529 6.6 35.16 144 36.47 Total 2,760 4.2 $ 24.30 2,182 $ 22.13 (1) Represents the weighted-average contractual life remaining in years. |
Stock Option Valuation Assumptions | Stock Option Valuation Assumptions Year Ended December 31, 2016 2015 2014 Expected life of the option (in years) 6.9 - 7.0 6.5 6.0 Expected stock volatility 43.4 - 46.2% 42.4 - 43.3% 43.3 - 44.3% Risk-free interest rate 1.7 - 1.8% 1.9 % 1.8 - 2.1% Expected dividend yield 0.1% 0.1% 0.1 % Weighted-average fair value of options at their grant date $ 16.48 $ 15.86 $ 12.20 |
Other Stock Option Information | Other Stock Option Information (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Total intrinsic value of stock options exercised $ 11,440 $ 11,386 $ 3,204 Cash received from stock options exercised $ 14,650 $ 20,938 $ 5,149 Income tax benefit realized from stock options exercised (1) $ 4,372 $ 4,307 $ 1,217 (1) Amounts may be more or less than deferred tax benefit recorded during vesting period. |
Restricted Stock and Unit Award Activity | Restricted Stock and Unit Awards Activity (Number of shares/units in thousands) Year Ended December 31, 2016 2015 2014 Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Number of Shares/ Units Weighted-Average Grant Date Fair Value (1) Nonvested restricted stock and unit awards at beginning of year 871 $ 27.61 1,093 $ 20.18 1,268 $ 15.76 Granted 457 32.35 416 33.52 431 27.15 Vested (486 ) 24.48 (610 ) 18.33 (577 ) 15.62 Forfeited (10 ) 32.94 (28 ) 27.55 (29 ) 21.51 Nonvested restricted stock and unit awards at end of year 832 $ 31.99 871 $ 27.61 1,093 $ 20.18 Vested, but not issued at end of year (2) 271 $ 17.66 213 $ 16.46 164 $ 16.56 (1) Includes the effect of the DLOM. (2) Represents restricted stock units with a delayed settlement date. |
Other Restricted Stock And Unit Award Information | Other Restricted Stock and Unit Award Information (Dollars in thousands) Year Ended December 31, 2016 2015 2014 Total fair value of vested/released restricted stock and units $ 15,731 $ 19,613 $ 16,135 Current income tax benefit realized from vesting/release of restricted stock and unit awards (1) $ 6,018 $ 7,297 $ 6,036 (1) Amount may be more or less than deferred tax benefit recorded during vesting period. |
Performance Share Units Activity | Performance Share Units Activity (1) (Number of shares/units in thousands) Year Ended December 31, 2016 2015 2014 Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Number of Shares/ Units Weighted-Average Grant Date Fair Value (2) Nonvested performance share unit awards at beginning of year 241 $ 25.50 150 $ 22.19 54 $ 15.44 Granted (3) 123 28.71 93 30.84 99 26.00 Vested (3) (81 ) 15.44 — — — — Forfeited (1 ) 30.84 (2 ) 26.00 (3 ) 26.00 Nonvested performance share unit awards at end of year 282 $ 29.77 241 $ 25.50 $ 150 $ 22.19 Vested, but not issued at end of year (4) 81 $ 15.44 — $ — $ — $ — (1) Presented at target level of performance. (2) Includes the effect of a 20% DLOM on awards granted in each 2016 , 2015 and 2014 . (3) 2016 includes adjustments for achieving specific performance goals for PSUs granted in 2013. (4) Represents PSUs with a delayed settlement date. |
KSOP Plan Information | KSOP Plan Information (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Company matching contribution $ 3,397 $ 2,946 $ 2,509 Number of Company shares held in KSOP 309 363 373 Fair value of Company shares held by KSOP $ 16,772 $ 14,892 $ 12,472 Dividends received on Company shares $ 14 $ 15 $ 16 Fair value of participant-directed investments in KSOP (1) $ 117,599 $ 96,279 $ 85,301 (1) Amounts reported include the fair value of Company shares held by KSOP disclosed above. |
Regulatory And Capital Matters
Regulatory And Capital Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Capital Measurements | Capital Measurements (Amounts in thousands) Actual FRB Guidelines for Minimum Regulatory Capital Regulatory Minimum Capital Ratio Capital Ratio Capital Ratio As of December 31, 2016 Regulatory capital ratios: Total risk-based capital: Consolidated $ 2,326,611 12.49 % $ 1,606,652 8.625 % n/a n/a The PrivateBank 2,264,752 12.17 n/a n/a $ 1,861,353 10.00 % Tier 1 risk-based capital: Consolidated 1,998,280 10.73 1,234,095 6.625 n/a n/a The PrivateBank 2,057,081 11.05 n/a n/a 1,489,082 8.00 Tier 1 leverage: Consolidated 1,998,280 10.28 777,777 4.000 n/a n/a The PrivateBank 2,057,081 10.59 n/a n/a 971,400 5.00 Common equity Tier 1: Consolidated 1,830,630 9.83 954,677 5.125 n/a n/a The PrivateBank 2,057,081 11.05 n/a n/a 1,209,879 6.50 As of December 31, 2015 Regulatory capital ratios: Total risk-based capital: Consolidated $ 2,066,766 12.37 % $ 1,336,240 8.00 % n/a n/a The PrivateBank 1,985,535 11.91 n/a n/a $ 1,667,746 10.00 % Tier 1 risk-based capital: Consolidated 1,763,559 10.56 1,002,180 6.00 n/a n/a The PrivateBank 1,807,328 10.84 n/a n/a 1,334,197 8.00 Tier 1 leverage: Consolidated 1,763,559 10.35 681,670 4.00 n/a n/a The PrivateBank 1,807,328 10.62 n/a n/a 850,746 5.00 Common equity Tier 1: Consolidated 1,593,780 9.54 751,635 4.50 n/a n/a The PrivateBank 1,807,337 10.84 n/a n/a 1,084,035 6.50 n/a Not applicable. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Fair Value of Derivative Instruments | Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives December 31, 2016 December 31, 2015 December 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 $ 350,000 $ 1,873 $ 675,000 $ 5,366 $ — $ — $ 125,000 $ 799 Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 4,490,888 $ 31,871 $ 3,933,977 $ 41,734 $ 4,490,888 $ 32,058 $ 3,933,977 $ 43,001 Foreign exchange contracts 126,447 6,579 155,914 5,008 124,598 5,901 127,664 4,274 Risk participation agreements (1) 61,001 10 84,216 6 93,561 11 111,269 27 Total client-related derivatives $ 38,460 $ 46,748 $ 37,970 $ 47,302 Other end-user derivatives: Foreign exchange contracts $ 19,155 $ 1,518 $ 28,058 $ 220 $ 29,943 $ 201 $ 4,486 $ 3 Mortgage banking derivatives 1,033 519 350 181 Warrants 263 — — — Total other end-user derivatives $ 2,814 $ 739 $ 551 $ 184 Total derivatives not designated as hedging instruments $ 41,274 $ 47,487 $ 38,521 $ 47,486 Netting adjustments (2) (15,182 ) (12,238 ) (20,399 ) (30,056 ) Total derivatives $ 27,965 $ 40,615 $ 18,122 $ 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 18 for additional information regarding master netting agreements. |
Risk Participation Agreements | Risk Participation Agreements (Dollars in thousands) December 31, 2016 2015 Fair value of written RPAs $ 11 $ 27 Range of remaining terms to maturity (in years) Less than 1 to 5 Less than 1 to 5 Range of assigned internal risk ratings 2 to 7 2 to 7 Maximum potential amount of future undiscounted payments $ 4,107 $ 3,937 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 65 % 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 Statements of Income Year Ended December 31, 2016 2015 2014 Gain (loss) on client-related derivatives: Interest rate contracts Capital markets income $ 17,952 $ 9,974 $ 10,634 Foreign exchange contracts Capital markets income 7,351 8,327 7,068 Risk participation agreements Capital markets income 20 229 345 Total client-related derivatives 25,323 18,530 18,047 Gain (loss) on end-user derivatives: Foreign exchange derivatives Other income, service and charges income 4,280 1,907 1,402 Mortgage banking derivatives Mortgage banking income (82 ) 264 (253 ) Warrants Other income, service and charges income 64 — — Total end-user derivatives 4,262 2,171 1,149 Total gain recognized on derivatives not designated in hedging relationship $ 29,585 $ 20,701 $ 19,196 |
BALANCE SHEET OFFSETTING BALA48
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING (Tables) | 12 Months Ended |
Dec. 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 December 31, 2016 Financial assets: Derivatives (1) : Interest rate contracts $ 33,744 $ (11,828 ) $ 21,916 $ (2,424 ) $ — $ 19,492 Foreign exchange contracts 6,296 (3,321 ) 2,975 — — 2,975 Risk participation agreements 10 — 10 — — 10 Mortgage banking derivatives 449 (33 ) 416 — — 416 Total derivatives subject to a master netting agreement 40,499 (15,182 ) 25,317 (2,424 ) — 22,893 Total derivatives not subject to a master netting agreement 2,648 — 2,648 — — 2,648 Total derivatives $ 43,147 $ (15,182 ) $ 27,965 $ (2,424 ) $ — $ 25,541 Financial liabilities: Derivatives (1) : Interest rate contracts $ 32,058 $ (18,719 ) $ 13,339 $ (1,229 ) $ — $ 12,110 Foreign exchange contracts 2,983 (1,647 ) 1,336 (123 ) — 1,213 Risk participation agreements 11 — 11 (1 ) — 10 Mortgage banking derivatives 33 (33 ) — — — — Total derivatives subject to a master netting agreement 35,085 (20,399 ) 14,686 (1,353 ) — 13,333 Total derivatives not subject to a master netting agreement 3,436 — 3,436 — — 3,436 Total derivatives $ 38,521 $ (20,399 ) $ 18,122 $ (1,353 ) $ — $ 16,769 (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 Risk participation agreements 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 Risk participation agreements 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 49
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Contractual or Notional Amounts of Financial Instruments | Contractual or Notional Amounts of Financial Instruments (1) (Amounts in thousands) December 31, 2016 2015 Commitments to extend credit: Home equity lines $ 14,880 $ 1,338 Credit card lines 6,314 — Residential 1-4 family construction 89,787 47,504 Commercial real estate, other construction, and land development 1,387,823 1,321,123 Commercial and industrial 3,889,323 4,191,895 All other commitments 1,052,254 508,096 Total commitments to extend credit $ 6,440,381 $ 6,069,956 Letters of credit: Financial standby $ 330,350 $ 365,760 Performance standby 39,068 38,264 Commercial letters of credit 3,627 3,999 Total letters of credit $ 373,045 $ 408,023 (1) Includes covered loan commitments of $9.0 million and $9.7 million as of December 31, 2016 and 2015 , respectively. |
ESTIMATED FAIR VALUE OF FINAN50
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Fair Value Measurements on a Recurring Basis | Fair Value Measurements on a Recurring Basis (Amounts in thousands) December 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 $ 542,295 $ — $ — $ 542,295 $ 321,651 $ — $ — $ 321,651 U.S. Agencies — 45,940 — 45,940 — 46,098 — 46,098 Collateralized mortgage obligations — 75,345 — 75,345 — 99,972 — 99,972 Residential mortgage-backed securities — 886,550 — 886,550 — 829,855 — 829,855 State and municipal securities — 463,395 — 463,395 — 467,160 630 467,790 Total securities available-for-sale 542,295 1,471,230 — 2,013,525 321,651 1,443,085 630 1,765,366 Mortgage loans held-for-sale — 24,934 — 24,934 — 35,704 — 35,704 Residential real estate loans (1) — 1,029 — 1,029 — — — — Derivative assets: Interest rate contract derivatives designated as hedging instruments — 1,873 — 1,873 — 5,366 — 5,366 Client-related derivatives — 37,612 848 38,460 — 46,342 406 46,748 Other end-user derivatives — 1,967 847 2,814 — 254 485 739 Netting adjustments — (15,182 ) — (15,182 ) — (12,167 ) (71 ) (12,238 ) Total derivative assets — 26,270 1,695 27,965 — 39,795 820 40,615 Total assets $ 542,295 $ 1,523,463 $ 1,695 $ 2,067,453 $ 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 — 37,959 11 37,970 — 47,204 98 47,302 Other end-user derivatives — 234 317 551 — 17 167 184 Netting adjustments — (20,399 ) — (20,399 ) — (29,974 ) (82 ) (30,056 ) Total derivative liabilities $ — $ 17,794 $ 328 $ 18,122 $ — $ 18,046 $ 183 $ 18,229 (1) Represents loans accounted for under the fair value option. |
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) December 31, 2016 December 31, 2015 Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Balance at beginning of year $ 630 $ 891 $ (265 ) $ — $ 2,198 $ (1,477 ) Total gains (losses): Included in earnings (2) 30 621 (641 ) — (306 ) 226 Purchases, issuances, sales and settlements: Issuances — 2,310 — — 1,198 — Settlements (660 ) (3,014 ) 501 (341 ) (2,261 ) 687 Transfers into Level 3 (out of Level 2) (3) — 1,228 — 971 1,456 (160 ) Transfers out of Level 3 (into Level 2) (3) — (341 ) 77 — (1,394 ) 459 Balance at end of year $ — $ 1,695 $ (328 ) $ 630 $ 891 $ (265 ) Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year $ — $ 89 $ (8 ) $ (341 ) $ 445 $ 240 (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 Loans Elected to be Carried at Fair Value | Difference Between Aggregate Fair Value and Aggregate Remaining Principal Balance for Loans Elected to be Carried at Fair Value (Amounts in thousands) Aggregate Fair Value Aggregate Unpaid Principal Balance Difference (1) As of December 31, 2016 Mortgage loans held-for-sale $ 24,934 $ 25,424 $ (490 ) Residential real estate loans fair value option 1,029 991 38 As of December 31, 2015 Mortgage loans held-for-sale $ 35,704 $ 36,005 $ (301 ) (1) The change in fair value is reflected in mortgage banking non-interest income. |
Fair Value Measurements on a Nonrecurring Basis | All fair value measurements on a nonrecurring basis were measured using level 3 of the valuation hierarchy. Fair Value Measurements on a Nonrecurring Basis (Amounts in thousands) Fair Value Net (Gains) Losses December 31, For the Year Ended 2016 2015 2016 2015 Collateral-dependent impaired loans (1) $ 25,885 $ 21,082 $ (10,169 ) $ (491 ) OREO (2) 10,165 3,202 2,326 961 Total $ 36,050 $ 24,284 $ (7,843 ) $ 470 (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 real estate expense 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 December 31, 2016 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 838 Discounted cash flow Loss factors 12.5% to 29.4% 22.4 % RPAs (1 ) (1) Discounted cash flow Loss factors 0.1% to 23.9% 1.8 % Interest rate lock commitments (744 ) Discounted cash flow Pull-through rate 72.2% to 100.0% 82.6 % Collateral-dependent impaired loans 25,885 Sales comparison, income capitalization and/or cost approach Property specific adjustment -79.2% to 22.6% -45.5 % OREO 10,165 Sales comparison, income capitalization and/or cost approach Property specific adjustment -0.5% to -83.3% -18.4 % Warrants 263 Black-Scholes option pricing model Estimated stock price $0.59 to $13.97 $ 9.13 Remaining life assumption 9 to 10 years 9.2 years Volatility 27.0% to 64.0% 52.1 % (1) Represents fair value of underlying swap. |
Financial Instruments | Financial Instruments (Amounts in thousands) Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 As of December 31, 2016 Financial Assets: Cash and due from banks $ 161,168 $ 161,168 $ 161,168 $ — $ — Federal funds sold and interest-bearing deposits in banks 587,563 587,563 — 587,563 — Loans held-for-sale 103,284 103,284 — 103,284 — Securities available-for-sale 2,013,525 2,013,525 542,295 1,471,230 — Securities held-to-maturity 1,738,123 1,714,770 — 1,714,770 — FHLB stock 54,163 54,163 — 54,163 — Loans, net of allowance for loan losses and unearned fees 14,870,476 14,805,811 — 1,029 14,804,782 Covered assets, net of allowance for covered loan losses 17,297 21,928 — — 21,928 Accrued interest receivable 57,986 57,986 — — 57,986 Investment in BOLI 58,115 58,115 — — 58,115 Derivative assets 27,965 27,965 — 26,270 1,695 Community reinvestment investments 7,060 8,522 — 8,522 — Financial Liabilities: Deposits $ 16,065,229 $ 16,060,784 $ — $ 13,724,218 $ 2,336,566 Short-term borrowings 1,544,746 1,544,128 — 1,539,384 4,744 Long-term debt 338,310 319,199 197,599 52,770 68,830 Accrued interest payable 9,063 9,063 — — 9,063 Derivative liabilities 18,122 18,122 — 17,794 328 As of December 31, 2015 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 Derivatives liabilities 18,229 18,229 — 18,046 183 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Operating Segments Performance | Operating Segments Performance (Amounts in thousands) Banking Asset Management Holding Company and Other Adjustments (1) Consolidated Year Ended December 31, 2016 Net interest income (expense) $ 600,956 $ 4,408 $ (22,938 ) $ 582,426 Provision for loan and covered loan losses 33,710 — — 33,710 Non-interest income 127,787 19,897 74 147,758 Non-interest expense 336,982 17,406 18,085 372,473 Income (loss) before income taxes 358,051 6,899 (40,949 ) 324,001 Income tax provision (benefit) 129,201 2,656 (16,213 ) 115,644 Net income (loss) $ 228,850 $ 4,243 $ (24,736 ) $ 208,357 Assets $ 17,893,329 $ — $ 2,160,444 $ 20,053,773 Total loans 15,056,241 — — 15,056,241 Deposits 16,118,043 — (52,814 ) 16,065,229 2015 Net interest income (expense) $ 532,497 $ 4,315 $ (22,397 ) $ 514,415 Provision for loan and covered loan losses 14,790 — — 14,790 Non-interest income 111,961 17,989 62 130,012 Non-interest expense 304,991 17,030 11,216 333,237 Income (loss) before income taxes 324,677 5,274 (33,551 ) 296,400 Income tax provision (benefit) 121,784 2,041 (12,736 ) 111,089 Net income (loss) $ 202,893 $ 3,233 $ (20,815 ) $ 185,311 Assets $ 15,321,374 $ — $ 1,931,474 $ 17,252,848 Total loans 13,266,475 — — 13,266,475 Deposits 14,407,127 — (61,535 ) 14,345,592 Operating Segments Performance (Continued) (Amounts in thousands) Banking Asset Management Holding Company (1) Consolidated Year Ended December 31, 2014 Net interest income (expense) $ 481,084 $ 3,363 $ (29,710 ) $ 454,737 Provision for loan and covered loan losses 12,044 — — 12,044 Non-interest income 100,259 17,271 60 117,590 Non-interest expense 284,726 16,554 10,796 312,076 Income (loss) before income taxes 284,573 4,080 (40,446 ) 248,207 Income tax provision (benefit) 109,088 1,606 (15,566 ) 95,128 Net income (loss) $ 175,485 $ 2,474 $ (24,880 ) $ 153,079 Assets $ 13,882,805 $ — $ 1,713,919 $ 15,596,724 Total loans 11,892,219 — — 11,892,219 Deposits, excluding deposits held-for-sale 13,150,600 — (60,632 ) 13,089,968 (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) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Consolidated Variable Interest Entities | Consolidated VIEs (Amounts in thousands) December 31, 2016 Assets: Loans $ 17,774 Accrued interest receivable 66 Total assets $ 17,840 |
Nonconsolidated Variable Interest Entities | Nonconsolidated VIEs (Amounts in thousands) December 31, 2016 December 31, 2015 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,651 $ — $ 167,609 $ — Community reinvestment investments and loans (2) 55,560 64,668 44,894 48,065 Restructured loans to commercial clients (2) : Outstanding loan balance 102,709 116,134 47,178 56,854 Related derivative asset 74 74 81 81 Warrants 35 35 — — Total $ 326,029 $ 180,911 $ 259,762 $ 105,000 (1) Net of deferred financing costs of $2.1 million and $2.2 million at December 31, 2016 and 2015 respectively. (2) Excludes personal loans and loans to non-for-profit entities. |
Affordable Housing Tax Credit Investments | Affordable Housing Tax Credit Investments (Amounts in thousands) Year Ended December 31, 2016 2015 Tax credits $ 1,546 $ 649 Tax benefits from operating losses 811 245 Amortization of principal investment $ 1,889 $ 655 |
Condensed Parent Company Fina53
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements Of Financial Condition | Statements of Financial Condition (Parent Company only) (Amounts in thousands) December 31, 2016 2015 Assets Cash and interest-bearing deposits $ 52,814 $ 61,535 Investment in and advances to subsidiaries 2,149,164 1,915,546 Other assets 13,528 15,928 Total assets $ 2,215,506 $ 1,993,009 Liabilities and Equity Long-term debt $ 288,310 $ 288,215 Accrued expenses and other liabilities 7,521 5,843 Equity 1,919,675 1,698,951 Total liabilities and equity $ 2,215,506 $ 1,993,009 |
Statements Of Income | Statements of Income (Parent Company only) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Income Dividends from subsidiaries $ — $ — $ 100,000 Interest income 2 3 3 Securities transactions and other income 262 249 60 Total income 264 252 100,063 Expenses Interest expense 18,530 18,082 26,348 Salaries and employee benefits 5,696 5,372 5,672 Other expenses 12,577 6,026 5,123 Total expenses 36,803 29,480 37,143 (Loss) income before income taxes and equity in undistributed income of subsidiaries (36,539 ) (29,228 ) 62,920 Income tax benefit 14,515 11,065 14,242 (Loss) income before undistributed income of subsidiaries (22,024 ) (18,163 ) 77,162 Equity in undistributed income of subsidiaries 230,381 203,474 75,917 Net income available to common stockholders $ 208,357 $ 185,311 $ 153,079 |
Statements Of Cash Flows | Statements of Cash Flows (Parent Company only) (Amounts in thousands) Year Ended December 31, 2016 2015 2014 Operating Activities Net income $ 208,357 $ 185,311 $ 153,079 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed income from subsidiaries (230,381 ) (203,474 ) (75,917 ) Share-based compensation expense 1,859 1,744 2,072 Depreciation of premises, furniture and equipment 43 43 43 Excess tax benefit from exercise of stock options and vesting of restricted shares (742 ) (1,388 ) (1,147 ) Net decrease in other assets 3,099 3,937 877 Net increase (decrease) in other liabilities 1,726 1,152 2,398 Net cash (used in) provided by operating activities (16,039 ) (12,675 ) 81,405 Investing Activities — — — Financing Activities Repayment of long-term debt — — (75,005 ) Stock repurchased in connection with benefit plans (4,765 ) (5,982 ) (5,330 ) Cash dividends paid (3,194 ) (3,151 ) (3,125 ) Proceeds from exercise of stock options and issuance of common stock under benefit plans 15,277 21,323 5,598 Excess tax benefit from exercise of stock options and vesting of restricted shares — 1,388 1,147 Net cash provided by (used in) financing activities 7,318 13,578 (76,715 ) Net (decrease) increase in cash and cash equivalents (8,721 ) 903 4,690 Cash and cash equivalents at beginning of year 61,535 60,632 55,942 Cash and cash equivalents at end of year $ 52,814 $ 61,535 $ 60,632 |
Quarterly Earnings Performance
Quarterly Earnings Performance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Earnings Performance | Quarterly Earnings Performance (1) (Dollars in thousands, except per share data) 2016 2015 Fourth Third Second First Fourth Third Second First Interest income $ 177,912 $ 166,883 $ 162,123 $ 158,100 $ 154,243 $ 148,119 $ 141,477 $ 138,373 Interest expense 22,531 21,373 20,106 18,582 17,652 16,910 16,855 16,380 Net interest income 155,381 145,510 142,017 139,518 136,591 131,209 124,622 121,993 Provision for loan and covered loan losses 6,048 15,691 5,569 6,402 2,831 4,197 2,116 5,646 Fee revenue 39,412 37,614 36,550 33,071 32,619 30,529 33,060 32,982 Net securities gains (losses) — — 580 531 29 260 (1 ) 534 Non-interest expense 95,844 91,920 94,216 90,493 83,020 85,175 81,897 83,145 Income before income taxes 92,901 75,513 79,362 76,225 83,388 72,626 73,668 66,718 Income tax provision 33,353 26,621 28,997 26,673 31,251 27,358 27,246 25,234 Net income $ 59,548 $ 48,892 $ 50,365 $ 49,552 $ 52,137 $ 45,268 $ 46,422 $ 41,484 Basic earnings per share $ 0.75 $ 0.61 $ 0.63 $ 0.63 $ 0.66 $ 0.58 $ 0.59 $ 0.53 Diluted earnings per share $ 0.73 $ 0.60 $ 0.62 $ 0.62 $ 0.65 $ 0.57 $ 0.58 $ 0.52 Return on average common equity 12.40 % 10.40 % 11.20 % 11.40 % 12.29 % 11.05 % 11.85 % 11.05 % Return on average assets 1.21 % 1.04 % 1.14 % 1.15 % 1.21 % 1.09 % 1.15 % 1.07 % Net interest margin – tax-equivalent 3.23 % 3.18 % 3.28 % 3.30 % 3.25 % 3.23 % 3.17 % 3.21 % (1) All ratios are presented on an annualized basis. |
Summary Of Significant Accoun55
Summary Of Significant Accounting Policies (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 29, 2016 | Jun. 28, 2016 | Dec. 31, 2016 |
Accounting Policy [Line Items] | |||
Cash Receivable for Each Share Related to Business Acquisition | $ 18.80 | ||
Business Combination, Consideration, Total Value | $ 3,800 | ||
Business Combination, Consideration, Total Value Per Share | $ 47 | ||
Business Combination, Value That Would Be Paid In Cash | $ 1,500 | ||
Business Combination, Acquisition Related Costs | $ 6.7 | ||
Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Intangible assets amortized estimated useful lives | 8 years | ||
Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Intangible assets amortized estimated useful lives | 12 years | ||
Building [Member] | Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Building [Member] | Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Software [Member] | Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Canadian Imperial Bank of Commerce [Member] | |||
Accounting Policy [Line Items] | |||
Share Price | $ 77.11 | ||
Canadian Imperial Bank of Commerce [Member] | Common Stock [Member] | |||
Accounting Policy [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0.3657 | ||
Business Combination, Value That Would Be Paid In Shares | 29,500,000 |
Securities (Securities Portfoli
Securities (Securities Portfolio) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | $ 2,018,992 | $ 1,742,094 |
Securities Available-for-Sale, Gross Unrealized Gains | 15,889 | 28,463 |
Securities Available-for-Sale, Gross Unrealized Losses | (21,356) | (5,191) |
Securities available-for-sale | 2,013,525 | 1,765,366 |
Securities held-to-maturity, carrying amount | 1,738,123 | 1,355,283 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,313 | 5,308 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (26,666) | (9,350) |
Securities held-to-maturity, fair value | 1,714,770 | 1,351,241 |
U.S. Treasury Securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 548,894 | 322,922 |
Securities Available-for-Sale, Gross Unrealized Gains | 351 | 30 |
Securities Available-for-Sale, Gross Unrealized Losses | (6,950) | (1,301) |
Securities available-for-sale | 542,295 | 321,651 |
U.S. Agencies Securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 46,043 | 46,504 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (103) | (406) |
Securities available-for-sale | 45,940 | 46,098 |
Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 73,228 | 97,260 |
Securities Available-for-Sale, Gross Unrealized Gains | 2,167 | 2,784 |
Securities Available-for-Sale, Gross Unrealized Losses | (50) | (72) |
Securities available-for-sale | 75,345 | 99,972 |
Securities held-to-maturity, carrying amount | 40,568 | 50,708 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,295) | (1,729) |
Securities held-to-maturity, fair value | 39,273 | 48,979 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 884,176 | 817,006 |
Securities Available-for-Sale, Gross Unrealized Gains | 10,741 | 15,870 |
Securities Available-for-Sale, Gross Unrealized Losses | (8,367) | (3,021) |
Securities available-for-sale | 886,550 | 829,855 |
Securities held-to-maturity, carrying amount | 1,378,610 | 1,069,746 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2,529 | 4,809 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (20,218) | (4,983) |
Securities held-to-maturity, fair value | 1,360,921 | 1,069,572 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Securities held-to-maturity, carrying amount | 314,622 | 229,722 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 692 | 499 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (5,153) | (2,158) |
Securities held-to-maturity, fair value | 310,161 | 228,063 |
State And Municipal Securities [Member] | ||
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | 466,651 | 458,402 |
Securities Available-for-Sale, Gross Unrealized Gains | 2,630 | 9,779 |
Securities Available-for-Sale, Gross Unrealized Losses | (5,886) | (391) |
Securities available-for-sale | 463,395 | 467,790 |
Securities held-to-maturity, carrying amount | 204 | 254 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, fair value | 204 | 254 |
Foreign Government Debt Securities [Member] | ||
Investment [Line Items] | ||
Securities held-to-maturity, carrying amount | 500 | 500 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, fair value | 500 | 500 |
Other Debt Obligations [Member] | ||
Investment [Line Items] | ||
Securities held-to-maturity, carrying amount | 3,619 | 4,353 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 92 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | (480) |
Securities held-to-maturity, fair value | $ 3,711 | $ 3,873 |
SECURITIES Securities (Narrativ
SECURITIES Securities (Narrative) (Detail) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Disclosure Securities Narrative [Abstract] | ||
Pledged Financial Instruments, Not Separately Reported, Other Debt Securities Available-for-sale or Held-for-investment | $ 421,900,000 | $ 351,400,000 |
Securities pledged under agreements subject to be sold or re-pledged by secured parties | 100,200,000 | 86,700,000 |
Investment securities from one issuer that exceeds maximum percentage | $ 0 | $ 0 |
Percentage of securities portfolio from one issuer, maximum | 10.00% | 10.00% |
Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value, Total | $ 248,500,000 | $ 48,900,000 |
Securities Continuous Unrealized Loss Position 12 Months Or Longer Aggregate Losses | $ 5,800,000 | 1,700,000 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Level of Subordination | 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 | $ 59,000,000 |
Securities (Securities In Unrea
Securities (Securities In Unrealized Loss Position) (Detail) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Investment [Line Items] | ||
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 1,236,834 | $ 617,468 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (21,234) | (3,060) |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | 2,462 | 104,791 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (122) | (2,131) |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,239,296 | 722,259 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (21,356) | (5,191) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,240,337 | 644,702 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (25,103) | (5,662) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 46,409 | 143,669 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (1,563) | (3,688) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,286,746 | 788,371 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (26,666) | $ (9,350) |
U.S. Treasury Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 14 | 11 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 341,497 | $ 271,006 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (6,950) | $ (1,081) |
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 1 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 25,773 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | (220) |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 341,497 | 296,779 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (6,950) | $ (1,301) |
U.S. Agencies Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 3 | 3 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 45,940 | $ 46,098 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (103) | $ (406) |
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 45,940 | 46,098 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (103) | $ (406) |
Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 4 | 6 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 4,438 | $ 7,528 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (50) | $ (72) |
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 0 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 4,438 | 7,528 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (50) | $ (72) |
Held-to-Maturity securities in unrealized loss positions qualitative disclosure number of positions less than one year | 1 | 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 9,261 | $ 0 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (224) | $ 0 |
Held-to-Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater than or equal to One Year | 3 | 4 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 30,012 | $ 48,979 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (1,071) | (1,729) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 39,273 | 48,979 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,295) | $ (1,729) |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 51 | 28 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 535,001 | $ 243,862 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (8,367) | $ (1,148) |
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 5 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 75,533 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | (1,873) |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 535,001 | 319,395 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (8,367) | $ (3,021) |
Held-to-Maturity securities in unrealized loss positions qualitative disclosure number of positions less than one year | 92 | 48 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 1,023,841 | $ 512,395 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (19,816) | $ (3,680) |
Held-to-Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater than or equal to One Year | 4 | 10 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 13,036 | $ 57,340 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (402) | (1,303) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,036,877 | 569,735 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (20,218) | $ (4,983) |
State And Municipal Securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 686 | 95 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 309,958 | $ 48,974 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (5,764) | $ (353) |
Available-for-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 5 | 12 |
Available-for-Sale Securities, Continuous Unrelaized Loss Position, 12 Months or Longer, Fair Value | $ 2,462 | $ 3,485 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (122) | (38) |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 312,420 | 52,459 |
Available-for-Sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (5,886) | $ (391) |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity securities in unrealized loss positions qualitative disclosure number of positions less than one year | 56 | 35 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 207,235 | $ 128,434 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (5,063) | $ (1,502) |
Held-to-Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater than or equal to One Year | 1 | 12 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 3,361 | $ 37,350 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | (90) | (656) |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 210,596 | 165,784 |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (5,153) | $ (2,158) |
Other Debt Obligations [Member] | ||
Investment [Line Items] | ||
Held-to-Maturity securities in unrealized loss positions qualitative disclosure number of positions less than one year | 1 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 3,873 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (480) | |
Held-to-Maturity Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater than or equal to One Year | 0 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Unrealized Losses | 0 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Total Fair Value | 3,873 | |
Held-to-Maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (480) |
Securities (Remaining Contractu
Securities (Remaining Contractual Maturity Of Securities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Securities Available-for-Sale, Amortized Cost | $ 2,018,992 | $ 1,742,094 |
Securities available-for-sale | 2,013,525 | 1,765,366 |
Securities held-to-maturity, carrying amount | 1,738,123 | 1,355,283 |
Securities held-to-maturity, fair value | 1,714,770 | 1,351,241 |
US Treasury and Government, US States and Political Subdivisions Debt, and Foreign Government Debt Securities [Member] | ||
Investment [Line Items] | ||
Available-For Sale Securities, One year or less, Amortized Cost | 74,077 | |
Available-For Sale Securities, One year to five years, Amortized Cost | 511,883 | |
Available-For Sale Securities, Five years to ten years, Amortized Cost | 437,275 | |
Available-For Sale Securities, After ten years, Amortized Cost | 38,353 | |
Available-For Sale Securities, One year or less, Fair Value | 74,204 | |
Available-For Sale Securities, One year to five years, Fair Value | 512,651 | |
Available-For Sale Securities, Five years to ten years, Fair Value | 427,918 | |
Available-For Sale Securities, After ten years, Fair value | 36,857 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 204 | |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 500 | |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 3,619 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 0 | |
Held-To-Maturity Securities, One year or less, Fair Value | 204 | |
Held-To-Maturity Securities, One year to five years, Fair Value | 500 | |
Held-To-Maturity Securities, five years to ten years, Fair Value | 3,711 | |
Held-To-Maturity Securities, after ten years, Fair Value | 0 | |
Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 73,228 | |
Securities Available-for-Sale, Amortized Cost | 73,228 | 97,260 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 75,345 | |
Securities available-for-sale | 75,345 | 99,972 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 40,568 | |
Securities held-to-maturity, carrying amount | 40,568 | 50,708 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 39,273 | |
Securities held-to-maturity, fair value | 39,273 | 48,979 |
Residential Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 884,176 | |
Securities Available-for-Sale, Amortized Cost | 884,176 | 817,006 |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 886,550 | |
Securities available-for-sale | 886,550 | 829,855 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 1,378,610 | |
Securities held-to-maturity, carrying amount | 1,378,610 | 1,069,746 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 1,360,921 | |
Securities held-to-maturity, fair value | 1,360,921 | 1,069,572 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis | 0 | |
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value | 0 | |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount | 314,622 | |
Securities held-to-maturity, carrying amount | 314,622 | 229,722 |
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value | 310,161 | |
Securities held-to-maturity, fair value | $ 310,161 | $ 228,063 |
Securities (Securities Gains (L
Securities (Securities Gains (Losses) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 45,446,000 | $ 90,777,000 | $ 74,690,000 | |
Gross realized gains | 1,133,000 | 1,322,000 | 615,000 | |
Gross realized losses | [1] | (22,000) | (500,000) | (85,000) |
Net realized gains (losses) | 1,111,000 | 822,000 | 530,000 | |
Income tax provision (benefit) on net realized gains (losses) | $ 428,000 | 318,000 | $ 209,000 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 466,000 | |||
[1] | Includes OTTI of $466,000 for the year ended December 31, 2015, and is reported in the consolidated statements of income and cash flows within net securities gains. |
Loans (Loan Portfolio) (Detail)
Loans (Loan Portfolio) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans | $ 15,056,241 | $ 13,266,475 | $ 11,892,219 |
Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans | 45,220 | 48,009 | |
Overdrawn demand deposits included in total loans | 2,160 | 2,654 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans | 7,506,977 | 6,747,389 | |
Commercial Owner Occupied Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 2,142,068 | 1,888,238 | |
Commercial Portfolio Segment [Member] | |||
Loans | 9,649,045 | 8,635,627 | 7,888,634 |
Commercial Real Estate, Gross, Portfolio Segment [Member] | |||
Loans | 3,127,373 | 2,629,873 | |
Commercial Real Estate Multi Family Portfolio Segment [Member] | |||
Loans | 993,352 | 722,637 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 4,120,725 | 3,352,510 | 2,916,719 |
Construction Portfolio Segment [Member] | |||
Loans | 417,955 | 522,263 | 381,102 |
Residential Real Estate Portfolio Segment [Member] | |||
Loans | 581,757 | 461,412 | 361,565 |
Home Equity Portfolio Segment [Member] | |||
Loans | 119,049 | 129,317 | 142,177 |
Personal Portfolio Segment [Member] | |||
Loans | $ 167,710 | $ 165,346 | $ 202,022 |
LOANS Loans (Loans Held-For-Sal
LOANS Loans (Loans Held-For-Sale) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage loans held-for-sale | [1] | $ 24,934,000 | $ 35,704,000 |
Other loans held-for-sale | [2] | 78,350,000 | 73,094,000 |
Total loans held-for-sale | $ 103,284,000 | 108,798,000 | |
Nonaccrual loan [Member] | |||
Other loans held-for-sale | $ 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 20 for additional information regarding mortgage loans held-for-sale. | ||
[2] | Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $667,000 at December 31, 2015. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Loans (Carrying Value Of Loans
Loans (Carrying Value Of Loans Pledged) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
loans pledged to secure outstanding borrowings or availability: | |||
Loans pledged to secure FRB discount window borrowings | [1] | $ 818,116 | $ 440,023 |
Loans pledged to secure FHLB advances | [2] | 3,855,892 | 4,133,942 |
Total loans pledged | $ 4,674,008 | $ 4,573,965 | |
[1] | No borrowings were outstanding at December 31, 2016 or 2015. | ||
[2] | Refer to Notes 9 and 10 for additional information regarding FHLB advances. |
Loans (Narrative) (Detail)
Loans (Narrative) (Detail) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)risk_rating | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | [3] | |||
Loans [Line Items] | ||||||
Minimum percentage owners of stock | 10.00% | 10.00% | ||||
Related party loans total | $ 37,400,000 | $ 39,400,000 | ||||
Credit commitments to troubled debt restructurings, total accruing and nonaccruing | 13,400,000 | 9,700,000 | ||||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 11,938,000 | [1] | 7,262,000 | [2] | $ 16,627,000 | |
OREO Recorded Investment of Consumer Mortgage Loans Secured by Residential Real Estate Properties For Which Foreclosure Proceedings Are In Process | 1,400,000 | 3,000,000 | ||||
Covered Assets Recorded Investment of Properties For Which Foreclosure Proceedings Are In Process | $ 194,000 | 775,000 | ||||
Pass [Member] | Minimum [Member] | ||||||
Loans [Line Items] | ||||||
Loans receivable risk rating | risk_rating | 1 | |||||
Loan Rated Five [Member] | Maximum [Member] | ||||||
Loans [Line Items] | ||||||
Loans receivable risk rating | risk_rating | 5 | |||||
Special Mention [Member] | ||||||
Loans [Line Items] | ||||||
Loans receivable risk rating | risk_rating | 6 | |||||
Potential Problem And Nonperforming [Member] | ||||||
Loans [Line Items] | ||||||
Loans receivable risk rating | risk_rating | 7 | |||||
Nonperforming Financial Instruments [Member] | Maximum [Member] | ||||||
Loans [Line Items] | ||||||
Loans receivable risk rating | risk_rating | 8 | |||||
Commercial Real Estate [Member] | ||||||
Loans [Line Items] | ||||||
Troubled Debt Restructuring Modifications Default Recorded Investment | $ 8,005,000 | 175,000 | ||||
Home Equity Portfolio Segment [Member] | ||||||
Loans [Line Items] | ||||||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 376,000 | [1] | 1,106,000 | [2] | $ 1,855,000 | |
Troubled Debt Restructuring Modifications Default Recorded Investment | 187,000 | |||||
Contractual Interest Rate Reduction [Member] | Nonperforming Financial Instruments [Member] | ||||||
Loans [Line Items] | ||||||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | $ 1,600,000 | $ 3,900,000 | ||||
[1] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[2] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[3] | Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Loans (Loan Portfolio Aging) (D
Loans (Loan Portfolio Aging) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans [Line Items] | |||
Current | $ 14,961,965 | $ 13,203,659 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 14,972,553 | 13,212,726 | |
Nonaccrual | 83,688 | 53,749 | |
Loans | 15,056,241 | 13,266,475 | $ 11,892,219 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 9,847 | 7,452 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 741 | 1,615 | |
Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 9,572,607 | 8,595,150 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 9,579,592 | 8,602,833 | |
Nonaccrual | 69,453 | 32,794 | |
Loans | 9,649,045 | 8,635,627 | 7,888,634 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 6,889 | 6,641 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 96 | 1,042 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 4,114,409 | 3,343,714 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 4,114,409 | 3,344,009 | |
Nonaccrual | 6,316 | 8,501 | |
Loans | 4,120,725 | 3,352,510 | 2,916,719 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 0 | 295 | |
Construction Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 417,955 | 522,263 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 417,955 | 522,263 | |
Nonaccrual | 0 | 0 | |
Loans | 417,955 | 522,263 | 381,102 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 0 | 0 | |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 0 | 0 | |
Residential Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 573,667 | 455,764 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 577,166 | 456,650 | |
Nonaccrual | 4,591 | 4,762 | |
Loans | 581,757 | 461,412 | 361,565 |
Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 2,859 | 613 | |
Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 640 | 273 | |
Home Equity Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 115,652 | 121,580 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 115,732 | 121,646 | |
Nonaccrual | 3,317 | 7,671 | |
Loans | 119,049 | 129,317 | 142,177 |
Home Equity Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 80 | 66 | |
Home Equity Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 0 | 0 | |
Personal Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Current | 167,675 | 165,188 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 167,699 | 165,325 | |
Nonaccrual | 11 | 21 | |
Loans | 167,710 | 165,346 | $ 202,022 |
Personal Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | 19 | 132 | |
Personal Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Loans [Line Items] | |||
Past Due | $ 5 | $ 5 |
Loans (Impaired Loans) (Detail)
Loans (Impaired Loans) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [3] | ||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | $ 158,190 | $ 79,104 | ||||
Recorded Investment With No Specific Reserve | 111,868 | 32,011 | ||||
Recorded Investment With Specific Reserve | 37,822 | 38,284 | ||||
Total Recorded Investment | 149,690 | 70,295 | ||||
Specific Reserve | 11,938 | [1] | 7,262 | [2] | $ 16,627 | |
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 141,415 | 49,912 | ||||
Recorded Investment With No Specific Reserve | 104,408 | 27,300 | ||||
Recorded Investment With Specific Reserve | 28,756 | 20,020 | ||||
Total Recorded Investment | 133,164 | 47,320 | ||||
Specific Reserve | 10,930 | [1] | 4,458 | [2] | 11,487 | |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 6,316 | 14,150 | ||||
Recorded Investment With No Specific Reserve | 5,169 | 2,085 | ||||
Recorded Investment With Specific Reserve | 1,147 | 6,416 | ||||
Total Recorded Investment | 6,316 | 8,501 | ||||
Specific Reserve | 223 | [1] | 1,156 | [2] | 2,441 | |
Residential Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 4,708 | 4,950 | ||||
Recorded Investment With No Specific Reserve | 0 | 0 | ||||
Recorded Investment With Specific Reserve | 4,591 | 4,762 | ||||
Total Recorded Investment | 4,591 | 4,762 | ||||
Specific Reserve | 406 | [1] | 539 | [2] | 735 | |
Home Equity Portfolio Segment [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Unpaid Contractual Principal Balance | 5,740 | 10,071 | ||||
Recorded Investment With No Specific Reserve | 2,291 | 2,626 | ||||
Recorded Investment With Specific Reserve | 3,317 | 7,065 | ||||
Total Recorded Investment | 5,608 | 9,691 | ||||
Specific Reserve | 376 | [1] | 1,106 | [2] | 1,855 | |
Personal Portfolio Segment [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 | 21 | ||||
Specific Reserve | $ 3 | [1] | $ 3 | [2] | $ 109 | |
[1] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[2] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[3] | Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Loans (Average Recorded Investm
Loans (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | $ 110,682 | $ 83,698 |
Interest Income Recognized | [1] | 2,857 | 1,088 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 89,565 | 52,489 |
Interest Income Recognized | [1] | 2,734 | 968 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 9,330 | 14,269 |
Interest Income Recognized | [1] | 0 | 13 |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 33 | 171 |
Interest Income Recognized | [1] | 1 | 0 |
Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 4,179 | 4,584 |
Interest Income Recognized | [1] | 0 | 0 |
Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 7,551 | 12,012 |
Interest Income Recognized | [1] | 122 | 107 |
Personal Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 24 | 173 |
Interest Income Recognized | [1] | $ 0 | $ 0 |
[1] | Represents amounts while classified as impaired for the periods presented. |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 15,056,241 | $ 13,266,475 | $ 11,892,219 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 1.20% | 0.90% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.80% | 1.00% | |
Non-Performing Loans | $ 83,688 | $ 53,749 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.60% | 0.40% | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 9,649,045 | $ 8,635,627 | 7,888,634 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 1.80% | 1.00% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 1.20% | 1.40% | |
Non-Performing Loans | $ 69,453 | $ 32,794 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.70% | 0.40% | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 4,120,725 | $ 3,352,510 | 2,916,719 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.00% | 0.80% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.10% | ||
Non-Performing Loans | $ 6,316 | $ 8,501 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.20% | 0.30% | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 417,955 | $ 522,263 | 381,102 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.00% | 0.00% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.00% | 0.00% | |
Non-Performing Loans | $ 0 | $ 0 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.00% | 0.00% | |
Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 581,757 | $ 461,412 | 361,565 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.90% | 1.30% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.70% | 1.10% | |
Non-Performing Loans | $ 4,591 | $ 4,762 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 0.80% | 1.00% | |
Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 119,049 | $ 129,317 | 142,177 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.40% | 0.50% | |
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.60% | 1.90% | |
Non-Performing Loans | $ 3,317 | $ 7,671 | |
Loans and Leases Receivable, Ratio of Nonperforming Loans to All Loans | 2.80% | 5.90% | |
Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 167,710 | $ 165,346 | $ 202,022 |
Percentage of Special Mention Loans to Portfolio Loan Type Total | 0.40% | ||
Percentage of Potential Problem Loans to Portfolio Loan Type Total | 0.10% | ||
Non-Performing Loans | 11 | $ 21 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 179,611 | 120,028 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 173,626 | 85,217 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 27,580 | |
Special Mention [Member] | Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Special Mention [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,449 | 5,988 | |
Special Mention [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 508 | 623 | |
Special Mention [Member] | Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 28 | 620 | |
Potential Problem Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 123,345 | 132,398 | |
Potential Problem Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 114,090 | 124,654 | |
Potential Problem Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,632 | 121 | |
Potential Problem Loans [Member] | Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Potential Problem Loans [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,829 | 5,031 | |
Potential Problem Loans [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 733 | 2,451 | |
Potential Problem Loans [Member] | Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 61 | $ 141 |
Loans (Troubled Debt Restructur
Loans (Troubled Debt Restructured Loans Outstanding) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Performing Financial Instruments [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | $ 66,002 | $ 16,546 | |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | 63,711 | 14,526 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | 2,291 | 2,020 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 43,613 | 39,171 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 33,141 | 25,034 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 5,857 | 7,619 |
Nonperforming Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 1,534 | 1,341 |
Nonperforming Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | $ 3,081 | $ 5,177 |
[1] | Included in nonperforming loans. |
Loans (Additions to Troubled De
Loans (Additions to Troubled Debt Restructuring During the Period) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)borrower | Dec. 31, 2015USD ($)borrower | ||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 41 | 32 | |
Recorded Investment, Post-Modification | $ 94,941 | $ 61,366 | |
Change in recorded investment due to net (advances) principal paydowns at time of modification | $ 3,527 | $ 395 | |
Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 13 | 22 |
Recorded Investment, Post-Modification | [1] | $ 8,092 | $ 49,785 |
Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 28 | 10 |
Recorded Investment, Post-Modification | [2] | $ 86,849 | $ 11,581 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 18 | 9 | |
Recorded Investment, Post-Modification | $ 77,607 | $ 27,656 | |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 8 | 9 |
Recorded Investment, Post-Modification | [1] | $ 7,223 | $ 27,656 |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 10 | 0 |
Recorded Investment, Post-Modification | [2] | $ 70,384 | $ 0 |
Performing Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 1 | |
Recorded Investment, Post-Modification | $ 538 | $ 346 | |
Performing Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | 1 |
Recorded Investment, Post-Modification | [1] | $ 0 | $ 346 |
Performing Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 2 | 0 |
Recorded Investment, Post-Modification | [2] | $ 538 | $ 0 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 11 | 9 | |
Recorded Investment, Post-Modification | $ 15,332 | $ 27,145 | |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 4 | 6 |
Recorded Investment, Post-Modification | [1] | $ 792 | $ 19,899 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 7 | 3 |
Recorded Investment, Post-Modification | [2] | $ 14,540 | $ 7,246 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | 3 | |
Recorded Investment, Post-Modification | $ 768 | $ 5,433 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 1 | 2 |
Recorded Investment, Post-Modification | [1] | $ 77 | $ 1,660 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 1 | 1 |
Recorded Investment, Post-Modification | [2] | $ 691 | $ 3,773 |
Nonperforming Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 5 | 1 | |
Recorded Investment, Post-Modification | $ 550 | $ 49 | |
Nonperforming Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | 0 |
Recorded Investment, Post-Modification | [1] | $ 0 | $ 0 |
Nonperforming Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 5 | 1 |
Recorded Investment, Post-Modification | [2] | $ 550 | $ 49 |
Nonperforming Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 3 | 9 | |
Recorded Investment, Post-Modification | $ 146 | $ 737 | |
Nonperforming Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | Extension of maturity date [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | 4 |
Recorded Investment, Post-Modification | [1] | $ 0 | $ 224 |
Nonperforming Financial Instruments [Member] | Home Equity Portfolio Segment [Member] | Other concession [Member] | |||
Financing Receivable, Troubled Debt Restructurings [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 3 | 5 |
Recorded Investment, Post-Modification | [2] | $ 146 | $ 513 |
[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. |
LOANS Loans (OREO Composition)
LOANS Loans (OREO Composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 10,203 | $ 7,273 |
SIngle-family homes [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 186 | 1,878 |
Land parcels [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,070 | 1,760 |
Multi-family [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 0 | 598 |
Office/industrial [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,003 | 1,779 |
Retail [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 7,944 | $ 1,258 |
LOANS Loans (Covered Assets) (D
LOANS Loans (Covered Assets) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Covered Assets [Abstract] | |||
Residential mortgage loans | [1] | $ 20,347,000 | $ 24,717,000 |
Foreclosed real estate - single-family homes | 777,000 | 530,000 | |
Estimated loss reimbursement by the FDIC | 939,000 | 1,707,000 | |
Covered assets | 22,063,000 | 26,954,000 | |
Allowance for covered loan losses | (4,766,000) | (5,712,000) | |
Net covered assets | 17,297,000 | 21,242,000 | |
Purchased credit-impaired loans | $ 203,000 | $ 257,000 | |
[1] | Includes $203,000 and $257,000 of purchased credit-impaired loans as of December 31, 2016 and December 31, 2015, respectively. |
Allowance For Loan Losses And73
Allowance For Loan Losses And Reserve For Unfunded Commitments (Allowance For Loan Losses and Recorded Investment in Loans) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | $ 160,736 | $ 152,498 | $ 143,109 | |||
Loans charged-off | (11,247) | (14,165) | (14,497) | |||
Recoveries on loans previously charged-off | 2,322 | 7,736 | 10,717 | |||
Net recoveries (charge-offs) | (8,925) | (6,429) | (3,780) | |||
Provision (release) for loan losses | 33,954 | 14,667 | 13,169 | |||
Allowance for Loan Losses, Balance at end of period | 185,765 | 160,736 | 152,498 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 11,938 | [1] | 7,262 | [2] | 16,627 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 173,827 | 153,474 | 135,871 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 149,690 | [1] | 70,295 | [2] | 90,289 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 14,906,551 | 13,196,180 | 11,801,930 | |||
Total loans | 15,056,241 | 13,266,475 | 11,892,219 | |||
Commercial Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 117,619 | 103,462 | 80,768 | |||
Loans charged-off | (8,427) | (11,438) | (5,588) | |||
Recoveries on loans previously charged-off | 1,082 | 4,396 | 6,340 | |||
Net recoveries (charge-offs) | (7,345) | (7,042) | 752 | |||
Provision (release) for loan losses | 30,773 | 21,199 | 21,942 | |||
Allowance for Loan Losses, Balance at end of period | 141,047 | 117,619 | 103,462 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 10,930 | [1] | 4,458 | [2] | 11,487 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 130,117 | 113,161 | 91,975 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 133,164 | [1] | 47,320 | [2] | 52,171 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 9,515,881 | 8,588,307 | 7,836,463 | |||
Total loans | 9,649,045 | 8,635,627 | 7,888,634 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 27,610 | 31,838 | 42,362 | |||
Loans charged-off | (1,510) | (1,458) | (6,214) | |||
Recoveries on loans previously charged-off | 795 | 1,209 | 2,674 | |||
Net recoveries (charge-offs) | (715) | (249) | (3,540) | |||
Provision (release) for loan losses | 3,731 | (3,979) | (6,984) | |||
Allowance for Loan Losses, Balance at end of period | 30,626 | 27,610 | 31,838 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 223 | [1] | 1,156 | [2] | 2,441 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 30,403 | 26,454 | 29,397 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 6,316 | [1] | 8,501 | [2] | 19,948 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 4,114,409 | 3,344,009 | 2,896,771 | |||
Total loans | 4,120,725 | 3,352,510 | 2,916,719 | |||
Construction Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 5,441 | 4,290 | 3,338 | |||
Loans charged-off | 0 | 0 | (6) | |||
Recoveries on loans previously charged-off | 119 | 204 | 79 | |||
Net recoveries (charge-offs) | 119 | 204 | 73 | |||
Provision (release) for loan losses | 527 | 947 | 879 | |||
Allowance for Loan Losses, Balance at end of period | 6,087 | 5,441 | 4,290 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 0 | [1] | 0 | [2] | 0 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 6,087 | 5,441 | 4,290 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 0 | [1] | 0 | [2] | 0 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 417,955 | 522,263 | 381,102 | |||
Total loans | 417,955 | 522,263 | 381,102 | |||
Residential Real Estate Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 4,239 | 5,316 | 7,555 | |||
Loans charged-off | (859) | (494) | (1,514) | |||
Recoveries on loans previously charged-off | 99 | 318 | 675 | |||
Net recoveries (charge-offs) | (760) | (176) | (839) | |||
Provision (release) for loan losses | 255 | (901) | (1,400) | |||
Allowance for Loan Losses, Balance at end of period | 3,734 | 4,239 | 5,316 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 406 | [1] | 539 | [2] | 735 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 3,328 | 3,700 | 4,581 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 4,591 | [1] | 4,762 | [2] | 5,274 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 577,166 | 456,650 | 356,291 | |||
Total loans | 581,757 | 461,412 | 361,565 | |||
Home Equity Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 3,744 | 4,924 | 5,648 | |||
Loans charged-off | (226) | (716) | (1,017) | |||
Recoveries on loans previously charged-off | 165 | 507 | 228 | |||
Net recoveries (charge-offs) | (61) | (209) | (789) | |||
Provision (release) for loan losses | (1,383) | (971) | 65 | |||
Allowance for Loan Losses, Balance at end of period | 2,300 | 3,744 | 4,924 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 376 | [1] | 1,106 | [2] | 1,855 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 1,924 | 2,638 | 3,069 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 5,608 | [1] | 9,691 | [2] | 12,466 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 113,441 | 119,626 | 129,711 | |||
Total loans | 119,049 | 129,317 | 142,177 | |||
Personal Portfolio Segment [Member] | ||||||
Allowance for Loan Losses | ||||||
Allowance for Loan Losses, Balance at beginning of period | 2,083 | 2,668 | 3,438 | |||
Loans charged-off | (225) | (59) | (158) | |||
Recoveries on loans previously charged-off | 62 | 1,102 | 721 | |||
Net recoveries (charge-offs) | (163) | 1,043 | 563 | |||
Provision (release) for loan losses | 51 | (1,628) | (1,333) | |||
Allowance for Loan Losses, Balance at end of period | 1,971 | 2,083 | 2,668 | |||
Allowance for Loan Losses, Ending balance, loans individually evaluated for impairment | 3 | [1] | 3 | [2] | 109 | [3] |
Allowance for Loan Losses, Ending balance, loans collectively evaluated for impairment | 1,968 | 2,080 | 2,559 | |||
Recorded Investment in Loans, Ending balance, loans individually evaluated for impairment | 11 | [1] | 21 | [2] | 430 | [3] |
Recorded Investment in Loans, Ending balance, loans collectively evaluated for impairment | 167,699 | 165,325 | 201,592 | |||
Total loans | $ 167,710 | $ 165,346 | $ 202,022 | |||
[1] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[2] | Refer to Notes 1 and 4 for additional information regarding impaired loans. | |||||
[3] | Refer to Notes 1 and 4 for additional information regarding impaired loans. |
Allowance For Loan Losses And74
Allowance For Loan Losses And Reserve For Unfunded Commitments (Reserve For Unfunded Commitments) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Reserve for Unfunded Commitments [Roll Forward] | ||||
Balance at beginning of year | [1] | $ 11,759 | $ 12,274 | $ 9,206 |
(Release) provision for unfunded commitments | [1] | 5,381 | (519) | 3,152 |
Recovery Of Unfunded Commitments | [1] | 0 | 4 | |
Charge-off (recovery) of unfunded commitments | [1] | (84) | ||
Balance at end of year | [1] | 17,140 | 11,759 | 12,274 |
Unfunded commitments, excluding covered assets, at period end | [1] | $ 6,804,421 | $ 6,468,324 | $ 6,041,301 |
[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 Intangible75
Goodwill And Other Intangible Assets (Changes In The Carrying Amount Of Goodwill By Operating Segment) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Roll Forward] | |||
Goodwill | $ 94,041 | $ 94,041 | $ 94,041 |
Banking [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 81,755 | 81,755 | 81,755 |
Asset Management [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 12,286 | $ 12,286 | $ 12,286 |
Premises, Furniture, And Equi76
Premises, Furniture, And Equipment (Premises, Furniture, And Equipment) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 1,872,000 | $ 1,874,000 | |
Building | 10,250,000 | 10,079,000 | |
Leasehold improvements | 42,737,000 | 43,575,000 | |
Furniture and equipment | 48,987,000 | 37,478,000 | |
Software | 16,143,000 | 15,087,000 | |
Total cost | 119,989,000 | 108,093,000 | |
Accumulated depreciation | (73,022,000) | (65,688,000) | |
Net book value | 46,967,000 | 42,405,000 | |
Depreciation and impairment of premises, furniture, and equipment | 9,374,000 | $ 8,457,000 | $ 8,693,000 |
Impairment of Long-Lived Assets Held-for-use | $ 535,000 |
Goodwill And Other Intangible77
Goodwill And Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 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 |
Premises, Furniture, And Equi78
Premises, Furniture, And Equipment (Future Minimum Rental Payments Under Operating Leases) (Detail) $ in Thousands | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Abstract] | ||
2,017 | $ 13,668 | [1] |
2,018 | 13,885 | [1] |
2,019 | 13,526 | [1] |
2,020 | 13,029 | [1] |
2,021 | 12,578 | [1] |
2022 and thereafter | 46,420 | [1] |
Total minimum lease payments | 113,106 | [1] |
Future Minimum Sublease Rentals | $ 1,500 | |
[1] | Minimum payments have not been reduced by minimum sublease rentals of $1.5 million due in the future under non-cancellable subleases. |
Goodwill And Other Intangible79
Goodwill And Other Intangible Assets (Other Intangible Assets) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net carrying amount | $ 1,269 | $ 3,430 | |
Amortization during the period | 2,161 | 2,455 | $ 3,007 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 12,378 | 18,093 | 18,093 |
Accumulated Amortization | 11,420 | 15,140 | 12,870 |
Net carrying amount | 958 | 2,953 | 5,223 |
Amortization during the period | $ 1,995 | $ 2,270 | $ 2,799 |
Weighted-average remaining life (in years) | 6 months | 1 year 6 months | 2 years 6 months |
Client relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 1,459 | $ 2,002 | $ 2,002 |
Accumulated Amortization | 1,148 | 1,525 | 1,340 |
Net carrying amount | 311 | 477 | 662 |
Amortization during the period | $ 166 | $ 185 | $ 208 |
Weighted-average remaining life (in years) | 4 years 1 month | 5 years 1 month | 5 years 10 months 24 days |
PREMISES, FURNITURE, AND EQUI80
PREMISES, FURNITURE, AND EQUIPMENT Premises, Furniture, and Equipment (Rental Expense and Rental Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Rental income and expense [Abstract] | ||||
Rental expense charged to operations | [1],[2] | $ 12,541 | $ 12,670 | $ 12,066 |
Rental income from premises leased to others | [1] | $ 751 | $ 770 | $ 704 |
[1] | Does not include rental expense or sublease rental income for certain restructured leases. | |||
[2] | Including amounts paid under short-term cancellable leases. |
Goodwill And Other Intangible81
Goodwill And Other Intangible Assets (Scheduled Amortization Of Other Intangible Assets) (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Disclosure Goodwill And Other Intangible Assets Scheduled Amortization Of Other Intangible Assets [Abstract] | |
Year Ended December 31, 2017 | $ 1,125 |
Year Ended December 31, 2018 | 98 |
Year Ended December 31, 2019 | 28 |
Year Ended December 31, 2020 | 15 |
Year Ended December 31, 2021 | 3 |
Year Ended December 31, 2022 and thereafter | 0 |
Total | $ 1,269 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits [Abstract] | ||||
Noninterest-bearing deposits | $ 5,196,587 | $ 4,355,700 | ||
Interest-bearing deposits | 1,942,992 | 1,503,372 | ||
Savings deposits | 439,689 | 377,191 | ||
Money market accounts | 6,144,950 | 5,919,252 | ||
Time deposits less than $100,000 | [1] | 298,169 | 270,483 | |
Time deposits of $100,000 or more | [1] | 2,042,842 | 1,919,594 | |
Total deposits | 16,065,229 | 14,345,592 | $ 13,089,968 | |
Time Deposits, $250,000 Or More | $ 1,500,000 | $ 1,300,000 | ||
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.5 billion and $1.3 billion at December 31, 2016 and December 31, 2015, respectively. |
DEPOSITS Deposits (Scheduled Ma
DEPOSITS Deposits (Scheduled Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,018 | $ 289,951 |
2,019 | 144,329 |
2,020 | 211,616 |
2,021 | 147,997 |
2022 and thereafter | 221 |
Total | 2,341,011 |
First Quarter [Member] | |
2,017 | 423,114 |
Second Quarter [Member] | |
2,017 | 382,576 |
Third Quarter [Member] | |
2,017 | 530,183 |
Fourth Quarter [Member] | |
2,017 | $ 211,024 |
Deposits (Maturities Of Time De
Deposits (Maturities Of Time Deposits Of $100,000 Or More) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | |||
Maturing within 3 months | $ 390,693 | ||
After 3 but within 6 months | 333,305 | ||
After 6 but within 12 months | 622,421 | ||
After 12 months | 696,423 | ||
Total | [1] | $ 2,042,842 | $ 1,919,594 |
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.5 billion and $1.3 billion at December 31, 2016 and December 31, 2015, respectively. |
Short-Term Borrowings (Summary
Short-Term Borrowings (Summary Of Short-Term Borrowings) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Outstanding: [Abstract] | |||
FHLB advances | $ 1,540,000 | $ 370,000 | |
Other Short-term Borrowings | 1,773 | 250 | |
Short-term borrowings | 1,544,746 | 372,467 | |
Narrative: [Abstract] | |||
Advances from Federal Home Loan Banks | 1,590,000 | ||
Long-term Federal Home Loan Bank Advances | $ 50,000 | ||
Revolving Line of Credit, Conversion to Term Loan, Conversion Date | Sep. 22, 2017 | ||
Revolving Line of Credit, Conversion to Term Loan, Interest Rate Increment Over LIBOR | 1.75% | ||
Revolving Line of Credit, Conversion to Term Loan, Increment Under Base Interest Rate | 0.50% | ||
Revolving Line of Credit, Conversion to Term Loan, Term Loan Due Date | Sep. 22, 2019 | ||
Federal Funds Purchased [Member] | |||
Other Information: [Abstract] | |||
FRB discont window primary credit program | [1] | $ 620,500 | 630,500 |
Federal Reserve Bank Advances [Member] | |||
Other Information: [Abstract] | |||
FRB discont window primary credit program | [2] | 668,412 | 384,419 |
Revolving Credit Facility [Member] | |||
Other Information: [Abstract] | |||
Revolving line of credit | 60,000 | 60,000 | |
Narrative: [Abstract] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||
Federal Home Loan Bank of Chicago [Member] | |||
Other Information: [Abstract] | |||
Unused FHLB advances availability | [3] | 648,199 | 1,481,102 |
FHLB borrowing capacity | 2,200,000 | ||
Short-term Debt [Member] | |||
Outstanding: [Abstract] | |||
Secured borrowings | $ 2,973 | $ 2,217 | |
Other Short-Term Borrowing [Member] | |||
Outstanding: [Abstract] | |||
Short-term Debt, Weighted Average Interest Rate | 0.18% | 0.20% | |
Secured borrowings [Member] | |||
Outstanding: [Abstract] | |||
Short-term Debt, Weighted Average Interest Rate | 4.05% | 4.00% | |
Weighted Average [Member] | Short-term Debt [Member] | |||
Outstanding: [Abstract] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.63% | 0.16% | |
[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 December 31, 2016, our borrowing capacity was $2.2 billion, of which $648.2 million is available, subject to making the required additional investment in FHLB Chicago stock. |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
FHLB advances | $ 50,000 | ||
Total long-term debt | 338,310 | $ 688,215 | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 288,310 | 288,215 | |
Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Noncurrent | [1] | 8,248 | 8,248 |
Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Noncurrent | [1] | 51,547 | 51,547 |
Parent Company [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Noncurrent | [1] | 41,238 | 41,238 |
Parent Company [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Noncurrent | [2] | 66,618 | 66,576 |
Deferred financing costs, Net | $ 2,136 | 2,179 | |
Parent Company [Member] | 7.125% subordinated debentures due 2042 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ||
Subsidiaries [Member] | Floating, FHLBC Overnight Discount Note Index Plus Zero Point Zero Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances | $ 0 | 350,000 | |
Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
FHLB advances | [3] | $ 50,000 | 50,000 |
Long-term Debt [Member] | Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.64% | ||
Subordinated Borrowing, Maturity Date | Jun. 17, 2034 | ||
Long-term Debt [Member] | Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.67% | ||
Subordinated Borrowing, Maturity Date | Sep. 15, 2035 | ||
Long-term Debt [Member] | Parent Company [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | ||
Subordinated Borrowing, Maturity Date | Dec. 15, 2035 | ||
Long-term Debt [Member] | Parent Company [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||
Subordinated Borrowing, Maturity Date | Jun. 15, 2068 | ||
Long-term Debt [Member] | Parent Company [Member] | 7.125% subordinated debentures due 2042 [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] | $ 120,659 | 120,606 |
Deferred financing costs, Net | $ 4,300 | $ 4,394 | |
Federal Home Loan Bank Advances [Member] | Subsidiaries [Member] | Floating, FHLBC Overnight Discount Note Index Plus Zero Point Zero Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||
Debt Instrument, Maturity Date | |||
Federal Home Loan Bank Advances [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 25, 2019 | ||
Weighted Average [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.75% | ||
May 22, 2019 [Member] | Maximum [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 4.68% | ||
Credit Expansion Option [Member] | December 9, 2019 [Member] | Minimum [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Interest Rate at Period End | 3.58% | ||
[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 in the event we were to make certain acquisitions. Furthermore, upon completion of our pending merger with CIBC, we do not expect the outstanding Trust Preferred Securities to continue to qualify as Tier 1 capital under FRB regulations as currently in effect. | ||
[2] | Net of deferred financing costs of $2.1 million at December 31, 2016 and $2.2 million at December 31, 2015. | ||
[3] | Weighted average interest rate was 3.75% at December 31, 2016 and 2015. | ||
[4] | Net of deferred financing costs of $4.3 million at December 31, 2016 and $4.4 million at December 31, 2015. | ||
[5] | Qualifies as Tier 2 capital for regulatory capital purposes. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) $ in Thousands | Dec. 31, 2016USD ($)trust | |
Debt Instrument [Line Items] | ||
Junior Subordinated Debentures | $ 167,651 | [1] |
Number of Wholly-Owned Trusts | trust | 4 | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Debentures | $ 167,651 | |
[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 (Scheduled Matur
Long-Term Debt (Scheduled Maturities Of Long-Term Debt) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Long Term Debt Scheduled Maturities Of Long Term Debt [Abstract] | ||
Year ended December 31, 2019 | $ 50,000 | |
Years ended December 31, 2034 and thereafter | 288,310 | |
Total long-term debt | $ 338,310 | $ 688,215 |
Junior Subordinated Deferrabl89
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Narrative) (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Debt [Line Items] | ||
Ownership percentage | 100.00% | |
Principal Amount of Debentures | $ 167,651 | [1] |
Parent Company [Member] | ||
Debt [Line Items] | ||
Principal Amount of Debentures | $ 167,651 | |
7.125% subordinated debentures due 2042 [Member] | Parent Company [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | |
Private Bancorp Capital Trust IV [Member] | ||
Debt [Line Items] | ||
Principal Amount of Debentures | $ 66,618 | [1],[2] |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | [3] |
Long-term Debt [Member] | 7.125% subordinated debentures due 2042 [Member] | Parent Company [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | |
Subordinated Borrowing, Due Date | Oct. 30, 2042 | |
[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 $2.1 million at December 31, 2016. | |
[3] | Reflects the coupon rate in effect at December 31, 2016. The coupon rates for Bloomfield Hills Statutory Trust I, PrivateBancorp Statutory Trust II and PrivateBancorp Statutory Trust III are variable based on three-month LIBOR plus 2.65%, 1.71% and 1.50%, respectively. The coupon rate for PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years, in the case of the Debentures held by Trust IV, and five years, in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the Trust Preferred Securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. |
Junior Subordinated Deferrabl90
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities (Common Securities, Preferred Securities, And Related Debentures) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Common Securities Issued | $ 79,313 | $ 78,439 | |
Principal Amount of Debentures | [1] | $ 167,651 | |
Bloomfield Hills Statutory Trust I [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Issuance Date | May 2004 | ||
Common Securities Issued | $ 248 | ||
Trust Preferred Securities Issued | [1] | $ 8,000 | |
Coupon Rate | [2] | 3.64% | |
Maturity | June 2,034 | ||
Principal Amount of Debentures | [1] | $ 8,248 | |
Private Bancorp Statutory Trust II [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Issuance Date | June 2005 | ||
Common Securities Issued | $ 1,547 | ||
Trust Preferred Securities Issued | [1] | $ 50,000 | |
Coupon Rate | [2] | 2.67% | |
Maturity | Sept. 2035 | ||
Principal Amount of Debentures | [1] | $ 51,547 | |
Private Bancorp Statutory Trust III [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Issuance Date | Dec. 2005 | ||
Common Securities Issued | $ 1,238 | ||
Trust Preferred Securities Issued | [1] | $ 40,000 | |
Coupon Rate | [2] | 2.46% | |
Maturity | Dec. 2035 | ||
Principal Amount of Debentures | [1] | $ 41,238 | |
Private Bancorp Capital Trust IV [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt 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] | $ 66,618 | |
TrustPreferredSecuritiesIssued [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt 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 Guaranteed Capital Debt Securities [Line Items] | |||
Principal Amount of Debentures | $ 167,651 | ||
Parent Company [Member] | Three Month Libor Plus Two Point Six Five Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 2.65% | ||
Parent Company [Member] | Three Month Libor Plus One Point Seven One Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 1.71% | ||
Parent Company [Member] | Three Month Libor Plus One Point Five Zero Percentage [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 1.50% | ||
Parent Company [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Guaranteed Capital Debt Securities [Line Items] | |||
Deferred financing costs, Net | $ 2,136 | $ 2,179 | |
[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 December 31, 2016. The coupon rates for Bloomfield Hills Statutory Trust I, PrivateBancorp Statutory Trust II and PrivateBancorp Statutory Trust III are variable based on three-month LIBOR plus 2.65%, 1.71% and 1.50%, respectively. 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 $2.1 million at December 31, 2016. |
Equity (Narrative) (Detail)
Equity (Narrative) (Detail) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Common and Preferred Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares Authorized | 174,000,000 | 174,000,000 |
Common Stock, Shares, Outstanding | 79,849,213 | 79,100,000 |
Treasury Stock, Common, Shares, Issued | 0 | 2,574 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred stock, Shares Outstanding | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares, Outstanding | 0 | 0 |
Equity (Change in Accumulated O
Equity (Change in Accumulated Other Comprehensive Income (AOCI) by Component) (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 466,000 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,698,951,000 | 1,481,679,000 | $ 1,301,904,000 | |
Other comprehensive income, net of tax | ||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 6,837,000 | (2,254,000) | (11,011,000) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (10,509,000) | 3,458,000 | 17,010,000 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | [1] | (8,346,000) | (11,607,000) | (9,792,000) |
Reclassification from AOCI, Current Period, Tax | [2] | 3,214,000 | 4,491,000 | 3,855,000 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (5,132,000) | (7,116,000) | (5,937,000) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (15,641,000) | (3,658,000) | 11,073,000 | |
Ending Balance | 1,919,675,000 | 1,698,951,000 | 1,481,679,000 | |
Accumulated Other Comprehensive Income [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 17,259,000 | 20,917,000 | 9,844,000 | |
Other comprehensive income, net of tax | ||||
Ending Balance | 1,618,000 | 17,259,000 | 20,917,000 | |
Accumulated Net Investment Gain (Loss) [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 14,048,000 | 19,448,000 | 12,960,000 | |
Other comprehensive income, net of tax | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | (27,628,000) | (7,440,000) | 11,244,000 | |
Other Comprehensive Income (Loss) before Reclassifications, Tax | 10,787,000 | 2,829,000 | (4,435,000) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (16,841,000) | (4,611,000) | 6,809,000 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | [1] | (1,111,000) | (1,287,000) | (530,000) |
Reclassification from AOCI, Current Period, Tax | [2] | 428,000 | 498,000 | 209,000 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (683,000) | (789,000) | (321,000) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (17,524,000) | (5,400,000) | 6,488,000 | |
Ending Balance | (3,476,000) | 14,048,000 | 19,448,000 | |
Accumulated Net Gain (Loss) on Effective Cash Flow Hedges [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 3,211,000 | 1,469,000 | (3,116,000) | |
Other comprehensive income, net of tax | ||||
OCI, before Reclassifications, before Tax, Attributable to Parent | 10,282,000 | 13,152,000 | 16,777,000 | |
Other Comprehensive Income (Loss) before Reclassifications, Tax | (3,950,000) | (5,083,000) | (6,576,000) | |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 6,332,000 | 8,069,000 | 10,201,000 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | [1] | (7,235,000) | (10,320,000) | (9,262,000) |
Reclassification from AOCI, Current Period, Tax | [2] | 2,786,000 | 3,993,000 | 3,646,000 |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (4,449,000) | (6,327,000) | (5,616,000) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,883,000 | 1,742,000 | 4,585,000 | |
Ending Balance | $ 5,094,000 | $ 3,211,000 | $ 1,469,000 | |
[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. For the year ended December 31, 2015, $466,000 was reclassified out of AOCI related to OTTI on available-for-sale securities and included in the consolidated statements of income within net securities gains. | |||
[2] | The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the consolidated statements of income. |
Earnings Per Common Share (Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Common Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Basic earnings per common share | ||||||||||||||||||||
Net income (loss) | $ 59,548 | $ 48,892 | $ 50,365 | $ 49,552 | $ 52,137 | $ 45,268 | $ 46,422 | $ 41,484 | $ 208,357 | $ 185,311 | $ 153,079 | |||||||||
Net income allocated to participating stockholders | [2] | (1,720) | (1,625) | (2,134) | ||||||||||||||||
Net income allocated to common stockholders | $ 206,637 | $ 183,686 | $ 150,945 | |||||||||||||||||
Weighted-average common shares outstanding | 78,900,000 | 77,968,000 | 77,007,000 | |||||||||||||||||
Basic earnings per common share | $ 0.75 | $ 0.61 | $ 0.63 | $ 0.63 | $ 0.66 | $ 0.58 | $ 0.59 | $ 0.53 | $ 2.62 | $ 2.36 | $ 1.96 | |||||||||
Diluted earnings per common share | ||||||||||||||||||||
Diluted earnings applicable to common stockholders | [3] | $ 206,670 | $ 183,711 | $ 150,967 | ||||||||||||||||
Weighted-average common shares outstanding | 78,900,000 | 77,968,000 | 77,007,000 | |||||||||||||||||
Dilutive effect of stock awards | [4] | 1,584,000 | 1,238,000 | 815,000 | ||||||||||||||||
Weighted-average diluted common shares outstanding | 80,484,000 | 79,206,000 | 77,822,000 | |||||||||||||||||
Diluted earnings per common share | $ 0.73 | $ 0.60 | $ 0.62 | $ 0.62 | $ 0.65 | $ 0.57 | $ 0.58 | $ 0.52 | $ 2.57 | $ 2.32 | $ 1.94 | |||||||||
Stock options [Member] | ||||||||||||||||||||
Diluted earnings per common share | ||||||||||||||||||||
Total antidilutive shares | 290,000 | 360,000 | 1,200,000 | |||||||||||||||||
[1] | All ratios are presented on an annualized basis. | |||||||||||||||||||
[2] | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., certain of the Company’s deferred, restricted stock and performance share units, and nonvested restricted stock awards). | |||||||||||||||||||
[3] | 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. | |||||||||||||||||||
[4] | For the years ended December 31, 2016, 2015, and 2014, the weighted-average outstanding non-participating securities of 290,000, 360,000 and 1.2 million shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 3,260,000 | $ 126,000 |
Decrease in Unrecognized Tax Benefits is Reasonably Possible in the next twelve months | $ 3,200,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Taxes) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||||||||||||||||||
Current income tax provision | $ 132,152 | $ 112,910 | $ 103,312 | ||||||||||||||||
Deferred income tax provision (benefit) | (16,508) | (1,821) | (8,184) | ||||||||||||||||
Total income tax provision (benefit) | $ 33,353 | $ 26,621 | $ 28,997 | $ 26,673 | $ 31,251 | $ 27,358 | $ 27,246 | $ 25,234 | 115,644 | 111,089 | 95,128 | ||||||||
Federal [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Current income tax provision | 114,019 | 97,942 | 86,234 | ||||||||||||||||
Deferred income tax provision (benefit) | (15,008) | (2,236) | (7,392) | ||||||||||||||||
State [Member] | |||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||
Current income tax provision | 18,133 | 14,968 | 17,078 | ||||||||||||||||
Deferred income tax provision (benefit) | $ (1,500) | $ 415 | $ (792) | ||||||||||||||||
[1] | All ratios are presented on an annualized basis. |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Provision To Statutory Federal Rate) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income tax provision at statutory federal income tax rate | $ 113,400 | $ 103,739 | $ 86,872 | ||||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||
Tax exempt interest | (3,185) | (2,842) | (2,139) | ||||||||||||||||
Meals, entertainment and related expenses | 935 | 757 | 621 | ||||||||||||||||
Bank owned life insurance | (512) | (506) | (470) | ||||||||||||||||
Investment credits | (2,485) | (518) | (331) | ||||||||||||||||
State income taxes | 10,403 | 9,692 | 10,292 | ||||||||||||||||
Share-based compensation charges | (3,704) | 0 | 0 | ||||||||||||||||
Deferred tax asset adjustments | 515 | 652 | 504 | ||||||||||||||||
Other | 277 | 115 | (221) | ||||||||||||||||
Total income tax provision (benefit) | $ 33,353 | $ 26,621 | $ 28,997 | $ 26,673 | $ 31,251 | $ 27,358 | $ 27,246 | $ 25,234 | $ 115,644 | $ 111,089 | $ 95,128 | ||||||||
[1] | All ratios are presented on an annualized basis. |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 78,090 | $ 66,713 |
Share-based payment expenses | 18,100 | 16,883 |
Deferred compensation | 8,427 | 6,906 |
Loan fees | 19,409 | 17,671 |
OREO write-downs and expenses | 4,916 | 4,509 |
Premises and equipment | 1,626 | 2,253 |
Deferred Tax Assets Covered Assets | 1,783 | 2,324 |
Unrealized losses on securities available-for-sale | 2,105 | 0 |
Other | 4,014 | 3,003 |
Total deferred tax assets | 138,470 | 120,262 |
Deferred tax liabilities: | ||
Unrealized gain on securities available-for-sale | 0 | (9,004) |
Intangible assets and acquisition adjustments | (6,138) | (6,732) |
Other | (3,549) | (2,290) |
Total deferred tax liabilities | (9,687) | (18,026) |
Net deferred tax assets | $ 128,783 | $ 102,236 |
Income Taxes (Roll Forward Of U
Income Taxes (Roll Forward Of Unrecognized Tax Benefits) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Unrecognized Tax Benefits,Period Increase (Decrease) [Roll Forward] | ||||
Balance at beginning of year | $ 194 | $ 269 | $ 411 | |
Additions for tax positions related to prior years | 4,659 | 0 | 0 | |
Reductions for tax positions related to prior years | (12) | (15) | (142) | |
Reductions for lapse of statute of limitations | 0 | (10) | 0 | |
Reductions for settlements with tax authorities | 0 | (50) | 0 | |
Balance at end of year | 4,841 | 194 | 269 | |
Interest and penalties, net of tax effect, recognized in income tax (benefit) expense during the year | 58 | (50) | (6) | |
Interest and penalties, net of tax effect, accrued at year end (1) | [1] | $ 62 | $ 3 | $ 54 |
[1] | Not included in the unrecognized tax benefits presented above. |
Share-Based Compensation And 99
Share-Based Compensation And Other Benefits (Narrative) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
weighted-average fair value, discount for lack of marketability | 28.00% | 27.00% | 24.00% |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, years | 3 years | ||
Stock option agreement, term in years | 10 years | ||
2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,900,000 | ||
Inactive plans [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||
The PrivateBancorp, Inc. Savings, Retirement and Employee Stock Ownership Plan (the KSOP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of compensation employees contribute to "KSOP" | 75.00% | ||
Service requirement before employer contributions begin, years | 1 year | ||
Employer contribution amounts for each dollar contributed by the employee | $ 0.50 | ||
Maximum percentage of employer contribution | 6.00% | ||
Company's matching contribution vest in increments | 20.00% | ||
Required working hours per year for company's matching contribution | 1,000 | ||
Period of time company's matching contribution vests, years | 5 years | ||
Non-Qualified Deferred Compensation Plan (The Plan) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage deferred of annual base salary | 50.00% | ||
Maximum percentage deferred of annual bonus | 100.00% | ||
Deferred compensation plan, maximum percentage deferred of annual Directors fees | 100.00% | ||
Prime rate to federal long-term rate maximum allowable ratio | 120.00% | ||
DSUs | 145,271 | 133,481 |
Share-Based Compensation And100
Share-Based Compensation And Other Benefits (Effect Of Recognizing Share-Based Compensation Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option expense | $ 2,943 | $ 3,337 | $ 3,710 | |
Restricted stock and unit expense | 14,140 | 12,918 | 10,562 | |
Performance share unit expense | 3,654 | 2,584 | 1,296 | |
Total share-based compensation expense | 20,737 | 18,839 | 15,568 | |
Income tax benefit | (7,976) | (7,271) | (6,050) | |
Share-based compensation expense, net of tax | 12,761 | 11,568 | 9,518 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Share-based Compensation Expense | $ 3,131 | $ 2,855 | $ 3,391 | |
Weighted-average amortization period remaining (in years) | 1 year 9 months 1 day | 1 year 8 months 1 day | 1 year 7 months 6 days | |
Restricted Stock and Unit Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Share-based Compensation Expense | $ 12,800 | $ 12,343 | $ 11,902 | |
Weighted-average amortization period remaining (in years) | 1 year 8 months 1 day | 1 year 8 months 1 day | 1 year 8 months 12 days | |
Performance Share Unit Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized Share-based Compensation Expense | [1] | $ 3,765 | $ 3,991 | $ 2,694 |
Weighted-average amortization period remaining (in years) | 1 year 8 months 1 day | 1 year 9 months 1 day | 2 years | |
[1] | Based on an estimate of the number of shares expected to vest as a result of actual performance against the performance criteria at December 31, 2016, 2015 and 2014. For additional information regarding our performance share units, refer to the “Performance Share Units” section further in this Note. |
Share-Based Compensation And101
Share-Based Compensation And Other Benefits (Stock Option Activity) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of year | 3,191 | 3,878 | 4,090 | |
Options granted | 204 | 186 | 203 | |
Options exercised | (573) | (838) | (277) | |
Options forfeited | (8) | (27) | (15) | |
Options expired | (54) | (8) | (123) | |
Options outstanding at end of year | 2,760 | 3,191 | 3,878 | |
Options, exercisable at end of year | 2,182 | 2,210 | 2,862 | |
Options, ending vested and expected to vest | 2,707 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted-average exercise price, outstanding at beginning of year | $ 24.28 | $ 23.94 | $ 23.66 | |
Weighted-average exercise price, granted | 34.19 | 35.20 | 27.98 | |
Weighted-average exercise price, exercised | 25.56 | 25.10 | 18.59 | |
Weighted-average exercise price, forfeited | 29.02 | 20.89 | 18.82 | |
Weighted-average exercise price, expired | 46.51 | 37.43 | 34.23 | |
Weighted-average exercise price, outstanding at end of year | 24.30 | 24.28 | 23.94 | |
Weighted-average exercise price, exercisable at end of year | 22.13 | $ 24.72 | $ 25.57 | |
Weighted-average exercise price, ending vested and expected to vest | $ 24.10 | |||
Weighted-average remaining contractual life, outstanding at end of year | [1] | 4 years 2 months | 4 years 7 months | 5 years |
Weighted-average remaining contractual life, exercisable at end of year | [1] | 3 years 2 months | 3 years 2 months | 3 years 10 months 24 days |
Weighted-average remaining contractual life, ending vested and expected to vest | [1] | 4 years 1 month | ||
Aggregate intrinsic value, outstanding at end of year | [2] | $ 82,500 | $ 53,716 | $ 38,174 |
Aggregate intrinsic value, exercisable at end of year | [2] | 69,936 | $ 36,297 | $ 23,890 |
Aggregate intrinsic value, ending vested and expected to vest | [2] | $ 81,441 | ||
[1] | Represents the average contractual life remaining in years. | |||
[2] | Aggregate intrinsic value represents the total pretax intrinsic value of the “in-the-money” stock options, (i.e., the difference between our closing stock price on the last trading day of the respective year and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the respective year. This amount will fluctuate with changes in the fair value of our common stock. |
Share-Based Compensation And102
Share-Based Compensation And Other Benefits (Summary Of Stock Options Outstanding and Exercisable) (Detail) shares in Thousands | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Outstanding Options, Shares | shares | 2,760 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 4 years 2 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 24.30 | |
Exercisable Options, Shares | shares | 2,182 | |
Exercisable Options, Weighted-Average Exercise Price | $ 22.13 | |
$6.92 - $15.04 | ||
Range of Exercise Price, Lower limit | 6.92 | |
Range of Exercise Price, Upper limit | $ 15.04 | |
Outstanding Options, Shares | shares | 691 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 4 years 5 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 14.36 | |
Exercisable Options, Shares | shares | 691 | |
Exercisable Options, Weighted-Average Exercise Price | $ 14.36 | |
$15.05 - $25.22 | ||
Range of Exercise Price, Lower limit | 15.05 | |
Range of Exercise Price, Upper limit | $ 25.22 | |
Outstanding Options, Shares | shares | 484 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 6 years | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 18.01 | |
Exercisable Options, Shares | shares | 484 | |
Exercisable Options, Weighted-Average Exercise Price | $ 18.01 | |
$25.23 - $26.84 | ||
Range of Exercise Price, Lower limit | 25.23 | |
Range of Exercise Price, Upper limit | $ 26.84 | |
Outstanding Options, Shares | shares | 527 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 11 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 26.16 | |
Exercisable Options, Shares | shares | 527 | |
Exercisable Options, Weighted-Average Exercise Price | $ 26.16 | |
$26.85 - $33.77 | ||
Range of Exercise Price, Lower limit | 26.85 | |
Range of Exercise Price, Upper limit | $ 33.77 | |
Outstanding Options, Shares | shares | 529 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 3 years 3 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 30.29 | |
Exercisable Options, Shares | shares | 336 | |
Exercisable Options, Weighted-Average Exercise Price | $ 31.61 | |
$33.78 - $44.50 | ||
Range of Exercise Price, Lower limit | 33.78 | |
Range of Exercise Price, Upper limit | $ 44.50 | |
Outstanding Options, Shares | shares | 529 | |
Outstanding Options, Weighted-Average, Remaining Contractual Life, Years | 6 years 7 months | [1] |
Outstanding Options, Weighted-Average, Exercise Price | $ 35.16 | |
Exercisable Options, Shares | shares | 144 | |
Exercisable Options, Weighted-Average Exercise Price | $ 36.47 | |
[1] | Represents the weighted-average contractual life remaining in years. |
Share-Based Compensation And103
Share-Based Compensation And Other Benefits (Stock Option Valuation Assumptions) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted-average fair value of options at their grant date | $ 16.48 | $ 15.86 | $ 12.20 |
Minimum [Member] | |||
Expected life of the option (in years) | 6 years 11 months | 6 years 6 months | 6 years |
Expected stock volatility | 43.40% | 42.40% | 43.30% |
Risk-free interest rate | 1.70% | 1.90% | 1.80% |
Expected dividend yield | 0.10% | 0.10% | 0.10% |
Maximum [Member] | |||
Expected life of the option (in years) | 7 years | 6 years 6 months | 6 years |
Expected stock volatility | 46.20% | 43.30% | 44.30% |
Risk-free interest rate | 1.80% | 1.90% | 2.10% |
Expected dividend yield | 0.10% | 0.10% | 0.10% |
Share-Based Compensation And104
Share-Based Compensation And Other Benefits (Other Stock Option Information) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation [Abstract] | ||||
Total intrinsic value of stock options exercised | $ 11,440 | $ 11,386 | $ 3,204 | |
Cash received from stock options exercised | 14,650 | 20,938 | 5,149 | |
Income tax benefit realized from stock options exercised | [1] | $ 4,372 | $ 4,307 | $ 1,217 |
[1] | Amounts may be more or less than deferred tax benefit recorded during vesting period. |
Share-Based Compensation And105
Share-Based Compensation And Other Benefits (Restricted Stock and Unit Award Transactions) (Detail) - Restricted Stock and Unit Expense [Member] - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested unit awards at beginning of year, number of shares or units | 871 | 1,093 | 1,268 | |
Granted, number of shares or units | 457 | 416 | 431 | |
Vested, number of shares or units | (486) | (610) | (577) | |
Forfeited, number of shares or units | (10) | (28) | (29) | |
Nonvested unit awards at end of year, number of shares or units | 832 | 871 | 1,093 | |
Vested, but not issued at end of year, number of shares or units | [1] | 271 | 213 | 164 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Nonvested unit awards at beginning of year, weighted-average grant date fair value | [2] | $ 27.61 | $ 20.18 | $ 15.76 |
Granted, weighted-average grant date fair value | [2] | 32.35 | 33.52 | 27.15 |
Vested, weighted-average grant date fair value | [2] | 24.48 | 18.33 | 15.62 |
Forfeited, weighted-average grant date fair value | [2] | 32.94 | 27.55 | 21.51 |
Nonvested unit awards at end of year, weighted-average grant date fair value | [2] | 31.99 | 27.61 | 20.18 |
Vested, but not issued at end of year, weighted-average grant date fair value | [1],[2] | $ 17.66 | $ 16.46 | $ 16.56 |
[1] | Represents restricted stock units with a delayed settlement date. | |||
[2] | Includes the effect of the DLOM. |
Share-Based Compensation And106
Share-Based Compensation And Other Benefits (Other Restricted Stock and Unit Award Information) (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Total fair value of vested/released restricted stock and units | $ 15,731 | $ 19,613 | $ 16,135 | |
Current income tax benefit realized from vesting/release of restricted stock and unit awards | [1] | $ 6,018 | $ 7,297 | $ 6,036 |
[1] | Amount may be more or less than deferred tax benefit recorded during vesting period. |
SHARE-BASED COMPENSATION AND107
SHARE-BASED COMPENSATION AND OTHER BENEFITS Share-Based Compensation And Other Benefits (Performance Share Units Activity) (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Fair Value Inputs, Discount for Lack of Marketability | 20.00% | 20.00% | 20.00% | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested unit awards at beginning of year, number of shares or units | [1] | 241 | 150 | 54 |
Granted, number of shares or units | [1],[2] | 123 | 93 | 99 |
Vested, number of shares or units | [1],[2] | (81) | 0 | 0 |
Forfeited, number of shares or units | [1] | (1) | (2) | (3) |
Nonvested unit awards at end of year, number of shares or units | [1] | 282 | 241 | 150 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Expected To Vest Outstanding Number | [1],[3] | 81 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Nonvested unit awards at beginning of year, weighted-average grant date fair value | [1],[4] | $ 25.50 | $ 22.19 | $ 15.44 |
Granted, weighted-average grant date fair value | [1],[2],[4] | 28.71 | 30.84 | 26 |
Vested, weighted-average grant date fair value | [1],[2],[4] | 15.44 | 0 | 0 |
Forfeited, weighted-average grant date fair value | [1],[4] | 30.84 | 26 | 26 |
Nonvested unit awards at end of year, weighted-average grant date fair value | [1],[4] | 29.77 | 25.50 | 22.19 |
Vested, but not issued at end of year, weighted-average grant date fair value | [1],[3],[4] | $ 15.44 | $ 0 | $ 0 |
[1] | Presented at target level of performance. | |||
[2] | 2016 includes adjustments for achieving specific performance goals for PSUs granted in 2013. | |||
[3] | Represents PSUs with a delayed settlement date. | |||
[4] | Includes the effect of a 20% DLOM on awards granted in each 2016, 2015 and 2014. |
Share-Based Compensation And108
Share-Based Compensation And Other Benefits (KSOP Plan Information) (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Share-based Compensation [Abstract] | ||||
Company matching contribution, Defined Contribution Plan | $ 3,397 | $ 2,946 | $ 2,509 | |
Number of Company shares held in KSOP | 309 | 363 | 373 | |
Fair value of Company shares held by KSOP | $ 16,772 | $ 14,892 | $ 12,472 | |
Dividends received on Company shares | 14 | 15 | 16 | |
Fair value of participant-directed investments in KSOP | [1] | $ 117,599 | $ 96,279 | $ 85,301 |
[1] | Amounts reported include the fair value of Company shares held by KSOP disclosed above. |
Regulatory And Capital Matte109
Regulatory And Capital Matters (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | ||
Reserve balances required to be maintained at the FRB | $ 257.5 | $ 199.4 |
Maximum percentage of capital stock and surplus for loans or advances to single subsidiary | 10.00% | |
Maximum percentage of loans to all subsidiaries | 20.00% | |
Dividends from subsidiaries | $ 0 | $ 0 |
Capacity under banking regulation to pay dividends subject to prior regulatory approval | $ 967.3 |
Regulatory And Capital Matte110
Regulatory And Capital Matters (Capital Measurements) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated [Member] | ||
Total Risk-Based Capital [Abstract] | ||
Capital | $ 2,326,611 | $ 2,066,766 |
Total risk-based capital ratio | 12.49% | 12.37% |
Capital Required for Capital Adequacy | $ 1,606,652 | $ 1,336,240 |
Total risk-based ratio, FRB minimum | 8.625% | 8.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier One Risk Based Capital | $ 1,998,280 | $ 1,763,559 |
Tier 1 risk-based ratio | 10.73% | 10.56% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 1,234,095 | $ 1,002,180 |
Tier 1 risk-based ratio, FRB minimum | 6.625% | 6.00% |
Tier One Leverage Capital [Abstract] | ||
Tier One Leverage Capital | $ 1,998,280 | $ 1,763,559 |
Tier One Leverage Capital to Average Assets | 10.28% | 10.35% |
Tier One Leverage Capital Required for Capital Adequacy | $ 777,777 | $ 681,670 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Common Equity Tier One Capital [Abstract] | ||
Common Equity Tier One Capital | $ 1,830,630 | $ 1,593,780 |
Common Equity Tier One Capital To Risk-Weighted Assets | 9.83% | 9.54% |
Common Equity Tier One Capital Required For Capital Adequacy | $ 954,677 | $ 751,635 |
Common Equity Tier One Capital Required For Capital Adequacy To Risk-Weighted Assets | 5.125% | 4.50% |
The PrivateBank [Member] | ||
Total Risk-Based Capital [Abstract] | ||
Capital | $ 2,264,752 | $ 1,985,535 |
Total risk-based capital ratio | 12.17% | 11.91% |
Capital Required to be Well Capitalized | $ 1,861,353 | $ 1,667,746 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier One Risk Based Capital | $ 2,057,081 | $ 1,807,328 |
Tier 1 risk-based ratio | 11.05% | 10.84% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,489,082 | $ 1,334,197 |
Tier 1 risk-based ratio, FDICIA minimum | 8.00% | 8.00% |
Tier One Leverage Capital [Abstract] | ||
Tier One Leverage Capital | $ 2,057,081 | $ 1,807,328 |
Tier One Leverage Capital to Average Assets | 10.59% | 10.62% |
Tier One Leverage Capital Required to be Well Capitalized | $ 971,400 | $ 850,746 |
Tier 1 leverage ratio, FDICIA minimum | 5.00% | 5.00% |
Common Equity Tier One Capital [Abstract] | ||
Common Equity Tier One Capital | $ 2,057,081 | $ 1,807,337 |
Common Equity Tier One Capital To Risk-Weighted Assets | 11.05% | 10.84% |
Common Equity Tier One Capital Required To Be Well Capitalized | $ 1,209,879 | $ 1,084,035 |
Common Equity Tier One Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Derivative Instruments (Notiona
Derivative Instruments (Notional Amounts and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Interest rate contracts, cash flow hedging, asset derivatives | $ 1,873 | $ 5,366 | |
Derivative assets not designated as hedging instruments | 41,274 | 47,487 | |
Netting adjustments, asset derivatives | [1],[2],[3] | (15,182) | (12,238) |
Derivative assets | [1] | 27,965 | 40,615 |
Interest rate contracts, cash flow hedging, liability derivatives | 0 | 799 | |
Derivatives, not designated as hedging, liability derivatives | 38,521 | 47,486 | |
Netting adjustments, liability derivatives | [1],[2],[3] | (20,399) | (30,056) |
Derivative liabilities | [1] | 18,122 | 18,229 |
Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Interest rate contracts, not designated as hedging, asset derivative | 31,871 | 41,734 | |
Foreign exchange contracts, not designated as hedging, asset derivatives | 6,579 | 5,008 | |
Risk participation agreements, not designated as hedging, asset derivatives | 10 | 6 | |
Derivative assets not designated as hedging instruments | 38,460 | 46,748 | |
Interest rate contracts, not designated as hedging, liability derivatives | 32,058 | 43,001 | |
Foreign exchange contracts, not designated as hedging, liability derivatives | 5,901 | 4,274 | |
Risk participation agreements, not designated as hedging, liability derivatives | 11 | 27 | |
Derivatives, not designated as hedging, liability derivatives | 37,970 | 47,302 | |
Other End-User Derivatives [Member] | |||
Derivative [Line Items] | |||
Foreign exchange contracts, not designated as hedging, asset derivatives | 1,518 | 220 | |
Mortgage banking derivatives, not designated as hedging, asset derivatives | 1,033 | 519 | |
Derivative assets not designated as hedging instruments | 2,814 | 739 | |
Foreign exchange contracts, not designated as hedging, liability derivatives | 201 | 3 | |
Mortgage banking derivatives, not designated as hedging, liability derivatives | 350 | 181 | |
Derivatives, not designated as hedging, liability derivatives | 551 | 184 | |
Other End-User Derivatives [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Derivative assets not designated as hedging instruments | 263 | 0 | |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Netting adjustments, asset derivatives | [1],[2] | (11,828) | (8,970) |
Netting adjustments, liability derivatives | [1],[2] | (18,719) | (28,574) |
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Netting adjustments, asset derivatives | [1],[2] | (3,321) | (3,254) |
Netting adjustments, liability derivatives | [1],[2] | (1,647) | (1,458) |
Risk Participation Agreements [Member] | |||
Derivative [Line Items] | |||
Netting adjustments, asset derivatives | [1],[2] | 0 | 0 |
Netting adjustments, liability derivatives | [1],[2] | 0 | (10) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 350,000 | 675,000 | |
Notional amount, liability derivatives | 0 | 125,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 4,490,888 | 3,933,977 | |
Notional amount, liability derivatives | 4,490,888 | 3,933,977 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 126,447 | 155,914 | |
Notional amount, liability derivatives | 124,598 | 127,664 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other End-User Derivatives [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 19,155 | 28,058 | |
Notional amount, liability derivatives | 29,943 | 4,486 | |
Not Designated as Hedging Instrument [Member] | Risk Participation Agreements [Member] | Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | [4] | 61,001 | 84,216 |
Notional amount, liability derivatives | [4] | $ 93,561 | $ 111,269 |
[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 18 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) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Fair value of derivatives with credit contingency features in a net liability position | $ 2,100 | |
Collateral posted for those transactions in a net liability position | 1,000 | |
Additional collateral required to be posted to derivative counterparties | 0 | |
Outstanding derivative instruments that would be immediately settled | 2,100 | |
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 | $ 2,300 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | |
Gain (Loss) from Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 0 | |
Interest rate lock commitments, Notional value | 37,400 | |
Forward commitments for the future delivery of residential mortgage loans, Notional value | 85,900 | |
Foreign currency risk on loans | 38,400 | |
Derivative assets not designated as hedging instruments | 41,274 | $ 47,487 |
Mortgage Receivable [Member] | ||
Derivative [Line Items] | ||
Mortgage loans held-for-sale, par value | $ 25,424 | 36,005 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Range Of Assigned Internal Risk Ratings for written RPAs | 1 | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Range Of Assigned Internal Risk Ratings for written RPAs | 8 | |
Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative assets not designated as hedging instruments | $ 2,814 | 739 |
Warrant [Member] | Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative assets not designated as hedging instruments | $ 263 | $ 0 |
Derivative Instruments (Risk Pa
Derivative Instruments (Risk Participation Agreements) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)risk_rating | Dec. 31, 2015USD ($)risk_rating | |
Derivative [Line Items] | ||
Fair value of written RPAs | $ | $ 11 | $ 27 |
Maximum potential amount of future undiscounted payments | $ | $ 4,107 | $ 3,937 |
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 65.00% | 43.00% |
Minimum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) | 0 years | 0 years |
Range of assigned internal risk ratings | risk_rating | 2 | 2 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) | 5 years | 5 years |
Range of assigned internal risk ratings | 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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Capital Markets, Total | $ 25,323 | $ 18,530 | $ 18,047 |
Total gain recognized on derivatives not designated in hedging relationship | $ 29,585 | 20,701 | 19,196 |
Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Location in Consolidated Statements of Income, Gain (loss) on Interest rate contracts | Capital markets income | ||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 17,952 | 9,974 | 10,634 |
Location in Consolidated Statements of Income, Gain (loss) on Foreign exchange contracts | Capital markets income | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 7,351 | 8,327 | 7,068 |
Client-Related Derivatives [Member] | Risk Participation Agreements [Member] | |||
Derivative [Line Items] | |||
Description Of Location Of Gain (Loss) On Other Derivative Instruments Not Designated As Hedging Instruments In Financial Statements | Capital markets income | ||
Total gain recognized on derivatives not designated in hedging relationship | $ 20 | 229 | 345 |
Other End-User Derivatives [Member] | |||
Derivative [Line Items] | |||
Location in Consolidated Statements of Income, Gain (loss) on Foreign exchange contracts | Other income, service and charges income | ||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 4,280 | 1,907 | 1,402 |
Total gain recognized on derivatives not designated in hedging relationship | $ 4,262 | 2,171 | 1,149 |
Other End-User Derivatives [Member] | Mortgage Banking Derivatives [Member] | |||
Derivative [Line Items] | |||
Description Of Location Of Gain (Loss) On Other Derivative Instruments Not Designated As Hedging Instruments In Financial Statements | Mortgage banking income | ||
Total gain recognized on derivatives not designated in hedging relationship | $ (82) | 264 | (253) |
Other End-User Derivatives [Member] | Warrant [Member] | |||
Derivative [Line Items] | |||
Description Of Location Of Gain (Loss) On Other Derivative Instruments Not Designated As Hedging Instruments In Financial Statements | Other income, service and charges income | ||
Total gain recognized on derivatives not designated in hedging relationship | $ 64 | $ 0 | $ 0 |
BALANCE SHEET OFFSETTING BAL115
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Offsetting [Abstract] | ||
Cash collateral pledged, netted with related financial liabilities | $ 5,200 | $ 17,800 |
Excess cash collateral pledged, separately reported | $ 0 | $ 0 |
BALANCE SHEET OFFSETTING BAL116
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING (Offsetting of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative assets: [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 40,499 | $ 51,199 |
Derivative Asset, Not Subject to Master Netting Arrangement | [1] | 2,648 | 1,654 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [1] | 43,147 | 52,853 |
Derivative Asset, Fair Value, Gross Liability | [1],[2],[3] | (15,182) | (12,238) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 25,317 | 38,961 |
Derivative Asset | [1] | 27,965 | 40,615 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (2,424) | (143) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 22,893 | 38,818 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [1] | 25,541 | 40,472 |
Derivative liabilities: [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 35,085 | 46,128 |
Derivative Liability, Not Subject to Master Netting Arrangement | [1] | 3,436 | 2,157 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [1] | 38,521 | 48,285 |
Derivative Liability, Fair Value, Gross Asset | [1],[2],[3] | (20,399) | (30,056) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 14,686 | 16,072 |
Derivative liabilities | [1] | 18,122 | 18,229 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1,353) | (11,057) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 13,333 | 5,015 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [1] | 16,769 | 7,172 |
Interest Rate Contract [Member] | |||
Derivative assets: [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 33,744 | 47,100 |
Derivative Asset, Fair Value, Gross Liability | [1],[2] | (11,828) | (8,970) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 21,916 | 38,130 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (2,424) | (55) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 19,492 | 38,075 |
Derivative liabilities: [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 32,058 | 43,800 |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | (18,719) | (28,574) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 13,339 | 15,226 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1,229) | (10,475) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 12,110 | 4,751 |
Foreign Exchange Contract [Member] | |||
Derivative assets: [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 6,296 | 4,059 |
Derivative Asset, Fair Value, Gross Liability | [1],[2] | (3,321) | (3,254) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 2,975 | 805 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | 0 | (88) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 2,975 | 717 |
Derivative liabilities: [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 2,983 | 2,287 |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | (1,647) | (1,458) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 1,336 | 829 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (123) | (570) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 1,213 | 259 |
Risk Participation Agreements [Member] | |||
Derivative assets: [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 10 | 6 |
Derivative Asset, Fair Value, Gross Liability | [1],[2] | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 10 | 6 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 10 | 6 |
Derivative liabilities: [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 11 | 27 |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | 0 | (10) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 11 | 17 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1) | (12) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 10 | 5 |
Mortgage Banking Derivatives [Member] | |||
Derivative assets: [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 449 | 34 |
Derivative Asset, Fair Value, Gross Liability | [1],[2] | (33) | (14) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 416 | 20 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | [1] | 416 | 20 |
Derivative liabilities: [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 33 | 14 |
Derivative Liability, Fair Value, Gross Asset | [1],[2] | (33) | (14) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [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 | [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 18 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, And117
Commitments, Guarantees, And Contingent Liabilities (Contractual Or Notional Amounts Of Financial Instruments) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 6,440,381 | $ 6,069,956 |
Letters of credit | [1] | 373,045 | 408,023 |
Covered loan commitments | 9,000 | 9,655 | |
Financial standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 330,350 | 365,760 |
Performance standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 39,068 | 38,264 |
Commercial letters of credit [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 3,627 | 3,999 |
Home equity lines | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 14,880 | 1,338 |
Credit card lines | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 6,314 | 0 |
Residential 1 to 4 family construction | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 89,787 | 47,504 |
Commercial real estate, other construction and land development | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 1,387,823 | 1,321,123 |
Commercial and industrial | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 3,889,323 | 4,191,895 |
All other commitments | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 1,052,254 | $ 508,096 |
[1] | Includes covered loan commitments of $9.0 million and $9.7 million as of December 31, 2016 and 2015, respectively. |
Commitments, Guarantees, And118
Commitments, Guarantees, And Contingent Liabilities (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Disclosure Commitments Guarantees And Contingent Liabilities Narrative [Abstract] | |||||
Reserve For Unfunded Commitments | [1] | $ 17,140 | $ 11,759 | $ 12,274 | $ 9,206 |
Unamortized fees associated with standby letters of credit, included in other liabilities | $ 1,700 | ||||
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 | 6 years | ||||
Unfunded commitments for future contributions to investment partnerships | $ 45,400 | ||||
Unfunded commitments for tax credit investments | 35,900 | ||||
Maximum potential future payments guaranteed, third-party settlement | 21,300 | ||||
Guarantor Obligations, Current Carrying Value | $ 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 Fina119
Estimated Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal value subject to compliance review, in excess of | $ 250,000 | ||
Appraisal value subject to technical review, in excess of | 1,000,000 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |
90 Days Past Due and Accruing | 0 | 0 | |
Other loans held-for-sale | [1] | 78,350,000 | 73,094,000 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Participating Mortgages [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other loans held-for-sale | $ 78,400,000 | $ 73,100,000 | |
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 represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value, including one nonaccrual loan totaling $667,000 at December 31, 2015. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Estimated Fair Value Of Fina120
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Recurring Basis) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | $ 2,013,525 | $ 1,765,366 | |
Mortgages loans held-for-sale | 24,934 | 35,704 | |
Loans receivable, Fair value disclosure | [1] | 1,029 | 0 |
Interest rate asset contract derivatives designated as hedging instruments | 1,873 | 5,366 | |
Derivative assets not designated as hedging instruments | 41,274 | 47,487 | |
Netting adjustments, asset derivatives | [2],[3],[4] | (15,182) | (12,238) |
Derivative assets | [2] | 27,965 | 40,615 |
Total assets, recurring | 2,067,453 | 1,841,685 | |
Interest rate liability contract derivatives designated as hedging instruments | 0 | 799 | |
Netting adjustments, liability derivatives | [2],[3],[4] | (20,399) | (30,056) |
Derivative liabilities | [2] | 18,122 | 18,229 |
Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 542,295 | 321,651 | |
Mortgages loans held-for-sale | 0 | 0 | |
Loans receivable, Fair value disclosure | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total assets, recurring | 542,295 | 321,651 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 1,471,230 | 1,443,085 | |
Mortgages loans held-for-sale | 24,934 | 35,704 | |
Loans receivable, Fair value disclosure | [1] | 1,029 | 0 |
Interest rate asset contract derivatives designated as hedging instruments | 1,873 | 5,366 | |
Netting adjustments, asset derivatives | (15,182) | (12,167) | |
Derivative assets | 26,270 | 39,795 | |
Total assets, recurring | 1,523,463 | 1,518,584 | |
Interest rate liability contract derivatives designated as hedging instruments | 0 | 799 | |
Netting adjustments, liability derivatives | (20,399) | (29,974) | |
Derivative liabilities | 17,794 | 18,046 | |
Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 0 | 630 | |
Mortgages loans held-for-sale | 0 | 0 | |
Loans receivable, Fair value disclosure | 14,804,782 | 12,929,340 | |
Interest rate asset contract derivatives designated as hedging instruments | 0 | ||
Netting adjustments, asset derivatives | 0 | (71) | |
Derivative assets | 1,695 | 820 | |
Total assets, recurring | 1,695 | 1,450 | |
Interest rate liability contract derivatives designated as hedging instruments | 0 | 0 | |
Netting adjustments, liability derivatives | 0 | (82) | |
Derivative liabilities | 328 | 183 | |
U.S. Treasury Securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 542,295 | 321,651 | |
U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 542,295 | 321,651 | |
U.S. Agencies Securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 45,940 | 46,098 | |
U.S. Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 45,940 | 46,098 | |
U.S. Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 0 | 0 | |
Collateralized Mortgage Obligations [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 75,345 | 99,972 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 75,345 | 99,972 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 0 | 0 | |
Residential Mortgage-Backed Securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 886,550 | 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 | 886,550 | 829,855 | |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 0 | 0 | |
State And Municipal Securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities available-for-sale | 463,395 | 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 | 463,395 | 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 | 0 | 630 | |
Client-Related Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 38,460 | 46,748 | |
Derivatives liabilities not designated as hedging instruments | 37,970 | 47,302 | |
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 37,612 | 46,342 | |
Derivatives liabilities not designated as hedging instruments | 37,959 | 47,204 | |
Client-Related Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 848 | 406 | |
Derivatives liabilities not designated as hedging instruments | 11 | 98 | |
Other End-User Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 2,814 | 739 | |
Derivatives liabilities not designated as hedging instruments | 551 | 184 | |
Other End-User Derivatives [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 1,967 | 254 | |
Derivatives liabilities not designated as hedging instruments | 234 | 17 | |
Other End-User Derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Derivative assets not designated as hedging instruments | 847 | 485 | |
Derivatives liabilities not designated as hedging instruments | $ 317 | $ 167 | |
[1] | Represents loans accounted for under the fair value option. | ||
[2] | All derivative contracts are over-the-counter contracts. | ||
[3] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | ||
[4] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 18 for additional information regarding master netting agreements. |
Estimated Fair Value Of Fina121
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Available-for-sale Securities [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | $ 630 | $ 0 |
Total gains (losses) included in earnings, assets | [1],[2] | 30 | |
Settlements, assets | [1] | (660) | (341) |
Transfers into Level 3 (out of Level 2), assets | [1],[3] | 0 | 971 |
Balance at end of period, assets | [1] | 0 | 630 |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | 0 | (341) |
Derivative Assets | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | 891 | 2,198 |
Total gains (losses) included in earnings, assets | [1],[2] | 621 | (306) |
Issuances, assets | [1] | 2,310 | 1,198 |
Settlements, assets | [1] | (3,014) | (2,261) |
Transfers into Level 3 (out of Level 2), assets | [1],[3] | 1,228 | 1,456 |
Transfers out of Level 3 (into Level 2), assets | [1],[3] | (341) | (1,394) |
Balance at end of period, assets | [1] | 1,695 | 891 |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | 89 | 445 |
Derivative (Liabilities) | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, liabilities | [1] | (265) | (1,477) |
Total gains (losses) included in earnings, liabilities | [1],[2] | (641) | 226 |
Issuances, liabilities | [1] | 0 | 0 |
Settlements, liabilities | [1] | 501 | 687 |
Transfers into Level 3 (out of Level 2), liabilities | [1],[3] | 0 | (160) |
Transfers out of Level 3 (into Level 2), liabilities | [1],[3] | 77 | 459 |
Balance at end of period, liabilities | [1] | (328) | (265) |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | $ (8) | $ 240 |
[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 Fina122
Estimated Fair Value Of Financial Instruments (Difference Between Aggregate Fair Value And Aggregate Remaining Principle Balance for Mortgage Loans Held-For-Sale Elected to be Carried at Fair Value) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgages loans held-for-sale, Aggregate fair value | $ 24,934 | $ 35,704 | |
Loans receivable, Fair value disclosure | [1] | 1,029 | 0 |
Residential Real Estate Portfolio Segment [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Residential real estate loans fair value option, Aggregate unpaid principal balance | 991 | ||
Mortgage Receivable [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgage loans held-for-sale, Aggregate unpaid principal balance | 25,424 | 36,005 | |
Mortgage Receivable [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Loans elected to be carried at fair value, Difference | [2] | (490) | $ (301) |
Loans Held-For-Investment [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Loans elected to be carried at fair value, Difference | [2] | 38 | |
Loans receivable, Fair value disclosure | $ 1,029 | ||
[1] | Represents loans accounted for under the fair value option. | ||
[2] | The change in fair value is reflected in mortgage banking non-interest income. |
Estimated Fair Value Of Fina123
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Estimated Fair Value Of Financial Instruments Fair Value Measurements On A Nonrecurring Basis [Abstract] | |||
Collateral-dependent impaired loans, Fair Value | [1] | $ 25,885 | $ 21,082 |
OREO, Fair Value | [2] | 10,165 | 3,202 |
Total, Fair Value | 36,050 | 24,284 | |
Collateral-dependent impaired loans, Net (Gains) Losses | (10,169) | (491) | |
OREO, Losses | 2,326 | 961 | |
Total, (Gains) Losses | $ (7,843) | $ 470 | |
[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 real estate expense in the consolidated statements of income. |
Estimated Fair Value Of Fina124
Estimated Fair Value Of Financial Instruments (Quantitative Information Regarding Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
Watch List Derivatives [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ 838,000 | |
Watch List Derivatives [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 12.50% | |
Watch List Derivatives [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 29.40% | |
Watch List Derivatives [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 22.40% | |
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] | ||
Valuation Technique(s) | Discounted cash flow | |
Risk Participation Agreements [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ (1,000) | [1] |
Risk Participation Agreements [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 0.10% | |
Risk Participation Agreements [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 23.90% | |
Risk Participation Agreements [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 1.80% | |
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] | ||
Valuation Technique(s) | Discounted cash flow | |
Interest Rate Lock Commitments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ (744,000) | |
Interest Rate Lock Commitments [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 72.20% | |
Interest Rate Lock Commitments [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of 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 Significant Unobservable Inputs | 82.60% | |
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] | ||
Valuation Technique(s) | Discounted cash flow | |
Collateral-Dependent Impaired Loans [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ 25,885,000 | |
Collateral-Dependent Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | (79.20%) | |
Collateral-Dependent Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 22.60% | |
Collateral-Dependent Impaired Loans [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | (45.50%) | |
Collateral-Dependent Impaired Loans [Member] | Property specific adjustment [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Property specific adjustment | |
Collateral-Dependent Impaired Loans [Member] | Sales Comparison, Income Capitalization And/Or Cost Approach [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique(s) | Sales comparison, income capitalization and/or cost approach | |
OREO [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ 10,165,000 | |
OREO [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | (0.50%) | |
OREO [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | (83.30%) | |
OREO [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | (18.40%) | |
OREO [Member] | Property specific adjustment [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Property specific adjustment | |
OREO [Member] | Sales Comparison, Income Capitalization And/Or Cost Approach [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique(s) | Sales comparison, income capitalization and/or cost approach | |
Warrant [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value of Assets (Liabilities), Recurring Measurements with Unobservable Inputs | $ 263,000 | |
Warrant [Member] | Estimated stock price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Estimated stock price | |
Warrant [Member] | Estimated stock price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | $ 0.59 | |
Warrant [Member] | Estimated stock price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | 13.97 | |
Warrant [Member] | Estimated stock price [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (In Dollars), Significant Unobservable Inputs | $ 9.13 | |
Warrant [Member] | Remaining life assumption [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Remaining life assumption | |
Warrant [Member] | Remaining life assumption [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 9 years | |
Warrant [Member] | Remaining life assumption [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 10 years | |
Warrant [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 | 9 years 2 months | |
Warrant [Member] | Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Volatility | |
Warrant [Member] | Volatility [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 27.00% | |
Warrant [Member] | Volatility [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 64.00% | |
Warrant [Member] | Volatility [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range of Significant Unobservable Inputs | 52.10% | |
Warrant [Member] | Black-Scholes option pricing model [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Valuation Technique(s) | Black-Scholes option pricing model | |
[1] | Represents fair value of underlying swap. |
Estimated Fair Value Of Fina125
Estimated Fair Value Of Financial Instruments (Financial Instruments) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | $ 161,168 | $ 145,147 | ||
Federal funds sold and interest-bearing deposits in banks | 587,563 | 238,511 | ||
Loans held-for-sale | 103,284 | 108,798 | ||
Securities available-for-sale | 2,013,525 | 1,765,366 | ||
Securities held-to-maturity, carrying amount | 1,738,123 | 1,355,283 | ||
Securities held-to-maturity, fair value | 1,714,770 | 1,351,241 | ||
Federal Home Loan Bank (FHLB) stock | 54,163 | 26,613 | ||
Loans, net of allowance for loan losses and unearned fees, carrying amount | 14,870,476 | 13,105,739 | ||
Loans receivable, Fair value disclosure | [1] | 1,029 | 0 | |
Covered assets, net of allowance for covered loan losses, carrying amount | 17,297 | 21,242 | ||
Accrued interest receivable | 57,986 | 45,482 | ||
Investment in BOLI | 58,115 | 56,653 | ||
Derivative assets | [2] | 27,965 | 40,615 | |
Community reinvestment investments, carrying amount | 7,060 | 15,602 | ||
Deposits, carrying amount | 16,065,229 | 14,345,592 | $ 13,089,968 | |
Short-term borrowings, carrying amount | 1,544,746 | 372,467 | ||
Long-term debt | 338,310 | 688,215 | ||
Accrued interest payable | 9,063 | 7,080 | ||
Derivative liabilities | [2] | 18,122 | 18,229 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 161,168 | 145,147 | ||
Federal funds sold and interest-bearing deposits in banks | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
Securities available-for-sale | 542,295 | 321,651 | ||
Securities held-to-maturity, fair value | 0 | 0 | ||
Federal Home Loan Bank (FHLB) stock | 0 | 0 | ||
Loans receivable, Fair value disclosure | 0 | 0 | ||
Covered assets, net of allowance for covered loan losses, fair value | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Deposits, fair value | 0 | 0 | ||
Short-term borrowings, fair value | 0 | 0 | ||
Long-term debt, fair value | 197,599 | 207,750 | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Federal funds sold and interest-bearing deposits in banks | 587,563 | 238,511 | ||
Loans held-for-sale | 103,284 | 108,798 | ||
Securities available-for-sale | 1,471,230 | 1,443,085 | ||
Securities held-to-maturity, fair value | 1,714,770 | 1,351,241 | ||
Federal Home Loan Bank (FHLB) stock | 54,163 | 26,613 | ||
Loans receivable, Fair value disclosure | [1] | 1,029 | 0 | |
Covered assets, net of allowance for covered loan losses, fair value | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Derivative assets | 26,270 | 39,795 | ||
Community Reinvestment Investments, Fair Value | 8,522 | 15,812 | ||
Deposits, fair value | 13,724,218 | 12,155,516 | ||
Short-term borrowings, fair value | 1,539,384 | 370,244 | ||
Long-term debt, fair value | 52,770 | 398,146 | ||
Accrued interest payable | 0 | 0 | ||
Derivative liabilities | 17,794 | 18,046 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Federal funds sold and interest-bearing deposits in banks | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
Securities available-for-sale | 0 | 630 | ||
Securities held-to-maturity, fair value | 0 | 0 | ||
Federal Home Loan Bank (FHLB) stock | 0 | 0 | ||
Loans receivable, Fair value disclosure | 14,804,782 | 12,929,340 | ||
Covered assets, net of allowance for covered loan losses, fair value | 21,928 | 26,758 | ||
Accrued interest receivable | 57,986 | 45,482 | ||
Investment in BOLI | 58,115 | 56,653 | ||
Derivative assets | 1,695 | 820 | ||
Deposits, fair value | 2,336,566 | 2,192,756 | ||
Short-term borrowings, fair value | 4,744 | 2,207 | ||
Long-term debt, fair value | 68,830 | 63,314 | ||
Accrued interest payable | 9,063 | 7,080 | ||
Derivative liabilities | 328 | 183 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 161,168 | 145,147 | ||
Federal funds sold and interest-bearing deposits in banks | 587,563 | 238,511 | ||
Loans held-for-sale | 103,284 | 108,798 | ||
Securities available-for-sale | 2,013,525 | 1,765,366 | ||
Securities held-to-maturity, fair value | 1,714,770 | 1,351,241 | ||
Federal Home Loan Bank (FHLB) stock | 54,163 | 26,613 | ||
Loans receivable, Fair value disclosure | 14,805,811 | 12,929,340 | ||
Covered assets, net of allowance for covered loan losses, fair value | 21,928 | 26,758 | ||
Accrued interest receivable | 57,986 | 45,482 | ||
Investment in BOLI | 58,115 | 56,653 | ||
Derivative assets | 27,965 | 40,615 | ||
Community Reinvestment Investments, Fair Value | 8,522 | 15,812 | ||
Deposits, fair value | 16,060,784 | 14,348,272 | ||
Short-term borrowings, fair value | 1,544,128 | 372,451 | ||
Long-term debt, fair value | 319,199 | 669,210 | ||
Accrued interest payable | 9,063 | 7,080 | ||
Derivative liabilities | $ 18,122 | $ 18,229 | ||
[1] | Represents loans accounted for under the fair value option. | |||
[2] | All derivative contracts are over-the-counter contracts. |
Operating Segments (Operating S
Operating Segments (Operating Segments Performance) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Operating Segments Performance | ||||||||||||||||||||
Net interest income (expense) | $ 155,381 | [1] | $ 145,510 | $ 142,017 | $ 139,518 | $ 136,591 | [1] | $ 131,209 | $ 124,622 | $ 121,993 | $ 582,426 | $ 514,415 | $ 454,737 | |||||||
Provision for loan and covered loan losses | 6,048 | [1] | 15,691 | 5,569 | 6,402 | 2,831 | [1] | 4,197 | 2,116 | 5,646 | 33,710 | 14,790 | 12,044 | |||||||
Non-interest income | 147,758 | 130,012 | 117,590 | |||||||||||||||||
Non-interest expense | 95,844 | [1] | 91,920 | 94,216 | 90,493 | 83,020 | [1] | 85,175 | 81,897 | 83,145 | 372,473 | 333,237 | 312,076 | |||||||
Income (loss) before income taxes | 92,901 | [1] | 75,513 | 79,362 | 76,225 | 83,388 | [1] | 72,626 | 73,668 | 66,718 | 324,001 | 296,400 | 248,207 | |||||||
Income tax provision (benefit) | 33,353 | [1] | $ 26,621 | $ 28,997 | $ 26,673 | 31,251 | [1] | $ 27,358 | $ 27,246 | $ 25,234 | 115,644 | 111,089 | 95,128 | |||||||
Net income (loss) | 208,357 | 185,311 | 153,079 | |||||||||||||||||
Assets | 20,053,773 | 17,252,848 | 20,053,773 | 17,252,848 | 15,596,724 | |||||||||||||||
Loans | 15,056,241 | 13,266,475 | 15,056,241 | 13,266,475 | 11,892,219 | |||||||||||||||
Deposits | 16,065,229 | 14,345,592 | 16,065,229 | 14,345,592 | 13,089,968 | |||||||||||||||
Banking [Member] | ||||||||||||||||||||
Operating Segments Performance | ||||||||||||||||||||
Net interest income (expense) | 600,956 | 532,497 | 481,084 | |||||||||||||||||
Provision for loan and covered loan losses | 33,710 | 14,790 | 12,044 | |||||||||||||||||
Non-interest income | 127,787 | 111,961 | 100,259 | |||||||||||||||||
Non-interest expense | 336,982 | 304,991 | 284,726 | |||||||||||||||||
Income (loss) before income taxes | 358,051 | 324,677 | 284,573 | |||||||||||||||||
Income tax provision (benefit) | 129,201 | 121,784 | 109,088 | |||||||||||||||||
Net income (loss) | 228,850 | 202,893 | 175,485 | |||||||||||||||||
Assets | 17,893,329 | 15,321,374 | 17,893,329 | 15,321,374 | 13,882,805 | |||||||||||||||
Loans | 15,056,241 | 13,266,475 | 15,056,241 | 13,266,475 | 11,892,219 | |||||||||||||||
Deposits | 16,118,043 | 14,407,127 | 16,118,043 | 14,407,127 | 13,150,600 | |||||||||||||||
Asset Management [Member] | ||||||||||||||||||||
Operating Segments Performance | ||||||||||||||||||||
Net interest income (expense) | 4,408 | 4,315 | 3,363 | |||||||||||||||||
Provision for loan and covered loan losses | 0 | 0 | 0 | |||||||||||||||||
Non-interest income | 19,897 | 17,989 | 17,271 | |||||||||||||||||
Non-interest expense | 17,406 | 17,030 | 16,554 | |||||||||||||||||
Income (loss) before income taxes | 6,899 | 5,274 | 4,080 | |||||||||||||||||
Income tax provision (benefit) | 2,656 | 2,041 | 1,606 | |||||||||||||||||
Net income (loss) | 4,243 | 3,233 | 2,474 | |||||||||||||||||
Assets | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Loans | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Deposits | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Holding Company and Other Adjustments [Member] | ||||||||||||||||||||
Operating Segments Performance | ||||||||||||||||||||
Net interest income (expense) | (22,938) | (22,397) | (29,710) | |||||||||||||||||
Provision for loan and covered loan losses | 0 | 0 | 0 | |||||||||||||||||
Non-interest income | 74 | 62 | 60 | |||||||||||||||||
Non-interest expense | 18,085 | 11,216 | 10,796 | |||||||||||||||||
Income (loss) before income taxes | (40,949) | (33,551) | (40,446) | |||||||||||||||||
Income tax provision (benefit) | (16,213) | (12,736) | (15,566) | |||||||||||||||||
Net income (loss) | (24,736) | (20,815) | (24,880) | |||||||||||||||||
Assets | 2,160,444 | 1,931,474 | 2,160,444 | 1,931,474 | 1,713,919 | |||||||||||||||
Loans | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Deposits | [2] | $ (52,814) | $ (61,535) | $ (52,814) | $ (61,535) | $ (60,632) | ||||||||||||||
[1] | All ratios are presented on an annualized basis. | |||||||||||||||||||
[2] | (1) Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment |
VARIABLE INTEREST ENTITIES Vari
VARIABLE INTEREST ENTITIES Variable Interest Entities (Consolidated Variable Interest Entities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 17,840 |
Loans [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 17,774 |
Accrued Income Receivable [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 66 |
Variable Interest Entities (Non
Variable Interest Entities (Nonconsolidated Variable Interest Entities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||
Carrying Amount | $ 326,029 | $ 259,762 | |
Maximum Exposure to Loss | 180,911 | 105,000 | |
Trust Preferred Capital Securities Issuances [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [1] | 167,651 | 167,609 |
Maximum Exposure to Loss | [1] | 0 | 0 |
Community reinvestment investments and loans [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 55,560 | 44,894 |
Maximum Exposure to Loss | [2] | 64,668 | 48,065 |
Commercial restructured loans, outstanding balance [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 102,709 | 47,178 |
Maximum Exposure to Loss | [2] | 116,134 | 56,854 |
Commercial restructured loans, related derivative asset [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 74 | 81 |
Maximum Exposure to Loss | [2] | 74 | 81 |
Commercial restructured loans, warrants [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying Amount | [2] | 35 | 0 |
Maximum Exposure to Loss | [2] | 35 | 0 |
Parent Company [Member] | 10.00% Junior Subordinated Debentures Due 2068 [Member] | |||
Variable Interest Entity [Line Items] | |||
Deferred financing costs, Net | $ 2,136 | $ 2,179 | |
[1] | Net of deferred financing costs of $2.1 million and $2.2 million at December 31, 2016 and 2015 respectively. | ||
[2] | Excludes personal loans and loans to non-for-profit entities. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Ownership percentage | 100.00% | |
Amortization Method Qualified Affordable Housing Project Investments | $ 42,900,000 | $ 27,000,000 |
Qualified Affordable Housing Project Investments, Commitment | $ 35,900,000 | |
Low Income Housing Tax Credit Investment Projects [Member] | ||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,029 | |
Tax Credit Investments [Member] | ||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,031 | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 |
VARIABLE INTEREST ENTITIES V130
VARIABLE INTEREST ENTITIES Variable Interest Entities (Affordable Housing Tax Credit Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of Principal Investment | $ 1,889 | $ 655 |
Tax Credits [Member] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 1,546 | 649 |
Tax Benefits from Operating Losses [Member] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 811 | $ 245 |
Condensed Parent Company Fin131
Condensed Parent Company Financial Statements (Statements Of Financial Condition) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Other assets | $ 211,628 | $ 196,250 | ||
Total assets | 20,053,773 | 17,252,848 | $ 15,596,724 | |
Liabilities and Equity | ||||
Long-term debt | 338,310 | 688,215 | ||
Equity | 1,919,675 | 1,698,951 | $ 1,481,679 | $ 1,301,904 |
Total liabilities and equity | 20,053,773 | 17,252,848 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and interest-bearing deposits | 52,814 | 61,535 | ||
Investment in and advances to subsidiaries | 2,149,164 | 1,915,546 | ||
Other assets | 13,528 | 15,928 | ||
Total assets | 2,215,506 | 1,993,009 | ||
Liabilities and Equity | ||||
Long-term debt | 288,310 | 288,215 | ||
Accrued expenses and other liabilities | 7,521 | 5,843 | ||
Equity | 1,919,675 | 1,698,951 | ||
Total liabilities and equity | $ 2,215,506 | $ 1,993,009 |
Condensed Parent Company Fin132
Condensed Parent Company Financial Statements (Statements Of Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income [Abstract] | |||||||||||||||||||
Dividends from subsidiaries | $ 0 | $ 0 | |||||||||||||||||
Interest income | $ 177,912 | $ 166,883 | $ 162,123 | $ 158,100 | $ 154,243 | $ 148,119 | $ 141,477 | $ 138,373 | 665,018 | 582,212 | $ 524,387 | ||||||||
Securities transactions and other income | 8,068 | 10,129 | 5,203 | ||||||||||||||||
Expenses [Abstract] | |||||||||||||||||||
Interest expense | 22,531 | 21,373 | 20,106 | 18,582 | 17,652 | 16,910 | 16,855 | 16,380 | 82,592 | 67,797 | 69,650 | ||||||||
Salaries and employee benefits | 227,777 | 205,019 | 182,192 | ||||||||||||||||
Other expenses | 18,353 | 15,987 | 21,982 | ||||||||||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | 92,901 | 75,513 | 79,362 | 76,225 | 83,388 | 72,626 | 73,668 | 66,718 | 324,001 | 296,400 | 248,207 | ||||||||
Income tax benefit | $ (33,353) | $ (26,621) | $ (28,997) | $ (26,673) | $ (31,251) | $ (27,358) | $ (27,246) | $ (25,234) | (115,644) | (111,089) | (95,128) | ||||||||
Net income (loss) available to common stockholders | 208,357 | 185,311 | 153,079 | ||||||||||||||||
Parent Company [Member] | |||||||||||||||||||
Income [Abstract] | |||||||||||||||||||
Dividends from subsidiaries | 0 | 0 | 100,000 | ||||||||||||||||
Interest income | 2 | 3 | 3 | ||||||||||||||||
Securities transactions and other income | 262 | 249 | 60 | ||||||||||||||||
Total income | 264 | 252 | 100,063 | ||||||||||||||||
Expenses [Abstract] | |||||||||||||||||||
Interest expense | 18,530 | 18,082 | 26,348 | ||||||||||||||||
Salaries and employee benefits | 5,696 | 5,372 | 5,672 | ||||||||||||||||
Other expenses | 12,577 | 6,026 | 5,123 | ||||||||||||||||
Total expenses | 36,803 | 29,480 | 37,143 | ||||||||||||||||
(Loss) income before income taxes and equity in undistributed income of subsidiaries | (36,539) | (29,228) | 62,920 | ||||||||||||||||
Income tax benefit | 14,515 | 11,065 | 14,242 | ||||||||||||||||
Loss (loss) before undistributed income of subsidiaries | (22,024) | (18,163) | 77,162 | ||||||||||||||||
Equity in undistributed income of subsidiaries | 230,381 | 203,474 | 75,917 | ||||||||||||||||
Net income (loss) available to common stockholders | $ 208,357 | $ 185,311 | $ 153,079 | ||||||||||||||||
[1] | All ratios are presented on an annualized basis. |
Condensed Parent Company Fin133
Condensed Parent Company Financial Statements (Statements Of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income (loss) | $ 208,357 | $ 185,311 | $ 153,079 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Share-based compensation expense | 20,737 | 18,839 | 15,568 |
Depreciation of premises, furniture, and equipment | 9,374 | 8,457 | 8,693 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (3,690) | (5,329) | (3,588) |
Net decrease (increase) in other assets | 14,674 | 5,348 | (30,437) |
Net increase (decrease) in other liabilities | 34,671 | 28,346 | 19,269 |
Net cash provided by operating activities | 343,367 | 262,307 | 94,628 |
Net Cash Provided by (Used in) Investing Activities | (2,527,528) | (1,744,210) | (1,450,392) |
Financing Activities | |||
Repayment of long-term debt | 0 | 0 | (75,005) |
Stock repurchased in connection with benefit plans | (4,765) | (5,982) | (5,330) |
Cash dividends paid | (3,194) | (3,151) | (3,125) |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 15,277 | 21,323 | 5,598 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 0 | 5,329 | 3,588 |
Net cash (used in) provided by financing activities | 2,549,234 | 1,441,009 | 1,340,254 |
Net (decrease) increase in cash and cash equivalents | 365,073 | (40,894) | (15,510) |
Cash and cash equivalents at beginning of year | 383,658 | 424,552 | 440,062 |
Cash and cash equivalents at end of year | 748,731 | 383,658 | 424,552 |
Parent Company [Member] | |||
Operating Activities | |||
Net income (loss) | 208,357 | 185,311 | 153,079 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in undistributed income from subsidiaries | (230,381) | (203,474) | (75,917) |
Share-based compensation expense | 1,859 | 1,744 | 2,072 |
Depreciation of premises, furniture, and equipment | 43 | 43 | 43 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | (742) | (1,388) | (1,147) |
Net decrease (increase) in other assets | 3,099 | 3,937 | 877 |
Net increase (decrease) in other liabilities | 1,726 | 1,152 | 2,398 |
Net cash provided by operating activities | (16,039) | (12,675) | 81,405 |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 |
Financing Activities | |||
Repayment of long-term debt | 0 | 0 | (75,005) |
Stock repurchased in connection with benefit plans | (4,765) | (5,982) | (5,330) |
Cash dividends paid | (3,194) | (3,151) | (3,125) |
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 15,277 | 21,323 | 5,598 |
Excess tax benefit from exercise of stock options and vesting of restricted shares | 0 | 1,388 | 1,147 |
Net cash (used in) provided by financing activities | 7,318 | 13,578 | (76,715) |
Net (decrease) increase in cash and cash equivalents | (8,721) | 903 | 4,690 |
Cash and cash equivalents at beginning of year | 61,535 | 60,632 | 55,942 |
Cash and cash equivalents at end of year | $ 52,814 | $ 61,535 | $ 60,632 |
Quarterly Earnings Performan134
Quarterly Earnings Performance (Quarterly Earnings Performance) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||
Interest income | $ 177,912 | [1] | $ 166,883 | [1] | $ 162,123 | [1] | $ 158,100 | [1] | $ 154,243 | [1] | $ 148,119 | [1] | $ 141,477 | [1] | $ 138,373 | [1] | $ 665,018 | $ 582,212 | $ 524,387 | |
Interest expense | 22,531 | [1] | 21,373 | [1] | 20,106 | [1] | 18,582 | [1] | 17,652 | [1] | 16,910 | [1] | 16,855 | [1] | 16,380 | [1] | 82,592 | 67,797 | 69,650 | |
Net interest income (expense) | 155,381 | [1] | 145,510 | [1] | 142,017 | [1] | 139,518 | [1] | 136,591 | [1] | 131,209 | [1] | 124,622 | [1] | 121,993 | [1] | 582,426 | 514,415 | 454,737 | |
Provision for loan and covered loan losses | 6,048 | [1] | 15,691 | [1] | 5,569 | [1] | 6,402 | [1] | 2,831 | [1] | 4,197 | [1] | 2,116 | [1] | 5,646 | [1] | 33,710 | 14,790 | 12,044 | |
Fee revenue | [1] | 39,412 | 37,614 | 36,550 | 33,071 | 32,619 | 30,529 | 33,060 | 32,982 | |||||||||||
Net securities gains (losses) | 0 | [1] | 0 | [1] | 580 | [1] | 531 | [1] | 29 | [1] | 260 | [1] | (1) | [1] | 534 | [1] | 1,111 | 822 | 530 | |
Non-interest expense | 95,844 | [1] | 91,920 | [1] | 94,216 | [1] | 90,493 | [1] | 83,020 | [1] | 85,175 | [1] | 81,897 | [1] | 83,145 | [1] | 372,473 | 333,237 | 312,076 | |
Income (loss) before income taxes | 92,901 | [1] | 75,513 | [1] | 79,362 | [1] | 76,225 | [1] | 83,388 | [1] | 72,626 | [1] | 73,668 | [1] | 66,718 | [1] | 324,001 | 296,400 | 248,207 | |
Income tax provision (benefit) | 33,353 | [1] | 26,621 | [1] | 28,997 | [1] | 26,673 | [1] | 31,251 | [1] | 27,358 | [1] | 27,246 | [1] | 25,234 | [1] | 115,644 | 111,089 | 95,128 | |
Net income (loss) | $ 59,548 | [1] | $ 48,892 | [1] | $ 50,365 | [1] | $ 49,552 | [1] | $ 52,137 | [1] | $ 45,268 | [1] | $ 46,422 | [1] | $ 41,484 | [1] | $ 208,357 | $ 185,311 | $ 153,079 | |
Basic earnings per share | $ 0.75 | [1] | $ 0.61 | [1] | $ 0.63 | [1] | $ 0.63 | [1] | $ 0.66 | [1] | $ 0.58 | [1] | $ 0.59 | [1] | $ 0.53 | [1] | $ 2.62 | $ 2.36 | $ 1.96 | |
Diluted earnings per share | $ 0.73 | [1] | $ 0.60 | [1] | $ 0.62 | [1] | $ 0.62 | [1] | $ 0.65 | [1] | $ 0.57 | [1] | $ 0.58 | [1] | $ 0.52 | [1] | $ 2.57 | $ 2.32 | $ 1.94 | |
Return on average common equity | [1] | 12.40% | 10.40% | 11.20% | 11.40% | 12.29% | 11.05% | 11.85% | 11.05% | |||||||||||
Return on average assets | [1] | 1.21% | 1.04% | 1.14% | 1.15% | 1.21% | 1.09% | 1.15% | 1.07% | |||||||||||
Net interest margin - tax-equivalent | [1] | 3.23% | 3.18% | 3.28% | 3.30% | 3.25% | 3.23% | 3.17% | 3.21% | |||||||||||
[1] | All ratios are presented on an annualized basis. |