Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PRIVATEBANCORP, INC. | |
Entity Central Index Key | 889,936 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 80,074,161 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and due from banks | $ 166,012 | $ 161,168 | |
Federal funds sold and interest-bearing deposits in banks | 335,943 | 587,563 | |
Loans held-for-sale | 42,276 | 103,284 | |
Securities available-for-sale, at fair value (pledged as collateral to creditors: $84.9 million - 2017; $86.6 million - 2016) | 2,112,165 | 2,013,525 | |
Securities held-to-maturity, at amortized cost (fair value: $1.8 billion - 2017; $1.7 billion - 2016) | 1,801,973 | 1,738,123 | |
Federal Home Loan Bank (FHLB) stock | 38,163 | 54,163 | |
Loans - excluding covered assets, net of unearned fees | 15,591,656 | 15,056,241 | |
Allowance for loan losses | (194,615) | (185,765) | |
Loans, net of allowance for loan losses and unearned fees | 15,397,041 | 14,870,476 | |
Covered assets | 21,181 | 22,063 | |
Allowance for covered loan losses | (4,931) | (4,766) | |
Covered assets, net of allowance for covered loan losses | 16,250 | 17,297 | |
Other real estate owned, excluding covered assets | 8,888 | 10,203 | |
Premises, furniture, and equipment, net | 45,050 | 46,967 | |
Accrued interest receivable | 57,316 | 57,986 | |
Investment in bank owned life insurance | 58,449 | 58,115 | |
Goodwill | 94,041 | 94,041 | |
Other intangible assets | 748 | 1,269 | |
Derivative assets | [1] | 21,511 | 27,965 |
Other assets | 220,392 | 211,628 | |
Total assets | 20,416,218 | 20,053,773 | |
Deposits: | |||
Noninterest-bearing | 5,258,941 | 5,196,587 | |
Interest-bearing | 11,449,774 | 10,868,642 | |
Total deposits | 16,708,715 | 16,065,229 | |
Short-term borrowings | 1,195,318 | 1,544,746 | |
Long-term debt | 338,335 | 338,310 | |
Accrued interest payable | 9,590 | 9,063 | |
Derivative liabilities | [1] | 15,420 | 18,122 |
Other liabilities | 153,849 | 158,628 | |
Total liabilities | 18,421,227 | 18,134,098 | |
Equity | |||
Common stock (no par value, $1 stated value; authorized shares: 174 million; issued and outstanding shares: 80,023,549 - 2017 and 79,849,213 - 2016) | 79,765 | 79,313 | |
Additional paid-in capital | 1,117,982 | 1,101,946 | |
Retained earnings | 793,927 | 736,798 | |
Accumulated other comprehensive income, net of tax | 3,317 | 1,618 | |
Total equity | 1,994,991 | 1,919,675 | |
Total liabilities and equity | $ 20,416,218 | $ 20,053,773 | |
[1] | All derivative contracts are over-the-counter contracts. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities available-for-sale, pledged as collateral to creditors | $ 84,937 | $ 86,592 |
Securities held-to-maturity, at fair value | $ 1,782,604 | $ 1,714,770 |
Common Stock, Par Value Per Share | $ 0 | $ 0 |
Common Stock, Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 174,000,000 | 174,000,000 |
Common Stock, Shares Issued | 80,023,549 | 79,849,213 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Income | ||
Loans, including fees | $ 165,180 | $ 140,067 |
Federal funds sold and interest-bearing deposits in banks | 549 | 340 |
Securities: | ||
Taxable | 18,436 | 15,210 |
Exempt from Federal income taxes | 2,412 | 2,333 |
Other interest income | 290 | 150 |
Total interest income | 186,867 | 158,100 |
Interest Expense | ||
Deposits | 18,405 | 13,141 |
Short-term borrowings | 2,324 | 230 |
Long-term debt | 5,120 | 5,211 |
Total interest expense | 25,849 | 18,582 |
Net interest income | 161,018 | 139,518 |
Provision for loan and covered loan losses | 8,408 | 6,402 |
Net interest income after provision for loan and covered loan losses | 152,610 | 133,116 |
Non-interest Income | ||
Asset management | 5,590 | 4,725 |
Mortgage banking | 2,450 | 2,969 |
Capital markets products | 6,112 | 4,328 |
Treasury management | 9,247 | 8,186 |
Loan, letter of credit and commitment fees | 5,551 | 5,200 |
Syndication fees | 5,962 | 5,434 |
Deposit service charges and fees and other income | 1,502 | 1,358 |
Net securities gains (losses) | 57 | 531 |
Non-interest income | 37,283 | 33,602 |
Non-interest Expense | ||
Salaries and employee benefits | 73,139 | 58,339 |
Net occupancy and equipment expense | 8,037 | 7,215 |
Technology and related costs | 6,680 | 5,293 |
Marketing | 4,770 | 4,404 |
Professional services | 4,851 | 2,994 |
Outsourced servicing costs | 994 | 1,840 |
Net foreclosed property expenses | (189) | 566 |
Postage, telephone, and delivery | 852 | 840 |
Insurance | 4,178 | 3,820 |
Loan and collection expense | 1,968 | 1,532 |
Other expenses | 5,129 | 3,650 |
Total non-interest expense | 110,409 | 90,493 |
Income (loss) before income taxes | 79,484 | 76,225 |
Income tax provision | 21,532 | 26,673 |
Net income (loss) available to common stockholders | $ 57,952 | $ 49,552 |
Per Common Share Data | ||
Basic earnings per share (in dollars) | $ 0.72 | $ 0.63 |
Diluted earnings per share (in dollars) | 0.70 | 0.62 |
Cash dividends declared (per share) | $ 0.01 | $ 0.01 |
Weighted-average common shares outstanding | 79,516 | 78,550 |
Weighted-average diluted common shares outstanding | 81,300 | 79,856 |
Client-Related Derivatives [Member] | ||
Non-interest Income | ||
Capital markets products | $ 6,924 | $ 5,199 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ 57,952 | $ 49,552 |
Available-for-sale securities: | ||
Net unrealized gains (losses) | 4,431 | 18,930 |
Reclassification of net (gains) losses included in net income | (57) | (531) |
Income tax benefit (expense) | (1,671) | (7,079) |
Net unrealized gains (losses) on available-for-sale securities | 2,703 | 11,320 |
Cash flow hedges: | ||
Net unrealized gains (losses) | (421) | 12,008 |
Reclassification of net (gains) losses included in net income | (1,213) | (2,190) |
Income tax benefit (expense) | 630 | (3,799) |
Net unrealized gains (losses) on cash flow hedges | (1,004) | 6,019 |
Other Comprehensive Income (Loss) | 1,699 | 17,339 |
Comprehensive income | $ 59,651 | $ 66,891 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity (Unaudited) - 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] | |
Common Shares Outstanding, Beginning Balance at Dec. 31, 2015 | 79,097,000 | |||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2015 | $ 1,698,951 | $ 78,439 | $ (103) | $ 1,071,674 | $ 531,682 | $ 17,259 | ||
Comprehensive income (loss) | ||||||||
Net income (loss) | 49,552 | 49,552 | ||||||
Other comprehensive income (loss) | 17,339 | 17,339 | [1] | |||||
Total comprehensive income (loss) | 66,891 | |||||||
Cash dividends declared ($0.01 per common share) | $ (816) | 0 | (816) | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.01 | |||||||
Common stock issued for: [Abstract] | ||||||||
Nonvested (restricted) stock grants, shares | 263,000 | |||||||
Nonvested (restricted) stock grants | $ 0 | 0 | 0 | 0 | ||||
Exercise of stock options, shares | 53,000 | |||||||
Exercise of stock options | 980 | 44 | 311 | 625 | ||||
Restricted stock activity, shares | 32,000 | |||||||
Restricted stock activity | 0 | 408 | 0 | (408) | ||||
Deferred compensation plan, shares | 5,000 | |||||||
Deferred compensation plan | 291 | 3 | 66 | 222 | ||||
Stock repurchased in connection with benefit plans, shares | (128,000) | |||||||
Stock repurchased in connection with benefit plans | (4,663) | (4,663) | ||||||
Share-based compensation expense, shares | 0 | |||||||
Share-based compensation expense | 6,357 | 6,357 | ||||||
Common Shares Outstanding, Ending Balance at Mar. 31, 2016 | 79,322,000 | |||||||
Stockholders' Equity, Ending Balance at Mar. 31, 2016 | $ 1,767,991 | 78,894 | (4,389) | 1,078,470 | 580,418 | 34,598 | ||
Common Shares Outstanding, Beginning Balance at Dec. 31, 2016 | 79,849,213 | 79,849,000 | ||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2016 | $ 1,919,675 | 79,313 | 0 | 1,101,946 | 736,798 | 1,618 | ||
Comprehensive income (loss) | ||||||||
Net income (loss) | 57,952 | 57,952 | ||||||
Other comprehensive income (loss) | 1,699 | 1,699 | [1] | |||||
Total comprehensive income (loss) | 59,651 | |||||||
Cash dividends declared ($0.01 per common share) | $ (823) | 0 | (823) | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.01 | |||||||
Common stock issued for: [Abstract] | ||||||||
Exercise of stock options, shares | 217,000 | |||||||
Exercise of stock options | $ 5,810 | 217 | 0 | 5,593 | ||||
Restricted stock activity, shares | 62,000 | |||||||
Restricted stock activity | 0 | 339 | 0 | (339) | ||||
Deferred compensation plan, shares | 2,000 | |||||||
Deferred compensation plan | 500 | 2 | 0 | 498 | ||||
Stock repurchased in connection with benefit plans, shares | (106,000) | |||||||
Stock repurchased in connection with benefit plans | (6,139) | (106) | 0 | (6,033) | ||||
Share-based compensation expense, shares | 0 | |||||||
Share-based compensation expense | $ 16,317 | 16,317 | ||||||
Common Shares Outstanding, Ending Balance at Mar. 31, 2017 | 80,023,549 | 80,024,000 | ||||||
Stockholders' Equity, Ending Balance at Mar. 31, 2017 | $ 1,994,991 | $ 79,765 | $ 0 | $ 1,117,982 | $ 793,927 | $ 3,317 | ||
[1] | Net of taxes and reclassification adjustments. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Operating Activities | ||||
Net income (loss) | $ 57,952 | $ 49,552 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Provision for loan and covered loan losses | 8,408 | 6,402 | ||
Provision for unfunded commitments | [1] | 753 | 595 | |
Depreciation, impairment and adjustments of premises, furniture, and equipment | 3,416 | 2,348 | ||
Net amortization of premium on securities | 5,993 | 5,099 | ||
Net (gains) losses on sale of securities | (57) | (531) | ||
Valuation adjustment on other real estate owned | 480 | 588 | ||
Net (gains) losses on sale of other real estate owned | 6 | 24 | ||
Net (accretion) amortization of discount on covered assets | 0 | (51) | ||
Bank owned life insurance income | (334) | (358) | ||
Net increase (decrease) in deferred loan fees and unamortized discounts and premiums on loans | 4,050 | 3,415 | ||
Share-based compensation expense | 16,317 | 6,357 | ||
Excess tax benefit from exercise of stock options and vesting of restricted shares | (4,885) | (2,081) | ||
Deferred income tax (benefit) expense | (894) | 1,300 | ||
Amortization of other intangibles | 521 | 540 | ||
Originations and purchases of loans held-for-sale | (68,919) | (101,612) | ||
Proceeds from sales of loans held-for-sale | 133,091 | 149,001 | ||
Net (gains) losses from sales of loans held-for-sale | (2,872) | (2,604) | ||
Net (increase) decrease in derivative assets and liabilities | 3,752 | (21,522) | ||
Net (increase) decrease in accrued interest receivable | 670 | (1,867) | ||
Net increase (decrease) in accrued interest payable | 527 | (450) | ||
Net (increase) decrease in other assets | (10,837) | 24,490 | ||
Net increase (decrease) in other liabilities | (622) | (6,031) | ||
Net cash provided by (used in) operating activities | 146,516 | 112,604 | ||
Available-for-sale securities: | ||||
Proceeds from maturities, prepayments, and calls | 51,717 | 49,584 | ||
Proceeds from sales | 18,029 | 26,682 | ||
Purchases | (167,434) | (126,833) | ||
Held-to-maturity securities: | ||||
Proceeds from maturities, prepayments, and calls | 57,478 | 41,308 | ||
Purchases | (123,842) | (144,869) | ||
Net redemption (purchase) of FHLB stock | 16,000 | (11,500) | ||
Net decrease (increase) in loans | (539,006) | (205,715) | ||
Net decrease in covered assets | 1,017 | 1,084 | ||
Proceeds from sale of other real estate owned | 842 | 1,149 | ||
Net purchases of premises, furniture, and equipment | (1,499) | (1,660) | ||
Net cash (used in) provided by investing activities | (686,698) | (370,770) | ||
Financing Activities | ||||
Net (decrease) increase in deposit accounts | 643,486 | 119,277 | ||
Net increase (decrease) in short-term borrowings, excluding FHLB advances | 572 | (102) | ||
Net increase (decrease) in FHLB Advances | (350,000) | 230,000 | ||
Stock repurchased in connection with benefit plans | (6,139) | (4,663) | ||
Cash dividends paid | (823) | (809) | ||
Proceeds from exercise of stock options and issuance of common stock under benefit plans | 6,310 | 1,271 | ||
Net cash (used in) provided by financing activities | 293,406 | 344,974 | ||
Net increase (decrease) in cash and cash equivalents | (246,776) | 86,808 | ||
Cash and cash equivalents at beginning of year | 748,731 | 383,658 | $ 383,658 | |
Cash and cash equivalents at end of period | 501,955 | 470,466 | $ 748,731 | |
Supplemental Disclosures of Cash Flow Information: | ||||
Cash paid for interest | 25,322 | 19,032 | ||
Cash paid for income taxes | 619 | 3,272 | ||
Non-cash transfers of loans to loans held-for-sale | 8,641 | 28,335 | ||
Non-cash transfers of loans to other real estate | $ 13 | $ 9,294 | ||
[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. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
ORGANIZATION | Nature of Operations – PrivateBancorp, Inc. (“PrivateBancorp” or the “Company”), a Delaware corporation incorporated in 1989, is a Chicago-based bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company is the holding company for The PrivateBank and Trust Company (“PrivateBank” or the “Bank”), an Illinois-chartered bank founded in Chicago in 1991. Through the Bank, we provide customized business and personal financial services to middle market companies, as well as business owners, executives, entrepreneurs and families in the markets and communities we serve. Pending Transaction with Canadian Imperial Bank of Commerce – On June 29, 2016 , the Company entered into a definitive merger agreement (the “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. 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. As described in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on July 6, 2016, the original Agreement had provided that, at the effective time of the merger, each share of common stock, without par value, of PrivateBancorp was to be converted into the right to receive 0.3657 of a CIBC common share and $18.80 in cash. On March 30, 2017 , the Company entered into an amendment to the original Agreement, which, as described in the Current Report on Form 8-K filed with the SEC on such date, increased the per share merger consideration to 0.4176 and $24.20 in cash. On May 4, 2017 , the Agreement was further amended, as described in the Current Report on Form 8-K filed with the SEC on such date, to increase the per share cash consideration to $27.20 . The per share stock consideration of 0.4176 of a CIBC common share was unchanged. As of May 3, 2017 , the last trading day before public announcement of the transaction, total consideration for the transaction was valued at approximately $4.9 billion , or $60.43 per share of common stock of the Company, based on CIBC’s closing stock price on such date of $79.58 . 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. PrivateBancorp stockholders of record as of March 31, 2017 will be entitled to vote on the revised Agreement at the special meeting of stockholders to be held on May 12, 2017. The completion of the transaction remains subject to the receipt of required regulatory and stockholder approvals and other customary closing conditions. The full text of and additional information about the Agreement and the amendments to the Agreement is included in the Company’s Current Reports on Form 8-K filed with the SEC on July 6, 2016, March 30, 2017 and May 4, 2017 . Direct costs related to the proposed transaction were expensed as incurred and totaled $1.6 million for the three months ended March 31, 2017 . These costs were primarily comprised of financial advisor and other professional services fees. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated interim financial statements of PrivateBancorp have been prepared pursuant to the rules and regulations of the SEC for quarterly reports on Form 10-Q and do not include certain information and footnote disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete annual financial statements. Accordingly, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . The accompanying unaudited consolidated interim financial statements have been prepared in accordance with U.S. GAAP, and (where applicable) in accordance with accounting and reporting guidelines prescribed by bank regulation and authority, and reflect all adjustments that are, in the opinion of management, necessary for the fair presentation of the financial position and results of operations for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. The accompanying consolidated financial statements include the accounts and results of operations of the Company and the Bank, after elimination of all significant intercompany accounts and transactions. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. In preparing the consolidated financial statements, we have considered the impact of events occurring subsequent to March 31, 2017 , for potential recognition or disclosure. Refer to “Pending Transaction with Canadian Imperial Bank of Commerce” above for additional disclosure of the amendment to the Agreement subsequent to March 31, 2017 . |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Interests Held through Related Parties that are Under Common Control - On January 1, 2017, we adopted new accounting guidance issued by the Financial Accounting Standards Board (“FASB”) that alters how a decision maker considers indirect interests in a variable interest entity (“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 applied prospectively. The adoption of this guidance did not impact our consolidated 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, 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. 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. 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. 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. Clarifying the Definition of a Business - In January 2017, the FASB issued guidance that clarifies when a set of transferred assets and activities is a business. Under the new guidance, an entity will determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of identifiable assets. If this threshold is met, the set of assets and activities is not a business. If the threshold is not met, the entity then evaluates whether the set of assets and activities meets the requirement that a business include an input and a substantive process. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2018. Early adoption is permitted. The amendments 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. Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment - In January 2017, the FASB issued guidance that simplifies how an entity assesses goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. An entity will recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2020. Early adoption is permitted. The amendments 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. Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets - In February 2017, the FASB amended guidance on how entities account for the derecognition of a nonfinancial asset or an in-substance nonfinancial asset that is not a business. The guidance is effective for the Company’s financial statements that include periods beginning January 1, 2018. The guidance is to be applied using a full retrospective method or a modified retrospective method and is effective for the Company’s financial statements that include periods beginning January 1, 2018. Early adoption is permitted. The Company is in the process of determining the effect of the new guidance on our financial position and consolidated results of operations. Premium Amortization on Purchased Callable Debt Securities - In March 2017, the FASB issued guidance that shortens the amortization period for the premium on certain purchased callable debt securities. Specifically, the amendments require the premium to be amortized to the earliest call date. The guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to the maturity date. The guidance will be effective for the Company beginning January 1, 2019 and must be applied using a modified retrospective transition approach. Early adoption is permitted. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
SECURITIES | SECURITIES Securities Portfolio (Amounts in thousands) March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 598,573 $ 458 $ (6,134 ) $ 592,897 $ 548,894 $ 351 $ (6,950 ) $ 542,295 U.S. Agencies 45,927 — (106 ) 45,821 46,043 — (103 ) 45,940 Collateralized mortgage obligations 67,260 2,126 (51 ) 69,335 73,228 2,167 (50 ) 75,345 Residential mortgage-backed securities 935,346 10,057 (8,017 ) 937,386 884,176 10,741 (8,367 ) 886,550 State and municipal securities 466,152 4,110 (3,536 ) 466,726 466,651 2,630 (5,886 ) 463,395 Total $ 2,113,258 $ 16,751 $ (17,844 ) $ 2,112,165 $ 2,018,992 $ 15,889 $ (21,356 ) $ 2,013,525 Held-to-Maturity Collateralized mortgage obligations $ 38,556 $ — $ (1,219 ) $ 37,337 $ 40,568 $ — $ (1,295 ) $ 39,273 Residential mortgage-backed securities 1,417,781 3,074 (17,804 ) 1,403,051 1,378,610 2,529 (20,218 ) 1,360,921 Commercial mortgage-backed securities 338,396 769 (4,609 ) 334,556 314,622 692 (5,153 ) 310,161 State and municipal securities 204 — — 204 204 — — 204 Foreign sovereign debt 500 — (2 ) 498 500 — — 500 Other securities 6,536 422 — 6,958 3,619 92 — 3,711 Total $ 1,801,973 $ 4,265 $ (23,634 ) $ 1,782,604 $ 1,738,123 $ 3,313 $ (26,666 ) $ 1,714,770 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 $349.7 million and $351.4 million at March 31, 2017 and December 31, 2016 , 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 $84.9 million and $86.7 million at March 31, 2017 and December 31, 2016 , respectively. Excluding securities issued or backed by the U.S. Government, its agencies and U.S. Government-sponsored enterprises, there were no investments in securities from one issuer that exceeded 10% of consolidated equity at March 31, 2017 or December 31, 2016 . The following table presents the fair values of securities with unrealized losses as of March 31, 2017 and December 31, 2016 . The securities presented are grouped according to the time periods during which the securities have been in a continuous unrealized loss position. Securities in Unrealized Loss Position (Amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31, 2017 Securities Available-for-Sale U.S. Treasury 14 $ 342,105 $ (6,134 ) — $ — $ — $ 342,105 $ (6,134 ) U.S. Agencies 3 45,821 (106 ) — — — 45,821 (106 ) Collateralized mortgage obligations 7 5,414 (51 ) — — — 5,414 (51 ) Residential mortgage-backed securities 51 547,366 (8,017 ) — — — 547,366 (8,017 ) State and municipal securities 444 197,854 (3,438 ) 7 3,037 (98 ) 200,891 (3,536 ) Total $ 1,138,560 $ (17,746 ) $ 3,037 $ (98 ) $ 1,141,597 $ (17,844 ) Securities Held-to-Maturity Collateralized mortgage obligations 1 $ 9,002 $ (216 ) 3 $ 28,335 $ (1,003 ) $ 37,337 $ (1,219 ) Residential mortgage-backed securities 90 970,333 (17,384 ) 4 12,631 (420 ) 982,964 (17,804 ) Commercial mortgage-backed securities 64 230,846 (4,501 ) 1 3,231 (108 ) 234,077 (4,609 ) Foreign sovereign debt 1 498 (2 ) — — 498 (2 ) Total $ 1,210,679 $ (22,103 ) $ 44,197 $ (1,531 ) $ 1,254,876 $ (23,634 ) As of December 31, 2016 Securities Available-for-Sale U.S. Treasury 14 $ 341,497 $ (6,950 ) — $ — $ — $ 341,497 $ (6,950 ) U.S. Agencies 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 ) There were $47.2 million of securities with $1.6 million in an unrealized loss position for greater than 12 months at March 31, 2017 . At December 31, 2016 , there were $48.9 million of securities with $1.7 million in an unrealized loss position for greater than 12 months. The Company does not consider these unrealized losses to be credit-related. These unrealized losses relate to changes in interest rates and market spreads. We do not intend to sell the securities and we do not believe it is more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. We conduct a quarterly assessment of our investment portfolio to determine whether any securities are other-than-temporarily impaired (“OTTI”). There has been no impairment recorded as of March 31, 2017 or December 31, 2016 . The following table presents the remaining contractual maturity of securities as of March 31, 2017 , by amortized cost and fair value. Remaining Contractual Maturity of Securities (Amounts in thousands) March 31, 2017 Available-for-Sale Held-To-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities: One year or less $ 129,138 $ 129,204 $ 204 $ 204 One year to five years 515,772 516,900 500 498 Five years to ten years 430,272 424,979 6,536 6,958 After ten years 35,470 34,361 — — All other securities: Collateralized mortgage obligations 67,260 69,335 38,556 37,337 Residential mortgage-backed securities 935,346 937,386 1,417,781 1,403,051 Commercial mortgage-backed securities — — 338,396 334,556 Total $ 2,113,258 $ 2,112,165 $ 1,801,973 $ 1,782,604 The following table presents gains on securities for the three months ended March 31, 2017 and 2016 . Securities Gains (Losses) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Proceeds from sales $ 18,029 $ 26,682 Gross realized gains $ 123 $ 553 Gross realized losses (66 ) (22 ) Net realized gains $ 57 $ 531 Income tax provision on net realized gains $ 22 $ 205 Refer to Note 11 for additional details of the securities available-for-sale portfolio and the related impact of unrealized gains (losses) on other comprehensive income. All non-marketable Community Reinvestment Act (“CRA”) qualified investments, totaling $74.1 million and $59.0 million at March 31, 2017 and December 31, 2016 , respectively, are recorded in other assets on the consolidated statements of financial condition. There has been no impairment recorded for the quarter ended March 31, 2017 and year ended December 31, 2016 . |
LOANS AND CREDIT QUALITY
LOANS AND CREDIT QUALITY | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
LOANS | LOANS AND CREDIT QUALITY The following loan portfolio and credit quality disclosures exclude covered loans. Covered loans represent loans acquired through a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction that are subject to a loss share agreement and are presented separately in the consolidated statements of financial condition. Refer to the “Covered Assets” section in this footnote for further information regarding covered loans. Loan Portfolio (Amounts in thousands) March 31, December 31, Commercial and industrial $ 7,865,161 $ 7,506,977 Commercial - owner-occupied commercial real estate 2,246,424 2,142,068 Total commercial 10,111,585 9,649,045 Commercial real estate 3,218,566 3,127,373 Commercial real estate - multi-family 1,059,403 993,352 Total commercial real estate 4,277,969 4,120,725 Construction 330,775 417,955 Residential real estate 618,658 581,757 Home equity 112,954 119,049 Personal 139,715 167,710 Total loans $ 15,591,656 $ 15,056,241 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 41,170 $ 45,220 Overdrawn demand deposits included in total loans $ 4,971 $ 2,160 We primarily lend to businesses and consumers in the market areas in which we have physical locations. We seek to diversify our loan portfolio by loan type, industry, and borrower. Loans Held-for-Sale (Amounts in thousands) March 31, December 31, Mortgage loans held-for-sale (1) $ 10,219 $ 24,934 Other loans held-for-sale (2) 32,057 78,350 Total loans held-for-sale $ 42,276 $ 103,284 (1) Comprised of residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 17 for additional information regarding mortgage loans held-for-sale. (2) Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. Carrying Value of Loans Pledged (Amounts in thousands) March 31, December 31, Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 922,207 $ 818,116 FHLB advances (2) 4,427,522 3,855,892 Total $ 5,349,729 $ 4,674,008 (1) No borrowings were outstanding at March 31, 2017 and December 31, 2016 . (2) Refer to Notes 8 and 9 for additional information regarding FHLB advances. Loan Portfolio Aging (Amounts in thousands) Delinquent Current 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days Past Due and Accruing Total Accruing Loans Nonaccrual Total Loans As of March 31, 2017 Commercial $ 10,031,469 $ 9,930 $ 2,639 $ — $ 10,044,038 $ 67,547 $ 10,111,585 Commercial real estate 4,268,237 83 — — 4,268,320 9,649 4,277,969 Construction 330,775 — — — 330,775 — 330,775 Residential real estate 611,642 2,253 — — 613,895 4,763 618,658 Home equity 109,883 — — — 109,883 3,071 112,954 Personal 139,677 24 5 — 139,706 9 139,715 Total loans $ 15,491,683 $ 12,290 $ 2,644 $ — $ 15,506,617 $ 85,039 $ 15,591,656 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 Impaired Loans Impaired loans consist of nonaccrual loans (which include nonaccrual troubled debt restructurings (“TDRs”)) and loans classified as accruing TDRs. A loan is considered impaired when, based on current information and events, either (i) management believes that it is probable that we will be unable to collect all amounts due (both principal and interest) according to the original contractual terms of the loan agreement, or (ii) it has been classified as a TDR due to providing a concession to a borrower that is inconsistent with the risk profile. The following two tables present our recorded investment in impaired loans outstanding by product segment, including our recorded investment in impaired loans, which represents the principal amount outstanding, net of unearned income, deferred loan fees and costs, and any direct principal charge-offs. Impaired Loans (Amounts in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve As of March 31, 2017 Commercial $ 156,917 $ 91,096 $ 62,425 $ 153,521 $ 19,186 Commercial real estate 9,649 8,861 788 9,649 130 Residential real estate 4,999 — 4,763 4,763 508 Home equity 5,137 1,934 3,071 5,005 347 Personal 9 — 9 9 4 Total impaired loans $ 176,711 $ 101,891 $ 71,056 $ 172,947 $ 20,175 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 Average Recorded Investment and Interest Income Recognized on Impaired Loans (1) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Average Interest Average Interest Commercial $ 128,646 $ 1,309 $ 51,994 $ 320 Commercial real estate 6,985 — 8,495 — Residential real estate 4,491 — 4,129 — Home equity 5,127 25 8,429 27 Personal 10 — 45 — Total $ 145,259 $ 1,334 $ 73,092 $ 347 (1) Represents amounts while classified as impaired for the periods presented. Credit Quality Indicators We attempt to mitigate risk through loan structure, collateral, monitoring, and other credit risk management controls. We have adopted an internal risk rating policy in which each loan is rated for credit quality with a numerical rating of 1 through 8 . Loans rated 5 and better ( 1 - 5 ratings, inclusive) are considered “pass” rated credits that we believe exhibit acceptable financial performance, cash flow, and leverage. Credits rated 6 are performing in accordance with contractual terms but are considered “special mention” as they demonstrate potential weakness that, if left unresolved, may result in deterioration in our credit position and/or the repayment prospects for the credit. Borrowers rated special mention may exhibit adverse operating trends, high leverage, tight liquidity or other credit concerns. Loans rated 7 may be classified as either accruing (“potential problem”) or nonaccrual (“nonperforming”). Potential problem loans, like special mention, are loans that are performing in accordance with contractual terms, but for which management has some level of concern (greater than that of special mention loans) about the ability of the borrowers to meet existing repayment terms in future periods. Potential problem loans continue to accrue interest but the ultimate collection of these loans in full is a risk due to the same conditions that characterize a 6 -rated credit. These credits may also have somewhat increased risk profiles as a result of the current net worth and/or paying capacity of the obligor or guarantors or a declining value of the collateral pledged. These loans generally have a well-defined weakness that may jeopardize collection of the debt and are characterized by the distinct possibility that we may sustain some loss if the deficiencies are not resolved. Although these loans are generally identified as potential problem loans and require additional attention by management, they may never become nonperforming. Nonperforming loans include nonaccrual loans risk-rated 7 or 8 and have all the weaknesses inherent in a 7 -rated potential problem loan with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently-existing facts, conditions and values, a more remote possibility. Special mention, potential problem and nonperforming loans are reviewed, at a minimum, on a quarterly basis, while all other rated credits over a certain dollar threshold, depending on loan type, are reviewed annually or more frequently as the circumstances warrant. Credit Quality Indicators (Dollars in thousands) Special Mention % of Portfolio Loan Type Potential Problem Loans % of Portfolio Loan Type Non- Performing Loans % of Portfolio Loan Type Total Loans As of March 31, 2017 Commercial $ 79,777 0.8 $ 190,181 1.9 $ 67,547 0.7 $ 10,111,585 Commercial real estate 14,552 0.3 4,456 0.1 9,649 0.2 4,277,969 Construction — — — — — — 330,775 Residential real estate 5,929 1.0 3,818 0.6 4,763 0.8 618,658 Home equity 381 0.3 152 0.1 3,071 2.7 112,954 Personal 21 * 62 * 9 * 139,715 Total $ 100,660 0.6 $ 198,669 1.3 $ 85,039 0.5 $ 15,591,656 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 * Less than 0.1% Troubled Debt Restructured Loans Troubled Debt Restructured Loans Outstanding (Amounts in thousands) March 31, 2017 December 31, 2016 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 85,974 $ 32,795 $ 63,711 $ 33,141 Commercial real estate — 5,101 — 5,857 Residential real estate — 1,227 — 1,534 Home equity 1,934 2,604 2,291 3,081 Total $ 87,908 $ 41,727 $ 66,002 $ 43,613 (1) Included in nonperforming loans. At March 31, 2017 and December 31, 2016 , credit commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing) totaled $15.0 million and $13.4 million , respectively. The following table presents the type of modification for loans that have been restructured and the post-modification recorded investment during the three months ended March 31, 2017 and 2016 . Additions to Troubled Debt Restructurings During the Period (Dollars in thousands) Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Three Months Ended March 31, 2017 Accruing: Commercial — $ — 3 $ 33,453 3 $ 33,453 Nonaccruing: Commercial 1 270 2 7,729 3 7,999 Total accruing and nonaccruing additions 1 $ 270 5 $ 41,182 6 $ 41,452 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 400 Three Months Ended March 31, 2016 Accruing: Commercial — $ — 2 $ 15,227 2 $ 15,227 Nonaccruing: Commercial 2 762 — — 2 762 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 1 73 1 73 Home equity — — 2 124 2 124 Total accruing and nonaccruing additions 3 $ 839 6 $ 16,115 9 $ 16,954 (1) Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. (2) Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. At the time an accruing loan becomes modified and meets the definition of a TDR, it is considered impaired and no longer included as part of the general loan loss reserve population. However, our general reserve methodology considers amount and the nature of TDRs that occurred during the period as a proxy for potentially heightened risk in the portfolio when establishing final reserve requirements. As impaired loans, TDRs (both accruing and nonaccruing) are evaluated for impairment at the end of each quarter with a specific valuation reserve created, or adjusted (either individually or as part of a pool), if necessary, as a component of the allowance for loan losses. Our allowance for loan losses included $6.8 million and $1.6 million in specific reserves for TDRs at March 31, 2017 , and December 31, 2016 , respectively. During the three months ended March 31, 2017 , and the three months ended March 31, 2016 , there were no loans that became nonperforming within 12 months of being modified as an accruing TDR. A loan typically becomes nonperforming and placed on nonaccrual status when the principal or interest payments are 90 days past due based on contractual terms or when an individual analysis of a borrower’s creditworthiness indicates a loan should be placed on nonaccrual status earlier than the 90-day past due date. Other Real Estate Owned (“OREO”) The following table presents the composition of property acquired as a result of borrower defaults on loans secured by real property. OREO Composition (Amounts in thousands) March 31, December 31, Single-family homes $ 121 $ 186 Land parcels 1,013 1,070 Office/industrial 451 1,003 Retail 7,303 7,944 Total OREO properties $ 8,888 $ 10,203 The recorded investment in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $843,000 at March 31, 2017 and $1.4 million at December 31, 2016 . Covered Assets Covered assets represent acquired residential mortgage loans and foreclosed real estate covered under a loss share agreement with the FDIC and include an indemnification receivable representing the present value of the expected reimbursement from the FDIC related to expected losses on the acquired loans and foreclosed real estate under such agreement. The loss share agreement will expire on September 30, 2019. The carrying amount of covered assets is presented in the following table. Covered Assets (Amounts in thousands) March 31, December 31, Residential mortgage loans (1) $ 19,689 $ 20,347 Foreclosed real estate - single-family homes 575 777 Estimated loss reimbursement by the FDIC 917 939 Total covered assets 21,181 22,063 Allowance for covered loan losses (4,931 ) (4,766 ) Net covered assets $ 16,250 $ 17,297 (1) Includes $197,000 and $203,000 of purchased credit-impaired loans as of March 31, 2017 and December 31, 2016 , respectively. The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $120,000 and $194,000 at March 31, 2017 and December 31, 2016 , respectively. |
ALLOWANCE FOR LOAN LOSSES AND R
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS | 3 Months Ended | |
Mar. 31, 2017 | ||
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) Three Months Ended March 31, Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total 2017 Allowance for Loan Losses: Balance at beginning of period $ 141,047 $ 30,626 $ 6,087 $ 3,734 $ 2,300 $ 1,971 $ 185,765 Loans charged-off (211 ) (111 ) (21 ) (60 ) — (12 ) (415 ) Recoveries on loans previously charged-off 455 331 7 28 31 35 887 Net recoveries (charge-offs) 244 220 (14 ) (32 ) 31 23 472 Provision (release) for loan losses 10,002 (1,014 ) (429 ) 1,612 (610 ) (1,183 ) 8,378 Balance at end of period $ 151,293 $ 29,832 $ 5,644 $ 5,314 $ 1,721 $ 811 $ 194,615 Ending balance, loans individually evaluated for impairment (1) $ 19,186 $ 130 $ — $ 508 $ 347 $ 4 $ 20,175 Ending balance, loans collectively evaluated for impairment $ 132,107 $ 29,702 $ 5,644 $ 4,806 $ 1,374 $ 807 $ 174,440 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 153,521 $ 9,649 $ — $ 4,763 $ 5,005 $ 9 $ 172,947 Ending balance, loans collectively evaluated for impairment 9,958,064 4,268,320 330,775 613,895 107,949 139,706 15,418,709 Total recorded investment in loans $ 10,111,585 $ 4,277,969 $ 330,775 $ 618,658 $ 112,954 $ 139,715 $ 15,591,656 2016 Allowance for Loan Losses: Balance at beginning of period $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (78 ) (1,497 ) — (484 ) (192 ) (150 ) (2,401 ) Recoveries on loans previously charged-off 187 296 19 19 34 30 585 Net recoveries (charge-offs) 109 (1,201 ) 19 (465 ) (158 ) (120 ) (1,816 ) Provision (release) for loan losses 2,960 3,548 (529 ) 269 (160 ) 348 6,436 Balance at end of period $ 120,688 $ 29,957 $ 4,931 $ 4,043 $ 3,426 $ 2,311 $ 165,356 Ending balance, loans individually evaluated for impairment (1) $ 4,671 $ 1,062 $ — $ 243 $ 775 $ — $ 6,751 Ending balance, loans collectively evaluated for impairment $ 116,017 $ 28,895 $ 4,931 $ 3,800 $ 2,651 $ 2,311 $ 158,605 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 68,204 $ 8,242 $ — $ 3,900 $ 7,548 $ 11 $ 87,905 Ending balance, loans collectively evaluated for impairment 8,609,634 3,461,744 537,304 473,363 118,548 169,167 13,369,760 Total recorded investment in loans $ 8,677,838 $ 3,469,986 $ 537,304 $ 477,263 $ 126,096 $ 169,178 $ 13,457,665 (1) Refer to Note 4 for additional information regarding impaired loans. Reserve for Unfunded Commitments (1) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 17,140 $ 11,759 Provision for unfunded commitments 753 595 Balance at end of period $ 17,893 $ 12,354 Unfunded commitments, excluding covered assets, at period end $ 6,843,413 $ 6,361,917 (1) Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss share agreement with the FDIC. Refer to Note 16 for additional details of commitments to extend credit, standby letters of credit and commercial letters of credit. | [1] |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Carrying Amount of Goodwill by Operating Segment (Amounts in thousands) March 31, 2017 December 31, 2016 Banking $ 81,755 $ 81,755 Asset management 12,286 12,286 Total goodwill $ 94,041 $ 94,041 Goodwill is not amortized but, instead, is subject to impairment tests at least on an annual basis or more often if events or circumstances occur that would indicate it is more likely than not that the fair value of a reporting unit is below its carrying value. Our annual goodwill impairment test was performed as of October 31, 2016 , and it was determined no impairment existed as of that date nor are we aware of any events or circumstances that would indicate goodwill is impaired at March 31, 2017 . There were no impairment charges for goodwill recorded in 2016 . Our annual goodwill test will be completed during fourth quarter 2017 . We have other intangible assets capitalized on the consolidated statements of financial condition in the form of core deposit premiums and client relationships. These intangible assets are being amortized over their estimated useful lives, which range from 8 to 12 years . We review other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. During the three months ended March 31, 2017 , there were no events or circumstances that we believe indicate there may be impairment of other intangible assets, and no impairment charges for other intangible assets were recorded for the three months ended March 31, 2017 . Other Intangible Assets (Dollars in thousands) Three Months Ended March 31, 2017 Year Ended December 31, 2016 Core deposit intangibles: Gross carrying amount $ 12,378 $ 12,378 Accumulated amortization 11,899 11,420 Net carrying amount $ 479 $ 958 Amortization during the period $ 479 $ 1,995 Weighted average remaining life (in years) 0.3 0.5 Client relationships: Gross carrying amount $ 1,459 $ 1,459 Accumulated amortization 1,190 1,148 Net carrying amount $ 269 $ 311 Amortization during the period $ 42 $ 166 Weighted average remaining life (in years) 3.8 4.1 Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2017 - remaining nine months $ 604 2018 98 2019 28 2020 15 2021 3 Total $ 748 |
DEPOSITS DEPOSITS
DEPOSITS DEPOSITS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
DEPOSITS | DEPOSITS Summary of Deposits (Amounts in thousands) March 31, December 31, Noninterest-bearing demand deposits $ 5,258,941 $ 5,196,587 Interest-bearing demand deposits 2,176,619 1,942,992 Savings deposits 443,934 439,689 Money market accounts 6,285,087 6,144,950 Time deposits (1) 2,544,134 2,341,011 Total deposits $ 16,708,715 $ 16,065,229 (1) Time deposits with a minimum denomination of $250,000 totaled $1.5 billion at both March 31, 2017 and December 31, 2016 . Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year Ended December 31, 2017 Second quarter $ 624,473 Third quarter 568,228 Fourth quarter 239,170 2018 519,721 2019 152,769 2020 243,297 2021 148,001 2022 and thereafter 48,475 Total $ 2,544,134 Maturities of Time Deposits of $100,000 or More (Amounts in thousands) March 31, Maturing within 3 months $ 563,428 After 3 but within 6 months 468,378 After 6 but within 12 months 454,394 After 12 months 738,452 Total $ 2,224,652 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Summary of Short-Term Borrowings (Dollars in thousands) March 31, 2017 December 31, 2016 Amount Rate Amount Rate Outstanding: FHLB advances $ 1,190,000 0.82 % $ 1,540,000 0.63 % Other borrowings 1,877 — % 1,773 0.18 % Secured borrowings 3,441 4.07 % 2,973 4.05 % Total short-term borrowings $ 1,195,318 $ 1,544,746 Unused Availability: Federal funds (1) $ 660,500 $ 620,500 FRB discount window primary credit program (2) 773,564 668,412 FHLB advances (3) 1,329,832 648,199 Revolving line of credit 60,000 60,000 (1) Our total availability of overnight Federal fund (“Fed funds”) borrowings is not a committed line of credit and is dependent upon lender availability. (2) Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. (3) As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2017 , our borrowing capacity was $2.6 billion , of which $1.3 billion was available, subject to making the required additional investment in FHLB Chicago stock. Borrowings with maturities of one year or less are classified as short-term. FHLB Advances - At March 31, 2017 , FHLB advances totaled $1.24 billion , consisting of $1.19 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 March 31, 2017 and December 31, 2016 other borrowings consisted of the Company’s obligation to a third party bank under a commercial credit card servicing arrangement and at December 31, 2016 also included 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 amortizing 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 March 31, 2017 and December 31, 2016, no amounts were drawn on the Facility. |
LONG-TERM DEBT Long-Term Debt
LONG-TERM DEBT Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-Term Debt (Dollars in thousands) Rate Type Current Rate Maturity March 31, December 31, Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.80% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.84% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.63% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,628 66,618 Subordinated debt facility (3)(4) Fixed 7.125% 2042 120,674 120,659 Subtotal $ 288,335 $ 288,310 Subsidiaries: FHLB advances (5) Fixed 3.58% - 4.68% 2019 50,000 50,000 Total long-term debt $ 338,335 $ 338,310 (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 both March 31, 2017 and December 31, 2016 . (3) Net of deferred financing costs of $4.3 million at both March 31, 2017 and December 31, 2016 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at both March 31, 2017 and December 31, 2016 . 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 10 for further information on the nature and terms of these and previously issued debentures. At March 31, 2017 , outstanding long-term FHLB advances were secured by qualifying residential, multi-family, CRE, and home equity lines of credit. From time to time, we may pledge eligible real estate mortgage-backed securities to support additional borrowings. We reclassify long-term debt to short-term borrowings when the remaining maturity becomes less than one year. Scheduled Maturities of Long-Term Debt (Amounts in thousands) Total Year Ended December 31, 2019 $ 50,000 2034 and thereafter 288,335 Total $ 338,335 |
JUNIOR SUBORDINATED DEFERRABLE
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES | JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES As of March 31, 2017 , 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 March 31, 2017 , are the sole assets of each respective trust. Our obligations under the Debentures and related documents constitute a full and unconditional guarantee by the Company on a subordinated basis of all payments on the Trust Preferred Securities. We currently have the right to redeem, in whole or in part, subject to any required regulatory approval, all or any series of the Debentures at a redemption price of 100% of the principal amount plus accrued and unpaid interest. The repayment, redemption or repurchase of any of the Debentures would be subject to the terms of the applicable indenture and result in a corresponding repayment, redemption or repurchase of an equivalent amount of the related series of Trust Preferred Securities. Any redemption of the 10% Debentures held by the PrivateBancorp Capital Trust IV also would be subject to the terms of the replacement capital covenant described below. In connection with the issuance in 2008 of the 10% Debentures, which rank junior to the other Debentures, we entered into a replacement capital covenant that relates to the redemption of the 10% Debentures and the related Trust Preferred Securities. Under the replacement capital covenant, as amended in October 2012, we committed, for the benefit of certain debt holders, that we would not repay, redeem or repurchase the 10% Debentures or the related Trust Preferred Securities prior to June 2048 unless we have (1) obtained any required regulatory approval, and (2) raised certain amounts of qualifying equity or equity-like replacement capital at any time after October 10, 2012. The replacement capital covenant benefits holders of our “covered debt” as specified under the terms of the replacement capital covenant. Currently, under the replacement capital covenant, the “covered debt” is the Debentures held by PrivateBancorp Statutory Trust II. In the event that the Company’s 7.125% subordinated debentures due 2042 are designated as or become the covered debt under the replacement capital covenant, the terms of such debentures provide that the Company is authorized to terminate the replacement capital covenant without any further action or payment. We may amend or terminate the replacement capital covenant in certain circumstances without the consent of the holders of the covered debt. Under current accounting rules, the trusts qualify as variable interest entities for which we are not the primary beneficiary and therefore are ineligible for consolidation in our financial statements. The Debentures issued by us to the trusts are included in our consolidated statements of financial condition as “long-term debt” with the corresponding interest distributions recorded as interest expense. The common shares issued by the trusts and held by us are included in other assets in our consolidated statements of financial condition with the related dividend distributions recorded in other non-interest income. Common Securities, Preferred Securities, and Related Debentures (Dollars in thousands) Common Securities Issued Trust Preferred Securities Issued (1) Principal Amount of Debentures (1) Issuance Date Coupon Rate (2) Maturity March 31, Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.80 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.84 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.63 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,628 (3 ) Total $ 3,038 $ 166,750 $ 167,661 (1) The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. (2) Reflects the coupon rate in effect at March 31, 2017 . 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 March 31, 2017 . |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
EQUITY | EQUITY Capital Stock At March 31, 2017 and December 31, 2016 , the Company had authority to issue 180 million shares of capital stock, consisting of one million shares of preferred stock, five million shares of non-voting common stock and 174 million shares of voting common stock. At March 31, 2017 and December 31, 2016 , no shares of preferred stock or non-voting common stock were issued or outstanding. The Company had 80.0 million and 79.8 million shares of voting common stock issued and outstanding at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 or December 31, 2016 . Comprehensive Income Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Three Months Ended March 31, 2017 2016 Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Balance at beginning of period $ (3,476 ) $ 5,094 $ 1,618 $ 14,048 $ 3,211 $ 17,259 Increase in unrealized gains on securities 4,431 — 4,431 18,930 — 18,930 Increase in unrealized (losses) gains on cash flow hedges — (421 ) (421 ) — 12,008 12,008 Tax (expense) benefit on increase in unrealized gains (losses) (1,693 ) 163 (1,530 ) (7,284 ) (4,646 ) (11,930 ) Other comprehensive income (losses) before reclassifications 2,738 (258 ) 2,480 11,646 7,362 19,008 Reclassification adjustment of net gains included in net income (1) (57 ) (1,213 ) (1,270 ) (531 ) (2,190 ) (2,721 ) Reclassification adjustment for tax expense on realized net gains (2) 22 467 489 205 847 1,052 Amounts reclassified from AOCI (35 ) (746 ) (781 ) (326 ) (1,343 ) (1,669 ) Net current period other comprehensive income (losses) 2,703 (1,004 ) 1,699 11,320 6,019 17,339 Balance at end of period $ (773 ) $ 4,090 $ 3,317 $ 25,368 $ 9,230 $ 34,598 (1) The amounts reclassified from AOCI for the available-for-sale securities are reported in net securities gains on the consolidated statements of income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the consolidated statements of income. (2) The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the consolidated statements of income. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2017 | |
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) Three Months Ended March 31, 2017 2016 Basic earnings per common share Net income $ 57,952 $ 49,552 Net income allocated to participating stockholders (1) (707 ) (425 ) Net income allocated to common stockholders $ 57,245 $ 49,127 Weighted-average common shares outstanding 79,516 78,550 Basic earnings per common share $ 0.72 $ 0.63 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 57,260 $ 49,134 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 79,516 78,550 Dilutive effect of stock awards (3) 1,784 1,306 Weighted-average diluted common shares outstanding 81,300 79,856 Diluted earnings per common share $ 0.70 $ 0.62 (1) Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., certain of the Company’s deferred, restricted stock and performance share units, and nonvested restricted stock awards). (2) Net income allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. (3) For the three months ended March 31, 2017 and 2016 , the weighted-average outstanding non-participating securities of 24,000 and 463,000 shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Provision Analysis (Dollars in thousands) Three Months Ended March 31, 2017 2016 Income before income taxes $ 79,484 $ 76,225 Income tax provision: Current income tax provision $ 22,426 $ 25,373 Deferred income (benefit) tax provision (894 ) 1,300 Total income tax provision $ 21,532 $ 26,673 Effective tax rate 27.1 % 35.0 % The effective tax rate includes net tax benefits from the exercise and vesting of share-based compensation. Such tax benefits totaled $4.9 million for the three months ended March 31, 2017 , and $2.1 million for three months ended March 31, 2016 . Most of the Company’s restricted stock awards vest annually in the first quarter. Additionally, the effective tax rate for the three months ended March 31, 2017 included $2.7 million in tax benefits from the completion of certain tax examinations. Deferred Tax Assets Net deferred tax assets totaled $128.6 million at March 31, 2017 and $128.8 million at December 31, 2016 . Net deferred tax assets are included in other assets in the accompanying consolidated statements of financial condition. At March 31, 2017 , we have concluded that it is more likely than not that the deferred tax assets will be realized and, accordingly, no valuation allowance was recorded. This conclusion was based in part on our recent earnings history, on both a book and tax basis, and our outlook for earnings and taxable income in future periods. At March 31, 2017 and December 31, 2016 , we had $682,000 and $3.3 million , respectively, of unrecognized tax benefits relating to uncertain tax positions that, if recognized, would impact the effective tax rate. During the three months ended March 31, 2017 , the Company's gross unrecognized tax benefits decreased by $4.0 million . While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not anticipate this change will have a material impact on the results of operations or the financial position of the Company. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [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 March 31, 2017 , and December 31, 2016 . Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Derivatives designated as hedging instruments: Interest rate contracts $ 225,000 $ 202 $ 350,000 $ 1,873 $ 75,000 $ 42 $ — $ — Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 4,780,591 $ 22,502 $ 4,490,888 $ 31,871 $ 4,780,591 $ 16,735 $ 4,490,888 $ 32,058 Foreign exchange contracts 134,497 4,268 126,447 6,579 120,012 3,619 124,598 5,901 Risk participation agreements (1) 60,721 9 61,001 10 94,073 10 93,561 11 Total client-related derivatives $ 26,779 $ 38,460 $ 20,364 $ 37,970 Other end-user derivatives: Foreign exchange contracts $ 37,531 $ 1,400 $ 19,155 $ 1,518 $ 37,928 $ 188 $ 29,943 $ 201 Mortgage banking derivatives 159 1,033 137 350 Warrants 261 263 — — Total other end-user derivatives $ 1,820 $ 2,814 $ 325 $ 551 Total derivatives not designated as hedging instruments $ 28,599 $ 41,274 $ 20,689 $ 38,521 Netting adjustments (2) (7,290 ) (15,182 ) (5,311 ) (20,399 ) Total derivatives $ 21,511 $ 27,965 $ 15,420 $ 18,122 (1) The remaining average notional amounts are shown for risk participation agreements. (2) Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. Derivatives expose us to counterparty credit risk. Credit risk is managed through our standard underwriting process. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. Additionally, credit risk is managed through the use of collateral, netting agreements, and the establishment of internal concentration limits by financial institution. Certain of our derivative contracts contain embedded credit risk contingent features that if triggered allow the derivative counterparty to terminate the derivative or require additional collateral. These contingent features are triggered if we do not meet specified financial performance indicators such as minimum capital ratios under the federal banking agencies’ guidelines. All such requirements were met at March 31, 2017 . The fair value of the derivatives with credit contingency features in a net liability position at March 31, 2017 totaled $1.4 million and $1.3 million of collateral was posted for these transactions. If the credit risk contingency features were triggered at March 31, 2017 , no additional collateral would be required to be posted to derivative counterparties and $1.4 million in outstanding derivative instruments would be immediately settled. Derivatives Designated in Hedge Relationships We use interest rate derivatives to hedge variability in forecasted interest cash flows in our loan portfolio which is comprised primarily of floating-rate loans. These derivatives are designated as cash flow hedges. The objective of our hedging program is to use interest rate derivatives to manage our exposure to interest rate movements. Cash Flow Hedges – Under our cash flow hedging program, we enter into receive fixed/pay variable interest rate swaps to convert certain floating-rate commercial loan cash flows to fixed-rate to reduce the variability in forecasted interest cash flows due to market interest rate changes. We use regression analysis to assess the effectiveness of cash flow hedges at both the inception of the hedge relationship and on an ongoing basis. Ineffectiveness is generally measured as the amount by which the cumulative change in fair value of the hedging instrument exceeds the present value of the cumulative change in the expected cash flows of the hedged item. Measured ineffectiveness is recognized directly in other non-interest income in the consolidated statements of income. During the three months ended March 31, 2017 , there were no gains or losses from cash flow hedge derivatives related to ineffectiveness that were reclassified to current earnings. The effective portion of the gains or losses on cash flow hedges are recorded, net of tax, in AOCI and are subsequently reclassified to interest income on loans in the period that the hedged interest cash flows affect earnings. As of March 31, 2017 , the maximum length of time over which forecasted interest cash flows are hedged is approximately four years . As of March 31, 2017 , $1.7 million in net deferred gains , net of tax, recorded in AOCI are expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to March 31, 2017 . There are no components of derivative gains or losses excluded from the assessment of hedge effectiveness related to our cash flow hedge strategy. During the three months ended March 31, 2017 , there were no gains or losses from cash flow hedge derivatives reclassified to current earnings because it became probable that the original forecasted transaction would not occur. Refer to Note 11 for additional information regarding the changes in AOCI related to the interest rate swaps designated as cash flow hedges. Derivatives Not Designated in Hedge Relationships Client-Related Derivatives – We offer, through our capital markets group, over-the-counter interest rate and foreign exchange derivatives to our clients, including but not limited to, interest rate swaps, interest rate options (also referred to as caps, floors, collars, etc.), foreign exchange forwards and options, as well as cash products such as foreign exchange spot transactions. When our clients enter into an interest rate or foreign exchange derivative transaction with us, we mitigate our exposure to market risk through the execution of off-setting positions with inter-bank dealer counterparties. Although the off-setting nature of transactions originated by our capital markets group limits our market risk exposure, they do expose us to other risks including counterparty credit, settlement, and operational risk. To accommodate our loan clients, we occasionally enter into risk participation agreements (“RPAs”) with counterparty banks to either accept or transfer a portion of the credit risk related to their interest rate derivatives or transfer a portion of the credit risk related to our interest rate derivatives. This allows clients to execute an interest rate derivative with one bank while allowing for distribution of the credit risk among participating members. We have entered into written RPAs in which we accept a portion of the credit risk associated with an interest rate derivative of another bank’s loan client in exchange for a fee. We manage this credit risk through our loan underwriting process, and when appropriate, the RPA is backed by collateral provided by the clients under their loan agreement. The current payment/performance risk of written RPAs is assessed using internal risk ratings which range from 2 to 7 with the latter representing the highest credit risk. The risk rating is based on several factors including the financial condition of the RPA’s underlying derivative counterparty, present economic conditions, performance trends, leverage, and liquidity. The maximum potential amount of future undiscounted payments that we could be required to make under our written RPAs assumes that the underlying derivative counterparty defaults and that the floating interest rate index of the underlying derivative remains at zero percent. In the event that we would have to pay out any amounts under our RPAs, we will seek to maximize the recovery of these amounts from assets that our clients pledged as collateral for the derivative and the related loan. Risk Participation Agreements (Dollars in thousands) March 31, December 31, Fair value of written RPAs $ 10 $ 11 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 $ 4,276 $ 4,107 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 70 % 65 % Other End-User Derivatives – We use forward commitments to sell to-be-announced securities and other commitments to sell residential mortgage loans at specified prices to economically hedge the change in fair value of customer interest rate lock commitments and residential mortgage loans held-for-sale. The forward commitments to sell and the interest rate lock commitments are considered derivatives. At March 31, 2017 , the par value of our residential mortgage loans held-for-sale totaled $10.2 million , the notional value of our interest rate lock commitments totaled $40.4 million , and the notional value of our forward commitments to sell totaled $57.8 million . We are also exposed at times to foreign exchange risk as a result of originating loans in which the principal and interest are settled in a currency other than U.S. dollars. As of March 31, 2017 , our exposure was to the Euro, Canadian dollar, Danish kroner, British pound and Australian dollar on $48.8 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, which are considered derivatives under current accounting standards. As of March 31, 2017 , warrants totaled $261,000 . Gain (Loss) Recognized on Derivative Instruments Not Designated in Hedging Relationship (Amounts in thousands) Location in Consolidated Statement of Income Three Months Ended March 31, 2017 2016 Gain on client-related derivatives: Interest rate contracts Capital markets income $ 4,817 $ 3,531 Foreign exchange contracts Capital markets income 2,089 1,660 RPAs Capital markets income 18 8 Total client-related derivatives $ 6,924 $ 5,199 Gain (loss) on end-user derivatives: Foreign exchange contracts Other income, service and charges income $ (556 ) $ (504 ) Mortgage banking derivatives Mortgage banking income (241 ) (513 ) Warrants Other income, service and charges income (15 ) 146 Total end-user derivatives $ (812 ) $ (871 ) Total net gain recognized on derivatives not designated in hedging relationship $ 6,112 $ 4,328 |
BALANCE SHEET OFFSETTING BALANC
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING | 3 Months Ended |
Mar. 31, 2017 | |
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. Cash collateral associated with derivative assets and liabilities subject to enforceable master netting agreements with the same counterparty is posted on a net basis. We have pledged cash or financial collateral in accordance with each counterparty’s collateral posting requirements for all of the Company’s derivative assets and liabilities in a net liability position as of March 31, 2017 and December 31, 2016 . Certain collateral posting requirements are subject to posting thresholds and minimum transfer amounts, such that we are only required to post collateral once the posting threshold is met, and any adjustments to the amount of collateral posted must meet minimum transfer amounts. As of March 31, 2017 , $2.0 million of cash collateral received was netted with the related financial assets on the consolidated statements of financial condition, compared to $5.2 million of cash collateral pledged that was netted with the related financial liabilities at December 31, 2016 . 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 received at March 31, 2017 and no excess cash collateral pledged at December 31, 2016 . Any securities pledged to counterparties as financial instrument collateral remain on the consolidated statements of financial condition as long as we do not default. Certain of the Company’s over-the-counter derivative assets and liabilities are cleared through a central counterparty. The parties in a centrally cleared derivative transaction exchange daily payments that reflect the daily change in value of the derivative. These payments are referred to as “variation margin.” Beginning in January 2017, the Company began treating variation margin payments as settlement payments rather than as collateral payments. As such, the variation margin payments directly reduce derivative assets and liabilities for balance sheet and disclosure presentation purposes. The following table presents information about our financial assets and liabilities and the related collateral by derivative type (e.g., interest rate contracts). As we post collateral with counterparties on the basis of our net position in all financial contracts with a given counterparty, the information presented below aggregates the financial contracts entered into with the same counterparty. Offsetting of Financial Assets and Liabilities (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset (2) Net Amount Presented on the Statement of Financial Condition Gross Amounts Not Offset on the Statement of Financial Condition (3) Net Amount Financial Instruments (4) Cash Collateral As of March 31, 2017 Financial assets: Derivatives (1) : Interest rate contracts $ 22,704 $ (3,010 ) $ 19,694 $ (404 ) $ — $ 19,290 Foreign exchange contracts 4,843 (4,260 ) 583 — — 583 RPAs 9 — 9 — — 9 Mortgage banking derivatives 20 (20 ) — — — — Total derivatives subject to a master netting agreement 27,576 (7,290 ) 20,286 (404 ) — 19,882 Total derivatives not subject to a master netting agreement 1,225 — 1,225 — — 1,225 Total derivatives $ 28,801 $ (7,290 ) $ 21,511 $ (404 ) $ — $ 21,107 Financial liabilities: Derivatives (1) : Interest rate contracts $ 16,777 $ (4,477 ) $ 12,300 $ (1,766 ) $ — $ 10,534 Foreign exchange contracts 1,758 (814 ) 944 — — 944 RPAs 10 — 10 — — 10 Mortgage banking derivatives 59 (20 ) 39 — — 39 Total derivatives subject to a master netting agreement 18,604 (5,311 ) 13,293 (1,766 ) — 11,527 Total derivatives not subject to a master netting agreement 2,127 — 2,127 — — 2,127 Total derivatives $ 20,731 $ (5,311 ) $ 15,420 $ (1,766 ) $ — $ 13,654 (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, 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 RPAs 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 RPAs 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. |
COMMITMENTS, GUARANTEES, AND CO
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES | COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES Credit Extension Commitments and Guarantees In the normal course of business, we enter into a variety of financial instruments with off-balance sheet risk to meet the financing needs of our clients and to conduct lending activities. These instruments principally include commitments to extend credit, standby letters of credit, and commercial letters of credit. These instruments involve, to varying degrees, elements of credit and liquidity risk in excess of the amounts reflected in the consolidated statements of financial condition. Contractual or Notional Amounts of Financial Instruments (1) (Amounts in thousands) March 31, December 31, Commitments to extend credit: Home equity lines $ 13,821 $ 14,880 Credit card lines 7,594 6,314 Residential 1-4 family construction 85,991 89,787 Commercial real estate, other construction, and land development 1,382,470 1,387,823 Commercial and industrial 3,843,733 3,889,323 All other commitments 1,117,435 1,052,254 Total commitments to extend credit $ 6,451,044 $ 6,440,381 Letters of credit: Financial standby $ 359,986 $ 330,350 Performance standby 37,930 39,068 Commercial letters of credit 2,324 3,627 Total letters of credit $ 400,240 $ 373,045 (1) Includes covered loan commitments of $7.9 million and $9.0 million as of March 31, 2017 and December 31, 2016 , respectively. Commitments to extend credit are agreements to lend funds to, or issue letters of credit for the account of, a client as long as there is no violation of any condition established in the credit agreement. Commitments generally have fixed expiration dates or other termination clauses and variable interest rates tied to the prime rate or LIBOR and may require payment of a fee for the unused portion of the commitment or for the amounts issued but not drawn on letters of credit. All or a portion of unfunded commitments require regulatory capital support, except for unfunded commitments of less than one year that are unconditionally cancellable. Since many of our commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements of the borrowers. As of March 31, 2017 , we had a reserve for unfunded commitments of $17.9 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 $2.8 million as of March 31, 2017 . We amortize these amounts into income over the commitment period. As of March 31, 2017 , standby letters of credit had a remaining weighted-average term of approximately 14 months , with remaining actual lives ranging from less than 1 year to 5 years . Other Commitments The Company has unfunded commitments to CRA investments and other investment partnerships totaling $68.1 million at March 31, 2017 . Of these commitments, $45.4 million related to legally-binding unfunded commitments for tax-credit investments and was included within other assets and other liabilities on the consolidated statements of financial condition. Credit Card Settlement Guarantees Our third-party corporate credit card provider issues corporate purchase credit cards on behalf of our commercial clients. The corporate purchase credit cards are issued to employees of certain of our commercial clients at the client’s direction and used for payment of business-related expenses. In most circumstances, these cards will be underwritten by our third-party provider. However, in certain circumstances, we may enter into a recourse agreement, which transfers the credit risk from the third-party provider to us in the event that the client fails to meet its financial payment obligation. In these circumstances, a total maximum exposure amount is established for our corporate client. In addition to the obligations presented in the prior table, the maximum potential future payments guaranteed by us under this third-party settlement guarantee were $20.9 million at March 31, 2017 . We believe that the estimated amounts of maximum potential future payments are not representative of our actual potential loss given our insignificant historical losses from this third-party settlement guarantee program. As of March 31, 2017 , we had no recorded contingent liability in the consolidated financial statements for this settlement guarantee program, and management believes that the probability of any loss under this arrangement is remote. Mortgage Loans Sold with Recourse Certain mortgage loans sold in the secondary market have limited recourse provisions. The losses for the three months ended March 31, 2017 and 2016 , 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 original announcement of the Company's proposed merger with CIBC in June 2016, three putative class actions were filed on behalf of our public stockholders in the Circuit Court of Cook County, Illinois. The three actions were consolidated and styled In re PrivateBancorp, Inc. Shareholder Litigation, 2016-CH-08949. All of the actions named as defendants the Company and each of its directors individually, and asserted that the directors breached their fiduciary duties in connection with the proposed transaction. Two of the complaints were also brought against CIBC and asserted that the Company and CIBC aided and abetted the directors’ alleged breaches. The actions broadly alleged 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 later filed a consolidated amended class action complaint adding the allegation that the Company’s directors had failed to disclose material information regarding the merger in the proxy statement/prospectus. The plaintiffs in the action agreed in principle not to pursue the action as a result of the inclusion of certain additional disclosures (the "Supplemental Disclosures") in the proxy statement/prospectus contained in the registration statement filed by CIBC on October 31, 2016. On March 6, 2017, the parties executed a stipulation of settlement (the "Settlement Agreement"), and on March 7, 2017 the plaintiffs dismissed the action. Pursuant to the Settlement Agreement, the three plaintiffs agreed to voluntarily dismiss the Action, without affecting the claims of the putative class, with leave to reinstate the action if the merger is not consummated on or before June 29, 2017. Defendants in turn agreed to settle plaintiffs' demand for a mootness fee for $185,000, but only upon consummation of the merger. If the merger is not consummated on or before June 29, 2017 and the action is reinstated, the Settlement Agreement will be null and void, and plaintiffs may apply to the court for a mootness fee award, which defendants may oppose, in whole or in part. The Company continues to believe the complaints are without merit, there are substantial legal and factual defenses to the claims asserted, and that proxy statement/prospectus contained in the registration statement first filed by CIBC on August 15, 2016 disclosed all material information prior to the inclusion of the Supplemental Disclosures. As of March 31, 2017 , and in the ordinary course of business, there were various other legal proceedings pending against the Company and our subsidiaries that are incidental to our regular business operations. Management does not believe that the outcome of any of these proceedings will have, individually or in the aggregate, a material adverse effect on our business, results of operations, financial condition or cash flows. |
ESTIMATED FAIR VALUE OF FINANCI
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS | ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS We measure, monitor, and disclose certain of our assets and liabilities on a fair value basis. Fair value is used on a recurring basis to account for securities available-for-sale, mortgage loans held-for-sale, derivative assets, derivative liabilities, and certain other assets and other liabilities. In addition, fair value is used on a nonrecurring basis to apply lower-of-cost-or-market accounting to foreclosed real estate and certain other loans held-for-sale, evaluate assets or liabilities for impairment, including collateral-dependent impaired loans, and for disclosure purposes. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, we use various valuation techniques and input assumptions when estimating fair value. U.S. GAAP requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value into three broad levels based on the reliability of the input assumptions. The hierarchy gives the highest priority to level 1 measurements and the lowest priority to level 3 measurements. The three levels of the fair value hierarchy are defined as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities traded in active markets. • Level 2 – Observable inputs other than level 1 prices, such as quoted prices for similar instruments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The categorization of where an asset or liability falls within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation Methodology We believe our valuation methods are appropriate and consistent with other market participants. However, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. Additionally, the methods used may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The following describes the valuation methodologies we use for assets and liabilities measured at fair value, including the general classification of the assets and liabilities pursuant to the valuation hierarchy. Securities Available-for-Sale – Securities available-for-sale include U.S. Treasury, U.S. Agencies, collateralized mortgage obligations, residential mortgage-backed securities, and state and municipal securities. 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 appraisal of the underlying collateral is obtained. For collateral-dependent impaired loans that are secured by real estate, we generally obtain “as is” appraisal values to evaluate impairment. When a collateral-dependent loan is secured by non-real estate collateral such as receivables, inventory, or equipment, the fair value is generally determined based on appraisals, field exams, or receivable reports. The valuation techniques and inputs are reviewed internally by workout and/or asset-based specialists for reasonableness of estimated liquidation costs, collectability probabilities, and other market data. Appraisals for real estate collateral-dependent impaired loans in excess of $500,000 are updated with new independent appraisals at least annually and are formally reviewed by our internal appraisal department. Additional diligence is performed at the six-month interval between annual appraisals. If during the course of the six-month review process there is evidence supporting a meaningful decline in the value of collateral, the appraised value is either adjusted downward or a new appraisal is required to support the value of the impaired loan . As part of our internal review process, we consider other factors or recent developments that could adjust the valuations indicated in the appraisals or internal reviews. The Company’s internal appraisal review process validates the reasonableness of appraisals in conjunction with analyzing sales and market data from an array of market sources. Covered Asset OREO and OREO – Covered asset OREO and OREO generated from our originated book of business are valued on a nonrecurring basis using third-party appraisals of each property and our judgment of other relevant market conditions and are classified in level 3 of the valuation hierarchy. As part of our internal review process, we consider other factors or recent developments that could adjust the valuations indicated in the appraisals or internal reviews. Updated appraisals on both OREO portfolios are typically obtained every twelve months and evaluated internally at least every six months. In addition, both property-specific and market-specific factors as well as collateral type factors are taken into consideration, which may result in obtaining more frequent appraisal updates or internal assessments. Appraisals are conducted by third-party independent appraisers under internal direction and engagement using a combination of valuation techniques such as sales comparison, income capitalization and cost approach and include inputs such as absorption rates, capitalization rate and comparables. Any appraisal with a value in excess of $250,000 is subject to a compliance review. Appraisals received with a value in excess of $1.0 million are subject to a technical review. Appraisals are either reviewed internally by our appraisal department or sent to an outside technical firm if appropriate. Both levels of review involve a scope appropriate for the complexity and risk associated with the OREO. To validate the reasonableness of the appraisals obtained, the Company compares the appraised value to the actual sales price of properties sold and analyzes the reasons why a property may be sold for less than its appraised value. 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 each exposure to the counterparty. The fair value of derivative assets and liabilities is determined based on prices obtained from third-party advisors using standardized industry models, or based on quoted market prices obtained from external pricing services. Many factors affect derivative values, including the level of interest rates, the market’s perception of our nonperformance risk as reflected in our credit spread, and our assessment of counterparty nonperformance risk. The nonperformance risk assessment is based on our evaluation of credit risk, or if available, on observable external assessments of credit risk. Values of derivative assets and liabilities are primarily based on observable inputs and are classified in level 2 of the valuation hierarchy, with the exception of certain client-related derivatives, RPAs, interest rate lock commitments and warrants, as discussed below. On a quarterly basis, the Company uses a variety of methods to validate the overall reasonableness of the fair values obtained from third-party advisors, including evaluating inputs and methodologies used by the third-party advisors, comparing prices obtained to prices received from other pricing sources, and reviewing the reasonableness of prices based on the Company’s knowledge of market liquidity and other market-related conditions. While we may challenge valuation inputs used in determining prices obtained from third parties based on our validation procedures, during the three months ended March 31, 2017 and 2016 , we did not alter the fair values ultimately provided by the third-party advisors. Level 3 derivatives include RPAs, derivatives associated with clients whose loans are risk rated 6 or higher (“watch list derivative”), interest rate lock commitments and warrants. Refer to “Credit Quality Indicators” in Note 4 for further discussion of risk ratings. For the level 3 RPAs, watch list derivatives, the Company obtains prices from third-party advisors, consistent with the valuation processes employed for the Company’s derivatives classified in level 2 of the fair value hierarchy, and then applies loss factors to adjust the prices obtained from third-party advisors. The significant unobservable inputs that are employed in the valuation process for the RPAs and watch list derivatives that cause these derivatives to be classified in level 3 of the fair value hierarchy are the historic loss factors specific to the particular industry segment and risk rating category. The loss factors are updated quarterly and are derived and aligned with the loss factors utilized in the calculation of the Company’s general reserve component of the allowance for loan losses. Changes in the fair value measurement of RPAs and watch list derivatives are largely due to changes in the fair value of the derivative, risk rating adjustments and fluctuations in the pertinent historic average loss rate. For the interest rate lock commitments on mortgage loans, the fair value is based on prices obtained for loans with similar characteristics from third-party sources, adjusted for the probability that the interest rate lock commitment will fund (the “pull-through” rate). The significant unobservable input that causes these derivatives to be classified in level 3 of the fair value hierarchy is the pull-through rate. Pull-through rates are derived using the Company’s historical data and reflect the Company’s best estimate of the likelihood that a committed loan will ultimately fund. Significant increases in this input in isolation would result in a significantly higher fair value measurement and significant decreases would result in a significantly lower fair value measurement. The fair value of our warrants to acquire stock in privately-held client companies is based on a Black-Scholes option pricing model that estimates the asset value by using stated strike prices, estimated stock prices, option expiration dates, risk-free interest rates based on a duration-matched U.S. Treasury rate, and option volatility assumptions. The significant unobservable inputs that cause these derivatives to be classified in level 3 of the fair value hierarchy are the estimated stock prices, adjustments to the option expiration dates, and option volatility assumptions. The estimated stock prices are based on the most recent valuation of the privately-held client company, adjusted as deemed appropriate for changes in relevant market conditions. Option expiration dates are modified to account for the estimated actual remaining life relative to the stated expiration of the warrants. The option volatility assumptions are based on the volatility of publicly-traded companies that operate in similar industries as the privately-held client companies. Significant increases in these inputs in isolation would result in a significantly higher fair value measurement and significant decreases would result in a significantly lower fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the hierarchy level and fair value for each major category of assets and liabilities measured at fair value at March 31, 2017 , and December 31, 2016 on a recurring basis. Fair Value Measurements on a Recurring Basis (Amounts in thousands) March 31, 2017 December 31, 2016 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 $ 592,897 $ — $ — $ 592,897 $ 542,295 $ — $ — $ 542,295 U.S. Agencies — 45,821 — 45,821 — 45,940 — 45,940 Collateralized mortgage obligations — 69,335 — 69,335 — 75,345 — 75,345 Residential mortgage-backed securities — 937,386 — 937,386 — 886,550 — 886,550 State and municipal securities — 466,726 — 466,726 — 463,395 — 463,395 Total securities available-for-sale 592,897 1,519,268 — 2,112,165 542,295 1,471,230 — 2,013,525 Mortgage loans held-for-sale — 10,219 — 10,219 — 24,934 — 24,934 Residential real estate loans (1) — 1,022 — 1,022 — 1,029 — 1,029 Derivative assets: Interest rate contract derivatives designated as hedging instruments — 202 — 202 — 1,873 — 1,873 Client-related derivatives — 26,027 752 26,779 — 37,612 848 38,460 Other end-user derivatives — 1,420 400 1,820 — 1,967 847 2,814 Netting adjustments — (7,290 ) — (7,290 ) — (15,182 ) — (15,182 ) Total derivative assets — 20,359 1,152 21,511 — 26,270 1,695 27,965 Total assets $ 592,897 $ 1,550,868 $ 1,152 $ 2,144,917 $ 542,295 $ 1,523,463 $ 1,695 $ 2,067,453 Liabilities: Derivative liabilities: Interest rate contract derivatives designated as hedging instruments $ — $ 42 $ — $ 42 $ — $ — $ — $ — Client-related derivatives — 20,354 10 20,364 — 37,959 11 37,970 Other end-user derivatives — 247 78 325 — 234 317 551 Netting adjustments — (5,311 ) — (5,311 ) — (20,399 ) — (20,399 ) Total derivative liabilities $ — $ 15,332 $ 88 $ 15,420 $ — $ 17,794 $ 328 $ 18,122 (1) Represents loans accounted for under the fair value option. If a change in valuation techniques or input assumptions for an asset or liability occurred between periods, we would consider whether this would result in a transfer between the three levels of the fair value hierarchy. There have been no transfers of assets or liabilities between level 1 and level 2 of the valuation hierarchy between December 31, 2016 and March 31, 2017 . 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, 2016 to March 31, 2017 . Reconciliation of Beginning and Ending Fair Value for Those Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (1) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Derivative Assets Derivative (Liabilities) Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Balance at beginning of period $ 1,695 $ (328 ) $ 630 $ 891 $ (265 ) Total gains (losses) included in earnings (2) 57 (84 ) 30 409 (286 ) Purchases, issuances, sales and settlements: Issuances 102 — — 420 — Settlements (860 ) 324 (660 ) (903 ) 325 Transfers into Level 3 (out of Level 2) (3) 162 — — 26 — Transfers out of Level 3 (into Level 2) (3) (4 ) — — (7 ) — Balance at end of period $ 1,152 $ (88 ) $ — $ 836 $ (226 ) Change in unrealized gains in earnings relating to assets and liabilities still held at end of period $ (23 ) $ 3 $ — $ 147 $ 16 (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) March 31, 2017 Mortgage loans held-for-sale $ 10,219 $ 10,212 $ 7 Residential real estate loans fair value option 1,022 986 36 December 31, 2016 Mortgage loans held-for-sale $ 24,934 $ 25,424 $ (490 ) Residential real estate loans fair value option $ 1,029 $ 991 $ 38 (1) The change in fair value is reflected in mortgage banking non-interest income. As of March 31, 2017 and December 31, 2016 , none of the mortgage loans held-for-sale or residential real estate loans fair value option were on nonaccrual or 90 days or more past due and still accruing interest. Changes in fair value due to instrument-specific credit risk for the three months ended March 31, 2017 , were not material . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis From time to time, we may be required to measure certain other financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets when there is evidence of impairment. The following table provides the fair value of those assets that were subject to fair value adjustments during the three months ended March 31, 2017 and 2016 , and still held at March 31, 2017 and 2016 , respectively. All fair value measurements on a nonrecurring basis were measured using level 3 of the valuation hierarchy. Fair Value Measurements on a Nonrecurring Basis (Amounts in thousands) Fair Value Net (Gains) Losses March 31, Three Months Ended March 31, 2017 2016 2017 2016 Collateral-dependent impaired loans (1) $ 36,302 $ 22,968 $ (7,861 ) $ (1,377 ) OREO (2) 8,337 2,838 480 588 Total $ 44,639 $ 25,806 $ (7,381 ) $ (789 ) (1) Represents the fair value of loans adjusted to the appraised value of the collateral with a change in specific reserves during the respective period. These fair value adjustments are recorded against the allowance for loan losses. (2) Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed property expenses in the consolidated statements of income. There have been no changes in the valuation techniques we used for assets and liabilities measured at fair value on a nonrecurring basis from December 31, 2016 , to March 31, 2017 . Additional Information Regarding Level 3 Fair Value Measurements The following table presents information regarding the unobservable inputs developed by the Company for its level 3 fair value measurements. Quantitative Information Regarding Level 3 Fair Value Measurements (Dollars in thousands) Financial Instrument: Fair Value of Assets / (Liabilities) at March 31, 2017 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 742 Discounted cash flow Loss factors 13.3% to 29.4% 17.7 % RPAs (1 ) (1) Discounted cash flow Loss factors 0.1% to 19.7% 1.0 % Interest rate lock commitments 85 Discounted cash flow Pull-through rate 71.0% to 100.0% 81.4 % OREO 8,337 Sales comparison, income capitalization and/or cost approach Property specific adjustment -18.8 % -18.8 % Warrants 261 Black-Scholes option pricing model Estimated stock price $0.59 to $13.97 $ 9.31 Remaining life assumption 9 to 10 years 9.1 years Volatility 26.0% to 61.0% 50.2 % (1) Represents fair value of underlying swap. The significant unobservable inputs used in the fair value measurement of the watch list derivatives and RPAs are the historic loss factors. A significant increase (decrease) in the pertinent loss factor would result in a significantly lower (higher) fair value measurement. Estimated Fair Value of Certain Financial Instruments U.S. GAAP requires disclosure of the estimated fair values of certain financial instruments, both assets and liabilities, on-and off-balance sheet, for which it is practical to estimate fair value. Because the disclosure of estimated fair values provided herein excludes the fair value of certain other financial instruments and all non-financial instruments, any aggregation of the estimated fair value amounts presented would not represent total underlying value. Examples of non-financial instruments having value not disclosed herein include the future earnings potential of significant customer relationships and the value of our asset management operations and other fee-generating businesses. In addition, other significant assets including property, plant, and equipment and goodwill are not considered financial instruments and, therefore, have not been included in the disclosure. Various methodologies and assumptions have been utilized in management’s determination of the estimated fair value of our financial instruments, which are detailed below. The fair value estimates are made at a discrete point in time based on relevant market information. Because no market exists for a significant portion of these financial instruments, fair value estimates are based on judgments regarding future expected economic conditions, loss experience, and risk characteristics of the financial instruments. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. In addition to the valuation methodology explained above for financial instruments recorded at fair value, the following methods and assumptions were used in estimating the fair value of financial instruments that are carried at cost in the consolidated statements of financial condition and includes the general classification of the assets and liabilities pursuant to the valuation hierarchy. Short-term financial assets and liabilities – For financial instruments with a shorter-term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value. Those financial instruments include cash and due from banks, Federal funds sold and interest-bearing deposits in banks (including the receivable for cash collateral pledged), accrued interest receivable, and accrued interest payable. Accrued interest receivable and accrued interest payable are classified consistent with the hierarchy of their corresponding assets and liabilities. Other loans held-for-sale - Included in loans held-for sale at March 31, 2017 and December 31, 2016 are $32.1 million and $78.4 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 rate structure, termination clauses provided in the agreements, and the market rate of fees charged, we have deemed the fair value of commitments outstanding to be immaterial. Financial Instruments (Amounts in thousa |
OPERATING SEGMENTS
OPERATING SEGMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS We have three primary operating segments: Banking, Asset Management and the Holding Company. With respect to the Banking and Asset Management segments, each is delineated by the products and services that it offers. The Banking operating segment is comprised of commercial and personal banking services, including mortgage originations. Commercial banking services are primarily provided to corporations and other business clients and include a wide array of lending and cash management products. Personal banking services offered to individuals, professionals, and entrepreneurs include direct lending and depository services. The Asset Management segment includes certain activities of our PrivateWealth group, including investment management, personal trust and estate administration, custodial and escrow, retirement plans and brokerage services. The activities of the third operating segment, the Holding Company, include the direct and indirect ownership of our banking subsidiary, the issuance of debt and intersegment eliminations. The accounting policies of the individual operating segments are the same as those of the Company as described in Note 1 . Transactions between operating segments are primarily conducted at fair value, resulting in profits that are eliminated from consolidated results of operations. Financial results for each segment are presented below. For segment reporting purposes, the statement of financial condition of Asset Management is included with the Banking segment. Operating Segments Performance (Amounts in thousands) Three Months Ended March 31, Banking Asset Management Holding Company and Other Adjustments Consolidated 2017 2016 2017 2016 2017 2016 2017 2016 Net interest income (expense) $ 165,721 $ 144,107 $ 1,164 $ 1,248 $ (5,867 ) $ (5,837 ) $ 161,018 $ 139,518 Provision for loan and covered loan losses 8,408 6,402 — — — — 8,408 6,402 Non-interest income 31,671 28,861 5,591 4,724 21 17 37,283 33,602 Non-interest expense 99,187 83,025 4,876 4,642 6,346 2,826 110,409 90,493 Income (loss) before taxes 89,797 83,541 1,879 1,330 (12,192 ) (8,646 ) 79,484 76,225 Income tax provision (benefit) 26,321 29,412 723 515 (5,512 ) (3,254 ) 21,532 26,673 Net income (loss) $ 63,476 $ 54,129 $ 1,156 $ 815 $ (6,680 ) $ (5,392 ) $ 57,952 $ 49,552 Banking Holding Company and Other Adjustments (1) Consolidated 3/31/2017 12/31/2016 3/31/2017 12/31/2016 3/31/2017 12/31/2016 Selected Balances Assets $ 18,175,369 $ 17,893,329 $ 2,240,849 $ 2,160,444 $ 20,416,218 $ 20,053,773 Total loans 15,591,656 15,056,241 — — 15,591,656 15,056,241 Deposits 16,753,235 16,118,043 (44,520 ) (52,814 ) 16,708,715 16,065,229 (1) Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . Consolidated VIEs (Amounts in thousands) March 31, 2017 December 31, 2016 Assets: Loans $ 21,440 $ 17,774 Accrued interest receivable 88 66 Total assets $ 21,528 $ 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. March 31, 2017 , and December 31, 2016 . Nonconsolidated VIEs (Amounts in thousands) March 31, 2017 December 31, 2016 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,661 $ — $ 167,651 $ — Community reinvestment investments and loans (2) 69,358 91,633 55,560 64,668 Restructured loans to commercial clients (2) : Outstanding loan balance 123,870 138,885 102,709 116,134 Related derivative asset 18 18 74 74 Warrants 28 28 35 35 Total $ 360,935 $ 230,564 $ 326,029 $ 180,911 (1) Net of deferred financing costs of $2.1 million at March 31, 2017 and December 31, 2016 . (2) Excludes personal loans and loans to non-for-profit entities. Trust preferred capital securities issuances – As discussed in Note 10 , we sponsor and wholly own 100% of the common equity of four trusts that were formed for the purpose of issuing Trust Preferred Securities to third-party investors and investing the proceeds therefrom in debentures issued by the Company. The trusts’ only assets are the debentures and the related interest receivable, which are included within long-term debt in our consolidated statements of financial condition. The Company is not the primary beneficiary of the trusts and, accordingly, the trusts are not consolidated in our financial statements. 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 CRA 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 2030 . 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 $56.3 million at March 31, 2017 and $42.9 million at December 31, 2016 . Commitments to provide future capital contributions totaling $45.4 million as of March 31, 2017 , are expected to be paid through 2031 . These investments are reviewed periodically for impairment. No impairment losses were recorded for the three months ended March 31, 2017 and 2016 . The following table summarizes the impact on the consolidated statement of income for the periods presented. Affordable Housing Tax Credit Investments (Amounts in thousands) Three Months Ended March 31, 2017 2016 Tax credits $ 972 $ 430 Tax benefits from operating losses $ 525 $ 147 Amortization of principal investment $ 1,154 $ 443 Restructured loans – For certain troubled commercial loans, we restructure the terms of the borrower’s debt in an effort to increase the probability of collecting amounts contractually due. Following a restructuring, the borrower entity typically meets the definition of a VIE, and economic events have proven that the entity’s equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As we do not have the power to direct the activities that most significantly impact such troubled commercial borrowers’ operations, we are not considered the primary beneficiary even in situations where, based on the size of the financing provided, we are exposed to potentially significant benefits and losses of the borrowing entity. We have no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt. Our interests in the troubled commercial borrowers include outstanding loans and related derivative assets. Our maximum exposure to loss is limited to these interests plus any additional future funding commitments. Warrants – In connection with certain negotiated credit facilities, we receive warrants to acquire stock in privately-held client companies. We have no contractual requirement to provide financial support to the borrowing entities beyond the funding commitments established at origination of the credit facilities. As we do not have the power to direct the activities that most significantly impact the client companies’ operations, we are not considered the primary beneficiary of these companies. |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Securities Portfolio | Securities Portfolio (Amounts in thousands) March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value Gains Losses Gains Losses Available-for-Sale U.S. Treasury $ 598,573 $ 458 $ (6,134 ) $ 592,897 $ 548,894 $ 351 $ (6,950 ) $ 542,295 U.S. Agencies 45,927 — (106 ) 45,821 46,043 — (103 ) 45,940 Collateralized mortgage obligations 67,260 2,126 (51 ) 69,335 73,228 2,167 (50 ) 75,345 Residential mortgage-backed securities 935,346 10,057 (8,017 ) 937,386 884,176 10,741 (8,367 ) 886,550 State and municipal securities 466,152 4,110 (3,536 ) 466,726 466,651 2,630 (5,886 ) 463,395 Total $ 2,113,258 $ 16,751 $ (17,844 ) $ 2,112,165 $ 2,018,992 $ 15,889 $ (21,356 ) $ 2,013,525 Held-to-Maturity Collateralized mortgage obligations $ 38,556 $ — $ (1,219 ) $ 37,337 $ 40,568 $ — $ (1,295 ) $ 39,273 Residential mortgage-backed securities 1,417,781 3,074 (17,804 ) 1,403,051 1,378,610 2,529 (20,218 ) 1,360,921 Commercial mortgage-backed securities 338,396 769 (4,609 ) 334,556 314,622 692 (5,153 ) 310,161 State and municipal securities 204 — — 204 204 — — 204 Foreign sovereign debt 500 — (2 ) 498 500 — — 500 Other securities 6,536 422 — 6,958 3,619 92 — 3,711 Total $ 1,801,973 $ 4,265 $ (23,634 ) $ 1,782,604 $ 1,738,123 $ 3,313 $ (26,666 ) $ 1,714,770 |
Securities in Unrealized Loss Position | Securities in Unrealized Loss Position (Amounts in thousands) Less Than 12 Months 12 Months or Longer Total Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses As of March 31, 2017 Securities Available-for-Sale U.S. Treasury 14 $ 342,105 $ (6,134 ) — $ — $ — $ 342,105 $ (6,134 ) U.S. Agencies 3 45,821 (106 ) — — — 45,821 (106 ) Collateralized mortgage obligations 7 5,414 (51 ) — — — 5,414 (51 ) Residential mortgage-backed securities 51 547,366 (8,017 ) — — — 547,366 (8,017 ) State and municipal securities 444 197,854 (3,438 ) 7 3,037 (98 ) 200,891 (3,536 ) Total $ 1,138,560 $ (17,746 ) $ 3,037 $ (98 ) $ 1,141,597 $ (17,844 ) Securities Held-to-Maturity Collateralized mortgage obligations 1 $ 9,002 $ (216 ) 3 $ 28,335 $ (1,003 ) $ 37,337 $ (1,219 ) Residential mortgage-backed securities 90 970,333 (17,384 ) 4 12,631 (420 ) 982,964 (17,804 ) Commercial mortgage-backed securities 64 230,846 (4,501 ) 1 3,231 (108 ) 234,077 (4,609 ) Foreign sovereign debt 1 498 (2 ) — — 498 (2 ) Total $ 1,210,679 $ (22,103 ) $ 44,197 $ (1,531 ) $ 1,254,876 $ (23,634 ) As of December 31, 2016 Securities Available-for-Sale U.S. Treasury 14 $ 341,497 $ (6,950 ) — $ — $ — $ 341,497 $ (6,950 ) U.S. Agencies 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 ) |
Remaining Contractual Maturity of Securities | Remaining Contractual Maturity of Securities (Amounts in thousands) March 31, 2017 Available-for-Sale Held-To-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities: One year or less $ 129,138 $ 129,204 $ 204 $ 204 One year to five years 515,772 516,900 500 498 Five years to ten years 430,272 424,979 6,536 6,958 After ten years 35,470 34,361 — — All other securities: Collateralized mortgage obligations 67,260 69,335 38,556 37,337 Residential mortgage-backed securities 935,346 937,386 1,417,781 1,403,051 Commercial mortgage-backed securities — — 338,396 334,556 Total $ 2,113,258 $ 2,112,165 $ 1,801,973 $ 1,782,604 |
Securities Gains (Losses) | Securities Gains (Losses) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Proceeds from sales $ 18,029 $ 26,682 Gross realized gains $ 123 $ 553 Gross realized losses (66 ) (22 ) Net realized gains $ 57 $ 531 Income tax provision on net realized gains $ 22 $ 205 |
LOANS AND CREDIT QUALITY (Table
LOANS AND CREDIT QUALITY (Tables) | 3 Months Ended | |
Mar. 31, 2017 | ||
Text Block [Abstract] | ||
Loan Portfolio | Loan Portfolio (Amounts in thousands) March 31, December 31, Commercial and industrial $ 7,865,161 $ 7,506,977 Commercial - owner-occupied commercial real estate 2,246,424 2,142,068 Total commercial 10,111,585 9,649,045 Commercial real estate 3,218,566 3,127,373 Commercial real estate - multi-family 1,059,403 993,352 Total commercial real estate 4,277,969 4,120,725 Construction 330,775 417,955 Residential real estate 618,658 581,757 Home equity 112,954 119,049 Personal 139,715 167,710 Total loans $ 15,591,656 $ 15,056,241 Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans $ 41,170 $ 45,220 Overdrawn demand deposits included in total loans $ 4,971 $ 2,160 | |
Loans Held-for-Sale | Loans Held-for-Sale (Amounts in thousands) March 31, December 31, Mortgage loans held-for-sale (1) $ 10,219 $ 24,934 Other loans held-for-sale (2) 32,057 78,350 Total loans held-for-sale $ 42,276 $ 103,284 (1) Comprised of residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 17 for additional information regarding mortgage loans held-for-sale. (2) Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. | |
Carrying Value of Loans Pledged | Carrying Value of Loans Pledged (Amounts in thousands) March 31, December 31, Loans pledged to secure outstanding borrowings or availability: FRB discount window borrowings (1) $ 922,207 $ 818,116 FHLB advances (2) 4,427,522 3,855,892 Total $ 5,349,729 $ 4,674,008 (1) No borrowings were outstanding at March 31, 2017 and December 31, 2016 . (2) Refer to Notes 8 and 9 for additional information regarding FHLB advances. | |
Loan Portfolio Aging | Loan Portfolio Aging (Amounts in thousands) Delinquent Current 30 – 59 Days Past Due 60 – 89 Days Past Due 90 Days Past Due and Accruing Total Accruing Loans Nonaccrual Total Loans As of March 31, 2017 Commercial $ 10,031,469 $ 9,930 $ 2,639 $ — $ 10,044,038 $ 67,547 $ 10,111,585 Commercial real estate 4,268,237 83 — — 4,268,320 9,649 4,277,969 Construction 330,775 — — — 330,775 — 330,775 Residential real estate 611,642 2,253 — — 613,895 4,763 618,658 Home equity 109,883 — — — 109,883 3,071 112,954 Personal 139,677 24 5 — 139,706 9 139,715 Total loans $ 15,491,683 $ 12,290 $ 2,644 $ — $ 15,506,617 $ 85,039 $ 15,591,656 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 | [1] |
Impaired Loans | Impaired Loans (Amounts in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Specific Reserve Recorded Investment With Specific Reserve Total Recorded Investment Specific Reserve As of March 31, 2017 Commercial $ 156,917 $ 91,096 $ 62,425 $ 153,521 $ 19,186 Commercial real estate 9,649 8,861 788 9,649 130 Residential real estate 4,999 — 4,763 4,763 508 Home equity 5,137 1,934 3,071 5,005 347 Personal 9 — 9 9 4 Total impaired loans $ 176,711 $ 101,891 $ 71,056 $ 172,947 $ 20,175 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 | |
Average Recorded Investment and Interest Income Recognized on Impaired Loans | Average Recorded Investment and Interest Income Recognized on Impaired Loans (1) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Average Interest Average Interest Commercial $ 128,646 $ 1,309 $ 51,994 $ 320 Commercial real estate 6,985 — 8,495 — Residential real estate 4,491 — 4,129 — Home equity 5,127 25 8,429 27 Personal 10 — 45 — Total $ 145,259 $ 1,334 $ 73,092 $ 347 (1) Represents amounts while classified as impaired for the periods presented. | [1] |
Credit Quality Indicators | Credit Quality Indicators (Dollars in thousands) Special Mention % of Portfolio Loan Type Potential Problem Loans % of Portfolio Loan Type Non- Performing Loans % of Portfolio Loan Type Total Loans As of March 31, 2017 Commercial $ 79,777 0.8 $ 190,181 1.9 $ 67,547 0.7 $ 10,111,585 Commercial real estate 14,552 0.3 4,456 0.1 9,649 0.2 4,277,969 Construction — — — — — — 330,775 Residential real estate 5,929 1.0 3,818 0.6 4,763 0.8 618,658 Home equity 381 0.3 152 0.1 3,071 2.7 112,954 Personal 21 * 62 * 9 * 139,715 Total $ 100,660 0.6 $ 198,669 1.3 $ 85,039 0.5 $ 15,591,656 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 * Less than 0.1% | [1] |
Troubled Debt Restructured Loans Outstanding | Troubled Debt Restructured Loans Outstanding (Amounts in thousands) March 31, 2017 December 31, 2016 Accruing Nonaccrual (1) Accruing Nonaccrual (1) Commercial $ 85,974 $ 32,795 $ 63,711 $ 33,141 Commercial real estate — 5,101 — 5,857 Residential real estate — 1,227 — 1,534 Home equity 1,934 2,604 2,291 3,081 Total $ 87,908 $ 41,727 $ 66,002 $ 43,613 (1) Included in nonperforming loans. | |
Additions To Troubled Debt Restructurings During The Period | Additions to Troubled Debt Restructurings During the Period (Dollars in thousands) Extension of Maturity Date (1) Other Concession (2) Total Number of Loans Balance Number of Loans Balance Number of Loans Balance Three Months Ended March 31, 2017 Accruing: Commercial — $ — 3 $ 33,453 3 $ 33,453 Nonaccruing: Commercial 1 270 2 7,729 3 7,999 Total accruing and nonaccruing additions 1 $ 270 5 $ 41,182 6 $ 41,452 Change in recorded investment due to principal paydown or charge-off at time of modification, net of advances $ 400 Three Months Ended March 31, 2016 Accruing: Commercial — $ — 2 $ 15,227 2 $ 15,227 Nonaccruing: Commercial 2 762 — — 2 762 Commercial real estate 1 77 1 691 2 768 Residential real estate — — 1 73 1 73 Home equity — — 2 124 2 124 Total accruing and nonaccruing additions 3 $ 839 6 $ 16,115 9 $ 16,954 (1) Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. (2) Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. | |
OREO Composition | OREO Composition (Amounts in thousands) March 31, December 31, Single-family homes $ 121 $ 186 Land parcels 1,013 1,070 Office/industrial 451 1,003 Retail 7,303 7,944 Total OREO properties $ 8,888 $ 10,203 | |
Covered Assets | Covered Assets (Amounts in thousands) March 31, December 31, Residential mortgage loans (1) $ 19,689 $ 20,347 Foreclosed real estate - single-family homes 575 777 Estimated loss reimbursement by the FDIC 917 939 Total covered assets 21,181 22,063 Allowance for covered loan losses (4,931 ) (4,766 ) Net covered assets $ 16,250 $ 17,297 (1) Includes $197,000 and $203,000 of purchased credit-impaired loans as of March 31, 2017 and December 31, 2016 , respectively. | |
[1] | ) Extension of maturity date also includes loans renewed at an existing rate of interest that is considered a below market rate for that particular loan’s risk profile. |
ALLOWANCE FOR LOAN LOSSES AND29
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED COMMITMENTS (Tables) | 3 Months Ended | |
Mar. 31, 2017 | [1] | |
Text Block [Abstract] | ||
Allowance For Loan Losses and Recorded Investment in Loans | Allowance for Loan Losses and Recorded Investment in Loans (Amounts in thousands) Three Months Ended March 31, Commercial Commercial Real Estate Construction Residential Real Estate Home Equity Personal Total 2017 Allowance for Loan Losses: Balance at beginning of period $ 141,047 $ 30,626 $ 6,087 $ 3,734 $ 2,300 $ 1,971 $ 185,765 Loans charged-off (211 ) (111 ) (21 ) (60 ) — (12 ) (415 ) Recoveries on loans previously charged-off 455 331 7 28 31 35 887 Net recoveries (charge-offs) 244 220 (14 ) (32 ) 31 23 472 Provision (release) for loan losses 10,002 (1,014 ) (429 ) 1,612 (610 ) (1,183 ) 8,378 Balance at end of period $ 151,293 $ 29,832 $ 5,644 $ 5,314 $ 1,721 $ 811 $ 194,615 Ending balance, loans individually evaluated for impairment (1) $ 19,186 $ 130 $ — $ 508 $ 347 $ 4 $ 20,175 Ending balance, loans collectively evaluated for impairment $ 132,107 $ 29,702 $ 5,644 $ 4,806 $ 1,374 $ 807 $ 174,440 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 153,521 $ 9,649 $ — $ 4,763 $ 5,005 $ 9 $ 172,947 Ending balance, loans collectively evaluated for impairment 9,958,064 4,268,320 330,775 613,895 107,949 139,706 15,418,709 Total recorded investment in loans $ 10,111,585 $ 4,277,969 $ 330,775 $ 618,658 $ 112,954 $ 139,715 $ 15,591,656 2016 Allowance for Loan Losses: Balance at beginning of period $ 117,619 $ 27,610 $ 5,441 $ 4,239 $ 3,744 $ 2,083 $ 160,736 Loans charged-off (78 ) (1,497 ) — (484 ) (192 ) (150 ) (2,401 ) Recoveries on loans previously charged-off 187 296 19 19 34 30 585 Net recoveries (charge-offs) 109 (1,201 ) 19 (465 ) (158 ) (120 ) (1,816 ) Provision (release) for loan losses 2,960 3,548 (529 ) 269 (160 ) 348 6,436 Balance at end of period $ 120,688 $ 29,957 $ 4,931 $ 4,043 $ 3,426 $ 2,311 $ 165,356 Ending balance, loans individually evaluated for impairment (1) $ 4,671 $ 1,062 $ — $ 243 $ 775 $ — $ 6,751 Ending balance, loans collectively evaluated for impairment $ 116,017 $ 28,895 $ 4,931 $ 3,800 $ 2,651 $ 2,311 $ 158,605 Recorded Investment in Loans: Ending balance, loans individually evaluated for impairment (1) $ 68,204 $ 8,242 $ — $ 3,900 $ 7,548 $ 11 $ 87,905 Ending balance, loans collectively evaluated for impairment 8,609,634 3,461,744 537,304 473,363 118,548 169,167 13,369,760 Total recorded investment in loans $ 8,677,838 $ 3,469,986 $ 537,304 $ 477,263 $ 126,096 $ 169,178 $ 13,457,665 (1) Refer to Note 4 for additional information regarding impaired loans. | |
Reserve For Unfunded Commitments | Reserve for Unfunded Commitments (1) (Amounts in thousands) Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 17,140 $ 11,759 Provision for unfunded commitments 753 595 Balance at end of period $ 17,893 $ 12,354 Unfunded commitments, excluding covered assets, at period end $ 6,843,413 $ 6,361,917 (1) Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss share agreement with the FDIC. | |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
GOODWILL AND OTHER INTANGIBLE30
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Carrying Amount of Goodwill by Operating Segment | Carrying Amount of Goodwill by Operating Segment (Amounts in thousands) March 31, 2017 December 31, 2016 Banking $ 81,755 $ 81,755 Asset management 12,286 12,286 Total goodwill $ 94,041 $ 94,041 |
Other Intangible Assets | Other Intangible Assets (Dollars in thousands) Three Months Ended March 31, 2017 Year Ended December 31, 2016 Core deposit intangibles: Gross carrying amount $ 12,378 $ 12,378 Accumulated amortization 11,899 11,420 Net carrying amount $ 479 $ 958 Amortization during the period $ 479 $ 1,995 Weighted average remaining life (in years) 0.3 0.5 Client relationships: Gross carrying amount $ 1,459 $ 1,459 Accumulated amortization 1,190 1,148 Net carrying amount $ 269 $ 311 Amortization during the period $ 42 $ 166 Weighted average remaining life (in years) 3.8 4.1 |
Scheduled Amortization of Other Intangible Assets | Scheduled Amortization of Other Intangible Assets (Amounts in thousands) Total Year Ended December 31, 2017 - remaining nine months $ 604 2018 98 2019 28 2020 15 2021 3 Total $ 748 |
DEPOSITS DEPOSITS (Tables)
DEPOSITS DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary of Deposits | Summary of Deposits (Amounts in thousands) March 31, December 31, Noninterest-bearing demand deposits $ 5,258,941 $ 5,196,587 Interest-bearing demand deposits 2,176,619 1,942,992 Savings deposits 443,934 439,689 Money market accounts 6,285,087 6,144,950 Time deposits (1) 2,544,134 2,341,011 Total deposits $ 16,708,715 $ 16,065,229 (1) Time deposits with a minimum denomination of $250,000 totaled $1.5 billion at both March 31, 2017 and December 31, 2016 . |
Scheduled Maturities of Time Deposits | Scheduled Maturities of Time Deposits (Amounts in thousands) Total Year Ended December 31, 2017 Second quarter $ 624,473 Third quarter 568,228 Fourth quarter 239,170 2018 519,721 2019 152,769 2020 243,297 2021 148,001 2022 and thereafter 48,475 Total $ 2,544,134 |
Maturities of Time Deposits of $100,000 or More | Maturities of Time Deposits of $100,000 or More (Amounts in thousands) March 31, Maturing within 3 months $ 563,428 After 3 but within 6 months 468,378 After 6 but within 12 months 454,394 After 12 months 738,452 Total $ 2,224,652 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Summary Of Short-Term Borrowings | Summary of Short-Term Borrowings (Dollars in thousands) March 31, 2017 December 31, 2016 Amount Rate Amount Rate Outstanding: FHLB advances $ 1,190,000 0.82 % $ 1,540,000 0.63 % Other borrowings 1,877 — % 1,773 0.18 % Secured borrowings 3,441 4.07 % 2,973 4.05 % Total short-term borrowings $ 1,195,318 $ 1,544,746 Unused Availability: Federal funds (1) $ 660,500 $ 620,500 FRB discount window primary credit program (2) 773,564 668,412 FHLB advances (3) 1,329,832 648,199 Revolving line of credit 60,000 60,000 (1) Our total availability of overnight Federal fund (“Fed funds”) borrowings is not a committed line of credit and is dependent upon lender availability. (2) Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. (3) As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2017 , our borrowing capacity was $2.6 billion , of which $1.3 billion was available, subject to making the required additional investment in FHLB Chicago stock |
LONG-TERM DEBT Long-Term Debt (
LONG-TERM DEBT Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | Long-Term Debt (Dollars in thousands) Rate Type Current Rate Maturity March 31, December 31, Parent Company: Junior Subordinated Debentures (1) Bloomfield Hills Statutory Trust I Floating, three-month LIBOR + 2.65% 3.80% 2034 $ 8,248 $ 8,248 PrivateBancorp Statutory Trust II Floating, three-month LIBOR + 1.71% 2.84% 2035 51,547 51,547 PrivateBancorp Statutory Trust III Floating, three-month LIBOR + 1.50% 2.63% 2035 41,238 41,238 PrivateBancorp Statutory Trust IV (2) Fixed 10.00% 2068 66,628 66,618 Subordinated debt facility (3)(4) Fixed 7.125% 2042 120,674 120,659 Subtotal $ 288,335 $ 288,310 Subsidiaries: FHLB advances (5) Fixed 3.58% - 4.68% 2019 50,000 50,000 Total long-term debt $ 338,335 $ 338,310 (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 both March 31, 2017 and December 31, 2016 . (3) Net of deferred financing costs of $4.3 million at both March 31, 2017 and December 31, 2016 . (4) Qualifies as Tier 2 capital for regulatory capital purposes. (5) Weighted average interest rate was 3.75% at both March 31, 2017 and December 31, 2016 . |
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 288,335 Total $ 338,335 |
JUNIOR SUBORDINATED DEFERRABL34
JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES HELD BY TRUSTS THAT ISSUED TRUST PREFERRED SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Common Securities, Preferred Securities, and Related Debentures | Common Securities, Preferred Securities, and Related Debentures (Dollars in thousands) Common Securities Issued Trust Preferred Securities Issued (1) Principal Amount of Debentures (1) Issuance Date Coupon Rate (2) Maturity March 31, Bloomfield Hills Statutory Trust I May 2004 $ 248 $ 8,000 3.80 % June 2034 $ 8,248 PrivateBancorp Statutory Trust II June 2005 1,547 50,000 2.84 % Sept. 2035 51,547 PrivateBancorp Statutory Trust III Dec. 2005 1,238 40,000 2.63 % Dec. 2035 41,238 PrivateBancorp Capital Trust IV May 2008 5 68,750 10.00 % June 2068 66,628 (3 ) Total $ 3,038 $ 166,750 $ 167,661 (1) The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. (2) Reflects the coupon rate in effect at March 31, 2017 . 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 March 31, 2017 . |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Change in Accumulated Other Comprehensive Income by Component | Change in Accumulated Other Comprehensive Income (“AOCI”) by Component (Amounts in thousands) Three Months Ended March 31, 2017 2016 Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Unrealized Gain on Available-for-Sale Securities Accumulated Gain on Effective Cash Flow Hedges Total Balance at beginning of period $ (3,476 ) $ 5,094 $ 1,618 $ 14,048 $ 3,211 $ 17,259 Increase in unrealized gains on securities 4,431 — 4,431 18,930 — 18,930 Increase in unrealized (losses) gains on cash flow hedges — (421 ) (421 ) — 12,008 12,008 Tax (expense) benefit on increase in unrealized gains (losses) (1,693 ) 163 (1,530 ) (7,284 ) (4,646 ) (11,930 ) Other comprehensive income (losses) before reclassifications 2,738 (258 ) 2,480 11,646 7,362 19,008 Reclassification adjustment of net gains included in net income (1) (57 ) (1,213 ) (1,270 ) (531 ) (2,190 ) (2,721 ) Reclassification adjustment for tax expense on realized net gains (2) 22 467 489 205 847 1,052 Amounts reclassified from AOCI (35 ) (746 ) (781 ) (326 ) (1,343 ) (1,669 ) Net current period other comprehensive income (losses) 2,703 (1,004 ) 1,699 11,320 6,019 17,339 Balance at end of period $ (773 ) $ 4,090 $ 3,317 $ 25,368 $ 9,230 $ 34,598 (1) The amounts reclassified from AOCI for the available-for-sale securities are reported in net securities gains on the consolidated statements of income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the consolidated statements of income. (2) The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the consolidated statements of income. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Basic and Diluted Earnings Per Common Share | Basic and Diluted Earnings per Common Share (Amounts in thousands, except per share data) Three Months Ended March 31, 2017 2016 Basic earnings per common share Net income $ 57,952 $ 49,552 Net income allocated to participating stockholders (1) (707 ) (425 ) Net income allocated to common stockholders $ 57,245 $ 49,127 Weighted-average common shares outstanding 79,516 78,550 Basic earnings per common share $ 0.72 $ 0.63 Diluted earnings per common share Diluted earnings applicable to common stockholders (2) $ 57,260 $ 49,134 Weighted-average diluted common shares outstanding: Weighted-average common shares outstanding 79,516 78,550 Dilutive effect of stock awards (3) 1,784 1,306 Weighted-average diluted common shares outstanding 81,300 79,856 Diluted earnings per common share $ 0.70 $ 0.62 (1) Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., certain of the Company’s deferred, restricted stock and performance share units, and nonvested restricted stock awards). (2) Net income allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. (3) For the three months ended March 31, 2017 and 2016 , the weighted-average outstanding non-participating securities of 24,000 and 463,000 shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Income Tax Provision Analysis | Income Tax Provision Analysis (Dollars in thousands) Three Months Ended March 31, 2017 2016 Income before income taxes $ 79,484 $ 76,225 Income tax provision: Current income tax provision $ 22,426 $ 25,373 Deferred income (benefit) tax provision (894 ) 1,300 Total income tax provision $ 21,532 $ 26,673 Effective tax rate 27.1 % 35.0 % |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Notional Amounts and Fair Value of Derivative Instruments | Notional Amounts and Fair Value of Derivative Instruments (Amounts in thousands) Asset Derivatives Liability Derivatives March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Notional Fair Value Notional Fair Value Notional Fair Value Notional Fair Value Derivatives designated as hedging instruments: Interest rate contracts $ 225,000 $ 202 $ 350,000 $ 1,873 $ 75,000 $ 42 $ — $ — Derivatives not designated as hedging instruments: Client-related derivatives: Interest rate contracts $ 4,780,591 $ 22,502 $ 4,490,888 $ 31,871 $ 4,780,591 $ 16,735 $ 4,490,888 $ 32,058 Foreign exchange contracts 134,497 4,268 126,447 6,579 120,012 3,619 124,598 5,901 Risk participation agreements (1) 60,721 9 61,001 10 94,073 10 93,561 11 Total client-related derivatives $ 26,779 $ 38,460 $ 20,364 $ 37,970 Other end-user derivatives: Foreign exchange contracts $ 37,531 $ 1,400 $ 19,155 $ 1,518 $ 37,928 $ 188 $ 29,943 $ 201 Mortgage banking derivatives 159 1,033 137 350 Warrants 261 263 — — Total other end-user derivatives $ 1,820 $ 2,814 $ 325 $ 551 Total derivatives not designated as hedging instruments $ 28,599 $ 41,274 $ 20,689 $ 38,521 Netting adjustments (2) (7,290 ) (15,182 ) (5,311 ) (20,399 ) Total derivatives $ 21,511 $ 27,965 $ 15,420 $ 18,122 (1) The remaining average notional amounts are shown for risk participation agreements. (2) Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. |
Risk Participation Agreements | Risk Participation Agreements (Dollars in thousands) March 31, December 31, Fair value of written RPAs $ 10 $ 11 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 $ 4,276 $ 4,107 Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral 70 % 65 % |
Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship | Gain (Loss) Recognized on Derivative Instruments Not Designated in Hedging Relationship (Amounts in thousands) Location in Consolidated Statement of Income Three Months Ended March 31, 2017 2016 Gain on client-related derivatives: Interest rate contracts Capital markets income $ 4,817 $ 3,531 Foreign exchange contracts Capital markets income 2,089 1,660 RPAs Capital markets income 18 8 Total client-related derivatives $ 6,924 $ 5,199 Gain (loss) on end-user derivatives: Foreign exchange contracts Other income, service and charges income $ (556 ) $ (504 ) Mortgage banking derivatives Mortgage banking income (241 ) (513 ) Warrants Other income, service and charges income (15 ) 146 Total end-user derivatives $ (812 ) $ (871 ) Total net gain recognized on derivatives not designated in hedging relationship $ 6,112 $ 4,328 |
BALANCE SHEET OFFSETTING BALA39
BALANCE SHEET OFFSETTING BALANCE SHEET OFFSETTING (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Offsetting of Financial Assets and Liabilities | Offsetting of Financial Assets and Liabilities (Amounts in thousands) Gross Amounts of Recognized Assets / Liabilities Gross Amounts Offset (2) Net Amount Presented on the Statement of Financial Condition Gross Amounts Not Offset on the Statement of Financial Condition (3) Net Amount Financial Instruments (4) Cash Collateral As of March 31, 2017 Financial assets: Derivatives (1) : Interest rate contracts $ 22,704 $ (3,010 ) $ 19,694 $ (404 ) $ — $ 19,290 Foreign exchange contracts 4,843 (4,260 ) 583 — — 583 RPAs 9 — 9 — — 9 Mortgage banking derivatives 20 (20 ) — — — — Total derivatives subject to a master netting agreement 27,576 (7,290 ) 20,286 (404 ) — 19,882 Total derivatives not subject to a master netting agreement 1,225 — 1,225 — — 1,225 Total derivatives $ 28,801 $ (7,290 ) $ 21,511 $ (404 ) $ — $ 21,107 Financial liabilities: Derivatives (1) : Interest rate contracts $ 16,777 $ (4,477 ) $ 12,300 $ (1,766 ) $ — $ 10,534 Foreign exchange contracts 1,758 (814 ) 944 — — 944 RPAs 10 — 10 — — 10 Mortgage banking derivatives 59 (20 ) 39 — — 39 Total derivatives subject to a master netting agreement 18,604 (5,311 ) 13,293 (1,766 ) — 11,527 Total derivatives not subject to a master netting agreement 2,127 — 2,127 — — 2,127 Total derivatives $ 20,731 $ (5,311 ) $ 15,420 $ (1,766 ) $ — $ 13,654 (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, 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 RPAs 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 RPAs 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. |
COMMITMENTS, GUARANTEES, AND 40
COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Contractual or Notional Amounts of Financial Instruments | Contractual or Notional Amounts of Financial Instruments (1) (Amounts in thousands) March 31, December 31, Commitments to extend credit: Home equity lines $ 13,821 $ 14,880 Credit card lines 7,594 6,314 Residential 1-4 family construction 85,991 89,787 Commercial real estate, other construction, and land development 1,382,470 1,387,823 Commercial and industrial 3,843,733 3,889,323 All other commitments 1,117,435 1,052,254 Total commitments to extend credit $ 6,451,044 $ 6,440,381 Letters of credit: Financial standby $ 359,986 $ 330,350 Performance standby 37,930 39,068 Commercial letters of credit 2,324 3,627 Total letters of credit $ 400,240 $ 373,045 (1) Includes covered loan commitments of $7.9 million and $9.0 million as of March 31, 2017 and December 31, 2016 , respectively. |
ESTIMATED FAIR VALUE OF FINAN41
ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Fair Value Measurements on a Recurring Basis | Fair Value Measurements on a Recurring Basis (Amounts in thousands) March 31, 2017 December 31, 2016 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 $ 592,897 $ — $ — $ 592,897 $ 542,295 $ — $ — $ 542,295 U.S. Agencies — 45,821 — 45,821 — 45,940 — 45,940 Collateralized mortgage obligations — 69,335 — 69,335 — 75,345 — 75,345 Residential mortgage-backed securities — 937,386 — 937,386 — 886,550 — 886,550 State and municipal securities — 466,726 — 466,726 — 463,395 — 463,395 Total securities available-for-sale 592,897 1,519,268 — 2,112,165 542,295 1,471,230 — 2,013,525 Mortgage loans held-for-sale — 10,219 — 10,219 — 24,934 — 24,934 Residential real estate loans (1) — 1,022 — 1,022 — 1,029 — 1,029 Derivative assets: Interest rate contract derivatives designated as hedging instruments — 202 — 202 — 1,873 — 1,873 Client-related derivatives — 26,027 752 26,779 — 37,612 848 38,460 Other end-user derivatives — 1,420 400 1,820 — 1,967 847 2,814 Netting adjustments — (7,290 ) — (7,290 ) — (15,182 ) — (15,182 ) Total derivative assets — 20,359 1,152 21,511 — 26,270 1,695 27,965 Total assets $ 592,897 $ 1,550,868 $ 1,152 $ 2,144,917 $ 542,295 $ 1,523,463 $ 1,695 $ 2,067,453 Liabilities: Derivative liabilities: Interest rate contract derivatives designated as hedging instruments $ — $ 42 $ — $ 42 $ — $ — $ — $ — Client-related derivatives — 20,354 10 20,364 — 37,959 11 37,970 Other end-user derivatives — 247 78 325 — 234 317 551 Netting adjustments — (5,311 ) — (5,311 ) — (20,399 ) — (20,399 ) Total derivative liabilities $ — $ 15,332 $ 88 $ 15,420 $ — $ 17,794 $ 328 $ 18,122 (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) Three Months Ended March 31, 2017 2016 Derivative Assets Derivative (Liabilities) Available- for-Sale Securities Derivative Assets Derivative (Liabilities) Balance at beginning of period $ 1,695 $ (328 ) $ 630 $ 891 $ (265 ) Total gains (losses) included in earnings (2) 57 (84 ) 30 409 (286 ) Purchases, issuances, sales and settlements: Issuances 102 — — 420 — Settlements (860 ) 324 (660 ) (903 ) 325 Transfers into Level 3 (out of Level 2) (3) 162 — — 26 — Transfers out of Level 3 (into Level 2) (3) (4 ) — — (7 ) — Balance at end of period $ 1,152 $ (88 ) $ — $ 836 $ (226 ) Change in unrealized gains in earnings relating to assets and liabilities still held at end of period $ (23 ) $ 3 $ — $ 147 $ 16 (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) March 31, 2017 Mortgage loans held-for-sale $ 10,219 $ 10,212 $ 7 Residential real estate loans fair value option 1,022 986 36 December 31, 2016 Mortgage loans held-for-sale $ 24,934 $ 25,424 $ (490 ) Residential real estate loans fair value option $ 1,029 $ 991 $ 38 (1) The change in fair value is reflected in mortgage banking non-interest income. |
Fair Value Measurements on a Nonrecurring Basis | The following table provides the fair value of those assets that were subject to fair value adjustments during the three months ended March 31, 2017 and 2016 , and still held at March 31, 2017 and 2016 , respectively. All fair value measurements on a nonrecurring basis were measured using level 3 of the valuation hierarchy. Fair Value Measurements on a Nonrecurring Basis (Amounts in thousands) Fair Value Net (Gains) Losses March 31, Three Months Ended March 31, 2017 2016 2017 2016 Collateral-dependent impaired loans (1) $ 36,302 $ 22,968 $ (7,861 ) $ (1,377 ) OREO (2) 8,337 2,838 480 588 Total $ 44,639 $ 25,806 $ (7,381 ) $ (789 ) (1) Represents the fair value of loans adjusted to the appraised value of the collateral with a change in specific reserves during the respective period. These fair value adjustments are recorded against the allowance for loan losses. (2) Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed property expenses in the consolidated statements of income. |
Quantitative Information Regarding Level 3 Fair Value Measurements | Quantitative Information Regarding Level 3 Fair Value Measurements (Dollars in thousands) Financial Instrument: Fair Value of Assets / (Liabilities) at March 31, 2017 Valuation Technique(s) Unobservable Input Range Weighted Average Watch list derivatives $ 742 Discounted cash flow Loss factors 13.3% to 29.4% 17.7 % RPAs (1 ) (1) Discounted cash flow Loss factors 0.1% to 19.7% 1.0 % Interest rate lock commitments 85 Discounted cash flow Pull-through rate 71.0% to 100.0% 81.4 % OREO 8,337 Sales comparison, income capitalization and/or cost approach Property specific adjustment -18.8 % -18.8 % Warrants 261 Black-Scholes option pricing model Estimated stock price $0.59 to $13.97 $ 9.31 Remaining life assumption 9 to 10 years 9.1 years Volatility 26.0% to 61.0% 50.2 % (1) Represents fair value of underlying swap. |
Financial Instruments | Financial Instruments (Amounts in thousands) As of March 31, 2017 Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 Financial Assets: Cash and due from banks $ 166,012 $ 166,012 $ 166,012 $ — $ — Federal funds sold and interest-bearing deposits in banks 335,943 335,943 — 335,943 — Loans held-for-sale 42,276 42,276 — 42,276 — Securities available-for-sale 2,112,165 2,112,165 592,897 1,519,268 — Securities held-to-maturity 1,801,973 1,782,604 — 1,782,604 — FHLB stock 38,163 38,163 — 38,163 — Loans, net of allowance for loan losses and unearned fees 15,397,041 15,342,966 — 1,022 15,341,944 Covered assets, net of allowance for covered loan losses 16,250 21,067 — — 21,067 Accrued interest receivable 57,316 57,316 — — 57,316 Investment in BOLI 58,449 58,449 — — 58,449 Derivative assets 21,511 21,511 — 20,359 1,152 Community reinvestment investments 10,871 8,861 — 8,861 — Financial Liabilities: Deposits $ 16,708,715 $ 16,701,830 $ — $ 14,164,581 $ 2,537,249 Short-term borrowings 1,195,318 1,194,883 — 1,189,664 5,219 Long-term debt 338,335 322,342 198,404 52,499 71,439 Accrued interest payable 9,590 9,590 — — 9,590 Derivative liabilities 15,420 15,420 — 15,332 88 Financial Instruments (Continued) (Amounts in thousands) As of December 31, 2016 Carrying Amount Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 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 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Operating Segments Performance | Operating Segments Performance (Amounts in thousands) Three Months Ended March 31, Banking Asset Management Holding Company and Other Adjustments Consolidated 2017 2016 2017 2016 2017 2016 2017 2016 Net interest income (expense) $ 165,721 $ 144,107 $ 1,164 $ 1,248 $ (5,867 ) $ (5,837 ) $ 161,018 $ 139,518 Provision for loan and covered loan losses 8,408 6,402 — — — — 8,408 6,402 Non-interest income 31,671 28,861 5,591 4,724 21 17 37,283 33,602 Non-interest expense 99,187 83,025 4,876 4,642 6,346 2,826 110,409 90,493 Income (loss) before taxes 89,797 83,541 1,879 1,330 (12,192 ) (8,646 ) 79,484 76,225 Income tax provision (benefit) 26,321 29,412 723 515 (5,512 ) (3,254 ) 21,532 26,673 Net income (loss) $ 63,476 $ 54,129 $ 1,156 $ 815 $ (6,680 ) $ (5,392 ) $ 57,952 $ 49,552 Banking Holding Company and Other Adjustments (1) Consolidated 3/31/2017 12/31/2016 3/31/2017 12/31/2016 3/31/2017 12/31/2016 Selected Balances Assets $ 18,175,369 $ 17,893,329 $ 2,240,849 $ 2,160,444 $ 20,416,218 $ 20,053,773 Total loans 15,591,656 15,056,241 — — 15,591,656 15,056,241 Deposits 16,753,235 16,118,043 (44,520 ) (52,814 ) 16,708,715 16,065,229 (1) Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Consolidated Variable Interest Entities | Consolidated VIEs (Amounts in thousands) March 31, 2017 December 31, 2016 Assets: Loans $ 21,440 $ 17,774 Accrued interest receivable 88 66 Total assets $ 21,528 $ 17,840 |
Nonconsolidated Variable Interest Entities | Nonconsolidated VIEs (Amounts in thousands) March 31, 2017 December 31, 2016 Carrying Amount Maximum Exposure to Loss Carrying Amount Maximum Exposure to Loss Trust preferred capital securities issuances (1) $ 167,661 $ — $ 167,651 $ — Community reinvestment investments and loans (2) 69,358 91,633 55,560 64,668 Restructured loans to commercial clients (2) : Outstanding loan balance 123,870 138,885 102,709 116,134 Related derivative asset 18 18 74 74 Warrants 28 28 35 35 Total $ 360,935 $ 230,564 $ 326,029 $ 180,911 (1) Net of deferred financing costs of $2.1 million at March 31, 2017 and December 31, 2016 . (2) Excludes personal loans and loans to non-for-profit entities. |
Affordable Housing Tax Credit Investments | Affordable Housing Tax Credit Investments (Amounts in thousands) Three Months Ended March 31, 2017 2016 Tax credits $ 972 $ 430 Tax benefits from operating losses $ 525 $ 147 Amortization of principal investment $ 1,154 $ 443 |
ORGANIZATION AND SUMMARY OF S44
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Millions | May 04, 2017 | May 03, 2017 | Mar. 30, 2017 | Jun. 29, 2016 | Mar. 31, 2017 | May 09, 2017 |
Business Acquisition [Line Items] | ||||||
Business acquisition, Date of acquisition agreement | Jun. 29, 2016 | |||||
Cash receivable for each share related to business acquisition | $ 24.20 | $ 18.80 | ||||
Business Acquisition, Date of Amendment To Acquisition Agreement | Mar. 30, 2017 | |||||
Payments for merger related costs | $ 1.6 | |||||
Canadian Imperial Bank of Commerce [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, Equity interest issued or issuable, Number of shares | 0.4176 | 0.3657 | ||||
Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash receivable for each share related to business acquisition | $ 27.20 | |||||
Business Acquisition, Date of Second Amendment To Acquisition Agreement | May 4, 2017 | |||||
Business Combination, Consideration, Total value | $ 4,900 | |||||
Business combination, Consideration, Total value per share | $ 60.43 | |||||
Subsequent Event [Member] | Canadian Imperial Bank of Commerce [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, Equity interest issued or issuable, Number of shares | 0.4176 | |||||
Share price day before amendment to acquisition agreement | $ 79.58 |
Securities (Securities Portfoli
Securities (Securities Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | $ 2,113,258 | $ 2,018,992 |
Securities Available-for-Sale, Gross Unrealized Gains | 16,751 | 15,889 |
Securities Available-for-Sale, Gross Unrealized Losses | (17,844) | (21,356) |
Securities Available-for-Sale, Fair Value | 2,112,165 | 2,013,525 |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 1,801,973 | 1,738,123 |
Securities Held-to-Maturity, Gross Unrealized Gains | 4,265 | 3,313 |
Securities Held-to-Maturity, Gross Unrealized Losses | (23,634) | (26,666) |
Securities Held-to-Maturity, Fair Value | 1,782,604 | 1,714,770 |
U.S. Treasury [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | 598,573 | 548,894 |
Securities Available-for-Sale, Gross Unrealized Gains | 458 | 351 |
Securities Available-for-Sale, Gross Unrealized Losses | (6,134) | (6,950) |
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 |
U.S. Agencies [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | 45,927 | 46,043 |
Securities Available-for-Sale, Gross Unrealized Gains | 0 | 0 |
Securities Available-for-Sale, Gross Unrealized Losses | (106) | (103) |
Securities Available-for-Sale, Fair Value | 45,821 | 45,940 |
Collateralized mortgage obligations [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | 67,260 | 73,228 |
Securities Available-for-Sale, Gross Unrealized Gains | 2,126 | 2,167 |
Securities Available-for-Sale, Gross Unrealized Losses | (51) | (50) |
Securities Available-for-Sale, Fair Value | 69,335 | 75,345 |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 38,556 | 40,568 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (1,219) | (1,295) |
Securities Held-to-Maturity, Fair Value | 37,337 | 39,273 |
Residential mortgage-backed securities [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | 935,346 | 884,176 |
Securities Available-for-Sale, Gross Unrealized Gains | 10,057 | 10,741 |
Securities Available-for-Sale, Gross Unrealized Losses | (8,017) | (8,367) |
Securities Available-for-Sale, Fair Value | 937,386 | 886,550 |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 1,417,781 | 1,378,610 |
Securities Held-to-Maturity, Gross Unrealized Gains | 3,074 | 2,529 |
Securities Held-to-Maturity, Gross Unrealized Losses | (17,804) | (20,218) |
Securities Held-to-Maturity, Fair Value | 1,403,051 | 1,360,921 |
Commercial mortgage-backed securities [Member] | ||
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 338,396 | 314,622 |
Securities Held-to-Maturity, Gross Unrealized Gains | 769 | 692 |
Securities Held-to-Maturity, Gross Unrealized Losses | (4,609) | (5,153) |
Securities Held-to-Maturity, Fair Value | 334,556 | 310,161 |
State and municipal securities [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Amortized Cost | 466,152 | 466,651 |
Securities Available-for-Sale, Gross Unrealized Gains | 4,110 | 2,630 |
Securities Available-for-Sale, Gross Unrealized Losses | (3,536) | (5,886) |
Securities Available-for-Sale, Fair Value | 466,726 | 463,395 |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 204 | 204 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Fair Value | 204 | 204 |
Foreign sovereign debt [Member] | ||
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 500 | 500 |
Securities Held-to-Maturity, Gross Unrealized Gains | 0 | 0 |
Securities Held-to-Maturity, Gross Unrealized Losses | (2) | 0 |
Securities Held-to-Maturity, Fair Value | 498 | 500 |
Other securities | ||
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Amortized Cost | 6,536 | 3,619 |
Securities Held-to-Maturity, Gross Unrealized Gains | 422 | 92 |
Securities Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Securities Held-to-Maturity, Fair Value | $ 6,958 | $ 3,711 |
Securities (Narrative) (Detail)
Securities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Disclosure Securities Narrative [Abstract] | ||
Available-for-sale and held-to-maturity securities, pledged, carrying value | $ 349,700 | $ 351,400 |
Securities pledged as collateral which may be sold or re-pledged by the secured party | 84,900 | 86,700 |
Investments securities from one issuer that exceeds maximum percentage | $ 0 | $ 0 |
Percentage of securities portfolio from one issuer, maximum | 10.00% | 10.00% |
Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 47,200 | $ 48,900 |
Securities, Continuous Unrealized Loss Position, 12 Months Or Longer, Aggregate Losses | $ 1,600 | $ 1,700 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Level of Subordination | 0 | 0 |
Non-marketable Community Reinvestment Act qualified investments | $ 74,100 | $ 59,000 |
Impairment on non-marketable investments | $ 0 | $ 0 |
Securities (Securities In Unrea
Securities (Securities In Unrealized Loss Position) (Detail) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 1,138,560 | $ 1,236,834 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (17,746) | (21,234) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 3,037 | 2,462 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (98) | (122) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 1,141,597 | 1,239,296 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | (17,844) | (21,356) |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,210,679 | 1,240,337 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (22,103) | (25,103) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 44,197 | 46,409 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,531) | (1,563) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 1,254,876 | 1,286,746 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (23,634) | $ (26,666) |
U.S. Treasury [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 14 | 14 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 342,105 | $ 341,497 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (6,134) | $ (6,950) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 342,105 | 341,497 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (6,134) | $ (6,950) |
U.S. Agencies [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 3 | 3 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 45,821 | $ 45,940 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (106) | $ (103) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 45,821 | 45,940 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (106) | $ (103) |
Collateralized mortgage obligations [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 7 | 4 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 5,414 | $ 4,438 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (51) | $ (50) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 5,414 | 4,438 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (51) | $ (50) |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 1 | 1 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 9,002 | $ 9,261 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (216) | $ (224) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 3 | 3 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 28,335 | $ 30,012 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (1,003) | (1,071) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 37,337 | 39,273 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,219) | $ (1,295) |
Residential mortgage-backed securities [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 51 | 51 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 547,366 | $ 535,001 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (8,017) | $ (8,367) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 0 | $ 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 547,366 | 535,001 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (8,017) | $ (8,367) |
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 90 | 92 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 970,333 | $ 1,023,841 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (17,384) | $ (19,816) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 4 | 4 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 12,631 | $ 13,036 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (420) | (402) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 982,964 | 1,036,877 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (17,804) | $ (20,218) |
Commercial mortgage-backed securities [Member] | ||
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 64 | 56 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 230,846 | $ 207,235 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (4,501) | $ (5,063) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 1 | 1 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 3,231 | $ 3,361 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (108) | (90) |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 234,077 | 210,596 |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (4,609) | $ (5,153) |
Foreign sovereign debt [Member] | ||
Held-to-Maturity [Abstract] | ||
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 1 | |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 498 | |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | (2) | |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Fair Value | 498 | |
Securities Held-to-Maturity, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (2) | |
State and municipal securities [Member] | ||
Available-for-Sale | ||
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Number of Securities | 444 | 686 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 197,854 | $ 309,958 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Less Than 12 Months, Unrealized Losses | $ (3,438) | $ (5,764) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Securities | 7 | 5 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 3,037 | $ 2,462 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (98) | (122) |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Fair Value | 200,891 | 312,420 |
Securities Available-for-Sale, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (3,536) | $ (5,886) |
Securities (Remaining Contractu
Securities (Remaining Contractual Maturity Of Securities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 2,113,258 | $ 2,018,992 |
Securities Available-for-Sale, Fair Value | 2,112,165 | 2,013,525 |
Securities Held-to-Maturity, Amortized Cost | 1,801,973 | 1,738,123 |
Securities Held-to-Maturity, Fair Value | 1,782,604 | 1,714,770 |
U.S. Treasury, U.S. Agencies, state and municipal and foreign sovereign debt and other securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale Securities, One year or less, Amortized Cost | 129,138 | |
Available-for-Sale Securities, One year to five years, Amortized Cost | 515,772 | |
Available-for-Sale Securities, Five years to ten years, Amortized Cost | 430,272 | |
Available-for-Sale Securities, After ten years, Amortized Cost | 35,470 | |
Available-for-Sale Securities, One year or less, Fair Value | 129,204 | |
Available-for-Sale Securities, One year to five years, Fair Value | 516,900 | |
Available-for-Sale Securities, Five years to ten years, Fair Value | 424,979 | |
Available-for-Sale Securities, After ten years, Fair value | 34,361 | |
Held-to-Maturity Securities, One year or less, Amortized Cost | 204 | |
Held-to-Maturity Securities, One year to five years, Amortized Cost | 500 | |
Held-to-Maturity Securities, Five years to ten years, Amortized Cost | 6,536 | |
Held-to-Maturity Securities, After ten years, Amortized Cost | 0 | |
Held-to-Maturity Securities, One year or less, Fair Value | 204 | |
Held-to-Maturity Securities, One year to five years, Fair Value | 498 | |
Held-to-Maturity Securities, Five years to ten years, Fair Value | 6,958 | |
Held-to-Maturity Securities, After ten years, Fair Value | 0 | |
Collateralized mortgage obligations [Member] | ||
Investment [Line Items] | ||
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 67,260 | |
Available-for-Sale Securities, Amortized Cost | 67,260 | 73,228 |
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 69,335 | |
Securities Available-for-Sale, Fair Value | 69,335 | 75,345 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 38,556 | |
Securities Held-to-Maturity, Amortized Cost | 38,556 | 40,568 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 37,337 | |
Securities Held-to-Maturity, Fair Value | 37,337 | 39,273 |
Residential mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 935,346 | |
Available-for-Sale Securities, Amortized Cost | 935,346 | 884,176 |
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 937,386 | |
Securities Available-for-Sale, Fair Value | 937,386 | 886,550 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 1,417,781 | |
Securities Held-to-Maturity, Amortized Cost | 1,417,781 | 1,378,610 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 1,403,051 | |
Securities Held-to-Maturity, Fair Value | 1,403,051 | 1,360,921 |
Commercial mortgage-backed securities [Member] | ||
Investment [Line Items] | ||
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Amortized Cost | 0 | |
Available-for-Sale Securities, All other securities, Without Single Maturity Date, Fair Value | 0 | |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Amortized Cost | 338,396 | |
Securities Held-to-Maturity, Amortized Cost | 338,396 | 314,622 |
Held-to-Maturity Securities, All other securities, Without Single Maturity Date, Fair Value | 334,556 | |
Securities Held-to-Maturity, Fair Value | $ 334,556 | $ 310,161 |
Securities (Securities Gains (L
Securities (Securities Gains (Losses)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Securities Gains (Losses) [Abstract] | ||
Proceeds from sales | $ 18,029 | $ 26,682 |
Gross realized gains | 123 | 553 |
Gross realized losses | (66) | (22) |
Net realized gains (losses) | 57 | 531 |
Income tax provision (benefit) on net realized gains (losses) | $ 22 | $ 205 |
Loans and Credit Quality (Loan
Loans and Credit Quality (Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Loans [Line Items] | |||
Loans | $ 15,591,656 | $ 15,056,241 | $ 13,457,665 |
Net deferred loan fees and unamortized discount and premium on loans, included as a reduction in total loans | 41,170 | 45,220 | |
Overdrawn demand deposits included in total loans | 4,971 | 2,160 | |
Commercial and Industrial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 7,865,161 | 7,506,977 | |
Commercial Owner Occupied Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 2,246,424 | 2,142,068 | |
Commercial Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 10,111,585 | 9,649,045 | 8,677,838 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 3,218,566 | 3,127,373 | |
Commercial Real Estate Multi Family Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 1,059,403 | 993,352 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 4,277,969 | 4,120,725 | 3,469,986 |
Construction Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 330,775 | 417,955 | 537,304 |
Residential Real Estate Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 618,658 | 581,757 | 477,263 |
Home Equity Loan Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | 112,954 | 119,049 | |
Personal Portfolio Segment [Member] | |||
Loans [Line Items] | |||
Loans | $ 139,715 | $ 167,710 | $ 169,178 |
LOANS AND CREDIT QUALITY Loans
LOANS AND CREDIT QUALITY Loans and Credit Quality (Loans Held-for-Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Loans Held-for-Sale [Abstract] | |||
Mortgage loans held-for-sale | [1] | $ 10,219 | $ 24,934 |
Other loans held-for-sale | [2] | 32,057 | 78,350 |
Total loans held-for-sale | $ 42,276 | $ 103,284 | |
[1] | Comprised of residential mortgage loan originations intended to be sold in the secondary market. The Company accounts for these loans under the fair value option. Refer to Note 17 for additional information regarding mortgage loans held-for-sale. | ||
[2] | Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Loans and Credit Quality (Carry
Loans and Credit Quality (Carrying Value Of Loans Pledged) (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Loans pledged to secure outstanding borrowings or availability: [Abstract] | ||||
Loans pledged to secure FRB discount window borrowings availability | [1] | $ 922,207,000 | $ 818,116,000 | |
Loans pledged to secure FHLB advances | [2] | 4,427,522,000 | 3,855,892,000 | |
Total | 5,349,729,000 | 4,674,008,000 | ||
Federal Reserve Bank Discount Window Borrowings | 0 | $ 0 | ||
Troubled Debt Restructuring Modifications Default Recorded Investment | $ 0 | $ 0 | ||
[1] | No borrowings were outstanding at March 31, 2017 and December 31, 2016. | |||
[2] | Refer to Notes 8 and 9 for additional information regarding FHLB advances. |
Loans and Credit Quality (Loa53
Loans and Credit Quality (Loan Portfolio Aging) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 15,491,683 | $ 14,961,965 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 15,506,617 | 14,972,553 | |
Nonaccrual | 85,039 | 83,688 | |
Loans | 15,591,656 | 15,056,241 | $ 13,457,665 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 12,290 | 9,847 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,644 | 741 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 10,031,469 | 9,572,607 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 10,044,038 | 9,579,592 | |
Nonaccrual | 67,547 | 69,453 | |
Loans | 10,111,585 | 9,649,045 | 8,677,838 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 9,930 | 6,889 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,639 | 96 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 4,268,237 | 4,114,409 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 4,268,320 | 4,114,409 | |
Nonaccrual | 9,649 | 6,316 | |
Loans | 4,277,969 | 4,120,725 | 3,469,986 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 83 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 330,775 | 417,955 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 330,775 | 417,955 | |
Nonaccrual | 0 | 0 | |
Loans | 330,775 | 417,955 | 537,304 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 611,642 | 573,667 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 613,895 | 577,166 | |
Nonaccrual | 4,763 | 4,591 | |
Loans | 618,658 | 581,757 | 477,263 |
Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 2,253 | 2,859 | |
Residential Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 640 | |
Home Equity Loan Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 109,883 | 115,652 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 109,883 | 115,732 | |
Nonaccrual | 3,071 | 3,317 | |
Loans | 112,954 | 119,049 | |
Home Equity Loan Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 80 | |
Home Equity Loan Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 139,677 | 167,675 | |
90 Days Past Due and Accruing | 0 | 0 | |
Accruing Loans | 139,706 | 167,699 | |
Nonaccrual | 9 | 11 | |
Loans | 139,715 | 167,710 | $ 169,178 |
Personal Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | 24 | 19 | |
Personal Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due | $ 5 | $ 5 |
Loans and Credit Quality (Impai
Loans and Credit Quality (Impaired Loans) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | [1] | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | $ 176,711 | $ 158,190 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 101,891 | 111,868 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 71,056 | 37,822 | |||
Impaired Loans - Total Recorded Investment | 172,947 | 149,690 | |||
Impaired Loans - Specific Reserve | 20,175 | [1] | 11,938 | $ 6,751 | |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | 156,917 | 141,415 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 91,096 | 104,408 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 62,425 | 28,756 | |||
Impaired Loans - Total Recorded Investment | 153,521 | 133,164 | |||
Impaired Loans - Specific Reserve | 19,186 | [1] | 10,930 | 4,671 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | 9,649 | 6,316 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 8,861 | 5,169 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 788 | 1,147 | |||
Impaired Loans - Total Recorded Investment | 9,649 | 6,316 | |||
Impaired Loans - Specific Reserve | 130 | [1] | 223 | 1,062 | |
Residential Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | 4,999 | 4,708 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 0 | 0 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 4,763 | 4,591 | |||
Impaired Loans - Total Recorded Investment | 4,763 | 4,591 | |||
Impaired Loans - Specific Reserve | 508 | [1] | 406 | 243 | |
Home Equity Loan Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | 5,137 | 5,740 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 1,934 | 2,291 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 3,071 | 3,317 | |||
Impaired Loans - Total Recorded Investment | 5,005 | 5,608 | |||
Impaired Loans - Specific Reserve | 347 | 376 | |||
Personal Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans - Unpaid Contractual Principal Balance | 9 | 11 | |||
Impaired Loans - Recorded Investment With No Specific Reserve | 0 | 0 | |||
Impaired Loans - Recorded Investment With Specific Reserve | 9 | 11 | |||
Impaired Loans - Total Recorded Investment | 9 | 11 | |||
Impaired Loans - Specific Reserve | $ 4 | [1] | $ 3 | $ 0 | |
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Loans and Credit Quality (Avera
Loans and Credit Quality (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | $ 145,259 | $ 73,092 |
Interest Income Recognized | [1] | 1,334 | 347 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 128,646 | 51,994 |
Interest Income Recognized | [1] | 1,309 | 320 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 6,985 | 8,495 |
Interest Income Recognized | [1] | 0 | 0 |
Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 4,491 | 4,129 |
Interest Income Recognized | [1] | 0 | 0 |
Home Equity Loan Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 5,127 | 8,429 |
Interest Income Recognized | [1] | 25 | 27 |
Personal Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | [1] | 10 | 45 |
Interest Income Recognized | [1] | $ 0 | $ 0 |
[1] | Represents amounts while classified as impaired for the periods presented. |
Loans and Credit Quality (Narra
Loans and Credit Quality (Narrative) (Detail) | 3 Months Ended | ||||
Mar. 31, 2017USD ($)risk_rating | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |||
Loans [Line Items] | |||||
Loans and leases receivable, impaired, commitment to lend | $ 15,000,000 | $ 13,400,000 | |||
Ending balance, loans individually evaluated for impairment | 20,175,000 | [1] | $ 6,751,000 | [1] | 11,938,000 |
Troubled Debt Restructuring Modifications Default Recorded Investment | 0 | $ 0 | |||
OREO Recorded Investment of Consumer Mortgage Loans Secured by Residential Real Estate Properties For Which Foreclosure Proceedings Are In Process | 843,000 | 1,400,000 | |||
Covered Assets Recorded Investment of Properties For Which Foreclosure Proceedings Are In Process | 120,000 | 194,000 | |||
Nonperforming Financial Instruments [Member] | |||||
Loans [Line Items] | |||||
Ending balance, loans individually evaluated for impairment | $ 6,800,000 | $ 1,600,000 | |||
Special Mention [Member] | |||||
Loans [Line Items] | |||||
Loans receivable risk rating | risk_rating | 6 | ||||
Potential Problem and Non-Performing [Member] | |||||
Loans [Line Items] | |||||
Loans receivable risk rating | risk_rating | 7 | ||||
Minimum [Member] | Pass [Member] | |||||
Loans [Line Items] | |||||
Loans receivable risk rating | risk_rating | 1 | ||||
Maximum [Member] | Nonperforming Financial Instruments [Member] | |||||
Loans [Line Items] | |||||
Loans receivable risk rating | risk_rating | 8 | ||||
Maximum [Member] | Loan Rated Five [Member] | |||||
Loans [Line Items] | |||||
Loans receivable risk rating | risk_rating | 5 | ||||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Loans and Credit Quality (Credi
Loans and Credit Quality (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 15,591,656 | $ 15,056,241 | $ 13,457,665 |
Special Mention Loans - Percentage of Portfolio Loan Type | 0.60% | 1.20% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 1.30% | 0.80% | |
Nonperforming Loans | $ 85,039 | $ 83,688 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 0.50% | 0.60% | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 10,111,585 | $ 9,649,045 | 8,677,838 |
Special Mention Loans - Percentage of Portfolio Loan Type | 0.80% | 1.80% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 1.90% | 1.20% | |
Nonperforming Loans | $ 67,547 | $ 69,453 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 0.70% | 0.70% | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 4,277,969 | $ 4,120,725 | 3,469,986 |
Special Mention Loans - Percentage of Portfolio Loan Type | 0.30% | 0.00% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 0.10% | 0.10% | |
Nonperforming Loans | $ 9,649 | $ 6,316 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 0.20% | 0.20% | |
Construction Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 330,775 | $ 417,955 | 537,304 |
Special Mention Loans - Percentage of Portfolio Loan Type | 0.00% | 0.00% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 0.00% | 0.00% | |
Nonperforming Loans | $ 0 | $ 0 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 0.00% | 0.00% | |
Residential Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 618,658 | $ 581,757 | 477,263 |
Special Mention Loans - Percentage of Portfolio Loan Type | 1.00% | 0.90% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 0.60% | 0.70% | |
Nonperforming Loans | $ 4,763 | $ 4,591 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 0.80% | 0.80% | |
Home Equity Loan Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 112,954 | $ 119,049 | |
Special Mention Loans - Percentage of Portfolio Loan Type | 0.30% | 0.40% | |
Potential Problem Loans - Percentage of Portfolio Loan Type | 0.10% | 0.60% | |
Nonperforming Loans | $ 3,071 | $ 3,317 | |
Nonperforming Loans - Percentage of Portfolio Loan Type | 2.70% | 2.80% | |
Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 139,715 | $ 167,710 | $ 169,178 |
Nonperforming Loans | 9 | 11 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 100,660 | 179,611 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 79,777 | 173,626 | |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 14,552 | 0 | |
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 | 5,929 | 5,449 | |
Special Mention [Member] | Home Equity Loan Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 381 | 508 | |
Special Mention [Member] | Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 21 | 28 | |
Potential Problem Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 198,669 | 123,345 | |
Potential Problem Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 190,181 | 114,090 | |
Potential Problem Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,456 | 4,632 | |
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 | 3,818 | 3,829 | |
Potential Problem Loans [Member] | Home Equity Loan Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 152 | 733 | |
Potential Problem Loans [Member] | Personal Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 62 | $ 61 |
Loans and Credit Quality (Troub
Loans and Credit Quality (Troubled Debt Restructured Loans Outstanding) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Performing Financial Instruments [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | $ 87,908 | $ 66,002 | |
Performing Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 85,974 | 63,711 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 0 | 0 | |
Performing Financial Instruments [Member] | Home Equity Loan Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | 1,934 | 2,291 | |
Nonperforming Financial Instruments [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 41,727 | 43,613 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 32,795 | 33,141 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 5,101 | 5,857 |
Nonperforming Financial Instruments [Member] | Residential Real Estate Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | 1,227 | 1,534 |
Nonperforming Financial Instruments [Member] | Home Equity Loan Portfolio Segment [Member] | |||
Troubled Debt Restructured Loans Outstanding [Line Items] | |||
Troubled debt restructured loans outstanding | [1] | $ 2,604 | $ 3,081 |
[1] | Included in nonperforming loans. |
Loans and Credit Quality (Addit
Loans and Credit Quality (Additions To TDR During The Period) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)borrower | Mar. 31, 2016USD ($)borrower | ||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 6 | 9 | |
Recorded Investment, Post-Modification | $ 41,452 | $ 16,954 | |
Change in recorded investment due to principal paydown (advances) at time of modification | $ 400 | ||
Extension of maturity date [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 1 | 3 |
Recorded Investment, Post-Modification | [1] | $ 270 | $ 839 |
Other concession [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 5 | 6 |
Recorded Investment, Post-Modification | [2] | $ 41,182 | $ 16,115 |
Commercial Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 3 | 2 | |
Recorded Investment, Post-Modification | $ 33,453 | $ 15,227 | |
Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 3 | 2 | |
Recorded Investment, Post-Modification | $ 7,999 | $ 762 | |
Commercial Portfolio Segment [Member] | Extension of maturity date [Member] | Performing Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | 0 |
Recorded Investment, Post-Modification | [1] | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 1 | 2 |
Recorded Investment, Post-Modification | [1] | $ 270 | $ 762 |
Commercial Portfolio Segment [Member] | Other concession [Member] | Performing Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 3 | 2 |
Recorded Investment, Post-Modification | [2] | $ 33,453 | $ 15,227 |
Commercial Portfolio Segment [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 2 | 0 |
Recorded Investment, Post-Modification | [2] | $ 7,729 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 1 | |
Recorded Investment, Post-Modification | [1] | $ 77 | |
Commercial Real Estate Portfolio Segment [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 1 | |
Recorded Investment, Post-Modification | [2] | $ 691 | |
Commercial Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | ||
Recorded Investment, Post-Modification | $ 768 | ||
Residential Real Estate Portfolio Segment [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | |
Recorded Investment, Post-Modification | [1] | $ 0 | |
Residential Real Estate Portfolio Segment [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 1 | |
Recorded Investment, Post-Modification | [2] | $ 73 | |
Residential Real Estate [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 1 | ||
Recorded Investment, Post-Modification | $ 73 | ||
Home Equity Loan Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | 2 | ||
Recorded Investment, Post-Modification | $ 124 | ||
Home Equity Loan Portfolio Segment [Member] | Extension of maturity date [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [1] | 0 | |
Recorded Investment, Post-Modification | [1] | $ 0 | |
Home Equity Loan Portfolio Segment [Member] | Other concession [Member] | Nonperforming Financial Instruments [Member] | |||
Additions to TDR During The Period [Line Items] | |||
Financing Receivable, Modifications, Number of Loans | borrower | [2] | 2 | |
Recorded Investment, Post-Modification | [2] | $ 124 | |
[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] | (2) Other concessions primarily include interest rate reductions, loan increases or deferrals of principal. |
LOANS AND CREDIT QUALITY Loan60
LOANS AND CREDIT QUALITY Loans and Credit Quality (OREO Composition) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 8,888 | $ 10,203 |
Single-Family Homes [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 121 | 186 |
Land Parcels [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 1,013 | 1,070 |
Office/Industrial [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | 451 | 1,003 |
Retail [Member] | ||
OREO [Line Items] | ||
Other real estate owned (OREO) | $ 7,303 | $ 7,944 |
LOANS AND CREDIT QUALITY Loan61
LOANS AND CREDIT QUALITY Loans and Credit Quality (Covered Assets) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Disclosure Covered Assets Carrying Amount Of Covered Assets [Abstract] | |||
Residential mortgage loans | [1] | $ 19,689,000 | $ 20,347,000 |
Foreclosed real estate - single-family homes | 575,000 | 777,000 | |
Estimated loss reimbursement by the FDIC | 917,000 | 939,000 | |
Covered assets | 21,181,000 | 22,063,000 | |
Allowance for covered loan losses | (4,931,000) | (4,766,000) | |
Net covered assets | 16,250,000 | 17,297,000 | |
Purchased credit-impaired loans | $ 197,000 | $ 203,000 | |
[1] | Includes $197,000 and $203,000 of purchased credit-impaired loans as of March 31, 2017 and December 31, 2016, respectively. |
Allowance For Loan Losses And62
Allowance For Loan Losses And Reserve For Unfunded Commitments (Allowance For Loan Losses and Recorded Investment in Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | $ 185,765 | $ 160,736 | ||||
Loans charged-off | (415) | (2,401) | ||||
Recoveries on loans previously charged-off | 887 | 585 | ||||
Net recoveries (charge-offs) | 472 | (1,816) | ||||
Provision (release) for loan losses | 8,378 | 6,436 | ||||
Balance at end of period | 194,615 | 165,356 | ||||
Ending balance, loans individually evaluated for impairment | 20,175 | [1] | 6,751 | [1] | $ 11,938 | |
Ending balance, loans collectively evaluated for impairment | 174,440 | 158,605 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 172,947 | 87,905 | |||
Ending balance, loans collectively evaluated for impairment | 15,418,709 | 13,369,760 | ||||
Loans | 15,591,656 | 13,457,665 | 15,056,241 | |||
Commercial Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 141,047 | 117,619 | ||||
Loans charged-off | (211) | (78) | ||||
Recoveries on loans previously charged-off | 455 | 187 | ||||
Net recoveries (charge-offs) | 244 | 109 | ||||
Provision (release) for loan losses | 10,002 | 2,960 | ||||
Balance at end of period | 151,293 | 120,688 | ||||
Ending balance, loans individually evaluated for impairment | 19,186 | [1] | 4,671 | [1] | 10,930 | |
Ending balance, loans collectively evaluated for impairment | 132,107 | 116,017 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 153,521 | 68,204 | |||
Ending balance, loans collectively evaluated for impairment | 9,958,064 | 8,609,634 | ||||
Loans | 10,111,585 | 8,677,838 | 9,649,045 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 30,626 | 27,610 | ||||
Loans charged-off | (111) | (1,497) | ||||
Recoveries on loans previously charged-off | 331 | 296 | ||||
Net recoveries (charge-offs) | 220 | (1,201) | ||||
Provision (release) for loan losses | (1,014) | 3,548 | ||||
Balance at end of period | 29,832 | 29,957 | ||||
Ending balance, loans individually evaluated for impairment | 130 | [1] | 1,062 | [1] | 223 | |
Ending balance, loans collectively evaluated for impairment | 29,702 | 28,895 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 9,649 | 8,242 | |||
Ending balance, loans collectively evaluated for impairment | 4,268,320 | 3,461,744 | ||||
Loans | 4,277,969 | 3,469,986 | 4,120,725 | |||
Construction Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 6,087 | 5,441 | ||||
Loans charged-off | (21) | 0 | ||||
Recoveries on loans previously charged-off | 7 | 19 | ||||
Net recoveries (charge-offs) | (14) | 19 | ||||
Provision (release) for loan losses | (429) | (529) | ||||
Balance at end of period | 5,644 | 4,931 | ||||
Ending balance, loans individually evaluated for impairment | [1] | 0 | 0 | |||
Ending balance, loans collectively evaluated for impairment | 5,644 | 4,931 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 0 | 0 | |||
Ending balance, loans collectively evaluated for impairment | 330,775 | 537,304 | ||||
Loans | 330,775 | 537,304 | 417,955 | |||
Residential Real Estate Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 3,734 | 4,239 | ||||
Loans charged-off | (60) | (484) | ||||
Recoveries on loans previously charged-off | 28 | 19 | ||||
Net recoveries (charge-offs) | (32) | (465) | ||||
Provision (release) for loan losses | 1,612 | 269 | ||||
Balance at end of period | 5,314 | 4,043 | ||||
Ending balance, loans individually evaluated for impairment | 508 | [1] | 243 | [1] | 406 | |
Ending balance, loans collectively evaluated for impairment | 4,806 | 3,800 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 4,763 | 3,900 | |||
Ending balance, loans collectively evaluated for impairment | 613,895 | 473,363 | ||||
Loans | 618,658 | 477,263 | 581,757 | |||
Home equity [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 2,300 | 3,744 | ||||
Loans charged-off | 0 | (192) | ||||
Recoveries on loans previously charged-off | 31 | 34 | ||||
Net recoveries (charge-offs) | 31 | (158) | ||||
Provision (release) for loan losses | (610) | (160) | ||||
Balance at end of period | 1,721 | 3,426 | ||||
Ending balance, loans individually evaluated for impairment | [1] | 347 | 775 | |||
Ending balance, loans collectively evaluated for impairment | 1,374 | 2,651 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 5,005 | 7,548 | |||
Ending balance, loans collectively evaluated for impairment | 107,949 | 118,548 | ||||
Loans | 112,954 | 126,096 | ||||
Personal Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Balance at beginning of period | 1,971 | 2,083 | ||||
Loans charged-off | (12) | (150) | ||||
Recoveries on loans previously charged-off | 35 | 30 | ||||
Net recoveries (charge-offs) | 23 | (120) | ||||
Provision (release) for loan losses | (1,183) | 348 | ||||
Balance at end of period | 811 | 2,311 | ||||
Ending balance, loans individually evaluated for impairment | 4 | [1] | 0 | [1] | 3 | |
Ending balance, loans collectively evaluated for impairment | 807 | 2,311 | ||||
Recorded Investment in Loans: [Abstract] | ||||||
Ending balance, loans individually evaluated for impairment | [1] | 9 | 11 | |||
Ending balance, loans collectively evaluated for impairment | 139,706 | 169,167 | ||||
Loans | $ 139,715 | $ 169,178 | $ 167,710 | |||
[1] | Refer to Note 4 for additional information regarding impaired loans. |
Allowance For Loan Losses And63
Allowance For Loan Losses And Reserve For Unfunded Commitments (Reserve For Unfunded Commitments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reserve for Unfunded Commitments [Roll Forward] | |||
Balance at beginning of period | [1] | $ 17,140 | $ 11,759 |
Provision (release) for unfunded commitments | [1] | 753 | 595 |
Balance at end of period | [1] | 17,893 | 12,354 |
Unfunded commitments, excluding covered assets, at period end | [1] | $ 6,843,413 | $ 6,361,917 |
[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 Intangible64
Goodwill And Other Intangible Assets (Carrying Amount of Goodwill by Operating Segment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 94,041 | $ 94,041 |
Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 81,755 | 81,755 |
Asset Management [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 12,286 | $ 12,286 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Line Items] | ||
Impairment charges for goodwill | $ 0 | $ 0 |
Impairment charges for other intangible assets | $ 0 | |
Minimum [Member] | ||
Goodwill [Line Items] | ||
Intangible assets amortized estimated useful lives | 8 years | |
Maximum [Member] | ||
Goodwill [Line Items] | ||
Intangible assets amortized estimated useful lives | 12 years |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Other Intangible Assets) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization during the period | $ 521 | $ 540 | |
Core Deposits Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 12,378 | $ 12,378 | |
Accumulated amortization | 11,899 | 11,420 | |
Net carrying amount | 479 | 958 | |
Amortization during the period | $ 479 | $ 1,995 | |
Weighted average remaining life (in years) | 3 months | 6 months | |
Client Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 1,459 | $ 1,459 | |
Accumulated amortization | 1,190 | 1,148 | |
Net carrying amount | 269 | 311 | |
Amortization during the period | $ 42 | $ 166 | |
Weighted average remaining life (in years) | 3 years 9 months | 4 years 1 month |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Scheduled Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2017 - remaining nine months | $ 604 | |
2,018 | 98 | |
2,019 | 28 | |
2,020 | 15 | |
2,021 | 3 | |
Total | $ 748 | $ 1,269 |
DEPOSITS Deposits (Summary of D
DEPOSITS Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Deposits [Abstract] | |||
Noninterest-bearing demand deposits | $ 5,258,941 | $ 5,196,587 | |
Interest-bearing demand deposits | 2,176,619 | 1,942,992 | |
Savings deposits | 443,934 | 439,689 | |
Money market accounts | 6,285,087 | 6,144,950 | |
Time deposits | [1] | 2,544,134 | 2,341,011 |
Total deposits | 16,708,715 | 16,065,229 | |
Time deposits with minimum denomination of $250,000 | [1] | $ 1,500,000 | $ 1,500,000 |
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.5 billion at both March 31, 2017 and December 31, 2016. |
DEPOSITS Deposits (Scheduled Ma
DEPOSITS Deposits (Scheduled Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
2,018 | $ 519,721 | ||
2,019 | 152,769 | ||
2,020 | 243,297 | ||
2,021 | 148,001 | ||
2022 and thereafter | 48,475 | ||
Total time deposits | [1] | 2,544,134 | $ 2,341,011 |
Second Quarter [Member] | |||
2017 remaining nine months | 624,473 | ||
Third Quarter [Member] | |||
2017 remaining nine months | 568,228 | ||
Fourth Quarter [Member] | |||
2017 remaining nine months | $ 239,170 | ||
[1] | Time deposits with a minimum denomination of $250,000 totaled $1.5 billion at both March 31, 2017 and December 31, 2016. |
DEPOSITS Deposits (Maturities o
DEPOSITS Deposits (Maturities of Time Deposits of $100,000 or More) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Contractual Maturities, Time Deposits, $100,000 or More [Abstract] | |
Maturing within 3 months | $ 563,428 |
After 3 but within 6 months | 468,378 |
After 6 but within 12 months | 454,394 |
After 12 months | 738,452 |
Total time deposits of $100,000 or More | $ 2,224,652 |
Short-Term Borrowings (Summary
Short-Term Borrowings (Summary Of Short-Term Borrowings) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Outstanding: [Abstract] | |||
FHLB advances, Short-term | $ 1,190,000 | $ 1,540,000 | |
Other Borrowings | 1,877 | 1,773 | |
Short-term borrowings | 1,195,318 | 1,544,746 | |
Narrative: [Abstract] | |||
Federal Home Loan Bank Advances | 1,240,000 | ||
Long-term FHLB Advances | $ 50,000 | ||
Revolving Line of Credit, Conversion to Term Loan Option, Conversion Date | Sep. 22, 2017 | ||
Revolving Line of Credit, Conversion to Term Loan Option, Loan Interest Option Increment Over Libor | 1.75% | ||
Revolving Line of Credit, Conversion to Term Loan Option, Loan Interest Option Increment Under PRIME | 0.50% | ||
Revolving Line of Credit, Conversion to Term Loan Option, Term Loan Due Date | Sep. 22, 2019 | ||
Federal Home Loan Bank of Chicago [Member] | |||
Unused Availability: [Abstract] | |||
FHLB advances availability | [1] | $ 1,329,832 | 648,199 |
FHLB advances borrowing capacity | 2,600,000 | ||
Federal Funds [Member] | |||
Unused Availability: [Abstract] | |||
Unused availability | [2] | 660,500 | 620,500 |
FRB discount window primary credit program [Member] | |||
Unused Availability: [Abstract] | |||
Unused availability | [3] | 773,564 | 668,412 |
Revolving Credit Facility [Member] | |||
Unused Availability: [Abstract] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 60,000 | 60,000 | |
Narrative: [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 60,000 | ||
Revolving Line of Credit, Amount Outstanding | 0 | ||
Short-term Debt [Member] | |||
Outstanding: [Abstract] | |||
Secured borrowings | $ 3,441 | $ 2,973 | |
Short-term Debt [Member] | Weighted Average [Member] | |||
Outstanding: [Abstract] | |||
FHLB advances, Interest Rate | 0.82% | 0.63% | |
Other Short-Term Borrowing [Member] | |||
Outstanding: [Abstract] | |||
Other borrowings, Interest Rate | 0.00% | 0.18% | |
Secured borrowings [Member] | |||
Outstanding: [Abstract] | |||
Other borrowings, Interest Rate | 4.07% | 4.05% | |
[1] | As a member of the FHLB Chicago, the Bank has access to borrowing capacity which is subject to change based on the availability of acceptable collateral to pledge and the level of our investment in FHLB Chicago stock. At March 31, 2017, our borrowing capacity was $2.6 billion, of which $1.3 billion was available, subject to making the required additional investment in FHLB Chicago stock. | ||
[2] | Our total availability of overnight Federal fund (“Fed funds”) borrowings is not a committed line of credit and is dependent upon lender availability. | ||
[3] | Our borrowing capacity changes each quarter subject to available collateral and FRB discount factors. |
LONG-TERM DEBT Long-Term Debt72
LONG-TERM DEBT Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | |||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 338,335 | $ 338,310 | ||
Long-term FHLB Advances | 50,000 | |||
Parent Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 288,335 | 288,310 | ||
Parent Company [Member] | Floating, Three-month LIBOR Plus 2.65% [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 2.65% | |||
Junior subordinated debentures amount | [1] | $ 8,248 | 8,248 | |
Parent Company [Member] | Floating, Three-month LIBOR Plus 2.65% [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 2.65% | |||
Debt Instrument, Interest Rate, Current Rate | 3.80% | |||
Subordinated borrowing, Maturity | Jun. 17, 2034 | |||
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.71% [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 1.71% | |||
Junior subordinated debentures amount | [1] | $ 51,547 | 51,547 | |
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.71% [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 1.71% | |||
Debt Instrument, Interest Rate, Current Rate | 2.84% | |||
Subordinated borrowing, Maturity | Sep. 15, 2035 | |||
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.50% [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 1.50% | |||
Junior subordinated debentures amount | [1] | $ 41,238 | 41,238 | |
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.50% [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Increment Over LIBOR Of Debt | 1.50% | |||
Debt Instrument, Interest Rate, Current Rate | 2.63% | |||
Subordinated borrowing, Maturity | Dec. 15, 2035 | |||
Parent Company [Member] | Fixed, 10.00% Junior Subordinated Debentures Due 2068 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debentures amount | [1],[2] | $ 66,628 | 66,618 | |
Deferred Finance Costs, Net | $ (2,126) | [3] | (2,136) | |
Parent Company [Member] | Fixed, 10.00% Junior Subordinated Debentures Due 2068 [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Current Rate | 10.00% | |||
Subordinated borrowing, Maturity | Jun. 15, 2068 | |||
Parent Company [Member] | Fixed, 7.125% Subordinated Debentures due 2042 [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Current Rate | 7.125% | |||
Subordinated borrowing, Maturity | Oct. 30, 2042 | |||
Subordinated debt facility amount | [4],[5] | $ 120,674 | 120,659 | |
Deferred Finance Costs, Net | (4,300) | (4,341) | ||
Subsidiaries [Member] | Fixed Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term FHLB Advances | [6] | $ 50,000 | $ 50,000 | |
Subsidiaries [Member] | Fixed Interest Rate [Member] | Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB advances, Maturity | Mar. 25, 2019 | |||
Maximum [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | Long-term Debt [Member] | May 22, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB advances, Interest Rate | 4.68% | |||
Weighted Average [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB advances, Interest Rate | 3.75% | 3.75% | ||
Minimum [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | Long-term Debt [Member] | Credit Expansion Option [Member] | December 9, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
FHLB advances, Interest Rate | 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 both March 31, 2017 and December 31, 2016. | |||
[3] | Net of deferred financing costs of $2.1 million at March 31, 2017. | |||
[4] | Net of deferred financing costs of $4.3 million at both March 31, 2017 and December 31, 2016. | |||
[5] | Qualifies as Tier 2 capital for regulatory capital purposes. | |||
[6] | Weighted average interest rate was 3.75% at both March 31, 2017 and December 31, 2016. |
LONG-TERM DEBT Long-Term Debt73
LONG-TERM DEBT Long-Term Debt (Narrative) (Details) $ in Thousands | Mar. 31, 2017USD ($) | |
Parent Company [Member] | ||
Debt [Line Items] | ||
Junior subordinated debentures, net of deferred financing costs | $ 167,661 | [1] |
[1] | The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. |
LONG-TERM DEBT Long-Term Debt74
LONG-TERM DEBT Long-Term Debt (Scheduled Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Year ending December 31, [Abstract] | ||
2,019 | $ 50,000 | |
2021 and thereafter | 288,335 | |
Total long-term debt | $ 338,335 | $ 338,310 |
Junior Subordinated Deferrabl75
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities (Narrative) (Detail) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)trust | Dec. 31, 2016USD ($) | |||
Debt [Line Items] | ||||
Ownership percentage | 100.00% | |||
Number of wholly-owned trusts | trust | 4 | |||
Parent Company [Member] | ||||
Debt [Line Items] | ||||
Junior subordinated debentures, net of deferred financing costs | [1] | $ 167,661 | ||
Parent Company [Member] | Fixed, 10.00% Junior Subordinated Debentures Due 2068 [Member] | ||||
Debt [Line Items] | ||||
Deferred Finance Costs, Net | $ 2,126 | [2] | $ 2,136 | |
Parent Company [Member] | Fixed, 10.00% Junior Subordinated Debentures Due 2068 [Member] | Long-term Debt [Member] | ||||
Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Current Rate | 10.00% | |||
Subordinated borrowing, Maturity | Jun. 15, 2068 | |||
Parent Company [Member] | Fixed, 7.125% Subordinated Debentures due 2042 [Member] | Long-term Debt [Member] | ||||
Debt [Line Items] | ||||
Deferred Finance Costs, Net | $ 4,300 | $ 4,341 | ||
Debt Instrument, Interest Rate, Current Rate | 7.125% | |||
Subordinated borrowing, Maturity | Oct. 30, 2042 | |||
PrivateBancorp Capital Trust IV [Member] | ||||
Debt [Line Items] | ||||
Junior subordinated debentures, net of deferred financing costs | [1],[2] | $ 66,628 | ||
Debt Instrument, Covenant Description | Under the replacement capital covenant, as amended in October 2012, we committed, for the benefit of certain debt holders, that we would not repay, redeem or repurchase the 10% Debentures or the related Trust Preferred Securities prior to June 2048 unless we have (1) obtained any required regulatory approval, and (2) raised certain amounts of qualifying equity or equity-like replacement capital at any time after October 10, 2012. | |||
Debt Instrument, Interest Rate, Current Rate | [3] | 10.00% | ||
[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 $2.1 million at March 31, 2017. | |||
[3] | Reflects the coupon rate in effect at March 31, 2017. The coupon rates for Bloomfield Hills Statutory Trust I, PrivateBancorp Statutory Trust II and PrivateBancorp Statutory Trust III are variable based on three-month LIBOR plus 2.65%, 1.71% and 1.50%, respectively. The coupon rate for PrivateBancorp Capital Trust IV is fixed. Distributions on all Trust Preferred Securities are payable quarterly. We have the right to defer payment of interest on the Debentures at any time or from time to time for a period not exceeding ten years, in the case of the Debentures held by Trust IV, and five years, in the case of all other Debentures, without causing an event of default under the related indenture, provided no extension period may extend beyond the stated maturity of the Debentures. During such extension period, distributions on the Trust Preferred Securities would also be deferred, and our ability to pay dividends on our common stock would generally be prohibited. The Federal Reserve has the ability to prevent interest payments on the Debentures. |
Junior Subordinated Deferrabl76
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities (Common Securities, Preferred Securities, And Related Debentures) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Common Securities Issued | $ 79,765 | $ 79,313 | |
Bloomfield Hills Statutory Trust I [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | May 2004 | ||
Common Securities Issued | $ 248 | ||
Trust Preferred Securities Issued | [1] | $ 8,000 | |
Coupon Rate | [2] | 3.80% | |
Maturity | June 2,034 | ||
Principal Amount of Debentures | [1] | $ 8,248 | |
PrivateBancorp Statutory Trust II [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | June 2005 | ||
Common Securities Issued | $ 1,547 | ||
Trust Preferred Securities Issued | [1] | $ 50,000 | |
Coupon Rate | [2] | 2.84% | |
Maturity | Sept. 2035 | ||
Principal Amount of Debentures | [1] | $ 51,547 | |
PrivateBancorp Statutory Trust III [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | Dec. 2005 | ||
Common Securities Issued | $ 1,238 | ||
Trust Preferred Securities Issued | [1] | $ 40,000 | |
Coupon Rate | [2] | 2.63% | |
Maturity | Dec. 2035 | ||
Principal Amount of Debentures | [1] | $ 41,238 | |
PrivateBancorp Capital Trust IV [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Issuance Date | May 2008 | ||
Common Securities Issued | $ 5 | ||
Trust Preferred Securities Issued | [1] | $ 68,750 | |
Coupon Rate | [2] | 10.00% | |
Maturity | June 2,068 | ||
Principal Amount of Debentures | [1],[3] | $ 66,628 | |
Junior Subordinated Debt [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Common Securities Issued | 3,038 | ||
Trust Preferred Securities Issued | [1] | 166,750 | |
Parent Company [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Principal Amount of Debentures | [1] | $ 167,661 | |
Parent Company [Member] | Floating, Three-month LIBOR Plus 2.65% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 2.65% | ||
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.71% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 1.71% | ||
Parent Company [Member] | Floating, Three-month LIBOR Plus 1.50% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Increment Over Libor Of Long Term Debt | 1.50% | ||
Long-term Debt [Member] | Parent Company [Member] | Floating, Three-month LIBOR Plus 2.65% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 3.80% | ||
Increment Over Libor Of Long Term Debt | 2.65% | ||
Long-term Debt [Member] | Parent Company [Member] | Floating, Three-month LIBOR Plus 1.71% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 2.84% | ||
Increment Over Libor Of Long Term Debt | 1.71% | ||
Long-term Debt [Member] | Parent Company [Member] | Floating, Three-month LIBOR Plus 1.50% [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
Coupon Rate | 2.63% | ||
Increment Over Libor Of Long Term Debt | 1.50% | ||
Minimum [Member] | December 9, 2019 [Member] | Credit Expansion Option [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
FHLB advances, Interest Rate | 3.58% | ||
Maximum [Member] | May 22, 2019 [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
FHLB advances, Interest Rate | 4.68% | ||
Weighted Average [Member] | Long-term Debt [Member] | Subsidiaries [Member] | Fixed Interest Rate [Member] | |||
Junior Subordinated Deferrable Interest Debentures Held By Trusts That Issued Trust Preferred Securities [Line Items] | |||
FHLB advances, Interest Rate | 3.75% | 3.75% | |
[1] | The Trust Preferred Securities accrue distributions at a rate equal to the interest rate on, and have a redemption date identical to the maturity date of, the corresponding Debentures. The Trust Preferred Securities are subject to mandatory redemption upon repayment of the Debentures at maturity or upon earlier redemption. | ||
[2] | Reflects the coupon rate in effect at March 31, 2017. 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 $2.1 million at March 31, 2017. |
EQUITY Equity (Narrative) (Deta
EQUITY Equity (Narrative) (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Common and Preferred Stock, Shares Authorized | 180,000,000 | 180,000,000 |
Common Stock, Shares Authorized | 174,000,000 | 174,000,000 |
Common Stock, Shares Issued | 80,023,549 | 79,849,213 |
Common Stock, Shares Outstanding | 80,023,549 | 79,849,213 |
Treasury Stock, Common, Shares | 0 | 0 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Nonvoting Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Shares Outstanding | 0 | 0 |
Equity (Change in Accumulated O
Equity (Change in Accumulated Other Comprehensive Income by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | $ 1,919,675 | $ 1,698,951 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Tax benefit (expense) on increase in unrealized (losses) gains | (1,530) | (11,930) | |
OCI, before reclassifications, net of tax | 2,480 | 19,008 | |
Reclassification adjustment of net gains included in net income | [1] | (1,270) | (2,721) |
Reclassification adjustment for tax expense on realized net gains | [2] | 489 | 1,052 |
Amount reclassified from AOCI | (781) | (1,669) | |
Net current period other comprehensive income (loss) | 1,699 | 17,339 | |
Stockholders' Equity, Ending Balance | 1,994,991 | 1,767,991 | |
Unrealized Gain (Loss) on Available-for-Sale Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | (3,476) | 14,048 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Increase (decrease) in unrealized gains, before reclassifications, before Tax | 4,431 | 18,930 | |
Tax benefit (expense) on increase in unrealized (losses) gains | (1,693) | (7,284) | |
OCI, before reclassifications, net of tax | 2,738 | 11,646 | |
Reclassification adjustment of net gains included in net income | [1] | (57) | (531) |
Reclassification adjustment for tax expense on realized net gains | [2] | 22 | 205 |
Amount reclassified from AOCI | (35) | (326) | |
Net current period other comprehensive income (loss) | 2,703 | 11,320 | |
Stockholders' Equity, Ending Balance | (773) | 25,368 | |
Accumulated Gain (Loss) on Effective Cash Flow Hedges [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | 5,094 | 3,211 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Increase (decrease) in unrealized gains, before reclassifications, before Tax | (421) | 12,008 | |
Tax benefit (expense) on increase in unrealized (losses) gains | 163 | (4,646) | |
OCI, before reclassifications, net of tax | (258) | 7,362 | |
Reclassification adjustment of net gains included in net income | [1] | (1,213) | (2,190) |
Reclassification adjustment for tax expense on realized net gains | [2] | 467 | 847 |
Amount reclassified from AOCI | (746) | (1,343) | |
Net current period other comprehensive income (loss) | (1,004) | 6,019 | |
Stockholders' Equity, Ending Balance | 4,090 | 9,230 | |
Accumulated Other Comprehensive Income [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' Equity, Beginning Balance | 1,618 | 17,259 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Stockholders' Equity, Ending Balance | $ 3,317 | $ 34,598 | |
[1] | The amounts reclassified from AOCI for the available-for-sale securities are reported in net securities gains on the consolidated statements of income, while the amounts reclassified from AOCI for cash flow hedges are included in interest income on loans on the consolidated statements of income. | ||
[2] | The tax expense amounts reclassified from AOCI in connection with the available-for-sale securities reclassification and cash flow hedges reclassification are included in income tax provision on the consolidated statements of income. |
Earnings Per Common Share (Basi
Earnings Per Common Share (Basic and Diluted Earnings Per Common Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Basic earnings per common share | |||
Net income (loss) | $ 57,952 | $ 49,552 | |
Net income allocated to participating stockholders | [1] | (707) | (425) |
Net income allocated to common stockholders | $ 57,245 | $ 49,127 | |
Weighted-average common shares outstanding | 79,516,000 | 78,550,000 | |
Basic earnings per common share | $ 0.72 | $ 0.63 | |
Diluted earnings per common share | |||
Diluted earnings applicable to common stockholders | [2] | $ 57,260 | $ 49,134 |
Weighted-average common shares outstanding | 79,516,000 | 78,550,000 | |
Dilutive effect of stock awards | [3] | 1,784,000 | 1,306,000 |
Weighted-average diluted common shares outstanding | 81,300,000 | 79,856,000 | |
Diluted earnings per common share | $ 0.70 | $ 0.62 | |
Employee Stock Option [Member] | |||
Diluted earnings per common share | |||
Antidilutive shares, excluded from computation | 24,000 | 463,000 | |
[1] | Participating stockholders are those that hold certain share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Such shares or units are considered participating securities (i.e., certain of the Company’s deferred, restricted stock and performance share units, and nonvested restricted stock awards). | ||
[2] | Net income allocated to common stockholders for basic and diluted earnings per share may differ under the two-class method as a result of adding common stock equivalents for options to dilutive shares outstanding, which alters the ratio used to allocate earnings to common stockholders and participating securities for the purposes of calculating diluted earnings per share. | ||
[3] | For the three months ended March 31, 2017 and 2016, the weighted-average outstanding non-participating securities of 24,000 and 463,000 shares, respectively, were not included in the computation of diluted earnings per common share because their inclusion would have been antidilutive for the periods presented. |
Income Taxes (Income Tax Provis
Income Taxes (Income Tax Provision Analysis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income (loss) before income taxes | $ 79,484 | $ 76,225 |
Income tax provision: | ||
Current income tax provision | 22,426 | 25,373 |
Deferred income (benefit) tax provision | (894) | 1,300 |
Total income tax provision (benefit) | $ 21,532 | $ 26,673 |
Effective tax rate | 27.10% | 35.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Disclosure Income Taxes Narrative [Abstract] | |||
Excess tax benefit from exercise of stock options and vesting of restricted shares | $ (4,885) | $ (2,081) | |
Tax (benefit) from completion of certain tax examinations | (2,700) | ||
Net deferred tax assets | 128,600 | $ 128,800 | |
Deferred Tax Assets, Valuation Allowance | 0 | ||
Unrecognized tax benefits relating to uncertain tax positions | 682 | $ 3,260 | |
Unrecognized Tax Benefits | $ (3,966) |
Derivative Instruments (Notiona
Derivative Instruments (Notional Amounts and Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Interest rate contracts, cash flow hedging, asset derivatives | $ 202 | $ 1,873 | |
Derivatives, not designated as hedging, asset derivatives | 28,599 | 41,274 | |
Netting adjustments | [1],[2],[3] | (7,290) | (15,182) |
Total derivatives, asset derivatives | [1] | 21,511 | 27,965 |
Interest rate contracts, cash flow hedging, liability derivatives | 42 | 0 | |
Derivatives, not designated as hedging, liability derivatives | 20,689 | 38,521 | |
Netting adjustments | [1],[2],[3] | (5,311) | (20,399) |
Total derivatives, liability derivatives | [1] | 15,420 | 18,122 |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Netting adjustments | [1],[2] | (3,010) | (11,828) |
Netting adjustments | [1],[2] | (4,477) | (18,719) |
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Netting adjustments | [1],[2] | (4,260) | (3,321) |
Netting adjustments | [1],[2] | (814) | (1,647) |
Risk Participation Agreements [Member] | |||
Derivative [Line Items] | |||
Netting adjustments | [1],[2] | 0 | 0 |
Netting adjustments | [1],[2] | 0 | 0 |
Client-Related Derivatives [Member] | |||
Derivative [Line Items] | |||
Interest rate contracts, not designated as hedging, asset derivatives | 22,502 | 31,871 | |
Foreign exchange contracts, not designated as hedging, asset derivatives | 4,268 | 6,579 | |
Risk participation agreements, not designated as hedging, asset derivatives | 9 | 10 | |
Derivatives, not designated as hedging, asset derivatives | 26,779 | 38,460 | |
Interest rate contracts, not designated as hedging, liability derivatives | 16,735 | 32,058 | |
Foreign exchange contracts, not designated as hedging, liability derivatives | 3,619 | 5,901 | |
Risk participation agreements, not designated as hedging, liability derivatives | 10 | 11 | |
Derivatives, not designated as hedging, liability derivatives | 20,364 | 37,970 | |
Other End-User Derivatives [Member] | |||
Derivative [Line Items] | |||
Foreign exchange contracts, not designated as hedging, asset derivatives | 1,400 | 1,518 | |
Mortgage banking derivatives, not designated as hedging, asset derivatives | 159 | 1,033 | |
Derivatives, not designated as hedging, asset derivatives | 1,820 | 2,814 | |
Foreign exchange contracts, not designated as hedging, liability derivatives | 188 | 201 | |
Mortgage banking derivatives, not designated as hedging, liability derivatives | 137 | 350 | |
Derivatives, not designated as hedging, liability derivatives | 325 | 551 | |
Other End-User Derivatives [Member] | Warrants [Member] | |||
Derivative [Line Items] | |||
Derivatives, not designated as hedging, asset derivatives | 261 | 263 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 225,000 | 350,000 | |
Notional amount, liability derivatives | 75,000 | 0 | |
Not Designated as Hedging Instrument [Member] | Client-Related Derivatives [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 4,780,591 | 4,490,888 | |
Notional amount, liability derivatives | 4,780,591 | 4,490,888 | |
Not Designated as Hedging Instrument [Member] | Client-Related Derivatives [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 134,497 | 126,447 | |
Notional amount, liability derivatives | 120,012 | 124,598 | |
Not Designated as Hedging Instrument [Member] | Client-Related Derivatives [Member] | Risk Participation Agreements [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | [4] | 60,721 | 61,001 |
Notional amount, liability derivatives | [4] | 94,073 | 93,561 |
Not Designated as Hedging Instrument [Member] | Other End-User Derivatives [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amount, asset derivatives | 37,531 | 19,155 | |
Notional amount, liability derivatives | $ 37,928 | $ 29,943 | |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | ||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. | ||
[4] | The remaining average notional amounts are shown for risk participation agreements. |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Fair value of the derivatives with credit contingency features in a net liability position | $ 1,400 | |
Collateral Posted for derivatives with credit contingency features in a net liability position | 1,300 | |
Additional collateral required to be posted to derivative counterparties if credit contingency features were triggered | 0 | |
Outstanding derivatives to be immediately settled if credit contingency features were triggered | 1,400 | |
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 | $ 1,700 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 0 | |
Interest rate lock commitments, notional value | 40,400 | |
Notional value of forward commitments for the future delivery of residential mortgage loans | 57,800 | |
Foreign exchange risk as a result of originating loans | 48,800 | |
Derivatives, not designated as hedging, asset derivatives | 28,599 | $ 41,274 |
Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives, not designated as hedging, asset derivatives | 1,820 | 2,814 |
Warrants [Member] | Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivatives, not designated as hedging, asset derivatives | 261 | 263 |
Mortgage Receivable [Member] | ||
Derivative [Line Items] | ||
Residential mortgage loans held-for-sale, par value | $ 10,212 | $ 25,424 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Written RPAs Range Of Internal Risk Ratings | 2 | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Written RPAs Range Of Internal Risk Ratings | 7 |
Derivative Instruments (Risk Pa
Derivative Instruments (Risk Participation Agreements) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)risk_rating | Dec. 31, 2016USD ($)risk_rating | |
Derivative [Line Items] | ||
Fair value of written RPAs | $ | $ 10 | $ 11 |
Maximum potential amount of future undiscounted payments | $ | $ 4,276 | $ 4,107 |
Percent of maximum potential amount of future undiscounted payments covered by proceeds from liquidation of pledged collateral | 70.00% | 65.00% |
Minimum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) for written RPAs | 0 years | 0 years |
Range of assigned internal risk ratings for written RPAs | risk_rating | 2 | 2 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Range of remaining terms to maturity (in years) for written RPAs | 5 years | 5 years |
Range of assigned internal risk ratings for written RPAs | risk_rating | 7 | 7 |
Derivative Instruments (Gain (L
Derivative Instruments (Gain (Loss) Recognized On Derivative Instruments Not Designated In Hedging Relationship) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Total derivatives, not designated in hedging relationship | $ 6,112 | $ 4,328 |
Client-Related Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on interest rate contracts, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Gain (loss) on interest rate contracts, not designated as hedging | $ 4,817 | 3,531 |
Location of Gain (Loss) on foreign exchange contracts, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Gain (loss) on foreign exchange contracts, not designated as hedging | $ 2,089 | 1,660 |
Total derivatives, not designated in hedging relationship | $ 6,924 | 5,199 |
Client-Related Derivatives [Member] | Risk Participation Agreements [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Capital markets income | |
Total derivatives, not designated in hedging relationship | $ 18 | 8 |
Other End-User Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on foreign exchange contracts, not designated as hedging, in Consolidated Statement of Income | Other income, service and charges income | |
Gain (loss) on foreign exchange contracts, not designated as hedging | $ (556) | (504) |
Total derivatives, not designated in hedging relationship | $ (812) | (871) |
Other End-User Derivatives [Member] | Mortgage Banking Derivatives [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Mortgage banking income | |
Total derivatives, not designated in hedging relationship | $ (241) | (513) |
Other End-User Derivatives [Member] | Warrants [Member] | ||
Derivative [Line Items] | ||
Location of Gain (Loss) on other derivative instruments, not designated as hedging, in Consolidated Statement of Income | Other income, service and charges income | |
Total derivatives, not designated in hedging relationship | $ (15) | $ 146 |
BALANCE SHEET OFFSETTING Bala86
BALANCE SHEET OFFSETTING Balance Sheet Offsetting (Narrative) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Balance Sheet Offsetting [Abstract] | ||
Cash collateral received, netted with financial assets | $ 2,000,000 | |
Cash collateral pledged, netted with financial liabilities | $ 5,200,000 | |
Excess cash collateral received | $ 0 | |
Excess cash collateral pledged | $ 0 |
BALANCE SHEET OFFSETTING Bala87
BALANCE SHEET OFFSETTING Balance Sheet Offsetting (Offsetting of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset Subject to Master Netting Agreement | [1] | $ 27,576 | $ 40,499 |
Derivative Asset, Not Subject to Master Netting Agreement | [1] | 1,225 | 2,648 |
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Agreement | [1] | 28,801 | 43,147 |
Derivative Asset, Fair Value, Gross Liability Subject to Master Netting Agreement | [1],[2],[3] | (7,290) | (15,182) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 20,286 | 25,317 |
Derivative Asset | [1] | 21,511 | 27,965 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (404) | (2,424) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 19,882 | 22,893 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | [1] | 21,107 | 25,541 |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability Subject to Master Netting Agreement | [1] | 18,604 | 35,085 |
Derivative Liability, Not Subject to Master Netting Agreement | [1] | 2,127 | 3,436 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Agreement | [1] | 20,731 | 38,521 |
Derivative Liability, Fair Value, Gross Asset Subject to Master Netting Agreement | [1],[2],[3] | (5,311) | (20,399) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 13,293 | 14,686 |
Derivative Liability | [1] | 15,420 | 18,122 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1,766) | (1,353) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 11,527 | 13,333 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | [1] | 13,654 | 16,769 |
Interest Rate Contract [Member] | |||
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset Subject to Master Netting Agreement | [1] | 22,704 | 33,744 |
Derivative Asset, Fair Value, Gross Liability Subject to Master Netting Agreement | [1],[2] | (3,010) | (11,828) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 19,694 | 21,916 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | (404) | (2,424) |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 19,290 | 19,492 |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability Subject to Master Netting Agreement | [1] | 16,777 | 32,058 |
Derivative Liability, Fair Value, Gross Asset Subject to Master Netting Agreement | [1],[2] | (4,477) | (18,719) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 12,300 | 13,339 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | (1,766) | (1,229) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 10,534 | 12,110 |
Foreign Exchange Contract [Member] | |||
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset Subject to Master Netting Agreement | [1] | 4,843 | 6,296 |
Derivative Asset, Fair Value, Gross Liability Subject to Master Netting Agreement | [1],[2] | (4,260) | (3,321) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 583 | 2,975 |
Derivative, Collateral, Obligation to Return Securities | [1],[4],[5] | 0 | 0 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 583 | 2,975 |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability Subject to Master Netting Agreement | [1] | 1,758 | 2,983 |
Derivative Liability, Fair Value, Gross Asset Subject to Master Netting Agreement | [1],[2] | (814) | (1,647) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 944 | 1,336 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | 0 | (123) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 944 | 1,213 |
Risk Participation Agreements [Member] | |||
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset Subject to Master Netting Agreement | [1] | 9 | 10 |
Derivative Asset, Fair Value, Gross Liability Subject to Master Netting Agreement | [1],[2] | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 9 | 10 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 9 | 10 |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability Subject to Master Netting Agreement | [1] | 10 | 11 |
Derivative Liability, Fair Value, Gross Asset Subject to Master Netting Agreement | [1],[2] | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 10 | 11 |
Derivative, Collateral, Right to Reclaim Securities | [1],[4],[5] | 0 | (1) |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 10 | 10 |
Mortgage Banking Derivatives [Member] | |||
Derivative Asset [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset Subject to Master Netting Agreement | [1] | 20 | 449 |
Derivative Asset, Fair Value, Gross Liability Subject to Master Netting Agreement | [1],[2] | (20) | (33) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 416 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Agreement | [1] | 0 | 416 |
Derivative Liability [Abstract] | |||
Derivative Liability, Fair Value, Gross Liability Subject to Master Netting Agreement | [1] | 59 | 33 |
Derivative Liability, Fair Value, Gross Asset Subject to Master Netting Agreement | [1],[2] | (20) | (33) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | [1] | 39 | 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 Agreement | [1] | $ 39 | $ 0 |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | ||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. | ||
[4] | Collateralization is determined at the counterparty level. If overcollateralization exists, the amount shown is limited to the fair value of the financial instrument. | ||
[5] | Financial instruments are disclosed at fair value. Financial instrument collateral is allocated pro-rata amongst the derivative liabilities to which it relates. |
Commitments, Guarantees, And 88
Commitments, Guarantees, And Contingent Liabilities (Contractual Or Notional Amounts Of Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 6,451,044 | $ 6,440,381 |
Letters of credit | [1] | 400,240 | 373,045 |
Covered loan commitments | 7,900 | 9,000 | |
Financial standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 359,986 | 330,350 |
Performance standby [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 37,930 | 39,068 |
Commercial letters of credit [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Letters of credit | [1] | 2,324 | 3,627 |
Home equity lines [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 13,821 | 14,880 |
Credit card lines [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 7,594 | 6,314 |
Residential 1 to 4 family construction [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 85,991 | 89,787 |
Commercial real estate, other construction, and land development [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 1,382,470 | 1,387,823 |
Commercial and industrial [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | 3,843,733 | 3,889,323 |
All other commitments [Member] | |||
Commitments Guarantees And Contingent Liabilities [Line Items] | |||
Commitments to extend credit | [1] | $ 1,117,435 | $ 1,052,254 |
[1] | Includes covered loan commitments of $7.9 million and $9.0 million as of March 31, 2017 and December 31, 2016, respectively. |
Commitments, Guarantees, And 89
Commitments, Guarantees, And Contingent Liabilities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Commitments Guarantees And Contingent Liabilities Narrative [Abstract] | |||||
Reserve for unfunded commitments | [1] | $ 17,893 | $ 17,140 | $ 12,354 | $ 11,759 |
Unamortized fees associated with standby letters of credit | $ 2,800 | ||||
Remaining weighted-average term, standby letters of credit | 14 months | ||||
Remaining actual lives, standby letters of credit, minimum | 1 year | ||||
Remaining actual lives, standby letters of credit, maximum | 5 years | ||||
Unfunded commitments to CRA investments and other investment partnerships | $ 68,100 | ||||
Unfunded commitments for tax-credit investments | 45,400 | ||||
Maximum potential future payments guarantee obligation, credit card settlement guarantees | 20,900 | ||||
Contingency liability, settlement guarantee program | $ 0 | ||||
[1] | Unfunded commitments include commitments to extend credit, standby letters of credit and commercial letters of credit. Unfunded commitments related to covered assets are excluded as they are covered under a loss share agreement with the FDIC. |
Estimated Fair Value Of Finan90
Estimated Fair Value Of Financial Instruments (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Appraisal value subject to compliance review | $ 250,000 | ||
Appraisal value subject to technical review | 1,000,000 | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |
Mortgage loans held-for-sale, 90 days past due and still accruing | 0 | 0 | |
Loans Held-for-sale, Other | [1] | $ 32,057,000 | $ 78,350,000 |
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 | no | no | |
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 | no | no | |
[1] | Amounts represent commercial, commercial real estate, construction and residential loans carried at the lower of aggregate cost or fair value. Generally, the Company intends to sell these loans within 30-60 days from the date the intent to sell was established. |
Estimated Fair Value Of Finan91
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Recurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | $ 2,112,165 | $ 2,013,525 | |
Mortgage loans held-for-sale | 10,219 | 24,934 | |
Interest rate contract derivatives assets designated as hedging instruments | 202 | 1,873 | |
Other derivative assets, not designated as hedging instruments | 28,599 | 41,274 | |
Netting adjustments | [1],[2],[3] | (7,290) | (15,182) |
Derivative assets | [1] | 21,511 | 27,965 |
Interest rate contract derivatives liabilities designated as hedging instruments | 42 | 0 | |
Netting adjustments | [1],[2],[3] | (5,311) | (20,399) |
Derivative liabilities | [1] | 15,420 | 18,122 |
Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
Loans, Fair value | 0 | 0 | |
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 1,519,268 | 1,471,230 | |
Loans, Fair value | 1,022 | 1,029 | |
Derivative assets | 20,359 | 26,270 | |
Derivative liabilities | 15,332 | 17,794 | |
Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 0 | ||
Loans, Fair value | 15,341,944 | 14,804,782 | |
Derivative assets | 1,152 | 1,695 | |
Derivative liabilities | 88 | 328 | |
U.S. Treasury [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
U.S. Agencies [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 45,821 | 45,940 | |
Collateralized mortgage obligations [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 69,335 | 75,345 | |
Residential mortgage-backed securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 937,386 | 886,550 | |
State and municipal securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 466,726 | 463,395 | |
Fair Value, Measurements, Recurring [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 2,112,165 | 2,013,525 | |
Mortgage loans held-for-sale | 10,219 | 24,934 | |
Loans, Fair value | [4] | 1,022 | 1,029 |
Interest rate contract derivatives assets designated as hedging instruments | 202 | 1,873 | |
Netting adjustments | (7,290) | (15,182) | |
Derivative assets | 21,511 | 27,965 | |
Total assets | 2,144,917 | 2,067,453 | |
Interest rate contract derivatives liabilities designated as hedging instruments | 42 | 0 | |
Netting adjustments | (5,311) | (20,399) | |
Derivative liabilities | 15,420 | 18,122 | |
Fair Value, Measurements, Recurring [Member] | Client-Related Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 26,779 | 38,460 | |
Other derivatives liabilities, not designated as hedging instruments | 20,364 | 37,970 | |
Fair Value, Measurements, Recurring [Member] | Other End-User Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 1,820 | 2,814 | |
Other derivatives liabilities, not designated as hedging instruments | 325 | 551 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
Mortgage loans held-for-sale | 0 | 0 | |
Derivative assets | 0 | 0 | |
Total assets | 592,897 | 542,295 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 1,519,268 | 1,471,230 | |
Mortgage loans held-for-sale | 10,219 | 24,934 | |
Loans, Fair value | [4] | 1,022 | 1,029 |
Interest rate contract derivatives assets designated as hedging instruments | 202 | 1,873 | |
Netting adjustments | (7,290) | (15,182) | |
Derivative assets | 20,359 | 26,270 | |
Total assets | 1,550,868 | 1,523,463 | |
Interest rate contract derivatives liabilities designated as hedging instruments | 42 | 0 | |
Netting adjustments | (5,311) | (20,399) | |
Derivative liabilities | 15,332 | 17,794 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Client-Related Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 26,027 | 37,612 | |
Other derivatives liabilities, not designated as hedging instruments | 20,354 | 37,959 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other End-User Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 1,420 | 1,967 | |
Other derivatives liabilities, not designated as hedging instruments | 247 | 234 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 0 | 0 | |
Mortgage loans held-for-sale | 0 | 0 | |
Netting adjustments | 0 | 0 | |
Derivative assets | 1,152 | 1,695 | |
Total assets | 1,152 | 1,695 | |
Netting adjustments | 0 | 0 | |
Derivative liabilities | 88 | 328 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Client-Related Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 752 | 848 | |
Other derivatives liabilities, not designated as hedging instruments | 10 | 11 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other End-User Derivatives [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Other derivative assets, not designated as hedging instruments | 400 | 847 | |
Other derivatives liabilities, not designated as hedging instruments | 78 | 317 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
Fair Value, Measurements, Recurring [Member] | U.S. Agencies [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 45,821 | 45,940 | |
Fair Value, Measurements, Recurring [Member] | U.S. Agencies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 45,821 | 45,940 | |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 69,335 | 75,345 | |
Fair Value, Measurements, Recurring [Member] | Collateralized mortgage obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 69,335 | 75,345 | |
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 937,386 | 886,550 | |
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 937,386 | 886,550 | |
Fair Value, Measurements, Recurring [Member] | State and municipal securities [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 466,726 | 463,395 | |
Fair Value, Measurements, Recurring [Member] | State and municipal securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | 466,726 | 463,395 | |
Fair Value, Measurements, Recurring [Member] | State and municipal securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Securities Available-for-Sale, Fair Value | $ 0 | $ 0 | |
[1] | All derivative contracts are over-the-counter contracts. | ||
[2] | Represents financial instrument and related cash collateral entered into with the same counterparty and subject to a master netting agreement. | ||
[3] | Represents netting of derivative asset and liability balances, and related cash collateral, with the same counterparty subject to master netting agreements. Refer to Note 15 for additional information regarding master netting agreements. | ||
[4] | Represents loans accounted for under the fair value option. |
Estimated Fair Value Of Finan92
Estimated Fair Value Of Financial Instruments (Reconciliation Of Beginning And Ending Fair Value For Those Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Derivative Assets [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | $ 1,695 | $ 891 |
Total gains (losses) included in earnings, assets | [1],[2] | 57 | 409 |
Issuances, assets | [1] | 102 | 420 |
Settlements, assets | [1] | (860) | (903) |
Transfers into Level 3 (out of Level 2) assets | [1],[3] | 162 | 26 |
Transfers out of Level 3 (into Level 2), assets | [1],[3] | (4) | (7) |
Balance at end of period, assets | [1] | 1,152 | 836 |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | (23) | 147 |
Derivative (Liabilities) [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, derivative (liabilities) | [1] | (328) | (265) |
Total gains (losses) included in earnings, derivative (liabilities) | [1],[2] | (84) | (286) |
Issuances, derivative (liabilities) | [1] | 0 | 0 |
Settlements, derivative (liabilities) | [1] | 324 | 325 |
Transfers into Level 3 (out of Level 2) derivative (liabilities) | [1],[3] | 0 | 0 |
Transfers out of Level 3 (into Level 2) derivative (liabilities) | [1],[3] | 0 | 0 |
Balance at end of period, derivative (liabilities) | [1] | (88) | (226) |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | $ 3 | 16 |
Available-for-sale Securities [Member] | |||
Estimated Fair Value of Financial Instruments [Roll Forward] | |||
Balance at beginning of period, assets | [1] | 630 | |
Total gains (losses) included in earnings, assets | [1],[2] | 30 | |
Settlements, assets | [1] | (660) | |
Transfers into Level 3 (out of Level 2) assets | [1],[3] | 0 | |
Balance at end of period, assets | [1] | 0 | |
Change in unrealized gains (losses) in earnings relating to assets and liabilities still held at end of year | [1] | $ 0 | |
[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 Finan93
Estimated Fair Value Of Financial Instruments (Difference Between Aggregate Fair Value and Aggregate Remaining Principle Balance for Loans Elected to be Carried at Fair Value) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgages loans held-for-sale, Aggregate Fair Value | $ 10,219 | $ 24,934 | |
Mortgage Receivable [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Mortgage loans held-for-sale, Aggregate Unpaid Principal Balance | 10,212 | 25,424 | |
Assets Held-for-sale [Member] | Mortgage Receivable [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Difference | [1] | 7 | (490) |
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 | 986 | 991 | |
Residential Real Estate Portfolio Segment [Member] | Loans Held-For-Investment [Member] | |||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Loans, Fair value | 1,022 | 1,029 | |
Difference | [1] | $ 36 | $ 38 |
[1] | The change in fair value is reflected in mortgage banking non-interest income. |
Estimated Fair Value Of Finan94
Estimated Fair Value Of Financial Instruments (Fair Value Measurements On A Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Estimated Fair Value Of Financial Instruments [Line Items] | |||
Collateral-dependent impaired loans, Fair Value | [1] | $ 36,302 | $ 22,968 |
OREO, Fair Value | [2] | 8,337 | 2,838 |
Total, Fair Value, Nonrecurring Basis | 44,639 | 25,806 | |
Collateral-dependent impaired loans, Net (gains) losses | [1] | (7,861) | (1,377) |
OREO, Net (gains) losses | [2] | 480 | 588 |
Total, Net (gains) losses, Nonrecurring Basis | $ (7,381) | $ (789) | |
[1] | Represents the fair value of loans adjusted to the appraised value of the collateral with a change in specific reserves during the respective period. These fair value adjustments are recorded against the allowance for loan losses. | ||
[2] | Represents the fair value of foreclosed properties that were adjusted subsequent to their initial classification as foreclosed assets. Write-downs are recognized as a component of net foreclosed property expenses in the consolidated statements of income. |
Estimated Fair Value Of Finan95
Estimated Fair Value Of Financial Instruments (Quantitative Information Regarding Level 3 Fair Value Measurements) (Detail) - Fair Value, Inputs, Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Watch List Derivatives [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities) Value | $ 742,000 | |
Watch List Derivatives [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 13.30% | |
Watch List Derivatives [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 29.40% | |
Watch List Derivatives [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 17.70% | |
Watch List Derivatives [Member] | Loss factors [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Loss factors | |
Watch List Derivatives [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique(s) | Discounted cash flow | |
Risk Participation Agreements [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities) Value | $ (1,000) | [1] |
Risk Participation Agreements [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 0.10% | |
Risk Participation Agreements [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 19.70% | |
Risk Participation Agreements [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 1.00% | |
Risk Participation Agreements [Member] | Loss factors [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Loss factors | |
Risk Participation Agreements [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique(s) | Discounted cash flow | |
Interest Rate Lock Commitments [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities) Value | $ 85,000 | |
Interest Rate Lock Commitments [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 71.00% | |
Interest Rate Lock Commitments [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 100.00% | |
Interest Rate Lock Commitments [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 81.40% | |
Interest Rate Lock Commitments [Member] | Pull-through rate [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Pull-through rate | |
Interest Rate Lock Commitments [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique(s) | Discounted cash flow | |
Collateral-Dependent Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | (1.50%) | |
Collateral-Dependent Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | (1.50%) | |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities) Value | $ 8,337,000 | |
Other Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | (18.80%) | |
Other Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | (18.80%) | |
Other Real Estate Owned [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | (18.80%) | |
Other Real Estate Owned [Member] | Property Specific Adjustment [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Property specific adjustment | |
Other Real Estate Owned [Member] | Sales Comparison, Income Capitalization And/Or Cost Approach [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique(s) | Sales comparison, income capitalization and/or cost approach | |
Warrants [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset (Liabilities) Value | $ 261,000 | |
Warrants [Member] | Estimated stock price [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Estimated stock price | |
Warrants [Member] | Estimated stock price [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Dollars), Significant Unobservable Inputs | $ 0.59 | |
Warrants [Member] | Estimated stock price [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Dollars), Significant Unobservable Inputs | 13.97 | |
Warrants [Member] | Estimated stock price [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Dollars), Significant Unobservable Inputs | $ 9.31 | |
Warrants [Member] | Remaining life assumption [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Remaining life assumption | |
Warrants [Member] | Remaining life assumption [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 9 years | |
Warrants [Member] | Remaining life assumption [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 10 years | |
Warrants [Member] | Remaining life assumption [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Period), Significant Unobservable Inputs | 9 years 1 month | |
Warrants [Member] | Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Unobservable Input | Volatility | |
Warrants [Member] | Volatility [Member] | Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 26.00% | |
Warrants [Member] | Volatility [Member] | Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 61.00% | |
Warrants [Member] | Volatility [Member] | Weighted Average [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Range Of Inputs (Percentage), Significant Unobservable Inputs | 50.20% | |
Warrants [Member] | Black-Scholes option pricing model [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Measurements, Valuation Technique(s) | Black-Scholes option pricing model | |
[1] | Represents fair value of underlying swap. |
Estimated Fair Value Of Finan96
Estimated Fair Value Of Financial Instruments (Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Financial assets: [Abstract] | |||
Cash and due from banks | $ 166,012 | $ 161,168 | |
Federal funds sold and interest-bearing deposits in banks | 335,943 | 587,563 | |
Loans held-for-sale | 42,276 | 103,284 | |
Securities Available-for-Sale, Fair Value | 2,112,165 | 2,013,525 | |
Securities Held-to-Maturity, Amortized Cost | 1,801,973 | 1,738,123 | |
Securities Held-to-Maturity, Fair Value | 1,782,604 | 1,714,770 | |
Federal Home Loan Bank Stock | 38,163 | 54,163 | |
Loans, net of allowance for loan losses and unearned fees | 15,397,041 | 14,870,476 | |
Covered assets, net of allowance for covered loan losses | 16,250 | 17,297 | |
Accrued interest receivable | 57,316 | 57,986 | |
Investment in BOLI | 58,449 | 58,115 | |
Derivative assets | [1] | 21,511 | 27,965 |
Community reinvestment investments | 10,871 | 7,060 | |
Financial liabilities: [Abstract] | |||
Deposits | 16,708,715 | 16,065,229 | |
Short-term borrowings | 1,195,318 | 1,544,746 | |
Long-term debt | 338,335 | 338,310 | |
Accrued interest payable | 9,590 | 9,063 | |
Derivative liabilities | [1] | 15,420 | 18,122 |
Fair Value, Inputs, Level 1 [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 166,012 | 161,168 | |
Federal funds sold and interest-bearing deposits in banks | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Securities Available-for-Sale, Fair Value | 592,897 | 542,295 | |
Securities Held-to-Maturity, Fair Value | 0 | 0 | |
Federal Home Loan Bank Stock | 0 | 0 | |
Loans, net of allowance for loan losses and unearned fees, Fair Value | 0 | 0 | |
Covered assets, net of allowance for covered loan losses, Fair Value | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Investment in BOLI | 0 | 0 | |
Derivative assets | 0 | 0 | |
Financial liabilities: [Abstract] | |||
Deposits, Fair Value | 0 | 0 | |
Short-term borrowings, Fair Value | 0 | 0 | |
Long-term debt, Fair Value | 198,404 | 197,599 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 0 | 0 | |
Federal funds sold and interest-bearing deposits in banks | 335,943 | 587,563 | |
Loans held-for-sale | 42,276 | 103,284 | |
Securities Available-for-Sale, Fair Value | 1,519,268 | 1,471,230 | |
Securities Held-to-Maturity, Fair Value | 1,782,604 | 1,714,770 | |
Federal Home Loan Bank Stock | 38,163 | 54,163 | |
Loans, net of allowance for loan losses and unearned fees, Fair Value | 1,022 | 1,029 | |
Covered assets, net of allowance for covered loan losses, Fair Value | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Investment in BOLI | 0 | 0 | |
Derivative assets | 20,359 | 26,270 | |
Community reinvestment investments, Fair Value | 8,861 | 8,522 | |
Financial liabilities: [Abstract] | |||
Deposits, Fair Value | 14,164,581 | 13,724,218 | |
Short-term borrowings, Fair Value | 1,189,664 | 1,539,384 | |
Long-term debt, Fair Value | 52,499 | 52,770 | |
Accrued interest payable | 0 | 0 | |
Derivative liabilities | 15,332 | 17,794 | |
Fair Value, Inputs, Level 3 [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 0 | 0 | |
Federal funds sold and interest-bearing deposits in banks | 0 | 0 | |
Loans held-for-sale | 0 | 0 | |
Securities Available-for-Sale, Fair Value | 0 | ||
Securities Held-to-Maturity, Fair Value | 0 | 0 | |
Federal Home Loan Bank Stock | 0 | 0 | |
Loans, net of allowance for loan losses and unearned fees, Fair Value | 15,341,944 | 14,804,782 | |
Covered assets, net of allowance for covered loan losses, Fair Value | 21,067 | 21,928 | |
Accrued interest receivable | 57,316 | 57,986 | |
Investment in BOLI | 58,449 | 58,115 | |
Derivative assets | 1,152 | 1,695 | |
Financial liabilities: [Abstract] | |||
Deposits, Fair Value | 2,537,249 | 2,336,566 | |
Short-term borrowings, Fair Value | 5,219 | 4,744 | |
Long-term debt, Fair Value | 71,439 | 68,830 | |
Accrued interest payable | 9,590 | 9,063 | |
Derivative liabilities | 88 | 328 | |
Estimate of Fair Value Measurement [Member] | |||
Financial assets: [Abstract] | |||
Cash and due from banks | 166,012 | 161,168 | |
Federal funds sold and interest-bearing deposits in banks | 335,943 | 587,563 | |
Loans held-for-sale | 42,276 | 103,284 | |
Securities Available-for-Sale, Fair Value | 2,112,165 | 2,013,525 | |
Securities Held-to-Maturity, Fair Value | 1,782,604 | 1,714,770 | |
Federal Home Loan Bank Stock | 38,163 | 54,163 | |
Loans, net of allowance for loan losses and unearned fees, Fair Value | 15,342,966 | 14,805,811 | |
Covered assets, net of allowance for covered loan losses, Fair Value | 21,067 | 21,928 | |
Accrued interest receivable | 57,316 | 57,986 | |
Investment in BOLI | 58,449 | 58,115 | |
Derivative assets | 21,511 | 27,965 | |
Community reinvestment investments, Fair Value | 8,861 | 8,522 | |
Financial liabilities: [Abstract] | |||
Deposits, Fair Value | 16,701,830 | 16,060,784 | |
Short-term borrowings, Fair Value | 1,194,883 | 1,544,128 | |
Long-term debt, Fair Value | 322,342 | 319,199 | |
Accrued interest payable | 9,590 | 9,063 | |
Derivative liabilities | $ 15,420 | $ 18,122 | |
[1] | All derivative contracts are over-the-counter contracts. |
Operating Segments (Operating S
Operating Segments (Operating Segments Performance) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | $ 161,018 | $ 139,518 | ||
Provision for loan and covered loan losses | 8,408 | 6,402 | ||
Non-interest income | 37,283 | 33,602 | ||
Non-interest expense | 110,409 | 90,493 | ||
Income (loss) before taxes | 79,484 | 76,225 | ||
Income tax provision (benefit) | 21,532 | 26,673 | ||
Net income (loss) | 57,952 | 49,552 | ||
Assets | 20,416,218 | $ 20,053,773 | ||
Loans | 15,591,656 | 13,457,665 | 15,056,241 | |
Deposits | 16,708,715 | 16,065,229 | ||
Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 165,721 | 144,107 | ||
Provision for loan and covered loan losses | 8,408 | 6,402 | ||
Non-interest income | 31,671 | 28,861 | ||
Non-interest expense | 99,187 | 83,025 | ||
Income (loss) before taxes | 89,797 | 83,541 | ||
Income tax provision (benefit) | 26,321 | 29,412 | ||
Net income (loss) | 63,476 | 54,129 | ||
Assets | 18,175,369 | 17,893,329 | ||
Loans | 15,591,656 | 15,056,241 | ||
Deposits | 16,753,235 | 16,118,043 | ||
Asset Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | 1,164 | 1,248 | ||
Provision for loan and covered loan losses | 0 | 0 | ||
Non-interest income | 5,591 | 4,724 | ||
Non-interest expense | 4,876 | 4,642 | ||
Income (loss) before taxes | 1,879 | 1,330 | ||
Income tax provision (benefit) | 723 | 515 | ||
Net income (loss) | 1,156 | 815 | ||
Holding Company And Other Adjustments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income (expense) | (5,867) | (5,837) | ||
Provision for loan and covered loan losses | 0 | 0 | ||
Non-interest income | 21 | 17 | ||
Non-interest expense | 6,346 | 2,826 | ||
Income (loss) before taxes | (12,192) | (8,646) | ||
Income tax provision (benefit) | (5,512) | (3,254) | ||
Net income (loss) | (6,680) | $ (5,392) | ||
Assets | [1] | 2,240,849 | 2,160,444 | |
Loans | 0 | 0 | ||
Deposits | [1] | $ (44,520) | $ (52,814) | |
[1] | Deposit amounts represent the elimination of Holding Company cash accounts included in total deposits of the Banking segment. |
VARIABLE INTEREST ENTITIES Cons
VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 21,528 | $ 17,840 |
Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 21,440 | 17,774 |
Accrued Income Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 88 | $ 66 |
Variable Interest Entities (Non
Variable Interest Entities (Nonconsolidated Variable Interest Entities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | ||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | $ 360,935 | $ 326,029 | ||
Maximum Exposure to Loss | 230,564 | 180,911 | ||
Fixed, 10.00% Junior Subordinated Debentures Due 2068 [Member] | Parent Company [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Deferred Finance Costs, Net | 2,126 | [1] | 2,136 | |
Trust Preferred Capital Securities Issuances [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | [2] | 167,661 | 167,651 | |
Maximum Exposure to Loss | [2] | 0 | 0 | |
Community Reinvestment Investments and Loans [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | [3] | 69,358 | 55,560 | |
Maximum Exposure to Loss | [3] | 91,633 | 64,668 | |
Restructured loans to commercial clients, outstanding loan balance [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | [3] | 123,870 | 102,709 | |
Maximum Exposure to Loss | [3] | 138,885 | 116,134 | |
Restructured loans to commercial clients, related derivative asset [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | [3] | 18 | 74 | |
Maximum Exposure to Loss | [3] | 18 | 74 | |
Warrants [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying Amount | 28 | 35 | ||
Maximum Exposure to Loss | $ 28 | $ 35 | ||
[1] | Net of deferred financing costs of $2.1 million at March 31, 2017. | |||
[2] | Net of deferred financing costs of $2.1 million at March 31, 2017 and December 31, 2016. | |||
[3] | Excludes personal loans and loans to non-for-profit entities. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2017USD ($)trust | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Investment Holdings [Line Items] | |||
Ownership percentage | 100.00% | ||
Number of wholly-owned trusts | trust | 4 | ||
Affordable Housing Projects, Tax Credit Investments | $ 56,300,000 | $ 42,900,000 | |
Unfunded Commitments, Tax Credit Investments | $ 45,400,000 | ||
Low Income Housing Tax Credit Investment [Member] | |||
Investment Holdings [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid Through | 2,030 | ||
Tax Credit Investments [Member] | |||
Investment Holdings [Line Items] | |||
Affordable Housing Tax Credits Commitment, Year to be Paid Through | 2,031 | ||
Impairment Losses, Tax Credit Investments | $ 0 | $ 0 |
VARIABLE INTEREST ENTITIES Vari
VARIABLE INTEREST ENTITIES Variable Interest Entities (Affordable Housing Tax Credit Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Amortization of principal investments | $ 1,154 | $ 443 |
Tax Credit [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 972 | 430 |
Tax Benefit From Operating Losses [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 525 | $ 147 |