Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBKC | ||
Entity Registrant Name | IBERIABANK CORP | ||
Entity Central Index Key | 933141 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 33,560,780 | ||
Entity Public Float | $2.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $251,994 | $238,672 |
Interest-bearing deposits in banks | 296,101 | 152,724 |
Total cash and cash equivalents | 548,095 | 391,396 |
Securities available for sale, at fair value | 2,158,853 | 1,936,797 |
Securities held to maturity (fair values of $119,481 and $152,566, respectively) | 116,960 | 154,109 |
Mortgage loans held for sale ($139,950 and $97,273 recorded at fair value, respectively) | 140,072 | 128,442 |
Loans covered by loss share agreements | 444,544 | 719,793 |
Non-covered loans, net of unearned income | 10,996,500 | 8,772,226 |
Total loans, net of unearned income | 11,441,044 | 9,492,019 |
Allowance for loan losses | -130,131 | -143,074 |
Loans, net | 11,310,913 | 9,348,945 |
FDIC loss share receivables | 69,627 | 162,312 |
Premises and equipment, net | 307,159 | 287,510 |
Goodwill | 517,526 | 401,872 |
Other assets | 589,400 | 554,167 |
Total Assets | 15,758,605 | 13,365,550 |
Deposits: | ||
Non-interest-bearing | 3,195,430 | 2,575,939 |
Interest-bearing | 9,325,095 | 8,161,061 |
Total deposits | 12,520,525 | 10,737,000 |
Short-term borrowings | 845,742 | 680,344 |
Long-term debt | 403,254 | 280,699 |
Other liabilities | 136,235 | 136,528 |
Total Liabilities | 13,905,756 | 11,834,571 |
Shareholders' Equity | ||
Preferred stock, $1 par value - 5,000,000 shares authorized | ||
Common stock, $1 par value - 50,000,000 shares authorized; 35,262,901 and 31,917,385 shares issued, respectively | 35,263 | 31,917 |
Additional paid-in capital | 1,398,633 | 1,178,284 |
Retained earnings | 497,274 | 436,141 |
Accumulated other comprehensive income (loss) | 7,525 | -16,491 |
Treasury stock at cost - 1,809,497 and 2,130,841 shares, respectively | -85,846 | -98,872 |
Total Shareholders' Equity | 1,852,849 | 1,530,979 |
Total Liabilities and Shareholders' Equity | $15,758,605 | $13,365,550 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $119,481 | $152,566 |
Mortgage loans held for sale recorded at fair value | $139,950 | $97,273 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 35,262,901 | 31,917,385 |
Treasury stock, shares | 1,809,497 | 2,130,841 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Dividend Income | |||
Loans, including fees | $526,706 | $488,936 | $513,936 |
Mortgage loans held for sale, including fees | 5,153 | 5,108 | 5,318 |
Investment securities: | |||
Taxable interest | 38,815 | 31,562 | 33,890 |
Tax-exempt interest | 5,862 | 6,668 | 7,375 |
Amortization of FDIC loss share receivable | -74,617 | -97,849 | -118,100 |
Other | 2,896 | 2,772 | 2,781 |
Total interest and dividend income | 504,815 | 437,197 | 445,200 |
Interest Expense | |||
NOW and MMDA | 18,483 | 18,933 | 23,936 |
Savings | 325 | 309 | 573 |
Time deposits | 14,282 | 16,604 | 24,855 |
Short-term borrowings | 1,364 | 490 | 650 |
Long-term debt | 10,250 | 10,617 | 13,436 |
Total interest expense | 44,704 | 46,953 | 63,450 |
Net interest income | 460,111 | 390,244 | 381,750 |
Provision for loan losses | 19,060 | 5,145 | 20,671 |
Net interest income after provision for loan losses | 441,051 | 385,099 | 361,079 |
Non-interest Income | |||
Service charges on deposit accounts | 35,573 | 28,871 | 26,852 |
Mortgage income | 51,797 | 64,197 | 78,053 |
Title revenue | 20,492 | 20,526 | 20,987 |
ATM/debit card fee income | 12,023 | 9,510 | 8,978 |
Income from bank owned life insurance | 5,473 | 3,647 | 3,680 |
Gain on sale of available for sale investments | 771 | 2,277 | 3,739 |
Derivative losses reclassified from other comprehensive income | -391 | -1,618 | |
Broker commissions | 18,783 | 16,333 | 13,446 |
Other income | 28,716 | 23,988 | 21,880 |
Total non-interest income | 173,628 | 168,958 | 175,997 |
Non-interest Expense | |||
Salaries and employee benefits | 259,086 | 244,981 | 233,777 |
Net occupancy and equipment | 59,571 | 58,037 | 54,672 |
Impairment of FDIC loss share receivables and other long-lived assets | 6,437 | 37,893 | 2,902 |
Communication and delivery | 12,029 | 12,024 | 12,671 |
Marketing and business development | 11,707 | 10,143 | 12,546 |
Data processing | 27,249 | 17,853 | 15,590 |
Amortization of acquisition intangibles | 5,807 | 4,720 | 5,150 |
Professional services | 18,975 | 18,217 | 21,095 |
Costs of OREO property, net | 2,748 | 1,943 | 6,352 |
Credit and other loan related expense | 13,692 | 15,931 | 18,095 |
Insurance | 14,359 | 11,272 | 10,771 |
Travel and entertainment | 9,033 | 8,126 | 9,563 |
Other expenses | 33,786 | 31,945 | 29,001 |
Total non-interest expense | 474,479 | 473,085 | 432,185 |
Income (loss) before income taxes | 140,200 | 80,972 | 104,891 |
Income tax expense | 34,750 | 15,869 | 28,496 |
Net income | 105,450 | 65,103 | 76,395 |
Income Available to Common Shareholders - Basic | 105,450 | 65,103 | 76,395 |
Earnings Allocated to Unvested Restricted Stock | -1,685 | -1,209 | -1,437 |
Earnings Available to Common Shareholders - Diluted | 103,765 | 63,894 | 74,958 |
Earnings per common share - Basic | $3.32 | $2.20 | $2.59 |
Earnings per common share - Diluted | $3.30 | $2.20 | $2.59 |
Cash dividends declared per common share | $1.36 | $1.36 | $1.36 |
Unrealized gains on securities: | |||
Unrealized holding gains (losses) arising during the period | 37,719 | -62,095 | 2,174 |
Reclassification adjustment for gains included in net income | -771 | -2,277 | -3,739 |
Unrealized gain (loss) on securities, before tax | 36,948 | -64,372 | -1,565 |
Fair value of derivative instruments designated as cash flow hedges: | |||
Change in fair value of derivative instruments designated as cash flow hedges during the period | 953 | -22 | |
Reclassification adjustment for losses included in net income | 391 | 1,618 | |
Fair value of derivative instruments designated as cash flow hedges, before tax | 1,344 | 1,596 | |
Other comprehensive income (loss), before tax | 36,948 | -63,028 | 31 |
Income tax expense (benefit) related to items of other comprehensive (loss) income | 12,932 | -22,060 | 11 |
Other comprehensive income (loss), net of tax | 24,016 | -40,968 | 20 |
Comprehensive income | $129,466 | $24,135 | $76,415 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2011 | $1,482,661 | $31,163 | $1,135,880 | $375,184 | $24,457 | ($84,023) |
Beginning balance, Shares at Dec. 31, 2011 | 31,163,070 | 1,789,165 | ||||
Net income | 76,395 | 76,395 | ||||
Other comprehensive income | 20 | 20 | ||||
Cash dividends declared, $1.36 per share | -40,107 | -40,107 | ||||
Reissuance of treasury stock under incentive plans, net of shares surrendered in payment, including tax benefit | 2,222 | -354 | 2,576 | |||
Reissuance of treasury stock under incentive plans, Shares | -51,328 | |||||
Common stock issued for acquisitions | 39,203 | 754 | 38,449 | |||
Common stock issued for acquisitions, Shares | 754,315 | |||||
Treasury stock issued for recognition and retention plans | -7,702 | 7,702 | ||||
Treasury stock issued for recognition and retention plans, Shares | -163,505 | |||||
Share-based compensation cost | 9,907 | 9,907 | ||||
Treasury stock acquired at cost | -40,433 | -40,433 | ||||
Treasury stock acquired at cost, Shares | 853,308 | |||||
Ending balance at Dec. 31, 2012 | 1,529,868 | 31,917 | 1,176,180 | 411,472 | 24,477 | -114,178 |
Ending balance, Shares at Dec. 31, 2012 | 31,917,385 | 2,427,640 | ||||
Net income | 65,103 | 65,103 | ||||
Other comprehensive income | -40,968 | -40,968 | ||||
Cash dividends declared, $1.36 per share | -40,434 | -40,434 | ||||
Reissuance of treasury stock under incentive plans, net of shares surrendered in payment, including tax benefit | 6,707 | -607 | 7,314 | |||
Reissuance of treasury stock under incentive plans, Shares | -147,392 | |||||
Treasury stock issued for recognition and retention plans | -7,992 | 7,992 | ||||
Treasury stock issued for recognition and retention plans, Shares | -149,407 | |||||
Share-based compensation cost | 10,703 | 10,703 | ||||
Ending balance at Dec. 31, 2013 | 1,530,979 | 31,917 | 1,178,284 | 436,141 | -16,491 | -98,872 |
Ending balance, Shares at Dec. 31, 2013 | 31,917,385 | 2,130,841 | ||||
Net income | 105,450 | 105,450 | ||||
Other comprehensive income | 24,016 | 24,016 | ||||
Cash dividends declared, $1.36 per share | -44,317 | -44,317 | ||||
Reissuance of treasury stock under incentive plans, net of shares surrendered in payment, including tax benefit | 10,071 | 3,242 | 6,829 | |||
Reissuance of treasury stock under incentive plans, Shares | -190,443 | |||||
Common stock issued for acquisitions | 214,665 | 3,346 | 211,319 | |||
Common stock issued for acquisitions, Shares | 3,345,516 | |||||
Treasury stock issued for recognition and retention plans | -6,197 | 6,197 | ||||
Treasury stock issued for recognition and retention plans, Shares | -130,901 | |||||
Share-based compensation cost | 11,985 | 11,985 | ||||
Ending balance at Dec. 31, 2014 | $1,852,849 | $35,263 | $1,398,633 | $497,274 | $7,525 | ($85,846) |
Ending balance, Shares at Dec. 31, 2014 | 35,262,901 | 1,809,497 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends declared per share | $1.36 | $1.36 | $1.36 |
Retained Earnings [Member] | |||
Cash dividends declared per share | $1.36 | $1.36 | $1.36 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $105,450 | $65,103 | $76,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and accretion | 15,791 | 25,388 | 21,685 |
Amortization of purchase accounting adjustments, net | 7,536 | -5,965 | -47,383 |
Provision for loan losses | 19,060 | 5,145 | 20,671 |
Share-based equity compensation expense | 11,985 | 10,703 | 9,907 |
(Gain) Loss on sale of assets, net | -14 | -251 | -42 |
Gain on sale of available for sale investments | -771 | -2,277 | -3,739 |
Gain on sale of OREO, net | -4,221 | -6,022 | -4,985 |
Loss on abandonment of fixed assets | 4,941 | 2,743 | |
Impairment | 5,121 | 31,813 | |
Amortization of premium/discount on investments | 13,793 | 18,953 | 21,013 |
Derivative losses (gains) on swaps | 1 | -209 | 1 |
Benefit for deferred income taxes | -24,955 | -35,943 | -7,527 |
Originations of mortgage loans held for sale | -1,675,538 | -2,116,460 | -2,432,367 |
Proceeds from sales of mortgage loans held for sale | 1,716,565 | 2,320,885 | 2,388,716 |
Gain on sale of mortgage loans held for sale, net | -59,156 | -65,393 | -70,811 |
Tax benefit associated with share-based payment arrangements | -2,105 | -886 | -1,221 |
Decrease (Increase) in other assets | 11,702 | -17,534 | 7,437 |
Other operating activities, net | -20,881 | 77,792 | 7,319 |
Net Cash (Used in) Provided by Operating Activities | 119,363 | 309,783 | -12,188 |
Cash Flows from Investing Activities | |||
Proceeds from sales of securities available for sale | 61,702 | 44,677 | 154,222 |
Proceeds from maturities, prepayments and calls of securities available for sale | 488,699 | 709,977 | 880,425 |
Purchases of securities available for sale | -703,179 | -1,026,290 | -935,164 |
Proceeds from maturities, prepayments and calls of securities held to maturity | 36,182 | 55,706 | 43,535 |
Purchases of securities held to maturity | -5,901 | -57,075 | |
Reimbursement of recoverable covered asset losses (to) from the FDIC | 5,734 | 68,233 | 157,694 |
Increase in loans receivable, net | -824,437 | -1,030,545 | -870,577 |
Proceeds from sale of premises and equipment | 5,129 | 8,714 | 1,274 |
Purchases of premises and equipment | -29,841 | -16,941 | -32,825 |
Proceeds from disposition of real estate owned | 84,429 | 116,612 | 109,067 |
Cash paid for additional investment in tax credit entities | -13,191 | -2,213 | -21,368 |
Cash received in excess of cash paid for acquisition | 188,803 | 32,425 | |
Other investing activities, net | -12,785 | -2,636 | 10,691 |
Net Cash Provided by (Used in) Investing Activities | -712,755 | -1,080,607 | -527,676 |
Cash Flows from Financing Activities | |||
Increase (decrease) in deposits, net of deposits acquired | 641,026 | -10,689 | 1,174,829 |
Net change in short-term borrowings, net of borrowings acquired | 110,298 | 377,299 | -102,320 |
Proceeds from long-term debt | 54,637 | 2,867 | 24,086 |
Repayments of long-term debt | -22,871 | -144,609 | -80,770 |
Dividends paid to shareholders | -43,070 | -40,332 | -40,069 |
Proceeds from sale of treasury stock for stock options exercised | 11,693 | 8,101 | 2,813 |
Payments to repurchase common stock | -3,727 | -2,280 | -42,245 |
Tax benefit associated with share-based payment arrangements | 2,105 | 886 | 1,221 |
Net Cash Provided by Financing Activities | 750,091 | 191,243 | 937,545 |
Net Increase (Decrease) In Cash and Cash Equivalents | 156,699 | -579,581 | 397,681 |
Cash and Cash Equivalents at Beginning of Period | 391,396 | 970,977 | 573,296 |
Cash and Cash Equivalents at End of Period | 548,095 | 391,396 | 970,977 |
Supplemental Schedule of Noncash Activities | |||
Acquisition of real estate in settlement of loans | 27,050 | 93,040 | 99,134 |
Common stock issued in acquisition | 214,665 | 39,203 | |
Transfers of property into Other Real Estate | 37,273 | 93,040 | 106,427 |
Supplemental Disclosures Cash paid for: | |||
Interest on deposits and borrowings | 43,210 | 47,466 | 63,984 |
Income taxes, net | $52,094 | $29,063 | $15,957 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
PRINCIPLES OF CONSOLIDATION | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IBERIABANK, Lenders Title Company (“LTC”), IBERIA Capital Partners L.L.C. (“ICP”), IB Aircraft Holdings, LLC, 1887 Leasing LLC, IBERIA Asset Management, Inc. (“IAM”), and IBERIA CDE, L.L.C. (“CDE”). All significant intercompany balances and transactions have been eliminated in consolidation. All normal, recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. | ||||
NATURE OF OPERATIONS | ||||
The Company offers commercial and retail banking products and services to customers throughout locations in six states through IBERIABANK. The Company also operates mortgage production offices in twelve states through IBERIABANK Mortgage Company (“IMC”), and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services. 1887 Leasing LLC owns an aircraft used by management of the Company, and IB Aircraft Holdings, LLC owns a fractional share of a separate aircraft also used by management. IAM provides wealth management and trust services for commercial and private banking clients. CDE is engaged in the purchase of tax credits. | ||||
USE OF ESTIMATES | ||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for loans covered by loss sharing arrangements with the FDIC and the related loss share receivables, and determination of fair values of assets acquired in acquisitions. | ||||
CONCENTRATION OF CREDIT RISKS | ||||
Most of the Company’s business activity is with customers located within the States of Louisiana, Florida, Arkansas, Alabama, Texas, and Tennessee. The Company’s lending activity is concentrated in its market areas in those states. The Company has emphasized originations of commercial loans and private banking loans, defined as loans to larger consumer clients. Repayments on loans are expected to come from cash flows of the borrower and/or guarantor. Losses on secured loans are limited by the value of the collateral upon default of the borrowers. The Company does not have any significant concentrations to any one industry or customer. | ||||
CASH AND CASH EQUIVALENTS | ||||
For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash, interest-bearing deposits and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months. IBERIABANK may be required to maintain average balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2014 and 2013, the required reserve balances were $17.4 million and $6.7 million, respectively. IBERIABANK had enough cash deposited with the Federal Reserve at December 31, 2014 and 2013 to cover the required reserve balance. | ||||
INVESTMENT SECURITIES | ||||
Debt securities that management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Declines in the value of individual held to maturity and available for sale securities below their cost that are other than temporary are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers 1) the length of time and the extent to which the fair value has been less than cost, 2) the financial condition and near-term prospects of the issuer, 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value, and 4) for debt securities, the recovery of contractual principal and interest. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. | ||||
LOANS HELD FOR SALE | ||||
Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and under contract to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. Any other loans held for sale are carried at the lower of cost or estimated fair value. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to income. See Note 23 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan to the Company under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties, and documentation deficiencies. During 2014 and 2013, an insignificant number of loans were returned to the Company. At December 31, 2014, mortgage loans held for sale subject to repurchase were immaterial. | ||||
LOANS, EXCLUDING ACQUIRED LOANS (“LEGACY LOANS”) | ||||
The Company grants mortgage, commercial and consumer loans to customers. Except for loans acquired, loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the unpaid principal balances, less the allowance for credit losses and net deferred loan origination fees and unearned discounts. | ||||
Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield, using the effective interest method. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Mortgage, credit card and other personal loans are typically charged down to net collateral value, less cost to sell, no later than 180 days past due. Past due status is based on the contractual terms of loans. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||||
The Company’s covered loan portfolio and non-covered loan portfolio, which is delineated between a) legacy loans and b) acquired loans, are disaggregated into portfolio segments for purposes of determining the allowance for credit losses. The Company’s portfolio segments include commercial, mortgage, and consumer. The Company further disaggregates each commercial, mortgage, and consumer portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate construction, commercial real estate – other, and commercial business. Classes within the mortgage portfolio segment include mortgage – prime and mortgage – subprime. Classes within the consumer portfolio segment include home equity, indirect auto, credit card, and consumer – other. | ||||
Credit Quality | ||||
The Company utilizes an asset risk classification system in accordance with guidelines established by the Federal Reserve Board as part of its efforts to monitor commercial asset quality. “Special mention” loans are defined as loans where known information about possible credit problems of the borrower cause management to have some doubt as to the ability of these borrowers to comply with the present loan repayment terms and which may result in future disclosure of these loans as nonperforming. For assets with identified credit issues, the Company has two primary classifications for problem assets: “substandard” and “doubtful.” Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full satisfaction of the loan balance outstanding questionable, which makes probability of loss based on currently existing facts, conditions and values higher. Loans classified as “Pass” do not meet the criteria set forth for special mention, substandard, or doubtful classification and are not considered criticized. Asset risk classifications are periodically reviewed and changed if, in the opinion of management, the risk profile of the customer has changed since the last review of the loan relationship. | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan by loan basis for commercial and certain consumer loans based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. | ||||
In general, all interest accrued but not collected for loans that are placed on nonaccrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis method or cost-recovery method, until the loans qualify for a return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||
Troubled Debt Restructurings | ||||
During the course of its lending operations, the Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a customer loan to alleviate the burden of the customer’s near-term cash requirements. In order to be considered a troubled debt restructuring (“TDR”), the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court or law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: | ||||
• | a reduction of the stated interest rate for the remaining original life of the debt, | |||
• | extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk characteristics, | |||
• | reduction of the face amount or maturity amount of the debt as stated in the agreement, or | |||
• | reduction of accrued interest receivable on the debt. | |||
In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: | ||||
• | whether the customer is currently in default on its existing loan, or is in an economic position where it is probable the customer will be in default on its loan in the foreseeable future without a modification, | |||
• | whether the customer has declared or is in the process of declaring bankruptcy, | |||
• | whether there is substantial doubt about the customer’s ability to continue as a going concern, | |||
• | whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the debt, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and | |||
• | whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a nontroubled debtor. | |||
If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for credit losses for TDRs, the Company considers a loss probable on the loan, which is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. | ||||
ACQUIRED LOANS | ||||
The Company accounts for its business combinations under the acquisition method, where all identifiable assets acquired, including loans, are recorded at fair value. Acquired loans are recorded at fair value in accordance with the fair value methodology consistent with the exit price concept. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an allowance for credit losses is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. | ||||
Acquired loans are evaluated at acquisition and classified as purchased impaired (“acquired impaired”) or purchased non-impaired (“acquired non-impaired”). Purchased impaired loans reflect credit deterioration since origination to the extent that it is probable at the time of acquisition that the Company will be unable to collect all contractually required payments. At the time of acquisition, purchased impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: | ||||
• | whether the loan is performing according to contractual terms at the time of acquisition, | |||
• | the loan type based on regulatory reporting guidelines, namely whether the loan was a mortgage, consumer, or commercial loan | |||
• | the nature of collateral, | |||
• | the interest rate type, whether fixed or variable rate, and | |||
• | the loan payment type, primarily whether the loan is amortizing or interest-only. | |||
From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price (if a variable rate loan), weighted average margin, and weighted average interest rate to estimate the expected cash flow for each loan pool. | ||||
For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or purchase discount, is amortized or accreted to income over the estimated life of the loans using a method that approximates the interest method. | ||||
Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each purchased impaired loan and/or loan pool. Increases in estimated cash flows above those expected at acquisition are recognized on a prospective basis as interest income over the remaining life of the pool. Decreases in expected cash flows subsequent to acquisition result in recognition of a provision for credit loss. | ||||
Purchased impaired loans are placed on nonaccrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. | ||||
FDIC LOSS SHARE RECEIVABLE | ||||
Because the FDIC reimburses the Company for losses on certain loans acquired in 2009 and 2010, indemnification assets were recorded at fair value as of the acquisition dates. The initial values of the indemnification assets were based on estimated cash flows to be received over the expected life of the acquired assets, not to exceed the term of the indemnification agreements. The loss sharing terms of the Company’s commercial and single family residential indemnification agreements are five years and ten years, respectively, from the date of acquisition. The CSB reimbursable loss period ended as of October 1, 2014 for all covered assets excluding single family residential assets. The CSB reimbursable loss period for single family residential assets will end during the third quarter of 2019. The Century and Orion reimbursable loss periods ended as of January 1, 2015 for all covered assets excluding single family residential assets and will end during the fourth quarter of 2019 for single family residential assets. The Sterling reimbursable loss period ends during the third quarter of 2015 for all covered assets excluding single family residential assets and during the third quarter of 2020 for single family residential assets. Assets are covered through expiration of the loss share term, at which point such assets are considered non-covered. | ||||
Because the indemnification assets are measured on the same basis as the indemnified (“covered”) loans, subject to contractual and collectability limitations, the indemnification assets are impacted by changes in expected cash flows on covered assets. Increases in credit losses expected to occur within the loss share term are recorded as current period increases to the allowance for credit losses and increase the amount collectible from the FDIC by the applicable loss share percentage. Decreases in credit losses expected to occur within the loss share term reduce the amount collectible from the FDIC and increase the amount collectible from customers in the form of prospective accretion on loans. Increases in the portion of indemnification asset collectible from customers are amortized to income. Periodic amortization represents the amount that is expected to result in symmetrical recognition of pool-level accretion and amortization over the shorter of 1) the life of the loan or 2) the life of the shared loss agreement. | ||||
The Company assesses the indemnification assets for collectibility at the acquisition level based on three sources: 1) the FDIC, 2) OREO transactions, and 3) customers. Amounts collectible from the FDIC through loss reimbursements are comprised of losses currently expected within the loss share term. A current period impairment would be recorded to the extent that events or circumstances indicate that losses previously expected to occur within the loss share term are expected to occur subsequent to loss share termination. Amounts collectible through expected gains on the sale of OREO are written-up or impaired each period based on the best available information. | ||||
Loss assumptions used to measure the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification assets. | ||||
The indemnification asset is reduced when cash is received from the FDIC. | ||||
ALLOWANCE FOR CREDIT LOSSES | ||||
The manner in which the allowance for credit losses is determined is based on the accounting method applied to the underlying loans. The Company delineates between loans accounted for under the contractual yield method, primarily legacy loans, and loans accounted for as purchased impaired loans, primarily acquired loans. | ||||
Legacy Loans | ||||
Legacy loans represent loans accounted for under the contractual yield method. The Company’s legacy loans include loans originated by the Company and acquired loans that are not accounted for as acquired credit impaired loans. | ||||
The Legacy ACL represents management’s best estimate of probable credit losses inherent at the balance sheet date. Determination of the Legacy ACL involves a high degree of complexity and requires significant judgment. Several factors are taken into consideration in the determination of the overall Legacy ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of nonaccrual loans, the level of 90 days past due loans and the overall percentage level of the allowance. The Company also considers overall asset quality trends, changes in lending and risk management practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, and data availability and applicability that might impact the portfolio. See the “Application of Critical Accounting Policies and Estimates” section for more information. | ||||
During 2014, the Company did not substantively change any material aspect of its overall approach in the determination of the allowance for credit losses and there have been no material changes in assumptions or estimation techniques as compared to December 31, 2013. However, during the third quarter of 2013, the Company modified its methodology for estimating its allowance for credit losses on its non-covered, non-acquired loan portfolio to incorporate practices, processes, and methodologies consistent with the guidance provided in the FRB’s inter-agency policy statement 2006 SR 06-17. The methodology was modified to segregate the reserve for unfunded lending commitments (“RULC”), previously included in the Company’s allowance for loan losses, into a separate liability on the Company’s consolidated balance sheet, and to enhance the previous methodology around loss migration. | ||||
Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of losses is based on historical loss rates, current credit grades, specific allocation and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived required reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. | ||||
Acquired Impaired Loans | ||||
Acquired impaired loans, which include covered loans and certain non-covered loans, represent loans acquired by the Company that are accounted for in accordance with ASC Topic 310-30. | ||||
Loans acquired in business combinations were recorded at their acquisition date fair values, which were based on expected cash flows and included estimates of expected future credit losses. Under current accounting principles, information regarding the Company’s estimates of loan fair values may be adjusted for a period of up to one year as the Company continues to refine its estimate of expected future cash flows in the acquired portfolio. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the purchase accounting period, it will retroactively reduce or eliminate the gain and/or increase goodwill recorded on the acquisition. If the Company determines that losses arose after the acquisition date, the additional losses will be reflected as a provision for credit losses. | ||||
At December 31, 2014, the Company had an allowance for credit losses of $45 million to reserve for expected losses currently in the covered loan portfolio and $9 million to reserve for probable losses currently in the acquired impaired loan portfolio that have arisen after the losses were estimated at the respective acquisition dates. Based on facts and circumstances available, management of the Company believes that the acquired impaired allowance for credit losses was appropriate at December 31, 2014. However, future adjustments to the allowance may be necessary, and the results of operations could be adversely affected, if circumstances differ substantially from the assumptions used by management in determining the allowance for credit losses. | ||||
OFF-BALANCE SHEET CREDIT-RELATED FINANCIAL INSTRUMENTS | ||||
The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460. In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial construction arrangements, commercial and home equity lines of credit, credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. | ||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||
The Company enters into derivative financial instruments to manage interest rate risk, asset sensitivity, and other exposures such as liquidity and credit risk. The primary types of derivatives used by the Company include interest rate swap agreements, interest rate lock commitments, forward sales commitments, and written and purchased options. All derivative instruments are recognized on the consolidated balance sheets as other assets or other liabilities at fair value, as required by ASC Topic 815. | ||||
As part of its activities to manage interest rate risk (i.e., the exposure to the variability of future cash flows or other forecasted transactions due to fluctuating market rates), the Company enters into interest rate contracts, which typically include interest rate swap agreements. The Company primarily utilizes these instruments, which the Company designates as cash flow hedges, to convert a portion of its variable-rate loans or debt to a fixed rate. In addition to using interest rate swap agreements to manage interest rate risk, the Company also enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations or other customers to facilitate business transactions. To mitigate the market risk associated with these customer contracts, the Company enters into offsetting derivative contract positions. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. | ||||
Interest rate swap agreements | ||||
Interest rate swaps are agreements to exchange interest payments based upon notional amounts. The exchange of payments typically involves paying a fixed rate and receiving a variable rate or vice versa. | ||||
Interest rate lock commitments | ||||
The Company enters into commitments to originate mortgage loans intended for sale whereby the interest rate on the prospective loan is determined prior to funding (“rate lock”). A rate lock is given to a borrower, subject to conditional performance obligations, for a specified period of time that typically does not exceed 60 days. Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. | ||||
Forward sales commitments | ||||
The Company uses forward sales commitments to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and sale of these loans, as changes in interest rates have the potential to cause a decline in value of rate locks and mortgage loans included in the held for sale portfolio. These commitments are considered to be derivatives and are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. | ||||
Equity-indexed certificates of deposit | ||||
IBERIABANK offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus potential return, which allows IBERIABANK to identify a known cost of funds. The rate of return is based on the performance of a basket of publically traded stocks that represent a variety of industry segments. Because it is based on an equity index, the rate of return represents an embedded derivative that is not clearly and closely related to the host instrument and is to be accounted for separately. Accordingly, the certificate of deposit is separated into two components: a zero coupon certificate of deposit (the host instrument) and a written option purchased by the depositor (an embedded derivative). The discount on the zero coupon deposit is amortized over the life of the deposit, and the written option is carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded through earnings. IBERIABANK offsets the risks of the written option by purchasing an option with terms that mirror the written option and that is also carried at fair value on the Company’s consolidated balance sheets. | ||||
Derivatives Designated in Hedging Relationships | ||||
For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. | ||||
At December 31, 2014, there were no hedging relationships designated for hedge accounting purposes. | ||||
Derivatives Not Designated in Hedging Relationships | ||||
For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. | ||||
PREMISES AND EQUIPMENT | ||||
Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight line basis over the estimated useful lives of 10 to 40 years for buildings and 3 to 15 years for furniture, fixtures and equipment. Capitalized leasehold improvements are amortized over the length of the initial lease agreement or their useful life, whichever is shorter. | ||||
OTHER REAL ESTATE | ||||
Other real estate includes all real estate, other than bank premises used in bank operations, owned or controlled by the Company, including real estate acquired in settlement of loans. Properties are recorded at the balance of the loan (which is the pro-rata carrying value of loans accounted for in accordance with ASC Topic 310-30) or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of cost or fair value less estimated selling costs. Revenue and expenses from operations, gain or loss on sale and changes in the valuation allowance are included in net expenses from foreclosed assets. | ||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||
Goodwill | ||||
Goodwill is accounted for in accordance with ASC Topic 350, and accordingly is not amortized but is evaluated at least annually for impairment. As part of its testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the results of the qualitative assessment indicate impairment, the Company determines the fair value of a reporting unit relative to its carrying amount to determine whether quantitative indicators of impairment are present. When the Company determines that the fair value of the reporting unit is below its carrying amount, the Company determines the fair value of the reporting unit’s assets and liabilities, considering deferred taxes, and then measures impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. | ||||
Title Plant | ||||
The Company records its title plant assets in accordance with ASC Topic 950. Under ASC Topic 950, costs incurred to construct a title plant, including the costs incurred to obtain, organize, and summarize historical information, are capitalized until the title plant can be used to perform title searches. Purchased title plant, including a purchased undivided interest in title plant, is recorded at cost at the date of acquisition. For title plant acquired separately or as part of a company acquisition, cost is measured as the fair value of the consideration given. Capitalized costs of title plant are not depreciated or charged to income unless circumstances indicate that the carrying amount of the title plant has been impaired. Impairment identifiers include a change in legal requirements or statutory practices, identification of obsolescence, and abandonment of the title plant, among other identifiers. | ||||
Intangible assets subject to amortization | ||||
The Company’s acquired intangible assets that are subject to amortization include core deposit intangibles, amortized on a straight line or accelerated basis, and a customer relationship intangible asset, amortized on an accelerated basis over average lives not to exceed 10 years. | ||||
TRANSFERS OF FINANCIAL ASSETS | ||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been isolated from the Company, 2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets, and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Should the transfer not meet these three criteria, the transaction is treated as a secured financing. | ||||
INCOME TAXES | ||||
The Company and all subsidiaries file a consolidated federal income tax return on a calendar year basis. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions through IBERIABANK, IMC, LTC and their subsidiaries. In lieu of Louisiana state income tax, IBERIABANK is subject to the Louisiana bank shares tax, a portion of which is included in both non-interest expense and income tax expense in the Company’s consolidated statements of comprehensive income. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations for years before 2011. | ||||
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. | ||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in non-interest expense. | ||||
STOCK COMPENSATION PLANS | ||||
The Company issues stock options and restricted stock under various plans to directors, officers and other key employees. The Company accounts for its stock compensation plans in accordance with ASC Topics 718 and 505. Under those provisions, the Company has adopted a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured at the grant date based on the value of the award and is recognized on a straight-line basis over the service period, which is usually the vesting period, taking into account retirement eligibility. For service awards with graded vesting, the Company recognizes compensation cost on a straight-line basis. As a result, compensation expense relating to stock options and restricted stock is reflected in net income as part of “Salaries and employee benefits” on the consolidated statements of comprehensive income for employees and “Professional services” for non-employee directors. The Company’s practice has been to grant options at no less than the fair market value of the stock at the grant date. | ||||
EARNINGS PER COMMON SHARE | ||||
Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares, in the form of stock options, had been issued, as well as any adjustment to income that would result from the assumed issuance. Participating common shares issued by the Company relate to unvested outstanding restricted stock awards, the earnings allocated to which are used in determining income available to common shareholders under the two-class method. The two-class method allocates earnings for the period between common shareholders and other participating securities holders. The participating awards receiving dividends will be allocated the same amount of income as if they were outstanding shares. | ||||
TREASURY STOCK | ||||
The purchase of the Company’s common stock is recorded at cost. At the date of retirement or subsequent reissuance, treasury stock is reduced by the cost of such stock with differences recorded in additional paid-in capital or retained earnings, as applicable. | ||||
As of December 31, 2014, 1,809,497 shares of the Company’s common stock were classified as treasury stock in the consolidated financial statements. Effective January 1, 2015, companies incorporated in Louisiana became subject to the Louisiana Business Corporation Act (which replaced the Louisiana Business Corporation Law). Provisions of the Louisiana Business Corporation Act eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. As a result of this change in law, for the consolidated financial statements beginning with the quarterly period ended March 31, 2015, the Company will begin to classify shares previously classified as treasury stock as a reduction to issued shares of common stock, and, accordingly, will adjust the stated value of common stock and paid in capital. | ||||
COMPREHENSIVE INCOME | ||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and cash flow hedges, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | ||||
FAIR VALUE MEASUREMENTS | ||||
The Company estimates fair value based on the assumptions market participants would use when selling an asset or transferring a liability and characterizes such measurements within the fair value hierarchy based on the inputs used to develop those assumptions and measure fair value. The hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||
• | 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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||
A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. | ||||
Investment securities | ||||
Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. | ||||
Mortgage loans held for sale | ||||
Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. When determining the fair value of loans held for sale, the Company obtains quotes or bids on these loans directly from the purchasing financial institutions (Level 2). | ||||
Impaired loans | ||||
Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value measurements are used in determining impairment using either the loan’s observable market price (Level 1), if available, or the fair value of the collateral if the loan is collateral dependent (Level 2). Measuring the impairment of loans using the present value of expected future cash flows, discounted at the loan’s effective interest rate, is not considered a fair value measurement. Fair value of the collateral is determined by appraisals or independent valuation. | ||||
Other real estate owned (OREO) | ||||
Fair values of OREO at December 31, 2014 are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values on the properties or recent sales activity for similar assets in the property’s market, and thus OREO measured at fair value would be classified within Level 2 of the hierarchy. The Company included property write-downs of $3.8 million, $4.8 million, and $6.4 million in earnings as part of “Costs of OREO property, net” on the consolidated statements of comprehensive income for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
Derivative financial instruments | ||||
The Company enters into commitments to originate loans whereby the interest rate on the prospective loan is determined prior to funding. Rate locks on mortgage loans that are intended to be sold are considered to be derivatives. The Company offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus potential return, which allows the Company to identify a known cost of funds. The rate of return is based on an equity index, and as such represents an embedded derivative. Fair value of interest rate swaps, interest rate locks, forward sales commitments, and equity-linked written and purchased options are estimated using prices of financial instruments with similar characteristics, and thus are classified within Level 2 of the fair value hierarchy. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS |
ASU No. 2014-01 | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-01, Investments – Equity Method and Joint Ventures, in order to provide guidance on accounting for investments in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for low-income housing tax credits (“LIHTC”). Through the Company’s investments in these entities, the Company receives tax credits and/or tax deductions from operating losses, which are allowable on the Company’s filed income tax returns over a 10-year period, subject to recapture over a 15-year period beginning with the first year the tax credits are earned. | |
Under current U.S. generally accepted accounting principles (“U.S. GAAP”), the Company may elect to account for the investments using the effective yield method if certain conditions are met, and if they are not met, the investments are accounted for under either the equity method or the cost method. The Company currently accounts for its investments under the equity method. The provisions of ASU No. 2014-01 permit the Company to make an accounting policy election to account for its investments in LIHTC entities using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the Company would amortize the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the Company’s consolidated statements of comprehensive income as a component of income tax expense or benefit. ASU No. 2014-01 would also require the Company to disclose information that enables users of the consolidated financial statements to understand the nature of the Company’s investments, the measurement of these investments, and their effect on the Company’s financial position and results of operations. | |
ASU No. 2014-01 is effective beginning with the Company’s first quarter ending March 31, 2015. When adopted, the provisions of ASU No. 2014-01 would be applied retrospectively to all financial statement periods presented. The Company is currently assessing the effect of the change, but does not anticipate that a change would be material to the financial condition, results of operations, or liquidity of the Company. The expanded disclosures required by ASU No. 2014-01 will be incorporated in the Company’s future consolidated financial statements upon adoption. | |
ASU No. 2014-04 | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables-Troubled Debt Restructurings by Creditors: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure, in order to clarify when a creditor should reclassify mortgage loans collateralized by residential real estate from their loan portfolio to other real estate owned (“OREO”) upon foreclosure. ASU No. 2014-04 clarifies that an in-substance repossession or foreclosure has occurred when either the creditor obtains legal title to the property or the borrower conveys all interest in the property to the creditor to satisfy the loan through completion of a deed in-lieu-of foreclosure or similar legal agreement. Additionally, ASU No. 2014-04 requires the Company to disclose both the amount of foreclosed residential real estate property held and the investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure. | |
ASU No. 2014-04 is effective beginning with the Company’s first quarter ending March 31, 2015. When adopting the provisions of ASU No. 2014-04, the Company could apply the provisions using either a prospective transition method or a modified retrospective method. The Company is currently assessing the effect that the adoption would have on its consolidated financial statements, but does not anticipate that adoption would materially affect the Company’s financial condition, results of operations, or liquidity. The expanded disclosures required by this ASU will be incorporated in the Company’s future consolidated financial statements upon adoption. | |
ASU No. 2014-09 | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of 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. As part of that principle, the entity should identify the contract(s) with the customer, identify the performance obligation(s) of the contract, determine the transaction price, allocate that transaction price to the performance obligation(s) of the contract, and then recognize revenue when or as the entity satisfies the performance | |
obligation(s). | |
ASU No. 2014-09 is effective beginning with the Company’s first quarter ending March 31, 2017. The Company is currently assessing the effect, but does not expect that such adoption will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2014-11 | |
In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure, which will implement two accounting changes. | |
ASU No. 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, ASU No. 2014-11 requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments in ASU No. 2014-11 also require certain disclosures for transfers of financial assets and repurchase agreements. | |
ASU No. 2014-11 is effective beginning with the Company’s first quarter ending March 31, 2015. Early adoption is not permitted. Changes will be applied as a cumulative-effect adjustment to retained earnings at the beginning of the adoption period. The disclosures of certain transactions accounted for as a sale is required to be presented beginning with the Company’s first quarter ending March 31, 2015. The company is currently assessing the effect, but does not expect that such adoption will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2014-14 | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors: Classification of Certain | |
Government-Guaranteed Mortgage Loans Upon Foreclosure, in order to clarify how creditors classify government-guaranteed mortgage loans upon foreclosure, including loans guaranteed by the Federal Housing Administration (“FHA”) of the U.S. Department of Housing and Urban Development and the U.S. Department of Veteran Affairs (“VA”). | |
ASU No. 2014-14 clarifies that a mortgage loan should be derecognized and that a separate other receivable be recognized upon foreclosure in creditor financial statements if 1) the loan has a government guarantee that is not separable from the loan before foreclosure, 2) at the time of foreclosure the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance, including principal and interest, expected to be recovered from the guarantor. | |
ASU No. 2014-14 is effective beginning with the Company’s first quarter ending March 31, 2015, using either a prospective transition method (application of the amendments of the ASU to foreclosures occurring after the adoption date) or modified retrospective transition method (by means of a cumulative-effect adjustment through a reclassification to a separate other receivable). The Company is currently assessing the effect but does not expect that such adoption will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2014-15 | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU No. 2014-15 will require management to perform a going concern evaluation similar to the auditor’s evaluation required by standards issued by the Public Company Accounting Oversight Board (“PCAOB”) and American Institute of Public Accountants (“AICPA”). | |
ASU No. 2014-15 is effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. Early application is permitted. The Company does not expect that such adoption will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2014-16 | |
In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity, which requires management to assess each existing hybrid financial instrument issued in the form of a share to determine whether any of those hybrid financial instruments contain one or more embedded derivative features. The guidance clarifies that an entity should consider the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative being evaluated for bifurcation, in evaluating the nature of the host contract. | |
ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. If an entity early adopts the amendments in an interim period, any adjustment shall be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect that such adoption will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2014-17 | |
In November 2014, the FASB issued ASU No. 2014-17, Business Combinations: Pushdown Accounting, which provides an acquired entity guidance on whether and at what threshold it can apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If an acquired entity elects the option to apply pushdown accounting in its separate financial statements, it should disclose information in the current reporting period that enables the users of financial statements to evaluate the effect of pushdown accounting. | |
ASU No. 2014-17 became effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in control events or to its most recent change-in-control event. If the financial statements for the period in which the most recent change-in-control event occurred have already been issued or made available to be issued, the application of ASU No. 2014-17 would be a change in accounting principle. Adoption will not have a significant impact on the Company’s consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | NOTE 3 –EARNINGS PER SHARE | ||||||||||||
Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share under the two-class method. | |||||||||||||
The following table presents the calculation of basic and diluted earnings per share for the periods indicated. | |||||||||||||
For the Years Ended December 31 | |||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Income available to common shareholders | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Earnings to unvested restricted stock | (1,652 | ) | (1,206 | ) | (1,443 | ) | |||||||
Earnings to common shareholders - basic | 103,798 | 63,897 | 74,952 | ||||||||||
Earnings reallocated to unvested restricted stock | (33 | ) | (3 | ) | 6 | ||||||||
Earnings to common shareholders - diluted | $ | 103,765 | $ | 63,894 | $ | 74,958 | |||||||
Weighted average shares outstanding - basic | 31,307 | 29,052 | 28,901 | ||||||||||
Potential common shares | 126 | 53 | 57 | ||||||||||
Weighted average shares outstanding - diluted | 31,433 | 29,105 | 28,958 | ||||||||||
Weighted average shares outstanding - unvested restricted stock | 518 | 553 | 553 | ||||||||||
Earnings per common share - basic | $ | 3.32 | $ | 2.2 | $ | 2.59 | |||||||
Earnings per common share - diluted | 3.3 | 2.2 | 2.59 | ||||||||||
Earnings per unvested restricted stock share - basic | 3.19 | 2.18 | 2.61 | ||||||||||
Earnings per unvested restricted stock share - diluted | 3.13 | 2.18 | 2.6 | ||||||||||
Additional information on the Company’s basic earnings per common share is shown in the following table. | |||||||||||||
For the Years Ended December 31 | |||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Distributed earnings to common shareholders | $ | 43,623 | $ | 39,685 | $ | 39,349 | |||||||
Undistributed earnings to common shareholders | 60,175 | 24,212 | 35,603 | ||||||||||
Total earnings to common shareholders | $ | 103,798 | $ | 63,897 | $ | 74,952 | |||||||
Distributed earnings to unvested restricted stock | $ | 694 | $ | 749 | $ | 758 | |||||||
Undistributed earnings to unvested restricted stock | 958 | 457 | 685 | ||||||||||
Total earnings allocated to unvested restricted stock | $ | 1,652 | $ | 1,206 | $ | 1,443 | |||||||
Distributed earnings per common share | $ | 1.4 | $ | 1.37 | $ | 1.36 | |||||||
Undistributed earnings per common share | 1.92 | 0.83 | 1.23 | ||||||||||
Total earnings per common share | $ | 3.32 | $ | 2.2 | $ | 2.59 | |||||||
Distributed earnings per unvested restricted stock share | $ | 1.34 | $ | 1.35 | $ | 1.37 | |||||||
Undistributed earnings per unvested restricted stock share | 1.85 | 0.83 | 1.24 | ||||||||||
Total earnings per unvested restricted stock share | $ | 3.19 | $ | 2.18 | $ | 2.61 | |||||||
For the years ended December 31, 2014, 2013, and 2012, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 625,555, 642,008, and 612,097, respectively, and are adjusted for the weighted average shares in treasury stock of 1,879,440, 2,223,306, and 1,964,825, respectively. | |||||||||||||
The effects from the assumed exercises of 13,101, 483,696, and 752,188 stock options were not included in the computation of diluted earnings per share for years ended December 31, 2014, 2013, and 2012, respectively, because such amounts would have had an antidilutive effect on earnings per common share. |
Acquisition_and_Disposition_Ac
Acquisition and Disposition Activity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisition and Disposition Activity | NOTE 4 –ACQUISITION AND DISPOSITION ACTIVITY | ||||||||||||
Completed Acquisitions | |||||||||||||
Acquisition of Certain Assets and Liabilities of Trust One Bank | |||||||||||||
On January 17, 2014, IBERIABANK acquired certain assets and assumed certain liabilities of the Memphis, Tennessee operations of Trust One Bank, a division of Synovus Bank. Under terms of the agreement, IBERIABANK received $91.6 million in cash to acquire four Trust One-Memphis branches in the Memphis, Tennessee market, which resulted in goodwill of $8.6 million. With this acquisition, IBERIABANK expanded its presence in the Memphis, Tennessee MSA through the addition of four branches and an experienced in-market team that enhances IBERIABANK’s ability to compete in that market. | |||||||||||||
Acquisition of Teche Holding Company | |||||||||||||
On May 31, 2014, the Company acquired Teche, the holding company of Teche Federal Bank, a New Iberia, Louisiana-based commercial bank servicing south Louisiana. Under terms of the agreement, for each share of Teche stock outstanding, Teche shareholders received 1.162 shares of the Company’s common stock, as well as a cash payment for any fractional share and unexercised options to purchase Teche common stock. The Company acquired all of the outstanding common stock of the former Teche shareholders for total consideration of $156.7 million, which resulted in goodwill of $80.4 million, as shown in the table below. With this acquisition, IBERIABANK expanded its presence in the Acadiana region of Louisiana through the addition of 20 branches and an experienced in-market team that enhances IBERIABANK’s ability to compete in that market. The Company projects cost savings will be recognized in future periods through the elimination of redundant operations. The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired. | |||||||||||||
(Dollars in thousands) | Number of Shares | Amount | |||||||||||
Equity consideration | |||||||||||||
Common stock issued | 2,498,007 | $ | 156,026 | ||||||||||
Total equity consideration | 156,026 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 714 | ||||||||||||
Total consideration paid | 156,740 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 76,311 | ||||||||||||
Goodwill | $ | 80,429 | |||||||||||
Acquisition of First Private Holdings, Inc. | |||||||||||||
On June 30, 2014, the Company acquired First Private, the holding company of First Private Bank of Texas, a Dallas, Texas-based commercial bank with four branch locations, including two mobile branches. Under terms of the agreement, for each share of First Private stock outstanding, First Private shareholders received 0.27 of a share of the Company’s common stock, as well as a cash payment for any fractional share. The Company acquired all of the outstanding common stock of the former First Private shareholders for total consideration of $58.6 million, which resulted in goodwill of $26.3 million, as shown in the table below. With this acquisition, IBERIABANK expanded its presence into the Dallas, Texas MSA through the addition of branches and an experienced in-market team. The Company projects cost savings will be recognized in future periods through the elimination of redundant operations. The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired. | |||||||||||||
(Dollars in thousands) | Number of Shares | Amount | |||||||||||
Equity consideration | |||||||||||||
Common stock issued | 847,509 | $ | 58,639 | ||||||||||
Total equity consideration | 58,639 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 1 | ||||||||||||
Total consideration paid | 58,640 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 32,387 | ||||||||||||
Goodwill | $ | 26,253 | |||||||||||
The Company accounted for the aforementioned business combinations under the acquisition method in accordance with ASC Topic 805. Accordingly, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of acquisition. The following purchase price allocations on these acquisitions are preliminary and will be finalized upon the receipt of final valuations on certain assets and liabilities. Upon receipt of final fair value estimates, which must be within one year of the acquisition dates, the Company will make any final adjustments to the purchase price allocation and retrospectively adjust any goodwill recorded. Material adjustments to acquisition date estimated fair values would be recorded in the period in which the acquisition occurred, and as a result, previously reported results are subject to change. Information regarding the Company’s loan discount and related deferred tax asset, core deposit intangible asset and related deferred tax liability, as well as income taxes payable and the related deferred tax balances recorded in the acquisitions may be adjusted as the Company refines its estimates. Determining the fair value of assets and liabilities, particularly illiquid assets and liabilities, is a complicated process involving significant judgment regarding estimates and assumptions used to calculate estimated fair value. Fair value adjustments based on updated estimates could materially affect the goodwill recorded on the acquisition. The Company may incur losses on the acquired loans that are materially different from losses the Company originally projected. | |||||||||||||
The acquired assets and liabilities, as well as the preliminary adjustments to record the assets and liabilities at their estimated fair values, are presented in the following tables. | |||||||||||||
Trust One- Memphis | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
(Dollars in thousands) | Adjustments | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 92,060 | $ | — | $ | 92,060 | |||||||
Loans | 88,179 | (1,726 | ) (1) | 86,453 | |||||||||
Other real estate owned | 1,325 | — | 1,325 | ||||||||||
Core deposit intangible | — | 2,597 | (2) | 2,597 | |||||||||
Other assets | 368 | — | 368 | ||||||||||
Total Assets | $ | 181,932 | $ | 871 | $ | 182,803 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 164,942 | $ | — | $ | 164,942 | |||||||
Non-interest-bearing deposits | 26,373 | — | 26,373 | ||||||||||
Deferred tax liability | — | — | — | ||||||||||
Other liabilities | 84 | — | 84 | ||||||||||
Total Liabilities | $ | 191,399 | $ | — | $ | 191,399 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Trust One-Memphis loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(2) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. | ||||||||||||
Teche | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 71,611 | $ | — | $ | 71,611 | |||||||
Investment securities | 24,077 | 1,092 | (1) | 25,169 | |||||||||
Loans | 716,327 | (15,869 | ) (2) | 700,458 | |||||||||
Other real estate owned | 329 | (153 | ) (3) | 176 | |||||||||
Core deposit intangible | — | 7,440 | (4) | 7,440 | |||||||||
Deferred tax asset | 1,057 | 4,835 | (5) | 5,892 | |||||||||
Other assets | 56,730 | (5,653 | ) (6) | 51,077 | |||||||||
Total Assets | $ | 870,131 | $ | (8,308 | ) | $ | 861,823 | ||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 520,446 | $ | 902 | (7) | $ | 521,348 | ||||||
Non-interest-bearing deposits | 118,256 | — | 118,256 | ||||||||||
Borrowings | 134,228 | 6,304 | (8) | 140,532 | |||||||||
Other liabilities | 5,376 | — | 5,376 | ||||||||||
Total Liabilities | $ | 778,306 | $ | 7,206 | $ | 785,512 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Teche’s investments to their estimated fair value based on fair values on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of Teche loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(3) | The amount represents the adjustment to the book value of Teche’s OREO to their estimated fair value on the date of acquisition. | ||||||||||||
(4) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. | ||||||||||||
(5) | The amount represents the deferred tax asset recognized on the fair value adjustment of Teche acquired assets and assumed liabilities. | ||||||||||||
(6) | The amount represents the adjustment of the book value of Teche’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value, as well as the fair value of mortgage servicing rights created in the acquisition. | ||||||||||||
(7) | The adjustment is necessary because the weighted average interest rate of Teche’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 85 months. | ||||||||||||
(8) | The adjustment represents the adjustment of the book value of Teche’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability. | ||||||||||||
First Private | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
(Dollars in thousands) | Adjustments | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 26,621 | $ | — | $ | 26,621 | |||||||
Investment securities | 18,920 | 297 | (1) | 19,217 | |||||||||
Loans | 300,177 | (910 | ) (2) | 299,267 | |||||||||
Other real estate owned | — | — | — | ||||||||||
Core deposit intangible | — | 506 | (3) | 506 | |||||||||
Deferred tax asset | 530 | 122 | (4) | 652 | |||||||||
Other assets | 5,148 | — | 5,148 | ||||||||||
Total Assets | $ | 351,396 | $ | 15 | $ | 351,411 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 261,713 | $ | 220 | (5) | $ | 261,933 | ||||||
Non-interest-bearing deposits | 50,334 | — | 50,334 | ||||||||||
Borrowings | 6,451 | — | 6,451 | ||||||||||
Other liabilities | 306 | — | 306 | ||||||||||
Total Liabilities | $ | 318,804 | $ | 220 | $ | 319,024 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of First Private’s investments to their estimated fair value based on fair values on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of First Private loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(3) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. | ||||||||||||
(4) | The amount represents the deferred tax asset recognized on the fair value adjustment of First Private acquired assets and assumed liabilities. | ||||||||||||
(5) | The adjustment is necessary because the weighted average interest rate of First Private’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 39 months. | ||||||||||||
Acquisitions of LTC | |||||||||||||
On February 24, 2014, the Company’s subsidiary, LTC, acquired The Title Company, LLC. Under terms of the agreement, LTC paid $0.4 million in cash to acquire a title office in Baton Rouge, Louisiana, which resulted in goodwill of $0.2 million. | |||||||||||||
On May 1, 2014, LTC acquired Louisiana Abstract and Title, LLC. Under terms of the agreement, LTC paid $0.2 million in cash to acquire a title office in Shreveport, Louisiana, which resulted in goodwill of $0.2 million. In addition, the agreement provides for potential additional cash consideration based on earnings over a four-year period after the acquisition. | |||||||||||||
The acquisitions were accounted for under the acquisition method of accounting in accordance with ASC Topic 805. Purchased assets were recorded at their acquisition date fair values. Identifiable intangible assets were recorded at fair value. Because the consideration paid, including contingent consideration, was greater than the fair value of the acquired net assets, the Company recorded goodwill as part of the acquisitions. The goodwill recognized was the result of LTC’s expanded presence into the Baton Rouge and Shreveport Louisiana MSAs and experienced in-market teams that enhance its ability to compete in those markets. As part of the acquisitions, LTC also acquired or created the following other assets: | |||||||||||||
(Dollars in thousands) | The Title Company LLC | Louisiana Abstract and Title LLC | |||||||||||
Goodwill | $ | 221 | $ | 155 | |||||||||
Non-compete agreement | 63 | 100 | |||||||||||
Title plant | 14 | 9 | |||||||||||
Other intangible assets | 75 | 130 | |||||||||||
Other assets | 3 | 6 | |||||||||||
Total Assets | $ | 376 | $ | 400 | |||||||||
Pending Acquisitions | |||||||||||||
Acquisition of Florida Bank Group, Inc. | |||||||||||||
During the fourth quarter of 2014, the Company announced the signing of a definitive agreement pursuant to which IBERIABANK will acquire Florida Bank Group, Inc. (“Florida Bank Group”). The proposed acquisition of Florida Bank Group has been approved by the Board of Directors of each company, Florida Bank Group’s shareholders, and the Company’s regulators, and closed on February 28, 2015. | |||||||||||||
Under the terms of the agreement, Florida Bank Group shareholders will receive a combination of cash and shares of the Company’s common stock. Florida Bank Group shareholders will receive cash equal to $7.81 per share of then outstanding Florida Bank Group common stock, including shares of preferred stock that will convert to common shares in the acquisition. Each Florida Bank Group common share will be exchanged for 0.149 share of the Company’s common stock. All unexercised Florida Bank Group stock options, whether or not vested, will be cashed out. | |||||||||||||
Acquisition of Old Florida Bancshares, Inc. | |||||||||||||
During the fourth quarter of 2014, the Company announced the signing of a definitive agreement pursuant to which IBERIABANK will acquire Old Florida Bancshares, Inc. (“Old Florida”), holding company of Old Florida Bank and New Traditions Bank. The proposed acquisition has been approved by the Board of Directors of each company, Old Florida’s shareholders, and the Company’s regulators, and is expected to close on March 31, 2015. | |||||||||||||
Under the terms of the agreement, Old Florida shareholders will receive 0.34 share of the Company’s common stock for each of the Old Florida common stock shares outstanding, subject to certain market price adjustments provided for in the agreement. All unexercised Old Florida stock options, whether or not vested, will be cashed out. | |||||||||||||
Acquisition of Georgia Commerce Bancshares, Inc. | |||||||||||||
During the fourth quarter of 2014, the Company announced the signing of a definitive agreement pursuant to which IBERIABANK will acquire Georgia Commerce Bancshares, Inc. (“Georgia Commerce”), holding company of Georgia Commerce Bank. The proposed acquisition has been approved by the Board of Directors of each company and the Company’s regulators and is expected to close in the first half of 2015, subject to customary closing conditions, including the receipt of the approval of Georgia Commerce’s shareholders. | |||||||||||||
Supplemental unaudited pro forma information | |||||||||||||
The following unaudited pro forma information for the year ended December 31, 2013 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Trust One-Memphis, Teche, and First Private occurred at January 1, 2013, unadjusted for potential cost savings and preliminary purchase price adjustments. | |||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | |||||||||||
Interest and non-interest income | $ | 669,607 | $ | 687,279 | |||||||||
Net income | 74,624 | 86,473 | |||||||||||
Earnings per share - basic | 2.26 | 2.63 | |||||||||||
Earnings per share - diluted | 2.26 | 2.63 | |||||||||||
The Company’s consolidated financial statements as of and for the year ended December 31, 2014 include the operating results of the acquired assets and assumed liabilities for the days subsequent to the respective acquisition dates. Due to the system conversion of the acquired entities throughout the current year and subsequent integration of the operating activities of the acquired branches into existing Company markets, historical reporting for the former Trust One-Memphis, Teche, and First Private branches is impracticable and thus disclosure of the revenue from the assets acquired and income before income taxes is impracticable for the period subsequent to acquisition. | |||||||||||||
Under the terms of the agreement, Georgia Commerce shareholders will receive 0.6134 share of the Company’s common stock for each of the Georgia Commerce common stock shares outstanding, subject to certain market price adjustments provided for in the agreement. All unexercised Georgia Commerce stock options, whether or not vested, will be cashed out. | |||||||||||||
Branch Dispositions | |||||||||||||
In 2012, the Company closed ten branches as part of its ongoing business strategy, which includes a periodic review of its branch network to maximize shareholder return. In 2013, the Company closed or consolidated an additional 14 branches. As part of these branch closures, the Company incurred various disposal costs during the years ended December 31, 2013 and 2012, including personnel termination costs, contract termination costs, and fixed asset disposals. The following table shows the costs the Company incurred that are included in its consolidated statements of comprehensive income for the years indicated. Costs associated with branch dispositions for the year ended December 31, 2014 were immaterial. | |||||||||||||
For the Years Ended | |||||||||||||
December 31 | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Employee termination | $ | 299 | $ | 477 | |||||||||
Accelerated depreciation | 1,033 | 576 | |||||||||||
Contract termination | 659 | 20 | |||||||||||
Impairment | 4,941 | 2,743 | |||||||||||
$ | 6,932 | $ | 3,816 | ||||||||||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | NOTE 5 – INVESTMENT SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 317,386 | $ | 1,700 | $ | (3,533 | ) | $ | 315,553 | ||||||||||||||||
Obligations of state and political obligations | 86,513 | 3,679 | (2 | ) | 90,190 | ||||||||||||||||||||
Mortgage-backed securities | 1,741,917 | 16,882 | (7,184 | ) | 1,751,615 | ||||||||||||||||||||
Other securities | 1,460 | 35 | — | 1,495 | |||||||||||||||||||||
Total securities available for sale | $ | 2,147,276 | $ | 22,296 | $ | (10,719 | ) | $ | 2,158,853 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 10,000 | $ | 88 | $ | — | $ | 10,088 | |||||||||||||||||
Obligations of state and political obligations | 77,597 | 3,153 | (145 | ) | 80,605 | ||||||||||||||||||||
Mortgage-backed securities | 29,363 | 151 | (726 | ) | 28,788 | ||||||||||||||||||||
Total securities held to maturity | $ | 116,960 | $ | 3,392 | $ | (871 | ) | $ | 119,481 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 406,092 | $ | 1,382 | $ | (11,913 | ) | $ | 395,561 | ||||||||||||||||
Obligations of state and political obligations | 105,300 | 2,435 | (256 | ) | 107,479 | ||||||||||||||||||||
Mortgage-backed securities | 1,450,194 | 10,031 | (27,947 | ) | 1,432,278 | ||||||||||||||||||||
Other securities | 1,460 | 19 | — | 1,479 | |||||||||||||||||||||
Total securities available for sale | $ | 1,963,046 | $ | 13,867 | $ | (40,116 | ) | $ | 1,936,797 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 34,478 | $ | 484 | $ | — | $ | 34,962 | |||||||||||||||||
Obligations of state and political obligations | 84,290 | 1,463 | (1,624 | ) | 84,129 | ||||||||||||||||||||
Mortgage-backed securities | 35,341 | 258 | (2,124 | ) | 33,475 | ||||||||||||||||||||
Total securities held to maturity | $ | 154,109 | $ | 2,205 | $ | (3,748 | ) | $ | 152,566 | ||||||||||||||||
At December 31, 2014, the Company’s exposure to two investment security issuers individually exceeded 10% of shareholders’ equity: | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Market Value | |||||||||||||||||||||||
Federal National Mortgage Association (Fannie Mae) | $ | 1,220,841 | $ | 1,226,654 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation (Freddie Mac) | 707,592 | 706,514 | |||||||||||||||||||||||
$ | 1,928,433 | $ | 1,933,168 | ||||||||||||||||||||||
Securities with carrying values of $1.4 billion and $1.5 billion were pledged to secure public deposits and other borrowings at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | ||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | — | $ | — | $ | (3,533 | ) | $ | 240,498 | $ | (3,533 | ) | $ | 240,498 | |||||||||||
Obligations of state and political obligations | (2 | ) | 185 | — | — | (2 | ) | 185 | |||||||||||||||||
Mortgage-backed securities | (1,189 | ) | 304,686 | (5,995 | ) | 294,549 | (7,184 | ) | 599,235 | ||||||||||||||||
Total securities available for sale | $ | (1,191 | ) | $ | 304,871 | $ | (9,528 | ) | $ | 535,047 | $ | (10,719 | ) | $ | 839,918 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (9 | ) | $ | 2,287 | $ | (136 | ) | $ | 8,590 | $ | (145 | ) | $ | 10,877 | ||||||||||
Mortgage-backed securities | — | — | (726 | ) | 20,812 | (726 | ) | 20,812 | |||||||||||||||||
Total securities held to maturity | $ | (9 | ) | $ | 2,287 | $ | (862 | ) | $ | 29,402 | $ | (871 | ) | $ | 31,689 | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | ||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | (11,764 | ) | $ | 298,515 | $ | (149 | ) | $ | 5,515 | $ | (11,913 | ) | $ | 304,030 | ||||||||||
Obligations of state and political obligations | (30 | ) | 2,415 | (226 | ) | 1,047 | (256 | ) | 3,462 | ||||||||||||||||
Mortgage-backed securities | (23,749 | ) | 864,899 | (4,198 | ) | 81,870 | (27,947 | ) | 946,769 | ||||||||||||||||
Total securities available for sale | $ | (35,543 | ) | $ | 1,165,829 | $ | (4,573 | ) | $ | 88,432 | $ | (40,116 | ) | $ | 1,254,261 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (1,181 | ) | $ | 29,355 | $ | (443 | ) | $ | 6,240 | $ | (1,624 | ) | $ | 35,595 | ||||||||||
Mortgage-backed securities | (952 | ) | 12,913 | (1,172 | ) | 11,616 | (2,124 | ) | 24,529 | ||||||||||||||||
Total securities held to maturity | $ | (2,133 | ) | $ | 42,268 | $ | (1,615 | ) | $ | 17,856 | $ | (3,748 | ) | $ | 60,124 | ||||||||||
The Company assessed the nature of the losses in its portfolio as of December 31, 2014 and 2013 to determine if there are losses that should be deemed other-than-temporary. In its analysis of these securities, management considered numerous factors to determine whether there were instances where the amortized cost basis of the debt securities would not be fully recoverable, including, but not limited to: | |||||||||||||||||||||||||
• | The length of time and extent to which the estimated fair value of the securities was less than their amortized cost, | ||||||||||||||||||||||||
• | Whether adverse conditions were present in the operations, geographic area, or industry of the issuer, | ||||||||||||||||||||||||
• | The payment structure of the security, including scheduled interest and principal payments, including the issuer’s failures to make scheduled payments, if any, and the likelihood of failure to make scheduled payments in the future, | ||||||||||||||||||||||||
• | Changes to the rating of the security by a rating agency, and | ||||||||||||||||||||||||
• | Subsequent recoveries or additional declines in fair value after the balance sheet date. | ||||||||||||||||||||||||
Management believes it has considered these factors, as well as all relevant information available, when determining the expected future cash flows of the securities in question. Except for the particular municipal bond discussed below, in each instance, management has determined the cost basis of the securities would be fully recoverable. Management also has the intent to hold debt securities until their maturity or anticipated recovery if the security is classified as available for sale. In addition, management does not believe the Company will be required to sell debt securities before the anticipated recovery of the amortized cost basis of the security. | |||||||||||||||||||||||||
At December 31, 2014, 112 debt securities had unrealized losses of 1.31% of the securities’ amortized cost basis. At December 31, 2013, 207 debt securities had unrealized losses of 3.23% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes. Additional information on securities that have been in a continuous loss position for over twelve months at December 31 is presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Number of securities | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | 66 | 20 | |||||||||||||||||||||||
Issued by political subdivisions | 5 | 5 | |||||||||||||||||||||||
71 | 25 | ||||||||||||||||||||||||
Amortized Cost Basis | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 566,113 | $ | 104,520 | |||||||||||||||||||||
Issued by political subdivisions | 8,727 | 7,956 | |||||||||||||||||||||||
$ | 574,840 | $ | 112,476 | ||||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 10,254 | $ | 5,519 | |||||||||||||||||||||
Issued by political subdivisions | 136 | 669 | |||||||||||||||||||||||
$ | 10,390 | $ | 6,188 | ||||||||||||||||||||||
The Fannie Mae, Freddie Mac, and Ginnie Mae securities are rated AA+ by S&P and Aaa by Moodys. Five of the securities in a continuous loss position for over twelve months were issued by political subdivisions. The securities issued by political subdivisions have credit ratings by S&P ranging from A+ to AAA and credit ratings from Moody’s ranging from A2 to Aaa. | |||||||||||||||||||||||||
Prior to 2012, management assessed the operating environment of a bond issuer as adverse and concluded that the Company had one unrated revenue municipal bond that warranted an other-than-temporary impairment charge. The specific impairment was related to the loss of the contracted revenue source required for bond repayment. The Company determined the impairment charge using observable market data for similar assets, including third party valuation of the security, as well as information from unobservable inputs, including its best estimate of the recoverability of the amortized cost of the security as outlined above. The Company recorded total impairment of 50% of the par value of the bond and provided a fair value of the bond that was consistent with current market pricing. During the third quarter of 2014, the Company sold the municipal bond and recorded a gain of $0.6 million in the Company’s consolidated statements of comprehensive income for the year ended December 31, 2014. The following table reflects activity during the years ended December 31, 2014, 2013, and 2012 related to credit losses on the other-than-temporarily impaired investment security where a portion of the unrealized loss was recognized in comprehensive income. | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at beginning of period | $ | (1,273 | ) | $ | (1,273 | ) | $ | (1,273 | ) | ||||||||||||||||
Credit losses on securities not previously considered other-than-temporarily impaired | — | — | — | ||||||||||||||||||||||
Credit losses on securities for which OTTI was previously recognized | — | — | — | ||||||||||||||||||||||
Reduction for securities sold/settled during the period | 1,273 | — | — | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | (1,273 | ) | $ | (1,273 | ) | |||||||||||||||||
As a result of the Company’s analysis, no declines in the estimated fair value of the Company’s investment securities were deemed to be other-than-temporary at December 31, 2014 or 2013. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities by maturity at December 31, 2014 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. | |||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
(Dollars in thousands) | Weighted | Amortized | Estimated | Weighted | Amortized | Estimated | |||||||||||||||||||
Average | Cost | Fair | Average | Cost | Fair | ||||||||||||||||||||
Yield | Value | Yield | Value | ||||||||||||||||||||||
Within one year or less | 1.54 | % | $ | 14,643 | $ | 14,764 | 2.65 | % | $ | 10,000 | $ | 10,088 | |||||||||||||
One through five years | 1.73 | 241,231 | 241,796 | 2.78 | 13,858 | 14,191 | |||||||||||||||||||
After five through ten years | 2.15 | 425,233 | 429,973 | 3.1 | 20,945 | 21,729 | |||||||||||||||||||
Over ten years | 2.2 | 1,466,169 | 1,472,320 | 2.86 | 72,157 | 73,473 | |||||||||||||||||||
2.13 | % | $ | 2,147,276 | $ | 2,158,853 | 2.87 | % | $ | 116,960 | $ | 119,481 | ||||||||||||||
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. | |||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Realized gains | $ | 863 | $ | 2,387 | $ | 3,754 | |||||||||||||||||||
Realized losses | (92 | ) | (110 | ) | (15 | ) | |||||||||||||||||||
$ | 771 | $ | 2,277 | $ | 3,739 | ||||||||||||||||||||
In addition to the gains above, the Company realized certain immaterial gains on calls of held to maturity securities. | |||||||||||||||||||||||||
Other Equity Securities | |||||||||||||||||||||||||
The Company included the following securities in “Other assets” on the consolidated balance sheets at December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Federal Home Loan Bank (FHLB) stock | $ | 38,476 | $ | 24,369 | |||||||||||||||||||||
Federal Reserve Bank (FRB) stock | 34,348 | 28,098 | |||||||||||||||||||||||
Other investments | 1,306 | 1,306 | |||||||||||||||||||||||
$ | 74,130 | $ | 53,773 | ||||||||||||||||||||||
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans | NOTE 6 – LOANS | ||||||||||||||||||||||||||||||||
Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans(1) | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,718,058 | $ | 497,949 | $ | 189,126 | $ | 4,405,133 | |||||||||||||||||||||||||
Business | 3,284,140 | 93,549 | 31,260 | 3,408,949 | |||||||||||||||||||||||||||||
7,002,198 | 591,498 | 220,386 | 7,814,082 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 495,638 | 424,579 | 128,024 | 1,048,241 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 32,056 | — | — | 32,056 | |||||||||||||||||||||||||||||
527,694 | 424,579 | 128,024 | 1,080,297 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,290,976 | 217,699 | 92,430 | 1,601,105 | |||||||||||||||||||||||||||||
Indirect automobile | 396,766 | 392 | — | 397,158 | |||||||||||||||||||||||||||||
Other | 451,080 | 93,618 | 3,704 | 548,402 | |||||||||||||||||||||||||||||
2,138,822 | 311,709 | 96,134 | 2,546,665 | ||||||||||||||||||||||||||||||
Total | $ | 9,668,714 | $ | 1,327,786 | $ | 444,544 | $ | 11,441,044 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,134,904 | $ | 345,069 | $ | 387,332 | $ | 3,867,305 | |||||||||||||||||||||||||
Business | 2,906,051 | 53,037 | 37,025 | 2,996,113 | |||||||||||||||||||||||||||||
6,040,955 | 398,106 | 424,357 | 6,863,418 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 404,922 | 18,135 | 154,025 | 577,082 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 9,450 | — | — | 9,450 | |||||||||||||||||||||||||||||
414,372 | 18,135 | 154,025 | 586,532 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,101,227 | 53,443 | 137,122 | 1,291,792 | |||||||||||||||||||||||||||||
Indirect automobile | 373,383 | 1,853 | — | 375,236 | |||||||||||||||||||||||||||||
Other | 358,384 | 12,368 | 4,289 | 375,041 | |||||||||||||||||||||||||||||
1,832,994 | 67,664 | 141,411 | 2,042,069 | ||||||||||||||||||||||||||||||
Total | $ | 8,288,321 | $ | 483,905 | $ | 719,793 | $ | 9,492,019 | |||||||||||||||||||||||||
-1 | Included as covered loans at December 31, 2014 is $174.7 million of assets whose reimbursable loss periods ended as of January 1, 2015. | ||||||||||||||||||||||||||||||||
In 2009, the Company acquired substantially all of the assets and liabilities of CapitalSouth Bank (“CSB”), and certain assets, deposits, and other liabilities of Orion Bank (“Orion”) and Century Bank (“Century”). In 2010, the Company acquired certain assets and assumed certain deposits and other liabilities of Sterling Bank (“Sterling”). Substantially all of the loans and foreclosed real estate that were acquired in these transactions are covered by loss sharing agreements between the FDIC and IBERIABANK, which afford IBERIABANK loss protection. Refer to Note 8 for additional information regarding the Company’s loss sharing agreements. | |||||||||||||||||||||||||||||||||
Because of the loss protection provided by the FDIC, the risks associated with CSB, Orion, Century, and Sterling covered loans and foreclosed real estate are significantly different from those assets not covered under the loss share agreements. Accordingly, the Company presents loans currently indemnified as “covered loans” and loans that are not currently indemnified as “non-covered loans.” | |||||||||||||||||||||||||||||||||
Deferred loan origination fees were $20.6 million and $18.6 million and deferred loan expenses were $9.4 million and $7.6 million at December 31, 2014 and 2013, respectively. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At December 31, 2014 and 2013, overdrafts of $5.6 million and $3.1 million, respectively, have been reclassified to loans. | |||||||||||||||||||||||||||||||||
Loans with carrying values of $3.1 billion and $2.3 billion were pledged to secure public deposits and other borrowings at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Non-covered Loans | |||||||||||||||||||||||||||||||||
The following tables provide an analysis of the aging of non-covered loans as of December 31, 2014 and 2013. Because of the difference in accounting for acquired loans, the tables below further segregate the Company’s non-covered loans between legacy loans and acquired loans. For purposes of the following tables, subprime mortgage loans are defined as the Company’s mortgage loans that have borrower FICO scores that are less than 620 at the time of origination or were purchased outside of a business combination. | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Total Legacy | Recorded | ||||||||||||||||||||||||||||||
Loans, Net of | Investment > 90 days | ||||||||||||||||||||||||||||||||
Unearned | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 507 | $ | — | $ | 69 | $ | 576 | $ | 483,663 | $ | 484,239 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 11,799 | 148 | 6,883 | 18,830 | 3,214,989 | 3,233,819 | — | ||||||||||||||||||||||||||
Commercial business | 1,589 | 1,860 | 3,228 | 6,677 | 3,277,463 | 3,284,140 | 200 | ||||||||||||||||||||||||||
Residential mortgage - Prime | 1,389 | 2,616 | 11,305 | 15,310 | 392,900 | 408,210 | 538 | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 3,595 | 3,595 | 115,889 | 119,484 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 4,096 | 595 | 7,420 | 12,111 | 1,278,865 | 1,290,976 | 16 | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 2,447 | 396 | 1,419 | 4,262 | 392,504 | 396,766 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 253 | 163 | 1,032 | 1,448 | 71,297 | 72,745 | — | ||||||||||||||||||||||||||
Consumer - Other | 1,285 | 424 | 773 | 2,482 | 375,853 | 378,335 | — | ||||||||||||||||||||||||||
Total | $ | 23,365 | $ | 6,202 | $ | 35,724 | $ | 65,291 | $ | 9,603,423 | $ | 9,668,714 | $ | 754 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Total Legacy | Recorded | ||||||||||||||||||||||||||||||
Loans, Net of | Investment > 90 days | ||||||||||||||||||||||||||||||||
Unearned | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | 1,803 | $ | 1,803 | $ | 381,292 | $ | 383,095 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 6,098 | 5,630 | 7,650 | 19,378 | 2,732,431 | 2,751,809 | 2 | ||||||||||||||||||||||||||
Commercial business | 2,117 | 423 | 15,020 | 17,560 | 2,888,491 | 2,906,051 | — | ||||||||||||||||||||||||||
Residential mortgage - Prime | 1,104 | 852 | 9,684 | 11,640 | 286,167 | 297,807 | 1,073 | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 1,626 | 1,626 | 114,939 | 116,565 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 1,956 | 569 | 6,808 | 9,333 | 1,091,894 | 1,101,227 | — | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,427 | 293 | 1,275 | 2,995 | 370,388 | 373,383 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 266 | 92 | 411 | 769 | 62,873 | 63,642 | — | ||||||||||||||||||||||||||
Consumer - Other | 458 | 106 | 485 | 1,049 | 293,693 | 294,742 | — | ||||||||||||||||||||||||||
Total | $ | 13,426 | $ | 7,965 | $ | 44,762 | $ | 66,153 | $ | 8,222,168 | $ | 8,288,321 | $ | 1,075 | |||||||||||||||||||
(1) | Past due loans greater than 90 days include all loans on nonaccrual status, regardless of past due status, as of the period indicated. Nonaccrual loans are presented separately in the “Nonaccrual Loans” section below. | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Discount/ | Total Non-covered | Recorded | |||||||||||||||||||||||||||||
Premium | Acquired | Investment > 90 days | |||||||||||||||||||||||||||||||
Loans, Net of | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Unearned Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 2,740 | $ | 57 | $ | 1,284 | $ | 4,081 | $ | 26,667 | $ | (1,170 | ) | $ | 29,578 | $ | 1,284 | ||||||||||||||||
Commercial real estate - Other | 4,419 | 840 | 26,480 | 31,739 | 475,751 | (39,119 | ) | 468,371 | 26,376 | ||||||||||||||||||||||||
Commercial business | 2,106 | 70 | 1,635 | 3,811 | 94,962 | (5,224 | ) | 93,549 | 1,635 | ||||||||||||||||||||||||
Residential mortgage - Prime | 152 | 2,367 | 9,339 | 11,858 | 418,552 | (5,831 | ) | 424,579 | 8,087 | ||||||||||||||||||||||||
Consumer - Home equity | 649 | 385 | 8,774 | 9,808 | 216,310 | (8,419 | ) | 217,699 | 8,383 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 13 | 17 | 9 | 39 | 393 | (40 | ) | 392 | 9 | ||||||||||||||||||||||||
Consumer - Other | 1,458 | 113 | 1,949 | 3,520 | 94,315 | (4,217 | ) | 93,618 | 1,829 | ||||||||||||||||||||||||
Total | $ | 11,537 | $ | 3,849 | $ | 49,470 | $ | 64,856 | $ | 1,326,950 | $ | (64,020 | ) | $ | 1,327,786 | $ | 47,603 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Discount/ | Total Non-covered | Recorded | |||||||||||||||||||||||||||||
Premium | Acquired | Investment > 90 days | |||||||||||||||||||||||||||||||
Loans, Net of | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Unearned Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 388 | $ | — | $ | 2,542 | $ | 2,930 | $ | 19,833 | $ | (2,532 | ) | $ | 20,231 | $ | 2,542 | ||||||||||||||||
Commercial real estate - Other | 1,798 | 1,963 | 27,967 | 31,728 | 345,286 | (52,176 | ) | 324,838 | 27,967 | ||||||||||||||||||||||||
Commercial business | 544 | — | 1,218 | 1,762 | 54,189 | (2,914 | ) | 53,037 | 1,218 | ||||||||||||||||||||||||
Residential mortgage - Prime | — | — | 226 | 226 | 18,796 | (887 | ) | 18,135 | 226 | ||||||||||||||||||||||||
Consumer - Home equity | 313 | 516 | 4,242 | 5,071 | 53,995 | (5,623 | ) | 53,443 | 4,242 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 33 | — | 95 | 128 | 1,725 | — | 1,853 | 95 | |||||||||||||||||||||||||
Consumer - Other | 175 | 101 | 975 | 1,251 | 12,598 | (1,481 | ) | 12,368 | 975 | ||||||||||||||||||||||||
Total | $ | 3,251 | $ | 2,580 | $ | 37,265 | $ | 43,096 | $ | 506,422 | $ | (65,613 | ) | $ | 483,905 | $ | 37,265 | ||||||||||||||||
(1) | Past due information presents acquired loans at the gross loan balance, prior to application of discounts. | ||||||||||||||||||||||||||||||||
Non-accrual Loans | |||||||||||||||||||||||||||||||||
The following table provides the recorded investment of legacy loans on non-accrual status at December 31: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 69 | $ | 1,803 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 6,883 | 7,648 | |||||||||||||||||||||||||||||||
Commercial business | 3,028 | 15,020 | |||||||||||||||||||||||||||||||
Residential mortgage - Prime | 10,767 | 8,611 | |||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,595 | 1,626 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 7,404 | 6,808 | |||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,419 | 1,275 | |||||||||||||||||||||||||||||||
Consumer - Credit card | 1,032 | 411 | |||||||||||||||||||||||||||||||
Consumer - Other | 773 | 485 | |||||||||||||||||||||||||||||||
Total | $ | 34,970 | $ | 43,687 | |||||||||||||||||||||||||||||
The amount of interest income that would have been recorded in 2014, 2013 and 2012 if total nonaccrual loans had been current in accordance with their contractual terms was approximately $1.8 million, $2.9 million and $3.2 million respectively. | |||||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The carrying amount of the acquired covered loans at December 31, 2014 and 2013 consisted of loans determined to be impaired at the acquisition date, which are accounted for in accordance with ASC Topic 310-30, and loans that were considered to be performing at the acquisition date, accounted for by analogy to ASC Topic 310-30, as detailed in the following tables. | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 1,253 | $ | 187,873 | $ | 189,126 | |||||||||||||||||||||||||||
Business | — | 31,260 | 31,260 | ||||||||||||||||||||||||||||||
1,253 | 219,133 | 220,386 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 22,918 | 105,106 | 128,024 | ||||||||||||||||||||||||||||||
Construction / Owner Occupied | — | — | — | ||||||||||||||||||||||||||||||
22,918 | 105,106 | 128,024 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 12,872 | 79,558 | 92,430 | ||||||||||||||||||||||||||||||
Indirect automobile | — | — | — | ||||||||||||||||||||||||||||||
Other | 489 | 3,215 | 3,704 | ||||||||||||||||||||||||||||||
13,361 | 82,773 | 96,134 | |||||||||||||||||||||||||||||||
Total | $ | 37,532 | $ | 407,012 | $ | 444,544 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 14,904 | $ | 372,428 | $ | 387,332 | |||||||||||||||||||||||||||
Business | — | 37,025 | 37,025 | ||||||||||||||||||||||||||||||
14,904 | 409,453 | 424,357 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 28,223 | 125,802 | 154,025 | ||||||||||||||||||||||||||||||
Construction / Owner Occupied | — | — | — | ||||||||||||||||||||||||||||||
28,223 | 125,802 | 154,025 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 21,768 | 115,354 | 137,122 | ||||||||||||||||||||||||||||||
Indirect automobile | — | — | — | ||||||||||||||||||||||||||||||
Other | 1,182 | 3,107 | 4,289 | ||||||||||||||||||||||||||||||
22,950 | 118,461 | 141,411 | |||||||||||||||||||||||||||||||
Total | $ | 66,077 | $ | 653,716 | $ | 719,793 | |||||||||||||||||||||||||||
Loans Acquired | |||||||||||||||||||||||||||||||||
As discussed in Note 4, during 2014, the Company acquired loans of $86.5 million from Trust One-Memphis, $700.5 million from Teche, and $299.3 million from First Private. Of the total $1.1 billion of loans acquired in 2014, $1.0 billion were determined to have no evidence of deteriorated credit quality and are accounted for under ASC Topics 310-10 and 310-20. The remaining $66.7 million were determined to have deteriorated credit quality under ASC Topic 310-30. The tables below show the balances acquired during 2014 for these two subsections of the portfolio as of the acquisition date. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 1,224,635 | |||||||||||||||||||||||||||||||
Expected losses and foregone interest | (20,790 | ) | |||||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 1,203,845 | ||||||||||||||||||||||||||||||||
Fair value of acquired loans at acquisition | $ | 1,014,903 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 71,871 | $ | 15,130 | $ | 87,001 | |||||||||||||||||||||||||||
Nonaccretable difference (expected losses and foregone interest) | (6,117 | ) | (361 | ) | (6,478 | ) | |||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 65,754 | 14,769 | 80,523 | ||||||||||||||||||||||||||||||
Accretable yield | (12,312 | ) | (1,536 | ) | (13,848 | ) | |||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 53,442 | $ | 13,233 | $ | 66,675 | |||||||||||||||||||||||||||
The following is a summary of changes in the accretable difference for loans accounted for under ASC 310-30 of acquired impaired loans during the years ended December 31: | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
Acquisition | 12,312 | 1,536 | 13,848 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 4,405 | 21,439 | 25,844 | ||||||||||||||||||||||||||||||
Accretion | (15,095 | ) | (88,138 | ) | (103,233 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | (5,722 | ) | 2,022 | (3,700 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 74,249 | $ | 213,402 | $ | 287,651 | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 76,623 | $ | 279,770 | $ | 356,393 | |||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 7,849 | 42,894 | 50,743 | ||||||||||||||||||||||||||||||
Accretion | (16,273 | ) | (163,183 | ) | (179,456 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 10,150 | 117,062 | 127,212 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 83,834 | $ | 386,977 | $ | 470,811 | |||||||||||||||||||||||||||
Acquisition | 1,190 | 22,899 | 24,089 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | (11,816 | ) | (47,842 | ) | (59,658 | ) | |||||||||||||||||||||||||||
Accretion | (30,417 | ) | (218,892 | ) | (249,309 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 33,832 | 136,628 | 170,460 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,623 | $ | 279,770 | $ | 356,393 | |||||||||||||||||||||||||||
-1 | Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
Information about the Company’s TDRs at December 31, 2014 and 2013 is presented in the following tables. The Company excludes as TDRs modifications of loans that are accounted for within a pool under ASC Topic 310-30, which include the covered loans above, as well as certain acquired loans. Accordingly, such modifications do not result in the removal of those loans from the pool, even if the modification of those loans would otherwise be considered a TDR. As a result, all covered and certain acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Accruing Loans | Accruing Loans | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | Nonaccrual | Total TDRs | Current | Past Due | Nonaccrual | Total TDRs | |||||||||||||||||||||||||
> 30 days | TDRs | > 30 days | TDRs | ||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | — | — | — | ||||||||||||||||||||
Commercial real estate - Other | 355 | — | — | 355 | 400 | — | 4,452 | 4,852 | |||||||||||||||||||||||||
Commercial business | 1,075 | — | 1,971 | 3,046 | 976 | — | 13,791 | 14,767 | |||||||||||||||||||||||||
Residential mortgage - Prime | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Home equity | — | — | 238 | 238 | — | — | 258 | 258 | |||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Credit card | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 1,430 | $ | — | $ | 2,209 | $ | 3,639 | $ | 1,376 | $ | — | $ | 18,501 | $ | 19,877 | |||||||||||||||||
At December 31, 2014, there were no TDRs that occurred during the current year through modification of the original loan terms. TDRs totaling $14.6 million occurred during the year ending December 31, 2013. The following table provides information on how the TDRs were modified during years ended December 31: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Extended maturities | $ | — | $ | — | |||||||||||||||||||||||||||||
Interest rate adjustment | — | — | |||||||||||||||||||||||||||||||
Maturity and interest rate adjustment | — | — | |||||||||||||||||||||||||||||||
Movement to or extension of interest-rate only payments | — | — | |||||||||||||||||||||||||||||||
Forbearance | — | 12,975 | |||||||||||||||||||||||||||||||
Other concession(s) (1) | — | 1,587 | |||||||||||||||||||||||||||||||
Total | $ | — | $ | 14,562 | |||||||||||||||||||||||||||||
-1 | Other concessions include concessions or a combination of concessions that do not consist of maturity extensions, interest rate adjustments, forbearance or covenant modifications. | ||||||||||||||||||||||||||||||||
The Company had no commercial real estate, residential mortgage or consumer TDRs that were added during the years ended December 31, 2014 and 2013. Information about the Company’s TDRs occurring in these periods is presented in the following table. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Pre-modification | Post-modification | Number of | Pre-modification | Post-modification | |||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 9 | 14,835 | 12,429 | |||||||||||||||||||||||||||
Total | — | $ | — | $ | — | 9 | $ | 14,835 | $ | 12,429 | |||||||||||||||||||||||
-1 | Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. | ||||||||||||||||||||||||||||||||
Information detailing non-covered TDRs that subsequently defaulted during the previous twelve months is presented in the following table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||
Commercial real estate | 30 | $ | — | 35 | $ | 4,452 | |||||||||||||||||||||||||||
Commercial business | 9 | 1,600 | 17 | 12,808 | |||||||||||||||||||||||||||||
Residential mortgage - Prime | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Home Equity | — | — | 1 | 45 | |||||||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Credit card | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Other | 1 | — | 1 | — | |||||||||||||||||||||||||||||
Total | 40 | $ | 1,600 | 54 | $ | 17,305 |
Allowance_for_Credit_Losses_an
Allowance for Credit Losses and Credit Quality | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Credit Quality | NOTE 7 – ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses Activity | |||||||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for credit losses for the covered loan and non-covered loan portfolios for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 67,342 | $ | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses before benefit attributable to FDIC loss share agreements | 14,274 | (1,546 | ) | 2,072 | 14,800 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 4,260 | 4,260 | |||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 14,274 | (1,546 | ) | 6,332 | 19,060 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (4,260 | ) | (4,260 | ) | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (933 | ) | (6,390 | ) | (7,323 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | — | 8,661 | (8,661 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (11,312 | ) | (2,073 | ) | (13,470 | ) | (26,855 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 5,870 | 527 | 38 | 6,435 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,174 | $ | 9,193 | $ | 44,764 | $ | 130,131 | |||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 11,147 | $ | — | $ | — | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 654 | — | — | 654 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 11,801 | $ | — | $ | — | $ | 11,801 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Loans | Acquired Loans | Covered Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,211 | $ | 8,816 | $ | 168,576 | $ | 251,603 | |||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | 6,828 | (3,158 | ) | (54,610 | ) | (50,940 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 56,085 | 56,085 | |||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 6,828 | (3,158 | ) | 1,475 | 5,145 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (56,085 | ) | (56,085 | ) | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (1,085 | ) | (27,041 | ) | (28,126 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to the RULC | (9,828 | ) | — | — | (9,828 | ) | |||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (10,686 | ) | (31 | ) | (15,764 | ) | (26,481 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 6,817 | 15 | 14 | 6,846 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 67,342 | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance from the allowance for loan losses | 9,828 | — | — | 9,828 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 1,319 | — | — | 1,319 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 11,147 | $ | — | $ | — | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Loans | Acquired Loans | Covered Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,861 | $ | — | $ | 118,900 | $ | 193,761 | |||||||||||||||||||||||||||||||||||||||||
Provision for loan losses before adjustment attributable to FDIC loss share agreements | 3,804 | 9,799 | 91,153 | 104,756 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (84,085 | ) | (84,085 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net provision for loan losses | 3,804 | 9,799 | 7,068 | 20,671 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 84,085 | 84,085 | |||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (826 | ) | (26,343 | ) | (27,169 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (9,728 | ) | (179 | ) | (15,153 | ) | (25,060 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 5,274 | 22 | 19 | 5,315 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 74,211 | $ | 8,816 | $ | 168,576 | $ | 251,603 | |||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for credit losses for non-covered loans, by loan portfolio type, for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | (295 | ) | 4,302 | 694 | 8,027 | 12,728 | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (868 | ) | — | (65 | ) | (933 | ) | |||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | 6,009 | 1,699 | — | 953 | 8,661 | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,247 | ) | (1,659 | ) | (613 | ) | (8,866 | ) | (13,385 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 2,964 | 105 | 248 | 3,080 | 6,397 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 33,021 | $ | 32,094 | $ | 2,875 | $ | 17,377 | $ | 85,367 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,089 | $ | 4,839 | $ | 72 | $ | 3,147 | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for unfunded commitments | 350 | 421 | 96 | (213 | ) | 654 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,439 | $ | 5,260 | $ | 168 | $ | 2,934 | $ | 11,801 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 20 | $ | 407 | $ | — | $ | 3 | $ | 430 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 33,001 | 31,687 | 2,875 | 17,374 | 84,939 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,216,007 | $ | 3,377,689 | $ | 952,273 | $ | 2,450,531 | $ | 10,996,500 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 7,013 | 3,988 | — | 699 | 11,700 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 4,186,968 | 3,369,982 | 936,604 | 2,438,569 | 10,932,123 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 22,026 | 3,719 | 15,669 | 11,263 | 52,677 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,264 | $ | 28,721 | $ | 2,125 | $ | 13,917 | $ | 83,027 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | (8,830 | ) | 3,543 | 860 | 8,097 | 3,670 | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (319 | ) | (113 | ) | (646 | ) | (7 | ) | (1,085 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to the RULC | (2,939 | ) | (3,497 | ) | (40 | ) | (3,352 | ) | (9,828 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,940 | ) | (516 | ) | (518 | ) | (6,743 | ) | (10,717 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 3,354 | 377 | 765 | 2,336 | 6,832 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Transfer of balance from the allowance for loan losses | 2,939 | 3,497 | 40 | 3,352 | 9,828 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | 150 | 1,342 | 32 | (205 | ) | 1,319 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,089 | $ | 4,839 | $ | 72 | $ | 3,147 | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 8 | $ | 841 | $ | 180 | $ | — | $ | 1,029 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 26,582 | 27,674 | 2,366 | 14,248 | 70,870 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,479,973 | $ | 2,959,088 | $ | 432,507 | $ | 1,900,658 | $ | 8,772,226 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 8,705 | 15,812 | 1,407 | 258 | 26,182 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 3,459,028 | 2,943,246 | 430,974 | 1,899,013 | 8,732,261 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 12,240 | 30 | 126 | 1,387 | 13,783 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 35,604 | $ | 25,705 | $ | 897 | $ | 12,655 | $ | 74,861 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 1,786 | 4,021 | 2,578 | 5,218 | 13,603 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (292 | ) | — | (525 | ) | (9 | ) | (826 | ) | ||||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,000 | ) | (1,116 | ) | (863 | ) | (5,928 | ) | (9,907 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 3,166 | 111 | 38 | 1,981 | 5,296 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 38,264 | $ | 28,721 | $ | 2,125 | $ | 13,917 | $ | 83,027 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 226 | $ | 449 | $ | 163 | $ | 42 | $ | 880 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 38,038 | 28,272 | 1,962 | 13,875 | 82,147 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 2,990,700 | $ | 2,450,667 | $ | 290,040 | $ | 1,674,417 | $ | 7,405,824 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 28,052 | 4,401 | 1,703 | 315 | 34,471 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 2,906,792 | 2,442,796 | 288,007 | 1,669,067 | 7,306,662 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 55,856 | 3,470 | 330 | 5,035 | 64,691 | ||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for credit losses for covered loans, by loan portfolio type, for the years ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 3,058 | 399 | 1,168 | 1,707 | 6,332 | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | 227 | 509 | (3,854 | ) | (1,142 | ) | (4,260 | ) | |||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (1,897 | ) | (1,162 | ) | (1,719 | ) | (1,612 | ) | (6,390 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | (6,009 | ) | (1,699 | ) | — | (953 | ) | (8,661 | ) | ||||||||||||||||||||||||||||||||||||||||
Loans charged off | (10,117 | ) | (2,192 | ) | (198 | ) | (963 | ) | (13,470 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 24,072 | $ | 1,235 | $ | 6,286 | $ | 13,171 | $ | 44,764 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 24,072 | 1,235 | 6,286 | 13,171 | 44,764 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 189,126 | $ | 31,260 | $ | 128,024 | $ | 96,134 | $ | 444,544 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 187,873 | 31,260 | 105,106 | 82,773 | 407,012 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 1,253 | — | 22,918 | 13,361 | 37,532 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 100,871 | $ | 11,375 | $ | 22,566 | $ | 33,764 | $ | 168,576 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 1,523 | (649 | ) | 286 | 315 | 1,475 | |||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (28,238 | ) | (5,032 | ) | (4,896 | ) | (17,919 | ) | (56,085 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (19,634 | ) | (314 | ) | (7,067 | ) | (26 | ) | (27,041 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (15,764 | ) | — | — | — | (15,764 | ) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 14 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 38,772 | 5,380 | 10,889 | 16,134 | 71,175 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 387,332 | $ | 37,025 | $ | 154,025 | $ | 141,411 | $ | 719,793 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 372,428 | 37,025 | 125,802 | 118,461 | 653,716 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 14,904 | — | 28,223 | 22,950 | 66,077 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real estate | business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 69,175 | $ | 9,788 | $ | 21,184 | $ | 18,753 | $ | 118,900 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 4,970 | 964 | 323 | 811 | 7,068 | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | 51,543 | 3,616 | 13,895 | 15,031 | 84,085 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (11,202 | ) | (2,993 | ) | (11,323 | ) | (825 | ) | (26,343 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (13,631 | ) | — | (1,513 | ) | (9 | ) | (15,153 | ) | ||||||||||||||||||||||||||||||||||||||||
Recoveries | 16 | — | — | 3 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 100,871 | $ | 11,375 | $ | 22,566 | $ | 33,764 | $ | 168,576 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 100,871 | 11,375 | 22,566 | 33,764 | 168,576 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 640,843 | $ | 87,051 | $ | 187,164 | $ | 177,698 | $ | 1,092,756 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 473,101 | 84,294 | 166,932 | 154,784 | 879,111 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 167,742 | 2,757 | 20,232 | 22,914 | 213,645 | ||||||||||||||||||||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s investment in non-covered loans by credit quality indicator is presented in the following tables. Because of the difference in accounting for acquired loans, the tables below further segregate the Company’s non-covered loans between legacy loans and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of non-covered acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of December 31, 2014 and 2013, respectively. Credit quality information in the tables below includes loans acquired at the gross loan balance, prior to the application of premiums/discounts, at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Sub- | Doubtful | Total | Pass | Special | Sub- | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||
Mention | standard | Mention | standard | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 483,930 | $ | 240 | $ | 69 | $ | — | $ | 484,239 | $ | 370,824 | $ | 9,309 | $ | 2,962 | $ | — | $ | 383,095 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 3,161,593 | 49,847 | 22,217 | 162 | 3,233,819 | 2,694,161 | 27,227 | 30,308 | 113 | 2,751,809 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 3,245,912 | 7,330 | 28,965 | 1,933 | 3,284,140 | 2,866,794 | 6,164 | 32,167 | 926 | 2,906,051 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,891,435 | $ | 57,417 | $ | 51,251 | $ | 2,095 | $ | 7,002,198 | $ | 5,931,779 | $ | 42,700 | $ | 65,437 | $ | 1,039 | $ | 6,040,955 | |||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Total | Current | 30+ Days | Total | |||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 392,900 | $ | 15,310 | $ | 408,210 | $ | 286,167 | $ | 11,640 | $ | 297,807 | |||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 115,889 | 3,595 | 119,484 | 114,939 | 1,626 | 116,565 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 1,278,865 | 12,111 | 1,290,976 | 1,091,894 | 9,333 | 1,101,227 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 392,504 | 4,262 | 396,766 | 370,388 | 2,995 | 373,383 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 71,297 | 1,448 | 72,745 | 62,873 | 769 | 63,642 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 375,853 | 2,482 | 378,335 | 293,693 | 1,049 | 294,742 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,627,308 | $ | 39,208 | $ | 2,666,516 | $ | 2,219,954 | $ | 27,412 | $ | 2,247,366 | |||||||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Discount | Total | Pass | Special | Substandard | Doubtful | Discount | Total | |||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 24,118 | $ | 2,006 | $ | 4,624 | $ | — | $ | (1,170 | ) | $ | 29,578 | $ | 21,244 | $ | — | $ | 1,519 | $ | — | $ | (2,532 | ) | $ | 20,231 | |||||||||||||||||||||||
Commercial real | 445,557 | 12,794 | 49,139 | — | (39,119 | ) | 468,371 | 350,412 | 5,096 | 21,413 | 93 | (52,176 | ) | 324,838 | |||||||||||||||||||||||||||||||||||
estate - Other | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 91,837 | 1,861 | 4,818 | 257 | (5,224 | ) | 93,549 | 53,533 | 517 | 1,901 | — | (2,914 | ) | 53,037 | |||||||||||||||||||||||||||||||||||
Total | $ | 561,512 | $ | 16,661 | $ | 58,581 | $ | 257 | $ | (45,513 | ) | $ | 591,498 | $ | 425,189 | $ | 5,613 | $ | 24,833 | $ | 93 | $ | (57,622 | ) | $ | 398,106 | |||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 418,552 | $ | 11,858 | $ | (5,831 | ) | $ | 424,579 | $ | 18,796 | $ | 226 | $ | (887 | ) | $ | 18,135 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 216,310 | 9,808 | (8,419 | ) | 217,699 | 53,995 | 5,071 | (5,623 | ) | 53,443 | |||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 393 | 39 | (40 | ) | 392 | 1,725 | 128 | — | 1,853 | ||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 94,315 | 3,520 | (4,217 | ) | 93,618 | 12,598 | 1,251 | (1,481 | ) | 12,368 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 729,570 | $ | 25,225 | $ | (18,507 | ) | $ | 736,288 | $ | 87,114 | $ | 6,676 | $ | (7,991 | ) | $ | 85,799 | |||||||||||||||||||||||||||||||
The Company’s investment in covered loans by credit quality indicator is presented in the following table. Loan premiums/discounts in the tables below represent the adjustment of covered loans to net book value before allowance at the reporting date. | |||||||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 34,731 | $ | 1,928 | $ | 8,008 | $ | — | $ | 44,667 | $ | 42,886 | $ | 7,401 | $ | 23,891 | $ | 497 | $ | 74,675 | |||||||||||||||||||||||||||||
Commercial real | 87,509 | 20,422 | 51,252 | — | 159,183 | 148,579 | 49,699 | 144,680 | 3,267 | 346,225 | |||||||||||||||||||||||||||||||||||||||
estate - Other | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 23,380 | 395 | 9,275 | — | 33,050 | 30,710 | 780 | 14,556 | 984 | 47,030 | |||||||||||||||||||||||||||||||||||||||
$ | 145,620 | $ | 22,745 | $ | 68,535 | $ | — | $ | 236,900 | $ | 222,175 | $ | 57,880 | $ | 183,127 | $ | 4,748 | $ | 467,930 | ||||||||||||||||||||||||||||||
Discount | (16,514 | ) | (43,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 220,386 | $ | 424,357 | |||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential prime | $ | 140,628 | $ | 22,058 | $ | (34,662 | ) | $ | 128,024 | $ | 158,710 | $ | 30,814 | $ | (35,499 | ) | $ | 154,025 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 99,478 | 16,542 | (23,590 | ) | 92,430 | 143,236 | 35,811 | (41,925 | ) | 137,122 | |||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 614 | 34 | — | 648 | 648 | 31 | — | 679 | |||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 337 | 18 | 2,701 | 3,056 | 591 | 144 | 2,875 | 3,610 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 241,057 | $ | 38,652 | $ | (55,551 | ) | $ | 224,158 | $ | 303,185 | $ | 66,800 | $ | (74,549 | ) | $ | 295,436 | |||||||||||||||||||||||||||||||
Legacy Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Information on the Company’s investment in legacy impaired loans is presented in the following tables as of and for the periods indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,680 | $ | 6,680 | $ | — | $ | 6,703 | $ | 132 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 2,483 | 2,483 | — | 2,873 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 682 | 682 | — | 696 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,068 | 1,093 | (25 | ) | 1,158 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,212 | 1,620 | (408 | ) | 2,117 | 23 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 10,532 | 10,768 | (236 | ) | 10,577 | 11 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,579 | 3,595 | (16 | ) | 3,686 | 99 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 7,121 | 7,165 | (44 | ) | 7,544 | 43 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,410 | 1,419 | (9 | ) | 2,016 | 51 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,012 | 1,032 | (20 | ) | 797 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 781 | 790 | (9 | ) | 1,009 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 36,560 | $ | 37,327 | $ | (767 | ) | $ | 39,176 | $ | 513 | ||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 11,443 | $ | 11,876 | $ | (433 | ) | $ | 12,851 | $ | 251 | ||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 14,111 | 14,363 | (252 | ) | 14,263 | 110 | |||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 11,006 | 11,088 | (82 | ) | 12,062 | 152 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,567 | $ | 8,567 | $ | — | $ | 10,443 | $ | 43 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 13,256 | 13,256 | — | 11,074 | 170 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 258 | 258 | — | 281 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,268 | 1,284 | (16 | ) | 4,414 | 8 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,927 | 2,770 | (843 | ) | 2,892 | 100 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 9,791 | 10,019 | (228 | ) | 8,096 | 98 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 1,617 | 1,626 | (9 | ) | 1,579 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 6,506 | 6,550 | (44 | ) | 7,593 | 93 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,267 | 1,275 | (8 | ) | 2,090 | 55 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 404 | 411 | (7 | ) | 418 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 481 | 485 | (4 | ) | 765 | 19 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 45,342 | $ | 46,501 | $ | (1,159 | ) | $ | 49,645 | $ | 587 | ||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 25,018 | $ | 25,877 | $ | (859 | ) | $ | 28,823 | $ | 321 | ||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 11,408 | 11,645 | (237 | ) | 9,675 | 98 | |||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 8,916 | 8,979 | (63 | ) | 11,147 | 168 | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company was not committed to lend additional funds to any customer whose loan was classified as impaired or as a troubled debt restructuring. |
Loss_Sharing_Agreements_and_FD
Loss Sharing Agreements and FDIC Loss Share Receivable | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | NOTE 8 – LOSS SHARING AGREEMENTS AND FDIC LOSS SHARE RECEIVABLE | ||||||||
Loss Sharing Agreements | |||||||||
In 2009, the Company acquired substantially all of the assets and liabilities of CSB, and certain assets and assumed certain deposits and other liabilities of Orion and Century. In 2010, the Company acquired certain assets, deposits, and other liabilities of Sterling. Excluding consumer loans acquired from Sterling, the loans and foreclosed real estate that were acquired in these transactions are covered by loss share agreements between the FDIC and IBERIABANK, which afford IBERIABANK loss protection. | |||||||||
During the reimbursable loss periods, the FDIC will cover 80% of covered loan and foreclosed real estate losses up to certain thresholds for all four acquisitions, and 95% of losses that exceed contractual thresholds for CSB, Orion, and Century. The CSB reimbursable loss period ended as of October 1, 2014 for all covered assets excluding single family residential assets. The CSB reimbursable loss period for single family residential assets will end during the third quarter of 2019. The Century and Orion reimbursable loss periods ended as of January 1, 2015 for all covered assets excluding single family residential assets and will end during the fourth quarter of 2019 for single family residential assets. The Sterling reimbursable loss period ends during the third quarter of 2015 for all covered assets excluding single family residential assets and will end during the third quarter of 2020 for single family residential assets. To the extent that loss share coverage ends prior to triggering events on covered assets that would enable the Company to collect these amounts from the FDIC, future impairments may be required. | |||||||||
In addition, all covered assets, excluding single family residential assets, have a three year recovery period, which begins upon expiration of the reimbursable loss period. During the recovery periods, the Company must reimburse the FDIC for its share of any recovered losses, net of certain expenses, consistent with the covered loss reimbursement rates in effect during the recovery periods. | |||||||||
The Orion, Century, and Sterling loss share agreements include “clawback” provisions. The clawback provisions require the Company to make payments to the FDIC to the extent that specified cumulative loss floors are not met. For each of the three loss share agreements that contain clawback provisions, cumulative losses have exceeded the cumulative loss floors that would trigger a clawback payment. Previously, the sum of the historical and remaining projected losses and recoveries under one agreement was less than the clawback threshold stated in that agreement. The Company had $0.8 million recorded at December 31, 2013, to reserve for the amount of clawback consideration due to the FDIC based on projected net losses. As of December 31, 2014, projected net losses indicate that a clawback payment is no longer probable. Accordingly, the reserve balance was reversed in 2014 through a reduction of expense in the Company’s consolidated statement of comprehensive income for the year ended December 31, 2014. Improvement in the performance of covered assets in excess of current expectations, particularly in regard to improvements in recoveries and/or reduced losses, through expiration of the recovery periods could result in reduced levels of cumulative losses that trigger the clawback provisions within any or all of the applicable loss share agreements. | |||||||||
FDIC loss share receivables | |||||||||
The Company recorded indemnification assets in the form of FDIC loss share receivables as of the acquisition date of each of the four banks covered by loss share agreements. At acquisition, the indemnification assets represented the fair value of the expected cash flows to be received from the FDIC under the loss share agreements. Subsequent to acquisition, the FDIC loss share receivables are updated to reflect changes in actual and expected amounts collectible adjusted for amortization. | |||||||||
The following is a summary of FDIC loss share receivables year-to-date activity: | |||||||||
December 31 | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 162,312 | $ | 423,069 | |||||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | (4,260 | ) | (56,085 | ) | |||||
Amortization | (74,617 | ) | (97,849 | ) | |||||
Recoveries payable (submission of reimbursable losses) to the FDIC | 3,282 | (52,586 | ) | ||||||
Impairment | (5,121 | ) | (31,813 | ) | |||||
Changes due to a change in cash flow assumptions on OREO and other changes | (11,969 | ) | (22,424 | ) | |||||
Balance at end of period | $ | 69,627 | $ | 162,312 | |||||
Impairment of FDIC loss share receivables | |||||||||
Based on improving economic trends, their impact on the amount and timing of expected future cash flows, and delays in the foreclosure process, during the loss share receivable collectibility assessment completed for the year ended December 31, 2014, the Company concluded that certain expected losses were probable of not being collected from either the FDIC or the customer because such projected losses were no longer expected to occur or were expected to occur beyond the reimbursable loss periods specified within the loss share agreements. Management deemed an impairment charge necessary for the year ended December 31, 2014 for $5.1 million attributable to losses on OREO transactions that moved beyond the loss share term. | |||||||||
On April 10, 2013, management concluded that an impairment charge of $31.8 million was required and was recognized in the Company’s consolidated financial statements during the three-month period ended March 31, 2013. | |||||||||
FDIC loss share receivables collectability assessment | |||||||||
The Company assesses the FDIC loss share receivables for collectibility on a quarterly basis. Based on the collectability analysis completed for the year ended December 31, 2014, the Company concluded that the $69.6 million FDIC loss share receivable is fully collectible as of December 31, 2014. |
Transfers_and_Servicing_of_Fin
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | NOTE 9 –TRANSFERS AND SERVICING OF FINANCIAL ASSETS (INCLUDING MORTGAGE BANKING ACTIVITY) | ||||||||||||||||||||||||
Commercial Banking Activity | |||||||||||||||||||||||||
The unpaid principal balances of loans serviced for others were $533.8 million and $345.0 million at December 31, 2014 and 2013, respectively. Custodial escrow balances maintained in connection with the foregoing portfolio of loans serviced for others, and included in demand deposits, were immaterial at December 31, 2014 and 2013. | |||||||||||||||||||||||||
Mortgage Banking Activity | |||||||||||||||||||||||||
IBERIABANK through its subsidiary, IMC, originates mortgage loans for sale into the secondary market. The loans originated primarily consist of residential first mortgages that conform to standards established by the GSEs, but can also consist of junior lien loans secured by residential property. These sales are primarily to private companies that are unaffiliated with the GSEs on a servicing released basis. Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at beginning of period | $ | 128,442 | $ | 267,475 | $ | 153,013 | |||||||||||||||||||
Originations and Purchases | 1,675,538 | 2,116,460 | 2,432,367 | ||||||||||||||||||||||
Sales, net of gains | (1,657,409 | ) | (2,255,493 | ) | (2,317,905 | ) | |||||||||||||||||||
Other | (6,499 | ) | — | — | |||||||||||||||||||||
Balance at end of period | $ | 140,072 | $ | 128,442 | $ | 267,475 | |||||||||||||||||||
The following table details the components of mortgage income for the years ended December 31: | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Fair value changes of derivatives and mortgage loans held for sale: | |||||||||||||||||||||||||
Mortgage loans held for sale and derivatives | $ | 631 | $ | (4,822 | ) | $ | 6,772 | ||||||||||||||||||
Derivative settlements | (8,743 | ) | 3,100 | — | |||||||||||||||||||||
Gains on sales | 59,156 | 65,393 | 70,811 | ||||||||||||||||||||||
Servicing and other income, net | 753 | 526 | 470 | ||||||||||||||||||||||
$ | 51,797 | $ | 64,197 | $ | 78,053 | ||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
Mortgage servicing rights are recorded at the lower of cost or market in “Other assets” on the consolidated balance sheets and are amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of December 31: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Amortization | Carrying Amount | Carrying Amount | Amortization | Carrying Amount | |||||||||||||||||||
Mortgage servicing rights | $ | 4,751 | $ | (1,253 | ) | $ | 3,498 | $ | 2,146 | $ | (638 | ) | $ | 1,508 | |||||||||||
The related amortization expense of mortgage servicing rights is as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | ||||||||||||||||||||||||
Aggregate amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2012 | $ | 225 | |||||||||||||||||||||||
2013 | 480 | ||||||||||||||||||||||||
2014 | 759 | ||||||||||||||||||||||||
Estimated amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2015 | $ | 1,550 | |||||||||||||||||||||||
2016 | 697 | ||||||||||||||||||||||||
2017 | 531 | ||||||||||||||||||||||||
2018 | 371 | ||||||||||||||||||||||||
2019 | 230 | ||||||||||||||||||||||||
2020 and thereafter | 119 |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | NOTE 10 – PREMISES AND EQUIPMENT | ||||||||
Premises and equipment consisted of the following at December 31: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 75,916 | $ | 77,113 | |||||
Buildings | 232,727 | 217,469 | |||||||
Furniture, fixtures and equipment | 128,388 | 110,663 | |||||||
Total premises and equipment | 437,031 | 405,245 | |||||||
Accumulated depreciation | (129,872 | ) | (117,735 | ) | |||||
Total premises and equipment, net | $ | 307,159 | $ | 287,510 | |||||
Depreciation expense was $19.4 million, $19.6 million, and $18.3 million, for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||
The Company actively engages in leasing office space available in buildings it owns. Leases have different terms ranging from monthly rental to five-year leases. For the year ended December 31, 2014, income from these leases averaged $0.1 million per month. Total lease income for the years ended December 31, 2014, 2013, and 2012 was $1.6 million, $1.5 million, and $1.6 million, respectively. Income from leases is reported as a reduction in occupancy and equipment expense. The total allocated cost of the portion of the buildings held for lease at December 31, 2014 and 2013 was $7.6 million and $9.5 million, respectively, with related accumulated depreciation of $2.4 million and $3.0 million, respectively. | |||||||||
The Company leases certain branch and corporate offices, land and ATM facilities through non-cancelable operating leases with terms that range from one to 50 years, with renewal options thereafter. Certain of the leases have escalation clauses and renewal options ranging from monthly renewal to 50 years. Rent expense for the years ended December 31, 2014, 2013, and 2012 totaled $10.7 million, $11.4 million, and $10.6 million, respectively. | |||||||||
Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: | |||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 11,541 | |||||||
2016 | 9,878 | ||||||||
2017 | 8,153 | ||||||||
2018 | 7,333 | ||||||||
2019 | 6,214 | ||||||||
2020 and thereafter | 31,860 | ||||||||
$ | 74,979 | ||||||||
Goodwill_and_Other_Acquired_In
Goodwill and Other Acquired Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Acquired Intangible Assets | NOTE 11 – GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes to the carrying amount of goodwill by reporting unit for the years ended December 31, 2014 and 2013 are provided in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Total | |||||||||||||||||||||
Balance, December 31, 2012 | $ | 373,905 | $ | 23,178 | $ | 4,789 | $ | 401,872 | |||||||||||||||||
Goodwill acquired during the year | — | — | — | — | |||||||||||||||||||||
Balance, December 31, 2013 | 373,905 | $ | 23,178 | $ | 4,789 | 401,872 | |||||||||||||||||||
Goodwill acquired during the year | 115,278 | — | 376 | 115,654 | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 489,183 | $ | 23,178 | $ | 5,165 | $ | 517,526 | |||||||||||||||||
The goodwill acquired in 2014 was a result of the Trust One-Memphis, Teche, First Private, The Title Company, LLC and Louisiana Abstract and Title, LLC acquisitions. See Note 4 for further information. | |||||||||||||||||||||||||
The Company performed the required annual goodwill impairment test as of October 1, 2014. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Subsequent to the testing date, management has evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent test is not required. | |||||||||||||||||||||||||
Prior to 2012, the Company recognized goodwill impairment of $9.7 million at the Company’s LTC reporting unit based on a decrease in operating revenue and income, which resulted in the conclusion that the fair value of LTC may have been reduced below its carrying amount. | |||||||||||||||||||||||||
Title Plant | |||||||||||||||||||||||||
The Company held title plant assets recorded in “Other assets” on the consolidated balance sheets totaling $6.7 million at both December 31, 2014 and 2013, respectively. No events or changes in circumstances occurred during 2014 or 2013 to suggest the carrying value of the title plant was not recoverable. | |||||||||||||||||||||||||
Intangible assets subject to amortization | |||||||||||||||||||||||||
Definite-lived intangible assets had the following carrying values included in “Other assets” on the Company’s consolidated balance sheets as of December 31: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Core deposit intangibles | $ | 55,949 | $ | (36,354 | ) | $ | 19,595 | $ | 45,406 | $ | (30,784 | ) | $ | 14,622 | |||||||||||
Customer relationship intangible asset | 1,348 | (822 | ) | 526 | 1,348 | (631 | ) | 717 | |||||||||||||||||
Non-compete agreement | 163 | (82 | ) | 81 | — | — | — | ||||||||||||||||||
Other intangible assets | 205 | (46 | ) | 159 | — | — | — | ||||||||||||||||||
Total | $ | 57,665 | $ | (37,304 | ) | $ | 20,361 | $ | 46,754 | $ | (31,415 | ) | $ | 15,339 | |||||||||||
The related amortization expense of intangible assets is as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | ||||||||||||||||||||||||
Aggregate amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2012 | $ | 5,150 | |||||||||||||||||||||||
2013 | 4,720 | ||||||||||||||||||||||||
2014 | 5,807 | ||||||||||||||||||||||||
Estimated amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2015 | $ | 5,646 | |||||||||||||||||||||||
2016 | 5,187 | ||||||||||||||||||||||||
2017 | 3,586 | ||||||||||||||||||||||||
2018 | 2,597 | ||||||||||||||||||||||||
2019 | 1,877 | ||||||||||||||||||||||||
2020 and thereafter | 1,468 |
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Other Real Estate Owned | NOTE 12 – OTHER REAL ESTATE OWNED | ||||||||||||||||||||||||
Other real estate owned is included in Other assets on the Company’s consolidated balance sheets. Other real estate owned, segregated into non-covered and covered properties, consists of the following at December 31 for the periods indicated. For further discussion of loss share coverage periods applicable to the covered foreclosed assets, see Note 8 to these consolidated financial statements. | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Non-covered | Covered (1) | Total | Non-covered | Covered | Total | |||||||||||||||||||
Real estate owned acquired by foreclosure | $ | 18,614 | $ | 22,872 | $ | 41,486 | $ | 28,072 | $ | 60,474 | $ | 88,546 | |||||||||||||
Real estate acquired for development or resale | 11,556 | — | 11,556 | 9,206 | — | 9,206 | |||||||||||||||||||
Other foreclosed property | 81 | 824 | 905 | 93 | 1,328 | 1,421 | |||||||||||||||||||
Total | $ | 30,251 | $ | 23,696 | $ | 53,947 | $ | 37,371 | $ | 61,802 | $ | 99,173 | |||||||||||||
-1 | Included in covered OREO at December 31, 2014 is $9.6 million of assets whose reimbursable loss periods ended as of January 1, 2015. | ||||||||||||||||||||||||
During the second quarter of 2013, the Company announced plans to close ten branches as part of its business strategy. In addition, during the second quarter of 2014, the Company closed nine branches as part of its acquisition of Teche. The Company notified customers of these branch closings and received the required regulatory approvals to proceed with closure. The Company reviewed the carrying amount of the owned properties and concluded carrying amounts exceeded the fair value of certain branches at that date. Fair value of the branches was based on a third-party broker opinion of value using both a comparable sales and cash flow approach. The Company did not modify the third-party pricing information for unobservable inputs. As a result, the Company recorded impairment losses in other non-interest expense in its consolidated statements of comprehensive income for the years ended December 31, 2014 and 2013. After the impairment losses, the carrying value of the branches was $3.0 million and $5.1 million at December 31, 2014 and 2013, respectively, and is included in OREO (as real estate acquired for development or resale) on the Company’s consolidated balance sheets. |
Derivative_Instruments_and_Oth
Derivative Instruments and Other Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivative Instruments and Other Hedging Activities | NOTE 13 –DERIVATIVE INSTRUMENTS AND OTHER HEDGING ACTIVITIES | ||||||||||||||||||||||||||||
Information pertaining to outstanding derivative instruments is as follows: | |||||||||||||||||||||||||||||
Balance Sheet | Asset Derivatives Fair Value | Balance Sheet | Liability Derivatives Fair Value | ||||||||||||||||||||||||||
(Dollars in thousands) | Location | December 31, 2014 | December 31, 2013 | Location | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 15,434 | $ | 10,621 | Other liabilities | $ | 15,434 | $ | 10,620 | |||||||||||||||||||
Forward sales contracts | Other assets | 25 | 1,468 | Other liabilities | 2,556 | 287 | |||||||||||||||||||||||
Written and purchased options | Other assets | 17,444 | 17,987 | Other liabilities | 13,364 | 15,828 | |||||||||||||||||||||||
Total | $ | 32,903 | $ | 30,076 | $ | 31,354 | $ | 26,735 | |||||||||||||||||||||
Asset Derivatives Notional Amount | Liability Derivatives Notional Amount | ||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 444,703 | $ | 380,303 | $ | 444,703 | $ | 380,303 | |||||||||||||||||||||
Forward sales contracts | 15,897 | 192,876 | 391,992 | 45,091 | |||||||||||||||||||||||||
Written and purchased options | 362,580 | 295,425 | 225,741 | 199,061 | |||||||||||||||||||||||||
Total | $ | 823,180 | $ | 868,604 | $ | 1,062,436 | $ | 624,455 | |||||||||||||||||||||
The Company is party to collateral agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of individual derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. | |||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the Company was required to post $11.5 million and $5.0 million, respectively, in cash as collateral for its derivative transactions, which are included in interest-bearing deposits in banks on the Company’s consolidated balance sheets. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at December 31, 2014. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts | Gross Amounts Not Offset | |||||||||||||||||||||||||||
Derivatives subject to master netting arrangements | Presented in the | in the Balance Sheet | |||||||||||||||||||||||||||
Balance Sheet | Derivatives | Collateral (1) | Net | ||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 15,411 | — | — | 15,411 | |||||||||||||||||||||||||
Written and purchased options | 13,387 | — | — | 13,387 | |||||||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 28,798 | $ | — | $ | — | $ | 28,798 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 15,411 | — | (3,735 | ) | 11,676 | ||||||||||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 15,411 | $ | — | $ | (3,735 | ) | $ | 11,676 | ||||||||||||||||||||
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts | Gross Amounts Not Offset | |||||||||||||||||||||||||||
Derivatives subject to master netting arrangements | Presented in the | in the Balance Sheet | |||||||||||||||||||||||||||
Balance Sheet | Derivatives | Collateral (1) | Net | ||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 10,621 | — | — | 10,621 | |||||||||||||||||||||||||
Written and purchased options | 15,801 | — | — | 15,801 | |||||||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 26,422 | $ | — | $ | — | $ | 26,422 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 10,620 | — | (5,419 | ) | 5,201 | ||||||||||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 10,620 | $ | — | $ | (5,419 | ) | $ | 5,201 | ||||||||||||||||||||
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||||||
During the years ended December 31, 2014 and 2013, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. | |||||||||||||||||||||||||||||
At December 31, 2014, the fair value of derivatives that will mature within the next twelve months is $0.4 million. The Company does not expect to reclassify any amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. | |||||||||||||||||||||||||||||
At December 31, 2014 and 2013, and for years then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: | |||||||||||||||||||||||||||||
(Dollars in thousands) | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||
Recognized in OCI | (Loss) Reclassified | Reclassified from | Recognized in Income on | Recognized in | |||||||||||||||||||||||||
net of taxes | from Accumulated | Accumulated OCI | Derivative (Ineffective | Income on Derivative | |||||||||||||||||||||||||
(Effective Portion) | OCI into Income | into Income | Portion and Amount | (Ineffective Portion and | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Excluded from Effectiveness | Amount Excluded from | ||||||||||||||||||||||||||
Testing | Effectiveness Testing) | ||||||||||||||||||||||||||||
As of December 31 | For the Years Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | Other income (expense) | $ | — | $ | (392 | ) | Other income | $ | (1 | ) | $ | 1 | |||||||||||||
(expense) | |||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | (392 | ) | $ | (1 | ) | $ | 1 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||||||
Recognized in Income on | in Income on Derivatives | ||||||||||||||||||||||||||||
Derivatives | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under ASC Topic 815 | |||||||||||||||||||||||||||||
Interest rate contracts | Other income (expense) | $ | 2,513 | $ | 2,991 | ||||||||||||||||||||||||
Forward sales contracts | Mortgage Income | (3,225 | ) | (1,716 | ) | ||||||||||||||||||||||||
Written and purchased options | Mortgage Income | (5,739 | ) | (3,032 | ) | ||||||||||||||||||||||||
Total | $ | (6,451 | ) | $ | (1,757 | ) | |||||||||||||||||||||||
At December 31, additional information pertaining to outstanding interest rate swap agreements not designated as hedging instruments is as follows: | |||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Weighted average pay rate | 2.9 | % | 3 | % | |||||||||||||||||||||||||
Weighted average receive rate | 0.4 | % | 0.2 | % | |||||||||||||||||||||||||
Weighted average maturity in years | 7.7 | yrs | 7.6 | yrs | |||||||||||||||||||||||||
Unrealized gain (loss) relating to interest rate swaps | $ | — | $ | — |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Deposits | NOTE 14 – DEPOSITS | ||||||||
Deposits at December 31 are summarized as follows: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Non-interest-bearing deposits | $ | 3,195,430 | $ | 2,575,939 | |||||
Negotiable order of withdrawal (NOW) | 2,462,841 | 2,283,491 | |||||||
Money market deposits accounts (MMDA) | 4,168,504 | 3,779,581 | |||||||
Savings deposits | 577,513 | 387,397 | |||||||
Certificates of deposit and other time deposits | 2,116,237 | 1,710,592 | |||||||
$ | 12,520,525 | $ | 10,737,000 | ||||||
Total time deposits summarized by denomination at December 31 are as follows: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Time deposits less than $100,000 | $ | 1,035,438 | $ | 804,250 | |||||
Time deposits greater than $100,000 | 1,080,799 | 906,342 | |||||||
$ | 2,116,237 | $ | 1,710,592 | ||||||
A schedule of maturities of all certificates of deposit as of December 31, 2014 is as follows: | |||||||||
(Dollars in thousands) | |||||||||
Years ending December 31 | |||||||||
2015 | $ | 1,297,125 | |||||||
2016 | 493,944 | ||||||||
2017 | 171,884 | ||||||||
2018 | 57,580 | ||||||||
2019 | 49,967 | ||||||||
2020 and thereafter | 45,737 | ||||||||
$ | 2,116,237 |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Short-Term Borrowings | NOTE 15 – SHORT-TERM BORROWINGS | ||||||||||||
Short-term borrowings at December 31 are summarized as follows: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank advances | $ | 603,000 | $ | 375,000 | |||||||||
Securities sold under agreements to repurchase | 242,742 | 305,344 | |||||||||||
$ | 845,742 | $ | 680,344 | ||||||||||
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. | |||||||||||||
Additional information on the Company’s short-term borrowings for the years indicated is as follows: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Outstanding at December 31 | $ | 845,742 | $ | 680,344 | $ | 303,045 | |||||||
Maximum month-end outstanding balance | 1,034,741 | 680,344 | 640,768 | ||||||||||
Average daily outstanding balance | 782,033 | 303,352 | 284,201 | ||||||||||
Average rate during the year | 0.17 | % | 0.16 | % | 0.22 | % | |||||||
Average rate at year end | 0.18 | % | 0.15 | % | 0.22 | % |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | NOTE 16 – LONG-TERM DEBT | ||||||||
Long-term debt at December 31 is summarized as follows: | |||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
IBERIABANK: | |||||||||
Federal Home Loan Bank notes, 0.724% to 7.040% | $ | 210,549 | $ | 92,267 | |||||
Notes payable - Investment fund contribution, 7 to 40 year term, 0.50% to 5.00% fixed | 80,843 | 76,570 | |||||||
291,392 | 168,837 | ||||||||
IBERIABANK Corporation (junior subordinated debt): | |||||||||
Statutory Trust I, 3 month LIBOR (1), plus 3.25% | 10,310 | 10,310 | |||||||
Statutory Trust II, 3 month LIBOR (1), plus 3.15% | 10,310 | 10,310 | |||||||
Statutory Trust III, 3 month LIBOR (1), plus 2.00% | 10,310 | 10,310 | |||||||
Statutory Trust IV, 3 month LIBOR (1), plus 1.60% | 15,464 | 15,464 | |||||||
American Horizons Statutory Trust I, 3 month LIBOR (1), plus 3.15% | 6,186 | 6,186 | |||||||
Statutory Trust V, 3 month LIBOR (1), plus 1.435% | 10,310 | 10,310 | |||||||
Statutory Trust VI, 3 month LIBOR (1), plus 2.75% | 12,372 | 12,372 | |||||||
Statutory Trust VII, 3 month LIBOR (1), plus 2.54% | 13,403 | 13,403 | |||||||
Statutory Trust VIII, 3 month LIBOR (1), plus 3.50% | 7,217 | 7,217 | |||||||
OMNI Trust I, 3 month LIBOR (1), plus 3.30% | 8,248 | 8,248 | |||||||
OMNI Trust II, 3 month LIBOR (1), plus 2.79% | 7,732 | 7,732 | |||||||
111,862 | 111,862 | ||||||||
$ | 403,254 | $ | 280,699 | ||||||
-1 | The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate was 0.26% and 0.25% at December 31, 2014 and 2013, respectively. | ||||||||
Outstanding FHLB advances are amortized over periods ranging from 2 to 20 years, and have a balloon feature at maturity. Advances are collateralized by a blanket pledge of eligible loans, subject to contractual adjustments which reduce the borrowing base, as well as a secondary pledge of FHLB stock and FHLB demand deposits, the amount of which can exceed the amounts borrowed based on contractually required adjustments. Total additional advances available from the FHLB at December 31, 2014 were $2.8 billion under the blanket floating lien and an additional $736.3 million with a pledge of investment securities. The weighted average advance rate was 3.24% and 3.95% at December 31, 2014 and 2013, respectively. | |||||||||
The Company has various funding arrangements with commercial banks providing up to $155.0 million in the form of federal funds and other lines of credit. At December 31, 2014, there were no balances outstanding on these lines and all of the funding was available to the Company. | |||||||||
Junior subordinated debt consists of a total of $111.9 million in Junior Subordinated Deferrable Interest Debentures of the Company issued to statutory trusts that were funded by the issuance of floating rate capital securities of the trusts. Issuances of $10.3 million each were completed in November 2002, June 2003, September 2004, and June 2007 and an issuance of $15.5 million was completed in October 2006. The issue of $6.2 million completed in March 2003 was assumed in the American Horizons acquisition. The Company issued $25.8 million in November 2007 and $7.2 million in March 2008 to provide funding for various business activities, primarily loan growth. Issuances of $8.2 million and $7.7 million were assumed in the OMNI acquisition during 2011. | |||||||||
The terms of the junior subordinated debt are 30 years, and they are callable at par by the Company any time after 5 years. Interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During a deferral period, the Company is subject to certain restrictions, including being prohibited from declaring and paying dividends to its common shareholders. | |||||||||
As of December 31, 2014, the junior subordinated debt qualifies as Tier 1 capital for regulatory purposes. | |||||||||
Advances and long-term debt at December 31, 2014 have maturities or call dates in future years as follows: | |||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 6,941 | |||||||
2016 | 41,916 | ||||||||
2017 | 101,321 | ||||||||
2018 | 20,741 | ||||||||
2019 | 8,696 | ||||||||
2020 and thereafter | 223,639 | ||||||||
$ | 403,254 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 17 – INCOME TAXES | ||||||||||||
The provision for income tax expense consists of the following for the years ended December 31: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current expense | $ | 69,612 | $ | 62,468 | $ | 44,125 | |||||||
Deferred benefit | (24,955 | ) | (35,943 | ) | (7,527 | ) | |||||||
Tax credits | (12,012 | ) | (11,690 | ) | (8,756 | ) | |||||||
Tax benefits attributable to items charged to equity and goodwill | 2,105 | 1,034 | 654 | ||||||||||
$ | 34,750 | $ | 15,869 | $ | 28,496 | ||||||||
There was a balance receivable of $2 million and a balance payable of $8 million for federal and state income taxes at December 31, 2014 and 2013, respectively. The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35 percent on income before income tax expense as indicated in the following analysis for the years ended December 31: | |||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal tax based on statutory rate | $ | 49,070 | $ | 28,340 | $ | 36,712 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Effect of tax-exempt income | (7,064 | ) | (7,282 | ) | (7,558 | ) | |||||||
Interest and other nondeductible expenses | 2,642 | 2,007 | 1,847 | ||||||||||
State taxes, net of federal Benefit | 2,531 | 3,237 | 4,938 | ||||||||||
Tax credits | (12,012 | ) | (11,690 | ) | (8,756 | ) | |||||||
Other | (417 | ) | 1,257 | 1,313 | |||||||||
$ | 34,750 | $ | 15,869 | $ | 28,496 | ||||||||
Effective tax rate | 24.8 | % | 19.6 | % | 27.2 | % | |||||||
The composition of other items resulting in a net tax benefit of $0.4 million for the year ending December 31, 2014 arose principally from an increase of $3.2 million for basis reductions associated with federal tax credits, offset by $3.6 million of other discrete items, including BOLI death benefits and prior year provision-to-return adjustments. | |||||||||||||
The net deferred tax asset at December 31 is as follows: | |||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax asset: | |||||||||||||
NOL carryforward | $ | 978 | $ | 1,001 | |||||||||
Allowance for credit losses | 59,267 | 85,101 | |||||||||||
Deferred compensation | 6,631 | 6,315 | |||||||||||
Basis difference in acquired assets | 53,202 | 70,136 | |||||||||||
Unrealized loss on available for sale investments | — | 8,880 | |||||||||||
OREO | 9,845 | 31,943 | |||||||||||
Other | 13,530 | 19,509 | |||||||||||
143,453 | 222,885 | ||||||||||||
Deferred tax liability: | |||||||||||||
Basis difference in acquired assets | (53,940 | ) | (130,426 | ) | |||||||||
Gain on acquisition | (2,426 | ) | (17,693 | ) | |||||||||
FHLB stock | (85 | ) | (36 | ) | |||||||||
Premises and equipment | (9,652 | ) | (10,209 | ) | |||||||||
Acquisition intangibles | (12,151 | ) | (12,113 | ) | |||||||||
Deferred loan costs | (3,771 | ) | (2,915 | ) | |||||||||
Unrealized gain on available for sale investments | (4,052 | ) | — | ||||||||||
Investments acquired | (570 | ) | (235 | ) | |||||||||
Swap gain | (75 | ) | (75 | ) | |||||||||
Other | (12,908 | ) | (11,089 | ) | |||||||||
(99,630 | ) | (184,791 | ) | ||||||||||
Net deferred tax asset | $ | 43,823 | $ | 38,094 | |||||||||
The Company determined that the net deferred tax asset is more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded as of December 31, 2014 or 2013. | |||||||||||||
Retained earnings at December 31, 2014 and 2013 included approximately $21.9 million accumulated prior to January 1, 1987 for which no provision for federal income taxes has been made. If this portion of retained earnings is used in the future for any purpose other than to absorb bad debts, it will be added to future taxable income. | |||||||||||||
The Company does not believe it has any unrecognized tax benefits included in its consolidated financial statements. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. | |||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company did not recognize any interest or penalties in its consolidated financial statements, nor has it recorded a liability for interest or penalty payments. |
Shareholders_Equity_and_Other_
Shareholders' Equity and Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Shareholders' Equity and Other Comprehensive Income (Loss) | NOTE 18 – SHAREHOLDERS’ EQUITY AND OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Other Comprehensive Income | |||||||||||||
The following is a summary of the tax effects of each component of other comprehensive income for the years ended December 31: | |||||||||||||
2014 | |||||||||||||
(Dollars in thousands) | Before | Tax Expense | Net-of-Tax | ||||||||||
Tax | Amount | ||||||||||||
Unrealized gain on securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 37,719 | $ | (13,202 | ) | $ | 24,517 | ||||||
Reclassification adjustment for gains included in net income | (771 | ) | 270 | (501 | ) | ||||||||
Net unrealized gains | 36,948 | (12,932 | ) | 24,016 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | — | $ | — | $ | — | |||||||
Reclassification adjustment for losses included in net income | — | — | — | ||||||||||
Fair value of derivative instruments designated as cash flow hedges | — | — | — | ||||||||||
Total other comprehensive income | $ | 36,948 | $ | (12,932 | ) | $ | 24,016 | ||||||
2013 | |||||||||||||
(Dollars in thousands) | Before | Tax | Net-of-Tax | ||||||||||
Tax | Benefit | Amount | |||||||||||
Unrealized loss on securities: | |||||||||||||
Unrealized holding losses arising during the period | $ | (62,095 | ) | $ | 21,733 | $ | (40,362 | ) | |||||
Reclassification adjustment for gains included in net income | (2,277 | ) | 797 | (1,480 | ) | ||||||||
Net unrealized losses | (64,372 | ) | 22,530 | (41,842 | ) | ||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | 953 | $ | (333 | ) | $ | 620 | ||||||
Reclassification adjustment for losses included in net income | 391 | (137 | ) | 254 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | 1,344 | (470 | ) | 874 | |||||||||
Total other comprehensive loss | $ | (63,028 | ) | $ | 22,060 | $ | (40,968 | ) | |||||
2012 | |||||||||||||
(Dollars in thousands) | Before | Tax Expense | Net-of-Tax | ||||||||||
Tax | Amount | ||||||||||||
Unrealized loss on securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 2,174 | $ | (761 | ) | $ | 1,413 | ||||||
Reclassification adjustment for gains included in net income | (3,739 | ) | 1,308 | (2,431 | ) | ||||||||
Net unrealized losses | (1,565 | ) | 547 | (1,018 | ) | ||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | (22 | ) | $ | 8 | $ | (14 | ) | |||||
Reclassification adjustment for losses included in net income | 1,618 | (566 | ) | 1,052 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | 1,596 | (558 | ) | 1,038 | |||||||||
Total other comprehensive income | $ | 31 | $ | (11 | ) | $ | 20 | ||||||
Capital_Requirements_and_Other
Capital Requirements and Other Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Capital Requirements and Other Regulatory Matters | NOTE 19 – CAPITAL REQUIREMENTS AND OTHER REGULATORY MATTERS | ||||||||||||||||||||||||
The Company and IBERIABANK are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and IBERIABANK, as applicable, must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and IBERIABANK to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2014 and 2013, that the Company and IBERIABANK met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of December 31, 2014, the most recent notification from the FDIC categorized IBERIABANK as well capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of December 31 are presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | ||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 602,387 | 4 | % | $ | N/A | N/A | % | $ | 1,408,842 | 9.36 | % | |||||||||||||
IBERIABANK | 600,149 | 4 | 750,186 | 5 | 1,266,241 | 8.44 | |||||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 504,114 | 4 | % | $ | N/A | N/A | % | $ | 1,408,842 | 11.18 | % | |||||||||||||
IBERIABANK | 502,421 | 4 | 753,631 | 6 | 1,266,241 | 10.08 | |||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 1,008,227 | 8 | % | $ | N/A | N/A | % | $ | 1,550,789 | 12.31 | % | |||||||||||||
IBERIABANK | 1,004,841 | 8 | 1,256,052 | 10 | 1,408,188 | 11.21 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 507,760 | 4 | % | $ | N/A | N/A | % | $ | 1,231,886 | 9.7 | % | |||||||||||||
IBERIABANK | 505,723 | 4 | 632,154 | 5 | 1,069,783 | 8.46 | |||||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 426,002 | 4 | % | $ | N/A | N/A | % | $ | 1,231,886 | 11.57 | % | |||||||||||||
IBERIABANK | 424,578 | 4 | 636,868 | 6 | 1,069,783 | 10.08 | |||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 852,005 | 8 | % | $ | N/A | N/A | % | $ | 1,365,280 | 12.82 | % | |||||||||||||
IBERIABANK | 849,157 | 8 | 1,061,446 | 10 | 1,202,738 | 11.33 |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | NOTE 20 – SHARE-BASED COMPENSATION | ||||||||||||||||||||
The Company has various types of share-based compensation plans. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the number of shares and/or options subject to each award, the terms, conditions and other provisions of the awards. During the years ended December 31, 2014 and 2013, the Company did not have any equity awards that were settled in cash. | |||||||||||||||||||||
Stock option awards | |||||||||||||||||||||
The Company issues stock options under various plans to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years. The stock options granted were issued with vesting periods ranging from one-and-a half to seven years. At December 31, 2014, future option or restricted stock awards of 1,038,945 shares could be made under approved incentive compensation plans. | |||||||||||||||||||||
The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: | |||||||||||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to stock options | $ | 2,053 | $ | 2,110 | $ | 1,873 | |||||||||||||||
Income tax benefit related to stock options | 719 | 739 | 656 | ||||||||||||||||||
Impact on basic earnings per share | 0.04 | 0.05 | 0.04 | ||||||||||||||||||
Impact on diluted earnings per share | 0.04 | 0.05 | 0.04 | ||||||||||||||||||
Proceeds from the exercise of stock options | $ | 11,693 | $ | 8,101 | $ | 2,813 | |||||||||||||||
Excess tax benefits related to the exercise of stock options | 2,105 | 886 | 1,221 | ||||||||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected dividends | 2.1 | % | 2.6 | % | 2.7 | % | |||||||||||||||
Expected volatility | 35.8 | % | 34.8 | % | 40.1 | % | |||||||||||||||
Risk-free interest rate | 2.3 | % | 1.7 | % | 0.8 | % | |||||||||||||||
Expected term (in years) | 7.5 | 8.6 | 5 | ||||||||||||||||||
Weighted-average grant-date fair value | $ | 21.26 | $ | 15.37 | $ | 14.5 | |||||||||||||||
The assumptions above are based on multiple factors, including historical stock option exercise patterns and post-vesting employment termination behaviors, expected future exercise patterns and the expected volatility of the Company’s stock price. | |||||||||||||||||||||
At December 31, 2014, there was $3.2 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 5.1 years. | |||||||||||||||||||||
The following table represents the activity related to stock options during the periods indicated. | |||||||||||||||||||||
Number of shares | Weighted | Aggregate | Weighted | ||||||||||||||||||
Average | Intrinsic Value | Average | |||||||||||||||||||
Exercise Price | (Dollars in | Remaining | |||||||||||||||||||
thousands) | Contract | ||||||||||||||||||||
Life | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding options, December 31, 2011 | 1,097,620 | $ | 50.14 | ||||||||||||||||||
Granted | 230,665 | 51.69 | |||||||||||||||||||
Issued in connection with acquisition | 32,863 | 41.3 | |||||||||||||||||||
Exercised | (92,092 | ) | 30.43 | $ | 1,765 | ||||||||||||||||
Forfeited or expired | (32,981 | ) | 56.79 | ||||||||||||||||||
Outstanding options, December 31, 2012 | 1,236,075 | $ | 51.48 | ||||||||||||||||||
Granted | 75,722 | 52.36 | |||||||||||||||||||
Exercised | (200,748 | ) | 40.35 | 2,740 | |||||||||||||||||
Forfeited or expired | (38,220 | ) | 55.87 | ||||||||||||||||||
Outstanding options, December 31, 2013 | 1,072,829 | $ | 53.47 | ||||||||||||||||||
Granted | 77,434 | 65.31 | |||||||||||||||||||
Exercised | (267,421 | ) | 48.57 | 4,612 | |||||||||||||||||
Forfeited or expired | (15,160 | ) | 60.38 | ||||||||||||||||||
Outstanding options, December 31, 2014 | 867,682 | $ | 55.92 | 8,220 | 5.1 | ||||||||||||||||
Exercisable options, December 31, 2012 | 792,444 | 50.05 | |||||||||||||||||||
Exercisable options, December 31, 2013 | 707,934 | 53.54 | |||||||||||||||||||
Exercisable options, December 31, 2014 | 562,752 | 55.92 | $ | 5,449 | 3.7 | ||||||||||||||||
The following table presents weighted average remaining life as of December 31, 2014 for options outstanding within the stated exercise prices: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price Range Per | Number of | Weighted Average | Weighted Average | Number of | Weighted Average | ||||||||||||||||
Options | Exercise Price | Remaining Life | Options | Exercise Price | |||||||||||||||||
Share | |||||||||||||||||||||
$34.33 to $51.69 | 182,416 | $ | 49.24 | 4.3 Years | 118,312 | $ | 48.53 | ||||||||||||||
$51.70 to $52.35 | 111,197 | 52.33 | 7.1 Years | 43,156 | 52.33 | ||||||||||||||||
$52.36 to $54.68 | 146,995 | 53.43 | 6.5 Years | 90,146 | 54.1 | ||||||||||||||||
$54.69 to $57.60 | 142,360 | 56.52 | 3.7 Years | 120,873 | 56.68 | ||||||||||||||||
$57.61 to $59.83 | 105,666 | 58.38 | 1.5 Years | 105,666 | 58.38 | ||||||||||||||||
$59.84 to $111.71 | 179,048 | 65.06 | 6.7 Years | 84,599 | 65.89 | ||||||||||||||||
Total options | 867,682 | $ | 55.92 | 5.1 Years | 562,752 | $ | 55.92 | ||||||||||||||
Restricted stock awards | |||||||||||||||||||||
The Company issues restricted stock under various plans for certain officers and directors. The 2005, 2008, and 2010 Incentive Plans allow grants of restricted stock. The plans allow for the issuance of restricted stock awards that may not be sold or otherwise transferred until certain restrictions have lapsed. The holders of the restricted stock receive dividends and have the right to vote the shares. The fair value of the restricted stock shares awarded under these plans is recorded as unearned share-based compensation, a contra-equity account. The unearned compensation related to these awards is amortized to compensation expense over the vesting period (generally three to seven years). The total share-based compensation expense for these awards is determined based on the market price of the Company’s common stock at the date of grant applied to the total number of shares granted and is amortized over the vesting period. As of December 31, 2014 and 2013, unearned share-based compensation associated with these awards totaled $19.8 million and $21.1 million, respectively. | |||||||||||||||||||||
The following table represents the compensation expense that was included in non-interest expense in the accompanying consolidated statements of comprehensive income related to restricted stock grants for the years ended December 31: | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to restricted stock | $ | 9,932 | $ | 8,593 | $ | 8,035 | |||||||||||||||
The following table represents unvested restricted stock award activity for the years ended December 31: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance at beginning of period | 523,756 | 538,202 | 512,112 | ||||||||||||||||||
Granted | 149,072 | 167,095 | 176,669 | ||||||||||||||||||
Forfeited | (167,550 | ) | (28,713 | ) | (13,164 | ) | |||||||||||||||
Earned and issued | (18,171 | ) | (152,828 | ) | (137,415 | ) | |||||||||||||||
Balance at end of period | 487,107 | 523,756 | 538,202 | ||||||||||||||||||
Phantom stock awards | |||||||||||||||||||||
As part of the IBKC Phantom Award Plan, the 2009 Phantom Stock Plan, and the 2014 Phantom Stock Plan, the Company issues phantom stock awards to certain key officers and employees. The award is subject to a vesting period of five to seven years and is paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. Award recipients are also entitled to a “dividend equivalent” on each unvested share equivalent held by the award recipient. A dividend equivalent is a dollar amount equal to the cash dividends that the participant would have been entitled to receive if the participant’s share equivalents were issued in shares of common stock. Dividend equivalents will be deemed to be reinvested as share equivalents that will vest and be paid out on the same date as the underlying share equivalents on which the dividend equivalents were paid. The number of share equivalents acquired with a dividend equivalent is determined by dividing the aggregate of dividend equivalents paid on the unvested share equivalents by the closing price of a share of the Company’s common stock on the dividend payment date. | |||||||||||||||||||||
The following table indicates compensation expense recorded for phantom stock based on the number of share equivalents vested at December 31 of the periods indicated and the current market price of the Company’s stock at that time. | |||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to phantom stock | $ | 5,496 | $ | 4,855 | $ | 2,185 | |||||||||||||||
The following table represents phantom stock award activity during the periods indicated. | |||||||||||||||||||||
Number of share | Dividend | Total share | Value of share | ||||||||||||||||||
equivalents | equivalents | equivalents | equivalents (1) | ||||||||||||||||||
Balance, December 31, 2011 | 232,921 | 8,942 | 241,863 | $ | 11,924,000 | ||||||||||||||||
Granted | 119,038 | 9,152 | 128,190 | 6,297,000 | |||||||||||||||||
Forfeited share equivalents | (10,949 | ) | (367 | ) | (11,316 | ) | 556,000 | ||||||||||||||
Vested share equivalents | (22,281 | ) | (1,692 | ) | (23,973 | ) | 1,180,000 | ||||||||||||||
Balance, December 31, 2012 | 318,729 | 16,035 | 334,764 | $ | 16,444,000 | ||||||||||||||||
Granted | 169,662 | 11,189 | 180,851 | 11,366,000 | |||||||||||||||||
Forfeited share equivalents | (18,975 | ) | (785 | ) | (19,760 | ) | 1,242,000 | ||||||||||||||
Vested share equivalents | (52,178 | ) | (4,088 | ) | (56,266 | ) | 2,922,000 | ||||||||||||||
Balance, December 31, 2013 | 417,238 | 22,351 | 439,589 | $ | 27,628,000 | ||||||||||||||||
Granted | 118,859 | 9,566 | 128,425 | 8,328,000 | |||||||||||||||||
Forfeited share equivalents | (19,736 | ) | (1,754 | ) | (21,490 | ) | 1,394,000 | ||||||||||||||
Vested share equivalents | (75,331 | ) | (7,515 | ) | (82,846 | ) | 5,512,000 | ||||||||||||||
Balance, December 31, 2014 | 441,030 | 22,648 | 463,678 | $ | 30,070,000 | ||||||||||||||||
(1) | Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $64.85, $62.85 and $49.12 on December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Restricted Share Units | |||||||||||||||||||||
In 2014, the Company issued shares of restricted share units to some of the executive officers. Restricted share units vest after the end of a three-year performance period, based on satisfaction of the performance conditions set forth in the restricted share unit agreement. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The value of these restricted share units is the same as the value of the corresponding number of shares of common stock. | |||||||||||||||||||||
Performance Units | |||||||||||||||||||||
In 2014, the Company issued shares of performance units to some of the executive officers. Performance units vest after the end of a three-year performance period, based on satisfaction of the performance conditions set forth in the performance unit agreement. Performance units are tied to the value of shares of the Company’s common stock, are payable in cash, and vest in increments of one-third per year after attainment of one or more performance measures. The value of performance unit is the same as the value of the corresponding number of shares of common stock. | |||||||||||||||||||||
401(k) defined contribution plan | |||||||||||||||||||||
The Company has a 401(k) Profit Sharing Plan covering substantially all of its employees. Annual employer contributions to the plan are set by the Board of Directors. The Company made contributions of $1.5 million, $1.3 million, and $1.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. The Plan provides, among other things, that participants in the Plan be able to direct the investment of their account balances within the Profit Sharing Plan into alternative investment funds. Participant deferrals under the salary reduction election may be matched by the employer based on a percentage to be determined annually by the employer. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | NOTE 21 – COMMITMENTS AND CONTINGENCIES | ||||||||
Off-balance sheet commitments | |||||||||
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments of the Company to extend credit and standby letters of credit to or on behalf of particular customers. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The credit policies used for these commitments are consistent with those used for on-balance sheet instruments. The Company’s exposure to credit loss in the event of nonperformance by its customers under such commitments or standby letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At December 31, 2014 and 2013, the fair value of guarantees under commercial and standby letters of credit was $1.3 million and $1.1 million, respectively. This fair value amount represents the unamortized fee associated with these guarantees and is included in “Other liabilities” on the consolidated balance sheets of the Company. This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. | |||||||||
At December 31, the Company had the following financial instruments outstanding, whose contract amounts represent credit risk: | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Commitments to grant loans | $ | 161,350 | $ | 221,627 | |||||
Unfunded commitments under lines of credit | 4,007,954 | 3,326,448 | |||||||
Commercial and standby letters of credit | 134,882 | 105,026 | |||||||
Reserve for unfunded lending commitments | 11,801 | 11,147 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, is based on management’s credit evaluation of the counterparty. | |||||||||
Unfunded commitments under commercial lines-of-credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Many of these types of commitments do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. See Note 7 for additional discussion related to the Company’s unfunded lending commitments. | |||||||||
Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing, and similar transactions. The credit risk involved in issuing letters or credit is essentially the same as that involved in extending loan facilities to customers and as such, are collateralized when necessary, generally in the form of marketable securities and cash equivalents. | |||||||||
Legal proceedings | |||||||||
The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations and legal and administrative cases and proceedings, all of which are considered incidental to the normal conduct of business. Some of these claims are against entities or assets of which the Company is a successor or acquired in business acquisitions, and certain of these claims will be covered by loss sharing agreements with the FDIC. The Company has asserted defenses to these litigations and, with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. | |||||||||
The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of loss is not estimable, the Company does not accrue legal reserves. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel and available insurance coverage, the Company’s management believes that it has established appropriate legal reserves. Any liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial position, consolidated results of operations or consolidated cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Company’s consolidated financial position, consolidated results of operations or consolidated cash flows. | |||||||||
As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur above amounts already accrued is immaterial. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 22 – RELATED PARTY TRANSACTIONS |
In the ordinary course of business, the Company has granted loans to executive officers and directors and their affiliates amounting to $0.1 million and $0.1 million at December 31, 2014 and 2013, respectively. During the years ended December 31, 2014, 2013, and 2012, total principal additions were $60,000, $41,000, and $252,000, respectively. Total principal payments were $0.1 million, $0.7 million, and $0.9 million for the years ended December 31, 2014, 2013, and 2012, respectively. Unfunded commitments to executive officers and directors and their affiliates totaled $30,000 and $37,000 at December 31, 2014 and 2013, respectively. None of the related party loans were classified as nonaccrual, past due, restructured or potential problem loans at December 31, 2014 or 2013. | |
Deposits from related parties held by the Company through IBERIABANK at December 31, 2014 and 2013 amounted to $3.0 million and $5.9 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements | NOTE 23 – FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair value option | |||||||||||||||||||||||||
The Company may elect the fair value option, which permits the Company to choose to measure eligible financial assets and liabilities at fair value at specified election dates and recognize prospective changes in unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date. | |||||||||||||||||||||||||
Beginning in 2013, the Company elected the fair value option for certain originated residential mortgage loans held for sale, which allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to hedge them without the burden of complying with the requirements for hedge accounting. | |||||||||||||||||||||||||
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Aggregate | Aggregate | Aggregate | Aggregate | Aggregate | Aggregate | |||||||||||||||||||
Fair Value | Unpaid | Fair Value | Fair Value | Unpaid | Fair Value | ||||||||||||||||||||
Principal | Less Unpaid | Principal | Less Unpaid | ||||||||||||||||||||||
Principal | Principal | ||||||||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 139,950 | $ | 134,639 | $ | 5,311 | $ | 97,273 | $ | 96,875 | $ | 398 | |||||||||||||
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. Net losses resulting from the change in fair value of these loans that were recorded in mortgage income in the consolidated statement of comprehensive income for the year ended December 31, 2014 totaled $3.5 million, while net gains resulting from the change in fair value of these loans were $0.4 million for year ended December 31, 2013. There were no net gains or losses recorded in mortgage income for the year ended December 31, 2012 resulting from the change in fair value of loans accounted for under the fair value option. The changes in fair value are mostly offset by economic hedging activities, with an immaterial portion of these changes attributable to changes in instrument-specific credit risk. | |||||||||||||||||||||||||
Items measured at fair value on a recurring basis | |||||||||||||||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to estimate the fair value at the measurement date in the tables below. | |||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | — | $ | 2,158,853 | $ | — | $ | 2,158,853 | |||||||||||||||||
Mortgage loans held for sale | — | 139,950 | — | 139,950 | |||||||||||||||||||||
Derivative instruments | — | 32,903 | — | 32,903 | |||||||||||||||||||||
Total | $ | — | $ | 2,331,706 | $ | — | $ | 2,331,706 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | — | 31,354 | — | 31,354 | |||||||||||||||||||||
Total | $ | — | $ | 31,354 | $ | — | $ | 31,354 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | 15,496 | $ | 1,921,301 | $ | — | $ | 1,936,797 | |||||||||||||||||
Mortgage loans held for sale | — | 97,273 | — | 97,273 | |||||||||||||||||||||
Derivative instruments | — | 30,076 | — | 30,076 | |||||||||||||||||||||
Total | $ | 15,496 | $ | 2,048,650 | $ | — | $ | 2,064,146 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | — | 26,735 | — | 26,735 | |||||||||||||||||||||
Total | $ | — | $ | 26,735 | $ | — | $ | 26,735 | |||||||||||||||||
During 2014, available for sale securities with a market value of $14.4 million were transferred from the Level 1 to Level 2 fair value category in the table above. The security was issued by Freddie Mac and was included in the Level 1 category at December 31, 2013 based on a recent trade price in the open market. | |||||||||||||||||||||||||
Gains and losses (realized and unrealized) included in earnings (or accumulated other comprehensive income) during 2014 related to assets and liabilities measured at fair value on a recurring basis are reported in non-interest income or other comprehensive income as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Noninterest | Other | |||||||||||||||||||||||
income | comprehensive | ||||||||||||||||||||||||
income | |||||||||||||||||||||||||
Total gains (losses) included in earnings | $ | (7,348 | ) | $ | — | ||||||||||||||||||||
Change in unrealized gains (losses) relating to assets still held at December 31, 2014 | — | 24,016 | |||||||||||||||||||||||
Items measured at fair value on a non-recurring basis | |||||||||||||||||||||||||
The Company has segregated all financial assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. | |||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 4,864 | $ | — | $ | 4,864 | |||||||||||||||||
OREO | — | 1,483 | — | 1,483 | |||||||||||||||||||||
Total | $ | — | $ | 6,347 | $ | — | $ | 6,347 | |||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 3,070 | $ | — | $ | 3,070 | |||||||||||||||||
Mortgage loans held for sale | — | 11,876 | — | 11,876 | |||||||||||||||||||||
OREO | — | 14,598 | — | 14,598 | |||||||||||||||||||||
Total | $ | — | $ | 29,544 | $ | — | $ | 29,544 | |||||||||||||||||
The tables above exclude the initial measurement of assets and liabilities that were acquired as part of the acquisitions completed in 2011 through 2014. These assets and liabilities were recorded at their fair value upon acquisition in accordance with U.S. GAAP and were not re-measured during the periods presented unless specifically required by U.S. GAAP. Acquisition date fair values represent either Level 2 fair value measurements (investment securities, OREO, property, equipment, and debt) or Level 3 fair value measurements (loans, deposits, and core deposit intangible asset). | |||||||||||||||||||||||||
The Company did not record any liabilities at fair value for which measurement of the fair value was made on a nonrecurring basis during the years ended December 31, 2014, 2013 and 2012. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | NOTE 24 – FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Refer to Note 1 to these consolidated financial statements for the methods and assumptions used to measure the fair value of investment securities and derivative instruments. | |||||||||||||||||
Cash and cash equivalents | |||||||||||||||||
The carrying amounts of cash and cash equivalents approximate their fair value. | |||||||||||||||||
Loans | |||||||||||||||||
The fair values of non-covered mortgage loans are estimated based on present values using entry-value rates (the interest rate that would be charged for a similar loan to a borrower with similar risk at the indicated balance sheet date) at December 31, 2014 and 2013, weighted for varying maturity dates. Other non-covered loans are valued based on present values using entry-value interest rates at December 31, 2014 and 2013 applicable to each category of loans, which would be classified within Level 3 of the hierarchy. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices, a Level 2 measurement. Covered loans are measured using projections of expected cash flows, exclusive of the shared-loss agreements with the FDIC. Fair value of the covered loans included in the table below reflects the current fair value of these loans, which is based on an updated estimate of the projected cash flow as of the dates indicated. The fair value associated with the loans includes estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows, which also would be classified within Level 3 of the hierarchy. | |||||||||||||||||
Accrued Interest Receivable and Accrued Interest Payable | |||||||||||||||||
The carrying amount of accrued interest approximates fair value because of the short maturity of these financial instruments. | |||||||||||||||||
FDIC Loss Share Receivable | |||||||||||||||||
The fair value is determined using projected cash flows from loss sharing agreements based on expected reimbursements for losses at the applicable loss sharing percentages based on the terms of the loss share agreements. Cash flows are discounted to reflect the timing and receipt of the loss sharing reimbursements from the FDIC. The fair value of the Company’s FDIC loss share receivable would be categorized within Level 3 of the hierarchy. | |||||||||||||||||
Deposits | |||||||||||||||||
The fair values of NOW accounts, money market deposits and savings accounts are the amounts payable on demand at the reporting date. Certificates of deposit were valued using a discounted cash flow model based on the weighted-average rate at December 31, 2014 and 2013 for deposits with similar remaining maturities. The fair value of the Company’s deposits would therefore be categorized within Level 3 of the fair value hierarchy. | |||||||||||||||||
Short-term borrowings | |||||||||||||||||
The carrying amounts of short-term borrowings maturing within ninety days approximate their fair values. | |||||||||||||||||
Long-term debt | |||||||||||||||||
The fair values of long-term debt are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt would therefore be categorized within Level 3 of the fair value hierarchy. | |||||||||||||||||
Off-balance sheet items | |||||||||||||||||
The Company has outstanding commitments to extend credit and standby letters of credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed. At December 31, 2014 and 2013, the fair value of guarantees under commercial and standby letters of credit was immaterial. | |||||||||||||||||
The estimated fair values and carrying amounts of the Company’s financial instruments are as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 548,095 | $ | 548,095 | $ | 391,396 | $ | 391,396 | |||||||||
Investment securities | 2,275,813 | 2,278,334 | 2,090,906 | 2,089,363 | |||||||||||||
Loans and loans held for sale, net of unearned income | 11,581,116 | 11,605,446 | 9,620,461 | 9,724,432 | |||||||||||||
FDIC loss share receivable | 69,627 | 19,606 | 162,312 | 21,918 | |||||||||||||
Derivative instruments | 32,903 | 32,903 | 30,076 | 30,076 | |||||||||||||
Accrued interest receivable | 37,696 | 37,696 | 32,143 | 32,143 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | $ | 12,520,525 | $ | 12,298,017 | $ | 10,737,000 | $ | 10,226,573 | |||||||||
Short-term borrowings | 845,742 | 845,742 | 680,344 | 680,344 | |||||||||||||
Long-term debt | 403,254 | 376,139 | 280,699 | 235,503 | |||||||||||||
Derivative instruments | 31,354 | 31,354 | 26,735 | 26,735 | |||||||||||||
Accrued interest payable | 8,258 | 8,258 | 6,102 | 6,102 | |||||||||||||
The fair value estimates presented herein are based upon pertinent information available to management as of December 31, 2014 and 2013. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Restrictions_on_Dividends_Loan
Restrictions on Dividends, Loans and Advances | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Restrictions on Dividends, Loans and Advances | NOTE 25 – RESTRICTIONS ON DIVIDENDS, LOANS AND ADVANCES |
IBERIABANK is restricted under applicable laws in the payment of dividends to an amount equal to current year earnings plus undistributed earnings for the immediately preceding year, unless prior permission is received from the Commissioner of Financial Institutions for the State of Louisiana. Dividends payable by IBERIABANK in 2015 without permission will be limited to 2015 earnings plus an additional $108.4 million. | |
Funds available for loans or advances by IBERIABANK to the Company amounted to $140.8 million. In addition, any dividends that may be paid by IBERIABANK to the Company would be prohibited if the effect thereof would cause IBERIABANK’s capital to be reduced below applicable minimum capital requirements. | |
During any deferral period under the Company’s junior subordinated debt, the Company would be prohibited from declaring and paying dividends to common shareholders. See Note 16 to the consolidated financial statements for additional information. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segments | NOTE 26 – BUSINESS SEGMENTS | ||||||||||||||||
Each of the Company’s reportable operating segments is a business unit that serves the specific needs of the Company’s customers based on the products and services it offers. The reportable segments are based upon those revenue-producing components for which separate financial information is produced internally and are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company reports the results of its operations through three business segments: IBERIABANK, IMC, and LTC. | |||||||||||||||||
The IBERIABANK segment represents the Company’s commercial and retail banking functions including its lending, investment, and deposit activities. IBERIABANK also includes the Company’s wealth management, capital markets, and other corporate functions that are not specifically related to a strategic business unit. The IMC segment represents the Company’s origination, funding and subsequent sale of one-to-four family residential mortgage loans. The LTC segment represents the Company’s title insurance and loan closing services. Certain expenses not directly attributable to a specific reportable segment are allocated to segments based on pre-determined means that reflect utilization. | |||||||||||||||||
Also within IBERIABANK are certain reconciling items in order to translate reportable segment results into consolidated results. The following tables present certain information regarding our operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include: | |||||||||||||||||
• | Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; | ||||||||||||||||
• | Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and | ||||||||||||||||
• | Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. | ||||||||||||||||
IBERIABANK is considered a reportable segment based on the quantitative thresholds specified within ASC Topic 280, Segment Reporting (“ASC 280”). The Company’s wealth management, capital markets and trust operating segments are aggregated within the IBERIABANK reportable operating segment because they do not meet the thresholds specified by ASC 280 and based on the qualitative factors presented within ASC 280. The Company’s IMC and LTC segments do not meet the quantitative thresholds specified by ASC 280, but are reported because management believes information about those segments is useful to users of the financial statements. | |||||||||||||||||
(Dollars in thousands) | Year Ended December 31, 2014 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 498,820 | $ | 5,992 | $ | 3 | $ | 504,815 | |||||||||
Interest expense | 42,983 | 1,721 | — | 44,704 | |||||||||||||
Net interest income | 455,837 | 4,271 | 3 | 460,111 | |||||||||||||
Provision for loan losses | 18,966 | 94 | — | 19,060 | |||||||||||||
Mortgage income | 71 | 51,726 | — | 51,797 | |||||||||||||
Title income | — | — | 20,492 | 20,492 | |||||||||||||
Other non-interest income | 101,401 | (61 | ) | (1 | ) | 101,339 | |||||||||||
Core deposit intangible amortization | 5,569 | — | — | 5,569 | |||||||||||||
Allocated expenses | (11,602 | ) | 8,203 | 3,399 | — | ||||||||||||
Other non-interest expenses | 407,461 | 44,761 | 16,688 | 468,910 | |||||||||||||
Income before income taxes | 136,915 | 2,878 | 407 | 140,200 | |||||||||||||
Income tax provision | 33,419 | 1,148 | 183 | 34,750 | |||||||||||||
Net income | $ | 103,496 | $ | 1,730 | $ | 224 | $ | 105,450 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 11,415,973 | $ | 165,143 | $ | — | $ | 11,581,116 | |||||||||
Total assets | 15,538,432 | 194,156 | 26,017 | 15,758,605 | |||||||||||||
Total deposits | 12,515,329 | 5,196 | — | 12,520,525 | |||||||||||||
Average assets | 14,431,459 | 176,003 | 25,223 | 14,632,685 | |||||||||||||
(Dollars in thousands) | Year Ended December 31, 2013 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 431,418 | $ | 5,747 | $ | 32 | $ | 437,197 | |||||||||
Interest expense | 45,150 | 1,803 | — | 46,953 | |||||||||||||
Net interest income | 386,268 | 3,944 | 32 | 390,244 | |||||||||||||
Provision for loan losses | 5,123 | 22 | — | 5,145 | |||||||||||||
Mortgage income | 2 | 64,195 | — | 64,197 | |||||||||||||
Title income | — | — | 20,526 | 20,526 | |||||||||||||
Other non-interest income | 84,243 | (10 | ) | 2 | 84,235 | ||||||||||||
Core deposit intangible amortization | 4,499 | — | — | 4,499 | |||||||||||||
Allocated expenses | (7,453 | ) | 5,417 | 2,036 | — | ||||||||||||
Other non-interest expenses | 402,170 | 49,723 | 16,693 | 468,586 | |||||||||||||
Income before income taxes | 66,174 | 12,967 | 1,831 | 80,972 | |||||||||||||
Income tax provision | 10,035 | 5,093 | 741 | 15,869 | |||||||||||||
Net income | $ | 56,139 | $ | 7,874 | $ | 1,090 | $ | 65,103 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 9,472,908 | $ | 147,553 | $ | — | $ | 9,620,461 | |||||||||
Total assets | 13,167,162 | 173,131 | 25,257 | 13,365,550 | |||||||||||||
Total deposits | 10,734,030 | 2,970 | — | 10,737,000 | |||||||||||||
Average assets | 12,794,997 | 183,513 | 25,478 | 13,003,988 | |||||||||||||
(Dollars in thousands) | Year Ended December 31, 2012 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 439,245 | $ | 5,858 | $ | 97 | $ | 445,200 | |||||||||
Interest expense | 61,349 | 2,101 | — | 63,450 | |||||||||||||
Net interest income | 377,896 | 3,757 | 97 | 381,750 | |||||||||||||
Provision for loan losses | 20,550 | 121 | — | 20,671 | |||||||||||||
Mortgage income | 6 | 78,047 | — | 78,053 | |||||||||||||
Title income | — | — | 20,987 | 20,987 | |||||||||||||
Other non-interest income | 76,967 | (10 | ) | — | 76,957 | ||||||||||||
Core deposit intangible amortization | 4,900 | — | — | 4,900 | |||||||||||||
Allocated expenses | (3,282 | ) | 2,340 | 942 | — | ||||||||||||
Other non-interest expenses | 361,428 | 49,084 | 16,773 | 427,285 | |||||||||||||
Income before income taxes | 71,273 | 30,249 | 3,369 | 104,891 | |||||||||||||
Income tax provision | 15,192 | 11,871 | 1,433 | 28,496 | |||||||||||||
Net income | $ | 56,081 | $ | 18,378 | $ | 1,936 | $ | 76,395 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 8,485,363 | $ | 280,692 | $ | — | $ | 8,766,055 | |||||||||
Total assets | 12,796,811 | 308,152 | 24,715 | 13,129,678 | |||||||||||||
Total deposits | 10,745,528 | 2,749 | — | 10,748,277 | |||||||||||||
Average assets | 11,879,761 | 194,832 | 22,379 | 12,096,972 |
Condensed_Parent_Company_Only_
Condensed Parent Company Only Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Parent Company Only Financial Statements | NOTE 27 – CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | ||||||||||||
Condensed financial statements of IBERIABANK Corporation (parent company only) are shown below. The parent company has no significant operating activities. | |||||||||||||
Condensed Balance Sheets | |||||||||||||
(Dollars in thousands) | December 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash in bank | $ | 36,064 | $ | 98,108 | |||||||||
Investment in subsidiaries | 1,842,120 | 1,487,337 | |||||||||||
Other assets | 119,494 | 80,528 | |||||||||||
$ | 1,997,678 | $ | 1,665,973 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Liabilities | $ | 144,829 | $ | 134,994 | |||||||||
Shareholders’ Equity | 1,852,849 | 1,530,979 | |||||||||||
$ | 1,997,678 | $ | 1,665,973 | ||||||||||
Condensed Statements of Income | |||||||||||||
(Dollars in thousands) | Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating income | |||||||||||||
Dividends from bank subsidiary | $ | — | $ | 49,000 | $ | 70,000 | |||||||
Dividends from non-bank subsidiaries | — | 1,511 | — | ||||||||||
Reimbursement of management expenses | 46,433 | 34,474 | 94,053 | ||||||||||
Other income | 437 | 869 | (836 | ) | |||||||||
Total operating income | 46,870 | 85,854 | 163,217 | ||||||||||
Operating expenses | |||||||||||||
Interest expense | 3,224 | 3,232 | 3,427 | ||||||||||
Salaries and employee benefits expense | 31,981 | 29,159 | 76,527 | ||||||||||
Other expenses | 14,576 | 13,676 | 47,309 | ||||||||||
Total operating expenses | 49,781 | 46,067 | 127,263 | ||||||||||
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | (2,911 | ) | 39,787 | 35,954 | |||||||||
Income tax benefit | (518 | ) | (2,808 | ) | (11,842 | ) | |||||||
Income (loss) before equity in undistributed earnings of subsidiaries | (2,393 | ) | 42,595 | 47,796 | |||||||||
Equity in undistributed earnings of subsidiaries | 107,843 | 22,508 | 28,599 | ||||||||||
Net income | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
(Dollars in thousands) | Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash Flow from Operating Activities | |||||||||||||
Net income | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 595 | 2,035 | 4,926 | ||||||||||
Net income of subsidiaries | (107,843 | ) | (73,019 | ) | (98,599 | ) | |||||||
Noncash compensation expense | 11,984 | 10,704 | 9,907 | ||||||||||
Loss on sale of assets | — | — | 7 | ||||||||||
Derivative losses on swaps | — | — | 2 | ||||||||||
Tax benefit associated with share-based payment arrangements | (2,105 | ) | (886 | ) | (1,221 | ) | |||||||
Other, net | (27,273 | ) | 7,574 | (10,557 | ) | ||||||||
Net Cash (Used in) Provided by Operating Activities | (19,192 | ) | 11,511 | (19,140 | ) | ||||||||
Cash Flow from Investing Activities | |||||||||||||
Cash received in excess of cash paid in acquisition | 4,783 | — | 1,272 | ||||||||||
Proceeds from sale of premises and equipment | — | 11,751 | 5 | ||||||||||
Purchases of premises and equipment | (36 | ) | (5,247 | ) | (4,173 | ) | |||||||
Capital contributed to subsidiary | (14,600 | ) | — | (2,000 | ) | ||||||||
Dividends received from subsidiaries | — | 50,511 | 70,000 | ||||||||||
Acquisition | — | — | — | ||||||||||
Net Cash Provided by (Used in) Investing Activities | (9,853 | ) | 57,015 | 65,104 | |||||||||
Cash Flow from Financing Activities | |||||||||||||
Repayments of long-term debt | — | — | (2,867 | ) | |||||||||
Dividends paid to shareholders | (43,070 | ) | (40,332 | ) | (40,069 | ) | |||||||
Proceeds from sale of treasury stock for stock options exercised | 11,693 | 8,101 | 2,813 | ||||||||||
Payments to repurchase common stock | (3,727 | ) | (2,280 | ) | (42,245 | ) | |||||||
Common stock issued | — | — | — | ||||||||||
Costs of issuance of common stock | — | — | — | ||||||||||
Tax benefit associated with share-based payment arrangements | 2,105 | 886 | 1,221 | ||||||||||
Net Cash Used In Financing Activities | (32,999 | ) | (33,625 | ) | (81,147 | ) | |||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (62,044 | ) | 34,901 | (35,183 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Period | 98,108 | 63,207 | 98,390 | ||||||||||
Cash and Cash Equivalents at End of Period | $ | 36,064 | $ | 98,108 | $ | 63,207 | |||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) | NOTE 28 – QUARTERLY RESULTS OF OPERATIONS AND SELECTED CASH FLOW DATA (UNAUDITED) | ||||||||||||||||
2014 | |||||||||||||||||
(Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 137,276 | $ | 133,793 | $ | 119,514 | $ | 114,232 | |||||||||
Total interest expense | 12,596 | 12,042 | 10,241 | 9,824 | |||||||||||||
Net interest income | 124,680 | 121,751 | 109,273 | 104,408 | |||||||||||||
Provision for loan losses | 6,495 | 5,714 | 4,748 | 2,103 | |||||||||||||
Net interest income after provision for loan losses | 118,185 | 116,037 | 104,525 | 102,305 | |||||||||||||
Gain on sale of investments, net | 164 | 582 | 8 | 19 | |||||||||||||
Other noninterest income | 46,908 | 46,530 | 43,753 | 35,662 | |||||||||||||
Noninterest expense | 119,382 | 120,360 | 127,309 | 107,428 | |||||||||||||
Income before income taxes | 45,875 | 42,789 | 20,977 | 30,558 | |||||||||||||
Income tax expense | 9,939 | 11,897 | 4,750 | 8,163 | |||||||||||||
Net income | $ | 35,936 | $ | 30,892 | $ | 16,227 | $ | 22,395 | |||||||||
Preferred stock dividends | — | — | — | — | |||||||||||||
Income available to common shareholders | 35,936 | 30,892 | 16,227 | 22,395 | |||||||||||||
Earnings allocated to unvested restricted stock | (530 | ) | (465 | ) | (258 | ) | (405 | ) | |||||||||
Earnings available to common shareholders - Diluted | $ | 35,406 | $ | 30,427 | $ | 15,969 | $ | 21,990 | |||||||||
Earnings per share - Basic | $ | 1.08 | $ | 0.93 | $ | 0.53 | $ | 0.75 | |||||||||
Earnings per share - Diluted | 1.07 | 0.92 | 0.53 | 0.75 | |||||||||||||
Cash dividends declared per common share | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||
2013 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
Total interest income | $ | 114,092 | $ | 108,512 | $ | 108,177 | $ | 106,416 | |||||||||
Total interest expense | 10,654 | 11,060 | 11,695 | 13,545 | |||||||||||||
Net interest income | 103,438 | 97,452 | 96,482 | 92,871 | |||||||||||||
(Reversal of) Provision for loan losses | 4,700 | 2,014 | 1,807 | (3,377 | ) | ||||||||||||
Net interest income after (reversal of) provision for loan losses | 98,738 | 95,438 | 94,675 | 96,248 | |||||||||||||
Gain (loss) on sale of investments, net | 19 | 13 | (57 | ) | 2,359 | ||||||||||||
Other noninterest income | 38,696 | 43,250 | 42,546 | 42,132 | |||||||||||||
Noninterest expense | 102,674 | 108,152 | 117,361 | 144,898 | |||||||||||||
Income (loss) before income taxes | 34,779 | 30,549 | 19,803 | (4,159 | ) | ||||||||||||
Income tax expense (benefit) | 9,175 | 7,357 | 4,213 | (4,876 | ) | ||||||||||||
Net income | $ | 25,604 | $ | 23,192 | $ | 15,590 | $ | 717 | |||||||||
Preferred stock dividends | — | — | — | — | |||||||||||||
Income available to common shareholders | 25,604 | 23,192 | 15,590 | 717 | |||||||||||||
Earnings allocated to unvested restricted stock | (456 | ) | (425 | ) | (293 | ) | (20 | ) | |||||||||
Earnings available to common shareholders - Diluted | $ | 25,148 | $ | 22,767 | $ | 15,297 | $ | 697 | |||||||||
Earnings per share - Basic | $ | 0.86 | $ | 0.78 | $ | 0.53 | $ | 0.02 | |||||||||
Earnings per share - Diluted | 0.86 | 0.78 | 0.53 | 0.02 | |||||||||||||
Cash dividends declared per common share | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||
The Company has corrected its historical consolidated quarterly statements of comprehensive income for the three-month periods ended June 30, 2014 and September 30, 2014 for the impact of errors in its mortgage banking operation and purchase accounting adjustments. The correction of these errors reduces mortgage income in the consolidated statements of comprehensive income by $4.2 million in the second quarter of 2014 and increases mortgage income by $1.5 million in the third quarter of 2014. The correction did not have an effect on the Company’s consolidated statements of comprehensive income for the year ended December 31, 2014. The error was identified through the operation of the Company’s internal controls over financial reporting. The Company implemented changes to internal processes to reduce the likelihood of similar errors occurring in future periods. | |||||||||||||||||
The following table presents the effect this error correction and purchase accounting adjustments had on the reported consolidated statements of comprehensive income for the periods indicated: | |||||||||||||||||
Adjustment | |||||||||||||||||
(Dollars in thousand, except per share data) | As Previously | Error | Purchase | As Adjusted | |||||||||||||
Reported | Correction | Accounting | |||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Net interest income | $ | 108,979 | $ | — | $ | 294 | $ | 109,273 | |||||||||
Non-interest income | 47,963 | (4,189 | ) | (13 | ) | 43,761 | |||||||||||
Non-interest expense | 127,375 | (170 | ) | 104 | 127,309 | ||||||||||||
Income tax expense | 6,271 | (1,656 | ) | 135 | 4,750 | ||||||||||||
Net income | 18,548 | (2,363 | ) | 42 | 16,227 | ||||||||||||
Earnings per share - basic | 0.6 | (0.07 | ) | — | 0.53 | ||||||||||||
Earnings per share - diluted | 0.6 | (0.07 | ) | — | 0.53 | ||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
Net interest income | $ | 121,041 | $ | — | $ | 710 | $ | 121,751 | |||||||||
Non-interest income | 45,663 | 1,487 | (38 | ) | 47,112 | ||||||||||||
Non-interest expense | 120,060 | 170 | 130 | 120,360 | |||||||||||||
Income tax expense | 11,186 | 521 | 190 | 11,897 | |||||||||||||
Net income | 29,744 | 796 | 352 | 30,892 | |||||||||||||
Earnings per share - basic | 0.89 | 0.03 | 0.01 | 0.93 | |||||||||||||
Earnings per share - diluted | 0.89 | 0.02 | 0.01 | 0.92 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION | |||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IBERIABANK, Lenders Title Company (“LTC”), IBERIA Capital Partners L.L.C. (“ICP”), IB Aircraft Holdings, LLC, 1887 Leasing LLC, IBERIA Asset Management, Inc. (“IAM”), and IBERIA CDE, L.L.C. (“CDE”). All significant intercompany balances and transactions have been eliminated in consolidation. All normal, recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. | ||||
Nature of Operations | NATURE OF OPERATIONS | |||
The Company offers commercial and retail banking products and services to customers throughout locations in six states through IBERIABANK. The Company also operates mortgage production offices in twelve states through IBERIABANK Mortgage Company (“IMC”), and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services. 1887 Leasing LLC owns an aircraft used by management of the Company, and IB Aircraft Holdings, LLC owns a fractional share of a separate aircraft also used by management. IAM provides wealth management and trust services for commercial and private banking clients. CDE is engaged in the purchase of tax credits. | ||||
Use of Estimates | USE OF ESTIMATES | |||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are susceptible to significant change in the near term are the allowance for credit losses, valuation of and accounting for loans covered by loss sharing arrangements with the FDIC and the related loss share receivables, and determination of fair values of assets acquired in acquisitions. | ||||
Concentration of Credit Risks | CONCENTRATION OF CREDIT RISKS | |||
Most of the Company’s business activity is with customers located within the States of Louisiana, Florida, Arkansas, Alabama, Texas, and Tennessee. The Company’s lending activity is concentrated in its market areas in those states. The Company has emphasized originations of commercial loans and private banking loans, defined as loans to larger consumer clients. Repayments on loans are expected to come from cash flows of the borrower and/or guarantor. Losses on secured loans are limited by the value of the collateral upon default of the borrowers. The Company does not have any significant concentrations to any one industry or customer. | ||||
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS | |||
For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash, interest-bearing deposits and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months. IBERIABANK may be required to maintain average balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2014 and 2013, the required reserve balances were $17.4 million and $6.7 million, respectively. IBERIABANK had enough cash deposited with the Federal Reserve at December 31, 2014 and 2013 to cover the required reserve balance. | ||||
Investment Securities | INVESTMENT SECURITIES | |||
Debt securities that management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities not classified as held to maturity or trading, including equity securities with readily determinable fair values, are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Declines in the value of individual held to maturity and available for sale securities below their cost that are other than temporary are included in earnings as realized losses. In estimating other than temporary impairment losses, management considers 1) the length of time and the extent to which the fair value has been less than cost, 2) the financial condition and near-term prospects of the issuer, 3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value, and 4) for debt securities, the recovery of contractual principal and interest. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. | ||||
Loans Held for Sale | LOANS HELD FOR SALE | |||
Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and under contract to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. Any other loans held for sale are carried at the lower of cost or estimated fair value. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to income. See Note 23 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan to the Company under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties, and documentation deficiencies. During 2014 and 2013, an insignificant number of loans were returned to the Company. At December 31, 2014, mortgage loans held for sale subject to repurchase were immaterial. | ||||
Loans, Excluding Acquired Loans ("Legacy Loans") | LOANS, EXCLUDING ACQUIRED LOANS (“LEGACY LOANS”) | |||
The Company grants mortgage, commercial and consumer loans to customers. Except for loans acquired, loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the unpaid principal balances, less the allowance for credit losses and net deferred loan origination fees and unearned discounts. | ||||
Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield, using the effective interest method. | ||||
The accrual of interest on loans is discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Mortgage, credit card and other personal loans are typically charged down to net collateral value, less cost to sell, no later than 180 days past due. Past due status is based on the contractual terms of loans. In all cases, loans are placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. | ||||
The Company’s covered loan portfolio and non-covered loan portfolio, which is delineated between a) legacy loans and b) acquired loans, are disaggregated into portfolio segments for purposes of determining the allowance for credit losses. The Company’s portfolio segments include commercial, mortgage, and consumer. The Company further disaggregates each commercial, mortgage, and consumer portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate construction, commercial real estate – other, and commercial business. Classes within the mortgage portfolio segment include mortgage – prime and mortgage – subprime. Classes within the consumer portfolio segment include home equity, indirect auto, credit card, and consumer – other. | ||||
Credit Quality | ||||
The Company utilizes an asset risk classification system in accordance with guidelines established by the Federal Reserve Board as part of its efforts to monitor commercial asset quality. “Special mention” loans are defined as loans where known information about possible credit problems of the borrower cause management to have some doubt as to the ability of these borrowers to comply with the present loan repayment terms and which may result in future disclosure of these loans as nonperforming. For assets with identified credit issues, the Company has two primary classifications for problem assets: “substandard” and “doubtful.” Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full satisfaction of the loan balance outstanding questionable, which makes probability of loss based on currently existing facts, conditions and values higher. Loans classified as “Pass” do not meet the criteria set forth for special mention, substandard, or doubtful classification and are not considered criticized. Asset risk classifications are periodically reviewed and changed if, in the opinion of management, the risk profile of the customer has changed since the last review of the loan relationship. | ||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan by loan basis for commercial and certain consumer loans based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. | ||||
In general, all interest accrued but not collected for loans that are placed on nonaccrual status or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis method or cost-recovery method, until the loans qualify for a return to accrual status. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||
Troubled Debt Restructurings | ||||
During the course of its lending operations, the Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a customer loan to alleviate the burden of the customer’s near-term cash requirements. In order to be considered a troubled debt restructuring (“TDR”), the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court or law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: | ||||
• | a reduction of the stated interest rate for the remaining original life of the debt, | |||
• | extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk characteristics, | |||
• | reduction of the face amount or maturity amount of the debt as stated in the agreement, or | |||
• | reduction of accrued interest receivable on the debt. | |||
In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: | ||||
• | whether the customer is currently in default on its existing loan, or is in an economic position where it is probable the customer will be in default on its loan in the foreseeable future without a modification, | |||
• | whether the customer has declared or is in the process of declaring bankruptcy, | |||
• | whether there is substantial doubt about the customer’s ability to continue as a going concern, | |||
• | whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the debt, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and | |||
• | whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for similar debt for a nontroubled debtor. | |||
If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for credit losses for TDRs, the Company considers a loss probable on the loan, which is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicator, the Company establishes specific reserves for these loans. | ||||
Acquired Loans | ACQUIRED LOANS | |||
The Company accounts for its business combinations under the acquisition method, where all identifiable assets acquired, including loans, are recorded at fair value. Acquired loans are recorded at fair value in accordance with the fair value methodology consistent with the exit price concept. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an allowance for credit losses is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. | ||||
Acquired loans are evaluated at acquisition and classified as purchased impaired (“acquired impaired”) or purchased non-impaired (“acquired non-impaired”). Purchased impaired loans reflect credit deterioration since origination to the extent that it is probable at the time of acquisition that the Company will be unable to collect all contractually required payments. At the time of acquisition, purchased impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: | ||||
• | whether the loan is performing according to contractual terms at the time of acquisition, | |||
• | the loan type based on regulatory reporting guidelines, namely whether the loan was a mortgage, consumer, or commercial loan | |||
• | the nature of collateral, | |||
• | the interest rate type, whether fixed or variable rate, and | |||
• | the loan payment type, primarily whether the loan is amortizing or interest-only. | |||
From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price (if a variable rate loan), weighted average margin, and weighted average interest rate to estimate the expected cash flow for each loan pool. | ||||
For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or purchase discount, is amortized or accreted to income over the estimated life of the loans using a method that approximates the interest method. | ||||
Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each purchased impaired loan and/or loan pool. Increases in estimated cash flows above those expected at acquisition are recognized on a prospective basis as interest income over the remaining life of the pool. Decreases in expected cash flows subsequent to acquisition result in recognition of a provision for credit loss. | ||||
Purchased impaired loans are placed on nonaccrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. | ||||
FDIC Loss Share Receivable | FDIC LOSS SHARE RECEIVABLE | |||
Because the FDIC reimburses the Company for losses on certain loans acquired in 2009 and 2010, indemnification assets were recorded at fair value as of the acquisition dates. The initial values of the indemnification assets were based on estimated cash flows to be received over the expected life of the acquired assets, not to exceed the term of the indemnification agreements. The loss sharing terms of the Company’s commercial and single family residential indemnification agreements are five years and ten years, respectively, from the date of acquisition. The CSB reimbursable loss period ended as of October 1, 2014 for all covered assets excluding single family residential assets. The CSB reimbursable loss period for single family residential assets will end during the third quarter of 2019. The Century and Orion reimbursable loss periods ended as of January 1, 2015 for all covered assets excluding single family residential assets and will end during the fourth quarter of 2019 for single family residential assets. The Sterling reimbursable loss period ends during the third quarter of 2015 for all covered assets excluding single family residential assets and during the third quarter of 2020 for single family residential assets. Assets are covered through expiration of the loss share term, at which point such assets are considered non-covered. | ||||
Because the indemnification assets are measured on the same basis as the indemnified (“covered”) loans, subject to contractual and collectability limitations, the indemnification assets are impacted by changes in expected cash flows on covered assets. Increases in credit losses expected to occur within the loss share term are recorded as current period increases to the allowance for credit losses and increase the amount collectible from the FDIC by the applicable loss share percentage. Decreases in credit losses expected to occur within the loss share term reduce the amount collectible from the FDIC and increase the amount collectible from customers in the form of prospective accretion on loans. Increases in the portion of indemnification asset collectible from customers are amortized to income. Periodic amortization represents the amount that is expected to result in symmetrical recognition of pool-level accretion and amortization over the shorter of 1) the life of the loan or 2) the life of the shared loss agreement. | ||||
The Company assesses the indemnification assets for collectibility at the acquisition level based on three sources: 1) the FDIC, 2) OREO transactions, and 3) customers. Amounts collectible from the FDIC through loss reimbursements are comprised of losses currently expected within the loss share term. A current period impairment would be recorded to the extent that events or circumstances indicate that losses previously expected to occur within the loss share term are expected to occur subsequent to loss share termination. Amounts collectible through expected gains on the sale of OREO are written-up or impaired each period based on the best available information. | ||||
Loss assumptions used to measure the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification assets. | ||||
The indemnification asset is reduced when cash is received from the FDIC. | ||||
Allowance For Credit Losses | ALLOWANCE FOR CREDIT LOSSES | |||
The manner in which the allowance for credit losses is determined is based on the accounting method applied to the underlying loans. The Company delineates between loans accounted for under the contractual yield method, primarily legacy loans, and loans accounted for as purchased impaired loans, primarily acquired loans. | ||||
Legacy Loans | ||||
Legacy loans represent loans accounted for under the contractual yield method. The Company’s legacy loans include loans originated by the Company and acquired loans that are not accounted for as acquired credit impaired loans. | ||||
The Legacy ACL represents management’s best estimate of probable credit losses inherent at the balance sheet date. Determination of the Legacy ACL involves a high degree of complexity and requires significant judgment. Several factors are taken into consideration in the determination of the overall Legacy ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of nonaccrual loans, the level of 90 days past due loans and the overall percentage level of the allowance. The Company also considers overall asset quality trends, changes in lending and risk management practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, and data availability and applicability that might impact the portfolio. See the “Application of Critical Accounting Policies and Estimates” section for more information. | ||||
During 2014, the Company did not substantively change any material aspect of its overall approach in the determination of the allowance for credit losses and there have been no material changes in assumptions or estimation techniques as compared to December 31, 2013. However, during the third quarter of 2013, the Company modified its methodology for estimating its allowance for credit losses on its non-covered, non-acquired loan portfolio to incorporate practices, processes, and methodologies consistent with the guidance provided in the FRB’s inter-agency policy statement 2006 SR 06-17. The methodology was modified to segregate the reserve for unfunded lending commitments (“RULC”), previously included in the Company’s allowance for loan losses, into a separate liability on the Company’s consolidated balance sheet, and to enhance the previous methodology around loss migration. | ||||
Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of losses is based on historical loss rates, current credit grades, specific allocation and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived required reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. | ||||
Acquired Impaired Loans | ||||
Acquired impaired loans, which include covered loans and certain non-covered loans, represent loans acquired by the Company that are accounted for in accordance with ASC Topic 310-30. | ||||
Loans acquired in business combinations were recorded at their acquisition date fair values, which were based on expected cash flows and included estimates of expected future credit losses. Under current accounting principles, information regarding the Company’s estimates of loan fair values may be adjusted for a period of up to one year as the Company continues to refine its estimate of expected future cash flows in the acquired portfolio. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the purchase accounting period, it will retroactively reduce or eliminate the gain and/or increase goodwill recorded on the acquisition. If the Company determines that losses arose after the acquisition date, the additional losses will be reflected as a provision for credit losses. | ||||
At December 31, 2014, the Company had an allowance for credit losses of $45 million to reserve for expected losses currently in the covered loan portfolio and $9 million to reserve for probable losses currently in the acquired impaired loan portfolio that have arisen after the losses were estimated at the respective acquisition dates. Based on facts and circumstances available, management of the Company believes that the acquired impaired allowance for credit losses was appropriate at December 31, 2014. However, future adjustments to the allowance may be necessary, and the results of operations could be adversely affected, if circumstances differ substantially from the assumptions used by management in determining the allowance for credit losses. | ||||
Off-Balance Sheet Credit-Related Financial Instruments | OFF-BALANCE SHEET CREDIT-RELATED FINANCIAL INSTRUMENTS | |||
The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460. In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial construction arrangements, commercial and home equity lines of credit, credit card arrangements, commercial letters of credit and standby letters of credit. Such financial instruments are recorded when they are funded. | ||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS | |||
The Company enters into derivative financial instruments to manage interest rate risk, asset sensitivity, and other exposures such as liquidity and credit risk. The primary types of derivatives used by the Company include interest rate swap agreements, interest rate lock commitments, forward sales commitments, and written and purchased options. All derivative instruments are recognized on the consolidated balance sheets as other assets or other liabilities at fair value, as required by ASC Topic 815. | ||||
As part of its activities to manage interest rate risk (i.e., the exposure to the variability of future cash flows or other forecasted transactions due to fluctuating market rates), the Company enters into interest rate contracts, which typically include interest rate swap agreements. The Company primarily utilizes these instruments, which the Company designates as cash flow hedges, to convert a portion of its variable-rate loans or debt to a fixed rate. In addition to using interest rate swap agreements to manage interest rate risk, the Company also enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations or other customers to facilitate business transactions. To mitigate the market risk associated with these customer contracts, the Company enters into offsetting derivative contract positions. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. | ||||
Interest rate swap agreements | ||||
Interest rate swaps are agreements to exchange interest payments based upon notional amounts. The exchange of payments typically involves paying a fixed rate and receiving a variable rate or vice versa. | ||||
Interest rate lock commitments | ||||
The Company enters into commitments to originate mortgage loans intended for sale whereby the interest rate on the prospective loan is determined prior to funding (“rate lock”). A rate lock is given to a borrower, subject to conditional performance obligations, for a specified period of time that typically does not exceed 60 days. Rate lock commitments on mortgage loans that are intended to be sold are considered to be derivatives. Accordingly, such commitments are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. | ||||
Forward sales commitments | ||||
The Company uses forward sales commitments to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and sale of these loans, as changes in interest rates have the potential to cause a decline in value of rate locks and mortgage loans included in the held for sale portfolio. These commitments are considered to be derivatives and are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. | ||||
Equity-indexed certificates of deposit | ||||
IBERIABANK offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus potential return, which allows IBERIABANK to identify a known cost of funds. The rate of return is based on the performance of a basket of publically traded stocks that represent a variety of industry segments. Because it is based on an equity index, the rate of return represents an embedded derivative that is not clearly and closely related to the host instrument and is to be accounted for separately. Accordingly, the certificate of deposit is separated into two components: a zero coupon certificate of deposit (the host instrument) and a written option purchased by the depositor (an embedded derivative). The discount on the zero coupon deposit is amortized over the life of the deposit, and the written option is carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded through earnings. IBERIABANK offsets the risks of the written option by purchasing an option with terms that mirror the written option and that is also carried at fair value on the Company’s consolidated balance sheets. | ||||
Derivatives Designated in Hedging Relationships | ||||
For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. | ||||
At December 31, 2014, there were no hedging relationships designated for hedge accounting purposes. | ||||
Derivatives Not Designated in Hedging Relationships | ||||
For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. | ||||
Premises and Equipment | PREMISES AND EQUIPMENT | |||
Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight line basis over the estimated useful lives of 10 to 40 years for buildings and 3 to 15 years for furniture, fixtures and equipment. Capitalized leasehold improvements are amortized over the length of the initial lease agreement or their useful life, whichever is shorter. | ||||
Other Real Estate | OTHER REAL ESTATE | |||
Other real estate includes all real estate, other than bank premises used in bank operations, owned or controlled by the Company, including real estate acquired in settlement of loans. Properties are recorded at the balance of the loan (which is the pro-rata carrying value of loans accounted for in accordance with ASC Topic 310-30) or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Subsequent to foreclosure, management periodically performs valuations and the assets are carried at the lower of cost or fair value less estimated selling costs. Revenue and expenses from operations, gain or loss on sale and changes in the valuation allowance are included in net expenses from foreclosed assets. | ||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | |||
Goodwill | ||||
Goodwill is accounted for in accordance with ASC Topic 350, and accordingly is not amortized but is evaluated at least annually for impairment. As part of its testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the results of the qualitative assessment indicate impairment, the Company determines the fair value of a reporting unit relative to its carrying amount to determine whether quantitative indicators of impairment are present. When the Company determines that the fair value of the reporting unit is below its carrying amount, the Company determines the fair value of the reporting unit’s assets and liabilities, considering deferred taxes, and then measures impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. | ||||
Title Plant | ||||
The Company records its title plant assets in accordance with ASC Topic 950. Under ASC Topic 950, costs incurred to construct a title plant, including the costs incurred to obtain, organize, and summarize historical information, are capitalized until the title plant can be used to perform title searches. Purchased title plant, including a purchased undivided interest in title plant, is recorded at cost at the date of acquisition. For title plant acquired separately or as part of a company acquisition, cost is measured as the fair value of the consideration given. Capitalized costs of title plant are not depreciated or charged to income unless circumstances indicate that the carrying amount of the title plant has been impaired. Impairment identifiers include a change in legal requirements or statutory practices, identification of obsolescence, and abandonment of the title plant, among other identifiers. | ||||
Intangible assets subject to amortization | ||||
The Company’s acquired intangible assets that are subject to amortization include core deposit intangibles, amortized on a straight line or accelerated basis, and a customer relationship intangible asset, amortized on an accelerated basis over average lives not to exceed 10 years. | ||||
Transfers of Financial Assets | TRANSFERS OF FINANCIAL ASSETS | |||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been isolated from the Company, 2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets, and 3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Should the transfer not meet these three criteria, the transaction is treated as a secured financing. | ||||
Income Taxes | INCOME TAXES | |||
The Company and all subsidiaries file a consolidated federal income tax return on a calendar year basis. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions through IBERIABANK, IMC, LTC and their subsidiaries. In lieu of Louisiana state income tax, IBERIABANK is subject to the Louisiana bank shares tax, a portion of which is included in both non-interest expense and income tax expense in the Company’s consolidated statements of comprehensive income. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations for years before 2011. | ||||
Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. | ||||
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in non-interest expense. | ||||
Stock Compensation Plans | STOCK COMPENSATION PLANS | |||
The Company issues stock options and restricted stock under various plans to directors, officers and other key employees. The Company accounts for its stock compensation plans in accordance with ASC Topics 718 and 505. Under those provisions, the Company has adopted a fair value based method of accounting for employee stock compensation plans, whereby compensation cost is measured at the grant date based on the value of the award and is recognized on a straight-line basis over the service period, which is usually the vesting period, taking into account retirement eligibility. For service awards with graded vesting, the Company recognizes compensation cost on a straight-line basis. As a result, compensation expense relating to stock options and restricted stock is reflected in net income as part of “Salaries and employee benefits” on the consolidated statements of comprehensive income for employees and “Professional services” for non-employee directors. The Company’s practice has been to grant options at no less than the fair market value of the stock at the grant date. | ||||
Earnings Per Common Share | EARNINGS PER COMMON SHARE | |||
Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares, in the form of stock options, had been issued, as well as any adjustment to income that would result from the assumed issuance. Participating common shares issued by the Company relate to unvested outstanding restricted stock awards, the earnings allocated to which are used in determining income available to common shareholders under the two-class method. The two-class method allocates earnings for the period between common shareholders and other participating securities holders. The participating awards receiving dividends will be allocated the same amount of income as if they were outstanding shares. | ||||
Treasury Stock | TREASURY STOCK | |||
The purchase of the Company’s common stock is recorded at cost. At the date of retirement or subsequent reissuance, treasury stock is reduced by the cost of such stock with differences recorded in additional paid-in capital or retained earnings, as applicable. | ||||
As of December 31, 2014, 1,809,497 shares of the Company’s common stock were classified as treasury stock in the consolidated financial statements. Effective January 1, 2015, companies incorporated in Louisiana became subject to the Louisiana Business Corporation Act (which replaced the Louisiana Business Corporation Law). Provisions of the Louisiana Business Corporation Act eliminate the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. As a result of this change in law, for the consolidated financial statements beginning with the quarterly period ended March 31, 2015, the Company will begin to classify shares previously classified as treasury stock as a reduction to issued shares of common stock, and, accordingly, will adjust the stated value of common stock and paid in capital. | ||||
Comprehensive Income | COMPREHENSIVE INCOME | |||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and cash flow hedges, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | ||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||
The Company estimates fair value based on the assumptions market participants would use when selling an asset or transferring a liability and characterizes such measurements within the fair value hierarchy based on the inputs used to develop those assumptions and measure fair value. The hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |||
• | Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |||
• | 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. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||
A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. | ||||
Investment securities | ||||
Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. | ||||
Mortgage loans held for sale | ||||
Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. When determining the fair value of loans held for sale, the Company obtains quotes or bids on these loans directly from the purchasing financial institutions (Level 2). | ||||
Impaired loans | ||||
Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value measurements are used in determining impairment using either the loan’s observable market price (Level 1), if available, or the fair value of the collateral if the loan is collateral dependent (Level 2). Measuring the impairment of loans using the present value of expected future cash flows, discounted at the loan’s effective interest rate, is not considered a fair value measurement. Fair value of the collateral is determined by appraisals or independent valuation. | ||||
Other real estate owned (OREO) | ||||
Fair values of OREO at December 31, 2014 are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values on the properties or recent sales activity for similar assets in the property’s market, and thus OREO measured at fair value would be classified within Level 2 of the hierarchy. The Company included property write-downs of $3.8 million, $4.8 million, and $6.4 million in earnings as part of “Costs of OREO property, net” on the consolidated statements of comprehensive income for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
Derivative financial instruments | ||||
The Company enters into commitments to originate loans whereby the interest rate on the prospective loan is determined prior to funding. Rate locks on mortgage loans that are intended to be sold are considered to be derivatives. The Company offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus potential return, which allows the Company to identify a known cost of funds. The rate of return is based on an equity index, and as such represents an embedded derivative. Fair value of interest rate swaps, interest rate locks, forward sales commitments, and equity-linked written and purchased options are estimated using prices of financial instruments with similar characteristics, and thus are classified within Level 2 of the fair value hierarchy. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Calculation of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for the periods indicated. | ||||||||||||
For the Years Ended December 31 | |||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Income available to common shareholders | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Earnings to unvested restricted stock | (1,652 | ) | (1,206 | ) | (1,443 | ) | |||||||
Earnings to common shareholders - basic | 103,798 | 63,897 | 74,952 | ||||||||||
Earnings reallocated to unvested restricted stock | (33 | ) | (3 | ) | 6 | ||||||||
Earnings to common shareholders - diluted | $ | 103,765 | $ | 63,894 | $ | 74,958 | |||||||
Weighted average shares outstanding - basic | 31,307 | 29,052 | 28,901 | ||||||||||
Potential common shares | 126 | 53 | 57 | ||||||||||
Weighted average shares outstanding - diluted | 31,433 | 29,105 | 28,958 | ||||||||||
Weighted average shares outstanding - unvested restricted stock | 518 | 553 | 553 | ||||||||||
Earnings per common share - basic | $ | 3.32 | $ | 2.2 | $ | 2.59 | |||||||
Earnings per common share - diluted | 3.3 | 2.2 | 2.59 | ||||||||||
Earnings per unvested restricted stock share - basic | 3.19 | 2.18 | 2.61 | ||||||||||
Earnings per unvested restricted stock share - diluted | 3.13 | 2.18 | 2.6 | ||||||||||
Schedule of Basic Earnings Per Common Share | Additional information on the Company’s basic earnings per common share is shown in the following table. | ||||||||||||
For the Years Ended December 31 | |||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Distributed earnings to common shareholders | $ | 43,623 | $ | 39,685 | $ | 39,349 | |||||||
Undistributed earnings to common shareholders | 60,175 | 24,212 | 35,603 | ||||||||||
Total earnings to common shareholders | $ | 103,798 | $ | 63,897 | $ | 74,952 | |||||||
Distributed earnings to unvested restricted stock | $ | 694 | $ | 749 | $ | 758 | |||||||
Undistributed earnings to unvested restricted stock | 958 | 457 | 685 | ||||||||||
Total earnings allocated to unvested restricted stock | $ | 1,652 | $ | 1,206 | $ | 1,443 | |||||||
Distributed earnings per common share | $ | 1.4 | $ | 1.37 | $ | 1.36 | |||||||
Undistributed earnings per common share | 1.92 | 0.83 | 1.23 | ||||||||||
Total earnings per common share | $ | 3.32 | $ | 2.2 | $ | 2.59 | |||||||
Distributed earnings per unvested restricted stock share | $ | 1.34 | $ | 1.35 | $ | 1.37 | |||||||
Undistributed earnings per unvested restricted stock share | 1.85 | 0.83 | 1.24 | ||||||||||
Total earnings per unvested restricted stock share | $ | 3.19 | $ | 2.18 | $ | 2.61 | |||||||
Acquisition_and_Disposition_Ac1
Acquisition and Disposition Activity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Assets Acquired under Business Acquisitions | As part of the acquisitions, LTC also acquired or created the following other assets: | ||||||||||||
(Dollars in thousands) | The Title Company LLC | Louisiana Abstract and Title LLC | |||||||||||
Goodwill | $ | 221 | $ | 155 | |||||||||
Non-compete agreement | 63 | 100 | |||||||||||
Title plant | 14 | 9 | |||||||||||
Other intangible assets | 75 | 130 | |||||||||||
Other assets | 3 | 6 | |||||||||||
Total Assets | $ | 376 | $ | 400 | |||||||||
Supplemental Pro Forma Information | The following unaudited pro forma information for the year ended December 31, 2013 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Trust One-Memphis, Teche, and First Private occurred at January 1, 2013, unadjusted for potential cost savings and preliminary purchase price adjustments. | ||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | |||||||||||
Interest and non-interest income | $ | 669,607 | $ | 687,279 | |||||||||
Net income | 74,624 | 86,473 | |||||||||||
Earnings per share - basic | 2.26 | 2.63 | |||||||||||
Earnings per share - diluted | 2.26 | 2.63 | |||||||||||
Schedule of Branch Closure Costs | The following table shows the costs the Company incurred that are included in its consolidated statements of comprehensive income for the years indicated. Costs associated with branch dispositions for the year ended December 31, 2014 were immaterial. | ||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
(Dollars in thousands) | 2013 | 2012 | |||||||||||
Employee termination | $ | 299 | $ | 477 | |||||||||
Accelerated depreciation | 1,033 | 576 | |||||||||||
Contract termination | 659 | 20 | |||||||||||
Impairment | 4,941 | 2,743 | |||||||||||
$ | 6,932 | $ | 3,816 | ||||||||||
Teche [Member] | |||||||||||||
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired. | ||||||||||||
(Dollars in thousands) | Number of Shares | Amount | |||||||||||
Equity consideration | |||||||||||||
Common stock issued | 2,498,007 | $ | 156,026 | ||||||||||
Total equity consideration | 156,026 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 714 | ||||||||||||
Total consideration paid | 156,740 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 76,311 | ||||||||||||
Goodwill | $ | 80,429 | |||||||||||
Schedule of Business Acquisitions, by Acquisition | |||||||||||||
Teche | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 71,611 | $ | — | $ | 71,611 | |||||||
Investment securities | 24,077 | 1,092 | (1) | 25,169 | |||||||||
Loans | 716,327 | (15,869 | ) (2) | 700,458 | |||||||||
Other real estate owned | 329 | (153 | ) (3) | 176 | |||||||||
Core deposit intangible | — | 7,440 | (4) | 7,440 | |||||||||
Deferred tax asset | 1,057 | 4,835 | (5) | 5,892 | |||||||||
Other assets | 56,730 | (5,653 | ) (6) | 51,077 | |||||||||
Total Assets | $ | 870,131 | $ | (8,308 | ) | $ | 861,823 | ||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 520,446 | $ | 902 | (7) | $ | 521,348 | ||||||
Non-interest-bearing deposits | 118,256 | — | 118,256 | ||||||||||
Borrowings | 134,228 | 6,304 | (8) | 140,532 | |||||||||
Other liabilities | 5,376 | — | 5,376 | ||||||||||
Total Liabilities | $ | 778,306 | $ | 7,206 | $ | 785,512 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Teche’s investments to their estimated fair value based on fair values on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of Teche loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(3) | The amount represents the adjustment to the book value of Teche’s OREO to their estimated fair value on the date of acquisition. | ||||||||||||
(4) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. | ||||||||||||
(5) | The amount represents the deferred tax asset recognized on the fair value adjustment of Teche acquired assets and assumed liabilities. | ||||||||||||
(6) | The amount represents the adjustment of the book value of Teche’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value, as well as the fair value of mortgage servicing rights created in the acquisition. | ||||||||||||
(7) | The adjustment is necessary because the weighted average interest rate of Teche’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 85 months. | ||||||||||||
(8) | The adjustment represents the adjustment of the book value of Teche’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability. | ||||||||||||
First Private [Member] | |||||||||||||
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired. | ||||||||||||
(Dollars in thousands) | Number of Shares | Amount | |||||||||||
Equity consideration | |||||||||||||
Common stock issued | 847,509 | $ | 58,639 | ||||||||||
Total equity consideration | 58,639 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 1 | ||||||||||||
Total consideration paid | 58,640 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 32,387 | ||||||||||||
Goodwill | $ | 26,253 | |||||||||||
Schedule of Business Acquisitions, by Acquisition | |||||||||||||
First Private | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
(Dollars in thousands) | Adjustments | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 26,621 | $ | — | $ | 26,621 | |||||||
Investment securities | 18,920 | 297 | (1) | 19,217 | |||||||||
Loans | 300,177 | (910 | ) (2) | 299,267 | |||||||||
Other real estate owned | — | — | — | ||||||||||
Core deposit intangible | — | 506 | (3) | 506 | |||||||||
Deferred tax asset | 530 | 122 | (4) | 652 | |||||||||
Other assets | 5,148 | — | 5,148 | ||||||||||
Total Assets | $ | 351,396 | $ | 15 | $ | 351,411 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 261,713 | $ | 220 | (5) | $ | 261,933 | ||||||
Non-interest-bearing deposits | 50,334 | — | 50,334 | ||||||||||
Borrowings | 6,451 | — | 6,451 | ||||||||||
Other liabilities | 306 | — | 306 | ||||||||||
Total Liabilities | $ | 318,804 | $ | 220 | $ | 319,024 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of First Private’s investments to their estimated fair value based on fair values on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of First Private loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(3) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. | ||||||||||||
(4) | The amount represents the deferred tax asset recognized on the fair value adjustment of First Private acquired assets and assumed liabilities. | ||||||||||||
(5) | The adjustment is necessary because the weighted average interest rate of First Private’s deposits exceeded the cost of similar funding at the time of acquisition. The fair value adjustment will be amortized to reduce future interest expense over the life of the portfolio, which is estimated at 39 months. | ||||||||||||
Trust One- Memphis [Member] | |||||||||||||
Schedule of Business Acquisitions, by Acquisition | The acquired assets and liabilities, as well as the preliminary adjustments to record the assets and liabilities at their estimated fair values, are presented in the following tables. | ||||||||||||
Trust One- Memphis | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
(Dollars in thousands) | Adjustments | ||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 92,060 | $ | — | $ | 92,060 | |||||||
Loans | 88,179 | (1,726 | ) (1) | 86,453 | |||||||||
Other real estate owned | 1,325 | — | 1,325 | ||||||||||
Core deposit intangible | — | 2,597 | (2) | 2,597 | |||||||||
Other assets | 368 | — | 368 | ||||||||||
Total Assets | $ | 181,932 | $ | 871 | $ | 182,803 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 164,942 | $ | — | $ | 164,942 | |||||||
Non-interest-bearing deposits | 26,373 | — | 26,373 | ||||||||||
Deferred tax liability | — | — | — | ||||||||||
Other liabilities | 84 | — | 84 | ||||||||||
Total Liabilities | $ | 191,399 | $ | — | $ | 191,399 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Trust One-Memphis loans to their estimated fair value based on current interest rates and expected cash flows, which includes estimates of expected credit losses inherent in the portfolio. | ||||||||||||
(2) | The amount represents the fair value of the core deposit intangible asset created in the acquisition. |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 317,386 | $ | 1,700 | $ | (3,533 | ) | $ | 315,553 | ||||||||||||||||
Obligations of state and political obligations | 86,513 | 3,679 | (2 | ) | 90,190 | ||||||||||||||||||||
Mortgage-backed securities | 1,741,917 | 16,882 | (7,184 | ) | 1,751,615 | ||||||||||||||||||||
Other securities | 1,460 | 35 | — | 1,495 | |||||||||||||||||||||
Total securities available for sale | $ | 2,147,276 | $ | 22,296 | $ | (10,719 | ) | $ | 2,158,853 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 10,000 | $ | 88 | $ | — | $ | 10,088 | |||||||||||||||||
Obligations of state and political obligations | 77,597 | 3,153 | (145 | ) | 80,605 | ||||||||||||||||||||
Mortgage-backed securities | 29,363 | 151 | (726 | ) | 28,788 | ||||||||||||||||||||
Total securities held to maturity | $ | 116,960 | $ | 3,392 | $ | (871 | ) | $ | 119,481 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 406,092 | $ | 1,382 | $ | (11,913 | ) | $ | 395,561 | ||||||||||||||||
Obligations of state and political obligations | 105,300 | 2,435 | (256 | ) | 107,479 | ||||||||||||||||||||
Mortgage-backed securities | 1,450,194 | 10,031 | (27,947 | ) | 1,432,278 | ||||||||||||||||||||
Other securities | 1,460 | 19 | — | 1,479 | |||||||||||||||||||||
Total securities available for sale | $ | 1,963,046 | $ | 13,867 | $ | (40,116 | ) | $ | 1,936,797 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 34,478 | $ | 484 | $ | — | $ | 34,962 | |||||||||||||||||
Obligations of state and political obligations | 84,290 | 1,463 | (1,624 | ) | 84,129 | ||||||||||||||||||||
Mortgage-backed securities | 35,341 | 258 | (2,124 | ) | 33,475 | ||||||||||||||||||||
Total securities held to maturity | $ | 154,109 | $ | 2,205 | $ | (3,748 | ) | $ | 152,566 | ||||||||||||||||
Schedule of Exposure to Investment Security Issuers Exceed Ten Percentage of Shareholders' Equity | At December 31, 2014, the Company’s exposure to two investment security issuers individually exceeded 10% of shareholders’ equity: | ||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Market Value | |||||||||||||||||||||||
Federal National Mortgage Association (Fannie Mae) | $ | 1,220,841 | $ | 1,226,654 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation (Freddie Mac) | 707,592 | 706,514 | |||||||||||||||||||||||
$ | 1,928,433 | $ | 1,933,168 | ||||||||||||||||||||||
Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | ||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | — | $ | — | $ | (3,533 | ) | $ | 240,498 | $ | (3,533 | ) | $ | 240,498 | |||||||||||
Obligations of state and political obligations | (2 | ) | 185 | — | — | (2 | ) | 185 | |||||||||||||||||
Mortgage-backed securities | (1,189 | ) | 304,686 | (5,995 | ) | 294,549 | (7,184 | ) | 599,235 | ||||||||||||||||
Total securities available for sale | $ | (1,191 | ) | $ | 304,871 | $ | (9,528 | ) | $ | 535,047 | $ | (10,719 | ) | $ | 839,918 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (9 | ) | $ | 2,287 | $ | (136 | ) | $ | 8,590 | $ | (145 | ) | $ | 10,877 | ||||||||||
Mortgage-backed securities | — | — | (726 | ) | 20,812 | (726 | ) | 20,812 | |||||||||||||||||
Total securities held to maturity | $ | (9 | ) | $ | 2,287 | $ | (862 | ) | $ | 29,402 | $ | (871 | ) | $ | 31,689 | ||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | |||||||||||||||||||||||
Gross | Estimated | Gross | Estimated | Gross | Estimated | ||||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Losses | Value | Losses | Value | Losses | Value | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | (11,764 | ) | $ | 298,515 | $ | (149 | ) | $ | 5,515 | $ | (11,913 | ) | $ | 304,030 | ||||||||||
Obligations of state and political obligations | (30 | ) | 2,415 | (226 | ) | 1,047 | (256 | ) | 3,462 | ||||||||||||||||
Mortgage-backed securities | (23,749 | ) | 864,899 | (4,198 | ) | 81,870 | (27,947 | ) | 946,769 | ||||||||||||||||
Total securities available for sale | $ | (35,543 | ) | $ | 1,165,829 | $ | (4,573 | ) | $ | 88,432 | $ | (40,116 | ) | $ | 1,254,261 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (1,181 | ) | $ | 29,355 | $ | (443 | ) | $ | 6,240 | $ | (1,624 | ) | $ | 35,595 | ||||||||||
Mortgage-backed securities | (952 | ) | 12,913 | (1,172 | ) | 11,616 | (2,124 | ) | 24,529 | ||||||||||||||||
Total securities held to maturity | $ | (2,133 | ) | $ | 42,268 | $ | (1,615 | ) | $ | 17,856 | $ | (3,748 | ) | $ | 60,124 | ||||||||||
Additional Information on Securities in a Continuous Loss Position | Additional information on securities that have been in a continuous loss position for over twelve months at December 31 is presented in the following table. | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Number of securities | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | 66 | 20 | |||||||||||||||||||||||
Issued by political subdivisions | 5 | 5 | |||||||||||||||||||||||
71 | 25 | ||||||||||||||||||||||||
Amortized Cost Basis | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 566,113 | $ | 104,520 | |||||||||||||||||||||
Issued by political subdivisions | 8,727 | 7,956 | |||||||||||||||||||||||
$ | 574,840 | $ | 112,476 | ||||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 10,254 | $ | 5,519 | |||||||||||||||||||||
Issued by political subdivisions | 136 | 669 | |||||||||||||||||||||||
$ | 10,390 | $ | 6,188 | ||||||||||||||||||||||
Schedule of Other-Than-Temporarily Impaired Investment Security Portion of Unrealized Loss Recognized in Other Comprehensive Income | The following table reflects activity during the years ended December 31, 2014, 2013, and 2012 related to credit losses on the other-than-temporarily impaired investment security where a portion of the unrealized loss was recognized in comprehensive income. | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Balance at beginning of period | $ | (1,273 | ) | $ | (1,273 | ) | $ | (1,273 | ) | ||||||||||||||||
Credit losses on securities not previously considered other-than-temporarily impaired | — | — | — | ||||||||||||||||||||||
Credit losses on securities for which OTTI was previously recognized | — | — | — | ||||||||||||||||||||||
Reduction for securities sold/settled during the period | 1,273 | — | — | ||||||||||||||||||||||
Balance at end of period | $ | — | $ | (1,273 | ) | $ | (1,273 | ) | |||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at December 31, 2014 are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. | ||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
(Dollars in thousands) | Weighted | Amortized | Estimated | Weighted | Amortized | Estimated | |||||||||||||||||||
Average | Cost | Fair | Average | Cost | Fair | ||||||||||||||||||||
Yield | Value | Yield | Value | ||||||||||||||||||||||
Within one year or less | 1.54 | % | $ | 14,643 | $ | 14,764 | 2.65 | % | $ | 10,000 | $ | 10,088 | |||||||||||||
One through five years | 1.73 | 241,231 | 241,796 | 2.78 | 13,858 | 14,191 | |||||||||||||||||||
After five through ten years | 2.15 | 425,233 | 429,973 | 3.1 | 20,945 | 21,729 | |||||||||||||||||||
Over ten years | 2.2 | 1,466,169 | 1,472,320 | 2.86 | 72,157 | 73,473 | |||||||||||||||||||
2.13 | % | $ | 2,147,276 | $ | 2,158,853 | 2.87 | % | $ | 116,960 | $ | 119,481 | ||||||||||||||
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. | ||||||||||||||||||||||||
Years Ended December 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Realized gains | $ | 863 | $ | 2,387 | $ | 3,754 | |||||||||||||||||||
Realized losses | (92 | ) | (110 | ) | (15 | ) | |||||||||||||||||||
$ | 771 | $ | 2,277 | $ | 3,739 | ||||||||||||||||||||
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company included the following securities in “Other assets” on the consolidated balance sheets at December 31: | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Federal Home Loan Bank (FHLB) stock | $ | 38,476 | $ | 24,369 | |||||||||||||||||||||
Federal Reserve Bank (FRB) stock | 34,348 | 28,098 | |||||||||||||||||||||||
Other investments | 1,306 | 1,306 | |||||||||||||||||||||||
$ | 74,130 | $ | 53,773 | ||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans(1) | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,718,058 | $ | 497,949 | $ | 189,126 | $ | 4,405,133 | |||||||||||||||||||||||||
Business | 3,284,140 | 93,549 | 31,260 | 3,408,949 | |||||||||||||||||||||||||||||
7,002,198 | 591,498 | 220,386 | 7,814,082 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 495,638 | 424,579 | 128,024 | 1,048,241 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 32,056 | — | — | 32,056 | |||||||||||||||||||||||||||||
527,694 | 424,579 | 128,024 | 1,080,297 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,290,976 | 217,699 | 92,430 | 1,601,105 | |||||||||||||||||||||||||||||
Indirect automobile | 396,766 | 392 | — | 397,158 | |||||||||||||||||||||||||||||
Other | 451,080 | 93,618 | 3,704 | 548,402 | |||||||||||||||||||||||||||||
2,138,822 | 311,709 | 96,134 | 2,546,665 | ||||||||||||||||||||||||||||||
Total | $ | 9,668,714 | $ | 1,327,786 | $ | 444,544 | $ | 11,441,044 | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,134,904 | $ | 345,069 | $ | 387,332 | $ | 3,867,305 | |||||||||||||||||||||||||
Business | 2,906,051 | 53,037 | 37,025 | 2,996,113 | |||||||||||||||||||||||||||||
6,040,955 | 398,106 | 424,357 | 6,863,418 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 404,922 | 18,135 | 154,025 | 577,082 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 9,450 | — | — | 9,450 | |||||||||||||||||||||||||||||
414,372 | 18,135 | 154,025 | 586,532 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,101,227 | 53,443 | 137,122 | 1,291,792 | |||||||||||||||||||||||||||||
Indirect automobile | 373,383 | 1,853 | — | 375,236 | |||||||||||||||||||||||||||||
Other | 358,384 | 12,368 | 4,289 | 375,041 | |||||||||||||||||||||||||||||
1,832,994 | 67,664 | 141,411 | 2,042,069 | ||||||||||||||||||||||||||||||
Total | $ | 8,288,321 | $ | 483,905 | $ | 719,793 | $ | 9,492,019 | |||||||||||||||||||||||||
-1 | Included as covered loans at December 31, 2014 is $174.7 million of assets whose reimbursable loss periods ended as of January 1, 2015. | ||||||||||||||||||||||||||||||||
Schedule of Legacy Loans on Nonaccrual Status | The following table provides the recorded investment of legacy loans on non-accrual status at December 31: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 69 | $ | 1,803 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 6,883 | 7,648 | |||||||||||||||||||||||||||||||
Commercial business | 3,028 | 15,020 | |||||||||||||||||||||||||||||||
Residential mortgage - Prime | 10,767 | 8,611 | |||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,595 | 1,626 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 7,404 | 6,808 | |||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,419 | 1,275 | |||||||||||||||||||||||||||||||
Consumer - Credit card | 1,032 | 411 | |||||||||||||||||||||||||||||||
Consumer - Other | 773 | 485 | |||||||||||||||||||||||||||||||
Total | $ | 34,970 | $ | 43,687 | |||||||||||||||||||||||||||||
Schedule of Carrying Amount of Acquired Covered Loans | The carrying amount of the acquired covered loans at December 31, 2014 and 2013 consisted of loans determined to be impaired at the acquisition date, which are accounted for in accordance with ASC Topic 310-30, and loans that were considered to be performing at the acquisition date, accounted for by analogy to ASC Topic 310-30, as detailed in the following tables. | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 1,253 | $ | 187,873 | $ | 189,126 | |||||||||||||||||||||||||||
Business | — | 31,260 | 31,260 | ||||||||||||||||||||||||||||||
1,253 | 219,133 | 220,386 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 22,918 | 105,106 | 128,024 | ||||||||||||||||||||||||||||||
Construction / Owner Occupied | — | — | — | ||||||||||||||||||||||||||||||
22,918 | 105,106 | 128,024 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 12,872 | 79,558 | 92,430 | ||||||||||||||||||||||||||||||
Indirect automobile | — | — | — | ||||||||||||||||||||||||||||||
Other | 489 | 3,215 | 3,704 | ||||||||||||||||||||||||||||||
13,361 | 82,773 | 96,134 | |||||||||||||||||||||||||||||||
Total | $ | 37,532 | $ | 407,012 | $ | 444,544 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 14,904 | $ | 372,428 | $ | 387,332 | |||||||||||||||||||||||||||
Business | — | 37,025 | 37,025 | ||||||||||||||||||||||||||||||
14,904 | 409,453 | 424,357 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 28,223 | 125,802 | 154,025 | ||||||||||||||||||||||||||||||
Construction / Owner Occupied | — | — | — | ||||||||||||||||||||||||||||||
28,223 | 125,802 | 154,025 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 21,768 | 115,354 | 137,122 | ||||||||||||||||||||||||||||||
Indirect automobile | — | — | — | ||||||||||||||||||||||||||||||
Other | 1,182 | 3,107 | 4,289 | ||||||||||||||||||||||||||||||
22,950 | 118,461 | 141,411 | |||||||||||||||||||||||||||||||
Total | $ | 66,077 | $ | 653,716 | $ | 719,793 | |||||||||||||||||||||||||||
Schedule of Carrying Amount of Loans Acquired | As discussed in Note 4, during 2014, the Company acquired loans of $86.5 million from Trust One-Memphis, $700.5 million from Teche, and $299.3 million from First Private. Of the total $1.1 billion of loans acquired in 2014, $1.0 billion were determined to have no evidence of deteriorated credit quality and are accounted for under ASC Topics 310-10 and 310-20. The remaining $66.7 million were determined to have deteriorated credit quality under ASC Topic 310-30. The tables below show the balances acquired during 2014 for these two subsections of the portfolio as of the acquisition date. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 1,224,635 | |||||||||||||||||||||||||||||||
Expected losses and foregone interest | (20,790 | ) | |||||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 1,203,845 | ||||||||||||||||||||||||||||||||
Fair value of acquired loans at acquisition | $ | 1,014,903 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 71,871 | $ | 15,130 | $ | 87,001 | |||||||||||||||||||||||||||
Nonaccretable difference (expected losses and foregone interest) | (6,117 | ) | (361 | ) | (6,478 | ) | |||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 65,754 | 14,769 | 80,523 | ||||||||||||||||||||||||||||||
Accretable yield | (12,312 | ) | (1,536 | ) | (13,848 | ) | |||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 53,442 | $ | 13,233 | $ | 66,675 | |||||||||||||||||||||||||||
Summary of Changes in Accretable Yields of Acquired Loans | The following is a summary of changes in the accretable difference for loans accounted for under ASC 310-30 of acquired impaired loans during the years ended December 31: | ||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
Acquisition | 12,312 | 1,536 | 13,848 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 4,405 | 21,439 | 25,844 | ||||||||||||||||||||||||||||||
Accretion | (15,095 | ) | (88,138 | ) | (103,233 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | (5,722 | ) | 2,022 | (3,700 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 74,249 | $ | 213,402 | $ | 287,651 | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 76,623 | $ | 279,770 | $ | 356,393 | |||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 7,849 | 42,894 | 50,743 | ||||||||||||||||||||||||||||||
Accretion | (16,273 | ) | (163,183 | ) | (179,456 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 10,150 | 117,062 | 127,212 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing | Acquired | |||||||||||||||||||||||||||||||
Loans | Impaired | Loans | |||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 83,834 | $ | 386,977 | $ | 470,811 | |||||||||||||||||||||||||||
Acquisition | 1,190 | 22,899 | 24,089 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | (11,816 | ) | (47,842 | ) | (59,658 | ) | |||||||||||||||||||||||||||
Accretion | (30,417 | ) | (218,892 | ) | (249,309 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 33,832 | 136,628 | 170,460 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,623 | $ | 279,770 | $ | 356,393 | |||||||||||||||||||||||||||
-1 | Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. | ||||||||||||||||||||||||||||||||
Schedule of Carrying Amount of Loans Acquired under ASC Topic 310-10 | changes in interest rates and changes in prepayment assumptions. | ||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Accruing Loans | Accruing Loans | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | Nonaccrual | Total TDRs | Current | Past Due | Nonaccrual | Total TDRs | |||||||||||||||||||||||||
> 30 days | TDRs | > 30 days | TDRs | ||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | — | — | — | ||||||||||||||||||||
Commercial real estate - Other | 355 | — | — | 355 | 400 | — | 4,452 | 4,852 | |||||||||||||||||||||||||
Commercial business | 1,075 | — | 1,971 | 3,046 | 976 | — | 13,791 | 14,767 | |||||||||||||||||||||||||
Residential mortgage - Prime | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Home equity | — | — | 238 | 238 | — | — | 258 | 258 | |||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Credit card | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Consumer - Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 1,430 | $ | — | $ | 2,209 | $ | 3,639 | $ | 1,376 | $ | — | $ | 18,501 | $ | 19,877 | |||||||||||||||||
Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during years ended December 31: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Extended maturities | $ | — | $ | — | |||||||||||||||||||||||||||||
Interest rate adjustment | — | — | |||||||||||||||||||||||||||||||
Maturity and interest rate adjustment | — | — | |||||||||||||||||||||||||||||||
Movement to or extension of interest-rate only payments | — | — | |||||||||||||||||||||||||||||||
Forbearance | — | 12,975 | |||||||||||||||||||||||||||||||
Other concession(s) (1) | — | 1,587 | |||||||||||||||||||||||||||||||
Total | $ | — | $ | 14,562 | |||||||||||||||||||||||||||||
-1 | Other concessions include concessions or a combination of concessions that do not consist of maturity extensions, interest rate adjustments, forbearance or covenant modifications. | ||||||||||||||||||||||||||||||||
TDRs [Member] | |||||||||||||||||||||||||||||||||
Schedule of Subsequently Defaulted TDRs | Information about the Company’s TDRs occurring in these periods is presented in the following table. | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Pre-modification | Post-modification | Number of | Pre-modification | Post-modification | |||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||
Investment | Investment (1) | Investment | Investment (1) | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 9 | 14,835 | 12,429 | |||||||||||||||||||||||||||
Total | — | $ | — | $ | — | 9 | $ | 14,835 | $ | 12,429 | |||||||||||||||||||||||
-1 | Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. | ||||||||||||||||||||||||||||||||
Information detailing non-covered TDRs that subsequently defaulted during the previous twelve months is presented in the following table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days, or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter. | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||
Commercial real estate | 30 | $ | — | 35 | $ | 4,452 | |||||||||||||||||||||||||||
Commercial business | 9 | 1,600 | 17 | 12,808 | |||||||||||||||||||||||||||||
Residential mortgage - Prime | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Home Equity | — | — | 1 | 45 | |||||||||||||||||||||||||||||
Consumer - Indirect automobile | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Credit card | — | — | — | — | |||||||||||||||||||||||||||||
Consumer - Other | 1 | — | 1 | — | |||||||||||||||||||||||||||||
Total | 40 | $ | 1,600 | 54 | $ | 17,305 | |||||||||||||||||||||||||||
Non-Covered Legacy Loans [Member] | |||||||||||||||||||||||||||||||||
Schedule of Aging of Non-Covered Loans | The following tables provide an analysis of the aging of non-covered loans as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Total Legacy | Recorded | ||||||||||||||||||||||||||||||
Loans, Net of | Investment > 90 days | ||||||||||||||||||||||||||||||||
Unearned | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 507 | $ | — | $ | 69 | $ | 576 | $ | 483,663 | $ | 484,239 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 11,799 | 148 | 6,883 | 18,830 | 3,214,989 | 3,233,819 | — | ||||||||||||||||||||||||||
Commercial business | 1,589 | 1,860 | 3,228 | 6,677 | 3,277,463 | 3,284,140 | 200 | ||||||||||||||||||||||||||
Residential mortgage - Prime | 1,389 | 2,616 | 11,305 | 15,310 | 392,900 | 408,210 | 538 | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 3,595 | 3,595 | 115,889 | 119,484 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 4,096 | 595 | 7,420 | 12,111 | 1,278,865 | 1,290,976 | 16 | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 2,447 | 396 | 1,419 | 4,262 | 392,504 | 396,766 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 253 | 163 | 1,032 | 1,448 | 71,297 | 72,745 | — | ||||||||||||||||||||||||||
Consumer - Other | 1,285 | 424 | 773 | 2,482 | 375,853 | 378,335 | — | ||||||||||||||||||||||||||
Total | $ | 23,365 | $ | 6,202 | $ | 35,724 | $ | 65,291 | $ | 9,603,423 | $ | 9,668,714 | $ | 754 | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Total Legacy | Recorded | ||||||||||||||||||||||||||||||
Loans, Net of | Investment > 90 days | ||||||||||||||||||||||||||||||||
Unearned | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | 1,803 | $ | 1,803 | $ | 381,292 | $ | 383,095 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 6,098 | 5,630 | 7,650 | 19,378 | 2,732,431 | 2,751,809 | 2 | ||||||||||||||||||||||||||
Commercial business | 2,117 | 423 | 15,020 | 17,560 | 2,888,491 | 2,906,051 | — | ||||||||||||||||||||||||||
Residential mortgage - Prime | 1,104 | 852 | 9,684 | 11,640 | 286,167 | 297,807 | 1,073 | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 1,626 | 1,626 | 114,939 | 116,565 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 1,956 | 569 | 6,808 | 9,333 | 1,091,894 | 1,101,227 | — | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,427 | 293 | 1,275 | 2,995 | 370,388 | 373,383 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 266 | 92 | 411 | 769 | 62,873 | 63,642 | — | ||||||||||||||||||||||||||
Consumer - Other | 458 | 106 | 485 | 1,049 | 293,693 | 294,742 | — | ||||||||||||||||||||||||||
Total | $ | 13,426 | $ | 7,965 | $ | 44,762 | $ | 66,153 | $ | 8,222,168 | $ | 8,288,321 | $ | 1,075 | |||||||||||||||||||
(1) | Past due loans greater than 90 days include all loans on nonaccrual status, regardless of past due status, as of the period indicated. Nonaccrual loans are presented separately in the “Nonaccrual Loans” section below. | ||||||||||||||||||||||||||||||||
Non-Covered Acquired Loans [Member] | |||||||||||||||||||||||||||||||||
Schedule of Aging of Non-Covered Loans | December 31, 2014 | ||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Discount/ | Total Non-covered | Recorded | |||||||||||||||||||||||||||||
Premium | Acquired | Investment > 90 days | |||||||||||||||||||||||||||||||
Loans, Net of | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Unearned Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 2,740 | $ | 57 | $ | 1,284 | $ | 4,081 | $ | 26,667 | $ | (1,170 | ) | $ | 29,578 | $ | 1,284 | ||||||||||||||||
Commercial real estate - Other | 4,419 | 840 | 26,480 | 31,739 | 475,751 | (39,119 | ) | 468,371 | 26,376 | ||||||||||||||||||||||||
Commercial business | 2,106 | 70 | 1,635 | 3,811 | 94,962 | (5,224 | ) | 93,549 | 1,635 | ||||||||||||||||||||||||
Residential mortgage - Prime | 152 | 2,367 | 9,339 | 11,858 | 418,552 | (5,831 | ) | 424,579 | 8,087 | ||||||||||||||||||||||||
Consumer - Home equity | 649 | 385 | 8,774 | 9,808 | 216,310 | (8,419 | ) | 217,699 | 8,383 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 13 | 17 | 9 | 39 | 393 | (40 | ) | 392 | 9 | ||||||||||||||||||||||||
Consumer - Other | 1,458 | 113 | 1,949 | 3,520 | 94,315 | (4,217 | ) | 93,618 | 1,829 | ||||||||||||||||||||||||
Total | $ | 11,537 | $ | 3,849 | $ | 49,470 | $ | 64,856 | $ | 1,326,950 | $ | (64,020 | ) | $ | 1,327,786 | $ | 47,603 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Current | Discount/ | Total Non-covered | Recorded | |||||||||||||||||||||||||||||
Premium | Acquired | Investment > 90 days | |||||||||||||||||||||||||||||||
Loans, Net of | and Accruing | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 | 60-89 | > 90 | Total | Unearned Income | ||||||||||||||||||||||||||||
days | days | days | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 388 | $ | — | $ | 2,542 | $ | 2,930 | $ | 19,833 | $ | (2,532 | ) | $ | 20,231 | $ | 2,542 | ||||||||||||||||
Commercial real estate - Other | 1,798 | 1,963 | 27,967 | 31,728 | 345,286 | (52,176 | ) | 324,838 | 27,967 | ||||||||||||||||||||||||
Commercial business | 544 | — | 1,218 | 1,762 | 54,189 | (2,914 | ) | 53,037 | 1,218 | ||||||||||||||||||||||||
Residential mortgage - Prime | — | — | 226 | 226 | 18,796 | (887 | ) | 18,135 | 226 | ||||||||||||||||||||||||
Consumer - Home equity | 313 | 516 | 4,242 | 5,071 | 53,995 | (5,623 | ) | 53,443 | 4,242 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 33 | — | 95 | 128 | 1,725 | — | 1,853 | 95 | |||||||||||||||||||||||||
Consumer - Other | 175 | 101 | 975 | 1,251 | 12,598 | (1,481 | ) | 12,368 | 975 | ||||||||||||||||||||||||
Total | $ | 3,251 | $ | 2,580 | $ | 37,265 | $ | 43,096 | $ | 506,422 | $ | (65,613 | ) | $ | 483,905 | $ | 37,265 | ||||||||||||||||
(1) | Past due information presents acquired loans at the gross loan balance, prior to application of discounts. |
Allowance_for_Credit_Losses_an1
Allowance for Credit Losses and Credit Quality (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses for Covered Loan and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the covered loan and non-covered loan portfolios for the years ended December 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 67,342 | $ | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses before benefit attributable to FDIC loss share agreements | 14,274 | (1,546 | ) | 2,072 | 14,800 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 4,260 | 4,260 | |||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 14,274 | (1,546 | ) | 6,332 | 19,060 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (4,260 | ) | (4,260 | ) | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (933 | ) | (6,390 | ) | (7,323 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | — | 8,661 | (8,661 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (11,312 | ) | (2,073 | ) | (13,470 | ) | (26,855 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 5,870 | 527 | 38 | 6,435 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,174 | $ | 9,193 | $ | 44,764 | $ | 130,131 | |||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 11,147 | $ | — | $ | — | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 654 | — | — | 654 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 11,801 | $ | — | $ | — | $ | 11,801 | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Loans | Acquired Loans | Covered Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,211 | $ | 8,816 | $ | 168,576 | $ | 251,603 | |||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | 6,828 | (3,158 | ) | (54,610 | ) | (50,940 | ) | ||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 56,085 | 56,085 | |||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 6,828 | (3,158 | ) | 1,475 | 5,145 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (56,085 | ) | (56,085 | ) | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (1,085 | ) | (27,041 | ) | (28,126 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to the RULC | (9,828 | ) | — | — | (9,828 | ) | |||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (10,686 | ) | (31 | ) | (15,764 | ) | (26,481 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 6,817 | 15 | 14 | 6,846 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 67,342 | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance from the allowance for loan losses | 9,828 | — | — | 9,828 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 1,319 | — | — | 1,319 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 11,147 | $ | — | $ | — | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Loans | Acquired Loans | Covered Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,861 | $ | — | $ | 118,900 | $ | 193,761 | |||||||||||||||||||||||||||||||||||||||||
Provision for loan losses before adjustment attributable to FDIC loss share agreements | 3,804 | 9,799 | 91,153 | 104,756 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (84,085 | ) | (84,085 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net provision for loan losses | 3,804 | 9,799 | 7,068 | 20,671 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 84,085 | 84,085 | |||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (826 | ) | (26,343 | ) | (27,169 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (9,728 | ) | (179 | ) | (15,153 | ) | (25,060 | ) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 5,274 | 22 | 19 | 5,315 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 74,211 | $ | 8,816 | $ | 168,576 | $ | 251,603 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses for Non-Covered Loans, by Loan Portfolio | A summary of changes in the allowance for credit losses for non-covered loans, by loan portfolio type, for the years ended December 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | (295 | ) | 4,302 | 694 | 8,027 | 12,728 | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (868 | ) | — | (65 | ) | (933 | ) | |||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | 6,009 | 1,699 | — | 953 | 8,661 | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,247 | ) | (1,659 | ) | (613 | ) | (8,866 | ) | (13,385 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 2,964 | 105 | 248 | 3,080 | 6,397 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 33,021 | $ | 32,094 | $ | 2,875 | $ | 17,377 | $ | 85,367 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 3,089 | $ | 4,839 | $ | 72 | $ | 3,147 | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for unfunded commitments | 350 | 421 | 96 | (213 | ) | 654 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,439 | $ | 5,260 | $ | 168 | $ | 2,934 | $ | 11,801 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 20 | $ | 407 | $ | — | $ | 3 | $ | 430 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 33,001 | 31,687 | 2,875 | 17,374 | 84,939 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 4,216,007 | $ | 3,377,689 | $ | 952,273 | $ | 2,450,531 | $ | 10,996,500 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 7,013 | 3,988 | — | 699 | 11,700 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 4,186,968 | 3,369,982 | 936,604 | 2,438,569 | 10,932,123 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 22,026 | 3,719 | 15,669 | 11,263 | 52,677 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,264 | $ | 28,721 | $ | 2,125 | $ | 13,917 | $ | 83,027 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | (8,830 | ) | 3,543 | 860 | 8,097 | 3,670 | |||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (319 | ) | (113 | ) | (646 | ) | (7 | ) | (1,085 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to the RULC | (2,939 | ) | (3,497 | ) | (40 | ) | (3,352 | ) | (9,828 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,940 | ) | (516 | ) | (518 | ) | (6,743 | ) | (10,717 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 3,354 | 377 | 765 | 2,336 | 6,832 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Transfer of balance from the allowance for loan losses | 2,939 | 3,497 | 40 | 3,352 | 9,828 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | 150 | 1,342 | 32 | (205 | ) | 1,319 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,089 | $ | 4,839 | $ | 72 | $ | 3,147 | $ | 11,147 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 8 | $ | 841 | $ | 180 | $ | — | $ | 1,029 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 26,582 | 27,674 | 2,366 | 14,248 | 70,870 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,479,973 | $ | 2,959,088 | $ | 432,507 | $ | 1,900,658 | $ | 8,772,226 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 8,705 | 15,812 | 1,407 | 258 | 26,182 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 3,459,028 | 2,943,246 | 430,974 | 1,899,013 | 8,732,261 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 12,240 | 30 | 126 | 1,387 | 13,783 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 35,604 | $ | 25,705 | $ | 897 | $ | 12,655 | $ | 74,861 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 1,786 | 4,021 | 2,578 | 5,218 | 13,603 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (292 | ) | — | (525 | ) | (9 | ) | (826 | ) | ||||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,000 | ) | (1,116 | ) | (863 | ) | (5,928 | ) | (9,907 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 3,166 | 111 | 38 | 1,981 | 5,296 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 38,264 | $ | 28,721 | $ | 2,125 | $ | 13,917 | $ | 83,027 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 226 | $ | 449 | $ | 163 | $ | 42 | $ | 880 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 38,038 | 28,272 | 1,962 | 13,875 | 82,147 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 2,990,700 | $ | 2,450,667 | $ | 290,040 | $ | 1,674,417 | $ | 7,405,824 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 28,052 | 4,401 | 1,703 | 315 | 34,471 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 2,906,792 | 2,442,796 | 288,007 | 1,669,067 | 7,306,662 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 55,856 | 3,470 | 330 | 5,035 | 64,691 | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses for Covered Loans, by Loan Portfolio | A summary of changes in the allowance for credit losses for covered loans, by loan portfolio type, for the years ended December 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 3,058 | 399 | 1,168 | 1,707 | 6,332 | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | 227 | 509 | (3,854 | ) | (1,142 | ) | (4,260 | ) | |||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (1,897 | ) | (1,162 | ) | (1,719 | ) | (1,612 | ) | (6,390 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | (6,009 | ) | (1,699 | ) | — | (953 | ) | (8,661 | ) | ||||||||||||||||||||||||||||||||||||||||
Loans charged off | (10,117 | ) | (2,192 | ) | (198 | ) | (963 | ) | (13,470 | ) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 24,072 | $ | 1,235 | $ | 6,286 | $ | 13,171 | $ | 44,764 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 24,072 | 1,235 | 6,286 | 13,171 | 44,764 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 189,126 | $ | 31,260 | $ | 128,024 | $ | 96,134 | $ | 444,544 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 187,873 | 31,260 | 105,106 | 82,773 | 407,012 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 1,253 | — | 22,918 | 13,361 | 37,532 | ||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 100,871 | $ | 11,375 | $ | 22,566 | $ | 33,764 | $ | 168,576 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 1,523 | (649 | ) | 286 | 315 | 1,475 | |||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (28,238 | ) | (5,032 | ) | (4,896 | ) | (17,919 | ) | (56,085 | ) | |||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (19,634 | ) | (314 | ) | (7,067 | ) | (26 | ) | (27,041 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (15,764 | ) | — | — | — | (15,764 | ) | ||||||||||||||||||||||||||||||||||||||||||
Recoveries | 14 | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 38,772 | 5,380 | 10,889 | 16,134 | 71,175 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 387,332 | $ | 37,025 | $ | 154,025 | $ | 141,411 | $ | 719,793 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 372,428 | 37,025 | 125,802 | 118,461 | 653,716 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 14,904 | — | 28,223 | 22,950 | 66,077 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Commercial | Residential | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||
Real estate | business | Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 69,175 | $ | 9,788 | $ | 21,184 | $ | 18,753 | $ | 118,900 | |||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for loan losses | 4,970 | 964 | 323 | 811 | 7,068 | ||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | 51,543 | 3,616 | 13,895 | 15,031 | 84,085 | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (11,202 | ) | (2,993 | ) | (11,323 | ) | (825 | ) | (26,343 | ) | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (13,631 | ) | — | (1,513 | ) | (9 | ) | (15,153 | ) | ||||||||||||||||||||||||||||||||||||||||
Recoveries | 16 | — | — | 3 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 100,871 | $ | 11,375 | $ | 22,566 | $ | 33,764 | $ | 168,576 | |||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 100,871 | 11,375 | 22,566 | 33,764 | 168,576 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 640,843 | $ | 87,051 | $ | 187,164 | $ | 177,698 | $ | 1,092,756 | |||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 473,101 | 84,294 | 166,932 | 154,784 | 879,111 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 167,742 | 2,757 | 20,232 | 22,914 | 213,645 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator | Credit quality information in the tables below includes loans acquired at the gross loan balance, prior to the application of premiums/discounts, at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Sub- | Doubtful | Total | Pass | Special | Sub- | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||
Mention | standard | Mention | standard | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 483,930 | $ | 240 | $ | 69 | $ | — | $ | 484,239 | $ | 370,824 | $ | 9,309 | $ | 2,962 | $ | — | $ | 383,095 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 3,161,593 | 49,847 | 22,217 | 162 | 3,233,819 | 2,694,161 | 27,227 | 30,308 | 113 | 2,751,809 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 3,245,912 | 7,330 | 28,965 | 1,933 | 3,284,140 | 2,866,794 | 6,164 | 32,167 | 926 | 2,906,051 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,891,435 | $ | 57,417 | $ | 51,251 | $ | 2,095 | $ | 7,002,198 | $ | 5,931,779 | $ | 42,700 | $ | 65,437 | $ | 1,039 | $ | 6,040,955 | |||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Total | Current | 30+ Days | Total | |||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 392,900 | $ | 15,310 | $ | 408,210 | $ | 286,167 | $ | 11,640 | $ | 297,807 | |||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 115,889 | 3,595 | 119,484 | 114,939 | 1,626 | 116,565 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 1,278,865 | 12,111 | 1,290,976 | 1,091,894 | 9,333 | 1,101,227 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 392,504 | 4,262 | 396,766 | 370,388 | 2,995 | 373,383 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 71,297 | 1,448 | 72,745 | 62,873 | 769 | 63,642 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 375,853 | 2,482 | 378,335 | 293,693 | 1,049 | 294,742 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,627,308 | $ | 39,208 | $ | 2,666,516 | $ | 2,219,954 | $ | 27,412 | $ | 2,247,366 | |||||||||||||||||||||||||||||||||||||
Schedule of Investment in Legacy Impaired Loan | Information on the Company’s investment in legacy impaired loans is presented in the following tables as of and for the periods indicated. | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,680 | $ | 6,680 | $ | — | $ | 6,703 | $ | 132 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 2,483 | 2,483 | — | 2,873 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 682 | 682 | — | 696 | 19 | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,068 | 1,093 | (25 | ) | 1,158 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,212 | 1,620 | (408 | ) | 2,117 | 23 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 10,532 | 10,768 | (236 | ) | 10,577 | 11 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,579 | 3,595 | (16 | ) | 3,686 | 99 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 7,121 | 7,165 | (44 | ) | 7,544 | 43 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,410 | 1,419 | (9 | ) | 2,016 | 51 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,012 | 1,032 | (20 | ) | 797 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 781 | 790 | (9 | ) | 1,009 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 36,560 | $ | 37,327 | $ | (767 | ) | $ | 39,176 | $ | 513 | ||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 11,443 | $ | 11,876 | $ | (433 | ) | $ | 12,851 | $ | 251 | ||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 14,111 | 14,363 | (252 | ) | 14,263 | 110 | |||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 11,006 | 11,088 | (82 | ) | 12,062 | 152 | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 8,567 | $ | 8,567 | $ | — | $ | 10,443 | $ | 43 | |||||||||||||||||||||||||||||||||||||||
Commercial business | 13,256 | 13,256 | — | 11,074 | 170 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 258 | 258 | — | 281 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,268 | 1,284 | (16 | ) | 4,414 | 8 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,927 | 2,770 | (843 | ) | 2,892 | 100 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 9,791 | 10,019 | (228 | ) | 8,096 | 98 | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 1,617 | 1,626 | (9 | ) | 1,579 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 6,506 | 6,550 | (44 | ) | 7,593 | 93 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,267 | 1,275 | (8 | ) | 2,090 | 55 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 404 | 411 | (7 | ) | 418 | — | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 481 | 485 | (4 | ) | 765 | 19 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 45,342 | $ | 46,501 | $ | (1,159 | ) | $ | 49,645 | $ | 587 | ||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 25,018 | $ | 25,877 | $ | (859 | ) | $ | 28,823 | $ | 321 | ||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 11,408 | 11,645 | (237 | ) | 9,675 | 98 | |||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 8,916 | 8,979 | (63 | ) | 11,147 | 168 | |||||||||||||||||||||||||||||||||||||||||||
Covered Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator | Non-covered acquired loans | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Discount | Total | Pass | Special | Substandard | Doubtful | Discount | Total | |||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 24,118 | $ | 2,006 | $ | 4,624 | $ | — | $ | (1,170 | ) | $ | 29,578 | $ | 21,244 | $ | — | $ | 1,519 | $ | — | $ | (2,532 | ) | $ | 20,231 | |||||||||||||||||||||||
Commercial real | 445,557 | 12,794 | 49,139 | — | (39,119 | ) | 468,371 | 350,412 | 5,096 | 21,413 | 93 | (52,176 | ) | 324,838 | |||||||||||||||||||||||||||||||||||
estate - Other | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 91,837 | 1,861 | 4,818 | 257 | (5,224 | ) | 93,549 | 53,533 | 517 | 1,901 | — | (2,914 | ) | 53,037 | |||||||||||||||||||||||||||||||||||
Total | $ | 561,512 | $ | 16,661 | $ | 58,581 | $ | 257 | $ | (45,513 | ) | $ | 591,498 | $ | 425,189 | $ | 5,613 | $ | 24,833 | $ | 93 | $ | (57,622 | ) | $ | 398,106 | |||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 418,552 | $ | 11,858 | $ | (5,831 | ) | $ | 424,579 | $ | 18,796 | $ | 226 | $ | (887 | ) | $ | 18,135 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 216,310 | 9,808 | (8,419 | ) | 217,699 | 53,995 | 5,071 | (5,623 | ) | 53,443 | |||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 393 | 39 | (40 | ) | 392 | 1,725 | 128 | — | 1,853 | ||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 94,315 | 3,520 | (4,217 | ) | 93,618 | 12,598 | 1,251 | (1,481 | ) | 12,368 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 729,570 | $ | 25,225 | $ | (18,507 | ) | $ | 736,288 | $ | 87,114 | $ | 6,676 | $ | (7,991 | ) | $ | 85,799 | |||||||||||||||||||||||||||||||
Acquired Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator | The Company’s investment in covered loans by credit quality indicator is presented in the following table. Loan premiums/discounts in the tables below represent the adjustment of covered loans to net book value before allowance at the reporting date. | ||||||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 34,731 | $ | 1,928 | $ | 8,008 | $ | — | $ | 44,667 | $ | 42,886 | $ | 7,401 | $ | 23,891 | $ | 497 | $ | 74,675 | |||||||||||||||||||||||||||||
Commercial real | 87,509 | 20,422 | 51,252 | — | 159,183 | 148,579 | 49,699 | 144,680 | 3,267 | 346,225 | |||||||||||||||||||||||||||||||||||||||
estate - Other | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 23,380 | 395 | 9,275 | — | 33,050 | 30,710 | 780 | 14,556 | 984 | 47,030 | |||||||||||||||||||||||||||||||||||||||
$ | 145,620 | $ | 22,745 | $ | 68,535 | $ | — | $ | 236,900 | $ | 222,175 | $ | 57,880 | $ | 183,127 | $ | 4,748 | $ | 467,930 | ||||||||||||||||||||||||||||||
Discount | (16,514 | ) | (43,573 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 220,386 | $ | 424,357 | |||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential prime | $ | 140,628 | $ | 22,058 | $ | (34,662 | ) | $ | 128,024 | $ | 158,710 | $ | 30,814 | $ | (35,499 | ) | $ | 154,025 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 99,478 | 16,542 | (23,590 | ) | 92,430 | 143,236 | 35,811 | (41,925 | ) | 137,122 | |||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 614 | 34 | — | 648 | 648 | 31 | — | 679 | |||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 337 | 18 | 2,701 | 3,056 | 591 | 144 | 2,875 | 3,610 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 241,057 | $ | 38,652 | $ | (55,551 | ) | $ | 224,158 | $ | 303,185 | $ | 66,800 | $ | (74,549 | ) | $ | 295,436 |
Loss_Sharing_Agreements_and_FD1
Loss Sharing Agreements and FDIC Loss Share Receivable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of FDIC Loss Share Receivables | The following is a summary of FDIC loss share receivables year-to-date activity: | ||||||||
December 31 | |||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Balance at beginning of period | $ | 162,312 | $ | 423,069 | |||||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | (4,260 | ) | (56,085 | ) | |||||
Amortization | (74,617 | ) | (97,849 | ) | |||||
Recoveries payable (submission of reimbursable losses) to the FDIC | 3,282 | (52,586 | ) | ||||||
Impairment | (5,121 | ) | (31,813 | ) | |||||
Changes due to a change in cash flow assumptions on OREO and other changes | (11,969 | ) | (22,424 | ) | |||||
Balance at end of period | $ | 69,627 | $ | 162,312 | |||||
Transfers_and_Servicing_of_Fin1
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||
Changes in Carrying Amount of Mortgage Loans Held-for-sale | Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of period | $ | 128,442 | $ | 267,475 | $ | 153,013 | |||||||
Originations and Purchases | 1,675,538 | 2,116,460 | 2,432,367 | ||||||||||
Sales, net of gains | (1,657,409 | ) | (2,255,493 | ) | (2,317,905 | ) | |||||||
Other | (6,499 | ) | — | — | |||||||||
Balance at end of period | $ | 140,072 | $ | 128,442 | $ | 267,475 | |||||||
Components of Mortgage Income | The following table details the components of mortgage income for the years ended December 31: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Fair value changes of derivatives and mortgage loans held for sale: | |||||||||||||
Mortgage loans held for sale and derivatives | $ | 631 | $ | (4,822 | ) | $ | 6,772 | ||||||
Derivative settlements | (8,743 | ) | 3,100 | — | |||||||||
Gains on sales | 59,156 | 65,393 | 70,811 | ||||||||||
Servicing and other income, net | 753 | 526 | 470 | ||||||||||
$ | 51,797 | $ | 64,197 | $ | 78,053 | ||||||||
Goodwill_and_Other_Acquired_In1
Goodwill and Other Acquired Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in “Other assets” on the Company’s consolidated balance sheets as of December 31: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
Core deposit intangibles | $ | 55,949 | $ | (36,354 | ) | $ | 19,595 | $ | 45,406 | $ | (30,784 | ) | $ | 14,622 | |||||||||||
Customer relationship intangible asset | 1,348 | (822 | ) | 526 | 1,348 | (631 | ) | 717 | |||||||||||||||||
Non-compete agreement | 163 | (82 | ) | 81 | — | — | — | ||||||||||||||||||
Other intangible assets | 205 | (46 | ) | 159 | — | — | — | ||||||||||||||||||
Total | $ | 57,665 | $ | (37,304 | ) | $ | 20,361 | $ | 46,754 | $ | (31,415 | ) | $ | 15,339 | |||||||||||
Schedule of Amortization Expense of Intangible Assets | The related amortization expense of intangible assets is as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | ||||||||||||||||||||||||
Aggregate amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2012 | $ | 5,150 | |||||||||||||||||||||||
2013 | 4,720 | ||||||||||||||||||||||||
2014 | 5,807 | ||||||||||||||||||||||||
Estimated amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2015 | $ | 5,646 | |||||||||||||||||||||||
2016 | 5,187 | ||||||||||||||||||||||||
2017 | 3,586 | ||||||||||||||||||||||||
2018 | 2,597 | ||||||||||||||||||||||||
2019 | 1,877 | ||||||||||||||||||||||||
2020 and thereafter | 1,468 | ||||||||||||||||||||||||
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the years ended December 31, 2014 and 2013 are provided in the following table. | ||||||||||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Total | |||||||||||||||||||||
Balance, December 31, 2012 | $ | 373,905 | $ | 23,178 | $ | 4,789 | $ | 401,872 | |||||||||||||||||
Goodwill acquired during the year | — | — | — | — | |||||||||||||||||||||
Balance, December 31, 2013 | 373,905 | $ | 23,178 | $ | 4,789 | 401,872 | |||||||||||||||||||
Goodwill acquired during the year | 115,278 | — | 376 | 115,654 | |||||||||||||||||||||
Balance, December 31, 2014 | $ | 489,183 | $ | 23,178 | $ | 5,165 | $ | 517,526 | |||||||||||||||||
Mortgage Servicing Rights [Member] | |||||||||||||||||||||||||
Schedule of Definite-Lived Intangible Assets | Mortgage servicing rights had the following carrying values as of December 31: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Amortization | Carrying Amount | Carrying Amount | Amortization | Carrying Amount | |||||||||||||||||||
Mortgage servicing rights | $ | 4,751 | $ | (1,253 | ) | $ | 3,498 | $ | 2,146 | $ | (638 | ) | $ | 1,508 | |||||||||||
Schedule of Amortization Expense of Intangible Assets | The related amortization expense of mortgage servicing rights is as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | ||||||||||||||||||||||||
Aggregate amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2012 | $ | 225 | |||||||||||||||||||||||
2013 | 480 | ||||||||||||||||||||||||
2014 | 759 | ||||||||||||||||||||||||
Estimated amortization expense for the years ended December 31: | |||||||||||||||||||||||||
2015 | $ | 1,550 | |||||||||||||||||||||||
2016 | 697 | ||||||||||||||||||||||||
2017 | 531 | ||||||||||||||||||||||||
2018 | 371 | ||||||||||||||||||||||||
2019 | 230 | ||||||||||||||||||||||||
2020 and thereafter | 119 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Premises and Equipment | Premises and equipment consisted of the following at December 31: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Land | $ | 75,916 | $ | 77,113 | |||||
Buildings | 232,727 | 217,469 | |||||||
Furniture, fixtures and equipment | 128,388 | 110,663 | |||||||
Total premises and equipment | 437,031 | 405,245 | |||||||
Accumulated depreciation | (129,872 | ) | (117,735 | ) | |||||
Total premises and equipment, net | $ | 307,159 | $ | 287,510 | |||||
Schedule of Minimum Future Annual Rent Commitments | Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: | ||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 11,541 | |||||||
2016 | 9,878 | ||||||||
2017 | 8,153 | ||||||||
2018 | 7,333 | ||||||||
2019 | 6,214 | ||||||||
2020 and thereafter | 31,860 | ||||||||
$ | 74,979 | ||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Schedule of Other Real Estate Owned Segregated Into Non-Covered and Covered Properties | Other real estate owned is included in Other assets on the Company’s consolidated balance sheets. Other real estate owned, segregated into non-covered and covered properties, consists of the following at December 31 for the periods indicated. For further discussion of loss share coverage periods applicable to the covered foreclosed assets, see Note 8 to these consolidated financial statements. | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Non-covered | Covered (1) | Total | Non-covered | Covered | Total | |||||||||||||||||||
Real estate owned acquired by foreclosure | $ | 18,614 | $ | 22,872 | $ | 41,486 | $ | 28,072 | $ | 60,474 | $ | 88,546 | |||||||||||||
Real estate acquired for development or resale | 11,556 | — | 11,556 | 9,206 | — | 9,206 | |||||||||||||||||||
Other foreclosed property | 81 | 824 | 905 | 93 | 1,328 | 1,421 | |||||||||||||||||||
Total | $ | 30,251 | $ | 23,696 | $ | 53,947 | $ | 37,371 | $ | 61,802 | $ | 99,173 | |||||||||||||
-1 | Included in covered OREO at December 31, 2014 is $9.6 million of assets whose reimbursable loss periods ended as of January 1, 2015. |
Derivative_Instruments_and_Oth1
Derivative Instruments and Other Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows: | ||||||||||||||||||||||||||||
Balance Sheet | Asset Derivatives Fair Value | Balance Sheet | Liability Derivatives Fair Value | ||||||||||||||||||||||||||
(Dollars in thousands) | Location | December 31, 2014 | December 31, 2013 | Location | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 15,434 | $ | 10,621 | Other liabilities | $ | 15,434 | $ | 10,620 | |||||||||||||||||||
Forward sales contracts | Other assets | 25 | 1,468 | Other liabilities | 2,556 | 287 | |||||||||||||||||||||||
Written and purchased options | Other assets | 17,444 | 17,987 | Other liabilities | 13,364 | 15,828 | |||||||||||||||||||||||
Total | $ | 32,903 | $ | 30,076 | $ | 31,354 | $ | 26,735 | |||||||||||||||||||||
Asset Derivatives Notional Amount | Liability Derivatives Notional Amount | ||||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||||||
Interest rate contracts | $ | 444,703 | $ | 380,303 | $ | 444,703 | $ | 380,303 | |||||||||||||||||||||
Forward sales contracts | 15,897 | 192,876 | 391,992 | 45,091 | |||||||||||||||||||||||||
Written and purchased options | 362,580 | 295,425 | 225,741 | 199,061 | |||||||||||||||||||||||||
Total | $ | 823,180 | $ | 868,604 | $ | 1,062,436 | $ | 624,455 | |||||||||||||||||||||
Reconciliation of Gross Amounts in Consolidated Balance Sheets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts | Gross Amounts Not Offset | |||||||||||||||||||||||||||
Derivatives subject to master netting arrangements | Presented in the | in the Balance Sheet | |||||||||||||||||||||||||||
Balance Sheet | Derivatives | Collateral (1) | Net | ||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 15,411 | — | — | 15,411 | |||||||||||||||||||||||||
Written and purchased options | 13,387 | — | — | 13,387 | |||||||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 28,798 | $ | — | $ | — | $ | 28,798 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 15,411 | — | (3,735 | ) | 11,676 | ||||||||||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 15,411 | $ | — | $ | (3,735 | ) | $ | 11,676 | ||||||||||||||||||||
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Amounts | Gross Amounts Not Offset | |||||||||||||||||||||||||||
Derivatives subject to master netting arrangements | Presented in the | in the Balance Sheet | |||||||||||||||||||||||||||
Balance Sheet | Derivatives | Collateral (1) | Net | ||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 10,621 | — | — | 10,621 | |||||||||||||||||||||||||
Written and purchased options | 15,801 | — | — | 15,801 | |||||||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 26,422 | $ | — | $ | — | $ | 26,422 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||
Interest rate contracts designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | 10,620 | — | (5,419 | ) | 5,201 | ||||||||||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 10,620 | $ | — | $ | (5,419 | ) | $ | 5,201 | ||||||||||||||||||||
(1) | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||||||
Effect of Hedging Instruments on Consolidated Financial Statements | At December 31, 2014 and 2013, and for years then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: | ||||||||||||||||||||||||||||
(Dollars in thousands) | Amount of Gain (Loss) | Location of Gain | Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||
Recognized in OCI | (Loss) Reclassified | Reclassified from | Recognized in Income on | Recognized in | |||||||||||||||||||||||||
net of taxes | from Accumulated | Accumulated OCI | Derivative (Ineffective | Income on Derivative | |||||||||||||||||||||||||
(Effective Portion) | OCI into Income | into Income | Portion and Amount | (Ineffective Portion and | |||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Excluded from Effectiveness | Amount Excluded from | ||||||||||||||||||||||||||
Testing | Effectiveness Testing) | ||||||||||||||||||||||||||||
As of December 31 | For the Years Ended December 31 | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships | |||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | Other income (expense) | $ | — | $ | (392 | ) | Other income | $ | (1 | ) | $ | 1 | |||||||||||||
(expense) | |||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | (392 | ) | $ | (1 | ) | $ | 1 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized | ||||||||||||||||||||||||||||
Recognized in Income on | in Income on Derivatives | ||||||||||||||||||||||||||||
Derivatives | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under ASC Topic 815 | |||||||||||||||||||||||||||||
Interest rate contracts | Other income (expense) | $ | 2,513 | $ | 2,991 | ||||||||||||||||||||||||
Forward sales contracts | Mortgage Income | (3,225 | ) | (1,716 | ) | ||||||||||||||||||||||||
Written and purchased options | Mortgage Income | (5,739 | ) | (3,032 | ) | ||||||||||||||||||||||||
Total | $ | (6,451 | ) | $ | (1,757 | ) | |||||||||||||||||||||||
Outstanding Interest Rate Swap Agreements Not Designated as Hedging Instruments | At December 31, additional information pertaining to outstanding interest rate swap agreements not designated as hedging instruments is as follows: | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||||||
Weighted average pay rate | 2.9 | % | 3 | % | |||||||||||||||||||||||||
Weighted average receive rate | 0.4 | % | 0.2 | % | |||||||||||||||||||||||||
Weighted average maturity in years | 7.7 | yrs | 7.6 | yrs | |||||||||||||||||||||||||
Unrealized gain (loss) relating to interest rate swaps | $ | — | $ | — |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Banking and Thrift [Abstract] | |||||||||
Schedule of Deposits by Type | Deposits at December 31 are summarized as follows: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Non-interest-bearing deposits | $ | 3,195,430 | $ | 2,575,939 | |||||
Negotiable order of withdrawal (NOW) | 2,462,841 | 2,283,491 | |||||||
Money market deposits accounts (MMDA) | 4,168,504 | 3,779,581 | |||||||
Savings deposits | 577,513 | 387,397 | |||||||
Certificates of deposit and other time deposits | 2,116,237 | 1,710,592 | |||||||
$ | 12,520,525 | $ | 10,737,000 | ||||||
Schedule of Time Deposits | Total time deposits summarized by denomination at December 31 are as follows: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Time deposits less than $100,000 | $ | 1,035,438 | $ | 804,250 | |||||
Time deposits greater than $100,000 | 1,080,799 | 906,342 | |||||||
$ | 2,116,237 | $ | 1,710,592 | ||||||
Schedule of Maturities of Certificates of Deposit | A schedule of maturities of all certificates of deposit as of December 31, 2014 is as follows: | ||||||||
(Dollars in thousands) | |||||||||
Years ending December 31 | |||||||||
2015 | $ | 1,297,125 | |||||||
2016 | 493,944 | ||||||||
2017 | 171,884 | ||||||||
2018 | 57,580 | ||||||||
2019 | 49,967 | ||||||||
2020 and thereafter | 45,737 | ||||||||
$ | 2,116,237 | ||||||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Summary of Short-Term Borrowings | Short-term borrowings at December 31 are summarized as follows: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||
Federal Home Loan Bank advances | $ | 603,000 | $ | 375,000 | |||||||||
Securities sold under agreements to repurchase | 242,742 | 305,344 | |||||||||||
$ | 845,742 | $ | 680,344 | ||||||||||
Additional Information on Short-Term Borrowings | Additional information on the Company’s short-term borrowings for the years indicated is as follows: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Outstanding at December 31 | $ | 845,742 | $ | 680,344 | $ | 303,045 | |||||||
Maximum month-end outstanding balance | 1,034,741 | 680,344 | 640,768 | ||||||||||
Average daily outstanding balance | 782,033 | 303,352 | 284,201 | ||||||||||
Average rate during the year | 0.17 | % | 0.16 | % | 0.22 | % | |||||||
Average rate at year end | 0.18 | % | 0.15 | % | 0.22 | % |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Debt | Long-term debt at December 31 is summarized as follows: | ||||||||
(Dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
IBERIABANK: | |||||||||
Federal Home Loan Bank notes, 0.724% to 7.040% | $ | 210,549 | $ | 92,267 | |||||
Notes payable - Investment fund contribution, 7 to 40 year term, 0.50% to 5.00% fixed | 80,843 | 76,570 | |||||||
291,392 | 168,837 | ||||||||
IBERIABANK Corporation (junior subordinated debt): | |||||||||
Statutory Trust I, 3 month LIBOR (1), plus 3.25% | 10,310 | 10,310 | |||||||
Statutory Trust II, 3 month LIBOR (1), plus 3.15% | 10,310 | 10,310 | |||||||
Statutory Trust III, 3 month LIBOR (1), plus 2.00% | 10,310 | 10,310 | |||||||
Statutory Trust IV, 3 month LIBOR (1), plus 1.60% | 15,464 | 15,464 | |||||||
American Horizons Statutory Trust I, 3 month LIBOR (1), plus 3.15% | 6,186 | 6,186 | |||||||
Statutory Trust V, 3 month LIBOR (1), plus 1.435% | 10,310 | 10,310 | |||||||
Statutory Trust VI, 3 month LIBOR (1), plus 2.75% | 12,372 | 12,372 | |||||||
Statutory Trust VII, 3 month LIBOR (1), plus 2.54% | 13,403 | 13,403 | |||||||
Statutory Trust VIII, 3 month LIBOR (1), plus 3.50% | 7,217 | 7,217 | |||||||
OMNI Trust I, 3 month LIBOR (1), plus 3.30% | 8,248 | 8,248 | |||||||
OMNI Trust II, 3 month LIBOR (1), plus 2.79% | 7,732 | 7,732 | |||||||
111,862 | 111,862 | ||||||||
$ | 403,254 | $ | 280,699 | ||||||
-1 | The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate was 0.26% and 0.25% at December 31, 2014 and 2013, respectively. | ||||||||
Maturities of Long-Term Debt and Advances | Advances and long-term debt at December 31, 2014 have maturities or call dates in future years as follows: | ||||||||
(Dollars in thousands) | |||||||||
2015 | $ | 6,941 | |||||||
2016 | 41,916 | ||||||||
2017 | 101,321 | ||||||||
2018 | 20,741 | ||||||||
2019 | 8,696 | ||||||||
2020 and thereafter | 223,639 | ||||||||
$ | 403,254 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Provision for Income Tax Expense | The provision for income tax expense consists of the following for the years ended December 31: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current expense | $ | 69,612 | $ | 62,468 | $ | 44,125 | |||||||
Deferred benefit | (24,955 | ) | (35,943 | ) | (7,527 | ) | |||||||
Tax credits | (12,012 | ) | (11,690 | ) | (8,756 | ) | |||||||
Tax benefits attributable to items charged to equity and goodwill | 2,105 | 1,034 | 654 | ||||||||||
$ | 34,750 | $ | 15,869 | $ | 28,496 | ||||||||
Reconciliation of Effective Tax Rate | The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35 percent on income before income tax expense as indicated in the following analysis for the years ended December 31: | ||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Federal tax based on statutory rate | $ | 49,070 | $ | 28,340 | $ | 36,712 | |||||||
Increase (decrease) resulting from: | |||||||||||||
Effect of tax-exempt income | (7,064 | ) | (7,282 | ) | (7,558 | ) | |||||||
Interest and other nondeductible expenses | 2,642 | 2,007 | 1,847 | ||||||||||
State taxes, net of federal Benefit | 2,531 | 3,237 | 4,938 | ||||||||||
Tax credits | (12,012 | ) | (11,690 | ) | (8,756 | ) | |||||||
Other | (417 | ) | 1,257 | 1,313 | |||||||||
$ | 34,750 | $ | 15,869 | $ | 28,496 | ||||||||
Effective tax rate | 24.8 | % | 19.6 | % | 27.2 | % | |||||||
Deferred Tax Assets and Liabilities | The net deferred tax asset at December 31 is as follows: | ||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax asset: | |||||||||||||
NOL carryforward | $ | 978 | $ | 1,001 | |||||||||
Allowance for credit losses | 59,267 | 85,101 | |||||||||||
Deferred compensation | 6,631 | 6,315 | |||||||||||
Basis difference in acquired assets | 53,202 | 70,136 | |||||||||||
Unrealized loss on available for sale investments | — | 8,880 | |||||||||||
OREO | 9,845 | 31,943 | |||||||||||
Other | 13,530 | 19,509 | |||||||||||
143,453 | 222,885 | ||||||||||||
Deferred tax liability: | |||||||||||||
Basis difference in acquired assets | (53,940 | ) | (130,426 | ) | |||||||||
Gain on acquisition | (2,426 | ) | (17,693 | ) | |||||||||
FHLB stock | (85 | ) | (36 | ) | |||||||||
Premises and equipment | (9,652 | ) | (10,209 | ) | |||||||||
Acquisition intangibles | (12,151 | ) | (12,113 | ) | |||||||||
Deferred loan costs | (3,771 | ) | (2,915 | ) | |||||||||
Unrealized gain on available for sale investments | (4,052 | ) | — | ||||||||||
Investments acquired | (570 | ) | (235 | ) | |||||||||
Swap gain | (75 | ) | (75 | ) | |||||||||
Other | (12,908 | ) | (11,089 | ) | |||||||||
(99,630 | ) | (184,791 | ) | ||||||||||
Net deferred tax asset | $ | 43,823 | $ | 38,094 |
Shareholders_Equity_and_Other_1
Shareholders' Equity and Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Tax Effects of Each Component of Other Comprehensive Income | The following is a summary of the tax effects of each component of other comprehensive income for the years ended December 31: | ||||||||||||
2014 | |||||||||||||
(Dollars in thousands) | Before | Tax Expense | Net-of-Tax | ||||||||||
Tax | Amount | ||||||||||||
Unrealized gain on securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 37,719 | $ | (13,202 | ) | $ | 24,517 | ||||||
Reclassification adjustment for gains included in net income | (771 | ) | 270 | (501 | ) | ||||||||
Net unrealized gains | 36,948 | (12,932 | ) | 24,016 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | — | $ | — | $ | — | |||||||
Reclassification adjustment for losses included in net income | — | — | — | ||||||||||
Fair value of derivative instruments designated as cash flow hedges | — | — | — | ||||||||||
Total other comprehensive income | $ | 36,948 | $ | (12,932 | ) | $ | 24,016 | ||||||
2013 | |||||||||||||
(Dollars in thousands) | Before | Tax | Net-of-Tax | ||||||||||
Tax | Benefit | Amount | |||||||||||
Unrealized loss on securities: | |||||||||||||
Unrealized holding losses arising during the period | $ | (62,095 | ) | $ | 21,733 | $ | (40,362 | ) | |||||
Reclassification adjustment for gains included in net income | (2,277 | ) | 797 | (1,480 | ) | ||||||||
Net unrealized losses | (64,372 | ) | 22,530 | (41,842 | ) | ||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | 953 | $ | (333 | ) | $ | 620 | ||||||
Reclassification adjustment for losses included in net income | 391 | (137 | ) | 254 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | 1,344 | (470 | ) | 874 | |||||||||
Total other comprehensive loss | $ | (63,028 | ) | $ | 22,060 | $ | (40,968 | ) | |||||
2012 | |||||||||||||
(Dollars in thousands) | Before | Tax Expense | Net-of-Tax | ||||||||||
Tax | Amount | ||||||||||||
Unrealized loss on securities: | |||||||||||||
Unrealized holding gains arising during the period | $ | 2,174 | $ | (761 | ) | $ | 1,413 | ||||||
Reclassification adjustment for gains included in net income | (3,739 | ) | 1,308 | (2,431 | ) | ||||||||
Net unrealized losses | (1,565 | ) | 547 | (1,018 | ) | ||||||||
Fair value of derivative instruments designated as cash flow hedges | |||||||||||||
Change in fair value of derivative instruments designated as cash flow hedges during the period | $ | (22 | ) | $ | 8 | $ | (14 | ) | |||||
Reclassification adjustment for losses included in net income | 1,618 | (566 | ) | 1,052 | |||||||||
Fair value of derivative instruments designated as cash flow hedges | 1,596 | (558 | ) | 1,038 | |||||||||
Total other comprehensive income | $ | 31 | $ | (11 | ) | $ | 20 | ||||||
Capital_Requirements_and_Other1
Capital Requirements and Other Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of December 31 are presented in the following table. | ||||||||||||||||||||||||
(Dollars in thousands) | 2014 | ||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 602,387 | 4 | % | $ | N/A | N/A | % | $ | 1,408,842 | 9.36 | % | |||||||||||||
IBERIABANK | 600,149 | 4 | 750,186 | 5 | 1,266,241 | 8.44 | |||||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 504,114 | 4 | % | $ | N/A | N/A | % | $ | 1,408,842 | 11.18 | % | |||||||||||||
IBERIABANK | 502,421 | 4 | 753,631 | 6 | 1,266,241 | 10.08 | |||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 1,008,227 | 8 | % | $ | N/A | N/A | % | $ | 1,550,789 | 12.31 | % | |||||||||||||
IBERIABANK | 1,004,841 | 8 | 1,256,052 | 10 | 1,408,188 | 11.21 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 507,760 | 4 | % | $ | N/A | N/A | % | $ | 1,231,886 | 9.7 | % | |||||||||||||
IBERIABANK | 505,723 | 4 | 632,154 | 5 | 1,069,783 | 8.46 | |||||||||||||||||||
Tier 1 risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 426,002 | 4 | % | $ | N/A | N/A | % | $ | 1,231,886 | 11.57 | % | |||||||||||||
IBERIABANK | 424,578 | 4 | 636,868 | 6 | 1,069,783 | 10.08 | |||||||||||||||||||
Total risk-based capital | |||||||||||||||||||||||||
Consolidated | $ | 852,005 | 8 | % | $ | N/A | N/A | % | $ | 1,365,280 | 12.82 | % | |||||||||||||
IBERIABANK | 849,157 | 8 | 1,061,446 | 10 | 1,202,738 | 11.33 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits | The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: | ||||||||||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to stock options | $ | 2,053 | $ | 2,110 | $ | 1,873 | |||||||||||||||
Income tax benefit related to stock options | 719 | 739 | 656 | ||||||||||||||||||
Impact on basic earnings per share | 0.04 | 0.05 | 0.04 | ||||||||||||||||||
Impact on diluted earnings per share | 0.04 | 0.05 | 0.04 | ||||||||||||||||||
Proceeds from the exercise of stock options | $ | 11,693 | $ | 8,101 | $ | 2,813 | |||||||||||||||
Excess tax benefits related to the exercise of stock options | 2,105 | 886 | 1,221 | ||||||||||||||||||
Estimate Fair Value of Share Option Awards with Weighted-Average Assumptions | The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected dividends | 2.1 | % | 2.6 | % | 2.7 | % | |||||||||||||||
Expected volatility | 35.8 | % | 34.8 | % | 40.1 | % | |||||||||||||||
Risk-free interest rate | 2.3 | % | 1.7 | % | 0.8 | % | |||||||||||||||
Expected term (in years) | 7.5 | 8.6 | 5 | ||||||||||||||||||
Weighted-average grant-date fair value | $ | 21.26 | $ | 15.37 | $ | 14.5 | |||||||||||||||
Activity Related to Stock Options | The following table represents the activity related to stock options during the periods indicated. | ||||||||||||||||||||
Number of shares | Weighted | Aggregate | Weighted | ||||||||||||||||||
Average | Intrinsic Value | Average | |||||||||||||||||||
Exercise Price | (Dollars in | Remaining | |||||||||||||||||||
thousands) | Contract | ||||||||||||||||||||
Life | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding options, December 31, 2011 | 1,097,620 | $ | 50.14 | ||||||||||||||||||
Granted | 230,665 | 51.69 | |||||||||||||||||||
Issued in connection with acquisition | 32,863 | 41.3 | |||||||||||||||||||
Exercised | (92,092 | ) | 30.43 | $ | 1,765 | ||||||||||||||||
Forfeited or expired | (32,981 | ) | 56.79 | ||||||||||||||||||
Outstanding options, December 31, 2012 | 1,236,075 | $ | 51.48 | ||||||||||||||||||
Granted | 75,722 | 52.36 | |||||||||||||||||||
Exercised | (200,748 | ) | 40.35 | 2,740 | |||||||||||||||||
Forfeited or expired | (38,220 | ) | 55.87 | ||||||||||||||||||
Outstanding options, December 31, 2013 | 1,072,829 | $ | 53.47 | ||||||||||||||||||
Granted | 77,434 | 65.31 | |||||||||||||||||||
Exercised | (267,421 | ) | 48.57 | 4,612 | |||||||||||||||||
Forfeited or expired | (15,160 | ) | 60.38 | ||||||||||||||||||
Outstanding options, December 31, 2014 | 867,682 | $ | 55.92 | 8,220 | 5.1 | ||||||||||||||||
Exercisable options, December 31, 2012 | 792,444 | 50.05 | |||||||||||||||||||
Exercisable options, December 31, 2013 | 707,934 | 53.54 | |||||||||||||||||||
Exercisable options, December 31, 2014 | 562,752 | 55.92 | $ | 5,449 | 3.7 | ||||||||||||||||
Schedule of Weighted Average Remaining Life of Options Outstanding within Stated Exercise Prices | The following table presents weighted average remaining life as of December 31, 2014 for options outstanding within the stated exercise prices: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Price Range Per | Number of | Weighted Average | Weighted Average | Number of | Weighted Average | ||||||||||||||||
Share | Options | Exercise Price | Remaining Life | Options | Exercise Price | ||||||||||||||||
$34.33 to $51.69 | 182,416 | $ | 49.24 | 4.3 Years | 118,312 | $ | 48.53 | ||||||||||||||
$51.70 to $52.35 | 111,197 | 52.33 | 7.1 Years | 43,156 | 52.33 | ||||||||||||||||
$52.36 to $54.68 | 146,995 | 53.43 | 6.5 Years | 90,146 | 54.1 | ||||||||||||||||
$54.69 to $57.60 | 142,360 | 56.52 | 3.7 Years | 120,873 | 56.68 | ||||||||||||||||
$57.61 to $59.83 | 105,666 | 58.38 | 1.5 Years | 105,666 | 58.38 | ||||||||||||||||
$59.84 to $111.71 | 179,048 | 65.06 | 6.7 Years | 84,599 | 65.89 | ||||||||||||||||
Total options | 867,682 | $ | 55.92 | 5.1 Years | 562,752 | $ | 55.92 | ||||||||||||||
Unvested Restricted Stock Award Activity | The following table represents unvested restricted stock award activity for the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance at beginning of period | 523,756 | 538,202 | 512,112 | ||||||||||||||||||
Granted | 149,072 | 167,095 | 176,669 | ||||||||||||||||||
Forfeited | (167,550 | ) | (28,713 | ) | (13,164 | ) | |||||||||||||||
Earned and issued | (18,171 | ) | (152,828 | ) | (137,415 | ) | |||||||||||||||
Balance at end of period | 487,107 | 523,756 | 538,202 | ||||||||||||||||||
Schedule of Share and Dividend Equivalent Share Award Activity | The following table represents phantom stock award activity during the periods indicated. | ||||||||||||||||||||
Number of share | Dividend | Total share | Value of share | ||||||||||||||||||
equivalents | equivalents | equivalents | equivalents (1) | ||||||||||||||||||
Balance, December 31, 2011 | 232,921 | 8,942 | 241,863 | $ | 11,924,000 | ||||||||||||||||
Granted | 119,038 | 9,152 | 128,190 | 6,297,000 | |||||||||||||||||
Forfeited share equivalents | (10,949 | ) | (367 | ) | (11,316 | ) | 556,000 | ||||||||||||||
Vested share equivalents | (22,281 | ) | (1,692 | ) | (23,973 | ) | 1,180,000 | ||||||||||||||
Balance, December 31, 2012 | 318,729 | 16,035 | 334,764 | $ | 16,444,000 | ||||||||||||||||
Granted | 169,662 | 11,189 | 180,851 | 11,366,000 | |||||||||||||||||
Forfeited share equivalents | (18,975 | ) | (785 | ) | (19,760 | ) | 1,242,000 | ||||||||||||||
Vested share equivalents | (52,178 | ) | (4,088 | ) | (56,266 | ) | 2,922,000 | ||||||||||||||
Balance, December 31, 2013 | 417,238 | 22,351 | 439,589 | $ | 27,628,000 | ||||||||||||||||
Granted | 118,859 | 9,566 | 128,425 | 8,328,000 | |||||||||||||||||
Forfeited share equivalents | (19,736 | ) | (1,754 | ) | (21,490 | ) | 1,394,000 | ||||||||||||||
Vested share equivalents | (75,331 | ) | (7,515 | ) | (82,846 | ) | 5,512,000 | ||||||||||||||
Balance, December 31, 2014 | 441,030 | 22,648 | 463,678 | $ | 30,070,000 | ||||||||||||||||
(1) | Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $64.85, $62.85 and $49.12 on December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||
Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits | The following table represents the compensation expense that was included in non-interest expense in the accompanying consolidated statements of comprehensive income related to restricted stock grants for the years ended December 31 of the periods indicated: | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to restricted stock | $ | 9,931 | $ | 8,593 | $ | 8,035 | |||||||||||||||
Phantom Stock Awards [Member] | |||||||||||||||||||||
Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits | The following table represents the compensation expense that was included in non-interest expense in the accompanying consolidated statements of comprehensive income related to restricted stock grants for the years ended December 31: | ||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Compensation expense related to restricted stock | $ | 9,932 | $ | 8,593 | $ | 8,035 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Summary of Financial Instruments Outstanding | At December 31 the Company had the following financial instruments outstanding, whose contract amounts represent credit risk: | ||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||
Commitments to grant loans | $ | 161,350 | $ | 221,627 | |||||
Unfunded commitments under lines of credit | 4,007,954 | 3,326,448 | |||||||
Commercial and standby letters of credit | 134,882 | 105,026 | |||||||
Reserve for unfunded lending commitments | 11,801 | 11,147 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(Dollars in thousands) | Aggregate | Aggregate | Aggregate | Aggregate | Aggregate | Aggregate | |||||||||||||||||||
Fair Value | Unpaid | Fair Value | Fair Value | Unpaid | Fair Value | ||||||||||||||||||||
Principal | Less Unpaid | Principal | Less Unpaid | ||||||||||||||||||||||
Principal | Principal | ||||||||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 139,950 | $ | 134,639 | $ | 5,311 | $ | 97,273 | $ | 96,875 | $ | 398 | |||||||||||||
Financial Asset and Liabilities Measured at Fair Value on Recurring Basis | The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to estimate the fair value at the measurement date in the tables below. | ||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | — | $ | 2,158,853 | $ | — | $ | 2,158,853 | |||||||||||||||||
Mortgage loans held for sale | — | 139,950 | — | 139,950 | |||||||||||||||||||||
Derivative instruments | — | 32,903 | — | 32,903 | |||||||||||||||||||||
Total | $ | — | $ | 2,331,706 | $ | — | $ | 2,331,706 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | — | 31,354 | — | 31,354 | |||||||||||||||||||||
Total | $ | — | $ | 31,354 | $ | — | $ | 31,354 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | 15,496 | $ | 1,921,301 | $ | — | $ | 1,936,797 | |||||||||||||||||
Mortgage loans held for sale | — | 97,273 | — | 97,273 | |||||||||||||||||||||
Derivative instruments | — | 30,076 | — | 30,076 | |||||||||||||||||||||
Total | $ | 15,496 | $ | 2,048,650 | $ | — | $ | 2,064,146 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | — | 26,735 | — | 26,735 | |||||||||||||||||||||
Total | $ | — | $ | 26,735 | $ | — | $ | 26,735 | |||||||||||||||||
Gains and Losses Included in Earnings Related to Asset and Liabilities Measured at Fair Value on Recurring Basis | Gains and losses (realized and unrealized) included in earnings (or accumulated other comprehensive income) during 2014 related to assets and liabilities measured at fair value on a recurring basis are reported in non-interest income or other comprehensive income as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | Noninterest | Other | |||||||||||||||||||||||
income | comprehensive | ||||||||||||||||||||||||
income | |||||||||||||||||||||||||
Total gains (losses) included in earnings | $ | (7,348 | ) | $ | — | ||||||||||||||||||||
Change in unrealized gains (losses) relating to assets still held at December 31, 2014 | — | 24,016 | |||||||||||||||||||||||
Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company has segregated all financial assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. | ||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 4,864 | $ | — | $ | 4,864 | |||||||||||||||||
OREO | — | 1,483 | — | 1,483 | |||||||||||||||||||||
Total | $ | — | $ | 6,347 | $ | — | $ | 6,347 | |||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 3,070 | $ | — | $ | 3,070 | |||||||||||||||||
Mortgage loans held for sale | — | 11,876 | — | 11,876 | |||||||||||||||||||||
OREO | — | 14,598 | — | 14,598 | |||||||||||||||||||||
Total | $ | — | $ | 29,544 | $ | — | $ | 29,544 | |||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Estimated Fair Values and Carrying Amounts of Financial Instruments | The estimated fair values and carrying amounts of the Company’s financial instruments are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
(Dollars in thousands) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 548,095 | $ | 548,095 | $ | 391,396 | $ | 391,396 | |||||||||
Investment securities | 2,275,813 | 2,278,334 | 2,090,906 | 2,089,363 | |||||||||||||
Loans and loans held for sale, net of unearned income | 11,581,116 | 11,605,446 | 9,620,461 | 9,724,432 | |||||||||||||
FDIC loss share receivable | 69,627 | 19,606 | 162,312 | 21,918 | |||||||||||||
Derivative instruments | 32,903 | 32,903 | 30,076 | 30,076 | |||||||||||||
Accrued interest receivable | 37,696 | 37,696 | 32,143 | 32,143 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | $ | 12,520,525 | $ | 12,298,017 | $ | 10,737,000 | $ | 10,226,573 | |||||||||
Short-term borrowings | 845,742 | 845,742 | 680,344 | 680,344 | |||||||||||||
Long-term debt | 403,254 | 376,139 | 280,699 | 235,503 | |||||||||||||
Derivative instruments | 31,354 | 31,354 | 26,735 | 26,735 | |||||||||||||
Accrued interest payable | 8,258 | 8,258 | 6,102 | 6,102 |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information | The Company’s wealth management, capital markets and trust operating segments are aggregated within the IBERIABANK reportable operating segment because they do not meet the thresholds specified by ASC 280 and based on the qualitative factors presented within ASC 280. The Company’s IMC and LTC segments do not meet the quantitative thresholds specified by ASC 280, but are reported because management believes information about those segments is useful to users of the financial statements. | ||||||||||||||||
(Dollars in thousands) | Year Ended December 31, 2014 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 498,820 | $ | 5,992 | $ | 3 | $ | 504,815 | |||||||||
Interest expense | 42,983 | 1,721 | — | 44,704 | |||||||||||||
Net interest income | 455,837 | 4,271 | 3 | 460,111 | |||||||||||||
Provision for loan losses | 18,966 | 94 | — | 19,060 | |||||||||||||
Mortgage income | 71 | 51,726 | — | 51,797 | |||||||||||||
Title income | — | — | 20,492 | 20,492 | |||||||||||||
Other non-interest income | 101,401 | (61 | ) | (1 | ) | 101,339 | |||||||||||
Core deposit intangible amortization | 5,569 | — | — | 5,569 | |||||||||||||
Allocated expenses | (11,602 | ) | 8,203 | 3,399 | — | ||||||||||||
Other non-interest expenses | 407,461 | 44,761 | 16,688 | 468,910 | |||||||||||||
Income before income taxes | 136,915 | 2,878 | 407 | 140,200 | |||||||||||||
Income tax provision | 33,419 | 1,148 | 183 | 34,750 | |||||||||||||
Net income | $ | 103,496 | $ | 1,730 | $ | 224 | $ | 105,450 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 11,415,973 | $ | 165,143 | $ | — | $ | 11,581,116 | |||||||||
Total assets | 15,538,432 | 194,156 | 26,017 | 15,758,605 | |||||||||||||
Total deposits | 12,515,329 | 5,196 | — | 12,520,525 | |||||||||||||
Average assets | 14,431,459 | 176,003 | 25,223 | 14,632,685 | |||||||||||||
(Dollars in thousands) | Year Ended December 31, 2013 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 431,418 | $ | 5,747 | $ | 32 | $ | 437,197 | |||||||||
Interest expense | 45,150 | 1,803 | — | 46,953 | |||||||||||||
Net interest income | 386,268 | 3,944 | 32 | 390,244 | |||||||||||||
Provision for loan losses | 5,123 | 22 | — | 5,145 | |||||||||||||
Mortgage income | 2 | 64,195 | — | 64,197 | |||||||||||||
Title income | — | — | 20,526 | 20,526 | |||||||||||||
Other non-interest income | 84,243 | (10 | ) | 2 | 84,235 | ||||||||||||
Core deposit intangible amortization | 4,499 | — | — | 4,499 | |||||||||||||
Allocated expenses | (7,453 | ) | 5,417 | 2,036 | — | ||||||||||||
Other non-interest expenses | 402,170 | 49,723 | 16,693 | 468,586 | |||||||||||||
Income before income taxes | 66,174 | 12,967 | 1,831 | 80,972 | |||||||||||||
Income tax provision | 10,035 | 5,093 | 741 | 15,869 | |||||||||||||
Net income | $ | 56,139 | $ | 7,874 | $ | 1,090 | $ | 65,103 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 9,472,908 | $ | 147,553 | $ | — | $ | 9,620,461 | |||||||||
Total assets | 13,167,162 | 173,131 | 25,257 | 13,365,550 | |||||||||||||
Total deposits | 10,734,030 | 2,970 | — | 10,737,000 | |||||||||||||
Average assets | 12,794,997 | 183,513 | 25,478 | 13,003,988 | |||||||||||||
(Dollars in thousands) | Year Ended December 31, 2012 | ||||||||||||||||
IBERIABANK | IMC | LTC | Consolidated | ||||||||||||||
Interest income | $ | 439,245 | $ | 5,858 | $ | 97 | $ | 445,200 | |||||||||
Interest expense | 61,349 | 2,101 | — | 63,450 | |||||||||||||
Net interest income | 377,896 | 3,757 | 97 | 381,750 | |||||||||||||
Provision for loan losses | 20,550 | 121 | — | 20,671 | |||||||||||||
Mortgage income | 6 | 78,047 | — | 78,053 | |||||||||||||
Title income | — | — | 20,987 | 20,987 | |||||||||||||
Other non-interest income | 76,967 | (10 | ) | — | 76,957 | ||||||||||||
Core deposit intangible amortization | 4,900 | — | — | 4,900 | |||||||||||||
Allocated expenses | (3,282 | ) | 2,340 | 942 | — | ||||||||||||
Other non-interest expenses | 361,428 | 49,084 | 16,773 | 427,285 | |||||||||||||
Income before income taxes | 71,273 | 30,249 | 3,369 | 104,891 | |||||||||||||
Income tax provision | 15,192 | 11,871 | 1,433 | 28,496 | |||||||||||||
Net income | $ | 56,081 | $ | 18,378 | $ | 1,936 | $ | 76,395 | |||||||||
Total loans and loans held for sale, net of unearned income | $ | 8,485,363 | $ | 280,692 | $ | — | $ | 8,766,055 | |||||||||
Total assets | 12,796,811 | 308,152 | 24,715 | 13,129,678 | |||||||||||||
Total deposits | 10,745,528 | 2,749 | — | 10,748,277 | |||||||||||||
Average assets | 11,879,761 | 194,832 | 22,379 | 12,096,972 |
Condensed_Parent_Company_Only_1
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheets | Condensed financial statements of IBERIABANK Corporation (parent company only) are shown below. The parent company has no significant operating activities. | ||||||||||||
Condensed Balance Sheets | |||||||||||||
(Dollars in thousands) | December 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Cash in bank | $ | 36,064 | $ | 98,108 | |||||||||
Investment in subsidiaries | 1,842,120 | 1,487,337 | |||||||||||
Other assets | 119,494 | 80,528 | |||||||||||
$ | 1,997,678 | $ | 1,665,973 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Liabilities | $ | 144,829 | $ | 134,994 | |||||||||
Shareholders’ Equity | 1,852,849 | 1,530,979 | |||||||||||
$ | 1,997,678 | $ | 1,665,973 | ||||||||||
Condensed Statements of Income | Condensed Statements of Income | ||||||||||||
(Dollars in thousands) | Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating income | |||||||||||||
Dividends from bank subsidiary | $ | — | $ | 49,000 | $ | 70,000 | |||||||
Dividends from non-bank subsidiaries | — | 1,511 | — | ||||||||||
Reimbursement of management expenses | 46,433 | 34,474 | 94,053 | ||||||||||
Other income | 437 | 869 | (836 | ) | |||||||||
Total operating income | 46,870 | 85,854 | 163,217 | ||||||||||
Operating expenses | |||||||||||||
Interest expense | 3,224 | 3,232 | 3,427 | ||||||||||
Salaries and employee benefits expense | 31,981 | 29,159 | 76,527 | ||||||||||
Other expenses | 14,576 | 13,676 | 47,309 | ||||||||||
Total operating expenses | 49,781 | 46,067 | 127,263 | ||||||||||
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | (2,911 | ) | 39,787 | 35,954 | |||||||||
Income tax benefit | (518 | ) | (2,808 | ) | (11,842 | ) | |||||||
Income (loss) before equity in undistributed earnings of subsidiaries | (2,393 | ) | 42,595 | 47,796 | |||||||||
Equity in undistributed earnings of subsidiaries | 107,843 | 22,508 | 28,599 | ||||||||||
Net income | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows | ||||||||||||
(Dollars in thousands) | Year Ended December 31 | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash Flow from Operating Activities | |||||||||||||
Net income | $ | 105,450 | $ | 65,103 | $ | 76,395 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 595 | 2,035 | 4,926 | ||||||||||
Net income of subsidiaries | (107,843 | ) | (73,019 | ) | (98,599 | ) | |||||||
Noncash compensation expense | 11,984 | 10,704 | 9,907 | ||||||||||
Loss on sale of assets | — | — | 7 | ||||||||||
Derivative losses on swaps | — | — | 2 | ||||||||||
Tax benefit associated with share-based payment arrangements | (2,105 | ) | (886 | ) | (1,221 | ) | |||||||
Other, net | (27,273 | ) | 7,574 | (10,557 | ) | ||||||||
Net Cash (Used in) Provided by Operating Activities | (19,192 | ) | 11,511 | (19,140 | ) | ||||||||
Cash Flow from Investing Activities | |||||||||||||
Cash received in excess of cash paid in acquisition | 4,783 | — | 1,272 | ||||||||||
Proceeds from sale of premises and equipment | — | 11,751 | 5 | ||||||||||
Purchases of premises and equipment | (36 | ) | (5,247 | ) | (4,173 | ) | |||||||
Capital contributed to subsidiary | (14,600 | ) | — | (2,000 | ) | ||||||||
Dividends received from subsidiaries | — | 50,511 | 70,000 | ||||||||||
Acquisition | — | — | — | ||||||||||
Net Cash Provided by (Used in) Investing Activities | (9,853 | ) | 57,015 | 65,104 | |||||||||
Cash Flow from Financing Activities | |||||||||||||
Repayments of long-term debt | — | — | (2,867 | ) | |||||||||
Dividends paid to shareholders | (43,070 | ) | (40,332 | ) | (40,069 | ) | |||||||
Proceeds from sale of treasury stock for stock options exercised | 11,693 | 8,101 | 2,813 | ||||||||||
Payments to repurchase common stock | (3,727 | ) | (2,280 | ) | (42,245 | ) | |||||||
Common stock issued | — | — | — | ||||||||||
Costs of issuance of common stock | — | — | — | ||||||||||
Tax benefit associated with share-based payment arrangements | 2,105 | 886 | 1,221 | ||||||||||
Net Cash Used In Financing Activities | (32,999 | ) | (33,625 | ) | (81,147 | ) | |||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (62,044 | ) | 34,901 | (35,183 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Period | 98,108 | 63,207 | 98,390 | ||||||||||
Cash and Cash Equivalents at End of Period | $ | 36,064 | $ | 98,108 | $ | 63,207 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Results of Operations | |||||||||||||||||
2014 | |||||||||||||||||
(Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
Total interest income | $ | 137,276 | $ | 133,793 | $ | 119,514 | $ | 114,232 | |||||||||
Total interest expense | 12,596 | 12,042 | 10,241 | 9,824 | |||||||||||||
Net interest income | 124,680 | 121,751 | 109,273 | 104,408 | |||||||||||||
Provision for loan losses | 6,495 | 5,714 | 4,748 | 2,103 | |||||||||||||
Net interest income after provision for loan losses | 118,185 | 116,037 | 104,525 | 102,305 | |||||||||||||
Gain on sale of investments, net | 164 | 582 | 8 | 19 | |||||||||||||
Other noninterest income | 46,908 | 46,530 | 43,753 | 35,662 | |||||||||||||
Noninterest expense | 119,382 | 120,360 | 127,309 | 107,428 | |||||||||||||
Income before income taxes | 45,875 | 42,789 | 20,977 | 30,558 | |||||||||||||
Income tax expense | 9,939 | 11,897 | 4,750 | 8,163 | |||||||||||||
Net income | $ | 35,936 | $ | 30,892 | $ | 16,227 | $ | 22,395 | |||||||||
Preferred stock dividends | — | — | — | — | |||||||||||||
Income available to common shareholders | 35,936 | 30,892 | 16,227 | 22,395 | |||||||||||||
Earnings allocated to unvested restricted stock | (530 | ) | (465 | ) | (258 | ) | (405 | ) | |||||||||
Earnings available to common shareholders - Diluted | $ | 35,406 | $ | 30,427 | $ | 15,969 | $ | 21,990 | |||||||||
Earnings per share - Basic | $ | 1.08 | $ | 0.93 | $ | 0.53 | $ | 0.75 | |||||||||
Earnings per share - Diluted | 1.07 | 0.92 | 0.53 | 0.75 | |||||||||||||
Cash dividends declared per common share | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||
2013 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
Total interest income | $ | 114,092 | $ | 108,512 | $ | 108,177 | $ | 106,416 | |||||||||
Total interest expense | 10,654 | 11,060 | 11,695 | 13,545 | |||||||||||||
Net interest income | 103,438 | 97,452 | 96,482 | 92,871 | |||||||||||||
(Reversal of) Provision for loan losses | 4,700 | 2,014 | 1,807 | (3,377 | ) | ||||||||||||
Net interest income after (reversal of) provision for loan losses | 98,738 | 95,438 | 94,675 | 96,248 | |||||||||||||
Gain (loss) on sale of investments, net | 19 | 13 | (57 | ) | 2,359 | ||||||||||||
Other noninterest income | 38,696 | 43,250 | 42,546 | 42,132 | |||||||||||||
Noninterest expense | 102,674 | 108,152 | 117,361 | 144,898 | |||||||||||||
Income (loss) before income taxes | 34,779 | 30,549 | 19,803 | (4,159 | ) | ||||||||||||
Income tax expense (benefit) | 9,175 | 7,357 | 4,213 | (4,876 | ) | ||||||||||||
Net income | $ | 25,604 | $ | 23,192 | $ | 15,590 | $ | 717 | |||||||||
Preferred stock dividends | — | — | — | — | |||||||||||||
Income available to common shareholders | 25,604 | 23,192 | 15,590 | 717 | |||||||||||||
Earnings allocated to unvested restricted stock | (456 | ) | (425 | ) | (293 | ) | (20 | ) | |||||||||
Earnings available to common shareholders - Diluted | $ | 25,148 | $ | 22,767 | $ | 15,297 | $ | 697 | |||||||||
Earnings per share - Basic | $ | 0.86 | $ | 0.78 | $ | 0.53 | $ | 0.02 | |||||||||
Earnings per share - Diluted | 0.86 | 0.78 | 0.53 | 0.02 | |||||||||||||
Cash dividends declared per common share | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||
Schedule of Error Corrections and Prior Period Adjustments Effect on Statements of Comprehensive Income | The following table presents the effect this error correction and purchase accounting adjustments had on the reported consolidated statements of comprehensive income for the periods indicated: | ||||||||||||||||
Adjustment | |||||||||||||||||
(Dollars in thousand, except per share data) | As Previously | Error | Purchase | As Adjusted | |||||||||||||
Reported | Correction | Accounting | |||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Net interest income | $ | 108,979 | $ | — | $ | 294 | $ | 109,273 | |||||||||
Non-interest income | 47,963 | (4,189 | ) | (13 | ) | 43,761 | |||||||||||
Non-interest expense | 127,375 | (170 | ) | 104 | 127,309 | ||||||||||||
Income tax expense | 6,271 | (1,656 | ) | 135 | 4,750 | ||||||||||||
Net income | 18,548 | (2,363 | ) | 42 | 16,227 | ||||||||||||
Earnings per share - basic | 0.6 | (0.07 | ) | — | 0.53 | ||||||||||||
Earnings per share - diluted | 0.6 | (0.07 | ) | — | 0.53 | ||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||
Net interest income | $ | 121,041 | $ | — | $ | 710 | $ | 121,751 | |||||||||
Non-interest income | 45,663 | 1,487 | (38 | ) | 47,112 | ||||||||||||
Non-interest expense | 120,060 | 170 | 130 | 120,360 | |||||||||||||
Income tax expense | 11,186 | 521 | 190 | 11,897 | |||||||||||||
Net income | 29,744 | 796 | 352 | 30,892 | |||||||||||||
Earnings per share - basic | 0.89 | 0.03 | 0.01 | 0.93 | |||||||||||||
Earnings per share - diluted | 0.89 | 0.02 | 0.01 | 0.92 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Significant Accounting Policies [Line Items] | |||
Required reserve cash balances | $17.40 | $6.70 | |
Number of days due to be considered for accrual interest on loans discontinued (in days) | 90 days | ||
Number of days due to be considered for accrual interest on loans discontinued for mortgage, credit card & personal loan (in days) | 180 days | ||
Rate lock period (days) | 60 days | ||
Treasury stock, shares | 1,809,497 | 2,130,841 | |
Property write-downs | 3.8 | 4.8 | 6.4 |
Minimum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Premises and equipment, useful life | 10 years | ||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Premises and equipment, useful life | 3 years | ||
Maximum [Member] | Customer Relationship [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Amortized intangible assets average life (in years) | 10 years | ||
Maximum [Member] | Buildings [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Premises and equipment, useful life | 40 years | ||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Premises and equipment, useful life | 15 years | ||
Covered Loans [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Reversal of allowance for loan losses | 45 | ||
Impaired Loan [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Reversal of allowance for loan losses | $9 | ||
Commercial [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Loss sharing indemnification agreements, terms | 5 years | ||
Single Family Residential [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Loss sharing indemnification agreements, terms | 10 years | ||
IBERIABANK Corporation [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Number of operating states | 6 | ||
IMC [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Number of operating states | 12 |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Income tax examination description | The Company receives tax credits and/or tax deductions from operating losses, which are allowable on the Company's filed income tax returns over a 10-year period, subject to recapture over a 15-year period beginning with the first year the tax credits are earned. |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic And Diluted, By Common Class, Including Two Class Method [Line Items] | |||||||||||
Income available to common shareholders | $35,936 | $30,892 | $16,227 | $22,395 | $25,604 | $23,192 | $15,590 | $717 | $105,450 | $65,103 | $76,395 |
Earnings to common shareholders - basic | 103,798 | 63,897 | 74,952 | ||||||||
Earnings to common shareholders - diluted | 103,765 | 63,894 | 74,958 | ||||||||
Weighted average shares outstanding - basic | 31,307 | 29,052 | 28,901 | ||||||||
Potential common shares | 126 | 53 | 57 | ||||||||
Weighted average shares outstanding - diluted | 31,433 | 29,105 | 28,958 | ||||||||
Weighted average shares outstanding - unvested restricted stock | 518 | 553 | 553 | ||||||||
Earnings per common share - Basic | $1.08 | $0.93 | $0.53 | $0.75 | $0.86 | $0.78 | $0.53 | $0.02 | $3.32 | $2.20 | $2.59 |
Earnings per common share - Diluted | $1.07 | $0.92 | $0.53 | $0.75 | $0.86 | $0.78 | $0.53 | $0.02 | $3.30 | $2.20 | $2.59 |
Unvested Restricted Stock [Member] | |||||||||||
Earnings Per Share, Basic And Diluted, By Common Class, Including Two Class Method [Line Items] | |||||||||||
Earnings to unvested restricted stock | -1,652 | -1,206 | -1,443 | ||||||||
Earnings reallocated to unvested restricted stock | ($33) | ($3) | $6 | ||||||||
Earnings per common share - Basic | $3.19 | $2.18 | $2.61 | ||||||||
Earnings per common share - Diluted | $3.13 | $2.18 | $2.60 |
Earnings_Per_Share_Schedule_of1
Earnings Per Share - Schedule of Basic Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Distributed earnings to common shareholders | $43,623 | $39,685 | $39,349 | ||||||||
Undistributed earnings to common shareholders | 60,175 | 24,212 | 35,603 | ||||||||
Total earnings to common shareholders | 103,798 | 63,897 | 74,952 | ||||||||
Distributed earnings per common share | $1.40 | $1.37 | $1.36 | ||||||||
Undistributed earnings per common share | $1.92 | $0.83 | $1.23 | ||||||||
Total earnings per common share | $1.08 | $0.93 | $0.53 | $0.75 | $0.86 | $0.78 | $0.53 | $0.02 | $3.32 | $2.20 | $2.59 |
Unvested Restricted Stock [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Distributed earnings to common shareholders | 694 | 749 | 758 | ||||||||
Undistributed earnings to common shareholders | 958 | 457 | 685 | ||||||||
Total earnings allocated to unvested restricted stock | $1,652 | $1,206 | $1,443 | ||||||||
Distributed earnings per common share | $1.34 | $1.35 | $1.37 | ||||||||
Undistributed earnings per common share | $1.85 | $0.83 | $1.24 | ||||||||
Total earnings per common share | $3.19 | $2.18 | $2.61 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share Basic And Diluted [Line Items] | |||
Weighted average number of shares, Recognition and Retention Plan | 625,555 | 642,008 | 612,097 |
Weighted average number of shares, treasury stock | 1,879,440 | 2,223,306 | 1,964,825 |
Stock Options [Member] | |||
Earnings Per Share Basic And Diluted [Line Items] | |||
Stock options having antidilutive effect on earnings per share | 13,101 | 483,696 | 752,188 |
Acquisition_and_Disposition_Ac2
Acquisition and Disposition Activity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Jan. 17, 2014 | Dec. 31, 2014 | 31-May-14 | Jun. 30, 2014 | Feb. 24, 2014 | 1-May-14 | Dec. 31, 2013 | Dec. 31, 2012 | |
Trust | Branch | |||||||
Business Acquisition [Line Items] | ||||||||
Cash payment to acquire business | $91,600,000 | |||||||
Goodwill | 8,600,000 | 517,526,000 | 401,872,000 | 401,872,000 | ||||
Number of branches acquired | 4 | |||||||
Maximum period for subject to change estimated fair values after acquisition date | 1 year | |||||||
Florida Bank Group, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares received | 0.149 | |||||||
Business combination date of acquisition | 31-Dec-14 | |||||||
Cash received per share | $7.81 | |||||||
Old Florida Bancshares, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares received | 0.34 | |||||||
Business combination date of acquisition | 31-Dec-14 | |||||||
Teche [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment to acquire business | 714,000 | |||||||
Goodwill | 80,429,000 | 80,400,000 | ||||||
Shares received | 1.162 | |||||||
Total consideration paid | 156,740,000 | 156,700,000 | ||||||
Business combination date of acquisition | 31-May-14 | |||||||
Number of branches | 20 | |||||||
Goodwill created in the acquisition deductible for income tax purposes | 0 | |||||||
First Private [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment to acquire business | 1,000 | |||||||
Goodwill | 26,253,000 | 26,300,000 | ||||||
Shares received | 0.27 | |||||||
Total consideration paid | 58,640,000 | 58,600,000 | ||||||
Business combination date of acquisition | 30-Jun-14 | |||||||
Number of branches | 4 | |||||||
Goodwill created in the acquisition deductible for income tax purposes | 0 | |||||||
First Private [Member] | Mobile Branches [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of branches | 2 | |||||||
Georgia Commerce Bancshares Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Shares received | 0.6134 | |||||||
Business combination date of acquisition | 31-Dec-14 | |||||||
Title Company LLC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment to acquire business | 400,000 | |||||||
Goodwill | 221,000 | 200,000 | ||||||
Louisiana Abstract and Title Llc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash payment to acquire business | 200,000 | |||||||
Goodwill | $155,000 | $200,000 |
Acquisition_and_Disposition_Ac3
Acquisition and Disposition Activity - Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 17, 2014 | 31-May-14 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-Equity consideration | ||||||
Cash | $91,600 | |||||
Goodwill | 8,600 | 517,526 | 401,872 | 401,872 | ||
Teche [Member] | ||||||
Equity consideration | ||||||
Common stock issued | 156,026 | |||||
Common stock issued, Number of Shares | 2,498,007 | |||||
Total equity consideration | 156,026 | |||||
Non-Equity consideration | ||||||
Cash | 714 | |||||
Total consideration paid | 156,700 | 156,740 | ||||
Fair value of net assets assumed including identifiable intangible assets | 76,311 | |||||
Goodwill | 80,400 | 80,429 | ||||
First Private [Member] | ||||||
Equity consideration | ||||||
Common stock issued | 58,639 | |||||
Common stock issued, Number of Shares | 847,509 | |||||
Total equity consideration | 58,639 | |||||
Non-Equity consideration | ||||||
Cash | 1 | |||||
Total consideration paid | 58,640 | 58,600 | ||||
Fair value of net assets assumed including identifiable intangible assets | 32,387 | |||||
Goodwill | $26,253 | $26,300 |
Acquisition_and_Disposition_Ac4
Acquisition and Disposition Activity - Schedule of Business Acquisitions, by Acquisition (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Trust One- Memphis [Member] | As Acquired [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $92,060 |
Loans | 88,179 |
Other real estate owned | 1,325 |
Other assets | 368 |
Total Assets | 181,932 |
Interest-bearing deposits | 164,942 |
Non-interest-bearing deposits | 26,373 |
Deferred tax liability | 0 |
Other liabilities | 84 |
Total Liabilities | 191,399 |
Trust One- Memphis [Member] | Preliminary Fair Value Adjustments [Member] | |
Business Acquisition [Line Items] | |
Total Assets | 871 |
Deferred tax liability | 0 |
Trust One- Memphis [Member] | As Recorded by IBERIABANK [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 92,060 |
Loans | 86,453 |
Other real estate owned | 1,325 |
Core deposit intangible | 2,597 |
Other assets | 368 |
Total Assets | 182,803 |
Interest-bearing deposits | 164,942 |
Non-interest-bearing deposits | 26,373 |
Deferred tax liability | 0 |
Other liabilities | 84 |
Total Liabilities | 191,399 |
Teche [Member] | As Acquired [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 71,611 |
Investment securities | 24,077 |
Loans | 716,327 |
Other real estate owned | 329 |
Deferred tax asset | 1,057 |
Other assets | 56,730 |
Total Assets | 870,131 |
Interest-bearing deposits | 520,446 |
Non-interest-bearing deposits | 118,256 |
Borrowings | 134,228 |
Other liabilities | 5,376 |
Total Liabilities | 778,306 |
Teche [Member] | Preliminary Fair Value Adjustments [Member] | |
Business Acquisition [Line Items] | |
Investment securities | 1,092 |
Loans | -15,869 |
Other real estate owned | -153 |
Core deposit intangible | 7,440 |
Deferred tax asset | 4,835 |
Other assets | -5,653 |
Total Assets | -8,308 |
Interest-bearing deposits | 902 |
Borrowings | 6,304 |
Total Liabilities | 7,206 |
Teche [Member] | As Recorded by IBERIABANK [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 71,611 |
Investment securities | 25,169 |
Loans | 700,458 |
Other real estate owned | 176 |
Core deposit intangible | 7,440 |
Deferred tax asset | 5,892 |
Other assets | 51,077 |
Total Assets | 861,823 |
Interest-bearing deposits | 521,348 |
Non-interest-bearing deposits | 118,256 |
Borrowings | 140,532 |
Other liabilities | 5,376 |
Total Liabilities | 785,512 |
First Private [Member] | As Acquired [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 26,621 |
Investment securities | 18,920 |
Loans | 300,177 |
Deferred tax asset | 530 |
Other assets | 5,148 |
Total Assets | 351,396 |
Interest-bearing deposits | 261,713 |
Non-interest-bearing deposits | 50,334 |
Borrowings | 6,451 |
Other liabilities | 306 |
Total Liabilities | 318,804 |
First Private [Member] | Preliminary Fair Value Adjustments [Member] | |
Business Acquisition [Line Items] | |
Investment securities | 297 |
Loans | -910 |
Core deposit intangible | 506 |
Deferred tax asset | 122 |
Total Assets | 15 |
Interest-bearing deposits | 220 |
Total Liabilities | 220 |
First Private [Member] | As Recorded by IBERIABANK [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 26,621 |
Investment securities | 19,217 |
Loans | 299,267 |
Core deposit intangible | 506 |
Deferred tax asset | 652 |
Other assets | 5,148 |
Total Assets | 351,411 |
Interest-bearing deposits | 261,933 |
Non-interest-bearing deposits | 50,334 |
Borrowings | 6,451 |
Other liabilities | 306 |
Total Liabilities | $319,024 |
Acquisition_and_Disposition_Ac5
Acquisition and Disposition Activity - Schedule of Business Acquisitions, by Acquisition (Parenthetical) (Detail) (Teche [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Teche [Member] | |
Business Acquisition [Line Items] | |
Estimated amortized period for fair value adjustment | 85 months |
Acquisition_and_Disposition_Ac6
Acquisition and Disposition Activity - Schedule of Assets Acquired under Business Acquisitions (Detail) (USD $) | Dec. 31, 2014 | Jan. 17, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 24, 2014 | 1-May-14 |
In Thousands, unless otherwise specified | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $517,526 | $8,600 | $401,872 | $401,872 | ||
Title Company LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 221 | 200 | ||||
Non-compete agreement | 63 | |||||
Title plant | 14 | |||||
Other intangible assets | 75 | |||||
Other assets | 3 | |||||
Total Assets | 376 | |||||
Louisiana Abstract and Title Llc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 155 | 200 | ||||
Non-compete agreement | 100 | |||||
Title plant | 9 | |||||
Other intangible assets | 130 | |||||
Other assets | 6 | |||||
Total Assets | $400 |
Acquisition_and_Disposition_Ac7
Acquisition and Disposition Activity - Supplemental Pro Forma Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Interest and non-interest income | $669,607 | $687,279 |
Net income | $74,624 | $86,473 |
Earnings per share - basic | $2.26 | $2.63 |
Earnings per share - diluted | $2.26 | $2.63 |
Acquisition_and_Disposition_Ac8
Acquisition and Disposition Activity - Schedule of Branch Closure Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ||
Employee termination | $299 | $477 |
Accelerated depreciation | 1,033 | 576 |
Contract termination | 659 | 20 |
Impairment | 4,941 | 2,743 |
Total | $6,932 | $3,816 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | $2,147,276 | $1,963,046 |
Securities available for sale, Gross Unrealized Gains | 22,296 | 13,867 |
Securities available for sale, Gross Unrealized Losses | -10,719 | -40,116 |
Securities available for sale, Estimated Fair Value | 2,158,853 | 1,936,797 |
Securities held to maturity, Amortized Cost | 116,960 | 154,109 |
Securities held to maturity, Gross Unrealized Gains | 3,392 | 2,205 |
Securities held to maturity, Gross Unrealized Losses | -871 | -3,748 |
Securities held to maturity, Estimated Fair Value | 119,481 | 152,566 |
U.S. Government-Sponsored Enterprise Obligations [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 317,386 | 406,092 |
Securities available for sale, Gross Unrealized Gains | 1,700 | 1,382 |
Securities available for sale, Gross Unrealized Losses | -3,533 | -11,913 |
Securities available for sale, Estimated Fair Value | 315,553 | 395,561 |
Securities held to maturity, Amortized Cost | 10,000 | 34,478 |
Securities held to maturity, Gross Unrealized Gains | 88 | 484 |
Securities held to maturity, Estimated Fair Value | 10,088 | 34,962 |
Obligations of State and Political Obligations [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 86,513 | 105,300 |
Securities available for sale, Gross Unrealized Gains | 3,679 | 2,435 |
Securities available for sale, Gross Unrealized Losses | -2 | -256 |
Securities available for sale, Estimated Fair Value | 90,190 | 107,479 |
Securities held to maturity, Amortized Cost | 77,597 | 84,290 |
Securities held to maturity, Gross Unrealized Gains | 3,153 | 1,463 |
Securities held to maturity, Gross Unrealized Losses | -145 | -1,624 |
Securities held to maturity, Estimated Fair Value | 80,605 | 84,129 |
Mortgage-Backed Securities [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 1,741,917 | 1,450,194 |
Securities available for sale, Gross Unrealized Gains | 16,882 | 10,031 |
Securities available for sale, Gross Unrealized Losses | -7,184 | -27,947 |
Securities available for sale, Estimated Fair Value | 1,751,615 | 1,432,278 |
Securities held to maturity, Amortized Cost | 29,363 | 35,341 |
Securities held to maturity, Gross Unrealized Gains | 151 | 258 |
Securities held to maturity, Gross Unrealized Losses | -726 | -2,124 |
Securities held to maturity, Estimated Fair Value | 28,788 | 33,475 |
Other Securities [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 1,460 | 1,460 |
Securities available for sale, Gross Unrealized Gains | 35 | 19 |
Securities available for sale, Estimated Fair Value | $1,495 | $1,479 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Exposure to Investment Security Issuers Exceed Ten Percentage of Shareholders' Equity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | $2,147,276 | $1,963,046 |
Market Value | 2,158,853 | 1,936,797 |
Investment Concentration Risk [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,928,433 | |
Market Value | 1,933,168 | |
Investment Concentration Risk [Member] | Federal National Mortgage Association (Fannie Mae) [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,220,841 | |
Market Value | 1,226,654 | |
Investment Concentration Risk [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 707,592 | |
Market Value | $706,514 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Security | Security | Security | Security | Bonds | |||||||
Net Investment Income [Line Items] | |||||||||||
Pledged securities, carrying values | $1,400,000,000 | $1,500,000,000 | $1,400,000,000 | $1,500,000,000 | |||||||
Number of debt securities, held | 112 | 207 | 112 | 207 | |||||||
Unrealized losses on debt securities, percent of amortized cost | 1.31% | 3.23% | 1.31% | 3.23% | |||||||
Unrated revenue municipal bond | 1 | ||||||||||
Impairment of par value bond, percentage | 50.00% | ||||||||||
Gain (loss) on sale of available for sale investments | $164,000 | $582,000 | $8,000 | $19,000 | $19,000 | $13,000 | ($57,000) | $2,359,000 | $771,000 | $2,277,000 | $3,739,000 |
Obligations of State and Political Obligations [Member] | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Number of securities, continuous loss position, over twelve months | 0 | 0 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | ($1,191) | ($35,543) |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 304,871 | 1,165,829 |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -9,528 | -4,573 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 535,047 | 88,432 |
Securities available for sale, Gross Unrealized Losses, Total | -10,719 | -40,116 |
Securities available for sale, Estimated Fair Value, Total | 839,918 | 1,254,261 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -9 | -2,133 |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 2,287 | 42,268 |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -862 | -1,615 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 29,402 | 17,856 |
Securities held to maturity, Gross Unrealized Losses, Total | -871 | -3,748 |
Securities held to maturity, Estimated Fair Value, Total | 31,689 | 60,124 |
Obligations of State and Political Obligations [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -2 | -30 |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 185 | 2,415 |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -226 | |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 1,047 | |
Securities available for sale, Gross Unrealized Losses, Total | -2 | -256 |
Securities available for sale, Estimated Fair Value, Total | 185 | 3,462 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -9 | -1,181 |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 2,287 | 29,355 |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -136 | -443 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 8,590 | 6,240 |
Securities held to maturity, Gross Unrealized Losses, Total | -145 | -1,624 |
Securities held to maturity, Estimated Fair Value, Total | 10,877 | 35,595 |
Mortgage-Backed Securities [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -1,189 | -23,749 |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 304,686 | 864,899 |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -5,995 | -4,198 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 294,549 | 81,870 |
Securities available for sale, Gross Unrealized Losses, Total | -7,184 | -27,947 |
Securities available for sale, Estimated Fair Value, Total | 599,235 | 946,769 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -952 | |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 12,913 | |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -726 | -1,172 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 20,812 | 11,616 |
Securities held to maturity, Gross Unrealized Losses, Total | -726 | -2,124 |
Securities held to maturity, Estimated Fair Value, Total | 20,812 | 24,529 |
U.S. Government-Sponsored Enterprise Obligations [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -11,764 | |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 298,515 | |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -3,533 | -149 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 240,498 | 5,515 |
Securities available for sale, Gross Unrealized Losses, Total | -3,533 | -11,913 |
Securities available for sale, Estimated Fair Value, Total | $240,498 | $304,030 |
Investment_Securities_Addition1
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities | Securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 71 | 25 |
Number of securities, amortized costs | $574,840 | $112,476 |
Number of securities, unrealized loss | 10,390 | 6,188 |
Fannie Mae, Freddie Mac, or Ginnie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 66 | 20 |
Number of securities, amortized costs | 566,113 | 104,520 |
Number of securities, unrealized loss | 10,254 | 5,519 |
Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 5 | 5 |
Number of securities, amortized costs | 8,727 | 7,956 |
Number of securities, unrealized loss | $136 | $669 |
Investment_Securities_Schedule3
Investment Securities - Schedule of Other-Than-Temporarily Impaired Investment Security Portion of Unrealized Loss Recognized in Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Balance at beginning of period | ($1,273) | ($1,273) | ($1,273) |
Credit losses on securities not previously considered other-than-temporarily impaired | 0 | 0 | 0 |
Credit losses on securities for which OTTI was previously recognized | 0 | 0 | 0 |
Reduction for securities sold/settled during the period | 1,273 | ||
Balance at end of period | ($1,273) | ($1,273) |
Investment_Securities_Schedule4
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Securities Available for Sale, Weighted Average Yield, Within one year or less | 1.54% | |
Securities Available for Sale, Weighted Average Yield, One through five years | 1.73% | |
Securities Available for Sale, Weighted Average Yield, After five through ten years | 2.15% | |
Securities Available for Sale, Weighted Average Yield, Over ten years | 2.20% | |
Securities Available for Sale, Weighted Average Yield, Total | 2.13% | |
Securities Available for Sale, Amortized Cost, Within one year or less | $14,643 | |
Securities Available for Sale, Amortized Cost, One through five years | 241,231 | |
Securities Available for Sale, Amortized Cost, After five through ten years | 425,233 | |
Securities Available for Sale, Amortized Cost, Over ten years | 1,466,169 | |
Securities Available for Sale, Amortized Cost, Total | 2,147,276 | |
Securities Available for Sale, Estimated Fair Value, Within one year or less | 14,764 | |
Securities Available for Sale, Estimated Fair Value, One through five years | 241,796 | |
Securities Available for Sale, Estimated Fair Value, After five through ten years | 429,973 | |
Securities Available for Sale, Estimated Fair Value, Over ten years | 1,472,320 | |
Securities Available for Sale, Estimated Fair Value, Totals | 2,158,853 | 1,936,797 |
Securities Held to Maturity, Weighted Average Yield, Within one year or less | 2.65% | |
Securities Held to Maturity, Weighted Average Yield, One through five years | 2.78% | |
Securities Held to Maturity, Weighted Average Yield, After five through ten years | 3.10% | |
Securities Held to Maturity, Weighted Average Yield, Over ten years | 2.86% | |
Securities Held to Maturity, Weighted Average Yield, Totals | 2.87% | |
Securities Held to Maturity, Amortized Cost, Within one year or less | 10,000 | |
Securities Held to Maturity, Amortized Cost, One through five years | 13,858 | |
Securities Held to Maturity, Amortized Cost, After five through ten years | 20,945 | |
Securities Held to Maturity, Amortized Cost, Over ten years | 72,157 | |
Securities Held to Maturity, Amortized Cost, Totals | 116,960 | 154,109 |
Securities Held to Maturity, Estimated Fair Value, Within one year or less | 10,088 | |
Securities Held to Maturity, Estimated Fair Value, One through five years | 14,191 | |
Securities Held to Maturity, Estimated Fair Value, After five through ten years | 21,729 | |
Securities Held to Maturity, Estimated Fair Value, Over ten years | 73,473 | |
Securities held to maturity, Estimated Fair Value | $119,481 | $152,566 |
Investment_Securities_Schedule5
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||||||||||
Realized gains | $863 | $2,387 | $3,754 | ||||||||
Realized losses | -92 | -110 | -15 | ||||||||
Net realized gains (losses) | $164 | $582 | $8 | $19 | $19 | $13 | ($57) | $2,359 | $771 | $2,277 | $3,739 |
Investment_Securities_Schedule6
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $38,476 | $24,369 |
Federal Reserve Bank (FRB) stock | 34,348 | 28,098 |
Other investments | 1,306 | 1,306 |
Total | $74,130 | $53,773 |
Loans_Schedule_of_NonCovered_a
Loans - Schedule of Non-Covered and Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | $10,996,500 | $8,772,226 | |
Covered loans receivable | 444,544 | 719,793 | |
Total loans receivable | 11,441,044 | 9,492,019 | |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 444,544 | 719,793 | 1,092,756 |
Covered Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 187,873 | 387,332 | 640,843 |
Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 9,668,714 | 8,288,321 | |
Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 1,327,786 | 483,905 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 220,386 | 424,357 | |
Total loans receivable | 7,814,082 | 6,863,418 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 189,126 | 387,332 | |
Total loans receivable | 4,405,133 | 3,867,305 | |
Commercial Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 31,260 | 37,025 | |
Total loans receivable | 3,408,949 | 2,996,113 | |
Commercial Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 220,386 | 424,357 | |
Commercial Loans [Member] | Covered Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 189,126 | 387,332 | |
Commercial Loans [Member] | Covered Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 31,260 | 37,025 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 7,002,198 | 6,040,955 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 3,718,058 | 3,134,904 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 3,284,140 | 2,906,051 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 591,498 | 398,106 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 497,949 | 345,069 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 93,549 | 53,037 | |
Residential Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 128,024 | 154,025 | |
Total loans receivable | 1,080,297 | 586,532 | |
Residential Mortgage Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 128,024 | 154,025 | |
Total loans receivable | 1,048,241 | 577,082 | |
Residential Mortgage Loans [Member] | Construction / Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | 32,056 | 9,450 | |
Residential Mortgage Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 128,024 | 154,025 | |
Residential Mortgage Loans [Member] | Covered Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 128,024 | 154,025 | |
Residential Mortgage Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 527,694 | 414,372 | |
Residential Mortgage Loans [Member] | Non-Covered Legacy Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 495,638 | 404,922 | |
Residential Mortgage Loans [Member] | Non-Covered Legacy Loans [Member] | Construction / Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 32,056 | 9,450 | |
Residential Mortgage Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 424,579 | 18,135 | |
Residential Mortgage Loans [Member] | Non-Covered Acquired Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 424,579 | 18,135 | |
Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 96,134 | 141,411 | |
Total loans receivable | 2,546,665 | 2,042,069 | |
Consumer and Other Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 92,430 | 137,122 | |
Total loans receivable | 1,601,105 | 1,291,792 | |
Consumer and Other Loans [Member] | Indirect Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | 397,158 | 375,236 | |
Consumer and Other Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 3,704 | 4,289 | |
Total loans receivable | 548,402 | 375,041 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 96,134 | 141,411 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 92,430 | 137,122 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 3,704 | 4,289 | |
Consumer and Other Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 2,138,822 | 1,832,994 | |
Consumer and Other Loans [Member] | Non-Covered Legacy Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 1,290,976 | 1,101,227 | |
Consumer and Other Loans [Member] | Non-Covered Legacy Loans [Member] | Indirect Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 396,766 | 373,383 | |
Consumer and Other Loans [Member] | Non-Covered Legacy Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 451,080 | 358,384 | |
Consumer and Other Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 311,709 | 67,664 | |
Consumer and Other Loans [Member] | Non-Covered Acquired Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 217,699 | 53,443 | |
Consumer and Other Loans [Member] | Non-Covered Acquired Loans [Member] | Indirect Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 392 | 1,853 | |
Consumer and Other Loans [Member] | Non-Covered Acquired Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | $93,618 | $12,368 |
Loans_Schedule_of_NonCovered_a1
Loans - Schedule of Non-Covered and Covered Loans (Parenthetical) (Detail) (Covered Loans [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Covered Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Covered loan lost share coverage | $174.70 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred loan origination fees | $20,600,000 | $18,600,000 | |
Deferred loan expenses | 9,400,000 | 7,600,000 | |
Deposit liabilities reclassified as loans receivable | 5,600,000 | 3,100,000 | |
Loans with carrying value pledged to secure public deposits and other borrowings | 3,100,000,000 | 2,300,000,000 | |
Interest income, nonaccrual loans | 1,800,000 | 2,900,000 | 3,200,000 |
Carrying amounts of loans acquired | 1,100,000,000 | ||
Loans accounted for under ASC Topics 310-10 and 310-20 | 1,000,000,000 | ||
Basis in acquired loans at acquisition | 66,675,000 | ||
Acquired Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Basis in acquired loans at acquisition | 66,700,000 | ||
Trust One- Memphis [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 86,500,000 | ||
Teche [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 700,500,000 | ||
First Private [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 299,300,000 | ||
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total TDRs | $0 | $14,600,000 |
Loans_Schedule_of_Aging_of_Non
Loans - Schedule of Aging of Non-Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-Covered Legacy Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | $23,365 | $13,426 |
Past Due, 60-89 days | 6,202 | 7,965 |
Past Due, Greater than 90 days | 35,724 | 44,762 |
Total Past Due | 65,291 | 66,153 |
Current | 9,603,423 | 8,222,168 |
Total Legacy Loans, Net of Unearned Income | 9,668,714 | 8,288,321 |
Recorded Investment > 90 days and Accruing | 754 | 1,075 |
Non-Covered Legacy Loans [Member] | Commercial Real Estate Construction [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 507 | |
Past Due, Greater than 90 days | 69 | 1,803 |
Total Past Due | 576 | 1,803 |
Current | 483,663 | 381,292 |
Total Legacy Loans, Net of Unearned Income | 484,239 | 383,095 |
Non-Covered Legacy Loans [Member] | Commercial Real Estate - Other [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 11,799 | 6,098 |
Past Due, 60-89 days | 148 | 5,630 |
Past Due, Greater than 90 days | 6,883 | 7,650 |
Total Past Due | 18,830 | 19,378 |
Current | 3,214,989 | 2,732,431 |
Total Legacy Loans, Net of Unearned Income | 3,233,819 | 2,751,809 |
Recorded Investment > 90 days and Accruing | 2 | |
Non-Covered Legacy Loans [Member] | Commercial Business [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 1,589 | 2,117 |
Past Due, 60-89 days | 1,860 | 423 |
Past Due, Greater than 90 days | 3,228 | 15,020 |
Total Past Due | 6,677 | 17,560 |
Current | 3,277,463 | 2,888,491 |
Total Legacy Loans, Net of Unearned Income | 3,284,140 | 2,906,051 |
Recorded Investment > 90 days and Accruing | 200 | |
Non-Covered Legacy Loans [Member] | Residential Prime [Member] | Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 1,389 | 1,104 |
Past Due, 60-89 days | 2,616 | 852 |
Past Due, Greater than 90 days | 11,305 | 9,684 |
Total Past Due | 15,310 | 11,640 |
Current | 392,900 | 286,167 |
Total Legacy Loans, Net of Unearned Income | 408,210 | 297,807 |
Recorded Investment > 90 days and Accruing | 538 | 1,073 |
Non-Covered Legacy Loans [Member] | Residential Subprime [Member] | Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, Greater than 90 days | 3,595 | 1,626 |
Total Past Due | 3,595 | 1,626 |
Current | 115,889 | 114,939 |
Total Legacy Loans, Net of Unearned Income | 119,484 | 116,565 |
Non-Covered Legacy Loans [Member] | Home Equity [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 4,096 | 1,956 |
Past Due, 60-89 days | 595 | 569 |
Past Due, Greater than 90 days | 7,420 | 6,808 |
Total Past Due | 12,111 | 9,333 |
Current | 1,278,865 | 1,091,894 |
Total Legacy Loans, Net of Unearned Income | 1,290,976 | 1,101,227 |
Recorded Investment > 90 days and Accruing | 16 | |
Non-Covered Legacy Loans [Member] | Indirect Automobile [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 2,447 | 1,427 |
Past Due, 60-89 days | 396 | 293 |
Past Due, Greater than 90 days | 1,419 | 1,275 |
Total Past Due | 4,262 | 2,995 |
Current | 392,504 | 370,388 |
Total Legacy Loans, Net of Unearned Income | 396,766 | 373,383 |
Non-Covered Legacy Loans [Member] | Credit Card [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 253 | 266 |
Past Due, 60-89 days | 163 | 92 |
Past Due, Greater than 90 days | 1,032 | 411 |
Total Past Due | 1,448 | 769 |
Current | 71,297 | 62,873 |
Total Legacy Loans, Net of Unearned Income | 72,745 | 63,642 |
Non-Covered Legacy Loans [Member] | Consumer - Other [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 1,285 | 458 |
Past Due, 60-89 days | 424 | 106 |
Past Due, Greater than 90 days | 773 | 485 |
Total Past Due | 2,482 | 1,049 |
Current | 375,853 | 293,693 |
Total Legacy Loans, Net of Unearned Income | 378,335 | 294,742 |
Non-Covered Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 11,537 | 3,251 |
Past Due, 60-89 days | 3,849 | 2,580 |
Past Due, Greater than 90 days | 49,470 | 37,265 |
Total Past Due | 64,856 | 43,096 |
Current | 1,326,950 | 506,422 |
Total Legacy Loans, Net of Unearned Income | 1,327,786 | 483,905 |
Recorded Investment > 90 days and Accruing | 47,603 | 37,265 |
Discount | -64,020 | -65,613 |
Non-Covered Acquired Loans [Member] | Commercial Real Estate Construction [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 2,740 | 388 |
Past Due, 60-89 days | 57 | |
Past Due, Greater than 90 days | 1,284 | 2,542 |
Total Past Due | 4,081 | 2,930 |
Current | 26,667 | 19,833 |
Total Legacy Loans, Net of Unearned Income | 29,578 | 20,231 |
Recorded Investment > 90 days and Accruing | 1,284 | 2,542 |
Discount | -1,170 | -2,532 |
Non-Covered Acquired Loans [Member] | Commercial Real Estate - Other [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 4,419 | 1,798 |
Past Due, 60-89 days | 840 | 1,963 |
Past Due, Greater than 90 days | 26,480 | 27,967 |
Total Past Due | 31,739 | 31,728 |
Current | 475,751 | 345,286 |
Total Legacy Loans, Net of Unearned Income | 468,371 | 324,838 |
Recorded Investment > 90 days and Accruing | 26,376 | 27,967 |
Discount | -39,119 | -52,176 |
Non-Covered Acquired Loans [Member] | Commercial Business [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 2,106 | 544 |
Past Due, 60-89 days | 70 | |
Past Due, Greater than 90 days | 1,635 | 1,218 |
Total Past Due | 3,811 | 1,762 |
Current | 94,962 | 54,189 |
Total Legacy Loans, Net of Unearned Income | 93,549 | 53,037 |
Recorded Investment > 90 days and Accruing | 1,635 | 1,218 |
Discount | -5,224 | -2,914 |
Non-Covered Acquired Loans [Member] | Residential Prime [Member] | Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 152 | |
Past Due, 60-89 days | 2,367 | |
Past Due, Greater than 90 days | 9,339 | 226 |
Total Past Due | 11,858 | 226 |
Current | 418,552 | 18,796 |
Total Legacy Loans, Net of Unearned Income | 424,579 | 18,135 |
Recorded Investment > 90 days and Accruing | 8,087 | 226 |
Discount | -5,831 | -887 |
Non-Covered Acquired Loans [Member] | Home Equity [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 649 | 313 |
Past Due, 60-89 days | 385 | 516 |
Past Due, Greater than 90 days | 8,774 | 4,242 |
Total Past Due | 9,808 | 5,071 |
Current | 216,310 | 53,995 |
Total Legacy Loans, Net of Unearned Income | 217,699 | 53,443 |
Recorded Investment > 90 days and Accruing | 8,383 | 4,242 |
Discount | -8,419 | -5,623 |
Non-Covered Acquired Loans [Member] | Indirect Automobile [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 13 | 33 |
Past Due, 60-89 days | 17 | |
Past Due, Greater than 90 days | 9 | 95 |
Total Past Due | 39 | 128 |
Current | 393 | 1,725 |
Total Legacy Loans, Net of Unearned Income | 392 | 1,853 |
Recorded Investment > 90 days and Accruing | 9 | 95 |
Discount | -40 | |
Non-Covered Acquired Loans [Member] | Consumer - Other [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 1,458 | 175 |
Past Due, 60-89 days | 113 | 101 |
Past Due, Greater than 90 days | 1,949 | 975 |
Total Past Due | 3,520 | 1,251 |
Current | 94,315 | 12,598 |
Total Legacy Loans, Net of Unearned Income | 93,618 | 12,368 |
Recorded Investment > 90 days and Accruing | 1,829 | 975 |
Discount | ($4,217) | ($1,481) |
Loans_Schedule_of_Aging_of_Non1
Loans - Schedule of Aging of Non-Covered Loans (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Past due loans threshold period | 90 days |
Loans_Schedule_of_Legacy_Loans
Loans - Schedule of Legacy Loans on Nonaccrual Status (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | $34,970 | $43,687 |
Commercial Loans [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 69 | 1,803 |
Commercial Loans [Member] | Commercial Real Estate - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 6,883 | 7,648 |
Commercial Loans [Member] | Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 3,028 | 15,020 |
Residential Mortgage Loans [Member] | Residential Prime [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 10,767 | 8,611 |
Residential Mortgage Loans [Member] | Residential Subprime [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 3,595 | 1,626 |
Consumer and Other Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 7,404 | 6,808 |
Consumer and Other Loans [Member] | Indirect Automobile [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 1,419 | 1,275 |
Consumer and Other Loans [Member] | Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 1,032 | 411 |
Consumer and Other Loans [Member] | Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | $773 | $485 |
Loans_Schedule_of_Carrying_Amo
Loans - Schedule of Carrying Amount of Acquired Covered Loans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | $37,532 | $66,077 |
Acquired Performing Loans | 407,012 | 653,716 |
Balance at end of period | 444,544 | 719,793 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 1,253 | 14,904 |
Acquired Performing Loans | 219,133 | 409,453 |
Balance at end of period | 220,386 | 424,357 |
Commercial Loans [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 1,253 | 14,904 |
Acquired Performing Loans | 187,873 | 372,428 |
Balance at end of period | 189,126 | 387,332 |
Commercial Loans [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Performing Loans | 31,260 | 37,025 |
Balance at end of period | 31,260 | 37,025 |
Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 22,918 | 28,223 |
Acquired Performing Loans | 105,106 | 125,802 |
Balance at end of period | 128,024 | 154,025 |
Residential Mortgage Loans [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 22,918 | 28,223 |
Acquired Performing Loans | 105,106 | 125,802 |
Balance at end of period | 128,024 | 154,025 |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 13,361 | 22,950 |
Acquired Performing Loans | 82,773 | 118,461 |
Balance at end of period | 96,134 | 141,411 |
Consumer and Other Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 12,872 | 21,768 |
Acquired Performing Loans | 79,558 | 115,354 |
Balance at end of period | 92,430 | 137,122 |
Consumer and Other Loans [Member] | Consumer - Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 489 | 1,182 |
Acquired Performing Loans | 3,215 | 3,107 |
Balance at end of period | $3,704 | $4,289 |
Loans_Schedule_of_Carrying_Amo1
Loans - Schedule of Carrying Amount of Loans Acquired (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required principal and interest at acquisition | $87,001 |
Nonaccretable difference (expected losses and foregone interest) | -6,478 |
Cash flows expected to be collected at acquisition | 80,523 |
Accretable yield | -13,848 |
Basis in acquired loans at acquisition | 66,675 |
Acquired Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required principal and interest at acquisition | 71,871 |
Nonaccretable difference (expected losses and foregone interest) | -6,117 |
Cash flows expected to be collected at acquisition | 65,754 |
Accretable yield | -12,312 |
Basis in acquired loans at acquisition | 53,442 |
Acquired Performing Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required principal and interest at acquisition | 15,130 |
Nonaccretable difference (expected losses and foregone interest) | -361 |
Cash flows expected to be collected at acquisition | 14,769 |
Accretable yield | -1,536 |
Basis in acquired loans at acquisition | $13,233 |
Loans_Summary_of_Changes_in_Ac
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | $354,892 | $356,393 | $470,811 |
Acquisition | 13,848 | 24,089 | |
Transfers from nonaccretable difference to accretable yield | 25,844 | 50,743 | -59,658 |
Accretion | -103,233 | -179,456 | -249,309 |
Changes in expected cash flows not affecting nonaccretable differences | -3,700 | 127,212 | 170,460 |
Balance at end of period | 287,651 | 354,892 | 356,393 |
Acquired Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | 78,349 | 76,623 | 83,834 |
Acquisition | 12,312 | 1,190 | |
Transfers from nonaccretable difference to accretable yield | 4,405 | 7,849 | -11,816 |
Accretion | -15,095 | -16,273 | -30,417 |
Changes in expected cash flows not affecting nonaccretable differences | -5,722 | 10,150 | 33,832 |
Balance at end of period | 74,249 | 78,349 | 76,623 |
Acquired Performing Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of period | 276,543 | 279,770 | 386,977 |
Acquisition | 1,536 | 22,899 | |
Transfers from nonaccretable difference to accretable yield | 21,439 | 42,894 | -47,842 |
Accretion | -88,138 | -163,183 | -218,892 |
Changes in expected cash flows not affecting nonaccretable differences | 2,022 | 117,062 | 136,628 |
Balance at end of period | $213,402 | $276,543 | $279,770 |
Loans_Schedule_of_Carrying_Amo2
Loans - Schedule of Carrying Amount of Loans Acquired under ASC Topic 310-10 (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Loans [Line Items] | |
Contractually required principal and interest at acquisition | $87,001 |
Nonaccretable difference (expected losses and foregone interest) | -6,478 |
Cash flows expected to be collected at acquisition | 80,523 |
Fair value of acquired loans at acquisition | 66,675 |
Asc 310-10 Loan [Member] | |
Loans [Line Items] | |
Contractually required principal and interest at acquisition | 1,224,635 |
Nonaccretable difference (expected losses and foregone interest) | -20,790 |
Cash flows expected to be collected at acquisition | 1,203,845 |
Fair value of acquired loans at acquisition | $1,014,903 |
Loans_Schedule_of_Troubled_Deb
Loans - Schedule of Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Commercial Loans [Member] | Commercial Real Estate Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | $0 | $0 |
Commercial Loans [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 355 | 400 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 4,452 | |
Total TDRs | 355 | 4,852 |
Commercial Loans [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 1,075 | 976 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 1,971 | 13,791 |
Total TDRs | 3,046 | 14,767 |
Residential Mortgage Loans [Member] | Residential Prime [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Residential Mortgage Loans [Member] | Residential Subprime [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 1,430 | 1,376 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 2,209 | 18,501 |
Total TDRs | 3,639 | 19,877 |
Consumer and Other Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 238 | 258 |
Total TDRs | 238 | 258 |
Consumer and Other Loans [Member] | Indirect Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Consumer and Other Loans [Member] | Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Consumer and Other Loans [Member] | Consumer - Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Past Due Greater than 30 Days | $0 | $0 |
Loans_Schedule_of_Modified_TDR
Loans - Schedule of Modified TDRs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables [Abstract] | ||
Extended maturities | $0 | $0 |
Interest rate adjustment | 0 | 0 |
Maturity and interest rate adjustment | 0 | 0 |
Movement to or extension of interest-rate only payments | 0 | 0 |
Forbearance | 12,975 | |
Other concession(s) | 1,587 | |
Total | $14,562 |
Loans_Schedule_of_Subsequently
Loans - Schedule of Subsequently Defaulted TDRs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 9 | |
Pre-modification Outstanding Recorded Investment | $14,835 | |
Post-modification Outstanding Recorded Investment | 12,429 | |
TDRs Occurring During The Period [Member] | Non-Covered TDRs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 40 | 54 |
Recorded Investment | 1,600 | 17,305 |
Real Estate [Member] | Commercial Loans [Member] | TDRs Occurring During The Period [Member] | Non-Covered TDRs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 9 | |
Pre-modification Outstanding Recorded Investment | 14,835 | |
Post-modification Outstanding Recorded Investment | 12,429 | |
Number of Loans | 30 | 35 |
Recorded Investment | 4,452 | |
Business [Member] | Commercial Loans [Member] | TDRs Occurring During The Period [Member] | Non-Covered TDRs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 9 | 17 |
Recorded Investment | 1,600 | 12,808 |
Home Equity [Member] | Consumer and Other Loans [Member] | TDRs Occurring During The Period [Member] | Non-Covered TDRs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Recorded Investment | $45 | |
Consumer - Other [Member] | Consumer and Other Loans [Member] | TDRs Occurring During The Period [Member] | Non-Covered TDRs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | 1 |
Allowance_for_Credit_Losses_an2
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered Loan and Non-Covered Loan Portfolios (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $143,074 | $251,603 | $193,761 |
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | 14,800 | -50,940 | 104,756 |
Adjustment attributable to FDIC loss share arrangements | 4,260 | 56,085 | -84,085 |
Net (reversal of) provision for loan losses | 19,060 | 5,145 | 20,671 |
Adjustment attributable to FDIC loss share arrangements | -4,260 | -56,085 | 84,085 |
Transfer of balance to OREO | -7,323 | -28,126 | -27,169 |
Transfer of balance to the RULC | -9,828 | ||
Loans charged-off | -26,855 | -26,481 | -25,060 |
Recoveries | 6,435 | 6,846 | 5,315 |
Balance at end of period | 130,131 | 143,074 | 251,603 |
Balance at beginning of period | 11,147 | ||
Transfer of balance from the allowance for loan losses | 9,828 | ||
Provision for unfunded lending commitments | 654 | 1,319 | |
Balance at end of period | 11,801 | 11,147 | |
Non-Covered Legacy Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 67,342 | 74,211 | 74,861 |
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | 14,274 | 6,828 | 3,804 |
Net (reversal of) provision for loan losses | 14,274 | 6,828 | 3,804 |
Transfer of balance to the RULC | -9,828 | ||
Loans charged-off | -11,312 | -10,686 | -9,728 |
Recoveries | 5,870 | 6,817 | 5,274 |
Balance at end of period | 76,174 | 67,342 | 74,211 |
Balance at beginning of period | 11,147 | ||
Transfer of balance from the allowance for loan losses | 9,828 | ||
Provision for unfunded lending commitments | 654 | 1,319 | |
Balance at end of period | 11,801 | 11,147 | |
Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 4,557 | 8,816 | |
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | -1,546 | -3,158 | 9,799 |
Net (reversal of) provision for loan losses | -1,546 | -3,158 | 9,799 |
Transfer of balance to OREO | -933 | -1,085 | -826 |
Transfer of balance to non-covered | 8,661 | ||
Loans charged-off | -2,073 | -31 | -179 |
Recoveries | 527 | 15 | 22 |
Balance at end of period | 9,193 | 4,557 | 8,816 |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 71,175 | 168,576 | 118,900 |
(Reversal of) Provision for loan losses before adjustment attributable to FDIC loss share agreements | 2,072 | -54,610 | 91,153 |
Adjustment attributable to FDIC loss share arrangements | 4,260 | 56,085 | -84,085 |
Net (reversal of) provision for loan losses | 6,332 | 1,475 | 7,068 |
Adjustment attributable to FDIC loss share arrangements | -4,260 | -56,085 | 84,085 |
Transfer of balance to OREO | -6,390 | -27,041 | -26,343 |
Transfer of balance to non-covered | -8,661 | ||
Loans charged-off | -13,470 | -15,764 | -15,153 |
Recoveries | 38 | 14 | 19 |
Balance at end of period | $44,764 | $71,175 | $168,576 |
Allowance_for_Credit_Losses_an3
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered Loans, by Loan Portfolio (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
(Reversal of) Provision for loan losses | $6,495 | $5,714 | $4,748 | $2,103 | $4,700 | $2,014 | $1,807 | ($3,377) | $19,060 | $5,145 | $20,671 |
Transfer of balance to OREO | -7,323 | -28,126 | -27,169 | ||||||||
Transfer of balance to the RULC | -9,828 | ||||||||||
Loans charged off | -26,855 | -26,481 | -25,060 | ||||||||
Recoveries | 6,435 | 6,846 | 5,315 | ||||||||
Balance at beginning of period | 11,147 | 11,147 | |||||||||
Transfer of balance from the allowance for loan losses | 9,828 | ||||||||||
Balance at end of period | 11,801 | 11,147 | 11,801 | 11,147 | |||||||
Balance at end of period | 444,544 | 719,793 | 444,544 | 719,793 | |||||||
Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 71,899 | 83,027 | 71,899 | 83,027 | 74,861 | ||||||
(Reversal of) Provision for loan losses | 12,728 | 3,670 | 13,603 | ||||||||
Transfer of balance to OREO | -933 | -1,085 | -826 | ||||||||
Transfer of balance to the RULC | -9,828 | ||||||||||
Transfer of balance to non-covered | 8,661 | ||||||||||
Loans charged off | -13,385 | -10,717 | -9,907 | ||||||||
Recoveries | 6,397 | 6,832 | 5,296 | ||||||||
Balance at end of period | 85,367 | 71,899 | 85,367 | 71,899 | 83,027 | ||||||
Balance at beginning of period | 11,147 | 11,147 | |||||||||
Transfer of balance from the allowance for loan losses | 9,828 | ||||||||||
(Reversal of) Provision for unfunded commitments | 654 | 1,319 | |||||||||
Balance at end of period | 11,801 | 11,147 | 11,801 | 11,147 | |||||||
Allowance on loans individually evaluated for impairment | 430 | 1,029 | 430 | 1,029 | 880 | ||||||
Allowance on loans collectively evaluated for impairment | 84,939 | 70,870 | 84,939 | 70,870 | 82,147 | ||||||
Balance at end of period | 10,996,500 | 8,772,226 | 10,996,500 | 8,772,226 | 7,405,824 | ||||||
Balance at end of period individually evaluated for impairment | 11,700 | 26,182 | 11,700 | 26,182 | 34,471 | ||||||
Balance at end of period collectively evaluated for impairment | 10,932,123 | 8,732,261 | 10,932,123 | 8,732,261 | 7,306,662 | ||||||
Balance at end of period acquired with deteriorated credit quality | 52,677 | 13,783 | 52,677 | 13,783 | 64,691 | ||||||
Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 71,175 | 168,576 | 71,175 | 168,576 | 118,900 | ||||||
(Reversal of) Provision for loan losses | 6,332 | 1,475 | 7,068 | ||||||||
(Decrease) Increase in FDIC loss share receivable | -4,260 | -56,085 | 84,085 | ||||||||
Transfer of balance to OREO | -6,390 | -27,041 | -26,343 | ||||||||
Transfer of balance to non-covered | -8,661 | ||||||||||
Loans charged off | -13,470 | -15,764 | -15,153 | ||||||||
Recoveries | 38 | 14 | 19 | ||||||||
Balance at end of period | 44,764 | 71,175 | 44,764 | 71,175 | 168,576 | ||||||
Allowance on loans collectively evaluated for impairment | 44,764 | 71,175 | 44,764 | 71,175 | 168,576 | ||||||
Balance at end of period | 444,544 | 719,793 | 444,544 | 719,793 | 1,092,756 | ||||||
Balance at end of period collectively evaluated for impairment | 444,544 | 653,716 | 444,544 | 653,716 | 879,111 | ||||||
Balance at end of period acquired with deteriorated credit quality | 37,532 | 66,077 | 37,532 | 66,077 | 213,645 | ||||||
Real Estate [Member] | Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 26,590 | 38,264 | 26,590 | 38,264 | 35,604 | ||||||
(Reversal of) Provision for loan losses | -295 | -8,830 | 1,786 | ||||||||
Transfer of balance to OREO | -319 | -292 | |||||||||
Transfer of balance to the RULC | -2,939 | ||||||||||
Transfer of balance to non-covered | 6,009 | ||||||||||
Loans charged off | -2,247 | -2,940 | -2,000 | ||||||||
Recoveries | 2,964 | 3,354 | 3,166 | ||||||||
Balance at end of period | 33,021 | 26,590 | 33,021 | 26,590 | 38,264 | ||||||
Balance at beginning of period | 3,089 | 3,089 | |||||||||
Transfer of balance from the allowance for loan losses | 2,939 | ||||||||||
(Reversal of) Provision for unfunded commitments | 350 | 150 | |||||||||
Balance at end of period | 3,439 | 3,089 | 3,439 | 3,089 | |||||||
Allowance on loans individually evaluated for impairment | 20 | 8 | 20 | 8 | 226 | ||||||
Allowance on loans collectively evaluated for impairment | 33,001 | 26,582 | 33,001 | 26,582 | 38,038 | ||||||
Balance at end of period | 4,216,007 | 3,479,973 | 4,216,007 | 3,479,973 | 2,990,700 | ||||||
Balance at end of period individually evaluated for impairment | 7,013 | 8,705 | 7,013 | 8,705 | 28,052 | ||||||
Balance at end of period collectively evaluated for impairment | 4,186,968 | 3,459,028 | 4,186,968 | 3,459,028 | 2,906,792 | ||||||
Balance at end of period acquired with deteriorated credit quality | 22,026 | 12,240 | 22,026 | 12,240 | 55,856 | ||||||
Real Estate [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 38,772 | 100,871 | 38,772 | 100,871 | 69,175 | ||||||
(Reversal of) Provision for loan losses | 3,058 | 1,523 | 4,970 | ||||||||
(Decrease) Increase in FDIC loss share receivable | 227 | -28,238 | 51,543 | ||||||||
Transfer of balance to OREO | -1,897 | -19,634 | -11,202 | ||||||||
Transfer of balance to non-covered | -6,009 | ||||||||||
Loans charged off | -10,117 | -15,764 | -13,631 | ||||||||
Recoveries | 38 | 14 | 16 | ||||||||
Balance at end of period | 24,072 | 38,772 | 24,072 | 38,772 | 100,871 | ||||||
Allowance on loans collectively evaluated for impairment | 24,072 | 38,772 | 24,072 | 38,772 | 100,871 | ||||||
Balance at end of period | 187,873 | 387,332 | 187,873 | 387,332 | 640,843 | ||||||
Balance at end of period collectively evaluated for impairment | 189,126 | 372,428 | 189,126 | 372,428 | 473,101 | ||||||
Balance at end of period acquired with deteriorated credit quality | 1,253 | 14,904 | 1,253 | 14,904 | 167,742 | ||||||
Commercial Business [Member] | Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 28,515 | 28,721 | 28,515 | 28,721 | 25,705 | ||||||
(Reversal of) Provision for loan losses | 4,302 | 3,543 | 4,021 | ||||||||
Transfer of balance to OREO | -868 | -113 | |||||||||
Transfer of balance to the RULC | -3,497 | ||||||||||
Transfer of balance to non-covered | 1,699 | ||||||||||
Loans charged off | -1,659 | -516 | -1,116 | ||||||||
Recoveries | 105 | 377 | 111 | ||||||||
Balance at end of period | 32,094 | 28,515 | 32,094 | 28,515 | 28,721 | ||||||
Balance at beginning of period | 4,839 | 4,839 | |||||||||
Transfer of balance from the allowance for loan losses | 3,497 | ||||||||||
(Reversal of) Provision for unfunded commitments | 421 | 1,342 | |||||||||
Balance at end of period | 5,260 | 4,839 | 5,260 | 4,839 | |||||||
Allowance on loans individually evaluated for impairment | 407 | 841 | 407 | 841 | 449 | ||||||
Allowance on loans collectively evaluated for impairment | 31,687 | 27,674 | 31,687 | 27,674 | 28,272 | ||||||
Balance at end of period | 3,377,689 | 2,959,088 | 3,377,689 | 2,959,088 | 2,450,667 | ||||||
Balance at end of period individually evaluated for impairment | 3,988 | 15,812 | 3,988 | 15,812 | 4,401 | ||||||
Balance at end of period collectively evaluated for impairment | 3,369,982 | 2,943,246 | 3,369,982 | 2,943,246 | 2,442,796 | ||||||
Balance at end of period acquired with deteriorated credit quality | 3,719 | 30 | 3,719 | 30 | 3,470 | ||||||
Commercial Business [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 5,380 | 11,375 | 5,380 | 11,375 | 9,788 | ||||||
(Reversal of) Provision for loan losses | 399 | -649 | 964 | ||||||||
(Decrease) Increase in FDIC loss share receivable | 509 | -5,032 | 3,616 | ||||||||
Transfer of balance to OREO | -1,162 | -314 | -2,993 | ||||||||
Transfer of balance to non-covered | -1,699 | ||||||||||
Loans charged off | -2,192 | ||||||||||
Balance at end of period | 1,235 | 5,380 | 1,235 | 5,380 | 11,375 | ||||||
Allowance on loans collectively evaluated for impairment | 1,235 | 5,380 | 1,235 | 5,380 | 11,375 | ||||||
Balance at end of period | 31,260 | 37,025 | 31,260 | 37,025 | 87,051 | ||||||
Balance at end of period collectively evaluated for impairment | 31,260 | 37,025 | 31,260 | 37,025 | 84,294 | ||||||
Balance at end of period acquired with deteriorated credit quality | 2,757 | ||||||||||
Residential Mortgage [Member] | Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 2,546 | 2,125 | 2,546 | 2,125 | 897 | ||||||
(Reversal of) Provision for loan losses | 694 | 860 | 2,578 | ||||||||
Transfer of balance to OREO | -646 | -525 | |||||||||
Transfer of balance to the RULC | -40 | ||||||||||
Loans charged off | -613 | -518 | -863 | ||||||||
Recoveries | 248 | 765 | 38 | ||||||||
Balance at end of period | 2,875 | 2,546 | 2,875 | 2,546 | 2,125 | ||||||
Balance at beginning of period | 72 | 72 | |||||||||
Transfer of balance from the allowance for loan losses | 40 | ||||||||||
(Reversal of) Provision for unfunded commitments | 96 | 32 | |||||||||
Balance at end of period | 168 | 72 | 168 | 72 | |||||||
Allowance on loans individually evaluated for impairment | 180 | 180 | 163 | ||||||||
Allowance on loans collectively evaluated for impairment | 2,875 | 2,366 | 2,875 | 2,366 | 1,962 | ||||||
Balance at end of period | 952,273 | 432,507 | 952,273 | 432,507 | 290,040 | ||||||
Balance at end of period individually evaluated for impairment | 1,407 | 1,407 | 1,703 | ||||||||
Balance at end of period collectively evaluated for impairment | 936,604 | 430,974 | 936,604 | 430,974 | 288,007 | ||||||
Balance at end of period acquired with deteriorated credit quality | 15,669 | 126 | 15,669 | 126 | 330 | ||||||
Residential Mortgage [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 10,889 | 22,566 | 10,889 | 22,566 | 21,184 | ||||||
(Reversal of) Provision for loan losses | 1,168 | 286 | 323 | ||||||||
(Decrease) Increase in FDIC loss share receivable | -3,854 | -4,896 | 13,895 | ||||||||
Transfer of balance to OREO | -1,719 | -7,067 | -11,323 | ||||||||
Loans charged off | -198 | -1,513 | |||||||||
Balance at end of period | 6,286 | 10,889 | 6,286 | 10,889 | 22,566 | ||||||
Allowance on loans collectively evaluated for impairment | 6,286 | 10,889 | 6,286 | 10,889 | 22,566 | ||||||
Balance at end of period | 105,106 | 154,025 | 105,106 | 154,025 | 187,164 | ||||||
Balance at end of period collectively evaluated for impairment | 128,024 | 125,802 | 128,024 | 125,802 | 166,932 | ||||||
Balance at end of period acquired with deteriorated credit quality | 22,918 | 28,223 | 22,918 | 28,223 | 20,232 | ||||||
Consumer [Member] | Non-Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 14,248 | 13,917 | 14,248 | 13,917 | 12,655 | ||||||
(Reversal of) Provision for loan losses | 8,027 | 8,097 | 5,218 | ||||||||
Transfer of balance to OREO | -65 | -7 | -9 | ||||||||
Transfer of balance to the RULC | -3,352 | ||||||||||
Transfer of balance to non-covered | 953 | ||||||||||
Loans charged off | -8,866 | -6,743 | -5,928 | ||||||||
Recoveries | 3,080 | 2,336 | 1,981 | ||||||||
Balance at end of period | 17,377 | 14,248 | 17,377 | 14,248 | 13,917 | ||||||
Balance at beginning of period | 3,147 | 3,147 | |||||||||
Transfer of balance from the allowance for loan losses | 3,352 | ||||||||||
(Reversal of) Provision for unfunded commitments | -213 | -205 | |||||||||
Balance at end of period | 2,934 | 3,147 | 2,934 | 3,147 | |||||||
Allowance on loans individually evaluated for impairment | 3 | 3 | 42 | ||||||||
Allowance on loans collectively evaluated for impairment | 17,374 | 14,248 | 17,374 | 14,248 | 13,875 | ||||||
Balance at end of period | 2,450,531 | 1,900,658 | 2,450,531 | 1,900,658 | 1,674,417 | ||||||
Balance at end of period individually evaluated for impairment | 699 | 258 | 699 | 258 | 315 | ||||||
Balance at end of period collectively evaluated for impairment | 2,438,569 | 1,899,013 | 2,438,569 | 1,899,013 | 1,669,067 | ||||||
Balance at end of period acquired with deteriorated credit quality | 11,263 | 1,387 | 11,263 | 1,387 | 5,035 | ||||||
Consumer [Member] | Covered Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Balance at beginning of period | 16,134 | 33,764 | 16,134 | 33,764 | 18,753 | ||||||
(Reversal of) Provision for loan losses | 1,707 | 315 | 811 | ||||||||
(Decrease) Increase in FDIC loss share receivable | -1,142 | -17,919 | 15,031 | ||||||||
Transfer of balance to OREO | -1,612 | -26 | -825 | ||||||||
Transfer of balance to non-covered | -953 | ||||||||||
Loans charged off | -963 | -9 | |||||||||
Recoveries | 3 | ||||||||||
Balance at end of period | 13,171 | 16,134 | 13,171 | 16,134 | 33,764 | ||||||
Allowance on loans collectively evaluated for impairment | 13,171 | 16,134 | 13,171 | 16,134 | 33,764 | ||||||
Balance at end of period | 82,773 | 141,411 | 82,773 | 141,411 | 177,698 | ||||||
Balance at end of period collectively evaluated for impairment | 96,134 | 118,461 | 96,134 | 118,461 | 154,784 | ||||||
Balance at end of period acquired with deteriorated credit quality | $13,361 | $22,950 | $13,361 | $22,950 | $22,914 |
Allowance_for_Credit_Losses_an4
Allowance for Credit Losses and Credit Quality - Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | $10,996,500 | $8,772,226 | |
Balance at end of period | 444,544 | 719,793 | |
Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 729,570 | 87,114 | |
30+ Days Past Due | 25,225 | 6,676 | |
Discount | -18,507 | -7,991 | |
Total | 736,288 | 85,799 | |
Residential Prime [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 418,552 | 18,796 | |
30+ Days Past Due | 11,858 | 226 | |
Discount | -5,831 | -887 | |
Total | 424,579 | 18,135 | |
Home Equity [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 216,310 | 53,995 | |
30+ Days Past Due | 9,808 | 5,071 | |
Discount | -8,419 | -5,623 | |
Total | 217,699 | 53,443 | |
Indirect Automobile [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 393 | 1,725 | |
30+ Days Past Due | 39 | 128 | |
Discount | -40 | ||
Total | 392 | 1,853 | |
Consumer - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 94,315 | 12,598 | |
30+ Days Past Due | 3,520 | 1,251 | |
Discount | -4,217 | -1,481 | |
Total | 93,618 | 12,368 | |
Pass [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 561,512 | 425,189 | |
Pass [Member] | Commercial Real Estate Construction [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 24,118 | 21,244 | |
Pass [Member] | Commercial Real Estate - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 445,557 | 350,412 | |
Pass [Member] | Commercial Business [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 91,837 | 53,533 | |
Special Mention [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 16,661 | 5,613 | |
Special Mention [Member] | Commercial Real Estate Construction [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 2,006 | ||
Special Mention [Member] | Commercial Real Estate - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 12,794 | 5,096 | |
Special Mention [Member] | Commercial Business [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,861 | 517 | |
Substandard [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 58,581 | 24,833 | |
Substandard [Member] | Commercial Real Estate Construction [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 4,624 | 1,519 | |
Substandard [Member] | Commercial Real Estate - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 49,139 | 21,413 | |
Substandard [Member] | Commercial Business [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 4,818 | 1,901 | |
Doubtful [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 257 | 93 | |
Doubtful [Member] | Commercial Real Estate - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 93 | ||
Doubtful [Member] | Commercial Business [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 257 | ||
Internally Assigned Grade Loss [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -45,513 | -57,622 | |
Total | 591,498 | 398,106 | |
Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -1,170 | -2,532 | |
Total | 29,578 | 20,231 | |
Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -39,119 | -52,176 | |
Total | 468,371 | 324,838 | |
Internally Assigned Grade Loss [Member] | Commercial Business [Member] | Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -5,224 | -2,914 | |
Total | 93,549 | 53,037 | |
Non-Covered Legacy Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 2,627,308 | 2,219,954 | |
30+ Days Past Due | 39,208 | 27,412 | |
Total | 2,666,516 | 2,247,366 | |
Credit risk by payment status, Current | 9,603,423 | 8,222,168 | |
Total | 9,668,714 | 8,288,321 | |
Non-Covered Legacy Loans [Member] | Residential Prime [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 392,900 | 286,167 | |
30+ Days Past Due | 15,310 | 11,640 | |
Total | 408,210 | 297,807 | |
Non-Covered Legacy Loans [Member] | Residential Subprime [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 115,889 | 114,939 | |
30+ Days Past Due | 3,595 | 1,626 | |
Total | 119,484 | 116,565 | |
Non-Covered Legacy Loans [Member] | Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 1,278,865 | 1,091,894 | |
30+ Days Past Due | 12,111 | 9,333 | |
Total | 1,290,976 | 1,101,227 | |
Non-Covered Legacy Loans [Member] | Indirect Automobile [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 392,504 | 370,388 | |
30+ Days Past Due | 4,262 | 2,995 | |
Total | 396,766 | 373,383 | |
Non-Covered Legacy Loans [Member] | Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 71,297 | 62,873 | |
30+ Days Past Due | 1,448 | 769 | |
Total | 72,745 | 63,642 | |
Non-Covered Legacy Loans [Member] | Consumer - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 375,853 | 293,693 | |
30+ Days Past Due | 2,482 | 1,049 | |
Total | 378,335 | 294,742 | |
Non-Covered Legacy Loans [Member] | Pass [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 6,891,435 | 5,931,779 | |
Non-Covered Legacy Loans [Member] | Pass [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 483,930 | 370,824 | |
Non-Covered Legacy Loans [Member] | Pass [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 3,161,593 | 2,694,161 | |
Non-Covered Legacy Loans [Member] | Pass [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 3,245,912 | 2,866,794 | |
Non-Covered Legacy Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 57,417 | 42,700 | |
Non-Covered Legacy Loans [Member] | Special Mention [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 240 | 9,309 | |
Non-Covered Legacy Loans [Member] | Special Mention [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 49,847 | 27,227 | |
Non-Covered Legacy Loans [Member] | Special Mention [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 7,330 | 6,164 | |
Non-Covered Legacy Loans [Member] | Substandard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 51,251 | 65,437 | |
Non-Covered Legacy Loans [Member] | Substandard [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 69 | 2,962 | |
Non-Covered Legacy Loans [Member] | Substandard [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 22,217 | 30,308 | |
Non-Covered Legacy Loans [Member] | Substandard [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 28,965 | 32,167 | |
Non-Covered Legacy Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 2,095 | 1,039 | |
Non-Covered Legacy Loans [Member] | Doubtful [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 162 | 113 | |
Non-Covered Legacy Loans [Member] | Doubtful [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,933 | 926 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 7,002,198 | 6,040,955 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 484,239 | 383,095 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 3,233,819 | 2,751,809 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 3,284,140 | 2,906,051 | |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 444,544 | 719,793 | 1,092,756 |
Covered Loans [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 241,057 | 303,185 | |
30+ Days Past Due | 38,652 | 66,800 | |
Discount | -55,551 | -74,549 | |
Covered Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 31,260 | 37,025 | 87,051 |
Covered Loans [Member] | Residential Prime [Member] | Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 140,628 | 158,710 | |
30+ Days Past Due | 22,058 | 30,814 | |
Discount | -34,662 | -35,499 | |
Covered Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 99,478 | 143,236 | |
30+ Days Past Due | 16,542 | 35,811 | |
Discount | -23,590 | -41,925 | |
Covered Loans [Member] | Credit Card [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 614 | 648 | |
30+ Days Past Due | 34 | 31 | |
Covered Loans [Member] | Consumer - Other [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 337 | 591 | |
30+ Days Past Due | 18 | 144 | |
Discount | 2,701 | 2,875 | |
Covered Loans [Member] | Pass [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 145,620 | 222,175 | |
Covered Loans [Member] | Pass [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 34,731 | 42,886 | |
Covered Loans [Member] | Pass [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 87,509 | 148,579 | |
Covered Loans [Member] | Pass [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 23,380 | 30,710 | |
Covered Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 22,745 | 57,880 | |
Covered Loans [Member] | Special Mention [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,928 | 7,401 | |
Covered Loans [Member] | Special Mention [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 20,422 | 49,699 | |
Covered Loans [Member] | Special Mention [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 395 | 780 | |
Covered Loans [Member] | Substandard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 68,535 | 183,127 | |
Covered Loans [Member] | Substandard [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 8,008 | 23,891 | |
Covered Loans [Member] | Substandard [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 51,252 | 144,680 | |
Covered Loans [Member] | Substandard [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 9,275 | 14,556 | |
Covered Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 4,748 | ||
Covered Loans [Member] | Doubtful [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 497 | ||
Covered Loans [Member] | Doubtful [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 3,267 | ||
Covered Loans [Member] | Doubtful [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 984 | ||
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 236,900 | 467,930 | |
Discount | -16,514 | -43,573 | |
Balance at end of period | 220,386 | 424,357 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 224,158 | 295,436 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 44,667 | 74,675 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 159,183 | 346,225 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 33,050 | 47,030 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Residential Prime [Member] | Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 128,024 | 154,025 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Home Equity [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 92,430 | 137,122 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Credit Card [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 648 | 679 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Consumer - Other [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | $3,056 | $3,610 |
Allowance_for_Credit_Losses_an5
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Impaired Loan (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $36,560 | $45,342 |
Unpaid Principal Balance | 37,327 | 46,501 |
Related Allowance | -767 | -1,159 |
Average Recorded Investment | 39,176 | 49,645 |
Interest Income Recognized | 513 | 587 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,443 | 25,018 |
Unpaid Principal Balance | 11,876 | 25,877 |
Related Allowance | -433 | -859 |
Average Recorded Investment | 12,851 | 28,823 |
Interest Income Recognized | 251 | 321 |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 6,680 | 8,567 |
Unpaid Principal Balance | 6,680 | 8,567 |
Average Recorded Investment | 6,703 | 10,443 |
Interest Income Recognized | 132 | 43 |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,483 | 13,256 |
Unpaid Principal Balance | 2,483 | 13,256 |
Average Recorded Investment | 2,873 | 11,074 |
Interest Income Recognized | 57 | 170 |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 682 | 258 |
Unpaid Principal Balance | 682 | 258 |
Average Recorded Investment | 696 | 281 |
Interest Income Recognized | 19 | 1 |
Commercial Loans [Member] | With An Allowance Recorded [Member] | Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,068 | 1,268 |
Unpaid Principal Balance | 1,093 | 1,284 |
Related Allowance | -25 | -16 |
Average Recorded Investment | 1,158 | 4,414 |
Interest Income Recognized | 39 | 8 |
Commercial Loans [Member] | With An Allowance Recorded [Member] | Business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,212 | 1,927 |
Unpaid Principal Balance | 1,620 | 2,770 |
Related Allowance | -408 | -843 |
Average Recorded Investment | 2,117 | 2,892 |
Interest Income Recognized | 23 | 100 |
Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 14,111 | 11,408 |
Unpaid Principal Balance | 14,363 | 11,645 |
Related Allowance | -252 | -237 |
Average Recorded Investment | 14,263 | 9,675 |
Interest Income Recognized | 110 | 98 |
Mortgage Loans [Member] | With An Allowance Recorded [Member] | Residential Prime [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 10,532 | 9,791 |
Unpaid Principal Balance | 10,768 | 10,019 |
Related Allowance | -236 | -228 |
Average Recorded Investment | 10,577 | 8,096 |
Interest Income Recognized | 11 | 98 |
Mortgage Loans [Member] | With An Allowance Recorded [Member] | Residential Subprime [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 3,579 | 1,617 |
Unpaid Principal Balance | 3,595 | 1,626 |
Related Allowance | -16 | -9 |
Average Recorded Investment | 3,686 | 1,579 |
Interest Income Recognized | 99 | |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 11,006 | 8,916 |
Unpaid Principal Balance | 11,088 | 8,979 |
Related Allowance | -82 | -63 |
Average Recorded Investment | 12,062 | 11,147 |
Interest Income Recognized | 152 | 168 |
Consumer Loans [Member] | With An Allowance Recorded [Member] | Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 7,121 | 6,506 |
Unpaid Principal Balance | 7,165 | 6,550 |
Related Allowance | -44 | -44 |
Average Recorded Investment | 7,544 | 7,593 |
Interest Income Recognized | 43 | 93 |
Consumer Loans [Member] | With An Allowance Recorded [Member] | Indirect Automobile [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,410 | 1,267 |
Unpaid Principal Balance | 1,419 | 1,275 |
Related Allowance | -9 | -8 |
Average Recorded Investment | 2,016 | 2,090 |
Interest Income Recognized | 51 | 55 |
Consumer Loans [Member] | With An Allowance Recorded [Member] | Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,012 | 404 |
Unpaid Principal Balance | 1,032 | 411 |
Related Allowance | -20 | -7 |
Average Recorded Investment | 797 | 418 |
Consumer Loans [Member] | With An Allowance Recorded [Member] | Consumer - Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 781 | 481 |
Unpaid Principal Balance | 790 | 485 |
Related Allowance | -9 | -4 |
Average Recorded Investment | 1,009 | 765 |
Interest Income Recognized | $39 | $19 |
Loss_Sharing_Agreements_and_FD2
Loss Sharing Agreements and FDIC Loss Share Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business | |||
Receivables [Abstract] | |||
Percentage of covered loan and foreclosed real estate losses | 80.00% | ||
Losses that exceed contractual thresholds | 95.00% | ||
Number of acquisitions | 4 | ||
Recovery period for covered assets | 3 years | ||
Liability for reserve for amount of consideration | $800,000 | ||
FDIC loss share receivables | 69,627,000 | 162,312,000 | |
Valuation allowance against indemnification assets | $31,800,000 | $5,121,000 | $31,813,000 |
Loss_Sharing_Agreements_and_FD3
Loss Sharing Agreements and FDIC Loss Share Receivable - Schedule of FDIC Loss Share Receivables (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
FDIC Loss Share Receivable [Line Items] | ||||
Balance at beginning of period | $162,312 | |||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | -4,260 | -56,085 | 84,085 | |
Amortization | -74,617 | -97,849 | -118,100 | |
Impairment | 31,800 | 5,121 | 31,813 | |
Balance at end of period | 69,627 | 162,312 | ||
FDIC Loss Share Receivables [Member] | ||||
FDIC Loss Share Receivable [Line Items] | ||||
Balance at beginning of period | 423,069 | 162,312 | 423,069 | |
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | -4,260 | -56,085 | ||
Amortization | -74,617 | -97,849 | ||
Recoveries payable (submission of reimbursable losses) to the FDIC | 3,282 | -52,586 | ||
Impairment | -5,121 | -31,813 | ||
Changes due to a change in cash flow assumptions on OREO and other changes | -11,969 | -22,424 | ||
Balance at end of period | $69,627 | $162,312 |
Transfers_and_Servicing_of_Fin2
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Banking [Abstract] | ||
Unpaid principal balances of loans serviced | $533.80 | $345 |
Transfers_and_Servicing_of_Fin3
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Changes in Carrying Amount of Mortgage Loans Held-for-sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Banking [Abstract] | |||
Balance at beginning of period | $128,442 | $267,475 | $153,013 |
Originations and Purchases | 1,675,538 | 2,116,460 | 2,432,367 |
Sales, net of gains | -1,657,409 | -2,255,493 | -2,317,905 |
Other | -6,499 | ||
Balance at end of period | $140,072 | $128,442 | $267,475 |
Transfers_and_Servicing_of_Fin4
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Components of Mortgage Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Participating Mortgage Loans [Line Items] | |||
Derivative settlements | ($1) | $209 | ($1) |
Gains on sales | 59,156 | 65,393 | 70,811 |
Total mortgage income | 51,797 | 64,197 | 78,053 |
Mortgage Income [Member] | |||
Participating Mortgage Loans [Line Items] | |||
Mortgage loans held for sale and derivatives | 631 | -4,822 | 6,772 |
Derivative settlements | -8,743 | 3,100 | |
Gains on sales | 59,156 | 65,393 | 70,811 |
Servicing and other income, net | 753 | 526 | 470 |
Total mortgage income | $51,797 | $64,197 | $78,053 |
Transfers_and_Servicing_of_Fin5
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Schedule of Mortgage Servicing Rights at Carrying Values (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $57,665 | $46,754 |
Accumulated Amortization | -37,304 | -31,415 |
Net Carrying Amount | 20,361 | 15,339 |
Mortgage Servicing Rights [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,751 | 2,146 |
Accumulated Amortization | -1,253 | -638 |
Net Carrying Amount | $3,498 | $1,508 |
Transfers_and_Servicing_of_Fin6
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Schedule of Related Amortization Expense of Mortgage Servicing Rights (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Identifiable Intangible Assets Acquired As Part Of Business Combination [Line Items] | |||
Aggregate amortization expense | $5,807 | $4,720 | $5,150 |
2015 | 5,646 | ||
2016 | 5,187 | ||
2017 | 3,586 | ||
2018 | 2,597 | ||
2019 | 1,877 | ||
2020 and thereafter | 1,468 | ||
Mortgage Servicing Rights [Member] | |||
Schedule Of Identifiable Intangible Assets Acquired As Part Of Business Combination [Line Items] | |||
Aggregate amortization expense | 759 | 480 | 225 |
2015 | 1,550 | ||
2016 | 697 | ||
2017 | 531 | ||
2018 | 371 | ||
2019 | 230 | ||
2020 and thereafter | $119 |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property Plant and Equipment Useful Life and Values [Abstract] | ||
Land | $75,916 | $77,113 |
Buildings | 232,727 | 217,469 |
Furniture, fixtures and equipment | 128,388 | 110,663 |
Total premises and equipment | 437,031 | 405,245 |
Accumulated depreciation | -129,872 | -117,735 |
Total premises and equipment, net | $307,159 | $287,510 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $19.40 | $19.60 | $18.30 |
Maximum lease term | 5 years | ||
Average lease income | 0.1 | ||
Total lease income | 1.6 | 1.5 | 1.6 |
Maximum lease renewal period | 50 years | ||
Rent expense | 10.7 | 11.4 | 10.6 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases in terms of years | 1 year | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating leases in terms of years | 50 years | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total allocated cost of portion of buildings held for lease | 7.6 | 9.5 | |
Accumulated depreciation | $2.40 | $3 |
Premises_and_Equipment_Schedul1
Premises and Equipment - Schedule of Minimum Future Annual Rent Commitments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property Plant and Equipment Useful Life and Values [Abstract] | |
2015 | $11,541 |
2016 | 9,878 |
2017 | 8,153 |
2018 | 7,333 |
2019 | 6,214 |
2020 and thereafter | 31,860 |
Total | $74,979 |
Goodwill_and_Other_Acquired_In2
Goodwill and Other Acquired Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jan. 17, 2014 | Dec. 31, 2012 |
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2012 | $401,872 | $8,600 | $401,872 |
Goodwill acquired during the year | 115,654 | ||
Balance, December 31, 2013 | 517,526 | 8,600 | 401,872 |
IBERIABANK [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2012 | 373,905 | 373,905 | |
Goodwill acquired during the year | 115,278 | ||
Balance, December 31, 2013 | 489,183 | 373,905 | |
IMC [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2012 | 23,178 | 23,178 | |
Goodwill acquired during the year | |||
Balance, December 31, 2013 | 23,178 | 23,178 | |
LTC [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2012 | 4,789 | 4,789 | |
Goodwill acquired during the year | 376 | ||
Balance, December 31, 2013 | $5,165 | $4,789 |
Goodwill_and_Other_Acquired_In3
Goodwill and Other Acquired Intangible Assets - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill And Other Intangibles [Line Items] | ||
Impairment of goodwill | $9.70 | |
Other Assets [Member] | ||
Goodwill And Other Intangibles [Line Items] | ||
Title plant assets | $6.70 | $6.70 |
Goodwill_and_Other_Acquired_In4
Goodwill and Other Acquired Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $57,665 | $46,754 |
Accumulated Amortization | -37,304 | -31,415 |
Net Carrying Amount | 20,361 | 15,339 |
Core Deposit Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 55,949 | 45,406 |
Accumulated Amortization | -36,354 | -30,784 |
Net Carrying Amount | 19,595 | 14,622 |
Customer Relationship Intangible Asset [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,348 | 1,348 |
Accumulated Amortization | -822 | -631 |
Net Carrying Amount | 526 | 717 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 163 | |
Accumulated Amortization | -82 | |
Net Carrying Amount | 81 | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 205 | |
Accumulated Amortization | -46 | |
Net Carrying Amount | $159 |
Goodwill_and_Other_Acquired_In5
Goodwill and Other Acquired Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Aggregate amortization expense | $5,807 | $4,720 | $5,150 |
2015 | 5,646 | ||
2016 | 5,187 | ||
2017 | 3,586 | ||
2018 | 2,597 | ||
2019 | 1,877 | ||
2020 and thereafter | $1,468 |
Other_Real_Estate_Owned_Schedu
Other Real Estate Owned - Schedule of Other Real Estate Owned Segregated into Non-Covered and Covered Properties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ||
Real estate owned acquired by foreclosure | $41,486 | $88,546 |
Real estate acquired for development or resale | 11,556 | 9,206 |
Other foreclosed property | 905 | 1,421 |
Total other real estate owned and foreclosed property | 53,947 | 99,173 |
Non-covered Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate owned acquired by foreclosure | 18,614 | 28,072 |
Real estate acquired for development or resale | 11,556 | 9,206 |
Other foreclosed property | 81 | 93 |
Total other real estate owned and foreclosed property | 30,251 | 37,371 |
Covered Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate owned acquired by foreclosure | 22,872 | 60,474 |
Other foreclosed property | 824 | 1,328 |
Total other real estate owned and foreclosed property | $23,696 | $61,802 |
Other_Real_Estate_Owned_Schedu1
Other Real Estate Owned - Schedule of Other Real Estate Owned Segregated into Non-Covered and Covered Properties (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Statement of Financial Position [Abstract] | |
Covered other real estate owned | $9.60 |
Other_Real_Estate_Owned_Additi
Other Real Estate Owned - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Branch | Branch | |||
Statement of Financial Position [Abstract] | ||||
Company announced plans to close branches | 10 | |||
Number of branches closed | 9 | |||
Book value of company's closed branches after impairment losses | $3 | $5.10 |
Derivative_Instruments_and_Oth2
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | $823,180 | $868,604 |
Derivative Liability, Notional Amount | 1,062,436 | 624,455 |
Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 15,897 | 192,876 |
Derivative Liability, Notional Amount | 391,992 | 45,091 |
Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 444,703 | 380,303 |
Derivative Liability, Notional Amount | 444,703 | 380,303 |
Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 362,580 | 295,425 |
Derivative Liability, Notional Amount | 225,741 | 199,061 |
Other Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 32,903 | 30,076 |
Other Assets [Member] | Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 25 | 1,468 |
Other Assets [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 15,434 | 10,621 |
Other Assets [Member] | Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 17,444 | 17,987 |
Other Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 31,354 | 26,735 |
Other Liabilities [Member] | Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 2,556 | 287 |
Other Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 15,434 | 10,620 |
Other Liabilities [Member] | Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | $13,364 | $15,828 |
Derivative_Instruments_and_Oth3
Derivative Instruments and Other Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash as collateral for derivative transactions | $11.50 | $5 |
Fair value of derivatives | $0.40 |
Derivative_Instruments_and_Oth4
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets subject to master netting arrangements, Gross Amounts | $28,798 | $26,422 |
Derivative liabilities subject to master netting arrangements, Gross Amounts | 15,411 | 10,620 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | 28,798 | 26,422 |
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | 11,676 | 5,201 |
Collateral [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | -3,735 | -5,419 |
Interest Rate Contracts [Member] | Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets subject to master netting arrangements, Gross Amounts | 15,411 | 10,621 |
Derivative liabilities subject to master netting arrangements, Gross Amounts | 15,411 | 10,620 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | 15,411 | 10,621 |
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | 11,676 | 5,201 |
Interest Rate Contracts [Member] | Collateral [Member] | Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | -3,735 | -5,419 |
Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets subject to master netting arrangements, Gross Amounts | 13,387 | 15,801 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | $13,387 | $15,801 |
Derivative_Instruments_and_Oth5
Derivative Instruments and Other Hedging Activities - Effect of Hedging Instruments on Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) | $0 | $0 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -392 | ||
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | -1 | 1 | |
Amount of Gain (Loss) Recognized in Income on Derivatives | -1 | 209 | -1 |
Not Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -6,451 | -1,757 | |
Not Designated as Hedging Instruments [Member] | Interest Rate Contracts [Member] | Other Income (Expense) [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 2,513 | 2,991 | |
Not Designated as Hedging Instruments [Member] | Forward Sale Contracts [Member] | Mortgage Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -3,225 | -1,716 | |
Not Designated as Hedging Instruments [Member] | Written and Purchased Options [Member] | Mortgage Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | -5,739 | -3,032 | |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) | 0 | 0 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -392 | ||
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ($1) | $1 |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities - Outstanding Interest Rate Swap Agreements Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting [Abstract] | ||
Weighted average pay rate | 2.90% | 3.00% |
Weighted average receive rate | 0.40% | 0.20% |
Weighted average maturity in years | 7 years 8 months 12 days | 7 years 7 months 6 days |
Unrealized gain (loss) relating to interest rate swaps | $0 | $0 |
Deposits_Schedule_of_Deposits_
Deposits - Schedule of Deposits by Type (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Investments Schedule [Abstract] | |||
Non-interest-bearing deposits | $3,195,430 | $2,575,939 | |
Negotiable order of withdrawal (NOW) | 2,462,841 | 2,283,491 | |
Money market deposits accounts (MMDA) | 4,168,504 | 3,779,581 | |
Savings deposits | 577,513 | 387,397 | |
Certificates of deposit and other time deposits | 2,116,237 | 1,710,592 | |
Total deposits | $12,520,525 | $10,737,000 | $10,748,277 |
Deposits_Schedule_of_Time_Depo
Deposits - Schedule of Time Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ||
Time deposits less than $100,000 | $1,035,438 | $804,250 |
Time deposits greater than $100,000 | 1,080,799 | 906,342 |
Total certificates of deposit and other time deposits | $2,116,237 | $1,710,592 |
Deposits_Schedule_of_Maturitie
Deposits - Schedule of Maturities of Certificates of Deposit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ||
2015 | $1,297,125 | |
2016 | 493,944 | |
2017 | 171,884 | |
2018 | 57,580 | |
2019 | 49,967 | |
2020 and thereafter | 45,737 | |
Total certificates of deposit and other time deposits | $2,116,237 | $1,710,592 |
ShortTerm_Borrowings_Summary_o
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank advances | $603,000 | $375,000 | |
Securities sold under agreements to repurchase | 242,742 | 305,344 | |
Total short-term borrowings | $845,742 | $680,344 | $303,045 |
ShortTerm_Borrowings_Additiona
Short-Term Borrowings - Additional Information on Short-Term Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Outstanding at December 31 | $845,742 | $680,344 | $303,045 |
Maximum month-end outstanding balance | 1,034,741 | 680,344 | 640,768 |
Average daily outstanding balance | $782,033 | $303,352 | $284,201 |
Average rate during the year | 0.17% | 0.16% | 0.22% |
Average rate at year end | 0.18% | 0.15% | 0.22% |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Notes payable - Investment fund contributions | $291,392 | $168,837 |
Junior subordinated debt | 111,862 | 111,862 |
Total long-term debt | 403,254 | 280,699 |
0.724% to 7.04% [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank notes | 210,549 | 92,267 |
0.50% to 5.00% Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable - Investment fund contributions | 80,843 | 76,570 |
Statutory Trust I, 3 Month LIBOR Plus 3.25% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 10,310 | 10,310 |
Statutory Trust II, 3 Month LIBOR Plus 3.15% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 10,310 | 10,310 |
Statutory Trust III, 3 Month LIBOR Plus 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 10,310 | 10,310 |
Statutory Trust IV, 3 Month LIBOR Plus 1.60% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 15,464 | 15,464 |
American Horizons Statutory Trust I, 3 Month LIBOR Plus 3.15% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 6,186 | 6,186 |
Statutory Trust V, 3 Month LIBOR Plus 1.435% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 10,310 | 10,310 |
Statutory Trust VI, 3 Month LIBOR Plus 2.75% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 12,372 | 12,372 |
Statutory Trust VII, 3 Month LIBOR Plus 2.54% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 13,403 | 13,403 |
Statutory Trust VIII, 3 Month LIBOR Plus 3.50% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 7,217 | 7,217 |
OMNI Trust I, 3 Month LIBOR Plus 3.30% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 8,248 | 8,248 |
OMNI Trust II, 3 Month LIBOR Plus 2.79% [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | $7,732 | $7,732 |
LongTerm_Debt_Schedule_of_Long1
Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
3-month LIBOR rate | 0.26% | 0.25% |
Statutory Trust I, 3 Month LIBOR Plus 3.25% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 3.25% | |
Statutory Trust II, 3 Month LIBOR Plus 3.15% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 3.15% | |
Statutory Trust III, 3 Month LIBOR Plus 2.00% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 2.00% | |
Statutory Trust IV, 3 Month LIBOR Plus 1.60% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 1.60% | |
American Horizons Statutory Trust I, 3 Month LIBOR Plus 3.15% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 3.15% | |
Statutory Trust V, 3 Month LIBOR Plus 1.435% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 1.44% | |
Statutory Trust VI, 3 Month LIBOR Plus 2.75% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 2.75% | |
Statutory Trust VII, 3 Month LIBOR Plus 2.54% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 2.54% | |
Statutory Trust VIII, 3 Month LIBOR Plus 3.50% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 3.50% | |
OMNI Trust I, 3 Month LIBOR Plus 3.30% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 3.30% | |
OMNI Trust II, 3 Month LIBOR Plus 2.79% [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR plus rate | 2.79% | |
0.724% to 7.04% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fixed interest, percentage rate minimum | 0.72% | |
Long-term debt, fixed interest, percentage rate maximum | 7.04% | |
0.50% to 5.00% Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, fixed interest, percentage rate minimum | 0.50% | |
Long-term debt, fixed interest, percentage rate maximum | 5.00% | |
Minimum [Member] | 0.50% to 5.00% Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date period, (in years) | P7Y | |
Maximum [Member] | 0.50% to 5.00% Fixed [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument maturity date period, (in years) | P40Y |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2007 | Mar. 31, 2008 | |
Debt Instrument [Line Items] | ||||
FHLB advance amortization period, in years, minimum | 2 years | |||
FHLB advance amortization period, in years, maximum | 20 years | |||
Weighted average advance rate on FHLB advances | 3.24% | 3.95% | ||
Line of credit facility, maximum borrowing capacity | $155,000,000 | |||
Junior subordinated debt | 111,862,000 | 111,862,000 | ||
Debentures maturity term, years | 30 years | |||
Debentures earliest call date, years | 5 years | |||
Debentures earliest call date, quarterly | 60 months | |||
Issuance completed 2007 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 25,800,000 | |||
Statutory Trust I, 3 Month LIBOR Plus 3.25% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,310,000 | 10,310,000 | ||
Statutory Trust I, 3 Month LIBOR Plus 3.25% [Member] | Issuance completed 2002 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,300,000 | 10,300,000 | ||
Statutory Trust II, 3 Month LIBOR Plus 3.15% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,310,000 | 10,310,000 | ||
Statutory Trust II, 3 Month LIBOR Plus 3.15% [Member] | Issuance Completed 2003 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,300,000 | 10,300,000 | ||
Statutory Trust III, 3 Month LIBOR Plus 2.00% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,310,000 | 10,310,000 | ||
Statutory Trust III, 3 Month LIBOR Plus 2.00% [Member] | Issuance completed 2004 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,300,000 | 10,300,000 | ||
Statutory Trust V, 3 Month LIBOR Plus 1.435% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,310,000 | 10,310,000 | ||
Statutory Trust V, 3 Month LIBOR Plus 1.435% [Member] | Issuance completed 2007 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 10,300,000 | 10,300,000 | ||
Statutory Trust IV, 3 Month LIBOR Plus 1.60% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 15,464,000 | 15,464,000 | ||
Statutory Trust IV, 3 Month LIBOR Plus 1.60% [Member] | Issuance completed 2006 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 15,500,000 | 15,500,000 | ||
American Horizons Statutory Trust I, 3 Month LIBOR Plus 3.15% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 6,186,000 | 6,186,000 | ||
American Horizons Statutory Trust I, 3 Month LIBOR Plus 3.15% [Member] | Issuance Completed 2003 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 6,200,000 | 6,200,000 | ||
Statutory Trust VIII, 3 Month LIBOR Plus 3.50% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 7,217,000 | 7,217,000 | ||
Statutory Trust VIII, 3 Month LIBOR Plus 3.50% [Member] | Issuance completed 2008 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 7,200,000 | |||
OMNI Trust I, 3 Month LIBOR Plus 3.30% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 8,248,000 | 8,248,000 | ||
OMNI Trust I, 3 Month LIBOR Plus 3.30% [Member] | Issuance completed 2011[Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 8,200,000 | 8,200,000 | ||
OMNI Trust II, 3 Month LIBOR Plus 2.79% [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 7,732,000 | 7,732,000 | ||
OMNI Trust II, 3 Month LIBOR Plus 2.79% [Member] | Issuance completed 2011[Member] | ||||
Debt Instrument [Line Items] | ||||
Junior subordinated debt | 7,700,000 | 7,700,000 | ||
Blanket Floating Lien [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional advances available from FHLB | 2,800,000,000 | |||
Pledge of Investment Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional advances available from FHLB | $736,300,000 |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt - Maturities of Long-Term Debt and Advances (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $6,941 | |
2016 | 41,916 | |
2017 | 101,321 | |
2018 | 20,741 | |
2019 | 8,696 | |
2020 and thereafter | 223,639 | |
Total long-term debt | $403,254 | $280,699 |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current expense | $69,612 | $62,468 | $44,125 | ||||||||
Deferred benefit | -24,955 | -35,943 | -7,527 | ||||||||
Tax credits | -12,012 | -11,690 | -8,756 | ||||||||
Tax benefits attributable to items charged to equity and goodwill | 2,105 | 1,034 | 654 | ||||||||
Total income tax expense | $9,939 | $11,897 | $4,750 | $8,163 | $9,175 | $7,357 | $4,213 | ($4,876) | $34,750 | $15,869 | $28,496 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Tax receivable, federal and state income taxes | $2,000,000 | ||
Tax payable, federal and state income taxes | 8,000,000 | ||
Income tax rate reconciliation, federal statutory income tax rate | 35.00% | ||
Net tax benefit | -417,000 | 1,257,000 | 1,313,000 |
Federal tax credits received | 3,200,000 | ||
Other discrete items | 3,600,000 | ||
Retained earnings of prior period | 21,900,000 | 21,900,000 | |
Valuation Allowance | 0 | 0 | |
Interest or penalties recognized | $0 | $0 | $0 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Federal tax based on statutory rate | $49,070 | $28,340 | $36,712 | ||||||||
Effect of tax-exempt income | -7,064 | -7,282 | -7,558 | ||||||||
Interest and other nondeductible expenses | 2,642 | 2,007 | 1,847 | ||||||||
State taxes, net of federal Benefit | 2,531 | 3,237 | 4,938 | ||||||||
Tax credits | -12,012 | -11,690 | -8,756 | ||||||||
Other | -417 | 1,257 | 1,313 | ||||||||
Total income tax expense | $9,939 | $11,897 | $4,750 | $8,163 | $9,175 | $7,357 | $4,213 | ($4,876) | $34,750 | $15,869 | $28,496 |
Effective tax rate | 24.80% | 19.60% | 27.20% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax asset: | ||
NOL carryforward | $978 | $1,001 |
Allowance for credit losses | 59,267 | 85,101 |
Deferred compensation | 6,631 | 6,315 |
Basis difference in acquired assets | 53,202 | 70,136 |
Unrealized loss on available for sale investments | 8,880 | |
OREO | 9,845 | 31,943 |
Other | 13,530 | 19,509 |
Subtotal | 143,453 | 222,885 |
Deferred tax liability: | ||
Basis difference in acquired assets | -53,940 | -130,426 |
Gain on acquisition | -2,426 | -17,693 |
FHLB stock | -85 | -36 |
Premises and equipment | -9,652 | -10,209 |
Acquisition intangibles | -12,151 | -12,113 |
Deferred loan costs | -3,771 | -2,915 |
Unrealized gain on available for sale investments | -4,052 | |
Investments acquired | -570 | -235 |
Swap gain | -75 | -75 |
Other | -12,908 | -11,089 |
Subtotal | -99,630 | -184,791 |
Net deferred tax asset | $43,823 | $38,094 |
Shareholders_Equity_and_Other_2
Shareholders' Equity and Other Comprehensive Income (Loss) - Summary of Tax Effects of Each Component of Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Unrealized holding gains/losses arising during the period, Before-Tax Amount | $37,719 | ($62,095) | $2,174 |
Reclassification adjustment for losses/gains included in net income, Before-Tax Amount | -771 | -2,277 | -3,739 |
Net unrealized losses/gains, Before-Tax Amount | 36,948 | -64,372 | -1,565 |
Change in fair value of derivative instruments designated as cash flow hedges during the period, Before-Tax Amount | 953 | -22 | |
Reclassification adjustment for losses included in net income, Before-Tax Amount | 391 | 1,618 | |
Fair value of derivative instruments designated as cash flow hedges, Before-Tax Amount | 1,344 | 1,596 | |
Total other comprehensive income/loss, Before-Tax Amount | 36,948 | -63,028 | 31 |
Unrealized holding gains/losses arising during the period, Tax Expense (Benefit) | -13,202 | 21,733 | -761 |
Reclassification adjustment for losses/gain included in net income, Tax Expense (Benefit) | 270 | 797 | 1,308 |
Net unrealized gains/losses, Tax Expense (Benefit) | -12,932 | 22,530 | 547 |
Change in fair value of derivative instruments designated as cash flow hedges during the period, Tax Expense (Benefit) | -333 | 8 | |
Reclassification adjustment for losses included in net income, Tax Expense (Benefit) | -137 | -566 | |
Fair value of derivative instruments designated as cash flow hedges, Tax Expense (Benefit) | -470 | -558 | |
Total other comprehensive income/loss, Tax Expense (Benefit) | -12,932 | 22,060 | -11 |
Unrealized holding gains/losses arising during the period, Net-of-Tax Amount | 24,517 | -40,362 | 1,413 |
Reclassification adjustment for gains/losses included in net income, Net-of-Tax Amount | -501 | -1,480 | -2,431 |
Net unrealized gains/losses, Net-of-Tax Amount | 24,016 | -41,842 | -1,018 |
Change in fair value of derivative instruments designated as cash flow hedges during the period, Net-of-Tax Amount | 620 | -14 | |
Reclassification adjustment for losses included in net income, Net-of-Tax Amount | 254 | 1,052 | |
Fair value of derivative instruments designated as cash flow hedges, Net-of-Tax Amount | 874 | 1,038 | |
Other comprehensive income (loss), net of tax | $24,016 | ($40,968) | $20 |
Capital_Requirements_and_Other2
Capital Requirements and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage, Minimum Amount | $602,387 | $507,760 |
Tier 1 risk-based capital, Minimum Amount | 504,114 | 426,002 |
Total risk-based capital, Minimum Amount | 1,008,227 | 852,005 |
Tier 1 Leverage capital, Minimum Ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, Minimum Ratio | 4.00% | 4.00% |
Total risk-based capital, Minimum Ratio | 8.00% | 8.00% |
Tier 1 Leverage, Actual Amount | 1,408,842 | 1,231,886 |
Tier 1 risk-based capital, Actual Amount | 1,408,842 | 1,231,886 |
Total risk-based capital, Actual Amount | 1,550,789 | 1,365,280 |
Tier 1 Leverage, Actual Ratio | 9.36% | 9.70% |
Tier 1 risk-based capital, Actual Ratio | 11.18% | 11.57% |
Total risk-based capital, Actual Ratio | 12.31% | 12.82% |
IBERIABANK [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage, Minimum Amount | 600,149 | 505,723 |
Tier 1 risk-based capital, Minimum Amount | 502,421 | 424,578 |
Total risk-based capital, Minimum Amount | 1,004,841 | 849,157 |
Tier 1 Leverage capital, Minimum Ratio | 4.00% | 4.00% |
Tier 1 risk-based capital, Minimum Ratio | 4.00% | 4.00% |
Total risk-based capital, Minimum Ratio | 8.00% | 8.00% |
Tier 1 Leverage capital, Well Capitalized Amount | 750,186 | 632,154 |
Tier 1 risk-based capital, Well Capitalized Amount | 753,631 | 636,868 |
Total risk-based capital, Well Capitalized Amount | 1,256,052 | 1,061,446 |
Tier 1 Leverage capital, Well Capitalized Ratio | 5.00% | 5.00% |
Tier 1 risk-based capital, Well Capitalized Ratio | 6.00% | 6.00% |
Total risk-based capital, Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Leverage, Actual Amount | 1,266,241 | 1,069,783 |
Tier 1 risk-based capital, Actual Amount | 1,266,241 | 1,069,783 |
Total risk-based capital, Actual Amount | $1,408,188 | $1,202,738 |
Tier 1 Leverage, Actual Ratio | 8.44% | 8.46% |
Tier 1 risk-based capital, Actual Ratio | 10.08% | 10.08% |
Total risk-based capital, Actual Ratio | 11.21% | 11.33% |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity awards settled in cash | $0 | $0 | |
Share-based compensation maximum option term (in years) | 10 years | ||
Future awards shares under approved incentive compensation plans | 1,038,945 | ||
Contributions made by the company to 401(k) plan | 1,500,000 | 1,300,000 | 1,300,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | 19,800,000 | 21,100,000 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | $3,200,000 | ||
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 5 years 1 month 6 days | ||
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Performance Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year 6 months | ||
Unearned compensation vesting period (in years) | 3 years | ||
Minimum [Member] | Phantom Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 7 years | ||
Unearned compensation vesting period (in years) | 7 years | ||
Maximum [Member] | Phantom Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 7 years |
ShareBased_Compensation_Compen
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Compensation expense related to stock options | $2,053 | $2,110 | $1,873 |
Income tax benefit related to stock options | 719 | 739 | 656 |
Impact on basic earnings per share | $0.04 | $0.05 | $0.04 |
Impact on diluted earnings per share | $0.04 | $0.05 | $0.04 |
Proceeds from the exercise of stock options | 11,693 | 8,101 | 2,813 |
Excess tax benefits related to the exercise of stock options | $2,105 | $886 | $1,221 |
ShareBased_Compensation_Estima
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected dividends | 2.10% | 2.60% | 2.70% |
Expected volatility | 35.80% | 34.80% | 40.10% |
Risk-free interest rate | 2.30% | 1.70% | 0.80% |
Expected term (in years) | 7 years 6 months | 8 years 7 months 6 days | 5 years |
Weighted-average grant-date fair value | $21.26 | $15.37 | $14.50 |
ShareBased_Compensation_Activi
Share-Based Compensation - Activity Related to Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Number of shares, Outstanding options, Beginning balance | 1,072,829 | 1,236,075 | 1,097,620 |
Number of shares, Outstanding options, Granted | 77,434 | 75,722 | 230,665 |
Number of shares, Issued in connection with acquisition | 32,863 | ||
Number of shares, Outstanding options, Exercised | -267,421 | -200,748 | -92,092 |
Number of shares, Outstanding options, Forfeited or expired | -15,160 | -38,220 | -32,981 |
Number of shares, Outstanding options, Ending balance | 867,682 | 1,072,829 | 1,236,075 |
Weighted Average Exercise Price, Outstanding options, Beginning balance | $53.47 | $51.48 | $50.14 |
Number of shares, Exercisable options | 562,752 | 707,934 | 792,444 |
Weighted Average Exercise Price, Outstanding options, Granted | $65.31 | $52.36 | $51.69 |
Weighted Average Exercise Price, Issued in connection with acquisition | $41.30 | ||
Weighted Average Exercise Price, Outstanding options, Exercised | $48.57 | $40.35 | $30.43 |
Weighted Average Exercise Price, Outstanding options, Forfeited or expired | $60.38 | $55.87 | $56.79 |
Weighted Average Exercise Price, Outstanding options, Ending balance | $55.92 | $53.47 | $51.48 |
Weighted Average Exercise Price, Exercisable options | $55.92 | $53.54 | $50.05 |
Aggregate Intrinsic Value, Exercised | $4,612 | $2,740 | $1,765 |
Aggregate Intrinsic Value, Outstanding options | 8,220 | ||
Aggregate Intrinsic Value, Exercisable options | $5,449 | ||
Weighted Average Remaining Contract Life, Outstanding options | 5 years 1 month 6 days | ||
Weighted Average Remaining Contract Life, Exercisable options | 3 years 8 months 12 days |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Weighted Average Remaining Life of Options Outstanding within Stated Exercise Prices (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 867,682 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $55.92 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 5 years 1 month 6 days |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 562,752 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $55.92 |
Exercise Price Range Per Share From 34.33 to 51.69 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 182,416 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $49.24 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 4 years 3 months 18 days |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 118,312 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $48.53 |
Exercise Price Range Per Share, Minimum | $34.33 |
Exercise Price Range Per Share, Maximum | $51.69 |
Exercise Price Range Per Share From 51.70 to 52.35 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 111,197 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $52.33 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 7 years 1 month |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 43,156 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $52.33 |
Exercise Price Range Per Share, Minimum | $51.70 |
Exercise Price Range Per Share, Maximum | $52.35 |
Exercise Price Range Per Share From 52.36 to 54.68 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 146,995 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $53.43 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 6 years 6 months |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 90,146 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $54.10 |
Exercise Price Range Per Share, Minimum | $52.36 |
Exercise Price Range Per Share, Maximum | $54.68 |
Exercise Price Range Per Share From 54.69 to 57.60 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 142,360 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $56.52 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 3 years 8 months 12 days |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 120,873 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $56.68 |
Exercise Price Range Per Share, Minimum | $54.69 |
Exercise Price Range Per Share, Maximum | $57.60 |
Exercise Price Range Per Share From 57.61 to 59.83 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 105,666 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $58.38 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 1 year 6 months |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 105,666 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $58.38 |
Exercise Price Range Per Share, Minimum | $57.61 |
Exercise Price Range Per Share, Maximum | $59.83 |
Exercise Price Range Per Share From 59.84 to 111.71 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price Range Per Share, Options Outstanding, Number of Options | 179,048 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Exercise Price | $65.06 |
Exercise Price Range Per Share, Options Outstanding, Weighted Average Remaining Life | 6 years 8 months 12 days |
Exercise Price Range Per Share, Options Exercisable, Number of Options | 84,599 |
Exercise Price Range Per Share, Options Exercisable, Weighted Average Exercise Price | $65.89 |
Exercise Price Range Per Share, Minimum | $59.84 |
Exercise Price Range Per Share, Maximum | $111.71 |
ShareBased_Compensation_Compen1
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense Related to Restricted Stock Grants (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to restricted stock | $9,932 | $8,593 | $8,035 |
ShareBased_Compensation_Unvest
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Balance at beginning of period | 523,756 | 538,202 | 512,112 |
Granted | 149,072 | 167,095 | 176,669 |
Forfeited | -167,550 | -28,713 | -13,164 |
Earned and issued | -18,171 | -152,828 | -137,415 |
Balance at end of period | 487,107 | 523,756 | 538,202 |
ShareBased_Compensation_Compen2
Share-Based Compensation - Compensation Expense of Phantom Stock (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to phantom stock | $2,053 | $2,110 | $1,873 |
Phantom Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense related to phantom stock | $5,496 | $4,855 | $2,185 |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of share equivalents, Beginning Balance | 417,238 | 318,729 | 232,921 |
Number of share equivalents, Granted | 118,859 | 169,662 | 119,038 |
Number of share equivalents, Forfeited share equivalents | -19,736 | -18,975 | -10,949 |
Number of share equivalents, Vested share equivalents | -75,331 | -52,178 | -22,281 |
Number of share equivalents, Ending Balance | 441,030 | 417,238 | 318,729 |
Dividend equivalents, Beginning Balance | 22,351 | 16,035 | 8,942 |
Dividend equivalents, Granted | 9,566 | 11,189 | 9,152 |
Dividend equivalents, Forfeited share equivalents | -1,754 | -785 | -367 |
Dividend equivalents, Vested share equivalents | -7,515 | -4,088 | -1,692 |
Dividend equivalents, Ending Balance | 22,648 | 22,351 | 16,035 |
Total share equivalents, Beginning Balance | 439,589 | 334,764 | 241,863 |
Total share equivalents, Granted | 128,425 | 180,851 | 128,190 |
Total share equivalents, Forfeited share equivalents | -21,490 | -19,760 | -11,316 |
Total share equivalents, Vested share equivalents | -82,846 | -56,266 | -23,973 |
Total share equivalents, Ending Balance | 463,678 | 439,589 | 334,764 |
Value of share equivalents, Beginning Balance | $27,628,000 | $16,444,000 | $11,924,000 |
Value of share equivalents, Granted | 8,328,000 | 11,366,000 | 6,297,000 |
Value of share equivalents, Forfeited share equivalents | 1,394,000 | 1,242,000 | 556,000 |
Value of share equivalents, Vested share equivalents | 5,512,000 | 2,922,000 | 1,180,000 |
Value of share equivalents, Ending Balance | $30,070,000 | $27,628,000 | $16,444,000 |
ShareBased_Compensation_Schedu2
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Market price of Company's stock | $64.85 | $62.85 | $49.12 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $1.30 | $1.10 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Reserve for unfunded lending commitments | $11,801 | $11,147 |
Credit Risk Contract [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments to grant loans | 161,350 | 221,627 |
Unfunded commitments under lines of credit | 4,007,954 | 3,326,448 |
Commercial and standby letters of credit | 134,882 | 105,026 |
Reserve for unfunded lending commitments | $11,801 | $11,147 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Other Related Party Transactions [Line Items] | |||
Deposits from related parties | $3,000,000 | $5,900,000 | |
Executive Officers And Directors And Their Affiliates [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Loans and leases receivable, related parties | 100,000 | 100,000 | |
Total principal additions on loan | 60,000 | 41,000 | 252,000 |
Total principal payments on loan | 100,000 | 700,000 | 900,000 |
Related party, unfunded commitments | $30,000 | $37,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ||
Mortgage loans held for sale, at fair value, Aggregate Fair Value | $139,950 | $97,273 |
Mortgage loans held for sale, at fair value, Aggregate Unpaid Principal | 134,639 | 96,875 |
Mortgage loans held for sale, at fair value, Aggregate Fair Value Less Unpaid Principal | $5,311 | $398 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total mortgage income (loss) in the consolidated statement of comprehensive income | $3,500,000 | $400,000 | $0 |
Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assets transferred from Level 1 to Level 2 | 14,400,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of liabilities | $0 | $0 | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | $2,158,853,000 | $1,936,797,000 |
Mortgage loans held for sale, Assets | 139,950,000 | 97,273,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | 2,158,853,000 | 1,936,797,000 |
Mortgage loans held for sale, Assets | 139,950,000 | 97,273,000 |
Derivative instruments, Assets | 32,903,000 | 30,076,000 |
Total, Assets | 2,331,706,000 | 2,064,146,000 |
Derivative instruments, Liabilities | 31,354,000 | 26,735,000 |
Total, Liabilities | 31,354,000 | 26,735,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | 15,496,000 | |
Total, Assets | 15,496,000 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | 2,158,853,000 | 1,921,301,000 |
Mortgage loans held for sale, Assets | 139,950,000 | 97,273,000 |
Derivative instruments, Assets | 32,903,000 | 30,076,000 |
Total, Assets | 2,331,706,000 | 2,048,650,000 |
Derivative instruments, Liabilities | 31,354,000 | 26,735,000 |
Total, Liabilities | $31,354,000 | $26,735,000 |
Fair_Value_Measurements_Gains_
Fair Value Measurements - Gains and Losses Included in Earnings Related to Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Other Comprehensive Income [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Change in unrealized gains (losses) relating to assets still held at December 31, 2014 | $24,016 |
Noninterest Income [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Total gains (losses) included in earnings | ($7,348) |
Fair_Value_Measurements_Financ1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage loans held for sale, Assets | $139,950 | $97,273 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Assets | 4,864 | 3,070 |
Mortgage loans held for sale, Assets | 11,876 | |
OREO, Assets | 1,483 | 14,598 |
Total, Assets | 6,347 | 29,544 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, Assets | 4,864 | 3,070 |
Mortgage loans held for sale, Assets | 11,876 | |
OREO, Assets | 1,483 | 14,598 |
Total, Assets | $6,347 | $29,544 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Short-term borrowings maturity period | 90 days |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Assets | ||||
Cash and cash equivalents | $548,095 | $391,396 | $970,977 | $573,296 |
Loans and loans held for sale, net of unearned income | 11,581,116 | 9,620,461 | 8,766,055 | |
FDIC loss share receivable | 69,627 | 162,312 | ||
Financial Liabilities | ||||
Deposits | 12,520,525 | 10,737,000 | 10,748,277 | |
Short-term borrowings | 845,742 | 680,344 | 303,045 | |
Long-term debt | 403,254 | 280,699 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and cash equivalents | 548,095 | 391,396 | ||
Investment securities | 2,275,813 | 2,090,906 | ||
Loans and loans held for sale, net of unearned income | 11,581,116 | 9,620,461 | ||
FDIC loss share receivable | 69,627 | 162,312 | ||
Derivative instruments | 32,903 | 30,076 | ||
Accrued interest receivable | 37,696 | 32,143 | ||
Financial Liabilities | ||||
Deposits | 12,520,525 | 10,737,000 | ||
Short-term borrowings | 845,742 | 680,344 | ||
Long-term debt | 403,254 | 280,699 | ||
Derivative instruments | 31,354 | 26,735 | ||
Accrued interest payable | 8,258 | 6,102 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and cash equivalents | 548,095 | 391,396 | ||
Investment securities | 2,278,334 | 2,089,363 | ||
Loans and loans held for sale, net of unearned income | 11,605,446 | 9,724,432 | ||
FDIC loss share receivable | 19,606 | 21,918 | ||
Derivative instruments | 32,903 | 30,076 | ||
Accrued interest receivable | 37,696 | 32,143 | ||
Financial Liabilities | ||||
Deposits | 12,298,017 | 10,226,573 | ||
Short-term borrowings | 845,742 | 680,344 | ||
Long-term debt | 376,139 | 235,503 | ||
Derivative instruments | 31,354 | 26,735 | ||
Accrued interest payable | $8,258 | $6,102 |
Restrictions_on_Dividends_Loan1
Restrictions on Dividends, Loans and Advances - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Disclosure Restrictions On Dividends Loans And Advances Narrative [Abstract] | |
Dividends payable by parent | $108.40 |
Funds available for loans or advances | $140.80 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
No of business segments | 3 |
Business_Segments_Schedule_of_
Business Segments - Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $137,276 | $133,793 | $119,514 | $114,232 | $114,092 | $108,512 | $108,177 | $106,416 | $504,815 | $437,197 | $445,200 |
Interest expense | 12,596 | 12,042 | 10,241 | 9,824 | 10,654 | 11,060 | 11,695 | 13,545 | 44,704 | 46,953 | 63,450 |
Net interest income | 124,680 | 121,751 | 109,273 | 104,408 | 103,438 | 97,452 | 96,482 | 92,871 | 460,111 | 390,244 | 381,750 |
Provision for loan losses | 6,495 | 5,714 | 4,748 | 2,103 | 4,700 | 2,014 | 1,807 | -3,377 | 19,060 | 5,145 | 20,671 |
Mortgage income | 51,797 | 64,197 | 78,053 | ||||||||
Title income | 20,492 | 20,526 | 20,987 | ||||||||
Other non-interest income | 101,339 | 84,235 | 76,957 | ||||||||
Core deposit intangible amortization | 5,569 | 4,499 | 4,900 | ||||||||
Other non-interest expenses | 468,910 | 468,586 | 427,285 | ||||||||
Income (loss) before income taxes | 45,875 | 42,789 | 20,977 | 30,558 | 34,779 | 30,549 | 19,803 | -4,159 | 140,200 | 80,972 | 104,891 |
Income tax provision | 9,939 | 11,897 | 4,750 | 8,163 | 9,175 | 7,357 | 4,213 | -4,876 | 34,750 | 15,869 | 28,496 |
Net income | 35,936 | 30,892 | 16,227 | 22,395 | 25,604 | 23,192 | 15,590 | 717 | 105,450 | 65,103 | 76,395 |
Total loans and loans held for sale, net of unearned income | 11,581,116 | 9,620,461 | 11,581,116 | 9,620,461 | 8,766,055 | ||||||
Total assets | 15,758,605 | 13,365,550 | 15,758,605 | 13,365,550 | 13,129,678 | ||||||
Total deposits | 12,520,525 | 10,737,000 | 12,520,525 | 10,737,000 | 10,748,277 | ||||||
Average assets | 14,632,685 | 13,003,988 | 12,096,972 | ||||||||
IBERIABANK [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 498,820 | 431,418 | 439,245 | ||||||||
Interest expense | 42,983 | 45,150 | 61,349 | ||||||||
Net interest income | 455,837 | 386,268 | 377,896 | ||||||||
Provision for loan losses | 18,966 | 5,123 | 20,550 | ||||||||
Mortgage income | 71 | 2 | 6 | ||||||||
Other non-interest income | 101,401 | 84,243 | 76,967 | ||||||||
Core deposit intangible amortization | 5,569 | 4,499 | 4,900 | ||||||||
Allocated expenses | -11,602 | -7,453 | -3,282 | ||||||||
Other non-interest expenses | 407,461 | 402,170 | 361,428 | ||||||||
Income (loss) before income taxes | 136,915 | 66,174 | 71,273 | ||||||||
Income tax provision | 33,419 | 10,035 | 15,192 | ||||||||
Net income | 103,496 | 56,139 | 56,081 | ||||||||
Total loans and loans held for sale, net of unearned income | 11,415,973 | 9,472,908 | 11,415,973 | 9,472,908 | 8,485,363 | ||||||
Total assets | 15,538,432 | 13,167,162 | 15,538,432 | 13,167,162 | 12,796,811 | ||||||
Total deposits | 12,515,329 | 10,734,030 | 12,515,329 | 10,734,030 | 10,745,528 | ||||||
Average assets | 14,431,459 | 12,794,997 | 11,879,761 | ||||||||
IMC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 5,992 | 5,747 | 5,858 | ||||||||
Interest expense | 1,721 | 1,803 | 2,101 | ||||||||
Net interest income | 4,271 | 3,944 | 3,757 | ||||||||
Provision for loan losses | 94 | 22 | 121 | ||||||||
Mortgage income | 51,726 | 64,195 | 78,047 | ||||||||
Other non-interest income | -61 | -10 | -10 | ||||||||
Allocated expenses | 8,203 | 5,417 | 2,340 | ||||||||
Other non-interest expenses | 44,761 | 49,723 | 49,084 | ||||||||
Income (loss) before income taxes | 2,878 | 12,967 | 30,249 | ||||||||
Income tax provision | 1,148 | 5,093 | 11,871 | ||||||||
Net income | 1,730 | 7,874 | 18,378 | ||||||||
Total loans and loans held for sale, net of unearned income | 165,143 | 147,553 | 165,143 | 147,553 | 280,692 | ||||||
Total assets | 194,156 | 173,131 | 194,156 | 173,131 | 308,152 | ||||||
Total deposits | 5,196 | 2,970 | 5,196 | 2,970 | 2,749 | ||||||
Average assets | 176,003 | 183,513 | 194,832 | ||||||||
LTC [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 3 | 32 | 97 | ||||||||
Net interest income | 3 | 32 | 97 | ||||||||
Title income | 20,492 | 20,526 | 20,987 | ||||||||
Other non-interest income | -1 | 2 | |||||||||
Allocated expenses | 3,399 | 2,036 | 942 | ||||||||
Other non-interest expenses | 16,688 | 16,693 | 16,773 | ||||||||
Income (loss) before income taxes | 407 | 1,831 | 3,369 | ||||||||
Income tax provision | 183 | 741 | 1,433 | ||||||||
Net income | 224 | 1,090 | 1,936 | ||||||||
Total assets | 26,017 | 25,257 | 26,017 | 25,257 | 24,715 | ||||||
Average assets | $25,223 | $25,478 | $22,379 |
Condensed_Parent_Company_Only_2
Condensed Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Parent Company Only Financial Information [Line Items] | ||||
Cash in bank | $251,994 | $238,672 | ||
Other assets | 589,400 | 554,167 | ||
Total Assets | 15,758,605 | 13,365,550 | 13,129,678 | |
Liabilities | 13,905,756 | 11,834,571 | ||
Shareholders' Equity | 1,852,849 | 1,530,979 | 1,529,868 | 1,482,661 |
Total liabilities and shareholders' equity | 15,758,605 | 13,365,550 | ||
IBERIABANK Corporation [Member] | ||||
Parent Company Only Financial Information [Line Items] | ||||
Cash in bank | 36,064 | 98,108 | ||
Investment in subsidiaries | 1,842,120 | 1,487,337 | ||
Other assets | 119,494 | 80,528 | ||
Total Assets | 1,997,678 | 1,665,973 | ||
Liabilities | 144,829 | 134,994 | ||
Shareholders' Equity | 1,852,849 | 1,530,979 | ||
Total liabilities and shareholders' equity | $1,997,678 | $1,665,973 |
Condensed_Parent_Company_Only_3
Condensed Parent Company Only Financial Statements - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Parent Company Only Financial Information [Line Items] | |||||||||||
Other income | $28,716 | $23,988 | $21,880 | ||||||||
Interest expense | 12,596 | 12,042 | 10,241 | 9,824 | 10,654 | 11,060 | 11,695 | 13,545 | 44,704 | 46,953 | 63,450 |
Salaries and employee benefits expense | 259,086 | 244,981 | 233,777 | ||||||||
Other expenses | 33,786 | 31,945 | 29,001 | ||||||||
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | 45,875 | 42,789 | 20,977 | 30,558 | 34,779 | 30,549 | 19,803 | -4,159 | 140,200 | 80,972 | 104,891 |
Income tax benefit | 9,939 | 11,897 | 4,750 | 8,163 | 9,175 | 7,357 | 4,213 | -4,876 | 34,750 | 15,869 | 28,496 |
Net income | 35,936 | 30,892 | 16,227 | 22,395 | 25,604 | 23,192 | 15,590 | 717 | 105,450 | 65,103 | 76,395 |
IBERIABANK Corporation [Member] | |||||||||||
Parent Company Only Financial Information [Line Items] | |||||||||||
Dividends from bank subsidiary | 49,000 | 70,000 | |||||||||
Dividends from non-bank subsidiaries | 1,511 | ||||||||||
Reimbursement of management expenses | 46,433 | 34,474 | 94,053 | ||||||||
Other income | 437 | 869 | -836 | ||||||||
Total operating income | 46,870 | 85,854 | 163,217 | ||||||||
Interest expense | 3,224 | 3,232 | 3,427 | ||||||||
Salaries and employee benefits expense | 31,981 | 29,159 | 76,527 | ||||||||
Other expenses | 14,576 | 13,676 | 47,309 | ||||||||
Total operating expenses | 49,781 | 46,067 | 127,263 | ||||||||
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | -2,911 | 39,787 | 35,954 | ||||||||
Income tax benefit | -518 | -2,808 | -11,842 | ||||||||
Income (loss) before equity in undistributed earnings of subsidiaries | -2,393 | 42,595 | 47,796 | ||||||||
Equity in undistributed earnings of subsidiaries | 107,843 | 22,508 | 28,599 | ||||||||
Net income | $105,450 | $65,103 | $76,395 |
Condensed_Parent_Company_Only_4
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Parent Company Only Financial Information [Line Items] | |||
Net income | $105,450 | $65,103 | $76,395 |
Depreciation and amortization | 15,791 | 25,388 | 21,685 |
Loss on sale of assets | -14 | -251 | -42 |
Derivative losses on swaps | 0 | 0 | |
Tax benefit associated with share-based payment arrangements | -2,105 | -886 | -1,221 |
Other, net | -20,881 | 77,792 | 7,319 |
Net Cash (Used in) Provided by Operating Activities | 119,363 | 309,783 | -12,188 |
Cash received in excess of cash paid in acquisition | 188,803 | 32,425 | |
Proceeds from sale of premises and equipment | 5,129 | 8,714 | 1,274 |
Purchases of premises and equipment | -29,841 | -16,941 | -32,825 |
Net Cash Provided by (Used in) Investing Activities | -712,755 | -1,080,607 | -527,676 |
Repayments of long-term debt | -22,871 | -144,609 | -80,770 |
Dividends paid to shareholders | -43,070 | -40,332 | -40,069 |
Proceeds from sale of treasury stock for stock options exercised | 11,693 | 8,101 | 2,813 |
Payments to repurchase common stock | -3,727 | -2,280 | -42,245 |
Tax benefit associated with share-based payment arrangements | 2,105 | 886 | 1,221 |
Net Cash Provided by Financing Activities | 750,091 | 191,243 | 937,545 |
Net (Decrease) Increase in Cash and Cash Equivalents | 156,699 | -579,581 | 397,681 |
Cash and Cash Equivalents at Beginning of Period | 391,396 | 970,977 | 573,296 |
Cash and Cash Equivalents at End of Period | 548,095 | 391,396 | 970,977 |
IBERIABANK Corporation [Member] | |||
Parent Company Only Financial Information [Line Items] | |||
Net income | 105,450 | 65,103 | 76,395 |
Depreciation and amortization | 595 | 2,035 | 4,926 |
Net income of subsidiaries | -107,843 | -73,019 | -98,599 |
Noncash compensation expense | 11,984 | 10,704 | 9,907 |
Loss on sale of assets | 7 | ||
Derivative losses on swaps | 2 | ||
Tax benefit associated with share-based payment arrangements | -2,105 | -886 | -1,221 |
Other, net | -27,273 | 7,574 | -10,557 |
Net Cash (Used in) Provided by Operating Activities | -19,192 | 11,511 | -19,140 |
Cash received in excess of cash paid in acquisition | 4,783 | 1,272 | |
Proceeds from sale of premises and equipment | 11,751 | 5 | |
Purchases of premises and equipment | -36 | -5,247 | -4,173 |
Capital contributed to subsidiary | -14,600 | -2,000 | |
Dividends received from subsidiaries | 50,511 | 70,000 | |
Acquisition | 0 | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -9,853 | 57,015 | 65,104 |
Repayments of long-term debt | -2,867 | ||
Dividends paid to shareholders | -43,070 | -40,332 | -40,069 |
Proceeds from sale of treasury stock for stock options exercised | 11,693 | 8,101 | 2,813 |
Payments to repurchase common stock | -3,727 | -2,280 | -42,245 |
Common stock issued | 0 | 0 | 0 |
Costs of issuance of common stock | 0 | 0 | 0 |
Tax benefit associated with share-based payment arrangements | 2,105 | 886 | 1,221 |
Net Cash Provided by Financing Activities | -32,999 | -33,625 | -81,147 |
Net (Decrease) Increase in Cash and Cash Equivalents | -62,044 | 34,901 | -35,183 |
Cash and Cash Equivalents at Beginning of Period | 98,108 | 63,207 | 98,390 |
Cash and Cash Equivalents at End of Period | $36,064 | $98,108 | $63,207 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) - Schedule of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total interest income | $137,276 | $133,793 | $119,514 | $114,232 | $114,092 | $108,512 | $108,177 | $106,416 | $504,815 | $437,197 | $445,200 |
Total interest expense | 12,596 | 12,042 | 10,241 | 9,824 | 10,654 | 11,060 | 11,695 | 13,545 | 44,704 | 46,953 | 63,450 |
Net interest income | 124,680 | 121,751 | 109,273 | 104,408 | 103,438 | 97,452 | 96,482 | 92,871 | 460,111 | 390,244 | 381,750 |
(Reversal of) Provision for loan losses | 6,495 | 5,714 | 4,748 | 2,103 | 4,700 | 2,014 | 1,807 | -3,377 | 19,060 | 5,145 | 20,671 |
Net interest income after (reversal of) provision for loan losses | 118,185 | 116,037 | 104,525 | 102,305 | 98,738 | 95,438 | 94,675 | 96,248 | 441,051 | 385,099 | 361,079 |
Gain (loss) on sale of investments, net | 164 | 582 | 8 | 19 | 19 | 13 | -57 | 2,359 | 771 | 2,277 | 3,739 |
Other noninterest income | 46,908 | 46,530 | 43,753 | 35,662 | 38,696 | 43,250 | 42,546 | 42,132 | |||
Noninterest expense | 119,382 | 120,360 | 127,309 | 107,428 | 102,674 | 108,152 | 117,361 | 144,898 | 474,479 | 473,085 | 432,185 |
Income (loss) before income taxes | 45,875 | 42,789 | 20,977 | 30,558 | 34,779 | 30,549 | 19,803 | -4,159 | 140,200 | 80,972 | 104,891 |
Income tax expense (benefit) | 9,939 | 11,897 | 4,750 | 8,163 | 9,175 | 7,357 | 4,213 | -4,876 | 34,750 | 15,869 | 28,496 |
Net income | 35,936 | 30,892 | 16,227 | 22,395 | 25,604 | 23,192 | 15,590 | 717 | 105,450 | 65,103 | 76,395 |
Preferred stock dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income available to common shareholders | 35,936 | 30,892 | 16,227 | 22,395 | 25,604 | 23,192 | 15,590 | 717 | 105,450 | 65,103 | 76,395 |
Earnings Allocated to Unvested Restricted Stock | -530 | -465 | -258 | -405 | -456 | -425 | -293 | -20 | -1,685 | -1,209 | -1,437 |
Earnings available to common shareholders - Diluted | $35,406 | $30,427 | $15,969 | $21,990 | $25,148 | $22,767 | $15,297 | $697 | $103,765 | $63,894 | $74,958 |
Earnings per share - Basic | $1.08 | $0.93 | $0.53 | $0.75 | $0.86 | $0.78 | $0.53 | $0.02 | $3.32 | $2.20 | $2.59 |
Earnings per share - Diluted | $1.07 | $0.92 | $0.53 | $0.75 | $0.86 | $0.78 | $0.53 | $0.02 | $3.30 | $2.20 | $2.59 |
Cash dividends declared per common share | $0.34 | $0.34 | $0.34 | $0.34 | $0.34 | $0.34 | $0.34 | $0.34 | $1.36 | $1.36 | $1.36 |
Quarterly_Results_of_Operation3
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
Quarterly Financial Information Disclosure [Abstract] | ||
Mortgage income | $1.50 | $4.20 |
Quarterly_Results_of_Operation4
Quarterly Results of Operations and Selected Cash Flow Data (Unaudited) - Schedule of Error Corrections and Prior Period Adjustments Effect on Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interim Reporting [Line Items] | |||||
Net interest income | $121,751 | $109,273 | $460,111 | $390,244 | $381,750 |
Non-interest income | 47,112 | 43,761 | 173,628 | 168,958 | 175,997 |
Non-interest expense | 120,360 | 127,309 | 474,479 | 473,085 | 432,185 |
Income tax expense | 11,897 | 4,750 | 34,750 | 15,869 | 28,496 |
Net income | 30,892 | 16,227 | 105,450 | 65,103 | 76,395 |
Earnings per share - Basic | $0.93 | $0.53 | $3.32 | $2.20 | $2.59 |
Earnings per share - Diluted | $0.92 | $0.53 | $3.30 | $2.20 | $2.59 |
As Previously Reported [Member] | |||||
Interim Reporting [Line Items] | |||||
Net interest income | 121,041 | 108,979 | |||
Non-interest income | 45,663 | 47,963 | |||
Non-interest expense | 120,060 | 127,375 | |||
Income tax expense | 11,186 | 6,271 | |||
Net income | 29,744 | 18,548 | |||
Earnings per share - Basic | $0.89 | $0.60 | |||
Earnings per share - Diluted | $0.89 | $0.60 | |||
Error Correction Adjustment [Member] | |||||
Interim Reporting [Line Items] | |||||
Non-interest income | 1,487 | -4,189 | |||
Non-interest expense | 170 | -170 | |||
Income tax expense | 521 | -1,656 | |||
Net income | 796 | -2,363 | |||
Earnings per share - Basic | $0.03 | ($0.07) | |||
Earnings per share - Diluted | $0.02 | ($0.07) | |||
Purchase Accounting Adjustments [Member] | |||||
Interim Reporting [Line Items] | |||||
Net interest income | 710 | 294 | |||
Non-interest income | -38 | -13 | |||
Non-interest expense | 130 | 104 | |||
Income tax expense | 190 | 135 | |||
Net income | $352 | $42 | |||
Earnings per share - Basic | $0.01 | ||||
Earnings per share - Diluted | $0.01 |