Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IBKC | |
Entity Registrant Name | IBERIABANK CORP | |
Entity Central Index Key | 933141 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,181,541 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $271,290 | $251,994 |
Interest-bearing deposits in banks | 696,000 | 296,101 |
Total cash and cash equivalents | 967,290 | 548,095 |
Securities available for sale, at fair value | 2,342,613 | 2,158,853 |
Securities held to maturity (fair values of $116,371 and $119,481, respectively) | 113,442 | 116,960 |
Mortgage loans held for sale ($194,816 and $139,950 recorded at fair value, respectively) | 215,044 | 140,072 |
Loans covered by loss share agreements | 251,120 | 444,544 |
Non-covered loans, net of unearned income | 12,622,341 | 10,996,500 |
Total loans, net of unearned income | 12,873,461 | 11,441,044 |
Allowance for loan losses | -128,313 | -130,131 |
Loans, net | 12,745,148 | 11,310,913 |
FDIC loss share receivables | 60,972 | 69,627 |
Premises and equipment, net | 337,201 | 307,159 |
Goodwill | 621,723 | 517,526 |
Other assets | 651,238 | 588,699 |
Total Assets | 18,054,671 | 15,757,904 |
Deposits: | ||
Non-interest-bearing | 3,863,869 | 3,195,430 |
Interest-bearing | 10,804,204 | 9,325,095 |
Total deposits | 14,668,073 | 12,520,525 |
Short-term borrowings | 604,902 | 845,742 |
Long-term debt | 460,889 | 403,254 |
Other liabilities | 153,477 | 136,235 |
Total Liabilities | 15,887,341 | 13,905,756 |
Shareholders' Equity | ||
Preferred stock, $1 par value - 5,000,000 shares authorized | ||
Common stock, $1 par value - 100,000,000 shares and 50,000,000 shares authorized, respectively; 38,178,420 and 35,262,901 shares issued and outstanding, respectively | 38,178 | 35,263 |
Additional paid-in capital | 1,603,117 | 1,398,633 |
Retained earnings | 508,718 | 496,573 |
Accumulated other comprehensive income | 17,317 | 7,525 |
Treasury stock at cost - 0 and 1,809,497 shares, respectively | -85,846 | |
Total Shareholders' Equity | 2,167,330 | 1,852,148 |
Total Liabilities and Shareholders' Equity | $18,054,671 | $15,757,904 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $116,371 | $119,481 |
Mortgage loans held for sale recorded at fair value | $194,816 | $139,950 |
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 | 100,000,000 | 50,000,000 |
Common stock, shares issued | 38,178,420 | 38,178,420 |
Common stock, shares outstanding | 35,262,901 | 35,262,901 |
Treasury stock, shares | 0 | 1,809,497 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest and Dividend Income | ||
Loans, including fees | $130,191 | $121,154 |
Mortgage loans held for sale, including fees | 1,515 | 885 |
Investment securities: | ||
Taxable interest | 10,792 | 9,367 |
Tax-exempt interest | 1,305 | 1,550 |
Amortization of FDIC loss share receivable | -6,013 | -19,264 |
Other | 795 | 540 |
Total interest and dividend income | 138,585 | 114,232 |
Interest Expense | ||
NOW and MMDA | 4,842 | 4,184 |
Savings | 85 | 64 |
Time deposits | 4,411 | 2,937 |
Short-term borrowings | 363 | 242 |
Long-term debt | 3,080 | 2,397 |
Total interest expense | 12,781 | 9,824 |
Net interest income | 125,804 | 104,408 |
Provision for loan losses | 5,345 | 2,103 |
Net interest income after provision for loan losses | 120,459 | 102,305 |
Non-interest Income | ||
Service charges on deposit accounts | 9,262 | 7,012 |
Mortgage income | 18,023 | 10,133 |
Title revenue | 4,629 | 4,167 |
ATM/debit card fee income | 3,275 | 2,467 |
Income from bank owned life insurance | 1,092 | 2,441 |
Gain on sale of available for sale investments | 386 | 19 |
Broker commissions | 4,162 | 4,048 |
Other income | 8,070 | 5,394 |
Total non-interest income | 48,899 | 35,681 |
Non-interest Expense | ||
Salaries and employee benefits | 72,696 | 59,861 |
Net occupancy and equipment | 16,260 | 13,991 |
Communication and delivery | 3,166 | 2,767 |
Marketing and business development | 3,556 | 2,850 |
Data processing | 9,761 | 5,382 |
Professional services | 6,866 | 3,748 |
Credit and other loan related expense | 4,183 | 3,560 |
Insurance | 3,550 | 3,417 |
Travel and entertainment | 2,515 | 2,330 |
Other expenses | 10,600 | 9,328 |
Total non-interest expense | 133,153 | 107,234 |
Income before income tax expense | 36,205 | 30,752 |
Income tax expense | 11,079 | 8,416 |
Net Income | 25,126 | 22,336 |
Income Available to Common Shareholders - Basic | 25,126 | 22,336 |
Earnings Allocated to Unvested Restricted Stock | -344 | -405 |
Earnings Available to Common Shareholders - Diluted | 24,782 | 21,931 |
Earnings per common share - Basic | $0.75 | $0.75 |
Earnings per common share - diluted | $0.75 | $0.75 |
Cash dividends declared per common share | $0.34 | $0.34 |
Comprehensive Income | ||
Net income | 25,126 | 22,336 |
Unrealized gains on securities: | ||
Unrealized holding gains arising during the period (net of tax effects of $5,408 and $5,561, respectively) | 10,043 | 10,327 |
Reclassification adjustment for gains included in net income (net of tax effects of $135 and $7, respectively) | -251 | -12 |
Unrealized gains on securities, net of tax | 9,792 | 10,315 |
Other comprehensive income, net of tax | 9,792 | 10,315 |
Comprehensive Income | $34,918 | $32,651 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Unrealized holding gains arising during the period net of tax effects | $5,408 | $5,561 |
Reclassification adjustment for gains included in net income net of tax effects | $135 | $7 |
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, 2013 | $1,530,346 | $31,917 | $1,178,284 | $435,508 | ($16,491) | ($98,872) | |
Beginning balance, Shares at Dec. 31, 2013 | 31,917,385 | ||||||
Net income | 22,336 | 22,336 | |||||
Other comprehensive income | 10,315 | 10,315 | |||||
Cash dividends declared, $0.34 per share | -10,214 | -10,214 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 6,879 | 1,862 | 5,017 | ||||
Common stock issued for recognition and retention plans | -5,836 | 5,836 | |||||
Share-based compensation cost | 2,835 | 2,835 | |||||
Ending balance at Mar. 31, 2014 | 1,562,497 | 31,917 | 1,177,145 | 447,630 | -6,176 | -88,019 | |
Ending balance, Shares at Mar. 31, 2014 | 31,917,385 | ||||||
Beginning balance at Dec. 31, 2014 | 1,852,148 | 35,263 | 1,398,633 | 496,573 | 7,525 | -85,846 | |
Beginning balance, Shares at Dec. 31, 2014 | 35,262,901 | ||||||
Net income | 25,126 | 25,126 | |||||
Other comprehensive income | 9,792 | 9,792 | |||||
Cash dividends declared, $0.34 per share | -12,981 | -12,981 | |||||
Reclassification of treasury stock under the LBCA | [1] | -1,810 | -84,036 | 85,846 | |||
Reclassification of treasury stock under the LBCA, Shares | [1] | -1,809,497 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 789 | 133 | 656 | ||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, Shares | 132,969 | ||||||
Common stock issued for acquisitions | 289,504 | 4,592 | 284,912 | ||||
Common stock issued for acquisitions, Shares | 3,083,229 | 4,592,047 | |||||
Share-based compensation cost | 2,952 | 2,952 | |||||
Ending balance at Mar. 31, 2015 | $2,167,330 | $38,178 | $1,603,117 | $508,718 | $17,317 | ||
Ending balance, Shares at Mar. 31, 2015 | 38,178,420 | ||||||
[1] | Effective January 1, 2015, companies incorporated in Louisiana became subject to the Louisiana Business Corporation Act ("LBCA"), which eliminates the concept of treasury stock and provides that shares reacquired by a company are to be treated as authorized but unissued. Refer to Note 1 for further discussion. |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash dividends declared per share | $0.34 | $0.34 |
Retained Earnings [Member] | ||
Cash dividends declared per share | $0.34 | $0.34 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net income | $25,126 | $22,336 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 3,791 | 4,396 |
Amortization of purchase accounting adjustments, net | -5,430 | -45 |
Provision for loan losses | 5,345 | 2,103 |
Share-based equity compensation expense | 2,952 | 2,835 |
Gain on sale of assets, net | -16 | -6 |
Gain on sale of available for sale investments | -386 | -19 |
Gain on sale of OREO, net | -998 | -400 |
Impairment of FDIC loss share receivables and other long-lived assets | 332 | |
Amortization of premium/discount on investments | 3,815 | 3,314 |
Benefit for deferred income taxes | -62 | -29,138 |
Originations of mortgage loans held for sale | -495,874 | -317,579 |
Proceeds from sales of mortgage loans held for sale | 456,278 | 320,106 |
Gain on sale of mortgage loans held for sale, net | -13,780 | -9,202 |
Tax benefit associated with share-based payment arrangements | -252 | -906 |
Decrease in other assets, net of other assets acquired | 56,842 | 19,936 |
Other operating activities, net | 6,396 | -11,074 |
Net Cash Provided by Operating Activities | 43,747 | 6,989 |
Cash Flows from Investing Activities | ||
Proceeds from sales of securities available for sale | 40,887 | 14,050 |
Proceeds from maturities, prepayments and calls of securities available for sale | 85,627 | 78,498 |
Purchases of securities available for sale | -121,876 | -76,223 |
Proceeds from maturities, prepayments and calls of securities held to maturity | 3,296 | 3,180 |
Reimbursement of recoverable covered asset losses from (to) the FDIC | 632 | -76 |
Increase in loans, net | -71,686 | -45,563 |
Proceeds from sale of premises and equipment | 47 | 101 |
Purchases of premises and equipment, net of premises and equipment acquired | -1,837 | -4,818 |
Proceeds from disposition of real estate owned | 10,769 | 11,543 |
Cash paid for additional investment in tax credit entities | -4,717 | |
Cash received in excess of cash paid for acquisitions | 325,444 | 91,685 |
Other investing activities, net | 1,780 | -5,100 |
Net Cash Provided by Investing Activities | 273,083 | 62,560 |
Cash Flows from Financing Activities | ||
Increase (decrease) in deposits, net of deposits acquired | 365,847 | -29,350 |
Net change in short-term borrowings, net of borrowings acquired | -242,368 | 2,742 |
Proceeds from long-term debt | 60,000 | |
Repayments of long-term debt | -70,527 | -780 |
Dividends paid to shareholders | -11,374 | -10,128 |
Proceeds from common stock transactions | 3,087 | 8,247 |
Payments to repurchase common stock | -2,552 | -2,274 |
Tax benefit associated with share-based payment arrangements | 252 | 906 |
Net Cash Provided by (Used in) Financing Activities | 102,365 | -30,637 |
Net Increase in Cash and Cash Equivalents | 419,195 | 38,912 |
Cash and Cash Equivalents at Beginning of Period | 548,095 | 391,396 |
Cash and Cash Equivalents at End of Period | 967,290 | 430,308 |
Supplemental Schedule of Noncash Activities | ||
Acquisition of real estate in settlement of loans | 4,821 | 4,628 |
Common stock issued in acquisitions | 289,504 | |
Supplemental Disclosures Cash paid for: | ||
Interest on deposits and borrowings | 11,988 | 9,708 |
Income taxes, net | $900 | $13,208 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION |
General | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for a fair presentation of the consolidated financial statements have been made. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for IBERIABANK Corporation (the “Company”) previously filed with the Securities and Exchange Commission (the “SEC”) in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
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. | |
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. | |
Reclassifications | |
Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications are immaterial and had no effect on previously reported net income, shareholders’ equity or cash flows. | |
Louisiana Business Corporation Act | |
Effective January 1, 2015, companies incorporated under Louisiana law 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, shares previously classified as treasury stock were reclassified as a reduction to issued shares of common stock in the consolidated financial statements as of March 31, 2015, reducing the stated value of common stock and additional paid-in capital. | |
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, accounting for loans covered by loss sharing arrangements with the FDIC and the related loss share receivables, and determination of the fair value of net 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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
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 (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force)”. The ASU allows for use of the proportional amortization method for investments in qualified affordable housing projects if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the consolidated statements of comprehensive income as a component of income tax expense. The ASU provides for a practical expedient, which allows for amortization of the investment in proportion to only the tax credits if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits. The ASU was effective for fiscal years and interim periods beginning after December 15, 2014. The Company adopted this guidance effective January 1, 2015, utilizing the practical expedient method. Amortization expense related to qualified affordable housing investments has been presented net of the income tax credits in income tax expense in the unaudited consolidated statements of comprehensive income. The standard was required to be applied retrospectively, therefore, prior periods have been restated in accordance with GAAP. The impact of the adoption of ASU 2014-01 was not material to the consolidated financial statements in current or prior periods. | |
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 was effective for fiscal years and interim periods beginning after December 15, 2014. The Company adopted the provisions of this ASU effective January 1, 2015 using the prospective transition method. There was no significant impact on the Company’s consolidated financial statements during the three-month period ending March 31, 2015. | |
ASU No. 2014-11 | |
In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure, which implemented 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. ASU No. 2014-11 was effective for fiscal years and interim periods beginning after December 31, 2014. The Company adopted the provisions of this ASU beginning January 1, 2015. There was no significant impact on the Company’s consolidated financial statements during the three-month period ending March 31, 2015. | |
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 was effective for fiscal years and interim periods beginning after December 31, 2014. The Company adopted the provisions of this ASU beginning January 1, 2015, using the prospective transition method (application of the amendments of the ASU to foreclosures occurring after the adoption date). There was no significant impact on the Company’s consolidated financial statements during the three-month period ending March 31, 2015. | |
ASU No. 2015-01 | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, in an effort to comply with its simplification initiative to reduce complexity in accounting standards. The concept of extraordinary items will be eliminated from generally accepted accounting principles; however, the presentation and disclosure requirements for items that are unusual in nature or occur infrequently will be retained and expanded to include items that are both unusual and infrequent. | |
ASU No. 2015-01 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. The Company does not expect that the adoption of this ASU will have a significant impact on the Company’s consolidated financial statements. | |
ASU No. 2015-02 | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in the guidance: 1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, 2) eliminate the presumption that a general partner should consolidate a limited partnership, 3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and 4) provide a scope exception from consolidation guidance for certain investment funds. | |
ASU No. 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance may be applied using a modified retrospective approach by recording a cumulative effect adjustment to equity as of the beginning of the fiscal year of adoption. The amendments may also be applied retrospectively. The Company is still evaluating this ASU but does not expect that adoption will have a significant impact on the Company’s consolidated financial statements. |
Acquisition_Activity
Acquisition Activity | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisition Activity | NOTE 3 –ACQUISITION ACTIVITY | ||||||||||||
Completed Acquisitions | |||||||||||||
The Company acquired Teche Holding Company on May 31, 2014 and First Private Holdings, Inc. on June 30, 2014. During the current quarter, the Company finalized the purchase accounting related to Teche and did not make significant adjustments to the previously reported fair value of net assets acquired and associated goodwill. The Company is still in the process of finalizing the purchase accounting related to the First Private acquisition, but does not anticipate significant adjustments will be required. See the Annual Report on Form 10-K as of December 31, 2014 for further information on these acquisitions. | |||||||||||||
Acquisition of Florida Bank Group, Inc. | |||||||||||||
On February 28, 2015, the Company acquired Florida Bank Group, Inc. (“Florida Bank Group”), the holding company of Florida Bank, a Tampa, Florida-based commercial bank servicing Tampa, Tallahassee and Jacksonville, Florida. Under the terms of the agreement, Florida Bank Group shareholders received a combination of cash and shares of the Company’s common stock. Florida Bank Group shareholders received cash equal to $7.81 per share of then outstanding Florida Bank Group common stock, including shares of preferred stock that converted to common shares in the acquisition. Each Florida Bank Group common share was exchanged for 0.149 share of the Company’s common stock. All unexercised Florida Bank Group stock options at the closing date were cashed out. | |||||||||||||
The Company acquired all of the outstanding common stock of the former Florida Bank Group shareholders for total consideration of $90.5 million, which resulted in goodwill of $14.7 million, as shown in the table below. With this acquisition, IBERIABANK expanded its presence in the Tampa, Tallahassee and Jacksonville areas of Florida through the addition of 12 bank offices 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 | 752,493 | $ | 47,497 | ||||||||||
Total equity consideration | 47,497 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 42,988 | ||||||||||||
Total consideration paid | 90,485 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 75,799 | ||||||||||||
Goodwill | $ | 14,686 | |||||||||||
Acquisition of Old Florida Bancshares, Inc. | |||||||||||||
On March 31, 2015, the Company acquired Old Florida Bancshares, Inc. (“Old Florida”), the holding company of Old Florida Bank and New Traditions Bank, Orlando, which were Florida-based commercial banks. Under terms of the agreement, for each share of Old Florida common stock outstanding, Old Florida shareholders received 0.34 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 Old Florida shareholders for total consideration of $253.2 million, which resulted in goodwill of $89.5 million, as shown in the table below. With this acquisition, IBERIABANK expanded its presence into the Orlando, Florida MSA through the addition of 14 bank offices 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 | 3,839,554 | $ | 242,007 | ||||||||||
Total equity consideration | 242,007 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 11,145 | ||||||||||||
Total consideration paid | 253,152 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 163,641 | ||||||||||||
Goodwill | $ | 89,511 | |||||||||||
The Company accounted for the aforementioned business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations. 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. | |||||||||||||
Florida Bank Group | |||||||||||||
(Dollars in thousands) | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 30,009 | $ | — | $ | 30,009 | |||||||
Investment securities | 107,236 | 137 | (1) | 107,373 | |||||||||
Loans | 312,901 | (8,390 | ) (2) | 304,511 | |||||||||
Other real estate owned | 498 | — | 498 | ||||||||||
Core deposit intangible | — | 4,489 | (3) | 4,489 | |||||||||
Deferred tax asset, net | 19,851 | 7,983 | (4) | 27,834 | |||||||||
Other assets | 72,874 | (8,949 | ) (5) | 63,925 | |||||||||
Total Assets | $ | 543,369 | $ | (4,730 | ) | $ | 538,639 | ||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 282,417 | $ | 263 | (6) | $ | 282,680 | ||||||
Non-interest-bearing deposits | 109,548 | — | 109,548 | ||||||||||
Borrowings | 60,000 | 8,598 | (7) | 68,598 | |||||||||
Other liabilities | 2,014 | — | 2,014 | ||||||||||
Total Liabilities | $ | 453,979 | $ | 8,861 | $ | 462,840 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Florida Bank Group’s investments to their estimated fair value on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of Florida Bank Group 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 Florida Bank Group acquired assets and assumed liabilities. | ||||||||||||
(5) | The amount represents the adjustment of the book value of Florida Bank Group’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value. | ||||||||||||
(6) | The adjustment is necessary because the weighted average interest rate of Florida Bank Group’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 51 months. | ||||||||||||
(7) | The adjustment represents the adjustment of the book value of Florida Bank Group’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability. | ||||||||||||
Old Florida | |||||||||||||
(Dollars in thousands) | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 349,568 | $ | — | $ | 349,568 | |||||||
Investment securities | 67,206 | — | 67,206 | ||||||||||
Loans held for sale | 5,952 | — | 5,952 | ||||||||||
Loans | 1,073,536 | (9,828 | ) (1) | 1,063,708 | |||||||||
Other real estate owned | 4,516 | — | 4,516 | ||||||||||
Core deposit intangible | — | 16,815 | (2) | 16,815 | |||||||||
Deferred tax asset, net | 8,437 | (2,585 | ) (3) | 5,852 | |||||||||
Other assets | 42,858 | — | 42,858 | ||||||||||
Total Assets | $ | 1,552,073 | $ | 4,402 | $ | 1,556,475 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 1,048,774 | $ | — | $ | 1,048,774 | |||||||
Non-interest-bearing deposits | 340,869 | — | 340,869 | ||||||||||
Borrowings | 1,528 | — | 1,528 | ||||||||||
Other liabilities | 1,663 | — | 1,663 | ||||||||||
Total Liabilities | $ | 1,392,834 | $ | — | $ | 1,392,834 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Old Florida 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. | ||||||||||||
(3) | The amount represents the net deferred tax liability recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities. | ||||||||||||
Pending Acquisitions | |||||||||||||
Acquisition of Georgia Commerce Bancshares, Inc. | |||||||||||||
During the fourth quarter of 2014, the Company announced the signing of a definitive agreement pursuant to which the Company 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. | |||||||||||||
Under the terms of the agreement, Georgia Commerce shareholders will receive 0.6134 of a share of the Company’s common stock for each of the Georgia Commerce common stock shares outstanding, subject to certain potential market price adjustments provided for in the agreement. All unexercised Georgia Commerce stock options on the closing date, whether or not vested, will be cashed out. | |||||||||||||
Supplemental unaudited pro forma information | |||||||||||||
The following unaudited pro forma information for the three months ended March 31, 2014 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Florida Bank Group and Old Florida occurred at January 1, 2014, unadjusted for potential cost savings and/or synergies and preliminary purchase price adjustments. | |||||||||||||
(Dollars in thousands, except per share data) | 2014 | ||||||||||||
Interest and non-interest income | $ | 173,274 | |||||||||||
Net income | 27,013 | ||||||||||||
Earnings per share - basic | 0.79 | ||||||||||||
Earnings per share - diluted | 0.78 | ||||||||||||
The Company’s consolidated financial statements as of and for the three months ended March 31, 2015 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 three-month period and subsequent integration of the operating activities of the acquired branches into existing Company markets, historical reporting for the former Florida Bank Group and Old Florida 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. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | NOTE 4 – INVESTMENT SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 67,196 | $ | 10 | $ | — | $ | 67,206 | |||||||||||||||||
U.S. Government-sponsored enterprise obligations | 316,928 | 2,573 | (353 | ) | 319,148 | ||||||||||||||||||||
Obligations of state and political obligations | 78,437 | 3,600 | (2 | ) | 82,035 | ||||||||||||||||||||
Mortgage-backed securities | 1,821,982 | 23,788 | (3,857 | ) | 1,841,913 | ||||||||||||||||||||
Other securities | 32,147 | 178 | (14 | ) | 32,311 | ||||||||||||||||||||
Total securities available for sale | $ | 2,316,690 | $ | 30,149 | $ | (4,226 | ) | $ | 2,342,613 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 10,000 | $ | 28 | $ | — | $ | 10,028 | |||||||||||||||||
Obligations of state and political obligations | 75,458 | 3,353 | (52 | ) | 78,759 | ||||||||||||||||||||
Mortgage-backed securities | 27,984 | 155 | (555 | ) | 27,584 | ||||||||||||||||||||
Total securities held to maturity | $ | 113,442 | $ | 3,536 | $ | (607 | ) | $ | 116,371 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | 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 | ||||||||||||||||
Securities with carrying values of $1.3 billion and $1.4 billion were pledged to secure public deposits and other borrowings at March 31, 2015 and December 31, 2014, 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: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
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 | $ | (111 | ) | $ | 86,271 | $ | (242 | ) | $ | 39,232 | $ | (353 | ) | $ | 125,503 | ||||||||||
Obligations of state and political obligations | (2 | ) | 184 | — | — | (2 | ) | 184 | |||||||||||||||||
Mortgage-backed securities | (695 | ) | 182,780 | (3,162 | ) | 211,373 | (3,857 | ) | 394,153 | ||||||||||||||||
Other securities | (14 | ) | 10,354 | — | — | (14 | ) | 10,354 | |||||||||||||||||
Total securities available for sale | $ | (822 | ) | $ | 279,589 | $ | (3,404 | ) | $ | 250,605 | $ | (4,226 | ) | $ | 530,194 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (1 | ) | $ | 899 | $ | (51 | ) | $ | 4,243 | $ | (52 | ) | $ | 5,142 | ||||||||||
Mortgage-backed securities | (9 | ) | 1,076 | (546 | ) | 19,450 | (555 | ) | 20,526 | ||||||||||||||||
Total securities held to maturity | $ | (10 | ) | $ | 1,975 | $ | (597 | ) | $ | 23,693 | $ | (607 | ) | $ | 25,668 | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | ||||||||||
The Company assessed the nature of the losses in its portfolio as of March 31, 2015 and December 31, 2014 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, the issuer’s failure 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. 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. 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 March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||
At March 31, 2015, 86 debt securities had unrealized losses of 0.86% of the securities’ amortized cost basis. At December 31, 2014, 112 debt securities had unrealized losses of 1.31% 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 March 31, 2015 and December 31, 2014 is presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Number of securities | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | 40 | 66 | |||||||||||||||||||||||
Issued by political subdivisions | 2 | 5 | |||||||||||||||||||||||
42 | 71 | ||||||||||||||||||||||||
Amortized Cost Basis | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 274,005 | $ | 566,113 | |||||||||||||||||||||
Issued by political subdivisions | 4,295 | 8,727 | |||||||||||||||||||||||
$ | 278,300 | $ | 574,840 | ||||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 3,950 | $ | 10,254 | |||||||||||||||||||||
Issued by political subdivisions | 52 | 136 | |||||||||||||||||||||||
$ | 4,002 | $ | 10,390 | ||||||||||||||||||||||
The Fannie Mae, Freddie Mac, and Ginnie Mae securities are rated AA+ by S&P and Aaa by Moody’s. Two 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. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities by maturity at March 31, 2015 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 | ||||||||||||||||||||||||
Weighted | Estimated | Weighted | Estimated | ||||||||||||||||||||||
Average | Amortized | Fair | Average | Amortized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Yield | Cost | Value | Yield | Cost | Value | |||||||||||||||||||
Within one year or less | 2.16 | % | $ | 84,514 | $ | 84,638 | 2.65 | % | $ | 10,075 | $ | 10,103 | |||||||||||||
One through five years | 1.73 | 279,674 | 282,952 | 2.8 | 12,933 | 13,256 | |||||||||||||||||||
After five through ten years | 2.17 | 406,800 | 414,109 | 3.01 | 20,128 | 21,005 | |||||||||||||||||||
Over ten years | 2.18 | 1,545,702 | 1,560,914 | 3.03 | 70,306 | 72,007 | |||||||||||||||||||
2.12 | % | $ | 2,316,690 | $ | 2,342,613 | 2.97 | % | $ | 113,442 | $ | 116,371 | ||||||||||||||
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. | |||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Realized gains | $ | 407 | $ | 19 | |||||||||||||||||||||
Realized losses | (21 | ) | — | ||||||||||||||||||||||
$ | 386 | $ | 19 | ||||||||||||||||||||||
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. | |||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Federal Home Loan Bank (FHLB) stock | $ | 38,097 | $ | 38,476 | |||||||||||||||||||||
Federal Reserve Bank (FRB) stock | 34,348 | 34,348 | |||||||||||||||||||||||
Other investments | 1,316 | 1,306 | |||||||||||||||||||||||
$ | 73,761 | $ | 74,130 | ||||||||||||||||||||||
Loans
Loans | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans | NOTE 5 – LOANS | ||||||||||||||||||||||||||||||||
Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,832,598 | $ | 1,299,564 | $ | 25,508 | $ | 5,157,670 | |||||||||||||||||||||||||
Business | 3,278,266 | 461,595 | 12,132 | 3,751,993 | |||||||||||||||||||||||||||||
7,110,864 | 1,761,159 | 37,640 | 8,909,663 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 490,699 | 478,704 | 131,767 | 1,101,170 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 63,116 | — | — | 63,116 | |||||||||||||||||||||||||||||
553,815 | 478,704 | 131,767 | 1,164,286 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,335,390 | 441,640 | 81,058 | 1,858,088 | |||||||||||||||||||||||||||||
Indirect automobile | 367,077 | 272 | — | 367,349 | |||||||||||||||||||||||||||||
Other | 482,270 | 91,150 | 655 | 574,075 | |||||||||||||||||||||||||||||
2,184,737 | 533,062 | 81,713 | 2,799,512 | ||||||||||||||||||||||||||||||
Total | $ | 9,849,416 | $ | 2,772,925 | $ | 251,120 | $ | 12,873,461 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
-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 7 for additional information regarding the Company’s loss sharing agreements. | |||||||||||||||||||||||||||||||||
Because of the loss protection provided by the FDIC, the risks of the CSB, Orion, Century, and Sterling loans and foreclosed real estate are significantly different from those assets not covered under the loss share agreements. Accordingly, the Company presents loans subject to the loss share agreements as “covered loans” and loans that are not subject to the loss share agreements as “non-covered loans.” | |||||||||||||||||||||||||||||||||
Deferred loan origination fees were $20.9 million and $20.6 million and deferred loan expenses were $9.6 million and $9.4 million at March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, overdrafts of $3.7 million and $5.6 million, respectively, have been reclassified to loans. | |||||||||||||||||||||||||||||||||
Loans with carrying values of $3.1 billion were pledged to secure public deposits and other borrowings at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||
Non-covered Loans | |||||||||||||||||||||||||||||||||
The following tables provide an analysis of the aging of non-covered loans as of March 31, 2015 and December 31, 2014. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s non-covered loans between loans originated by the Company (“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. | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Total Legacy | Recorded | ||||||||||||||||||||||||||||||||
Past Due (1) | Loans, Net of | Investment > 90 days | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Unearned Income | and Accruing | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | 126 | $ | 126 | $ | 521,859 | $ | 521,985 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 3,565 | 205 | 18,774 | 22,544 | 3,288,069 | 3,310,613 | 239 | ||||||||||||||||||||||||||
Commercial business | 3,277 | 497 | 12,821 | 16,595 | 3,261,671 | 3,278,266 | — | ||||||||||||||||||||||||||
Residential mortgage - Prime | 2,608 | 200 | 11,166 | 13,974 | 423,428 | 437,402 | — | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 3,982 | 3,982 | 112,431 | 116,413 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 2,251 | 437 | 9,853 | 12,541 | 1,322,849 | 1,335,390 | — | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 2,069 | 455 | 1,415 | 3,939 | 363,138 | 367,077 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 141 | 120 | 1,300 | 1,561 | 70,603 | 72,164 | — | ||||||||||||||||||||||||||
Consumer - Other | 1,538 | 242 | 866 | 2,646 | 407,460 | 410,106 | — | ||||||||||||||||||||||||||
Total | $ | 15,449 | $ | 2,156 | $ | 60,303 | $ | 77,908 | $ | 9,771,508 | $ | 9,849,416 | $ | 239 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Total Legacy | Recorded | ||||||||||||||||||||||||||||||||
Past Due (1) | Loans, Net of | Investment > 90 days | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Unearned Income | and Accruing | ||||||||||||||||||||||||||
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 | |||||||||||||||||||
(1) | Past due loans greater than 90 days include all loans on nonaccrual status, regardless of past due satus, as of the period indicated. Nonaccrual loans are presented separately in the “Nonaccrual Loans” section below. | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Total Non-covered | Recorded | |||||||||||||||||||||||||||||||
Acquired Loans, | Investment | ||||||||||||||||||||||||||||||||
Net of | > 90 days | ||||||||||||||||||||||||||||||||
Unearned Income | and | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Discount/Premium | Accruing | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 41 | $ | 70 | $ | 6,803 | $ | 6,914 | $ | 55,749 | $ | (987 | ) | $ | 61,676 | $ | 6,713 | ||||||||||||||||
Commercial real estate - Other | 3,923 | 1,900 | 53,628 | 59,451 | 1,218,368 | (39,931 | ) | 1,237,888 | 51,695 | ||||||||||||||||||||||||
Commercial business | 326 | 864 | 4,453 | 5,643 | 459,595 | (3,643 | ) | 461,595 | 4,205 | ||||||||||||||||||||||||
Residential mortgage - Prime | 1,388 | 771 | 14,620 | 16,779 | 477,973 | (16,048 | ) | 478,704 | 13,472 | ||||||||||||||||||||||||
Consumer - Home equity | 1,514 | 120 | 12,873 | 14,507 | 438,938 | (11,805 | ) | 441,640 | 11,927 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 3 | — | 22 | 25 | 277 | (30 | ) | 272 | 22 | ||||||||||||||||||||||||
Consumer - Other | 991 | 46 | 1,618 | 2,655 | 91,527 | (3,032 | ) | 91,150 | 1,549 | ||||||||||||||||||||||||
Total | $ | 8,186 | $ | 3,771 | $ | 94,017 | $ | 105,974 | $ | 2,742,427 | $ | (75,476 | ) | $ | 2,772,925 | $ | 89,583 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Total Non-covered | Recorded | |||||||||||||||||||||||||||||||
Acquired Loans, | Investment | ||||||||||||||||||||||||||||||||
Net of | > 90 days | ||||||||||||||||||||||||||||||||
Unearned Income | and | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Discount/Premium | Accruing | ||||||||||||||||||||||||||
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 | ||||||||||||||||
-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 the periods indicated. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 126 | $ | 69 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 18,535 | 6,883 | |||||||||||||||||||||||||||||||
Commercial business | 12,821 | 3,028 | |||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,166 | 10,767 | |||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,982 | 3,595 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 9,853 | 7,404 | |||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,415 | 1,419 | |||||||||||||||||||||||||||||||
Consumer - Credit card | 1,300 | 1,032 | |||||||||||||||||||||||||||||||
Consumer - Other | 866 | 773 | |||||||||||||||||||||||||||||||
Total | $ | 60,064 | $ | 34,970 | |||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The carrying amount of the acquired covered loans at March 31, 2015 and December 31, 2014 consisted of loans determined to be impaired at the acquisition date, which are accounted for in accordance with ASC Topic 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, 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. | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 2,740 | $ | 22,768 | $ | 25,508 | |||||||||||||||||||||||||||
Business | — | 12,132 | 12,132 | ||||||||||||||||||||||||||||||
2,740 | 34,900 | 37,640 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 23,006 | 108,761 | 131,767 | ||||||||||||||||||||||||||||||
23,006 | 108,761 | 131,767 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 7,537 | 73,521 | 81,058 | ||||||||||||||||||||||||||||||
Other | — | 655 | 655 | ||||||||||||||||||||||||||||||
7,537 | 74,176 | 81,713 | |||||||||||||||||||||||||||||||
Total | $ | 33,283 | $ | 217,837 | $ | 251,120 | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||
22,918 | 105,106 | 128,024 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 12,872 | 79,558 | 92,430 | ||||||||||||||||||||||||||||||
Other | 489 | 3,215 | 3,704 | ||||||||||||||||||||||||||||||
13,361 | 82,773 | 96,134 | |||||||||||||||||||||||||||||||
Total | $ | 37,532 | $ | 407,012 | $ | 444,544 | |||||||||||||||||||||||||||
Loans Acquired | |||||||||||||||||||||||||||||||||
As discussed in Note 3, during the first three months of 2015, the Company acquired loans of $304.5 million from Florida Bank Group, and $1.1 billion from Old Florida. Of the total $1.4 billion of loans acquired, $1.3 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 $21.2 million were determined to have deteriorated credit quality under ASC 310-30. The tables below show the balances acquired during the first three months of 2015 for these two subsections of the portfolio as of the acquisition date. These amounts are subject to change due to the finalization of purchase price accounting adjustments. | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 1,586,694 | |||||||||||||||||||||||||||||||
Expected losses and foregone interest | (20,103 | ) | |||||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 1,566,591 | ||||||||||||||||||||||||||||||||
Fair value of acquired loans at acquisition | $ | 1,347,040 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 23,678 | $ | — | $ | 23,678 | |||||||||||||||||||||||||||
Nonaccretable difference (expected losses and foregone interest) | (467 | ) | — | (467 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 23,211 | — | 23,211 | ||||||||||||||||||||||||||||||
Accretable yield | (2,032 | ) | — | (2,032 | ) | ||||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 21,179 | $ | — | $ | 21,179 | |||||||||||||||||||||||||||
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 three months ended March 31: | |||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,249 | $ | 213,402 | $ | 287,651 | |||||||||||||||||||||||||||
Acquisition | 2,032 | — | 2,032 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | (409 | ) | 408 | (1 | ) | ||||||||||||||||||||||||||||
Accretion | (4,742 | ) | (18,076 | ) | (22,818 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 75 | (1,990 | ) | (1,915 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 71,205 | $ | 193,744 | $ | 264,949 | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
Acquisition | 929 | 1,536 | 2,465 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 1,515 | 4,946 | 6,461 | ||||||||||||||||||||||||||||||
Accretion | (2,237 | ) | (26,068 | ) | (28,305 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | (6,097 | ) | 6,592 | 495 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 72,459 | $ | 263,549 | $ | 336,008 | |||||||||||||||||||||||||||
-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 troubled debt restructurings (“TDRs”) at March 31, 2015 and 2014 is presented in the following tables. 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 are excluded as TDRs. 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. | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Accruing Loans | Accruing Loans | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | Nonaccrual | Total | Current | Past Due | Nonaccrual | Total | |||||||||||||||||||||||||
> 30 days | TDRs | TDRs | > 30 days | TDRs | TDRs | ||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | — | 456 | 456 | ||||||||||||||||||||
Commercial real estate - Other | 344 | — | 1,925 | 2,269 | 389 | — | 3,662 | 4,051 | |||||||||||||||||||||||||
Commercial business | 1,042 | — | 14,890 | 15,932 | 894 | — | 3,152 | 4,046 | |||||||||||||||||||||||||
Consumer - Home equity | — | — | 233 | 233 | — | — | 253 | 253 | |||||||||||||||||||||||||
Total | $ | 1,386 | $ | — | $ | 17,048 | $ | 18,434 | $ | 1,283 | $ | — | $ | 7,523 | $ | 8,806 | |||||||||||||||||
TDRs totaling $14.8 million occurred during the three-month period ended March 31, 2015 through modification of the original loan terms. No TDRs occurred during the three months ended March 31, 2014. The following table provides information on how the TDRs were modified during the three months ended March 31, 2015: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | ||||||||||||||||||||||||||||||||
Extended maturities | $ | — | |||||||||||||||||||||||||||||||
Interest rate adjustment | — | ||||||||||||||||||||||||||||||||
Maturity and interest rate adjustment | 14,812 | ||||||||||||||||||||||||||||||||
Movement to or extension of interest-rate only payments | — | ||||||||||||||||||||||||||||||||
Forbearance | — | ||||||||||||||||||||||||||||||||
Other concession(s) (1) | — | ||||||||||||||||||||||||||||||||
Total | $ | 14,812 | |||||||||||||||||||||||||||||||
(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 residential mortgage or consumer TDRs that were added during the three months ended March 31, 2015 and 2014. The following tables present the end of period balance for loans modified in a TDR during the periods presented and the financial impact of those modifications. | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
(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 real estate | 1 | $ | 1,935 | $ | 1,743 | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial business | 6 | 13,162 | 13,069 | — | — | — | |||||||||||||||||||||||||||
Total | 7 | $ | 15,097 | $ | 14,812 | — | $ | — | $ | — | |||||||||||||||||||||||
-1 | Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. | ||||||||||||||||||||||||||||||||
Information detailing non-covered TDRs which defaulted during the three months ended March 31, 2015 and 2014, and which were modified in the previous twelve months (i.e., the twelve months prior to the default) 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. | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||
Commercial real estate | 31 | $ | — | 31 | $ | 4,118 | |||||||||||||||||||||||||||
Commercial business | 9 | 372 | 17 | 2,729 | |||||||||||||||||||||||||||||
Consumer - Home Equity | — | — | 1 | 43 | |||||||||||||||||||||||||||||
Consumer - Other | 1 | — | 1 | — | |||||||||||||||||||||||||||||
Total | 41 | $ | 372 | 50 | $ | 6,890 | |||||||||||||||||||||||||||
Allowance_for_Credit_Losses_an
Allowance for Credit Losses and Credit Quality | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses and Credit Quality | NOTE 6 – 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 three months ended March 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 76,174 | $ | 9,193 | $ | 44,764 | $ | 130,131 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,177 | 1,018 | (1,702 | ) | 3,493 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 1,852 | 1,852 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net provision for loan losses | 4,177 | 1,018 | 150 | 5,345 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (1,852 | ) | (1,852 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | 5 | (31 | ) | (26 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | — | 28,700 | (28,700 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (2,669 | ) | (3,650 | ) | (209 | ) | (6,528 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,091 | 144 | 8 | 1,243 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 78,773 | 35,410 | 14,130 | 128,313 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 11,801 | — | — | 11,801 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 1,048 | — | — | 1,048 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 12,849 | — | — | 12,849 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 91,622 | $ | 35,410 | $ | 14,130 | $ | 141,162 | |||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 67,342 | $ | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | 1,996 | (1,235 | ) | (3,534 | ) | (2,773 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 4,876 | 4,876 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 1,996 | (1,235 | ) | 1,342 | 2,103 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (4,876 | ) | (4,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (382 | ) | (4,549 | ) | (4,931 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (2,544 | ) | (34 | ) | — | (2,578 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,530 | 242 | 38 | 1,810 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 68,324 | 3,148 | 63,130 | 134,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 11,147 | — | — | 11,147 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 372 | — | — | 372 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 11,519 | — | — | 11,519 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 79,843 | $ | 3,148 | $ | 63,130 | $ | 146,121 | |||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for credit losses for non-covered loans, by loan portfolio type, for the three months ended March 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 33,021 | 32,094 | 2,875 | 17,377 | $ | 85,367 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses | (1,024 | ) | 2,205 | 1,539 | 2,475 | 5,195 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (4 | ) | — | 28 | (19 | ) | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | 20,982 | 1,226 | — | 6,492 | 28,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (3,235 | ) | (565 | ) | (71 | ) | (2,448 | ) | (6,319 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 173 | 49 | 13 | 1,000 | 1,235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 49,913 | 35,009 | 4,384 | 24,877 | 114,183 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 3,439 | 5,260 | 168 | 2,934 | 11,801 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for unfunded commitments | 128 | 184 | 660 | 76 | 1,048 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 3,567 | 5,444 | 828 | 3,010 | 12,849 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 53,480 | $ | 40,453 | $ | 5,212 | $ | 27,887 | $ | 127,032 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 21 | $ | 749 | $ | — | $ | 3 | $ | 773 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 49,892 | 34,260 | 4,384 | 24,874 | 113,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 5,132,162 | $ | 3,739,861 | $ | 1,032,519 | $ | 2,717,799 | $ | 12,622,341 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 20,077 | 12,593 | — | 693 | 33,363 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 5,085,560 | 3,724,928 | 1,019,596 | 2,713,903 | 12,543,987 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 26,525 | 2,340 | 12,923 | 3,203 | 44,991 | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses | 790 | 73 | (278 | ) | 176 | 761 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (175 | ) | (149 | ) | (58 | ) | — | (382 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (599 | ) | (61 | ) | (48 | ) | (1,870 | ) | (2,578 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 846 | 33 | 13 | 880 | 1,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 27,452 | 28,411 | 2,175 | 13,434 | 71,472 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 3,089 | 4,839 | 72 | 3,147 | 11,147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | 372 | 91 | 2,983 | (3,074 | ) | 372 | |||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 3,461 | 4,930 | 3,055 | 73 | 11,519 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 30,913 | $ | 33,341 | $ | 5,230 | $ | 13,507 | $ | 82,991 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | 464 | $ | 186 | $ | — | $ | 650 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 27,452 | 27,947 | 1,989 | 13,434 | 70,822 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,607,349 | $ | 2,948,088 | $ | 450,881 | $ | 1,970,681 | $ | 8,976,999 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 7,905 | 5,108 | 1,058 | 253 | 14,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 3,581,894 | 2,939,935 | 449,525 | 1,968,911 | 8,940,265 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 17,550 | 3,045 | 298 | 1,517 | 22,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
A summary of changes in the allowance for credit losses for covered loans, by loan portfolio type, for the three months ended March 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 24,072 | 1,235 | 6,286 | 13,171 | $ | 44,764 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 44 | — | 99 | 7 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (22 | ) | (8 | ) | 24 | (1,846 | ) | (1,852 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (1 | ) | (16 | ) | (14 | ) | (31 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | (20,982 | ) | (1,226 | ) | — | (6,492 | ) | (28,700 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (209 | ) | — | — | — | (209 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | $ | 2,903 | $ | — | $ | 6,401 | $ | 4,826 | $ | 14,130 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 2,903 | — | 6,401 | 4,826 | 14,130 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 25,508 | $ | 12,132 | $ | 131,767 | $ | 81,713 | $ | 251,120 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 22,768 | 12,132 | 108,761 | 74,176 | 217,837 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 2,740 | — | 23,006 | 7,537 | 33,283 | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 731 | 102 | 205 | 304 | 1,342 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (5,629 | ) | (31 | ) | (166 | ) | 950 | (4,876 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (1,866 | ) | (1,165 | ) | (315 | ) | (1,203 | ) | (4,549 | ) | |||||||||||||||||||||||||||||||||||||||||||
Loans charged off | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | $ | 32,046 | $ | 4,286 | $ | 10,613 | $ | 16,185 | $ | 63,130 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 32,046 | 4,286 | 10,613 | 16,185 | 63,130 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 345,384 | $ | 41,695 | $ | 149,202 | $ | 128,014 | $ | 664,295 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 340,808 | 41,291 | 121,385 | 109,011 | 612,495 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 4,576 | 404 | 27,817 | 19,003 | 51,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 acquired loans and loans that were not acquired. 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 March 31, 2015 and December 31, 2014. Credit quality information in the tables below includes loans acquired at the gross loan balance, prior to the application of premiums/discounts, at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 520,132 | $ | 1,413 | $ | 440 | $ | — | $ | 521,985 | $ | 483,930 | $ | 240 | $ | 69 | $ | — | $ | 484,239 | |||||||||||||||||||||||||||||||||
Commercial real estate - Other | 3,228,538 | 53,850 | 28,017 | 208 | 3,310,613 | 3,161,593 | 49,847 | 22,217 | 162 | 3,233,819 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 3,222,102 | 22,163 | 32,112 | 1,889 | 3,278,266 | 3,245,912 | 7,330 | 28,965 | 1,933 | 3,284,140 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,970,772 | $ | 77,426 | $ | 60,569 | $ | 2,097 | $ | 7,110,864 | $ | 6,891,435 | $ | 57,417 | $ | 51,251 | $ | 2,095 | $ | 7,002,198 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Total | Current | 30+ Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 423,428 | $ | 13,974 | $ | 437,402 | $ | 392,900 | $ | 15,310 | $ | 408,210 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 112,431 | 3,982 | 116,413 | 115,889 | 3,595 | 119,484 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 1,322,849 | 12,541 | 1,335,390 | 1,278,865 | 12,111 | 1,290,976 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 363,138 | 3,939 | 367,077 | 392,504 | 4,262 | 396,766 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 70,603 | 1,561 | 72,164 | 71,297 | 1,448 | 72,745 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 407,460 | 2,646 | 410,106 | 375,853 | 2,482 | 378,335 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,699,909 | $ | 38,643 | $ | 2,738,552 | $ | 2,627,308 | $ | 39,208 | $ | 2,666,516 | |||||||||||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Sub- | Doubtful | Loss | Discount | Total | Pass | Special | Sub- | Doubtful | Discount | Total | ||||||||||||||||||||||||||||||||||||||||
Mention | standard | Mention | standard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 54,705 | $ | 602 | $ | 6,447 | $ | 909 | $ | — | $ | (987 | ) | $ | 61,676 | $ | 24,118 | $ | 2,006 | $ | 4,624 | $ | — | $ | (1,170 | ) | $ | 29,578 | |||||||||||||||||||||||||
Commercial real estate - Other | 1,183,950 | 18,391 | 74,368 | 1,110 | — | (39,931 | ) | 1,237,888 | 445,557 | 12,794 | 49,139 | — | (39,119 | ) | 468,371 | ||||||||||||||||||||||||||||||||||||||
Commercial business | 453,171 | 3,799 | 7,411 | 823 | 34 | (3,643 | ) | 461,595 | 91,837 | 1,861 | 4,818 | 257 | (5,224 | ) | 93,549 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,691,826 | $ | 22,792 | $ | 88,226 | $ | 2,842 | $ | 34 | $ | (44,561 | ) | $ | 1,761,159 | $ | 561,512 | $ | 16,661 | $ | 58,581 | $ | 257 | $ | (45,513 | ) | $ | 591,498 | |||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 477,973 | $ | 16,779 | $ | (16,048 | ) | $ | 478,704 | $ | 418,552 | $ | 11,858 | $ | (5,831 | ) | $ | 424,579 | |||||||||||||||||||||||||||||||||||
Consumer - Home equity | 438,938 | 14,507 | (11,805 | ) | 441,640 | 216,310 | 9,808 | (8,419 | ) | 217,699 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 277 | 25 | (30 | ) | 272 | 393 | 39 | (40 | ) | 392 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 91,527 | 2,655 | (3,032 | ) | 91,150 | 94,315 | 3,520 | (4,217 | ) | 93,618 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,008,715 | $ | 33,966 | $ | (30,915 | ) | $ | 1,011,766 | $ | 729,570 | $ | 25,225 | $ | (18,507 | ) | $ | 736,288 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 602 | $ | 865 | $ | 22 | $ | — | $ | 1,489 | $ | 34,731 | $ | 1,928 | $ | 8,008 | $ | — | $ | 44,667 | |||||||||||||||||||||||||||||||||
Commercial real estate - Other | 20,203 | 6,132 | 20,109 | — | 46,444 | 87,509 | 20,422 | 51,252 | — | 159,183 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 6,754 | 1,201 | 5,647 | — | 13,602 | 23,380 | 395 | 9,275 | — | 33,050 | |||||||||||||||||||||||||||||||||||||||||||
$ | 27,559 | $ | 8,198 | $ | 25,778 | $ | — | $ | 61,535 | $ | 145,620 | $ | 22,745 | $ | 68,535 | $ | — | $ | 236,900 | ||||||||||||||||||||||||||||||||||
Discount | (23,895 | ) | (16,514 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 37,640 | $ | 220,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30+ Days | Premium | 30+ Days | Premium | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | (discount) | Total | Current | Past Due | (discount) | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 133,639 | $ | 20,976 | $ | (22,848 | ) | $ | 131,767 | $ | 140,628 | $ | 22,058 | $ | (34,662 | ) | $ | 128,024 | |||||||||||||||||||||||||||||||||||
Consumer - Home equity | 92,599 | 12,017 | (23,558 | ) | 81,058 | 99,478 | 16,542 | (23,590 | ) | 92,430 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 522 | 25 | — | 547 | 614 | 34 | — | 648 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 221 | 17 | (130 | ) | 108 | 337 | 18 | 2,701 | 3,056 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 226,981 | $ | 33,035 | $ | (46,536 | ) | $ | 213,480 | $ | 241,057 | $ | 38,652 | $ | (55,551 | ) | $ | 224,158 | |||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 16,648 | $ | 16,648 | $ | — | $ | 6,680 | $ | 6,680 | $ | — | |||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,656 | 1,656 | — | 2,483 | 2,483 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 676 | 676 | — | 682 | 682 | — | |||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,921 | 2,945 | (24 | ) | 1,068 | 1,093 | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 11,455 | 12,207 | (752 | ) | 1,212 | 1,620 | (408 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,103 | 11,166 | (63 | ) | 10,532 | 10,768 | (236 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,959 | 3,982 | (23 | ) | 3,579 | 3,595 | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 9,558 | 9,619 | (61 | ) | 7,121 | 7,165 | (44 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,404 | 1,415 | (11 | ) | 1,410 | 1,419 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,277 | 1,300 | (23 | ) | 1,012 | 1,032 | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 872 | 883 | (11 | ) | 781 | 790 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 61,529 | $ | 62,497 | $ | (968 | ) | $ | 36,560 | $ | 37,327 | $ | (767 | ) | |||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 32,680 | $ | 33,456 | $ | (776 | ) | $ | 11,443 | $ | 11,876 | $ | (433 | ) | |||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 15,062 | 15,148 | (86 | ) | 14,111 | 14,363 | (252 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 13,787 | 13,893 | (106 | ) | 11,006 | 11,088 | (82 | ) | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 16,608 | $ | 7 | $ | 7,493 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,690 | 18 | 2,107 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 679 | 7 | 255 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,011 | — | 1,223 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 12,377 | — | 3,331 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,314 | — | 8,834 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 4,017 | — | 1,626 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 9,720 | — | 7,331 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,658 | — | 1,474 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,194 | — | 370 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 971 | — | 491 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 63,239 | $ | 32 | $ | 34,535 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 33,686 | $ | 25 | $ | 14,154 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 15,331 | — | 10,460 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 14,222 | 7 | 9,921 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | NOTE 7 – 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 Orion and Century 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. 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: | |||||||||
Three Months Ended | |||||||||
March 31 | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 69,627 | $ | 162,312 | |||||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | (1,852 | ) | (4,876 | ) | |||||
Amortization | (6,013 | ) | (19,264 | ) | |||||
Recoveries payable (submission of reimbursable losses) to the FDIC | (78 | ) | 3,055 | ||||||
Changes due to a change in cash flow assumptions on OREO and other changes | (712 | ) | (42 | ) | |||||
Balance at end of period | $ | 60,972 | $ | 141,185 | |||||
FDIC loss share receivables collectability assessment | |||||||||
The Company assesses the FDIC loss share receivables for collectability on a quarterly basis. Based on the collectability analysis completed for the three months ended March 31, 2015, the Company concluded that the $61.0 million FDIC loss share receivable is fully collectible as of March 31, 2015. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2015, and the year ended December 31, 2014 are provided in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Total | |||||||||||||||||||||
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 | |||||||||||||||||||
Goodwill acquired during the period | 104,197 | — | — | 104,197 | |||||||||||||||||||||
Balance, March 31, 2015 | $ | 593,380 | $ | 23,178 | $ | 5,165 | $ | 621,723 | |||||||||||||||||
The goodwill acquired during the first three months of 2015 is a result of the Florida Bank Group and Old Florida acquisitions. The goodwill acquired in 2014 was a result of the Trust One-Memphis, Teche, First Private, and The Title Company LLC acquisitions. See Note 3 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 would indicate that goodwill might be impaired and concluded that a subsequent test is not required. | |||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||
Mortgage servicing rights are recorded at the lower of cost or market value in “Other assets” on the consolidated balance sheets and 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 the periods indicated: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Amortization | Carrying Amount | Carrying Amount | Amortization | Carrying Amount | |||||||||||||||||||
Mortgage servicing rights | $ | 4,988 | $ | (1,453 | ) | $ | 3,535 | $ | 4,751 | $ | (1,253 | ) | $ | 3,498 | |||||||||||
Title Plant | |||||||||||||||||||||||||
The Company held title plant assets totaling $6.7 million at both March 31, 2015 and December 31, 2014. No events or changes in circumstances occurred during the period ended March 31, 2015 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 the periods indicated: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||||||
(Dollars in thousands) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Core deposit intangibles | $ | 77,252 | $ | (37,818 | ) | $ | 39,434 | $ | 55,949 | $ | (36,354 | ) | $ | 19,595 | |||||||||||
Customer relationship intangible asset | 1,348 | (865 | ) | 483 | 1,348 | (822 | ) | 526 | |||||||||||||||||
Non-compete agreement | 163 | (105 | ) | 58 | 163 | (82 | ) | 81 | |||||||||||||||||
Other intangible assets | 205 | (63 | ) | 142 | 205 | (46 | ) | 159 | |||||||||||||||||
Total | $ | 78,968 | $ | (38,851 | ) | $ | 40,117 | $ | 57,665 | $ | (37,304 | ) | $ | 20,361 | |||||||||||
Derivative_Instruments_and_Oth
Derivative Instruments and Other Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Derivative Instruments and Other Hedging Activities | NOTE 9 –DERIVATIVE INSTRUMENTS AND OTHER HEDGING ACTIVITIES | ||||||||||||||||||||||||
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, Derivatives and Hedging. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, there are no hedging relationships designated for hedge accounting purposes; therefore, changes in the fair value of the derivatives are recognized in earnings immediately. | |||||||||||||||||||||||||
Information pertaining to outstanding derivative instruments is as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Asset Derivatives Fair Value | Balance Sheet | Liability Derivatives Fair Value | |||||||||||||||||||||
Location | March 31, 2015 | December 31, 2014 | Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 19,970 | $ | 15,434 | Other liabilities | $ | 19,970 | $ | 15,434 | |||||||||||||||
Forward sales contracts | Other assets | 1,125 | 25 | Other liabilities | 3,910 | 2,556 | |||||||||||||||||||
Written and purchased options | Other assets | 20,025 | 17,444 | Other liabilities | 11,824 | 13,364 | |||||||||||||||||||
Total | $ | 41,120 | $ | 32,903 | $ | 35,704 | $ | 31,354 | |||||||||||||||||
(Dollars in thousands) | Asset Derivatives Notional Amount | Liability Derivatives Notional Amount | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||
Interest rate contracts | $ | 502,020 | $ | 444,703 | $ | 502,020 | $ | 444,703 | |||||||||||||||||
Forward sales contracts | 139,339 | 15,897 | 514,645 | 391,992 | |||||||||||||||||||||
Written and purchased options | 489,209 | 362,580 | 214,698 | 225,741 | |||||||||||||||||||||
Total | $ | 1,130,568 | $ | 823,180 | $ | 1,231,363 | $ | 1,062,436 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, the Company was required to post $16.1 million and $11.5 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 March 31, 2015. 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. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||||
Presented in the | in the Balance Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Derivatives | Collateral (1) | Net | |||||||||||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 19,962 | $ | — | $ | — | $ | 19,962 | |||||||||||||||||
Written and purchased options | 11,830 | — | — | 11,830 | |||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 31,792 | $ | — | $ | — | $ | 31,792 | |||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 19,963 | $ | — | $ | (7,494 | ) | $ | 12,469 | ||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 19,963 | $ | — | $ | (7,494 | ) | $ | 12,469 | ||||||||||||||||
-1 | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Balance Sheet | |||||||||||||||||||||||||
Presented in the | |||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Derivatives | Collateral (1) | Net | |||||||||||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
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 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. | ||||||||||||||||||||||||
During the three months ended March 31, 2015 and 2014, 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 March 31, 2015, 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 March 31, 2015 and 2014, and for the three months then ended, there was no gain or loss recognized in other comprehensive income or reclassified from accumulated other comprehensive income for cash flow hedging relationships. | |||||||||||||||||||||||||
Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements for the three months ended March 31 is as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Location of Gain (Loss) | Amount of Gain (Loss) Recognized | |||||||||||||||||||||||
Recognized in Income on | in Income on Derivatives | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Interest rate contracts | Other income | $ | 1,005 | $ | 538 | ||||||||||||||||||||
Forward sales contracts | Mortgage income | (253 | ) | (3,005 | ) | ||||||||||||||||||||
Written and purchased options | Mortgage income | 768 | 1,833 | ||||||||||||||||||||||
Total | $ | 1,520 | $ | (634 | ) | ||||||||||||||||||||
Capital_Ratios_and_Other_Regul
Capital Ratios and Other Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Capital Ratios and Other Regulatory Matters | NOTE 10 –CAPITAL RATIOS 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 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. | |||||||||||||||||||||||||
On January 1, 2015, the Company and IBERIABANK became subject to revised capital adequacy standards as implemented by new final rules approved by the U.S. banking regulatory agencies, including the FRB, to address relevant provisions of the Dodd-Frank Act. Certain provisions of the new rules will be phased in from that date to January 1, 2019. | |||||||||||||||||||||||||
The final rules: | |||||||||||||||||||||||||
• | Require that non-qualifying capital instruments, including trust preferred securities and cumulative perpetual preferred stock, must be fully phased out of Tier 1 capital by January 1, 2016, | ||||||||||||||||||||||||
• | Establish new qualifying criteria for regulatory capital, including new limitations on the inclusion of deferred tax assets and mortgage servicing rights, | ||||||||||||||||||||||||
• | Require a minimum ratio of common equity Tier 1 capital (“CET1”) to risk-weighted assets of 4.5%, | ||||||||||||||||||||||||
• | Increase the minimum Tier 1 capital to risk-weighted assets ratio requirements from 4% to 6%, | ||||||||||||||||||||||||
• | Implement a new capital conservation buffer requirement for a banking organization to maintain a CET1 capital ratio more than 2.5% above the minimum CET1 capital, Tier 1 capital and total risk-based capital ratios in order to avoid limitations on capital distributions, including dividend payments, and certain discretionary bonus payments to executive officers, with the buffer to be phased in beginning on January 1, 2016 at 0.625% and increasing annually until fully phased in at 2.50% by January 1, 2019. A banking organization with a buffer of less than the required amount would be subject to increasingly stringent limitations on certain distributions and payments as the buffer approaches zero, and | ||||||||||||||||||||||||
• | Increase capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term commitments and securitization exposures. | ||||||||||||||||||||||||
Management believes that, as of March 31, 2015, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
As of March 31, 2015, the most recent notification from the Federal Deposit Insurance Corporation categorized IBERIABANK as well capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company) existing at the time of notification. 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 March 31, 2015 and December 31, 2014 are presented in the following table. March 31, 2015 capital amounts and ratios presented in the table below exclude the Company’s acquisition of Old Florida on March 31, 2015, discussed further in Note 3, in an effort to conform the capital ratios and amounts presented with regulatory reporting guidelines. | |||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 614,650 | 4 | % | $ | N/A | N/A | % | $ | 1,389,382 | 9.04 | % | |||||||||||||
IBERIABANK | 611,130 | 4 | 763,912 | 5 | 1,293,324 | 8.47 | |||||||||||||||||||
Common Equity Tier 1 (CET1) (1) | |||||||||||||||||||||||||
Consolidated | $ | 691,481 | 4.5 | % | $ | N/A | N/A | % | $ | 1,335,132 | 9.79 | % | |||||||||||||
IBERIABANK | 687,521 | 4.5 | 883,454 | 6.5 | 1,293,324 | 9.52 | |||||||||||||||||||
Tier 1 Risk-Based Capital (1) | |||||||||||||||||||||||||
Consolidated | $ | 818,331 | 6 | % | $ | N/A | N/A | % | $ | 1,389,382 | 10.19 | % | |||||||||||||
IBERIABANK | 815,496 | 6 | 1,087,328 | 8 | 1,293,324 | 9.52 | |||||||||||||||||||
Total Risk-Based Capital (1) | |||||||||||||||||||||||||
Consolidated | $ | 1,091,108 | 8 | % | $ | N/A | N/A | % | $ | 1,584,793 | 11.62 | % | |||||||||||||
IBERIABANK | 1,087,328 | 8 | 1,359,160 | 10 | 1,434,486 | 10.55 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
-1 | Beginning January 1, 2016, minimum capital ratios will be subject to a capital conservation buffer of 0.625%. This capital conservation buffer will increase in subsequent years by 0.625% annually until it is fully phased in on January 1, 2019 at 2.50%. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | NOTE 11 – EARNINGS PER SHARE | ||||||||
Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. | |||||||||
The following table presents the calculation of basic and diluted earnings per share for the periods indicated. | |||||||||
For the Three Months Ended | |||||||||
March 31 | |||||||||
(In thousands, except per share data) | 2015 | 2014 | |||||||
Earnings per common share - basic | |||||||||
Net income | $ | 25,126 | $ | 22,336 | |||||
Dividends and undistributed earnings allocated to unvested restricted shares | (324 | ) | (403 | ) | |||||
Net income allocated to common shareholders | $ | 24,802 | $ | 21,933 | |||||
Weighted average common shares outstanding | 33,168 | 29,270 | |||||||
Earnings per common share - basic | $ | 0.75 | $ | 0.75 | |||||
Earnings per common share - diluted | |||||||||
Net income allocated to common shareholders | $ | 24,802 | $ | 21,933 | |||||
Dividends and undistributed earnings allocated to unvested restricted shares | (20 | ) | (2 | ) | |||||
Net income allocated to common shareholders | $ | 24,782 | $ | 21,931 | |||||
Weighted average common shares outstanding | 33,168 | 29,270 | |||||||
Dilutive potential common shares - stock options | 67 | 147 | |||||||
Weighted average common shares outstanding - diluted | 33,235 | 29,417 | |||||||
Earnings per common share - diluted | $ | 0.75 | $ | 0.75 | |||||
For the three months ended March 31, 2015, and 2014, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 605,463, and 615,703, respectively. | |||||||||
The effects from the assumed exercises of 164,962, and 11,623 stock options were not included in the computation of diluted earnings per share for the three months ended March 31, 2015, and 2014, respectively, because such amounts would have had an antidilutive effect on earnings per common share. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | NOTE 12 – SHARE-BASED COMPENSATION | ||||||||||||||||
The Company has various types of share-based compensation plans that permit the granting of awards in the form of stock options, restricted stock, restricted share units, phantom stock and performance units. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At March 31, 2015, awards of 814,490 shares could be made under approved incentive compensation plans. | |||||||||||||||||
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 following table represents the activity related to stock options during the periods indicated. | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of shares | Exercise Price | ||||||||||||||||
Outstanding options, December 31, 2014 | 867,682 | $ | 55.92 | ||||||||||||||
Granted | 78,856 | 62.54 | |||||||||||||||
Exercised | (61,884 | ) | 49.89 | ||||||||||||||
Forfeited or expired | (10,469 | ) | 71.52 | ||||||||||||||
Outstanding options, March 31, 2015 | 874,185 | $ | 56.76 | ||||||||||||||
Exercisable options, March 31, 2015 | 579,727 | $ | 56.22 | ||||||||||||||
Outstanding options, December 31, 2013 | 1,072,829 | $ | 53.47 | ||||||||||||||
Granted | 74,971 | 65.26 | |||||||||||||||
Exercised | (169,090 | ) | 48.77 | ||||||||||||||
Forfeited or expired | (3,127 | ) | 81.82 | ||||||||||||||
Outstanding options, March 31, 2014 | 975,583 | $ | 55.1 | ||||||||||||||
Exercisable options, March 31, 2014 | 621,050 | $ | 54.69 | ||||||||||||||
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 three-month periods ended March 31: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected dividends | 2.2 | % | 2.1 | % | |||||||||||||
Expected volatility | 35.6 | % | 35.8 | % | |||||||||||||
Risk-free interest rate | 2 | % | 2.3 | % | |||||||||||||
Expected term (in years) | 7.5 | 7.5 | |||||||||||||||
Weighted-average grant-date fair value | $ | 19.61 | $ | 21.24 | |||||||||||||
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. | |||||||||||||||||
The following table represents the compensation expense that is included in non-interest expense in the accompanying consolidated statements of comprehensive income related to stock options for the three-month periods ended March 31: | |||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to stock options | $ | 471 | $ | 519 | |||||||||||||
At March 31, 2015, there was $4.0 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 5.6 years. | |||||||||||||||||
Restricted stock awards | |||||||||||||||||
The Company issues restricted stock under various plans for certain officers and directors. The restricted stock awards 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 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 recognized over the vesting period. As of March 31, 2015 and 2014, unrecognized share-based compensation associated with these awards totaled $24.4 million and $26.7 million, respectively. | |||||||||||||||||
Restricted Share Units | |||||||||||||||||
During the first quarters of 2015 and 2014, the Company issued restricted share units to certain of its executive officers. Restricted share units vest after the end of a three-year performance period, based on satisfaction of the market and 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 grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. | |||||||||||||||||
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 awards and restricted share units for the three months ended March 31: | |||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to restricted stock awards and restricted share units | $ | 2,972 | $ | 2,316 | |||||||||||||
The following table represents unvested restricted stock award and restricted share unit activity for the three months ended March 31: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Balance at beginning of period | 506,289 | 523,756 | |||||||||||||||
Granted | 142,196 | 142,794 | |||||||||||||||
Forfeited | (10,267 | ) | (1,208 | ) | |||||||||||||
Earned and issued | (116,583 | ) | (105,766 | ) | |||||||||||||
Balance at end of period | 521,635 | 559,576 | |||||||||||||||
Phantom stock awards | |||||||||||||||||
The Company issues phantom stock awards to certain key officers and employees. The awards are subject to a vesting period of five to seven years and are 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 are 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. | |||||||||||||||||
Performance Units | |||||||||||||||||
During the first quarters of 2015 and 2014, the Company issued shares of performance units to certain of its executive officers. 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 units is the same as the value of the corresponding number of shares of common stock. | |||||||||||||||||
The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at March 31 of the periods indicated and the current market price of the Company’s stock at that time. | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31 | |||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to phantom stock and performance units | $ | 3,171 | $ | 2,051 | |||||||||||||
The following table represents phantom stock award and performance unit activity during the periods indicated. | |||||||||||||||||
Number of share | Dividend | Total share | Value of share | ||||||||||||||
equivalents | equivalents | equivalents | equivalents (1) | ||||||||||||||
Balance, December 31, 2014 | 459,920 | 22,940 | 482,860 | $ | 31,313,000 | ||||||||||||
Granted | 133,708 | 2,480 | 136,188 | 8,584,000 | |||||||||||||
Forfeited share equivalents | (11,426 | ) | (438 | ) | (11,864 | ) | (748,000 | ) | |||||||||
Vested share equivalents | (107,534 | ) | (6,491 | ) | (114,025 | ) | (7,209,000 | ) | |||||||||
Balance, March 31, 2015 | 474,668 | 18,491 | 493,159 | $ | 31,084,000 | ||||||||||||
Balance, December 31, 2013 | 417,238 | 22,351 | 439,589 | $ | 27,628,000 | ||||||||||||
Granted | 119,773 | 2,335 | 122,108 | 8,566,000 | |||||||||||||
Forfeited share equivalents | (3,471 | ) | (164 | ) | (3,635 | ) | (255,000 | ) | |||||||||
Vested share equivalents | (51,444 | ) | (3,621 | ) | (55,065 | ) | (3,692,000 | ) | |||||||||
Balance, March 31, 2014 | 482,096 | 20,901 | 502,997 | $ | 35,285,000 | ||||||||||||
-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 $63.03 and $70.15 on March 31, 2015, and 2014, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements | NOTE 13 – FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair value guidance establishes a framework for using fair value to measure assets and liabilities. 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. | |||||||||||||||||||||||||
Recurring fair value measurements | |||||||||||||||||||||||||
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 and are based on quotes or bids received directly from the purchasing financial institutions (Level 2). | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | 67,206 | $ | 2,275,407 | $ | — | $ | 2,342,613 | |||||||||||||||||
Mortgage loans held for sale | — | 194,816 | — | 194,816 | |||||||||||||||||||||
Derivative instruments | — | 41,120 | — | 41,120 | |||||||||||||||||||||
Total | $ | 67,206 | $ | 2,511,343 | $ | — | $ | 2,578,549 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | $ | — | $ | 35,704 | $ | — | $ | 35,704 | |||||||||||||||||
Total | $ | — | $ | 35,704 | $ | — | $ | 35,704 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | |||||||||||||||||
During the three month period ended March 31, 2015, there were no transfers between the Level 1 and Level 2 fair value categories. | |||||||||||||||||||||||||
Gains and losses (realized and unrealized) included in earnings (or accumulated other comprehensive income) during the first three months of 2015 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 | $ | 2,290 | $ | — | |||||||||||||||||||||
Change in unrealized gains (losses) relating to assets still held at March 31, 2015 | — | 9,792 | |||||||||||||||||||||||
Non-recurring fair value measurements | |||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||
Loans are measured for impairment using the methods permitted by ASC Topic 310, Receivables. 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 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 $0.8 million in earnings for both three-month periods ending March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 13,397 | $ | — | $ | 13,397 | |||||||||||||||||
OREO | — | 807 | — | 807 | |||||||||||||||||||||
Total | $ | — | $ | 14,204 | $ | — | $ | 14,204 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 4,864 | $ | — | $ | 4,864 | |||||||||||||||||
OREO | — | 1,483 | — | 1,483 | |||||||||||||||||||||
Total | $ | — | $ | 6,347 | $ | — | $ | 6,347 | |||||||||||||||||
The tables above exclude the initial measurement of assets and liabilities that were acquired as part of the acquisitions completed in 2011 through the first quarter of 2015. 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 non-recurring basis at March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||||
Fair value option | |||||||||||||||||||||||||
The Company has 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: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
(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 | $ | 194,816 | $ | 187,455 | $ | 7,361 | $ | 139,950 | $ | 134,639 | $ | 5,311 | |||||||||||||
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 unaudited consolidated statements of comprehensive income. Net gains resulting from the change in fair value of these loans that were recorded in mortgage income in the unaudited consolidated statements of comprehensive income for the three months ended March 31, 2015 totaled $1.9 million, while net gains resulting from the change in fair value of these loans were $2.2 million for three months ended March 31, 2014. 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. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value of Financial Instruments | NOTE 14 – 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, Financial Instruments, 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. | |||||||||||||||||||||
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 receivable 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 March 31, 2015 and December 31, 2014, weighted for varying maturity dates. Other non-covered loans are valued based on present values using entry-value interest rates at March 31, 2015 and December 31, 2014 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 March 31, 2015 and December 31, 2014 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 March 31, 2015 and December 31, 2014, the fair value of guarantees under commercial and standby letters of credit was immaterial. | |||||||||||||||||||||
The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are as follows: | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 967,290 | $ | 967,290 | $ | 967,290 | $ | — | $ | — | |||||||||||
Investment securities | 2,456,055 | 2,458,984 | 67,206 | 2,391,778 | — | ||||||||||||||||
Loans and loans held for sale, net of unearned income | 13,088,505 | 13,070,985 | — | 194,816 | 12,876,169 | ||||||||||||||||
FDIC loss share receivable | 60,972 | 39,540 | — | — | 39,540 | ||||||||||||||||
Derivative instruments | 41,120 | 41,120 | — | 41,120 | — | ||||||||||||||||
Accrued interest receivable | 41,865 | 41,865 | 41,865 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 14,668,073 | $ | 14,489,153 | $ | — | $ | — | $ | 14,489,153 | |||||||||||
Short-term borrowings | 604,902 | 604,902 | 604,902 | — | — | ||||||||||||||||
Long-term debt | 460,889 | 440,158 | — | — | 440,158 | ||||||||||||||||
Derivative instruments | 35,704 | 35,704 | — | 35,704 | — | ||||||||||||||||
Accrued interest payable | 9,281 | 9,281 | 9,281 | — | — | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 548,095 | $ | 548,095 | $ | 548,095 | $ | — | $ | — | |||||||||||
Investment securities | 2,275,813 | 2,278,334 | — | 2,278,334 | — | ||||||||||||||||
Loans and loans held for sale, net of unearned income | 11,581,116 | 11,605,446 | — | 139,950 | 11,465,496 | ||||||||||||||||
FDIC loss share receivable | 69,627 | 19,606 | — | — | 19,606 | ||||||||||||||||
Derivative instruments | 32,903 | 32,903 | — | 32,903 | — | ||||||||||||||||
Accrued interest receivable | 37,696 | 37,696 | 37,696 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 12,520,525 | $ | 12,298,017 | $ | — | $ | — | $ | 12,298,017 | |||||||||||
Short-term borrowings | 845,742 | 845,742 | 845,742 | — | — | ||||||||||||||||
Long-term debt | 403,254 | 376,139 | — | — | 376,139 | ||||||||||||||||
Derivative instruments | 31,354 | 31,354 | — | 31,354 | — | ||||||||||||||||
Accrued interest payable | 8,258 | 8,258 | 8,258 | — | — | ||||||||||||||||
The fair value estimates presented herein are based upon pertinent information available to management as of March 31, 2015 and December 31, 2014. 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. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segments | NOTE 15 – 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. | ||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||||
Interest income | $ | 136,830 | $ | 1,754 | $ | 1 | $ | 138,585 | |||||||||
Interest expense | 12,290 | 491 | — | 12,781 | |||||||||||||
Net interest income | 124,540 | 1,263 | 1 | 125,804 | |||||||||||||
Provision for loan losses | 5,345 | — | — | 5,345 | |||||||||||||
Mortgage income | (1 | ) | 18,024 | — | 18,023 | ||||||||||||
Title revenue | — | — | 4,629 | 4,629 | |||||||||||||
Other non-interest income | 26,251 | (2 | ) | (2 | ) | 26,247 | |||||||||||
Allocated expenses | (4,847 | ) | 3,528 | 1,319 | — | ||||||||||||
Non-interest expenses | 116,005 | 12,916 | 4,232 | 133,153 | |||||||||||||
Income before income taxes | 34,287 | 2,841 | (923 | ) | 36,205 | ||||||||||||
Income tax expense | 10,313 | 1,122 | (356 | ) | 11,079 | ||||||||||||
Net income (loss) | $ | 23,974 | $ | 1,719 | $ | (567 | ) | $ | 25,126 | ||||||||
Total loans and loans held for sale | $ | 12,869,096 | $ | 219,409 | $ | — | $ | 13,088,505 | |||||||||
Total assets | 17,775,541 | 254,401 | 24,729 | 18,054,671 | |||||||||||||
Total deposits | 14,663,184 | 4,889 | — | 14,668,073 | |||||||||||||
Average assets | 15,732,790 | 181,942 | 24,753 | 15,939,485 | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||||
Interest income | $ | 113,149 | $ | 1,082 | $ | 1 | $ | 114,232 | |||||||||
Interest expense | 9,603 | 221 | — | 9,824 | |||||||||||||
Net interest income | 103,546 | 861 | 1 | 104,408 | |||||||||||||
Provision for loan losses | 2,096 | 7 | — | 2,103 | |||||||||||||
Mortgage income | (3 | ) | 10,136 | — | 10,133 | ||||||||||||
Title revenue | — | — | 4,167 | 4,167 | |||||||||||||
Other non-interest income | 21,392 | (11 | ) | — | 21,381 | ||||||||||||
Allocated expenses | (3,130 | ) | 2,191 | 939 | — | ||||||||||||
Non-interest expenses | 93,046 | 10,299 | 3,889 | 107,234 | |||||||||||||
Income before income taxes | 32,923 | (1,511 | ) | (660 | ) | 30,752 | |||||||||||
Income tax expense | 9,257 | (588 | ) | (253 | ) | 8,416 | |||||||||||
Net income (loss) | $ | 23,666 | $ | (923 | ) | $ | (407 | ) | $ | 22,336 | |||||||
Total loans and loans held for sale | $ | 9,620,359 | $ | 152,413 | $ | — | $ | 9,772,772 | |||||||||
Total assets | 13,349,465 | 176,106 | 24,661 | 13,550,232 | |||||||||||||
Total deposits | 10,896,508 | 2,355 | — | 10,898,863 | |||||||||||||
Average assets | 13,198,208 | 139,057 | 24,972 | 13,362,237 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | NOTE 16 – 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 both March 31, 2015, and December 31, 2014, the fair value of guarantees under commercial and standby letters of credit was $1.3 million. 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. | |||||||||
The Company had the following financial instruments outstanding, whose contract amounts represent credit risk: | |||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Commitments to grant loans | $ | 148,151 | $ | 161,350 | |||||
Unfunded commitments under lines of credit | 4,095,321 | 4,007,954 | |||||||
Commercial and standby letters of credit | 133,247 | 134,882 | |||||||
Reserve for unfunded lending commitments | 12,849 | 11,801 | |||||||
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 6 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 of 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. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
General | General |
The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for a fair presentation of the consolidated financial statements have been made. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for IBERIABANK Corporation (the “Company”) previously filed with the Securities and Exchange Commission (the “SEC”) in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
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. | |
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. | |
Reclassifications | Reclassifications |
Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications are immaterial and had no effect on previously reported net income, shareholders’ equity or cash flows. | |
Louisiana Business Corporation Act | Louisiana Business Corporation Act |
Effective January 1, 2015, companies incorporated under Louisiana law 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, shares previously classified as treasury stock were reclassified as a reduction to issued shares of common stock in the consolidated financial statements as of March 31, 2015, reducing the stated value of common stock and additional paid-in capital. | |
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, accounting for loans covered by loss sharing arrangements with the FDIC and the related loss share receivables, and determination of the fair value of net 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. | |
Acquisition_Activity_Tables
Acquisition Activity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Supplemental Pro Forma Information | The following unaudited pro forma information for the three months ended March 31, 2014 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Florida Bank Group and Old Florida occurred at January 1, 2014, unadjusted for potential cost savings and/or synergies and preliminary purchase price adjustments. | ||||||||||||
(Dollars in thousands, except per share data) | 2014 | ||||||||||||
Interest and non-interest income | $ | 173,274 | |||||||||||
Net income | 27,013 | ||||||||||||
Earnings per share - basic | 0.79 | ||||||||||||
Earnings per share - diluted | 0.78 | ||||||||||||
Florida Bank Group, Inc. [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 | 752,493 | $ | 47,497 | ||||||||||
Total equity consideration | 47,497 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 42,988 | ||||||||||||
Total consideration paid | 90,485 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 75,799 | ||||||||||||
Goodwill | $ | 14,686 | |||||||||||
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. | ||||||||||||
Florida Bank Group | |||||||||||||
(Dollars in thousands) | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 30,009 | $ | — | $ | 30,009 | |||||||
Investment securities | 107,236 | 137 | (1) | 107,373 | |||||||||
Loans | 312,901 | (8,390 | ) (2) | 304,511 | |||||||||
Other real estate owned | 498 | — | 498 | ||||||||||
Core deposit intangible | — | 4,489 | (3) | 4,489 | |||||||||
Deferred tax asset, net | 19,851 | 7,983 | (4) | 27,834 | |||||||||
Other assets | 72,874 | (8,949 | ) (5) | 63,925 | |||||||||
Total Assets | $ | 543,369 | $ | (4,730 | ) | $ | 538,639 | ||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 282,417 | $ | 263 | (6) | $ | 282,680 | ||||||
Non-interest-bearing deposits | 109,548 | — | 109,548 | ||||||||||
Borrowings | 60,000 | 8,598 | (7) | 68,598 | |||||||||
Other liabilities | 2,014 | — | 2,014 | ||||||||||
Total Liabilities | $ | 453,979 | $ | 8,861 | $ | 462,840 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Florida Bank Group’s investments to their estimated fair value on the date of acquisition. | ||||||||||||
(2) | The amount represents the adjustment of the book value of Florida Bank Group 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 Florida Bank Group acquired assets and assumed liabilities. | ||||||||||||
(5) | The amount represents the adjustment of the book value of Florida Bank Group’s property, equipment, and other assets to their estimated fair value at the acquisition date based on their appraised value. | ||||||||||||
(6) | The adjustment is necessary because the weighted average interest rate of Florida Bank Group’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 51 months. | ||||||||||||
(7) | The adjustment represents the adjustment of the book value of Florida Bank Group’s borrowings to their estimated fair value based on current interest rates and the credit characteristics inherent in the liability. | ||||||||||||
Old Florida Bancshares, Inc. [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 | 3,839,554 | $ | 242,007 | ||||||||||
Total equity consideration | 242,007 | ||||||||||||
Non-Equity consideration | |||||||||||||
Cash | 11,145 | ||||||||||||
Total consideration paid | 253,152 | ||||||||||||
Fair value of net assets assumed including identifiable intangible assets | 163,641 | ||||||||||||
Goodwill | $ | 89,511 | |||||||||||
Schedule of Business Acquisitions, by Acquisition | Old Florida | ||||||||||||
(Dollars in thousands) | As Acquired | Preliminary | As recorded by | ||||||||||
Fair Value | IBERIABANK | ||||||||||||
Adjustments | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 349,568 | $ | — | $ | 349,568 | |||||||
Investment securities | 67,206 | — | 67,206 | ||||||||||
Loans held for sale | 5,952 | — | 5,952 | ||||||||||
Loans | 1,073,536 | (9,828 | ) (1) | 1,063,708 | |||||||||
Other real estate owned | 4,516 | — | 4,516 | ||||||||||
Core deposit intangible | — | 16,815 | (2) | 16,815 | |||||||||
Deferred tax asset, net | 8,437 | (2,585 | ) (3) | 5,852 | |||||||||
Other assets | 42,858 | — | 42,858 | ||||||||||
Total Assets | $ | 1,552,073 | $ | 4,402 | $ | 1,556,475 | |||||||
Liabilities | |||||||||||||
Interest-bearing deposits | $ | 1,048,774 | $ | — | $ | 1,048,774 | |||||||
Non-interest-bearing deposits | 340,869 | — | 340,869 | ||||||||||
Borrowings | 1,528 | — | 1,528 | ||||||||||
Other liabilities | 1,663 | — | 1,663 | ||||||||||
Total Liabilities | $ | 1,392,834 | $ | — | $ | 1,392,834 | |||||||
Explanation of certain fair value adjustments: | |||||||||||||
(1) | The amount represents the adjustment of the book value of Old Florida 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. | ||||||||||||
(3) | The amount represents the net deferred tax liability recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 67,196 | $ | 10 | $ | — | $ | 67,206 | |||||||||||||||||
U.S. Government-sponsored enterprise obligations | 316,928 | 2,573 | (353 | ) | 319,148 | ||||||||||||||||||||
Obligations of state and political obligations | 78,437 | 3,600 | (2 | ) | 82,035 | ||||||||||||||||||||
Mortgage-backed securities | 1,821,982 | 23,788 | (3,857 | ) | 1,841,913 | ||||||||||||||||||||
Other securities | 32,147 | 178 | (14 | ) | 32,311 | ||||||||||||||||||||
Total securities available for sale | $ | 2,316,690 | $ | 30,149 | $ | (4,226 | ) | $ | 2,342,613 | ||||||||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
U.S. Government-sponsored enterprise obligations | $ | 10,000 | $ | 28 | $ | — | $ | 10,028 | |||||||||||||||||
Obligations of state and political obligations | 75,458 | 3,353 | (52 | ) | 78,759 | ||||||||||||||||||||
Mortgage-backed securities | 27,984 | 155 | (555 | ) | 27,584 | ||||||||||||||||||||
Total securities held to maturity | $ | 113,442 | $ | 3,536 | $ | (607 | ) | $ | 116,371 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
(Dollars in thousands) | Cost | 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 | ||||||||||||||||
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: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
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 | $ | (111 | ) | $ | 86,271 | $ | (242 | ) | $ | 39,232 | $ | (353 | ) | $ | 125,503 | ||||||||||
Obligations of state and political obligations | (2 | ) | 184 | — | — | (2 | ) | 184 | |||||||||||||||||
Mortgage-backed securities | (695 | ) | 182,780 | (3,162 | ) | 211,373 | (3,857 | ) | 394,153 | ||||||||||||||||
Other securities | (14 | ) | 10,354 | — | — | (14 | ) | 10,354 | |||||||||||||||||
Total securities available for sale | $ | (822 | ) | $ | 279,589 | $ | (3,404 | ) | $ | 250,605 | $ | (4,226 | ) | $ | 530,194 | ||||||||||
Securities held to maturity: | |||||||||||||||||||||||||
Obligations of state and political obligations | $ | (1 | ) | $ | 899 | $ | (51 | ) | $ | 4,243 | $ | (52 | ) | $ | 5,142 | ||||||||||
Mortgage-backed securities | (9 | ) | 1,076 | (546 | ) | 19,450 | (555 | ) | 20,526 | ||||||||||||||||
Total securities held to maturity | $ | (10 | ) | $ | 1,975 | $ | (597 | ) | $ | 23,693 | $ | (607 | ) | $ | 25,668 | ||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | ||||||||||
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 March 31, 2015 and December 31, 2014 is presented in the following table. | ||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Number of securities | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | 40 | 66 | |||||||||||||||||||||||
Issued by political subdivisions | 2 | 5 | |||||||||||||||||||||||
42 | 71 | ||||||||||||||||||||||||
Amortized Cost Basis | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 274,005 | $ | 566,113 | |||||||||||||||||||||
Issued by political subdivisions | 4,295 | 8,727 | |||||||||||||||||||||||
$ | 278,300 | $ | 574,840 | ||||||||||||||||||||||
Unrealized Loss | |||||||||||||||||||||||||
Issued by Fannie Mae, Freddie Mac, or Ginnie Mae | $ | 3,950 | $ | 10,254 | |||||||||||||||||||||
Issued by political subdivisions | 52 | 136 | |||||||||||||||||||||||
$ | 4,002 | $ | 10,390 | ||||||||||||||||||||||
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 March 31, 2015 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 | ||||||||||||||||||||||||
Weighted | Estimated | Weighted | Estimated | ||||||||||||||||||||||
Average | Amortized | Fair | Average | Amortized | Fair | ||||||||||||||||||||
(Dollars in thousands) | Yield | Cost | Value | Yield | Cost | Value | |||||||||||||||||||
Within one year or less | 2.16 | % | $ | 84,514 | $ | 84,638 | 2.65 | % | $ | 10,075 | $ | 10,103 | |||||||||||||
One through five years | 1.73 | 279,674 | 282,952 | 2.8 | 12,933 | 13,256 | |||||||||||||||||||
After five through ten years | 2.17 | 406,800 | 414,109 | 3.01 | 20,128 | 21,005 | |||||||||||||||||||
Over ten years | 2.18 | 1,545,702 | 1,560,914 | 3.03 | 70,306 | 72,007 | |||||||||||||||||||
2.12 | % | $ | 2,316,690 | $ | 2,342,613 | 2.97 | % | $ | 113,442 | $ | 116,371 | ||||||||||||||
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. | ||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||||||||||
Realized gains | $ | 407 | $ | 19 | |||||||||||||||||||||
Realized losses | (21 | ) | — | ||||||||||||||||||||||
$ | 386 | $ | 19 | ||||||||||||||||||||||
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. | ||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Federal Home Loan Bank (FHLB) stock | $ | 38,097 | $ | 38,476 | |||||||||||||||||||||
Federal Reserve Bank (FRB) stock | 34,348 | 34,348 | |||||||||||||||||||||||
Other investments | 1,316 | 1,306 | |||||||||||||||||||||||
$ | 73,761 | $ | 74,130 | ||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 3,832,598 | $ | 1,299,564 | $ | 25,508 | $ | 5,157,670 | |||||||||||||||||||||||||
Business | 3,278,266 | 461,595 | 12,132 | 3,751,993 | |||||||||||||||||||||||||||||
7,110,864 | 1,761,159 | 37,640 | 8,909,663 | ||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 490,699 | 478,704 | 131,767 | 1,101,170 | |||||||||||||||||||||||||||||
Construction / Owner Occupied | 63,116 | — | — | 63,116 | |||||||||||||||||||||||||||||
553,815 | 478,704 | 131,767 | 1,164,286 | ||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 1,335,390 | 441,640 | 81,058 | 1,858,088 | |||||||||||||||||||||||||||||
Indirect automobile | 367,077 | 272 | — | 367,349 | |||||||||||||||||||||||||||||
Other | 482,270 | 91,150 | 655 | 574,075 | |||||||||||||||||||||||||||||
2,184,737 | 533,062 | 81,713 | 2,799,512 | ||||||||||||||||||||||||||||||
Total | $ | 9,849,416 | $ | 2,772,925 | $ | 251,120 | $ | 12,873,461 | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
-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 the periods indicated. | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 126 | $ | 69 | |||||||||||||||||||||||||||||
Commercial real estate - Other | 18,535 | 6,883 | |||||||||||||||||||||||||||||||
Commercial business | 12,821 | 3,028 | |||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,166 | 10,767 | |||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,982 | 3,595 | |||||||||||||||||||||||||||||||
Consumer - Home equity | 9,853 | 7,404 | |||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,415 | 1,419 | |||||||||||||||||||||||||||||||
Consumer - Credit card | 1,300 | 1,032 | |||||||||||||||||||||||||||||||
Consumer - Other | 866 | 773 | |||||||||||||||||||||||||||||||
Total | $ | 60,064 | $ | 34,970 | |||||||||||||||||||||||||||||
Schedule of Carrying Amount of Acquired Covered Loans | The carrying amount of the acquired covered loans at March 31, 2015 and December 31, 2014 consisted of loans determined to be impaired at the acquisition date, which are accounted for in accordance with ASC Topic 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, 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. | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing | Covered | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||
Real estate | $ | 2,740 | $ | 22,768 | $ | 25,508 | |||||||||||||||||||||||||||
Business | — | 12,132 | 12,132 | ||||||||||||||||||||||||||||||
2,740 | 34,900 | 37,640 | |||||||||||||||||||||||||||||||
Residential mortgage loans: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 23,006 | 108,761 | 131,767 | ||||||||||||||||||||||||||||||
23,006 | 108,761 | 131,767 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 7,537 | 73,521 | 81,058 | ||||||||||||||||||||||||||||||
Other | — | 655 | 655 | ||||||||||||||||||||||||||||||
7,537 | 74,176 | 81,713 | |||||||||||||||||||||||||||||||
Total | $ | 33,283 | $ | 217,837 | $ | 251,120 | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||
22,918 | 105,106 | 128,024 | |||||||||||||||||||||||||||||||
Consumer and other loans: | |||||||||||||||||||||||||||||||||
Home equity | 12,872 | 79,558 | 92,430 | ||||||||||||||||||||||||||||||
Other | 489 | 3,215 | 3,704 | ||||||||||||||||||||||||||||||
13,361 | 82,773 | 96,134 | |||||||||||||||||||||||||||||||
Total | $ | 37,532 | $ | 407,012 | $ | 444,544 | |||||||||||||||||||||||||||
Schedule of Carrying Amount of Loan Acquired | (Dollars in thousands) | ||||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 1,586,694 | |||||||||||||||||||||||||||||||
Expected losses and foregone interest | (20,103 | ) | |||||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 1,566,591 | ||||||||||||||||||||||||||||||||
Fair value of acquired loans at acquisition | $ | 1,347,040 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Contractually required principal and interest at acquisition | $ | 23,678 | $ | — | $ | 23,678 | |||||||||||||||||||||||||||
Nonaccretable difference (expected losses and foregone interest) | (467 | ) | — | (467 | ) | ||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 23,211 | — | 23,211 | ||||||||||||||||||||||||||||||
Accretable yield | (2,032 | ) | — | (2,032 | ) | ||||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 21,179 | $ | — | $ | 21,179 | |||||||||||||||||||||||||||
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 three months ended March 31: | ||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Acquired | Acquired | Total | ||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 74,249 | $ | 213,402 | $ | 287,651 | |||||||||||||||||||||||||||
Acquisition | 2,032 | — | 2,032 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | (409 | ) | 408 | (1 | ) | ||||||||||||||||||||||||||||
Accretion | (4,742 | ) | (18,076 | ) | (22,818 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | 75 | (1,990 | ) | (1,915 | ) | ||||||||||||||||||||||||||||
Balance at end of period | $ | 71,205 | $ | 193,744 | $ | 264,949 | |||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Acquired | Acquired | Total | |||||||||||||||||||||||||||||||
Impaired | Performing Impaired | Acquired | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | |||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 78,349 | $ | 276,543 | $ | 354,892 | |||||||||||||||||||||||||||
Acquisition | 929 | 1,536 | 2,465 | ||||||||||||||||||||||||||||||
Transfers from nonaccretable difference to accretable yield | 1,515 | 4,946 | 6,461 | ||||||||||||||||||||||||||||||
Accretion | (2,237 | ) | (26,068 | ) | (28,305 | ) | |||||||||||||||||||||||||||
Changes in expected cash flows not affecting nonaccretable differences (1) | (6,097 | ) | 6,592 | 495 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 72,459 | $ | 263,549 | $ | 336,008 | |||||||||||||||||||||||||||
-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 Troubled Debt Restructurings | Information about the Company’s troubled debt restructurings (“TDRs”) at March 31, 2015 and 2014 is presented in the following tables. | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Accruing Loans | Accruing Loans | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | Nonaccrual | Total | Current | Past Due | Nonaccrual | Total | |||||||||||||||||||||||||
> 30 days | TDRs | TDRs | > 30 days | TDRs | TDRs | ||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | — | $ | — | $ | — | — | 456 | 456 | ||||||||||||||||||||
Commercial real estate - Other | 344 | — | 1,925 | 2,269 | 389 | — | 3,662 | 4,051 | |||||||||||||||||||||||||
Commercial business | 1,042 | — | 14,890 | 15,932 | 894 | — | 3,152 | 4,046 | |||||||||||||||||||||||||
Consumer - Home equity | — | — | 233 | 233 | — | — | 253 | 253 | |||||||||||||||||||||||||
Total | $ | 1,386 | $ | — | $ | 17,048 | $ | 18,434 | $ | 1,283 | $ | — | $ | 7,523 | $ | 8,806 | |||||||||||||||||
Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the three months ended March 31, 2015: | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | ||||||||||||||||||||||||||||||||
Extended maturities | $ | — | |||||||||||||||||||||||||||||||
Interest rate adjustment | — | ||||||||||||||||||||||||||||||||
Maturity and interest rate adjustment | 14,812 | ||||||||||||||||||||||||||||||||
Movement to or extension of interest-rate only payments | — | ||||||||||||||||||||||||||||||||
Forbearance | — | ||||||||||||||||||||||||||||||||
Other concession(s) (1) | — | ||||||||||||||||||||||||||||||||
Total | $ | 14,812 | |||||||||||||||||||||||||||||||
(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 | The following tables present the end of period balance for loans modified in a TDR during the periods presented and the financial impact of those modifications. | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
(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 real estate | 1 | $ | 1,935 | $ | 1,743 | — | $ | — | $ | — | |||||||||||||||||||||||
Commercial business | 6 | 13,162 | 13,069 | — | — | — | |||||||||||||||||||||||||||
Total | 7 | $ | 15,097 | $ | 14,812 | — | $ | — | $ | — | |||||||||||||||||||||||
-1 | Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. | ||||||||||||||||||||||||||||||||
Information detailing non-covered TDRs which defaulted during the three months ended March 31, 2015 and 2014, and which were modified in the previous twelve months (i.e., the twelve months prior to the default) 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. | |||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
(In thousands, except number of loans) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||
Commercial real estate | 31 | $ | — | 31 | $ | 4,118 | |||||||||||||||||||||||||||
Commercial business | 9 | 372 | 17 | 2,729 | |||||||||||||||||||||||||||||
Consumer - Home Equity | — | — | 1 | 43 | |||||||||||||||||||||||||||||
Consumer - Other | 1 | — | 1 | — | |||||||||||||||||||||||||||||
Total | 41 | $ | 372 | 50 | $ | 6,890 | |||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Total Legacy | Recorded | ||||||||||||||||||||||||||||||||
Past Due (1) | Loans, Net of | Investment > 90 days | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Unearned Income | and Accruing | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | — | $ | — | $ | 126 | $ | 126 | $ | 521,859 | $ | 521,985 | $ | — | |||||||||||||||||||
Commercial real estate - Other | 3,565 | 205 | 18,774 | 22,544 | 3,288,069 | 3,310,613 | 239 | ||||||||||||||||||||||||||
Commercial business | 3,277 | 497 | 12,821 | 16,595 | 3,261,671 | 3,278,266 | — | ||||||||||||||||||||||||||
Residential mortgage - Prime | 2,608 | 200 | 11,166 | 13,974 | 423,428 | 437,402 | — | ||||||||||||||||||||||||||
Residential mortgage - Subprime | — | — | 3,982 | 3,982 | 112,431 | 116,413 | — | ||||||||||||||||||||||||||
Consumer - Home equity | 2,251 | 437 | 9,853 | 12,541 | 1,322,849 | 1,335,390 | — | ||||||||||||||||||||||||||
Consumer - Indirect automobile | 2,069 | 455 | 1,415 | 3,939 | 363,138 | 367,077 | — | ||||||||||||||||||||||||||
Consumer - Credit card | 141 | 120 | 1,300 | 1,561 | 70,603 | 72,164 | — | ||||||||||||||||||||||||||
Consumer - Other | 1,538 | 242 | 866 | 2,646 | 407,460 | 410,106 | — | ||||||||||||||||||||||||||
Total | $ | 15,449 | $ | 2,156 | $ | 60,303 | $ | 77,908 | $ | 9,771,508 | $ | 9,849,416 | $ | 239 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||
Total Legacy | Recorded | ||||||||||||||||||||||||||||||||
Past Due (1) | Loans, Net of | Investment > 90 days | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Unearned Income | and Accruing | ||||||||||||||||||||||||||
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 | |||||||||||||||||||
(1) | Past due loans greater than 90 days include all loans on nonaccrual status, regardless of past due satus, 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 | March 31, 2015 | ||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Total Non-covered | Recorded | |||||||||||||||||||||||||||||||
Acquired Loans, | Investment | ||||||||||||||||||||||||||||||||
Net of | > 90 days | ||||||||||||||||||||||||||||||||
Unearned Income | and | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Discount/Premium | Accruing | ||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 41 | $ | 70 | $ | 6,803 | $ | 6,914 | $ | 55,749 | $ | (987 | ) | $ | 61,676 | $ | 6,713 | ||||||||||||||||
Commercial real estate - Other | 3,923 | 1,900 | 53,628 | 59,451 | 1,218,368 | (39,931 | ) | 1,237,888 | 51,695 | ||||||||||||||||||||||||
Commercial business | 326 | 864 | 4,453 | 5,643 | 459,595 | (3,643 | ) | 461,595 | 4,205 | ||||||||||||||||||||||||
Residential mortgage - Prime | 1,388 | 771 | 14,620 | 16,779 | 477,973 | (16,048 | ) | 478,704 | 13,472 | ||||||||||||||||||||||||
Consumer - Home equity | 1,514 | 120 | 12,873 | 14,507 | 438,938 | (11,805 | ) | 441,640 | 11,927 | ||||||||||||||||||||||||
Consumer - Indirect automobile | 3 | — | 22 | 25 | 277 | (30 | ) | 272 | 22 | ||||||||||||||||||||||||
Consumer - Other | 991 | 46 | 1,618 | 2,655 | 91,527 | (3,032 | ) | 91,150 | 1,549 | ||||||||||||||||||||||||
Total | $ | 8,186 | $ | 3,771 | $ | 94,017 | $ | 105,974 | $ | 2,742,427 | $ | (75,476 | ) | $ | 2,772,925 | $ | 89,583 | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||
Past Due (1) | Total Non-covered | Recorded | |||||||||||||||||||||||||||||||
Acquired Loans, | Investment | ||||||||||||||||||||||||||||||||
Net of | > 90 days | ||||||||||||||||||||||||||||||||
Unearned Income | and | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 30-59 days | 60-89 days | > 90 days | Total | Current | Discount/Premium | Accruing | ||||||||||||||||||||||||||
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 | ||||||||||||||||
-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) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 76,174 | $ | 9,193 | $ | 44,764 | $ | 130,131 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,177 | 1,018 | (1,702 | ) | 3,493 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 1,852 | 1,852 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net provision for loan losses | 4,177 | 1,018 | 150 | 5,345 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (1,852 | ) | (1,852 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | 5 | (31 | ) | (26 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | — | 28,700 | (28,700 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (2,669 | ) | (3,650 | ) | (209 | ) | (6,528 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,091 | 144 | 8 | 1,243 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 78,773 | 35,410 | 14,130 | 128,313 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 11,801 | — | — | 11,801 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 1,048 | — | — | 1,048 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 12,849 | — | — | 12,849 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 91,622 | $ | 35,410 | $ | 14,130 | $ | 141,162 | |||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Legacy Loans | Acquired Loans | Covered Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 67,342 | $ | 4,557 | $ | 71,175 | $ | 143,074 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | 1,996 | (1,235 | ) | (3,534 | ) | (2,773 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | 4,876 | 4,876 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net (reversal of) provision for loan losses | 1,996 | (1,235 | ) | 1,342 | 2,103 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to FDIC loss share arrangements | — | — | (4,876 | ) | (4,876 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (382 | ) | (4,549 | ) | (4,931 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off | (2,544 | ) | (34 | ) | — | (2,578 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,530 | 242 | 38 | 1,810 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 68,324 | 3,148 | 63,130 | 134,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 11,147 | — | — | 11,147 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded lending commitments | 372 | — | — | 372 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 11,519 | — | — | 11,519 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 79,843 | $ | 3,148 | $ | 63,130 | $ | 146,121 | |||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 33,021 | 32,094 | 2,875 | 17,377 | $ | 85,367 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses | (1,024 | ) | 2,205 | 1,539 | 2,475 | 5,195 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (4 | ) | — | 28 | (19 | ) | 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | 20,982 | 1,226 | — | 6,492 | 28,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (3,235 | ) | (565 | ) | (71 | ) | (2,448 | ) | (6,319 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 173 | 49 | 13 | 1,000 | 1,235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 49,913 | 35,009 | 4,384 | 24,877 | 114,183 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 3,439 | 5,260 | 168 | 2,934 | 11,801 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Reversal of) Provision for unfunded commitments | 128 | 184 | 660 | 76 | 1,048 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 3,567 | 5,444 | 828 | 3,010 | 12,849 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 53,480 | $ | 40,453 | $ | 5,212 | $ | 27,887 | $ | 127,032 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | 21 | $ | 749 | $ | — | $ | 3 | $ | 773 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 49,892 | 34,260 | 4,384 | 24,874 | 113,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 5,132,162 | $ | 3,739,861 | $ | 1,032,519 | $ | 2,717,799 | $ | 12,622,341 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 20,077 | 12,593 | — | 693 | 33,363 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 5,085,560 | 3,724,928 | 1,019,596 | 2,713,903 | 12,543,987 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 26,525 | 2,340 | 12,923 | 3,203 | 44,991 | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 26,590 | $ | 28,515 | $ | 2,546 | $ | 14,248 | $ | 71,899 | |||||||||||||||||||||||||||||||||||||||||||
Provision for (Reversal of) loan losses | 790 | 73 | (278 | ) | 176 | 761 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (175 | ) | (149 | ) | (58 | ) | — | (382 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (599 | ) | (61 | ) | (48 | ) | (1,870 | ) | (2,578 | ) | |||||||||||||||||||||||||||||||||||||||||||
Recoveries | 846 | 33 | 13 | 880 | 1,772 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | 27,452 | 28,411 | 2,175 | 13,434 | 71,472 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at beginning of period | 3,089 | 4,839 | 72 | 3,147 | 11,147 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for unfunded commitments | 372 | 91 | 2,983 | (3,074 | ) | 372 | |||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded commitments at end of period | 3,461 | 4,930 | 3,055 | 73 | 11,519 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at end of period | $ | 30,913 | $ | 33,341 | $ | 5,230 | $ | 13,507 | $ | 82,991 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | 464 | $ | 186 | $ | — | $ | 650 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 27,452 | 27,947 | 1,989 | 13,434 | 70,822 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 3,607,349 | $ | 2,948,088 | $ | 450,881 | $ | 1,970,681 | $ | 8,976,999 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | 7,905 | 5,108 | 1,058 | 253 | 14,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 3,581,894 | 2,939,935 | 449,525 | 1,968,911 | 8,940,265 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 17,550 | 3,045 | 298 | 1,517 | 22,410 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 three months ended March 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 24,072 | 1,235 | 6,286 | 13,171 | $ | 44,764 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 44 | — | 99 | 7 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (22 | ) | (8 | ) | 24 | (1,846 | ) | (1,852 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | — | (1 | ) | (16 | ) | (14 | ) | (31 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to non-covered | (20,982 | ) | (1,226 | ) | — | (6,492 | ) | (28,700 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (209 | ) | — | — | — | (209 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | $ | 2,903 | $ | — | $ | 6,401 | $ | 4,826 | $ | 14,130 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 2,903 | — | 6,401 | 4,826 | 14,130 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 25,508 | $ | 12,132 | $ | 131,767 | $ | 81,713 | $ | 251,120 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 22,768 | 12,132 | 108,761 | 74,176 | 217,837 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 2,740 | — | 23,006 | 7,537 | 33,283 | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Residential | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Real Estate | Business | Mortgage | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at beginning of period | $ | 38,772 | $ | 5,380 | $ | 10,889 | $ | 16,134 | $ | 71,175 | |||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 731 | 102 | 205 | 304 | 1,342 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Decrease) Increase in FDIC loss share receivable | (5,629 | ) | (31 | ) | (166 | ) | 950 | (4,876 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Transfer of balance to OREO | (1,866 | ) | (1,165 | ) | (315 | ) | (1,203 | ) | (4,549 | ) | |||||||||||||||||||||||||||||||||||||||||||
Loans charged off | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loans losses at end of period | $ | 32,046 | $ | 4,286 | $ | 10,613 | $ | 16,185 | $ | 63,130 | |||||||||||||||||||||||||||||||||||||||||||
Allowance on loans individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance on loans collectively evaluated for impairment | 32,046 | 4,286 | 10,613 | 16,185 | 63,130 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 345,384 | $ | 41,695 | $ | 149,202 | $ | 128,014 | $ | 664,295 | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period individually evaluated for impairment | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period collectively evaluated for impairment | 340,808 | 41,291 | 121,385 | 109,011 | 612,495 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period acquired with deteriorated credit quality | 4,576 | 404 | 27,817 | 19,003 | 51,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 520,132 | $ | 1,413 | $ | 440 | $ | — | $ | 521,985 | $ | 483,930 | $ | 240 | $ | 69 | $ | — | $ | 484,239 | |||||||||||||||||||||||||||||||||
Commercial real estate - Other | 3,228,538 | 53,850 | 28,017 | 208 | 3,310,613 | 3,161,593 | 49,847 | 22,217 | 162 | 3,233,819 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 3,222,102 | 22,163 | 32,112 | 1,889 | 3,278,266 | 3,245,912 | 7,330 | 28,965 | 1,933 | 3,284,140 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,970,772 | $ | 77,426 | $ | 60,569 | $ | 2,097 | $ | 7,110,864 | $ | 6,891,435 | $ | 57,417 | $ | 51,251 | $ | 2,095 | $ | 7,002,198 | |||||||||||||||||||||||||||||||||
Legacy loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Total | Current | 30+ Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Past Due | Past Due | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 423,428 | $ | 13,974 | $ | 437,402 | $ | 392,900 | $ | 15,310 | $ | 408,210 | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 112,431 | 3,982 | 116,413 | 115,889 | 3,595 | 119,484 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 1,322,849 | 12,541 | 1,335,390 | 1,278,865 | 12,111 | 1,290,976 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 363,138 | 3,939 | 367,077 | 392,504 | 4,262 | 396,766 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 70,603 | 1,561 | 72,164 | 71,297 | 1,448 | 72,745 | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 407,460 | 2,646 | 410,106 | 375,853 | 2,482 | 378,335 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,699,909 | $ | 38,643 | $ | 2,738,552 | $ | 2,627,308 | $ | 39,208 | $ | 2,666,516 | |||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 16,648 | $ | 16,648 | $ | — | $ | 6,680 | $ | 6,680 | $ | — | |||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,656 | 1,656 | — | 2,483 | 2,483 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 676 | 676 | — | 682 | 682 | — | |||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,921 | 2,945 | (24 | ) | 1,068 | 1,093 | (25 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 11,455 | 12,207 | (752 | ) | 1,212 | 1,620 | (408 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,103 | 11,166 | (63 | ) | 10,532 | 10,768 | (236 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 3,959 | 3,982 | (23 | ) | 3,579 | 3,595 | (16 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 9,558 | 9,619 | (61 | ) | 7,121 | 7,165 | (44 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,404 | 1,415 | (11 | ) | 1,410 | 1,419 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,277 | 1,300 | (23 | ) | 1,012 | 1,032 | (20 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 872 | 883 | (11 | ) | 781 | 790 | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 61,529 | $ | 62,497 | $ | (968 | ) | $ | 36,560 | $ | 37,327 | $ | (767 | ) | |||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 32,680 | $ | 33,456 | $ | (776 | ) | $ | 11,443 | $ | 11,876 | $ | (433 | ) | |||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 15,062 | 15,148 | (86 | ) | 14,111 | 14,363 | (252 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 13,787 | 13,893 | (106 | ) | 11,006 | 11,088 | (82 | ) | |||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 16,608 | $ | 7 | $ | 7,493 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 1,690 | 18 | 2,107 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 679 | 7 | 255 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,011 | — | 1,223 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | 12,377 | — | 3,331 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | 11,314 | — | 8,834 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Subprime | 4,017 | — | 1,626 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Home equity | 9,720 | — | 7,331 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 1,658 | — | 1,474 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 1,194 | — | 370 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 971 | — | 491 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 63,239 | $ | 32 | $ | 34,535 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | $ | 33,686 | $ | 25 | $ | 14,154 | $ | 28 | |||||||||||||||||||||||||||||||||||||||||||||
Total mortgage loans | 15,331 | — | 10,460 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | 14,222 | 7 | 9,921 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Covered Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Sub- | Doubtful | Loss | Discount | Total | Pass | Special | Sub- | Doubtful | Discount | Total | ||||||||||||||||||||||||||||||||||||||||
Mention | standard | Mention | standard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 54,705 | $ | 602 | $ | 6,447 | $ | 909 | $ | — | $ | (987 | ) | $ | 61,676 | $ | 24,118 | $ | 2,006 | $ | 4,624 | $ | — | $ | (1,170 | ) | $ | 29,578 | |||||||||||||||||||||||||
Commercial real estate - Other | 1,183,950 | 18,391 | 74,368 | 1,110 | — | (39,931 | ) | 1,237,888 | 445,557 | 12,794 | 49,139 | — | (39,119 | ) | 468,371 | ||||||||||||||||||||||||||||||||||||||
Commercial business | 453,171 | 3,799 | 7,411 | 823 | 34 | (3,643 | ) | 461,595 | 91,837 | 1,861 | 4,818 | 257 | (5,224 | ) | 93,549 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,691,826 | $ | 22,792 | $ | 88,226 | $ | 2,842 | $ | 34 | $ | (44,561 | ) | $ | 1,761,159 | $ | 561,512 | $ | 16,661 | $ | 58,581 | $ | 257 | $ | (45,513 | ) | $ | 591,498 | |||||||||||||||||||||||||
Non-covered acquired loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | 30+ Days | Premium | Total | Current | 30+ Days | Premium | Total | |||||||||||||||||||||||||||||||||||||||||||||
Past Due | (discount) | Past Due | (discount) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 477,973 | $ | 16,779 | $ | (16,048 | ) | $ | 478,704 | $ | 418,552 | $ | 11,858 | $ | (5,831 | ) | $ | 424,579 | |||||||||||||||||||||||||||||||||||
Consumer - Home equity | 438,938 | 14,507 | (11,805 | ) | 441,640 | 216,310 | 9,808 | (8,419 | ) | 217,699 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Indirect automobile | 277 | 25 | (30 | ) | 272 | 393 | 39 | (40 | ) | 392 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 91,527 | 2,655 | (3,032 | ) | 91,150 | 94,315 | 3,520 | (4,217 | ) | 93,618 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,008,715 | $ | 33,966 | $ | (30,915 | ) | $ | 1,011,766 | $ | 729,570 | $ | 25,225 | $ | (18,507 | ) | $ | 736,288 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Pass | Special | Substandard | Doubtful | Total | Pass | Special | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||||||||||||
Mention | Mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - Construction | $ | 602 | $ | 865 | $ | 22 | $ | — | $ | 1,489 | $ | 34,731 | $ | 1,928 | $ | 8,008 | $ | — | $ | 44,667 | |||||||||||||||||||||||||||||||||
Commercial real estate - Other | 20,203 | 6,132 | 20,109 | — | 46,444 | 87,509 | 20,422 | 51,252 | — | 159,183 | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | 6,754 | 1,201 | 5,647 | — | 13,602 | 23,380 | 395 | 9,275 | — | 33,050 | |||||||||||||||||||||||||||||||||||||||||||
$ | 27,559 | $ | 8,198 | $ | 25,778 | $ | — | $ | 61,535 | $ | 145,620 | $ | 22,745 | $ | 68,535 | $ | — | $ | 236,900 | ||||||||||||||||||||||||||||||||||
Discount | (23,895 | ) | (16,514 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 37,640 | $ | 220,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
Covered loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
30+ Days | Premium | 30+ Days | Premium | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Past Due | (discount) | Total | Current | Past Due | (discount) | Total | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage - Prime | $ | 133,639 | $ | 20,976 | $ | (22,848 | ) | $ | 131,767 | $ | 140,628 | $ | 22,058 | $ | (34,662 | ) | $ | 128,024 | |||||||||||||||||||||||||||||||||||
Consumer - Home equity | 92,599 | 12,017 | (23,558 | ) | 81,058 | 99,478 | 16,542 | (23,590 | ) | 92,430 | |||||||||||||||||||||||||||||||||||||||||||
Consumer - Credit card | 522 | 25 | — | 547 | 614 | 34 | — | 648 | |||||||||||||||||||||||||||||||||||||||||||||
Consumer - Other | 221 | 17 | (130 | ) | 108 | 337 | 18 | 2,701 | 3,056 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 226,981 | $ | 33,035 | $ | (46,536 | ) | $ | 213,480 | $ | 241,057 | $ | 38,652 | $ | (55,551 | ) | $ | 224,158 | |||||||||||||||||||||||||||||||||||
Loss_Sharing_Agreements_and_FD1
Loss Sharing Agreements and FDIC Loss Share Receivable (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of FDIC Loss Share Receivables | The following is a summary of FDIC loss share receivables year-to-date activity: | ||||||||
Three Months Ended | |||||||||
March 31 | |||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||
Balance at beginning of period | $ | 69,627 | $ | 162,312 | |||||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | (1,852 | ) | (4,876 | ) | |||||
Amortization | (6,013 | ) | (19,264 | ) | |||||
Recoveries payable (submission of reimbursable losses) to the FDIC | (78 | ) | 3,055 | ||||||
Changes due to a change in cash flow assumptions on OREO and other changes | (712 | ) | (42 | ) | |||||
Balance at end of period | $ | 60,972 | $ | 141,185 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the three months ended March 31, 2015, and the year ended December 31, 2014 are provided in the following table. | ||||||||||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Total | |||||||||||||||||||||
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 | |||||||||||||||||||
Goodwill acquired during the period | 104,197 | — | — | 104,197 | |||||||||||||||||||||
Balance, March 31, 2015 | $ | 593,380 | $ | 23,178 | $ | 5,165 | $ | 621,723 | |||||||||||||||||
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 the periods indicated: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||||||
(Dollars in thousands) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Core deposit intangibles | $ | 77,252 | $ | (37,818 | ) | $ | 39,434 | $ | 55,949 | $ | (36,354 | ) | $ | 19,595 | |||||||||||
Customer relationship intangible asset | 1,348 | (865 | ) | 483 | 1,348 | (822 | ) | 526 | |||||||||||||||||
Non-compete agreement | 163 | (105 | ) | 58 | 163 | (82 | ) | 81 | |||||||||||||||||
Other intangible assets | 205 | (63 | ) | 142 | 205 | (46 | ) | 159 | |||||||||||||||||
Total | $ | 78,968 | $ | (38,851 | ) | $ | 40,117 | $ | 57,665 | $ | (37,304 | ) | $ | 20,361 | |||||||||||
Mortgage Servicing Rights [Member] | |||||||||||||||||||||||||
Schedule of Definite-Lived Intangible Assets | Mortgage servicing rights had the following carrying values as of the periods indicated: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Amortization | Carrying Amount | Carrying Amount | Amortization | Carrying Amount | |||||||||||||||||||
Mortgage servicing rights | $ | 4,988 | $ | (1,453 | ) | $ | 3,535 | $ | 4,751 | $ | (1,253 | ) | $ | 3,498 |
Derivative_Instruments_and_Oth1
Derivative Instruments and Other Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Asset Derivatives Fair Value | Balance Sheet | Liability Derivatives Fair Value | |||||||||||||||||||||
Location | March 31, 2015 | December 31, 2014 | Location | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 19,970 | $ | 15,434 | Other liabilities | $ | 19,970 | $ | 15,434 | |||||||||||||||
Forward sales contracts | Other assets | 1,125 | 25 | Other liabilities | 3,910 | 2,556 | |||||||||||||||||||
Written and purchased options | Other assets | 20,025 | 17,444 | Other liabilities | 11,824 | 13,364 | |||||||||||||||||||
Total | $ | 41,120 | $ | 32,903 | $ | 35,704 | $ | 31,354 | |||||||||||||||||
(Dollars in thousands) | Asset Derivatives Notional Amount | Liability Derivatives Notional Amount | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC Topic 815: | |||||||||||||||||||||||||
Interest rate contracts | $ | 502,020 | $ | 444,703 | $ | 502,020 | $ | 444,703 | |||||||||||||||||
Forward sales contracts | 139,339 | 15,897 | 514,645 | 391,992 | |||||||||||||||||||||
Written and purchased options | 489,209 | 362,580 | 214,698 | 225,741 | |||||||||||||||||||||
Total | $ | 1,130,568 | $ | 823,180 | $ | 1,231,363 | $ | 1,062,436 | |||||||||||||||||
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. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||||
Presented in the | in the Balance Sheet | ||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Derivatives | Collateral (1) | Net | |||||||||||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 19,962 | $ | — | $ | — | $ | 19,962 | |||||||||||||||||
Written and purchased options | 11,830 | — | — | 11,830 | |||||||||||||||||||||
Total derivative assets subject to master netting arrangements | $ | 31,792 | $ | — | $ | — | $ | 31,792 | |||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Interest rate contracts not designated as hedging instruments | $ | 19,963 | $ | — | $ | (7,494 | ) | $ | 12,469 | ||||||||||||||||
Total derivative liabilities subject to master netting arrangements | $ | 19,963 | $ | — | $ | (7,494 | ) | $ | 12,469 | ||||||||||||||||
-1 | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||||
in the Balance Sheet | |||||||||||||||||||||||||
Presented in the | |||||||||||||||||||||||||
(Dollars in thousands) | Balance Sheet | Derivatives | Collateral (1) | Net | |||||||||||||||||||||
Derivatives subject to master netting arrangements | |||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
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 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. | ||||||||||||||||||||||||
Effect of Derivatives Not Designated as Hedging Instruments on Consolidated Financial Statements | Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements for the three months ended March 31 is as follows: | ||||||||||||||||||||||||
(Dollars in thousands) | Location of Gain (Loss) | Amount of Gain (Loss) Recognized | |||||||||||||||||||||||
Recognized in Income on | in Income on Derivatives | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Interest rate contracts | Other income | $ | 1,005 | $ | 538 | ||||||||||||||||||||
Forward sales contracts | Mortgage income | (253 | ) | (3,005 | ) | ||||||||||||||||||||
Written and purchased options | Mortgage income | 768 | 1,833 | ||||||||||||||||||||||
Total | $ | 1,520 | $ | (634 | ) | ||||||||||||||||||||
Capital_Ratios_and_Other_Regul1
Capital Ratios and Other Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of March 31, 2015 and December 31, 2014 are presented in the following table. March 31, 2015 capital amounts and ratios presented in the table below exclude the Company’s acquisition of Old Florida on March 31, 2015, discussed further in Note 3, in an effort to conform the capital ratios and amounts presented with regulatory reporting guidelines. | ||||||||||||||||||||||||
(Dollars in thousands) | 31-Mar-15 | ||||||||||||||||||||||||
Minimum | Well Capitalized | Actual | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier 1 Leverage | |||||||||||||||||||||||||
Consolidated | $ | 614,650 | 4 | % | $ | N/A | N/A | % | $ | 1,389,382 | 9.04 | % | |||||||||||||
IBERIABANK | 611,130 | 4 | 763,912 | 5 | 1,293,324 | 8.47 | |||||||||||||||||||
Common Equity Tier 1 (CET1) (1) | |||||||||||||||||||||||||
Consolidated | $ | 691,481 | 4.5 | % | $ | N/A | N/A | % | $ | 1,335,132 | 9.79 | % | |||||||||||||
IBERIABANK | 687,521 | 4.5 | 883,454 | 6.5 | 1,293,324 | 9.52 | |||||||||||||||||||
Tier 1 Risk-Based Capital (1) | |||||||||||||||||||||||||
Consolidated | $ | 818,331 | 6 | % | $ | N/A | N/A | % | $ | 1,389,382 | 10.19 | % | |||||||||||||
IBERIABANK | 815,496 | 6 | 1,087,328 | 8 | 1,293,324 | 9.52 | |||||||||||||||||||
Total Risk-Based Capital (1) | |||||||||||||||||||||||||
Consolidated | $ | 1,091,108 | 8 | % | $ | N/A | N/A | % | $ | 1,584,793 | 11.62 | % | |||||||||||||
IBERIABANK | 1,087,328 | 8 | 1,359,160 | 10 | 1,434,486 | 10.55 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
-1 | Beginning January 1, 2016, minimum capital ratios will be subject to a capital conservation buffer of 0.625%. This capital conservation buffer will increase in subsequent years by 0.625% annually until it is fully phased in on January 1, 2019 at 2.50%. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 Three Months Ended | |||||||||
March 31 | |||||||||
(In thousands, except per share data) | 2015 | 2014 | |||||||
Earnings per common share - basic | |||||||||
Net income | $ | 25,126 | $ | 22,336 | |||||
Dividends and undistributed earnings allocated to unvested restricted shares | (324 | ) | (403 | ) | |||||
Net income allocated to common shareholders | $ | 24,802 | $ | 21,933 | |||||
Weighted average common shares outstanding | 33,168 | 29,270 | |||||||
Earnings per common share - basic | $ | 0.75 | $ | 0.75 | |||||
Earnings per common share - diluted | |||||||||
Net income allocated to common shareholders | $ | 24,802 | $ | 21,933 | |||||
Dividends and undistributed earnings allocated to unvested restricted shares | (20 | ) | (2 | ) | |||||
Net income allocated to common shareholders | $ | 24,782 | $ | 21,931 | |||||
Weighted average common shares outstanding | 33,168 | 29,270 | |||||||
Dilutive potential common shares - stock options | 67 | 147 | |||||||
Weighted average common shares outstanding - diluted | 33,235 | 29,417 | |||||||
Earnings per common share - diluted | $ | 0.75 | $ | 0.75 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Activity Related to Stock Options | The following table represents the activity related to stock options during the periods indicated. | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of shares | Exercise Price | ||||||||||||||||
Outstanding options, December 31, 2014 | 867,682 | $ | 55.92 | ||||||||||||||
Granted | 78,856 | 62.54 | |||||||||||||||
Exercised | (61,884 | ) | 49.89 | ||||||||||||||
Forfeited or expired | (10,469 | ) | 71.52 | ||||||||||||||
Outstanding options, March 31, 2015 | 874,185 | $ | 56.76 | ||||||||||||||
Exercisable options, March 31, 2015 | 579,727 | $ | 56.22 | ||||||||||||||
Outstanding options, December 31, 2013 | 1,072,829 | $ | 53.47 | ||||||||||||||
Granted | 74,971 | 65.26 | |||||||||||||||
Exercised | (169,090 | ) | 48.77 | ||||||||||||||
Forfeited or expired | (3,127 | ) | 81.82 | ||||||||||||||
Outstanding options, March 31, 2014 | 975,583 | $ | 55.1 | ||||||||||||||
Exercisable options, March 31, 2014 | 621,050 | $ | 54.69 | ||||||||||||||
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 three-month periods ended March 31: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected dividends | 2.2 | % | 2.1 | % | |||||||||||||
Expected volatility | 35.6 | % | 35.8 | % | |||||||||||||
Risk-free interest rate | 2 | % | 2.3 | % | |||||||||||||
Expected term (in years) | 7.5 | 7.5 | |||||||||||||||
Weighted-average grant-date fair value | $ | 19.61 | $ | 21.24 | |||||||||||||
Compensation Expense Included in Non-Interest Expense | The following table represents the compensation expense that is included in non-interest expense in the accompanying consolidated statements of comprehensive income related to stock options for the three-month periods ended March 31: | ||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to stock options | $ | 471 | $ | 519 | |||||||||||||
Unvested Restricted Stock Award and Restricted Share Unit Activity | The following table represents unvested restricted stock award and restricted share unit activity for the three months ended March 31: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Balance at beginning of period | 506,289 | 523,756 | |||||||||||||||
Granted | 142,196 | 142,794 | |||||||||||||||
Forfeited | (10,267 | ) | (1,208 | ) | |||||||||||||
Earned and issued | (116,583 | ) | (105,766 | ) | |||||||||||||
Balance at end of period | 521,635 | 559,576 | |||||||||||||||
Schedule of Share and Dividend Equivalent Share Award Activity | The following table represents phantom stock award and performance unit activity during the periods indicated. | ||||||||||||||||
Number of share | Dividend | Total share | Value of share | ||||||||||||||
equivalents | equivalents | equivalents | equivalents (1) | ||||||||||||||
Balance, December 31, 2014 | 459,920 | 22,940 | 482,860 | $ | 31,313,000 | ||||||||||||
Granted | 133,708 | 2,480 | 136,188 | 8,584,000 | |||||||||||||
Forfeited share equivalents | (11,426 | ) | (438 | ) | (11,864 | ) | (748,000 | ) | |||||||||
Vested share equivalents | (107,534 | ) | (6,491 | ) | (114,025 | ) | (7,209,000 | ) | |||||||||
Balance, March 31, 2015 | 474,668 | 18,491 | 493,159 | $ | 31,084,000 | ||||||||||||
Balance, December 31, 2013 | 417,238 | 22,351 | 439,589 | $ | 27,628,000 | ||||||||||||
Granted | 119,773 | 2,335 | 122,108 | 8,566,000 | |||||||||||||
Forfeited share equivalents | (3,471 | ) | (164 | ) | (3,635 | ) | (255,000 | ) | |||||||||
Vested share equivalents | (51,444 | ) | (3,621 | ) | (55,065 | ) | (3,692,000 | ) | |||||||||
Balance, March 31, 2014 | 482,096 | 20,901 | 502,997 | $ | 35,285,000 | ||||||||||||
-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 $63.03 and $70.15 on March 31, 2015, and 2014, respectively. | ||||||||||||||||
Restricted Stock Awards and Restricted Share Units [Member] | |||||||||||||||||
Compensation Expense Included in Non-Interest Expense | 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 awards and restricted share units for the three months ended March 31: | ||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to restricted stock awards and restricted share units | $ | 2,972 | $ | 2,316 | |||||||||||||
Phantom Stock Awards [Member] | |||||||||||||||||
Compensation Expense Included in Non-Interest Expense | The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at March 31 of the periods indicated and the current market price of the Company’s stock at that time. | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31 | |||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | |||||||||||||||
Compensation expense related to phantom stock and performance units | $ | 3,171 | $ | 2,051 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Aggregate | Aggregate | ||||||||||||||||||||||||
Aggregate | Fair Value | Aggregate | Fair Value | ||||||||||||||||||||||
Aggregate | Unpaid | Less Unpaid | Aggregate | Unpaid | Less Unpaid | ||||||||||||||||||||
(Dollars in thousands) | Fair Value | Principal | Principal | Fair Value | Principal | Principal | |||||||||||||||||||
Mortgage loans held for sale, at fair value | $ | 194,816 | $ | 187,455 | $ | 7,361 | $ | 139,950 | $ | 134,639 | $ | 5,311 | |||||||||||||
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. | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Available for sale securities | $ | 67,206 | $ | 2,275,407 | $ | — | $ | 2,342,613 | |||||||||||||||||
Mortgage loans held for sale | — | 194,816 | — | 194,816 | |||||||||||||||||||||
Derivative instruments | — | 41,120 | — | 41,120 | |||||||||||||||||||||
Total | $ | 67,206 | $ | 2,511,343 | $ | — | $ | 2,578,549 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative instruments | $ | — | $ | 35,704 | $ | — | $ | 35,704 | |||||||||||||||||
Total | $ | — | $ | 35,704 | $ | — | $ | 35,704 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
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 | |||||||||||||||||
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 the first three months of 2015 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 | $ | 2,290 | $ | — | |||||||||||||||||||||
Change in unrealized gains (losses) relating to assets still held at March 31, 2015 | — | 9,792 | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 13,397 | $ | — | $ | 13,397 | |||||||||||||||||
OREO | — | 807 | — | 807 | |||||||||||||||||||||
Total | $ | — | $ | 14,204 | $ | — | $ | 14,204 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Loans | $ | — | $ | 4,864 | $ | — | $ | 4,864 | |||||||||||||||||
OREO | — | 1,483 | — | 1,483 | |||||||||||||||||||||
Total | $ | — | $ | 6,347 | $ | — | $ | 6,347 | |||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are as follows: | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 967,290 | $ | 967,290 | $ | 967,290 | $ | — | $ | — | |||||||||||
Investment securities | 2,456,055 | 2,458,984 | 67,206 | 2,391,778 | — | ||||||||||||||||
Loans and loans held for sale, net of unearned income | 13,088,505 | 13,070,985 | — | 194,816 | 12,876,169 | ||||||||||||||||
FDIC loss share receivable | 60,972 | 39,540 | — | — | 39,540 | ||||||||||||||||
Derivative instruments | 41,120 | 41,120 | — | 41,120 | — | ||||||||||||||||
Accrued interest receivable | 41,865 | 41,865 | 41,865 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 14,668,073 | $ | 14,489,153 | $ | — | $ | — | $ | 14,489,153 | |||||||||||
Short-term borrowings | 604,902 | 604,902 | 604,902 | — | — | ||||||||||||||||
Long-term debt | 460,889 | 440,158 | — | — | 440,158 | ||||||||||||||||
Derivative instruments | 35,704 | 35,704 | — | 35,704 | — | ||||||||||||||||
Accrued interest payable | 9,281 | 9,281 | 9,281 | — | — | ||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 548,095 | $ | 548,095 | $ | 548,095 | $ | — | $ | — | |||||||||||
Investment securities | 2,275,813 | 2,278,334 | — | 2,278,334 | — | ||||||||||||||||
Loans and loans held for sale, net of unearned income | 11,581,116 | 11,605,446 | — | 139,950 | 11,465,496 | ||||||||||||||||
FDIC loss share receivable | 69,627 | 19,606 | — | — | 19,606 | ||||||||||||||||
Derivative instruments | 32,903 | 32,903 | — | 32,903 | — | ||||||||||||||||
Accrued interest receivable | 37,696 | 37,696 | 37,696 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits | $ | 12,520,525 | $ | 12,298,017 | $ | — | $ | — | $ | 12,298,017 | |||||||||||
Short-term borrowings | 845,742 | 845,742 | 845,742 | — | — | ||||||||||||||||
Long-term debt | 403,254 | 376,139 | — | — | 376,139 | ||||||||||||||||
Derivative instruments | 31,354 | 31,354 | — | 31,354 | — | ||||||||||||||||
Accrued interest payable | 8,258 | 8,258 | 8,258 | — | — |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||||
Interest income | $ | 136,830 | $ | 1,754 | $ | 1 | $ | 138,585 | |||||||||
Interest expense | 12,290 | 491 | — | 12,781 | |||||||||||||
Net interest income | 124,540 | 1,263 | 1 | 125,804 | |||||||||||||
Provision for loan losses | 5,345 | — | — | 5,345 | |||||||||||||
Mortgage income | (1 | ) | 18,024 | — | 18,023 | ||||||||||||
Title revenue | — | — | 4,629 | 4,629 | |||||||||||||
Other non-interest income | 26,251 | (2 | ) | (2 | ) | 26,247 | |||||||||||
Allocated expenses | (4,847 | ) | 3,528 | 1,319 | — | ||||||||||||
Non-interest expenses | 116,005 | 12,916 | 4,232 | 133,153 | |||||||||||||
Income before income taxes | 34,287 | 2,841 | (923 | ) | 36,205 | ||||||||||||
Income tax expense | 10,313 | 1,122 | (356 | ) | 11,079 | ||||||||||||
Net income (loss) | $ | 23,974 | $ | 1,719 | $ | (567 | ) | $ | 25,126 | ||||||||
Total loans and loans held for sale | $ | 12,869,096 | $ | 219,409 | $ | — | $ | 13,088,505 | |||||||||
Total assets | 17,775,541 | 254,401 | 24,729 | 18,054,671 | |||||||||||||
Total deposits | 14,663,184 | 4,889 | — | 14,668,073 | |||||||||||||
Average assets | 15,732,790 | 181,942 | 24,753 | 15,939,485 | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Dollars in thousands) | IBERIABANK | IMC | LTC | Consolidated | |||||||||||||
Interest income | $ | 113,149 | $ | 1,082 | $ | 1 | $ | 114,232 | |||||||||
Interest expense | 9,603 | 221 | — | 9,824 | |||||||||||||
Net interest income | 103,546 | 861 | 1 | 104,408 | |||||||||||||
Provision for loan losses | 2,096 | 7 | — | 2,103 | |||||||||||||
Mortgage income | (3 | ) | 10,136 | — | 10,133 | ||||||||||||
Title revenue | — | — | 4,167 | 4,167 | |||||||||||||
Other non-interest income | 21,392 | (11 | ) | — | 21,381 | ||||||||||||
Allocated expenses | (3,130 | ) | 2,191 | 939 | — | ||||||||||||
Non-interest expenses | 93,046 | 10,299 | 3,889 | 107,234 | |||||||||||||
Income before income taxes | 32,923 | (1,511 | ) | (660 | ) | 30,752 | |||||||||||
Income tax expense | 9,257 | (588 | ) | (253 | ) | 8,416 | |||||||||||
Net income (loss) | $ | 23,666 | $ | (923 | ) | $ | (407 | ) | $ | 22,336 | |||||||
Total loans and loans held for sale | $ | 9,620,359 | $ | 152,413 | $ | — | $ | 9,772,772 | |||||||||
Total assets | 13,349,465 | 176,106 | 24,661 | 13,550,232 | |||||||||||||
Total deposits | 10,896,508 | 2,355 | — | 10,898,863 | |||||||||||||
Average assets | 13,198,208 | 139,057 | 24,972 | 13,362,237 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Summary of Financial Instruments Outstanding | The Company had the following financial instruments outstanding, whose contract amounts represent credit risk: | ||||||||
(Dollars in thousands) | March 31, 2015 | December 31, 2014 | |||||||
Commitments to grant loans | $ | 148,151 | $ | 161,350 | |||||
Unfunded commitments under lines of credit | 4,095,321 | 4,007,954 | |||||||
Commercial and standby letters of credit | 133,247 | 134,882 | |||||||
Reserve for unfunded lending commitments | 12,849 | 11,801 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Mar. 31, 2015 |
State | |
IBERIABANK [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 |
Acquisition_Activity_Additiona
Acquisition Activity - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $621,723 | $517,526 | $401,872 | |
Maximum period for subject to change estimated fair values after acquisition date | 1 year | |||
Florida Bank Group, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash received per share | $7.81 | |||
Shares received | 0.149 | |||
Business combination date of acquisition | 28-Feb-15 | |||
Total consideration paid | 90,485 | 90,500 | ||
Goodwill | 14,686 | 14,700 | ||
Number of bank offices | 12 | |||
Old Florida Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares received | 0.34 | |||
Business combination date of acquisition | 31-Mar-15 | |||
Total consideration paid | 253,152 | |||
Goodwill | $89,511 | |||
Number of bank offices | 14 | |||
Georgia Commerce Bancshares Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares received | 0.6134 |
Acquisition_Activity_Schedule_
Acquisition Activity - Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Non-Equity consideration | ||||
Goodwill | $621,723 | $517,526 | $401,872 | |
Florida Bank Group, Inc. [Member] | ||||
Equity consideration | ||||
Common stock issued | 47,497 | |||
Common stock issued, Number of Shares | 752,493 | |||
Total equity consideration | 47,497 | |||
Non-Equity consideration | ||||
Cash | 42,988 | |||
Total consideration paid | 90,500 | 90,485 | ||
Fair value of net assets assumed including identifiable intangible assets | 75,799 | |||
Goodwill | 14,700 | 14,686 | ||
Old Florida Bancshares, Inc. [Member] | ||||
Equity consideration | ||||
Common stock issued | 242,007 | |||
Common stock issued, Number of Shares | 3,839,554 | |||
Total equity consideration | 242,007 | |||
Non-Equity consideration | ||||
Cash | 11,145 | |||
Total consideration paid | 253,152 | |||
Fair value of net assets assumed including identifiable intangible assets | 163,641 | |||
Goodwill | $89,511 |
Acquisition_Activity_Schedule_1
Acquisition Activity - Schedule of Business Acquisitions, by Acquisition (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Florida Bank Group, Inc. [Member] | As Acquired [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $30,009 |
Investment securities | 107,236 |
Loans | 312,901 |
Other real estate owned | 498 |
Deferred tax asset, net | 19,851 |
Other assets | 72,874 |
Total Assets | 543,369 |
Interest-bearing deposits | 282,417 |
Non-interest-bearing deposits | 109,548 |
Borrowings | 60,000 |
Other liabilities | 2,014 |
Total Liabilities | 453,979 |
Florida Bank Group, Inc. [Member] | Preliminary Fair Value Adjustments [Member] | |
Business Acquisition [Line Items] | |
Investment securities | 137 |
Loans | -8,390 |
Core deposit intangible | 4,489 |
Deferred tax asset, net | 7,983 |
Other assets | -8,949 |
Total Assets | -4,730 |
Interest-bearing deposits | 263 |
Borrowings | 8,598 |
Total Liabilities | 8,861 |
Florida Bank Group, Inc. [Member] | As Recorded by IBERIABANK [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 30,009 |
Investment securities | 107,373 |
Loans | 304,511 |
Other real estate owned | 498 |
Core deposit intangible | 4,489 |
Deferred tax asset, net | 27,834 |
Other assets | 63,925 |
Total Assets | 538,639 |
Interest-bearing deposits | 282,680 |
Non-interest-bearing deposits | 109,548 |
Borrowings | 68,598 |
Other liabilities | 2,014 |
Total Liabilities | 462,840 |
Old Florida Bancshares, Inc. [Member] | As Acquired [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 349,568 |
Investment securities | 67,206 |
Loans held for sale | 5,952 |
Loans | 1,073,536 |
Other real estate owned | 4,516 |
Deferred tax asset, net | 8,437 |
Other assets | 42,858 |
Total Assets | 1,552,073 |
Interest-bearing deposits | 1,048,774 |
Non-interest-bearing deposits | 340,869 |
Borrowings | 1,528 |
Other liabilities | 1,663 |
Total Liabilities | 1,392,834 |
Old Florida Bancshares, Inc. [Member] | Preliminary Fair Value Adjustments [Member] | |
Business Acquisition [Line Items] | |
Loans | -9,828 |
Core deposit intangible | 16,815 |
Deferred tax asset, net | -2,585 |
Total Assets | 4,402 |
Old Florida Bancshares, Inc. [Member] | As Recorded by IBERIABANK [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 349,568 |
Investment securities | 67,206 |
Loans held for sale | 5,952 |
Loans | 1,063,708 |
Other real estate owned | 4,516 |
Core deposit intangible | 16,815 |
Deferred tax asset, net | 5,852 |
Other assets | 42,858 |
Total Assets | 1,556,475 |
Interest-bearing deposits | 1,048,774 |
Non-interest-bearing deposits | 340,869 |
Borrowings | 1,528 |
Other liabilities | 1,663 |
Total Liabilities | $1,392,834 |
Acquisition_Activity_Schedule_2
Acquisition Activity - Schedule of Business Acquisitions, by Acquisition (Parenthetical) (Detail) (Florida Bank Group, Inc. [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Florida Bank Group, Inc. [Member] | |
Business Acquisition [Line Items] | |
Estimated amortized period for fair value adjustment | 51 months |
Acquisition_Activity_Supplemen
Acquisition Activity - Supplemental Pro Forma Information (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Business Acquisition, Pro Forma Information [Abstract] | |
Interest and non-interest income | $173,274 |
Net income | $27,013 |
Earnings per share - basic | $0.79 |
Earnings per share - diluted | $0.78 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | $2,316,690 | $2,147,276 |
Securities available for sale, Gross Unrealized Gains | 30,149 | 22,296 |
Securities available for sale, Gross Unrealized Losses | -4,226 | -10,719 |
Securities available for sale, Estimated Fair Value | 2,342,613 | 2,158,853 |
Securities held to maturity, Amortized Cost | 113,442 | 116,960 |
Securities held to maturity, Gross Unrealized Gains | 3,536 | 3,392 |
Securities held to maturity, Gross Unrealized Losses | -607 | -871 |
Securities held to maturity, Estimated Fair Value | 116,371 | 119,481 |
US Treasury Securities [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 67,196 | |
Securities available for sale, Gross Unrealized Gains | 10 | |
Securities available for sale, Estimated Fair Value | 67,206 | |
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 | 316,928 | 317,386 |
Securities available for sale, Gross Unrealized Gains | 2,573 | 1,700 |
Securities available for sale, Gross Unrealized Losses | -353 | -3,533 |
Securities available for sale, Estimated Fair Value | 319,148 | 315,553 |
Securities held to maturity, Amortized Cost | 10,000 | 10,000 |
Securities held to maturity, Gross Unrealized Gains | 28 | 88 |
Securities held to maturity, Estimated Fair Value | 10,028 | 10,088 |
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 | 78,437 | 86,513 |
Securities available for sale, Gross Unrealized Gains | 3,600 | 3,679 |
Securities available for sale, Gross Unrealized Losses | -2 | -2 |
Securities available for sale, Estimated Fair Value | 82,035 | 90,190 |
Securities held to maturity, Amortized Cost | 75,458 | 77,597 |
Securities held to maturity, Gross Unrealized Gains | 3,353 | 3,153 |
Securities held to maturity, Gross Unrealized Losses | -52 | -145 |
Securities held to maturity, Estimated Fair Value | 78,759 | 80,605 |
Mortgage-Backed Securities [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 1,821,982 | 1,741,917 |
Securities available for sale, Gross Unrealized Gains | 23,788 | 16,882 |
Securities available for sale, Gross Unrealized Losses | -3,857 | -7,184 |
Securities available for sale, Estimated Fair Value | 1,841,913 | 1,751,615 |
Securities held to maturity, Amortized Cost | 27,984 | 29,363 |
Securities held to maturity, Gross Unrealized Gains | 155 | 151 |
Securities held to maturity, Gross Unrealized Losses | -555 | -726 |
Securities held to maturity, Estimated Fair Value | 27,584 | 28,788 |
Other Securities [Member] | ||
Schedule of Securities Available-for-sale And Held To Maturity [Line Items] | ||
Securities available for sale, Amortized Cost | 32,147 | 1,460 |
Securities available for sale, Gross Unrealized Gains | 178 | 35 |
Securities available for sale, Gross Unrealized Losses | -14 | |
Securities available for sale, Estimated Fair Value | $32,311 | $1,495 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | Security | Security |
Net Investment Income [Line Items] | ||
Pledged securities, carrying values | $1.30 | $1.40 |
Number of debt securities, held | 86 | 112 |
Unrealized losses on debt securities, percent of amortized cost | 0.86% | 1.31% |
Obligations of State and Political Obligations [Member] | ||
Net Investment Income [Line Items] | ||
Number of securities, continuous loss position, over twelve months | 2 |
Investment_Securities_Schedule1
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | ($822) | ($1,191) |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 279,589 | 304,871 |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -3,404 | -9,528 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 250,605 | 535,047 |
Securities available for sale, Gross Unrealized Losses, Total | -4,226 | -10,719 |
Securities available for sale, Estimated Fair Value, Total | 530,194 | 839,918 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -10 | -9 |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 1,975 | 2,287 |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -597 | -862 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 23,693 | 29,402 |
Securities held to maturity, Gross Unrealized Losses, Total | -607 | -871 |
Securities held to maturity, Estimated Fair Value, Total | 25,668 | 31,689 |
Obligations of State and Political Obligations [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -2 | -2 |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 184 | 185 |
Securities available for sale, Gross Unrealized Losses, Total | -2 | -2 |
Securities available for sale, Estimated Fair Value, Total | 184 | 185 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -1 | -9 |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 899 | 2,287 |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -51 | -136 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 4,243 | 8,590 |
Securities held to maturity, Gross Unrealized Losses, Total | -52 | -145 |
Securities held to maturity, Estimated Fair Value, Total | 5,142 | 10,877 |
Mortgage-Backed Securities [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -695 | -1,189 |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 182,780 | 304,686 |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -3,162 | -5,995 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 211,373 | 294,549 |
Securities available for sale, Gross Unrealized Losses, Total | -3,857 | -7,184 |
Securities available for sale, Estimated Fair Value, Total | 394,153 | 599,235 |
Securities held to maturity, Less Than Twelve Months, Gross Unrealized Losses | -9 | |
Securities held to maturity, Less Than Twelve Months, Estimated Fair Value | 1,076 | |
Securities held to maturity, Over Twelve Months, Gross Unrealized Losses | -546 | -726 |
Securities held to maturity, Over Twelve Months, Estimated Fair Value | 19,450 | 20,812 |
Securities held to maturity, Gross Unrealized Losses, Total | -555 | -726 |
Securities held to maturity, Estimated Fair Value, Total | 20,526 | 20,812 |
U.S. Government-Sponsored Enterprise Obligations [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -111 | |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 86,271 | |
Securities available for sale, Over Twelve Months, Gross Unrealized Losses | -242 | -3,533 |
Securities available for sale, Over Twelve Months, Estimated Fair Value | 39,232 | 240,498 |
Securities available for sale, Gross Unrealized Losses, Total | -353 | -3,533 |
Securities available for sale, Estimated Fair Value, Total | 125,503 | 240,498 |
Other Securities [Member] | ||
Net Investment Income [Line Items] | ||
Securities available for sale, Less Than Twelve Months, Gross Unrealized Losses | -14 | |
Securities available for sale, Less Than Twelve Months, Estimated Fair Value | 10,354 | |
Securities available for sale, Gross Unrealized Losses, Total | -14 | |
Securities available for sale, Estimated Fair Value, Total | $10,354 |
Investment_Securities_Addition1
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Securities | Securities | |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 42 | 71 |
Number of securities, amortized costs | $278,300 | $574,840 |
Number of securities, unrealized loss | 4,002 | 10,390 |
Fannie Mae, Freddie Mac, or Ginnie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 40 | 66 |
Number of securities, amortized costs | 274,005 | 566,113 |
Number of securities, unrealized loss | 3,950 | 10,254 |
Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of securities, available for sale securities | 2 | 5 |
Number of securities, amortized costs | 4,295 | 8,727 |
Number of securities, unrealized loss | $52 | $136 |
Investment_Securities_Schedule2
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Securities Available for Sale, Weighted Average Yield, Within one year or less | 2.16% | |
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 | 2.17% | |
Securities Available for Sale, Weighted Average Yield, Over ten years | 2.18% | |
Securities Available for Sale, Weighted Average Yield, Total | 2.12% | |
Securities Available for Sale, Amortized Cost, Within one year or less | $84,514 | |
Securities Available for Sale, Amortized Cost, One through five years | 279,674 | |
Securities Available for Sale, Amortized Cost, After five through ten years | 406,800 | |
Securities Available for Sale, Amortized Cost, Over ten years | 1,545,702 | |
Securities Available for Sale, Amortized Cost, Total | 2,316,690 | |
Securities Available for Sale, Estimated Fair Value, Within one year or less | 84,638 | |
Securities Available for Sale, Estimated Fair Value, One through five years | 282,952 | |
Securities Available for Sale, Estimated Fair Value, After five through ten years | 414,109 | |
Securities Available for Sale, Estimated Fair Value, Over ten years | 1,560,914 | |
Securities Available for Sale, Estimated Fair Value, Totals | 2,342,613 | 2,158,853 |
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 | 2.80% | |
Securities Held to Maturity, Weighted Average Yield, After five through ten years | 3.01% | |
Securities Held to Maturity, Weighted Average Yield, Over ten years | 3.03% | |
Securities Held to Maturity, Weighted Average Yield, Totals | 2.97% | |
Securities Held to Maturity, Amortized Cost, Within one year or less | 10,075 | |
Securities Held to Maturity, Amortized Cost, One through five years | 12,933 | |
Securities Held to Maturity, Amortized Cost, After five through ten years | 20,128 | |
Securities Held to Maturity, Amortized Cost, Over ten years | 70,306 | |
Securities held to maturity, Amortized Cost | 113,442 | 116,960 |
Securities Held to Maturity, Estimated Fair Value, Within one year or less | 10,103 | |
Securities Held to Maturity, Estimated Fair Value, One through five years | 13,256 | |
Securities Held to Maturity, Estimated Fair Value, After five through ten years | 21,005 | |
Securities Held to Maturity, Estimated Fair Value, Over ten years | 72,007 | |
Securities Held to Maturity, Estimated Fair Value, Totals | $116,371 | $119,481 |
Investment_Securities_Schedule3
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Realized gains | $407 | $19 |
Realized losses | -21 | |
Net realized gains (losses) | $386 | $19 |
Investment_Securities_Schedule4
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $38,097 | $38,476 |
Federal Reserve Bank (FRB) stock | 34,348 | 34,348 |
Other investments | 1,316 | 1,306 |
Total | $73,761 | $74,130 |
Loans_Schedule_of_NonCovered_a
Loans - Schedule of Non-Covered and Covered Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | $12,622,341 | $10,996,500 | |
Covered loans receivable | 251,120 | 444,544 | |
Total loans receivable | 12,873,461 | 11,441,044 | |
Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 251,120 | 444,544 | 664,295 |
Covered Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 25,508 | 345,384 | |
Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 9,849,416 | 9,668,714 | |
Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 2,772,925 | 1,327,786 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 37,640 | 220,386 | |
Total loans receivable | 8,909,663 | 7,814,082 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 25,508 | 189,126 | |
Total loans receivable | 5,157,670 | 4,405,133 | |
Commercial Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 12,132 | 31,260 | |
Total loans receivable | 3,751,993 | 3,408,949 | |
Commercial Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 37,640 | 220,386 | |
Commercial Loans [Member] | Covered Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 25,508 | 189,126 | |
Commercial Loans [Member] | Covered Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 12,132 | 31,260 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 7,110,864 | 7,002,198 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 3,832,598 | 3,718,058 | |
Commercial Loans [Member] | Non-Covered Legacy Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 3,278,266 | 3,284,140 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 1,761,159 | 591,498 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 1,299,564 | 497,949 | |
Commercial Loans [Member] | Non-Covered Acquired Loans [Member] | Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 461,595 | 93,549 | |
Residential Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 131,767 | 128,024 | |
Total loans receivable | 1,164,286 | 1,080,297 | |
Residential Mortgage Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 131,767 | 128,024 | |
Total loans receivable | 1,101,170 | 1,048,241 | |
Residential Mortgage Loans [Member] | Construction / Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | 63,116 | 32,056 | |
Residential Mortgage Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 131,767 | 128,024 | |
Residential Mortgage Loans [Member] | Covered Loans [Member] | Residential 1-4 Family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 131,767 | 128,024 | |
Residential Mortgage Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 553,815 | 527,694 | |
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 | 490,699 | 495,638 | |
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 | 63,116 | 32,056 | |
Residential Mortgage Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 478,704 | 424,579 | |
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 | 478,704 | 424,579 | |
Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 81,713 | 96,134 | |
Total loans receivable | 2,799,512 | 2,546,665 | |
Consumer and Other Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 81,058 | 92,430 | |
Total loans receivable | 1,858,088 | 1,601,105 | |
Consumer and Other Loans [Member] | Indirect Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | 367,349 | 397,158 | |
Consumer and Other Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 655 | 3,704 | |
Total loans receivable | 574,075 | 548,402 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 81,713 | 96,134 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 81,058 | 92,430 | |
Consumer and Other Loans [Member] | Covered Loans [Member] | Consumer - Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Covered loans receivable | 655 | 3,704 | |
Consumer and Other Loans [Member] | Non-Covered Legacy Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 2,184,737 | 2,138,822 | |
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 | 1,335,390 | 1,290,976 | |
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 | 367,077 | 396,766 | |
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 | 482,270 | 451,080 | |
Consumer and Other Loans [Member] | Non-Covered Acquired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-Covered loans receivable | 533,062 | 311,709 | |
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 | 441,640 | 217,699 | |
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 | 272 | 392 | |
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 | $91,150 | $93,618 |
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 $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred loan origination fees | $20,900,000 | $20,600,000 | |
Deferred loan expenses | 9,600,000 | 9,400,000 | |
Deposit liabilities reclassified as loans receivable | 3,700,000 | 5,600,000 | |
Loans with carrying value pledged to secure public deposits and other borrowings | 3,100,000,000 | 3,100,000,000 | |
Carrying amounts of loans acquired | 1,400,000,000 | ||
Troubled Debt Restructurings [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total TDRs | 14,800,000 | 0 | |
Florida Bank Group, Inc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 304,500,000 | ||
Old Florida Bancshares, Inc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 1,100,000,000 | ||
Loans Acquired Without Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying amounts of loans acquired | 1,300,000,000 | ||
Loans Acquired With Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying amounts of loans acquired | $21,200,000 |
Loans_Schedule_of_Aging_of_Non
Loans - Schedule of Aging of Non-Covered Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Non-Covered Legacy Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | $15,449 | $23,365 |
Past Due, 60-89 days | 2,156 | 6,202 |
Past Due, Greater than 90 days | 60,303 | 35,724 |
Total Past Due | 77,908 | 65,291 |
Current | 9,771,508 | 9,603,423 |
Total Legacy Loans, Net of Unearned Income | 9,849,416 | 9,668,714 |
Recorded Investment > 90 days and Accruing | 239 | 754 |
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 | 126 | 69 |
Total Past Due | 126 | 576 |
Current | 521,859 | 483,663 |
Total Legacy Loans, Net of Unearned Income | 521,985 | 484,239 |
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 | 3,565 | 11,799 |
Past Due, 60-89 days | 205 | 148 |
Past Due, Greater than 90 days | 18,774 | 6,883 |
Total Past Due | 22,544 | 18,830 |
Current | 3,288,069 | 3,214,989 |
Total Legacy Loans, Net of Unearned Income | 3,310,613 | 3,233,819 |
Recorded Investment > 90 days and Accruing | 239 | |
Non-Covered Legacy Loans [Member] | Commercial Business [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 3,277 | 1,589 |
Past Due, 60-89 days | 497 | 1,860 |
Past Due, Greater than 90 days | 12,821 | 3,228 |
Total Past Due | 16,595 | 6,677 |
Current | 3,261,671 | 3,277,463 |
Total Legacy Loans, Net of Unearned Income | 3,278,266 | 3,284,140 |
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 | 2,608 | 1,389 |
Past Due, 60-89 days | 200 | 2,616 |
Past Due, Greater than 90 days | 11,166 | 11,305 |
Total Past Due | 13,974 | 15,310 |
Current | 423,428 | 392,900 |
Total Legacy Loans, Net of Unearned Income | 437,402 | 408,210 |
Recorded Investment > 90 days and Accruing | 538 | |
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 | 3,982 | 3,595 |
Total Past Due | 3,982 | 3,595 |
Current | 112,431 | 115,889 |
Total Legacy Loans, Net of Unearned Income | 116,413 | 119,484 |
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 | 2,251 | 4,096 |
Past Due, 60-89 days | 437 | 595 |
Past Due, Greater than 90 days | 9,853 | 7,420 |
Total Past Due | 12,541 | 12,111 |
Current | 1,322,849 | 1,278,865 |
Total Legacy Loans, Net of Unearned Income | 1,335,390 | 1,290,976 |
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 | 2,069 | 2,447 |
Past Due, 60-89 days | 455 | 396 |
Past Due, Greater than 90 days | 1,415 | 1,419 |
Total Past Due | 3,939 | 4,262 |
Current | 363,138 | 392,504 |
Total Legacy Loans, Net of Unearned Income | 367,077 | 396,766 |
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 | 141 | 253 |
Past Due, 60-89 days | 120 | 163 |
Past Due, Greater than 90 days | 1,300 | 1,032 |
Total Past Due | 1,561 | 1,448 |
Current | 70,603 | 71,297 |
Total Legacy Loans, Net of Unearned Income | 72,164 | 72,745 |
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 | 1,538 | 1,285 |
Past Due, 60-89 days | 242 | 424 |
Past Due, Greater than 90 days | 866 | 773 |
Total Past Due | 2,646 | 2,482 |
Current | 407,460 | 375,853 |
Total Legacy Loans, Net of Unearned Income | 410,106 | 378,335 |
Non-Covered Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 8,186 | 11,537 |
Past Due, 60-89 days | 3,771 | 3,849 |
Past Due, Greater than 90 days | 94,017 | 49,470 |
Total Past Due | 105,974 | 64,856 |
Current | 2,742,427 | 1,326,950 |
Total Legacy Loans, Net of Unearned Income | 2,772,925 | 1,327,786 |
Recorded Investment > 90 days and Accruing | 89,583 | 47,603 |
Discount | -75,476 | -64,020 |
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 | 41 | 2,740 |
Past Due, 60-89 days | 70 | 57 |
Past Due, Greater than 90 days | 6,803 | 1,284 |
Total Past Due | 6,914 | 4,081 |
Current | 55,749 | 26,667 |
Total Legacy Loans, Net of Unearned Income | 61,676 | 29,578 |
Recorded Investment > 90 days and Accruing | 6,713 | 1,284 |
Discount | -987 | -1,170 |
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 | 3,923 | 4,419 |
Past Due, 60-89 days | 1,900 | 840 |
Past Due, Greater than 90 days | 53,628 | 26,480 |
Total Past Due | 59,451 | 31,739 |
Current | 1,218,368 | 475,751 |
Total Legacy Loans, Net of Unearned Income | 1,237,888 | 468,371 |
Recorded Investment > 90 days and Accruing | 51,695 | 26,376 |
Discount | -39,931 | -39,119 |
Non-Covered Acquired Loans [Member] | Commercial Business [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due, 30-59 days | 326 | 2,106 |
Past Due, 60-89 days | 864 | 70 |
Past Due, Greater than 90 days | 4,453 | 1,635 |
Total Past Due | 5,643 | 3,811 |
Current | 459,595 | 94,962 |
Total Legacy Loans, Net of Unearned Income | 461,595 | 93,549 |
Recorded Investment > 90 days and Accruing | 4,205 | 1,635 |
Discount | -3,643 | -5,224 |
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 | 1,388 | 152 |
Past Due, 60-89 days | 771 | 2,367 |
Past Due, Greater than 90 days | 14,620 | 9,339 |
Total Past Due | 16,779 | 11,858 |
Current | 477,973 | 418,552 |
Total Legacy Loans, Net of Unearned Income | 478,704 | 424,579 |
Recorded Investment > 90 days and Accruing | 13,472 | 8,087 |
Discount | -16,048 | -5,831 |
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 | 1,514 | 649 |
Past Due, 60-89 days | 120 | 385 |
Past Due, Greater than 90 days | 12,873 | 8,774 |
Total Past Due | 14,507 | 9,808 |
Current | 438,938 | 216,310 |
Total Legacy Loans, Net of Unearned Income | 441,640 | 217,699 |
Recorded Investment > 90 days and Accruing | 11,927 | 8,383 |
Discount | -11,805 | -8,419 |
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 | 3 | 13 |
Past Due, 60-89 days | 17 | |
Past Due, Greater than 90 days | 22 | 9 |
Total Past Due | 25 | 39 |
Current | 277 | 393 |
Total Legacy Loans, Net of Unearned Income | 272 | 392 |
Recorded Investment > 90 days and Accruing | 22 | 9 |
Discount | -30 | -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 | 991 | 1,458 |
Past Due, 60-89 days | 46 | 113 |
Past Due, Greater than 90 days | 1,618 | 1,949 |
Total Past Due | 2,655 | 3,520 |
Current | 91,527 | 94,315 |
Total Legacy Loans, Net of Unearned Income | 91,150 | 93,618 |
Recorded Investment > 90 days and Accruing | 1,549 | 1,829 |
Discount | ($3,032) | ($4,217) |
Loans_Schedule_of_Aging_of_Non1
Loans - Schedule of Aging of Non-Covered Loans (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Past due loans threshold period | 90 days |
Loans_Schedule_of_Legacy_Loans
Loans - Schedule of Legacy Loans on Nonaccrual Status (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | $60,064 | $34,970 |
Commercial Loans [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 126 | 69 |
Commercial Loans [Member] | Commercial Real Estate - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 18,535 | 6,883 |
Commercial Loans [Member] | Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 12,821 | 3,028 |
Residential Mortgage Loans [Member] | Residential Prime [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 11,166 | 10,767 |
Residential Mortgage Loans [Member] | Residential Subprime [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 3,982 | 3,595 |
Consumer and Other Loans [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 9,853 | 7,404 |
Consumer and Other Loans [Member] | Indirect Automobile [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 1,415 | 1,419 |
Consumer and Other Loans [Member] | Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | 1,300 | 1,032 |
Consumer and Other Loans [Member] | Consumer - Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans on nonaccrual status | $866 | $773 |
Loans_Schedule_of_Carrying_Amo
Loans - Schedule of Carrying Amount of Acquired Covered Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | $33,283 | $37,532 |
Acquired Performing Loans | 217,837 | 407,012 |
Balance at end of period | 251,120 | 444,544 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 2,740 | 1,253 |
Acquired Performing Loans | 34,900 | 219,133 |
Balance at end of period | 37,640 | 220,386 |
Commercial Loans [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 2,740 | 1,253 |
Acquired Performing Loans | 22,768 | 187,873 |
Balance at end of period | 25,508 | 189,126 |
Commercial Loans [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Performing Loans | 12,132 | 31,260 |
Balance at end of period | 12,132 | 31,260 |
Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 23,006 | 22,918 |
Acquired Performing Loans | 108,761 | 105,106 |
Balance at end of period | 131,767 | 128,024 |
Residential Mortgage Loans [Member] | Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 23,006 | 22,918 |
Acquired Performing Loans | 108,761 | 105,106 |
Balance at end of period | 131,767 | 128,024 |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 7,537 | 13,361 |
Acquired Performing Loans | 74,176 | 82,773 |
Balance at end of period | 81,713 | 96,134 |
Consumer and Other Loans [Member] | Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 7,537 | 12,872 |
Acquired Performing Loans | 73,521 | 79,558 |
Balance at end of period | 81,058 | 92,430 |
Consumer and Other Loans [Member] | Consumer - Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Acquired Impaired Loans | 489 | |
Acquired Performing Loans | 655 | 3,215 |
Balance at end of period | $655 | $3,704 |
Loans_Schedule_of_Carrying_Amo1
Loans - Schedule of Carrying Amount of Loans Acquired under ASC Topic 310-10 (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Loans [Line Items] | |
Contractually required principal and interest at acquisition | $23,678 |
Expected losses and foregone interest | -467 |
Cash flows expected to be collected at acquisition | 23,211 |
Fair value of acquired loans at acquisition | 21,179 |
Asc 310-10 Loan [Member] | |
Loans [Line Items] | |
Contractually required principal and interest at acquisition | 1,586,694 |
Expected losses and foregone interest | -20,103 |
Cash flows expected to be collected at acquisition | 1,566,591 |
Fair value of acquired loans at acquisition | $1,347,040 |
Loans_Schedule_of_Carrying_Amo2
Loans - Schedule of Carrying Amount of Loans Acquired (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required principal and interest at acquisition | $23,678 |
Nonaccretable difference (expected losses and foregone interest) | -467 |
Cash flows expected to be collected at acquisition | 23,211 |
Accretable yield | -2,032 |
Basis in acquired loans at acquisition | 21,179 |
Acquired Impaired Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Contractually required principal and interest at acquisition | 23,678 |
Nonaccretable difference (expected losses and foregone interest) | -467 |
Cash flows expected to be collected at acquisition | 23,211 |
Accretable yield | -2,032 |
Basis in acquired loans at acquisition | $21,179 |
Loans_Summary_of_Changes_in_Ac
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | $287,651 | $354,892 |
Acquisition | 2,032 | 2,465 |
Transfers from nonaccretable difference to accretable yield | -1 | 6,461 |
Accretion | -22,818 | -28,305 |
Changes in expected cash flows not affecting nonaccretable differences | -1,915 | 495 |
Balance at end of period | 264,949 | 336,008 |
Acquired Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 74,249 | 78,349 |
Acquisition | 2,032 | 929 |
Transfers from nonaccretable difference to accretable yield | -409 | 1,515 |
Accretion | -4,742 | -2,237 |
Changes in expected cash flows not affecting nonaccretable differences | 75 | -6,097 |
Balance at end of period | 71,205 | 72,459 |
Acquired Performing Impaired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | 213,402 | 276,543 |
Acquisition | 1,536 | |
Transfers from nonaccretable difference to accretable yield | 408 | 4,946 |
Accretion | -18,076 | -26,068 |
Changes in expected cash flows not affecting nonaccretable differences | -1,990 | 6,592 |
Balance at end of period | $193,744 | $263,549 |
Loans_Schedule_of_Troubled_Deb
Loans - Schedule of Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
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 |
Nonaccrual TDRs | 456,000 | |
Total TDRs | 456,000 | |
Commercial Loans [Member] | Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 344,000 | 389,000 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 1,925,000 | 3,662,000 |
Total TDRs | 2,269,000 | 4,051,000 |
Commercial Loans [Member] | Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 1,042,000 | 894,000 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 14,890,000 | 3,152,000 |
Total TDRs | 15,932,000 | 4,046,000 |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing Loans, Current | 1,386,000 | 1,283,000 |
Accruing Loans, Past Due Greater than 30 Days | 0 | 0 |
Nonaccrual TDRs | 17,048,000 | 7,523,000 |
Total TDRs | 18,434,000 | 8,806,000 |
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 | 233,000 | 253,000 |
Total TDRs | $233,000 | $253,000 |
Loans_Schedule_of_Modified_TDR
Loans - Schedule of Modified TDRs (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Receivables [Abstract] | |
Extended maturities | $0 |
Interest rate adjustment | 0 |
Maturity and interest rate adjustment | 14,812 |
Movement to or extension of interest-rate only payments | 0 |
Forbearance | 0 |
Other concession(s) | 0 |
Total | $14,812 |
Loans_Schedule_of_Subsequently
Loans - Schedule of Subsequently Defaulted TDRs (Detail) (TDRs Occurring During The Period [Member], Non-Covered TDRs [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
SecurityLoan | SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 7 | |
Pre-modification Outstanding Recorded Investment | $15,097 | |
Post-modification Outstanding Recorded Investment | 14,812 | |
Number of Loans | 41 | 50 |
Recorded Investment | 372 | 6,890 |
Real Estate [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Pre-modification Outstanding Recorded Investment | 1,935 | |
Post-modification Outstanding Recorded Investment | 1,743 | |
Number of Loans | 31 | 31 |
Recorded Investment | 4,118 | |
Business [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 6 | |
Pre-modification Outstanding Recorded Investment | 13,162 | |
Post-modification Outstanding Recorded Investment | 13,069 | |
Number of Loans | 9 | 17 |
Recorded Investment | 372 | 2,729 |
Home Equity [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | 1 | |
Recorded Investment | $43 | |
Consumer - Other [Member] | Consumer and Other Loans [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 $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loans losses at beginning of period | $130,131 | $143,074 |
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | -3,493 | -2,773 |
Adjustment attributable to FDIC loss share arrangements | 1,852 | 4,876 |
Net (reversal of) provision for loan losses | 5,345 | 2,103 |
Adjustment attributable to FDIC loss share arrangements | -1,852 | -4,876 |
Transfer of balance to OREO | -26 | -4,931 |
Loans charged-off | -6,528 | -2,578 |
Recoveries | 1,243 | 1,810 |
Allowance for loans losses at end of period | 128,313 | 134,602 |
Balance at beginning of period | 11,801 | 11,147 |
Provision for unfunded lending commitments | 1,048 | 372 |
Balance at end of period | 12,849 | 11,519 |
Allowance for credit losses at end of period | 141,162 | 146,121 |
Non-Covered Legacy Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loans losses at beginning of period | 76,174 | 67,342 |
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | -4,177 | 1,996 |
Net (reversal of) provision for loan losses | 4,177 | 1,996 |
Loans charged-off | -2,669 | -2,544 |
Recoveries | 1,091 | 1,530 |
Allowance for loans losses at end of period | 78,773 | 68,324 |
Balance at beginning of period | 11,801 | 11,147 |
Provision for unfunded lending commitments | 1,048 | 372 |
Balance at end of period | 12,849 | 11,519 |
Allowance for credit losses at end of period | 91,622 | 79,843 |
Non-Covered Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loans losses at beginning of period | 9,193 | 4,557 |
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | -1,018 | -1,235 |
Net (reversal of) provision for loan losses | 1,018 | -1,235 |
Transfer of balance to OREO | 5 | -382 |
Transfer of balance to non-covered | 28,700 | |
Loans charged-off | -3,650 | -34 |
Recoveries | 144 | 242 |
Allowance for loans losses at end of period | 35,410 | 3,148 |
Allowance for credit losses at end of period | 35,410 | 3,148 |
Covered Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loans losses at beginning of period | 44,764 | 71,175 |
Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements | 1,702 | -3,534 |
Adjustment attributable to FDIC loss share arrangements | 1,852 | 4,876 |
Net (reversal of) provision for loan losses | 150 | 1,342 |
Adjustment attributable to FDIC loss share arrangements | -1,852 | -4,876 |
Transfer of balance to OREO | -31 | -4,549 |
Transfer of balance to non-covered | -28,700 | |
Loans charged-off | -209 | |
Recoveries | 8 | 38 |
Allowance for loans losses at end of period | 14,130 | 63,130 |
Allowance for credit losses at end of period | $14,130 | $63,130 |
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 | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Transfer of balance to OREO | ($26) | ($4,931) | |
Loans charged off | -6,528 | -2,578 | |
Recoveries | 1,243 | 1,810 | |
Balance at beginning of period | 11,801 | 11,147 | |
Balance at end of period | 12,849 | 11,519 | |
Allowance for credit losses at end of period | 141,162 | 146,121 | |
Balance at end of period | 251,120 | 444,544 | |
Non-Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 85,367 | 71,899 | |
Provision for (Reversal of) loan losses | 5,195 | 761 | |
Transfer of balance to OREO | 5 | -382 | |
Transfer of balance to non-covered | 28,700 | ||
Loans charged off | -6,319 | -2,578 | |
Recoveries | 1,235 | 1,772 | |
Allowance for loans losses at end of period | 114,183 | 71,472 | |
Balance at beginning of period | 11,801 | 11,147 | |
Provision for unfunded commitments | 1,048 | 372 | |
Balance at end of period | 12,849 | 11,519 | |
Allowance for credit losses at end of period | 127,032 | 82,991 | |
Allowance on loans individually evaluated for impairment | 773 | 650 | |
Allowance on loans collectively evaluated for impairment | 113,410 | 70,822 | |
Balance at end of period | 12,622,341 | 8,976,999 | |
Balance at end of period individually evaluated for impairment | 33,363 | 14,324 | |
Balance at end of period collectively evaluated for impairment | 12,543,987 | 8,940,265 | |
Balance at end of period acquired with deteriorated credit quality | 44,991 | 22,410 | |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 44,764 | 71,175 | |
Provision for (Reversal of) loan losses | 150 | 1,342 | |
(Decrease) Increase in FDIC loss share receivable | -1,852 | -4,876 | |
Transfer of balance to OREO | -31 | -4,549 | |
Transfer of balance to non-covered | -28,700 | ||
Loans charged off | -209 | ||
Recoveries | 8 | 38 | |
Allowance for loans losses at end of period | 14,130 | 63,130 | |
Allowance for credit losses at end of period | 14,130 | 63,130 | |
Allowance on loans collectively evaluated for impairment | 14,130 | 63,130 | |
Balance at end of period | 251,120 | 664,295 | 444,544 |
Balance at end of period collectively evaluated for impairment | 217,837 | 612,495 | |
Balance at end of period acquired with deteriorated credit quality | 33,283 | 51,800 | |
Real Estate [Member] | Non-Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 33,021 | 26,590 | |
Provision for (Reversal of) loan losses | -1,024 | 790 | |
Transfer of balance to OREO | -4 | -175 | |
Transfer of balance to non-covered | 20,982 | ||
Loans charged off | -3,235 | -599 | |
Recoveries | 173 | 846 | |
Allowance for loans losses at end of period | 49,913 | 27,452 | |
Balance at beginning of period | 3,439 | 3,089 | |
Provision for unfunded commitments | 128 | 372 | |
Balance at end of period | 3,567 | 3,461 | |
Allowance for credit losses at end of period | 53,480 | 30,913 | |
Allowance on loans individually evaluated for impairment | 21 | ||
Allowance on loans collectively evaluated for impairment | 49,892 | 27,452 | |
Balance at end of period | 5,132,162 | 3,607,349 | |
Balance at end of period individually evaluated for impairment | 20,077 | 7,905 | |
Balance at end of period collectively evaluated for impairment | 5,085,560 | 3,581,894 | |
Balance at end of period acquired with deteriorated credit quality | 26,525 | 17,550 | |
Real Estate [Member] | Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 24,072 | 38,772 | |
Provision for (Reversal of) loan losses | 44 | 731 | |
(Decrease) Increase in FDIC loss share receivable | -22 | -5,629 | |
Transfer of balance to OREO | -1,866 | ||
Transfer of balance to non-covered | -20,982 | ||
Loans charged off | -209 | ||
Recoveries | 38 | ||
Allowance for loans losses at end of period | 2,903 | 32,046 | |
Allowance on loans collectively evaluated for impairment | 2,903 | 32,046 | |
Balance at end of period | 25,508 | 345,384 | |
Balance at end of period collectively evaluated for impairment | 22,768 | 340,808 | |
Balance at end of period acquired with deteriorated credit quality | 2,740 | 4,576 | |
Commercial Business [Member] | Non-Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 32,094 | 28,515 | |
Provision for (Reversal of) loan losses | 2,205 | 73 | |
Transfer of balance to OREO | -149 | ||
Transfer of balance to non-covered | 1,226 | ||
Loans charged off | -565 | -61 | |
Recoveries | 49 | 33 | |
Allowance for loans losses at end of period | 35,009 | 28,411 | |
Balance at beginning of period | 5,260 | 4,839 | |
Provision for unfunded commitments | 184 | 91 | |
Balance at end of period | 5,444 | 4,930 | |
Allowance for credit losses at end of period | 40,453 | 33,341 | |
Allowance on loans individually evaluated for impairment | 749 | 464 | |
Allowance on loans collectively evaluated for impairment | 34,260 | 27,947 | |
Balance at end of period | 3,739,861 | 2,948,088 | |
Balance at end of period individually evaluated for impairment | 12,593 | 5,108 | |
Balance at end of period collectively evaluated for impairment | 3,724,928 | 2,939,935 | |
Balance at end of period acquired with deteriorated credit quality | 2,340 | 3,045 | |
Commercial Business [Member] | Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 1,235 | 5,380 | |
Provision for (Reversal of) loan losses | 102 | ||
(Decrease) Increase in FDIC loss share receivable | -8 | -31 | |
Transfer of balance to OREO | -1 | -1,165 | |
Transfer of balance to non-covered | -1,226 | ||
Allowance for loans losses at end of period | 4,286 | ||
Allowance on loans collectively evaluated for impairment | 4,286 | ||
Balance at end of period | 12,132 | 41,695 | |
Balance at end of period collectively evaluated for impairment | 12,132 | 41,291 | |
Balance at end of period acquired with deteriorated credit quality | 404 | ||
Residential Mortgage [Member] | Non-Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 2,875 | 2,546 | |
Provision for (Reversal of) loan losses | 1,539 | -278 | |
Transfer of balance to OREO | 28 | -58 | |
Loans charged off | -71 | -48 | |
Recoveries | 13 | 13 | |
Allowance for loans losses at end of period | 4,384 | 2,175 | |
Balance at beginning of period | 168 | 72 | |
Provision for unfunded commitments | 660 | 2,983 | |
Balance at end of period | 828 | 3,055 | |
Allowance for credit losses at end of period | 5,212 | 5,230 | |
Allowance on loans individually evaluated for impairment | 186 | ||
Allowance on loans collectively evaluated for impairment | 4,384 | 1,989 | |
Balance at end of period | 1,032,519 | 450,881 | |
Balance at end of period individually evaluated for impairment | 1,058 | ||
Balance at end of period collectively evaluated for impairment | 1,019,596 | 449,525 | |
Balance at end of period acquired with deteriorated credit quality | 12,923 | 298 | |
Residential Mortgage [Member] | Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 6,286 | 10,889 | |
Provision for (Reversal of) loan losses | 99 | 205 | |
(Decrease) Increase in FDIC loss share receivable | 24 | -166 | |
Transfer of balance to OREO | -16 | -315 | |
Recoveries | 8 | ||
Allowance for loans losses at end of period | 6,401 | 10,613 | |
Allowance on loans collectively evaluated for impairment | 6,401 | 10,613 | |
Balance at end of period | 131,767 | 149,202 | |
Balance at end of period collectively evaluated for impairment | 108,761 | 121,385 | |
Balance at end of period acquired with deteriorated credit quality | 23,006 | 27,817 | |
Consumer [Member] | Non-Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 17,377 | 14,248 | |
Provision for (Reversal of) loan losses | 2,475 | 176 | |
Transfer of balance to OREO | -19 | ||
Transfer of balance to non-covered | 6,492 | ||
Loans charged off | -2,448 | -1,870 | |
Recoveries | 1,000 | 880 | |
Allowance for loans losses at end of period | 24,877 | 13,434 | |
Balance at beginning of period | 2,934 | 3,147 | |
Provision for unfunded commitments | 76 | -3,074 | |
Balance at end of period | 3,010 | 73 | |
Allowance for credit losses at end of period | 27,887 | 13,507 | |
Allowance on loans individually evaluated for impairment | 3 | ||
Allowance on loans collectively evaluated for impairment | 24,874 | 13,434 | |
Balance at end of period | 2,717,799 | 1,970,681 | |
Balance at end of period individually evaluated for impairment | 693 | 253 | |
Balance at end of period collectively evaluated for impairment | 2,713,903 | 1,968,911 | |
Balance at end of period acquired with deteriorated credit quality | 3,203 | 1,517 | |
Consumer [Member] | Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loans losses at beginning of period | 13,171 | 16,134 | |
Provision for (Reversal of) loan losses | 7 | 304 | |
(Decrease) Increase in FDIC loss share receivable | -1,846 | 950 | |
Transfer of balance to OREO | -14 | -1,203 | |
Transfer of balance to non-covered | -6,492 | ||
Allowance for loans losses at end of period | 4,826 | 16,185 | |
Allowance on loans collectively evaluated for impairment | 4,826 | 16,185 | |
Balance at end of period | 81,713 | 128,014 | |
Balance at end of period collectively evaluated for impairment | 74,176 | 109,011 | |
Balance at end of period acquired with deteriorated credit quality | $7,537 | $19,003 |
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 $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | $14,812 | ||
Total | 12,622,341 | 10,996,500 | |
Balance at end of period | 251,120 | 444,544 | |
Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 591,498 | ||
Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 29,578 | ||
Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 468,371 | ||
Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 93,549 | ||
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 251,120 | 444,544 | 664,295 |
Covered Loans [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 226,981 | 241,057 | |
30+ Days Past Due | 33,035 | 38,652 | |
Discount | -46,536 | -55,551 | |
Balance at end of period | 213,480 | 224,158 | |
Covered Loans [Member] | Residential Prime [Member] | Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 133,639 | 140,628 | |
30+ Days Past Due | 20,976 | 22,058 | |
Discount | -22,848 | -34,662 | |
Balance at end of period | 131,767 | 128,024 | |
Covered Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 92,599 | 99,478 | |
30+ Days Past Due | 12,017 | 16,542 | |
Discount | -23,558 | -23,590 | |
Balance at end of period | 81,058 | 92,430 | |
Covered Loans [Member] | Credit Card [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 522 | 614 | |
30+ Days Past Due | 25 | 34 | |
Balance at end of period | 547 | 648 | |
Covered Loans [Member] | Consumer - Other [Member] | Consumer Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 221 | 337 | |
30+ Days Past Due | 17 | 18 | |
Discount | -130 | 2,701 | |
Balance at end of period | 108 | 3,056 | |
Covered Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at end of period | 12,132 | 41,695 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -23,895 | -16,514 | |
Total | 37,640 | 220,386 | |
Total | 61,535 | 236,900 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 1,489 | 44,667 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 46,444 | 159,183 | |
Covered Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 13,602 | 33,050 | |
Covered Loans [Member] | Pass [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 27,559 | 145,620 | |
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 | 602 | 34,731 | |
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 | 20,203 | 87,509 | |
Covered Loans [Member] | Pass [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 6,754 | 23,380 | |
Covered Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 8,198 | 22,745 | |
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 | 865 | 1,928 | |
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 | 6,132 | 20,422 | |
Covered Loans [Member] | Special Mention [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,201 | 395 | |
Covered Loans [Member] | Sub-standard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 25,778 | 68,535 | |
Covered Loans [Member] | Sub-standard [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 22 | 8,008 | |
Covered Loans [Member] | Sub-standard [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 20,109 | 51,252 | |
Covered Loans [Member] | Sub-standard [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 5,647 | 9,275 | |
Non-Covered Legacy Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -9,849,416 | -9,668,714 | |
Current | 2,699,909 | 2,627,308 | |
30+ Days Past Due | 38,643 | 39,208 | |
Total | 2,738,552 | 2,666,516 | |
Credit risk by payment status, Current | 9,771,508 | 9,603,423 | |
Total | 9,849,416 | 9,668,714 | |
Non-Covered Legacy Loans [Member] | Residential Prime [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 423,428 | 392,900 | |
30+ Days Past Due | 13,974 | 15,310 | |
Total | 437,402 | 408,210 | |
Non-Covered Legacy Loans [Member] | Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 1,322,849 | 1,278,865 | |
30+ Days Past Due | 12,541 | 12,111 | |
Total | 1,335,390 | 1,290,976 | |
Non-Covered Legacy Loans [Member] | Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 70,603 | 71,297 | |
30+ Days Past Due | 1,561 | 1,448 | |
Total | 72,164 | 72,745 | |
Non-Covered Legacy Loans [Member] | Consumer - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 407,460 | 375,853 | |
30+ Days Past Due | 2,646 | 2,482 | |
Total | 410,106 | 378,335 | |
Non-Covered Legacy Loans [Member] | Residential Subprime [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 112,431 | 115,889 | |
30+ Days Past Due | 3,982 | 3,595 | |
Total | 116,413 | 119,484 | |
Non-Covered Legacy Loans [Member] | Indirect Automobile [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Current | 363,138 | 392,504 | |
30+ Days Past Due | 3,939 | 4,262 | |
Total | 367,077 | 396,766 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 7,110,864 | 7,002,198 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 521,985 | 484,239 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 3,310,613 | 3,233,819 | |
Non-Covered Legacy Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total | 3,278,266 | 3,284,140 | |
Non-Covered Legacy Loans [Member] | Pass [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 6,970,772 | 6,891,435 | |
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 | 520,132 | 483,930 | |
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 | 3,228,538 | 3,161,593 | |
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 | 3,222,102 | 3,245,912 | |
Non-Covered Legacy Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 77,426 | 57,417 | |
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 | 1,413 | 240 | |
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 | 53,850 | 49,847 | |
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 | 22,163 | 7,330 | |
Non-Covered Legacy Loans [Member] | Sub-standard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 60,569 | 51,251 | |
Non-Covered Legacy Loans [Member] | Sub-standard [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 440 | 69 | |
Non-Covered Legacy Loans [Member] | Sub-standard [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 28,017 | 22,217 | |
Non-Covered Legacy Loans [Member] | Sub-standard [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 32,112 | 28,965 | |
Non-Covered Legacy Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 2,097 | 2,095 | |
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 | 208 | 162 | |
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 | 1,889 | 1,933 | |
Non-Covered Acquired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -2,772,925 | -1,327,786 | |
Credit risk by payment status, Current | 2,742,427 | 1,326,950 | |
Total | 2,772,925 | 1,327,786 | |
Non-Covered Acquired Loans [Member] | Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 1,008,715 | 729,570 | |
30+ Days Past Due | 33,966 | 25,225 | |
Discount | -30,915 | -18,507 | |
Total | 1,011,766 | 736,288 | |
Non-Covered Acquired Loans [Member] | Fair Value [Member] | Residential Prime [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 477,973 | 418,552 | |
30+ Days Past Due | 16,779 | 11,858 | |
Discount | -16,048 | -5,831 | |
Total | 478,704 | 424,579 | |
Non-Covered Acquired Loans [Member] | Fair Value [Member] | Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 438,938 | 216,310 | |
30+ Days Past Due | 14,507 | 9,808 | |
Discount | -11,805 | -8,419 | |
Total | 441,640 | 217,699 | |
Non-Covered Acquired Loans [Member] | Fair Value [Member] | Consumer - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 91,527 | 94,315 | |
30+ Days Past Due | 2,655 | 3,520 | |
Discount | -3,032 | -4,217 | |
Total | 91,150 | 93,618 | |
Non-Covered Acquired Loans [Member] | Fair Value [Member] | Indirect Automobile [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit risk by payment status, Current | 277 | 393 | |
30+ Days Past Due | 25 | 39 | |
Discount | -30 | -40 | |
Total | 272 | 392 | |
Non-Covered Acquired Loans [Member] | Internally Assigned Grade Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -44,561 | -45,513 | |
Total | 1,761,159 | ||
Non-Covered Acquired Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -987 | -1,170 | |
Total | 61,676 | ||
Non-Covered Acquired Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -39,931 | -39,119 | |
Total | 1,237,888 | ||
Non-Covered Acquired Loans [Member] | Internally Assigned Grade Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Discount | -3,643 | -5,224 | |
Total | 461,595 | ||
Non-Covered Acquired Loans [Member] | Pass [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,691,826 | 561,512 | |
Non-Covered Acquired Loans [Member] | Pass [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 54,705 | 24,118 | |
Non-Covered Acquired Loans [Member] | Pass [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,183,950 | 445,557 | |
Non-Covered Acquired Loans [Member] | Pass [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 453,171 | 91,837 | |
Non-Covered Acquired Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 22,792 | 16,661 | |
Non-Covered Acquired 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 | 602 | 2,006 | |
Non-Covered Acquired 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 | 18,391 | 12,794 | |
Non-Covered Acquired Loans [Member] | Special Mention [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 3,799 | 1,861 | |
Non-Covered Acquired Loans [Member] | Sub-standard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 88,226 | 58,581 | |
Non-Covered Acquired Loans [Member] | Sub-standard [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 6,447 | 4,624 | |
Non-Covered Acquired Loans [Member] | Sub-standard [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 74,368 | 49,139 | |
Non-Covered Acquired Loans [Member] | Sub-standard [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 7,411 | 4,818 | |
Non-Covered Acquired Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 2,842 | 257 | |
Non-Covered Acquired Loans [Member] | Doubtful [Member] | Commercial Real Estate Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 909 | ||
Non-Covered Acquired Loans [Member] | Doubtful [Member] | Commercial Real Estate - Other [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 1,110 | ||
Non-Covered Acquired Loans [Member] | Doubtful [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 823 | 257 | |
Non-Covered Acquired Loans [Member] | Loss [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | 34 | ||
Non-Covered Acquired Loans [Member] | Loss [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Credit quality indicator by asset risk classification | $34 |
Allowance_for_Credit_Losses_an5
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Impaired Loan (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $61,529 | ||
Unpaid Principal Balance | 62,497 | ||
Related Allowance | -968 | -767 | |
Average Recorded Investment | 63,239 | 34,535 | 36,560 |
Interest Income Recognized | 32 | 28 | 37,327 |
Commercial Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 32,680 | ||
Unpaid Principal Balance | 33,456 | ||
Related Allowance | -776 | -433 | |
Average Recorded Investment | 33,686 | 14,154 | 11,443 |
Interest Income Recognized | 25 | 28 | 11,876 |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 16,648 | ||
Unpaid Principal Balance | 16,648 | ||
Average Recorded Investment | 16,608 | 7,493 | 6,680 |
Interest Income Recognized | 7 | 6,680 | |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,656 | ||
Unpaid Principal Balance | 1,656 | ||
Average Recorded Investment | 1,690 | 2,107 | 2,483 |
Interest Income Recognized | 18 | 2,483 | |
Commercial Loans [Member] | With No Related Allowance Recorded [Member] | Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 676 | ||
Unpaid Principal Balance | 676 | ||
Average Recorded Investment | 679 | 255 | 682 |
Interest Income Recognized | 7 | 682 | |
Commercial Loans [Member] | With An Allowance Recorded [Member] | Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,921 | ||
Unpaid Principal Balance | 2,945 | ||
Related Allowance | -24 | -25 | |
Average Recorded Investment | 3,011 | 1,223 | 1,068 |
Interest Income Recognized | 8 | 1,093 | |
Commercial Loans [Member] | With An Allowance Recorded [Member] | Business [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 11,455 | ||
Unpaid Principal Balance | 12,207 | ||
Related Allowance | -752 | -408 | |
Average Recorded Investment | 12,377 | 3,331 | 1,212 |
Interest Income Recognized | 20 | 1,620 | |
Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 15,062 | ||
Unpaid Principal Balance | 15,148 | ||
Related Allowance | -86 | -252 | |
Average Recorded Investment | 15,331 | 10,460 | 14,111 |
Interest Income Recognized | 14,363 | ||
Mortgage Loans [Member] | With An Allowance Recorded [Member] | Residential Prime [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 11,103 | ||
Unpaid Principal Balance | 11,166 | ||
Related Allowance | -63 | -236 | |
Average Recorded Investment | 11,314 | 8,834 | 10,532 |
Interest Income Recognized | 10,768 | ||
Mortgage Loans [Member] | With An Allowance Recorded [Member] | Residential Subprime [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 3,959 | ||
Unpaid Principal Balance | 3,982 | ||
Related Allowance | -23 | -16 | |
Average Recorded Investment | 4,017 | 1,626 | 3,579 |
Interest Income Recognized | 3,595 | ||
Consumer Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 13,787 | ||
Unpaid Principal Balance | 13,893 | ||
Related Allowance | -106 | -82 | |
Average Recorded Investment | 14,222 | 9,921 | 11,006 |
Interest Income Recognized | 7 | 11,088 | |
Consumer Loans [Member] | With An Allowance Recorded [Member] | Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 9,558 | ||
Unpaid Principal Balance | 9,619 | ||
Related Allowance | -61 | -44 | |
Average Recorded Investment | 9,720 | 7,331 | 7,121 |
Interest Income Recognized | 7,165 | ||
Consumer Loans [Member] | With An Allowance Recorded [Member] | Indirect Automobile [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,404 | ||
Unpaid Principal Balance | 1,415 | ||
Related Allowance | -11 | -9 | |
Average Recorded Investment | 1,658 | 1,474 | 1,410 |
Interest Income Recognized | 1,419 | ||
Consumer Loans [Member] | With An Allowance Recorded [Member] | Credit Card [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,277 | ||
Unpaid Principal Balance | 1,300 | ||
Related Allowance | -23 | -20 | |
Average Recorded Investment | 1,194 | 370 | 1,012 |
Interest Income Recognized | 1,032 | ||
Consumer Loans [Member] | With An Allowance Recorded [Member] | Consumer - Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 872 | ||
Unpaid Principal Balance | 883 | ||
Related Allowance | -11 | -9 | |
Average Recorded Investment | 971 | 491 | 781 |
Interest Income Recognized | $790 |
Loss_Sharing_Agreements_and_FD2
Loss Sharing Agreements and FDIC Loss Share Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
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 | |
FDIC loss share receivable | $60,972 | $69,627 |
Loss_Sharing_Agreements_and_FD3
Loss Sharing Agreements and FDIC Loss Share Receivable - Schedule of FDIC Loss Share Receivables (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
FDIC Loss Share Receivable [Line Items] | ||
Balance at beginning of period | $69,627 | |
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | -1,852 | -4,876 |
Amortization | -6,013 | -19,264 |
Balance at end of period | 60,972 | |
FDIC Loss Share Receivables [Member] | ||
FDIC Loss Share Receivable [Line Items] | ||
Balance at beginning of period | 69,627 | 162,312 |
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | -1,852 | -4,876 |
Amortization | -6,013 | -19,264 |
Recoveries payable (submission of reimbursable losses) to the FDIC | -78 | 3,055 |
Changes due to a change in cash flow assumptions on OREO and other changes | -712 | -42 |
Balance at end of period | $60,972 | $141,185 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2013 | $517,526 | $401,872 | |
Goodwill acquired during the period | 104,197 | 115,654 | |
Balance, December 31, 2014 | 621,723 | 517,526 | |
IBERIABANK [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2013 | 489,183 | 373,905 | |
Goodwill acquired during the period | 104,197 | 115,278 | |
Balance, December 31, 2014 | 593,380 | 489,183 | |
IMC [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2013 | 23,178 | ||
Balance, December 31, 2014 | 23,178 | 23,178 | 23,178 |
LTC [Member] | |||
Goodwill And Other Intangibles [Line Items] | |||
Balance, December 31, 2013 | 4,789 | ||
Goodwill acquired during the period | 376 | ||
Balance, December 31, 2014 | $5,165 | $5,165 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Values (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $78,968 | $57,665 |
Accumulated Amortization | -38,851 | -37,304 |
Net Carrying Amount | 40,117 | 20,361 |
Mortgage Servicing Rights [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,988 | 4,751 |
Accumulated Amortization | -1,453 | -1,253 |
Net Carrying Amount | $3,535 | $3,498 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (Other Assets [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Other Assets [Member] | ||
Goodwill And Other Intangibles [Line Items] | ||
Title plant assets | $6.70 | $6.70 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $78,968 | $57,665 |
Accumulated Amortization | -38,851 | -37,304 |
Net Carrying Amount | 40,117 | 20,361 |
Core Deposit Intangibles [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 77,252 | 55,949 |
Accumulated Amortization | -37,818 | -36,354 |
Net Carrying Amount | 39,434 | 19,595 |
Customer Relationship Intangible Asset [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,348 | 1,348 |
Accumulated Amortization | -865 | -822 |
Net Carrying Amount | 483 | 526 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 163 | 163 |
Accumulated Amortization | -105 | -82 |
Net Carrying Amount | 58 | 81 |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 205 | 205 |
Accumulated Amortization | -63 | -46 |
Net Carrying Amount | $142 | $159 |
Derivative_Instruments_and_Oth2
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) (Not Designated as Hedging Instruments [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | $1,130,568 | $823,180 |
Derivative Liability, Notional Amount | 1,231,363 | 1,062,436 |
Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 139,339 | 15,897 |
Derivative Liability, Notional Amount | 514,645 | 391,992 |
Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 502,020 | 444,703 |
Derivative Liability, Notional Amount | 502,020 | 444,703 |
Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | 489,209 | 362,580 |
Derivative Liability, Notional Amount | 214,698 | 225,741 |
Other Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 41,120 | 32,903 |
Other Assets [Member] | Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 1,125 | 25 |
Other Assets [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 19,970 | 15,434 |
Other Assets [Member] | Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Fair Value | 20,025 | 17,444 |
Other Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 35,704 | 31,354 |
Other Liabilities [Member] | Forward Sales Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 3,910 | 2,556 |
Other Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | 19,970 | 15,434 |
Other Liabilities [Member] | Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Fair Value | $11,824 | $13,364 |
Derivative_Instruments_and_Oth3
Derivative Instruments and Other Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Derivatives, Fair Value [Line Items] | |||
Cash as collateral for derivative transactions | $16.10 | $11.50 | |
Fair value of derivatives | 0.4 | ||
Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain (Loss) recognized in other comprehensive income or reclassified from Accumulated OCI | $0 | $0 |
Derivative_Instruments_and_Oth4
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets subject to master netting arrangements, Gross Amounts | $31,792 | $28,798 |
Derivative liabilities subject to master netting arrangements, Gross Amounts | 19,963 | 15,411 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | 31,792 | 28,798 |
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | 12,469 | 11,676 |
Collateral [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | -7,494 | -3,735 |
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 | 19,962 | 15,411 |
Derivative liabilities subject to master netting arrangements, Gross Amounts | 19,963 | 15,411 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | 19,962 | 15,411 |
Derivative liabilities subject to master netting arrangements, Gross Amounts Not Offset | 12,469 | 11,676 |
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 | -7,494 | -3,735 |
Written and Purchased Options [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets subject to master netting arrangements, Gross Amounts | 11,830 | 13,387 |
Derivative assets subject to master netting arrangements, Gross Amounts Not Offset | $11,830 | $13,387 |
Derivative_Instruments_and_Oth5
Derivative Instruments and Other Hedging Activities - Effect of Derivatives Not Designated as Hedging Instruments on Consolidated Financial Statements (Detail) (Not Designated as Hedging Instruments [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $1,520 | ($634) |
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 | 1,005 | 538 |
Forward Sale Contracts [Member] | Mortgage Income [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | -253 | -3,005 |
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 | $768 | $1,833 |
Capital_Ratios_and_Other_Regul2
Capital Ratios and Other Regulatory Matters - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Increased Minimum Tier 1 capital ("CET1") to risk-weighted assets | 4.50% |
Minimum Tier 1 capital buffer requirement | 2.50% |
Minimum capital conservation buffer | 0.63% |
Capital conservation buffer ratio | 2.50% |
Minimum [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Increased Minimum Tier 1 capital ("CET1") to risk-weighted assets | 4.00% |
Maximum [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Increased Minimum Tier 1 capital ("CET1") to risk-weighted assets | 6.00% |
Capital_Ratios_and_Other_Regul3
Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 risk-based capital, Minimum Ratio | 2.50% | |
Tier 1 risk-based capital, Actual Ratio | 4.50% | |
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage, Minimum Amount | $614,650 | $602,387 |
Tier 1 Common Equity, Minimum Amount | 691,481 | |
Tier 1 risk-based capital, Minimum Amount | 818,331 | 504,114 |
Total risk-based capital, Minimum Amount | 1,091,108 | 1,008,227 |
Tier 1 Leverage capital, Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity, Minimum Ratio | 4.50% | |
Tier 1 risk-based capital, Minimum Ratio | 6.00% | 4.00% |
Total risk-based capital, Minimum Ratio | 8.00% | 8.00% |
Tier 1 Leverage, Actual Amount | 1,389,382 | 1,408,842 |
Tier 1 Common Equity, Actual Amount | 1,335,132 | |
Tier 1 risk-based capital, Actual Amount | 1,389,382 | 1,408,842 |
Total risk-based capital, Actual Amount | 1,584,793 | 1,550,789 |
Tier 1 Leverage, Actual Ratio | 9.04% | 9.36% |
Tier 1 Common Equity, Actual Ratio | 9.79% | |
Tier 1 risk-based capital, Actual Ratio | 10.19% | 11.18% |
Total risk-based capital, Actual Ratio | 11.62% | 12.31% |
IBERIABANK [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Leverage, Minimum Amount | 611,130 | 600,149 |
Tier 1 Common Equity, Minimum Amount | 687,521 | |
Tier 1 risk-based capital, Minimum Amount | 815,496 | 502,421 |
Total risk-based capital, Minimum Amount | 1,087,328 | 1,004,841 |
Tier 1 Leverage capital, Minimum Ratio | 4.00% | 4.00% |
Tier 1 Common Equity, Minimum Ratio | 4.50% | |
Tier 1 risk-based capital, Minimum Ratio | 6.00% | 4.00% |
Total risk-based capital, Minimum Ratio | 8.00% | 8.00% |
Tier 1 Leverage capital, Well Capitalized Amount | 763,912 | 750,186 |
Tier 1 Common Equity, Well Capitalized Amount | 883,454 | |
Tier 1 risk-based capital, Well Capitalized Amount | 1,087,328 | 753,631 |
Total risk-based capital, Well Capitalized Amount | 1,359,160 | 1,256,052 |
Tier 1 Leverage capital, Well Capitalized Ratio | 5.00% | 5.00% |
Tier 1 Common Equity, Well Capitalized Ratio | 6.50% | |
Tier 1 risk-based capital, Well Capitalized Ratio | 8.00% | 6.00% |
Total risk-based capital, Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Leverage, Actual Amount | 1,293,324 | 1,266,241 |
Tier 1 Common Equity, Actual Amount | 1,293,324 | |
Tier 1 risk-based capital, Actual Amount | 1,293,324 | 1,266,241 |
Total risk-based capital, Actual Amount | $1,434,486 | $1,408,188 |
Tier 1 Leverage, Actual Ratio | 8.47% | 8.44% |
Tier 1 Common Equity, Actual Ratio | 9.52% | |
Tier 1 risk-based capital, Actual Ratio | 9.52% | 10.08% |
Total risk-based capital, Actual Ratio | 10.55% | 11.21% |
Capital_Ratios_and_Other_Regul4
Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Regulated Operations [Abstract] | |
Capital conservation buffer ratio | 0.63% |
Capital conversion description | This capital conservation buffer will increase in subsequent years by 0.625% annually until it is fully phased in on January 1, 2019 at 2.50%. |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings per common share - basic | ||
Net income | $25,126 | $22,336 |
Net income allocated to common shareholders | 24,802 | 21,933 |
Weighted average common shares outstanding | 33,168 | 29,270 |
Earnings per common share - Basic | $0.75 | $0.75 |
Earnings per common share - diluted | ||
Net income allocated to common shareholders | 24,802 | 21,933 |
Net income allocated to common shareholders | 24,782 | 21,931 |
Weighted average common shares outstanding | 33,168 | 29,270 |
Dilutive potential common shares - stock options | 67 | 147 |
Weighted average common shares outstanding - diluted | 33,235 | 29,417 |
Earnings per common share - diluted | $0.75 | $0.75 |
Unvested Restricted Stock [Member] | ||
Earnings per common share - basic | ||
Dividends and undistributed earnings allocated to unvested restricted shares | -324 | -403 |
Earnings per common share - diluted | ||
Dividends and undistributed earnings allocated to unvested restricted shares | ($20) | ($2) |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share Basic And Diluted [Line Items] | ||
Weighted average number of shares, Recognition and Retention Plan | 605,463 | 615,703 |
Stock Options [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Stock options having antidilutive effect on earnings per share | 164,962 | 11,623 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Future awards shares under approved incentive compensation plans | 814,490 | |
Share-based compensation maximum option term (in years) | 10 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] | Phantom Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 7 years | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned share-based compensation associated with awards | 4 | |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 5 years 7 months 6 days | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unearned share-based compensation associated with awards | 24.4 | $26.70 |
ShareBased_Compensation_Activi
Share-Based Compensation - Activity Related to Stock Options (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Number of shares, Outstanding options, Beginning balance | 867,682 | 1,072,829 |
Number of shares, Outstanding options, Granted | 78,856 | 74,971 |
Number of shares, Outstanding options, Exercised | -61,884 | -169,090 |
Number of shares, Outstanding options, Forfeited or expired | -10,469 | -3,127 |
Number of shares, Outstanding options, Ending balance | 874,185 | 975,583 |
Number of shares, Exercisable options | 579,727 | 621,050 |
Weighted Average Exercise Price, Outstanding options, Beginning balance | $55.92 | $53.47 |
Weighted Average Exercise Price, Outstanding options, Granted | $62.54 | $65.26 |
Weighted Average Exercise Price, Outstanding options, Exercised | $49.89 | $48.77 |
Weighted Average Exercise Price, Outstanding options, Forfeited or expired | $71.52 | $81.82 |
Weighted Average Exercise Price, Outstanding options, Ending balance | $56.76 | $55.10 |
Weighted Average Exercise Price, Exercisable options | $56.22 | $54.69 |
ShareBased_Compensation_Estima
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividends | 2.20% | 2.10% |
Expected volatility | 35.60% | 35.80% |
Risk-free interest rate | 2.00% | 2.30% |
Expected term (in years) | 7 years 6 months | 7 years 6 months |
Weighted-average grant-date fair value | $19.61 | $21.24 |
ShareBased_Compensation_Compen
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense Related to Stock Options (Detail) (Stock Option Awards [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Option Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to stock options | $471 | $519 |
ShareBased_Compensation_Compen1
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense Related to Restricted Stock Awards and Restricted Share Units (Detail) (Restricted Stock Awards and Restricted Share Units [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restricted Stock Awards and Restricted Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to restricted stock awards and restricted share units | $2,972 | $2,316 |
ShareBased_Compensation_Unvest
Share-Based Compensation - Unvested Restricted Stock Award and Restricted Share Unit Activity (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Balance at beginning of period | 506,289 | 523,756 |
Granted | 142,196 | 142,794 |
Forfeited | -10,267 | -1,208 |
Earned and issued | -116,583 | -105,766 |
Balance at end of period | 521,635 | 559,576 |
ShareBased_Compensation_Compen2
Share-Based Compensation - Compensation Expense of Phantom Stock (Detail) (Phantom Stock and Performance Units [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Phantom Stock and Performance Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to phantom stock and performance units | $3,171 | $2,051 |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of share equivalents, Beginning Balance | 459,920 | 417,238 |
Number of share equivalents, Granted | 133,708 | 119,773 |
Number of share equivalents, Forfeited share equivalents | -11,426 | -3,471 |
Number of share equivalents, Vested share equivalents | -107,534 | -51,444 |
Number of share equivalents, Ending Balance | 474,668 | 482,096 |
Dividend equivalents, Beginning Balance | 22,940 | 22,351 |
Dividend equivalents, Granted | 2,480 | 2,335 |
Dividend equivalents, Forfeited share equivalents | -438 | -164 |
Dividend equivalents, Vested share equivalents | -6,491 | -3,621 |
Dividend equivalents, Ending Balance | 18,491 | 20,901 |
Total share equivalents, Beginning Balance | 482,860 | 439,589 |
Total share equivalents, Granted | 136,188 | 122,108 |
Total share equivalents, Forfeited share equivalents | -11,864 | -3,635 |
Total share equivalents, Vested share equivalents | -114,025 | -55,065 |
Total share equivalents, Ending Balance | 493,159 | 502,997 |
Value of share equivalents, Beginning Balance | $31,313,000 | $27,628,000 |
Value of share equivalents, Granted | 8,584,000 | 8,566,000 |
Value of share equivalents, Forfeited share equivalents | -748,000 | -255,000 |
Value of share equivalents, Vested share equivalents | -7,209,000 | -3,692,000 |
Value of share equivalents, Ending Balance | $31,084,000 | $35,285,000 |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Market price of Company's stock | $63.03 | $70.15 |
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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Mortgage loans held for sale, at fair value, Aggregate Fair Value | $194,816 | $139,950 |
Mortgage loans held for sale, at fair value, Aggregate Unpaid Principal | 187,455 | 134,639 |
Mortgage loans held for sale, at fair value, Aggregate Fair Value Less Unpaid Principal | $7,361 | $5,311 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total mortgage income (loss) in the consolidated statements of comprehensive income | $1,900,000 | $2,200,000 | |
Property write-downs | 800,000 | 800,000 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of liabilities | $0 | $0 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | $2,342,613,000 | $2,158,853,000 |
Mortgage loans held for sale, Assets | 194,816,000 | 139,950,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments, Assets | 41,120,000 | 32,903,000 |
Derivative instruments, Liabilities | 35,704,000 | 31,354,000 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities, Assets | 2,342,613,000 | 2,158,853,000 |
Mortgage loans held for sale, Assets | 194,816,000 | 139,950,000 |
Derivative instruments, Assets | 41,120,000 | 32,903,000 |
Total, Assets | 2,578,549,000 | 2,331,706,000 |
Derivative instruments, Liabilities | 35,704,000 | 31,354,000 |
Total, Liabilities | 35,704,000 | 31,354,000 |
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 | 67,206,000 | |
Total, Assets | 67,206,000 | |
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 | 2,275,407,000 | 2,158,853,000 |
Mortgage loans held for sale, Assets | 194,816,000 | 139,950,000 |
Derivative instruments, Assets | 41,120,000 | 32,903,000 |
Total, Assets | 2,511,343,000 | 2,331,706,000 |
Derivative instruments, Liabilities | 35,704,000 | 31,354,000 |
Total, Liabilities | $35,704,000 | $31,354,000 |
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 $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
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 March 31, 2015 | $9,792 |
Noninterest Income [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Total gains (losses) included in earnings | $2,290 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financial Assets | ||||
Cash and cash equivalents | $967,290 | $548,095 | $430,308 | $391,396 |
Loans and loans held for sale, net of unearned income | 13,088,505 | 9,772,772 | ||
FDIC loss share receivable | 60,972 | 69,627 | ||
Financial Liabilities | ||||
Deposits | 14,668,073 | 12,520,525 | 10,898,863 | |
Short-term borrowings | 604,902 | 845,742 | ||
Long-term debt | 460,889 | 403,254 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and cash equivalents | 967,290 | 548,095 | ||
Investment securities | 2,456,055 | 2,275,813 | ||
Loans and loans held for sale, net of unearned income | 13,088,505 | 11,581,116 | ||
FDIC loss share receivable | 60,972 | 69,627 | ||
Derivative instruments | 41,120 | 32,903 | ||
Accrued interest receivable | 41,865 | 37,696 | ||
Financial Liabilities | ||||
Deposits | 14,668,073 | 12,520,525 | ||
Short-term borrowings | 604,902 | 845,742 | ||
Long-term debt | 460,889 | 403,254 | ||
Derivative instruments | 35,704 | 31,354 | ||
Accrued interest payable | 9,281 | 8,258 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and cash equivalents | 967,290 | 548,095 | ||
Investment securities | 2,458,984 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income | 13,070,985 | 11,605,446 | ||
FDIC loss share receivable | 39,540 | 19,606 | ||
Derivative instruments | 41,120 | 32,903 | ||
Accrued interest receivable | 41,865 | 37,696 | ||
Financial Liabilities | ||||
Deposits | 14,489,153 | 12,298,017 | ||
Short-term borrowings | 604,902 | 845,742 | ||
Long-term debt | 440,158 | 376,139 | ||
Derivative instruments | 35,704 | 31,354 | ||
Accrued interest payable | 9,281 | 8,258 | ||
Level 1 [Member] | ||||
Financial Assets | ||||
Cash and cash equivalents | 967,290 | 548,095 | ||
Investment securities | 67,206 | |||
Accrued interest receivable | 41,865 | 37,696 | ||
Financial Liabilities | ||||
Short-term borrowings | 604,902 | 845,742 | ||
Accrued interest payable | 9,281 | 8,258 | ||
Level 2 [Member] | ||||
Financial Assets | ||||
Investment securities | 2,391,778 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income | 194,816 | 139,950 | ||
Derivative instruments | 41,120 | 32,903 | ||
Financial Liabilities | ||||
Derivative instruments | 35,704 | 31,354 | ||
Level 3 [Member] | ||||
Financial Assets | ||||
Loans and loans held for sale, net of unearned income | 12,876,169 | 11,465,496 | ||
FDIC loss share receivable | 39,540 | 19,606 | ||
Financial Liabilities | ||||
Deposits | 14,489,153 | 12,298,017 | ||
Long-term debt | $440,158 | $376,139 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
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 | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Interest income | $138,585 | $114,232 | |
Interest expense | 12,781 | 9,824 | |
Net interest income | 125,804 | 104,408 | |
Provision for loan losses | 5,345 | 2,103 | |
Mortgage income | 18,023 | 10,133 | |
Title revenue | 4,629 | 4,167 | |
Other non-interest income | 26,247 | 21,381 | |
Non-interest expenses | 133,153 | 107,234 | |
Income before income tax expense | 36,205 | 30,752 | |
Income tax expense | 11,079 | 8,416 | |
Net income | 25,126 | 22,336 | |
Total loans and loans held for sale | 13,088,505 | 9,772,772 | |
Total assets | 18,054,671 | 13,550,232 | 15,757,904 |
Total deposits | 14,668,073 | 10,898,863 | 12,520,525 |
Average assets | 15,939,485 | 13,362,237 | |
IBERIABANK [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 136,830 | 113,149 | |
Interest expense | 12,290 | 9,603 | |
Net interest income | 124,540 | 103,546 | |
Provision for loan losses | 5,345 | 2,096 | |
Mortgage income | -1 | -3 | |
Other non-interest income | 26,251 | 21,392 | |
Allocated expenses | -4,847 | -3,130 | |
Non-interest expenses | 116,005 | 93,046 | |
Income before income tax expense | 34,287 | 32,923 | |
Income tax expense | 10,313 | 9,257 | |
Net income | 23,974 | 23,666 | |
Total loans and loans held for sale | 12,869,096 | 9,620,359 | |
Total assets | 17,775,541 | 13,349,465 | |
Total deposits | 14,663,184 | 10,896,508 | |
Average assets | 15,732,790 | 13,198,208 | |
IMC [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1,754 | 1,082 | |
Interest expense | 491 | 221 | |
Net interest income | 1,263 | 861 | |
Provision for loan losses | 7 | ||
Mortgage income | 18,024 | 10,136 | |
Other non-interest income | -2 | -11 | |
Allocated expenses | 3,528 | 2,191 | |
Non-interest expenses | 12,916 | 10,299 | |
Income before income tax expense | 2,841 | -1,511 | |
Income tax expense | 1,122 | -588 | |
Net income | 1,719 | -923 | |
Total loans and loans held for sale | 219,409 | 152,413 | |
Total assets | 254,401 | 176,106 | |
Total deposits | 4,889 | 2,355 | |
Average assets | 181,942 | 139,057 | |
LTC [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1 | 1 | |
Net interest income | 1 | 1 | |
Title revenue | 4,629 | 4,167 | |
Other non-interest income | -2 | ||
Allocated expenses | 1,319 | 939 | |
Non-interest expenses | 4,232 | 3,889 | |
Income before income tax expense | -923 | -660 | |
Income tax expense | -356 | -253 | |
Net income | -567 | -407 | |
Total assets | 24,729 | 24,661 | |
Average assets | $24,753 | $24,972 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $1.30 | $1.30 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Loss Contingencies [Line Items] | ||||
Reserve for unfunded lending commitments | $12,849 | $11,801 | $11,519 | $11,147 |
Credit Risk Contract [Member] | ||||
Loss Contingencies [Line Items] | ||||
Commitments to grant loans | 148,151 | 161,350 | ||
Unfunded commitments under lines of credit | 4,095,321 | 4,007,954 | ||
Commercial and standby letters of credit | 133,247 | 134,882 | ||
Reserve for unfunded lending commitments | $12,849 | $11,801 |