Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IBKC | |
Entity Registrant Name | IBERIABANK CORP | |
Entity Central Index Key | 933,141 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 41,129,779 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 300,257 | $ 251,994 |
Interest-bearing deposits in banks | 591,018 | 296,101 |
Total cash and cash equivalents | 891,275 | 548,095 |
Securities available for sale, at fair value | 2,413,158 | 2,158,853 |
Securities held to maturity (fair values of $102,990 and $119,481, respectively) | 101,475 | 116,960 |
Mortgage loans held for sale ($220,263 and $139,950 recorded at fair value, respectively) | 220,765 | 140,072 |
Loans covered by loss share agreements | 266,606 | 444,544 |
Non-covered loans, net of unearned income | 13,683,957 | 10,996,500 |
Total loans, net of unearned income | 13,950,563 | 11,441,044 |
Allowance for loan losses | (128,149) | (130,131) |
Loans, net | 13,822,414 | 11,310,913 |
FDIC loss share receivables | 50,452 | 69,627 |
Premises and equipment, net | 342,949 | 307,159 |
Goodwill | 716,424 | 517,526 |
Other assets | 680,016 | 588,699 |
Total Assets | 19,238,928 | 15,757,904 |
Deposits: | ||
Non-interest-bearing | 4,166,850 | 3,195,430 |
Interest-bearing | 11,952,691 | 9,325,095 |
Total deposits | 16,119,541 | 12,520,525 |
Short-term borrowings | 268,304 | 845,742 |
Long-term debt | 342,312 | 403,254 |
Other liabilities | 143,487 | 136,235 |
Total Liabilities | 16,873,644 | 13,905,756 |
Shareholders’ Equity | ||
Preferred stock, $1 par value - 5,000,000 shares authorized | 0 | 0 |
Common stock, $1 par value - 100,000,000 shares and 50,000,000 shares authorized, respectively; 41,117,243 and 35,262,901 shares issued and outstanding, respectively | 41,117 | 35,263 |
Additional paid-in capital | 1,790,424 | 1,398,633 |
Retained earnings | 525,574 | 496,573 |
Accumulated other comprehensive income | 8,169 | 7,525 |
Treasury stock at cost - 0 and 1,809,497 shares, respectively | 0 | (85,846) |
Total Shareholders’ Equity | 2,365,284 | 1,852,148 |
Total Liabilities and Shareholders’ Equity | $ 19,238,928 | $ 15,757,904 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 102,990 | $ 119,481 |
Mortgage loans held for sale recorded at fair value | $ 220,263 | $ 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 | 41,117,243 | 38,178,420 |
Common stock, shares outstanding | 41,117,243 | 35,262,901 |
Treasury stock, shares | 0 | 1,809,497 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and Dividend Income | ||||
Loans, including fees | $ 153,335 | $ 123,419 | $ 283,526 | $ 244,572 |
Mortgage loans held for sale, including fees | 1,380 | 1,474 | 2,895 | 2,359 |
Investment securities: | ||||
Taxable interest | 10,930 | 9,492 | 21,722 | 18,859 |
Tax-exempt interest | 1,260 | 1,508 | 2,565 | 3,058 |
Amortization of FDIC loss share receivable | (7,398) | (17,009) | (13,411) | (36,273) |
Other | 1,038 | 630 | 1,833 | 1,171 |
Total interest and dividend income | 160,545 | 119,514 | 299,130 | 233,746 |
Deposits: | ||||
NOW and MMDA | 6,600 | 4,123 | 11,441 | 8,307 |
Savings | 223 | 83 | 308 | 147 |
Time deposits | 4,959 | 3,089 | 9,371 | 6,026 |
Short-term borrowings | 220 | 373 | 583 | 615 |
Long-term debt | 2,866 | 2,573 | 5,946 | 4,970 |
Total interest expense | 14,868 | 10,241 | 27,649 | 20,065 |
Net interest income | 145,677 | 109,273 | 271,481 | 213,681 |
Provision for loan losses | 8,790 | 4,748 | 14,135 | 6,851 |
Net interest income after provision for loan losses | 136,887 | 104,525 | 257,346 | 206,830 |
Non-interest Income | ||||
Mortgage income | 25,246 | 13,755 | 43,269 | 23,887 |
Service charges on deposit accounts | 10,162 | 8,203 | 19,424 | 15,216 |
Title revenue | 6,146 | 5,262 | 10,775 | 9,429 |
ATM/debit card fee income | 3,583 | 2,937 | 6,858 | 5,404 |
Income from bank owned life insurance | 1,075 | 935 | 2,167 | 3,376 |
Gain on sale of available for sale investments | 903 | 8 | 1,289 | 27 |
Broker commissions | 5,461 | 5,479 | 9,623 | 9,526 |
Other non-interest income | 8,937 | 7,182 | 17,007 | 12,577 |
Total non-interest income | 61,513 | 43,761 | 110,412 | 79,442 |
Non-interest Expense | ||||
Salaries and employee benefits | 84,019 | 68,846 | 156,715 | 128,707 |
Net occupancy and equipment | 17,366 | 16,104 | 33,626 | 30,094 |
Communication and delivery | 3,578 | 3,464 | 6,744 | 6,231 |
Marketing and business development | 4,187 | 3,412 | 7,743 | 6,262 |
Data processing | 11,440 | 10,121 | 21,201 | 15,503 |
Professional services | 5,966 | 5,560 | 12,832 | 9,308 |
Credit and other loan related expense | 4,730 | 3,093 | 8,913 | 6,639 |
Insurance | 4,238 | 3,255 | 7,788 | 6,672 |
Travel and entertainment | 2,726 | 2,126 | 5,241 | 4,456 |
Other non-interest expense | 14,959 | 11,151 | 25,559 | 20,494 |
Total non-interest expense | 153,209 | 127,132 | 286,362 | 234,366 |
Income before income tax expense | 45,191 | 21,154 | 81,396 | 51,906 |
Income tax expense | 14,355 | 4,937 | 25,434 | 13,353 |
Net Income | 30,836 | 16,217 | 55,962 | 38,553 |
Income Available to Common Shareholders - Basic | 30,836 | 16,217 | 55,962 | 38,553 |
Earnings Allocated to Unvested Restricted Stock | (355) | (250) | (675) | (641) |
Earnings Allocated to Common Shareholders | $ 30,481 | $ 15,967 | $ 55,287 | $ 37,912 |
Earnings per common share - Basic (in usd per share) | $ 0.79 | $ 0.53 | $ 1.54 | $ 1.27 |
Earnings per common share - Diluted (in usd per share) | 0.79 | 0.53 | 1.54 | 1.27 |
Cash dividends declared per share (in usd per share) | $ 0.34 | $ 0.34 | $ 0.68 | $ 0.68 |
Comprehensive Income | ||||
Net Income | $ 30,836 | $ 16,217 | $ 55,962 | $ 38,553 |
Unrealized (losses) gains on securities: | ||||
Unrealized holding (losses) gains arising during the period (net of tax effects of $6,246, $5,856, $838 and $11,416, respectively) | (11,599) | 10,875 | (1,556) | 21,202 |
Reclassification adjustment for gains included in net income (net of tax effects of $316, $2, $451 and $9, respectively) | (587) | (6) | (838) | (18) |
Unrealized (losses) gains on securities, net of tax | (12,186) | 10,869 | (2,394) | 21,184 |
Fair value of derivative instruments designated as cash flow hedges: | ||||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $1,636, $0, $1,636 and $0, respectively) | 3,038 | 0 | 3,038 | 0 |
Reclassification adjustment for losses included in net income | 0 | 0 | 0 | 0 |
Fair value of derivative instruments designated as cash flow hedges, net of tax | 3,038 | 0 | 3,038 | 0 |
Other comprehensive (loss) income, net of tax | (9,148) | 10,869 | 644 | 21,184 |
Comprehensive Income | $ 21,688 | $ 27,086 | $ 56,606 | $ 59,737 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Unrealized holding gains arising during the period net of tax effects | $ 6,246 | $ 5,856 | $ 838 | $ 11,416 |
Reclassification adjustment for gains included in net income net of tax effects | 316 | 2 | 451 | 9 |
Change in fair value of derivative instruments designated as cash flow hedges net of tax effects | $ 1,636 | $ 0 | $ 1,636 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock at Cost | |
Beginning balance, Shares at Dec. 31, 2013 | 31,917,385 | ||||||
Beginning balance at Dec. 31, 2013 | $ 1,530,346 | $ 31,917 | $ 1,178,284 | $ 435,508 | $ (16,491) | $ (98,872) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 38,553 | 38,553 | |||||
Other comprehensive income | 21,184 | 21,184 | |||||
Cash dividends declared, $0.68 per share | (21,573) | (21,573) | |||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 7,186 | 1,797 | 5,389 | ||||
Common stock issued for acquisitions, Shares | 3,345,516 | ||||||
Common stock issued for acquisitions | 214,665 | $ 3,346 | 211,319 | ||||
Common stock issued for recognition and retention plans | 0 | (6,225) | 6,225 | ||||
Share-based compensation cost | 5,922 | 5,922 | |||||
Ending balance, Shares at Jun. 30, 2014 | 35,262,901 | ||||||
Ending balance at Jun. 30, 2014 | 1,796,283 | $ 35,263 | 1,391,097 | 452,488 | 4,693 | (87,258) | |
Beginning balance, Shares at Dec. 31, 2014 | 35,262,901 | ||||||
Beginning balance at Dec. 31, 2014 | 1,852,148 | $ 35,263 | 1,398,633 | 496,573 | 7,525 | (85,846) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 55,962 | 55,962 | |||||
Other comprehensive income | 644 | 644 | |||||
Cash dividends declared, $0.68 per share | (26,961) | (26,961) | |||||
Reclassification of treasury stock under the LBCA, Shares | [1] | (1,809,497) | |||||
Reclassification of treasury stock under the LBCA | [1] | 0 | $ (1,809) | (84,037) | 85,846 | ||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit, Shares | 189,435 | ||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 1,989 | $ 189 | 1,800 | 0 | |||
Common stock issued for acquisitions, Shares | 7,474,404 | ||||||
Common stock issued for acquisitions | 474,753 | $ 7,474 | 467,279 | ||||
Share-based compensation cost | 6,749 | 6,749 | |||||
Ending balance, Shares at Jun. 30, 2015 | 41,117,243 | ||||||
Ending balance at Jun. 30, 2015 | $ 2,365,284 | $ 41,117 | $ 1,790,424 | $ 525,574 | $ 8,169 | $ 0 | |
[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 Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share | $ 0.34 | $ 0.34 | $ 0.68 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net Income | $ 55,962 | $ 38,553 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 8,243 | 7,762 |
Amortization of purchase accounting adjustments, net | (10,507) | 5,952 |
Provision for loan losses | 14,135 | 6,851 |
Share-based equity compensation expense | 6,749 | 5,922 |
Gain on sale of assets, net | (403) | (16) |
Gain on sale of available for sale investments | (1,289) | (27) |
Gain on sale of OREO, net | (1,980) | (1,322) |
Impairment of FDIC loss share receivables and other long-lived assets | 0 | 804 |
Amortization of premium/discount on investments | 8,358 | 6,713 |
Provision (benefit) for deferred income taxes | 2,407 | (6,817) |
Originations of mortgage loans held for sale | (1,179,016) | (760,658) |
Proceeds from sales of mortgage loans held for sale | 1,142,220 | 730,129 |
Gain on sale of mortgage loans held for sale, net | (34,072) | (24,397) |
Tax benefit associated with share-based payment arrangements | (403) | (945) |
Change in other assets, net of other assets acquired | 8,265 | (23,684) |
Other operating activities, net | (14,563) | (780) |
Net Cash Provided by (Used in) Operating Activities | 4,106 | (15,960) |
Cash Flows from Investing Activities | ||
Proceeds from sales of securities available for sale | 142,410 | 14,050 |
Proceeds from maturities, prepayments and calls of securities available for sale | 258,571 | 154,111 |
Purchases of securities available for sale | (356,085) | (169,807) |
Proceeds from maturities, prepayments and calls of securities held to maturity | 15,016 | 21,383 |
Reimbursement of recoverable covered asset losses from (to) the FDIC | 2,020 | 1,319 |
Increase in loans, net | (334,605) | (306,593) |
Proceeds from sale of premises and equipment | 468 | 6,474 |
Purchases of premises and equipment, net of premises and equipment acquired | (8,887) | (21,297) |
Proceeds from disposition of real estate owned | 26,463 | 43,376 |
Cash paid for additional investment in tax credit entities | (4,503) | (5,809) |
Cash received in excess of cash paid for acquisitions | 425,644 | 188,796 |
Other investing activities, net | 1,466 | (13,567) |
Net Cash Provided by (Used in) Investing Activities | 167,978 | (87,564) |
Cash Flows from Financing Activities | ||
Increase (decrease) in deposits, net of deposits acquired | 909,297 | 101,223 |
Net change in short-term borrowings, net of borrowings acquired | (578,966) | 299,296 |
Proceeds from long-term debt | 60,000 | 0 |
Repayments of long-term debt | (196,953) | (6,666) |
Dividends paid to shareholders | (24,354) | (20,341) |
Proceeds from common stock transactions | 4,786 | 9,240 |
Payments to repurchase common stock | (3,117) | (2,999) |
Tax benefit associated with share-based payment arrangements | 403 | 945 |
Net Cash Provided by Financing Activities | 171,096 | 380,698 |
Net Increase in Cash and Cash Equivalents | 343,180 | 277,174 |
Cash and Cash Equivalents at Beginning of Period | 548,095 | 391,396 |
Cash and Cash Equivalents at End of Period | 891,275 | 668,570 |
Supplemental Schedule of Noncash Activities | ||
Acquisition of real estate in settlement of loans | 8,619 | 16,851 |
Common stock issued in acquisitions | 474,753 | 214,665 |
Supplemental Disclosures Cash paid for: | ||
Interest on deposits and borrowings | 26,932 | 19,277 |
Income taxes, net | $ 18,901 | $ 39,306 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION General The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete financial statements. 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. Operating results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IBERIABANK, Lenders Title Company (“LTC”), IBERIA Capital Partners, LLC (“ICP”), 1887 Leasing, LLC, IBERIA Asset Management, Inc. (“IAM”), and IBERIA CDE, LLC (“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 seven states through IBERIABANK. The Company also operates mortgage production offices in 10 states through IBERIABANK Mortgage Company (“IMC”), a subsidiary of IBERIABANK, 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. 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 did not have a material effect on previously reported consolidated 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 are presented as a reduction to issued shares of common stock in the consolidated financial statements as of June 30, 2015 , reducing the stated value of common stock and additional paid-in capital. Use of Estimates The preparation of financial statements in conformity with GAAP 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. Concentrations of Credit Risk Most of the Company’s business activity is with customers located within the states of Louisiana, Florida, Arkansas, Alabama, Texas, Tennessee and Georgia. 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 Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 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. ASU 2014-01 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. ASU 2014-01 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 six -month period ending June 30, 2015 . ASU No. 2014-11 In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing: 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 15, 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 six -month period ending June 30, 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 15, 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 six -month period ending June 30, 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. ASU No. 2015-03 In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , in an effort to comply with its simplification initiative to reduce complexity in accounting standards. ASU No. 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 does not affect recognition and measurement guidance for debt issuance costs. ASU No. 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance must be applied using a retrospective basis. The adoption of this ASU will not have a significant impact on the Company’s consolidated financial statements. |
Acquisition Activity
Acquisition Activity | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition Activity | 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 First Private and did not make significant adjustments to the previously reported fair values of net assets acquired and associated goodwill. 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, as well as a cash payment for any fractional share. All unexercised Florida Bank Group stock options at the closing date were settled for cash at fair value based on the closing price. 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 $16.9 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 73,623 Goodwill $ 16,862 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 $99.6 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 153,509 Goodwill $ 99,643 Acquisition of Georgia Commerce Bancshares, Inc. On May 31, 2015, the Company acquired Georgia Commerce Bancshares, Inc. (“Georgia Commerce”), holding company of Georgia Commerce Bank. Under the terms of the agreement, Georgia Commerce shareholders received 0.6134 of a share of the Company’s common stock for each of the Georgia Commerce common stock shares outstanding, as well as a cash payment for any fractional share. All unexercised Georgia Commerce stock options on the closing date were settled for cash at fair value based on the closing price. The Company acquired all of the outstanding common stock of the former Georgia Commerce shareholders for total consideration of $ 190.3 million , which resulted in goodwill of $ 78.0 million , as shown in the table below. With this acquisition, IBERIABANK expanded its presence into the Atlanta, Georgia MSA through the addition of nine 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 2,882,357 $ 185,249 Total equity consideration 185,249 Non-Equity consideration Cash 5,015 Total consideration paid 190,264 Fair value of net assets assumed including identifiable intangible assets 112,294 Goodwill $ 77,970 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 Fair Value Adjustments As recorded by IBERIABANK Assets Cash and cash equivalents $ 72,982 $ — $ 72,982 Investment securities 107,236 137 (1) 107,373 Loans 312,902 (7,073 ) (2) 305,829 Other real estate owned 498 (75 ) (3) 423 Core deposit intangible — 4,489 (4) 4,489 Deferred tax asset, net 19,880 9,232 (5) 29,112 Other assets 29,822 (8,949 ) (6) 20,873 Total Assets $ 543,320 $ (2,239 ) $ 541,081 Liabilities Interest-bearing deposits $ 282,417 $ 263 (7) $ 282,680 Non-interest-bearing deposits 109,548 — 109,548 Borrowings 60,000 8,598 (8) 68,598 Other liabilities 2,014 4,618 (9) 6,632 Total Liabilities $ 453,979 $ 13,479 $ 467,458 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's 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 adjustment represents the adjustment of Florida Bank Group's OREO to its estimated fair value on the date of acquisition. (4) The amount represents the fair value of the core deposit intangible asset created in the acquisition. (5) The amount represents the deferred tax asset recognized on the fair value adjustment of Florida Bank Group acquired assets and assumed liabilities. (6) 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. (7) 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 . (8) The amount 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. (9) The amount is necessary to record Florida Bank Group's rent liability at fair value. Old Florida (Dollars in thousands) As Acquired Preliminary Fair Value Adjustments As recorded by IBERIABANK Assets Cash and cash equivalents $ 360,688 $ — $ 360,688 Investment securities 67,209 — 67,209 Loans held for sale 5,952 — 5,952 Loans 1,073,773 (9,342 ) (1) 1,064,431 Other real estate owned 4,515 (2 ) (2) 4,513 Core deposit intangible — 10,055 (3) 10,055 Deferred tax asset, net 8,437 3,078 (4) 11,515 Other assets 30,598 (7,238 ) (5) 23,360 Total Assets $ 1,551,172 $ (3,449 ) $ 1,547,723 Liabilities Interest-bearing deposits $ 1,048,765 $ 123 (6) $ 1,048,888 Non-interest-bearing deposits 340,869 — 340,869 Borrowings 1,528 — 1,528 Other liabilities 2,853 76 (7) 2,929 Total Liabilities $ 1,394,015 $ 199 $ 1,394,214 Explanation of certain fair value adjustments: (1) The amount represents the adjustment of the book value of Old Florida's 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 adjustment represents the adjustment of Old Florida's OREO to its estimated fair value on the date of acquisition. (3) The amount represents the fair value of the core deposit intangible asset created in the acquisition. (4) The amount represents the net deferred tax asset recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities. (5) The amount represents the adjustment of the book value of Old Florida’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 Old Florida’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 56 months . (7) The adjustment is necessary to record Old Florida's rent liability at fair value. Georgia Commerce (Dollars in thousands) As Acquired Preliminary As recorded by Assets Cash and cash equivalents $ 51,122 $ — $ 51,122 Investment securities 139,035 (806 ) (1) 138,229 Loans held for sale 1,249 — 1,249 Loans 807,749 (6,622 ) (2) 801,127 Other real estate owned 9,795 — 9,795 Core deposit intangible — 7,448 (3) 7,448 Deferred tax asset, net 4,707 301 (4) 5,008 Other assets 31,414 (657 ) (5) 30,757 Total Assets $ 1,045,071 $ (336 ) $ 1,044,735 Liabilities Interest-bearing deposits 658,133 176 (6) 658,309 Non-interest-bearing deposits 249,739 — 249,739 Borrowings 13,203 — 13,203 Other liabilities 11,190 — 11,190 Total Liabilities $ 932,265 $ 176 $ 932,441 Explanation of certain fair value adjustments: (1) The amount represents the adjustment of the book value of Georgia Commerce’s investments to their estimated fair value on the date of acquisition. (2) The amount represents the adjustment of the book value of Georgia Commerce's 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 net deferred tax asset recognized on the fair value adjustment of Georgia Commerce acquired assets and assumed liabilities. (5) The amount represents the adjustment of the book value of Georgia Commerce’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 Georgia Commerce’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 60 months . Supplemental unaudited pro forma information The following unaudited pro forma information for the six months ended June 30, 2014 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Florida Bank Group, Old Florida, and Georgia Commerce 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 $ 373,991 Net income 50,745 Earnings per share - basic 1.34 Earnings per share - diluted 1.34 The Company’s consolidated financial statements as of and for the six months ended June 30, 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 six-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, Old Florida and Georgia Commerce 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 | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Securities available for sale: U.S. Government-sponsored enterprise obligations $ 295,684 $ 1,601 $ (1,251 ) $ 296,034 Obligations of state and political obligations 90,002 2,936 (43 ) 92,895 Mortgage-backed securities 1,917,639 13,334 (9,541 ) 1,921,432 Other securities 102,669 281 (153 ) 102,797 Total securities available for sale $ 2,405,994 $ 18,152 $ (10,988 ) $ 2,413,158 Securities held to maturity: Obligations of state and political obligations $ 75,284 $ 2,546 $ (220 ) $ 77,610 Mortgage-backed securities 26,191 103 (914 ) 25,380 Total securities held to maturity $ 101,475 $ 2,649 $ (1,134 ) $ 102,990 December 31, 2014 Amortized Cost Gross Gross Estimated (Dollars in thousands) 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 $1.2 billion and $1.4 billion were pledged to secure public deposits and other borrowings at June 30, 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: June 30, 2015 Less Than Twelve Months Over Twelve Months Total Gross Unrealized Losses Estimated Fair Value Gross Estimated Gross Estimated (Dollars in thousands) Securities available for sale: U.S. Government-sponsored enterprise obligations $ (817 ) $ 140,465 $ (434 ) $ 39,041 $ (1,251 ) $ 179,506 Obligations of state and political obligations (43 ) 15,234 — — (43 ) 15,234 Mortgage-backed securities (4,925 ) 650,801 (4,616 ) 199,583 (9,541 ) 850,384 Other securities (144 ) 31,985 (9 ) 500 (153 ) 32,485 Total securities available for sale $ (5,929 ) $ 838,485 $ (5,059 ) $ 239,124 $ (10,988 ) $ 1,077,609 Securities held to maturity: Obligations of state and political obligations $ (91 ) $ 6,385 $ (129 ) $ 4,153 $ (220 ) $ 10,538 Mortgage-backed securities (54 ) 3,908 (860 ) 18,419 (914 ) 22,327 Total securities held to maturity $ (145 ) $ 10,293 $ (989 ) $ 22,572 $ (1,134 ) $ 32,865 December 31, 2014 Less Than Twelve Months Over Twelve Months Total Gross Estimated Gross Estimated Gross Estimated (Dollars in thousands) 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 June 30, 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 June 30, 2015 or December 31, 2014 . At June 30, 2015 , 180 debt securities had unrealized losses of 1.08% 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 and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at June 30, 2015 and December 31, 2014 is presented in the following table. (Dollars in thousands) June 30, 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 $ 262,953 $ 566,113 Issued by political subdivisions 4,281 8,727 $ 267,234 $ 574,840 Unrealized loss Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 5,910 $ 10,254 Issued by political subdivisions 129 136 $ 6,039 $ 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 June 30, 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 Average Yield Amortized Cost Estimated Fair Value Weighted Amortized Cost Estimated (Dollars in thousands) Within one year or less 1.72 % $ 25,630 $ 25,672 3.86 % $ 75 $ 75 One through five years 1.68 % 306,054 307,852 2.80 % 12,888 13,154 After five through ten years 2.14 % 422,903 426,611 3.05 % 20,312 20,978 Over ten years 2.08 % 1,651,407 1,653,023 2.88 % 68,200 68,783 2.04 % $ 2,405,994 $ 2,413,158 2.90 % $ 101,475 $ 102,990 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 June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Realized gains $ 955 $ 8 $ 1,362 $ 27 Realized losses (52 ) — (73 ) — $ 903 $ 8 $ 1,289 $ 27 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, accounted for at amortized cost, which approximates fair value, in “Other assets” on the consolidated balance sheets: (Dollars in thousands) June 30, 2015 December 31, 2014 Federal Home Loan Bank (FHLB) stock $ 34,690 $ 38,476 Federal Reserve Bank (FRB) stock 37,165 34,348 Other investments 1,159 1,306 $ 73,014 $ 74,130 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans | LOANS Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: June 30, 2015 Non-covered loans (Dollars in thousands) Legacy Loans Acquired Loans Covered Loans Total Commercial loans: Real estate $ 4,138,519 $ 1,699,122 $ 49,542 $ 5,887,183 Business 3,400,184 557,736 13,122 3,971,042 7,538,703 2,256,858 62,664 9,858,225 Residential mortgage loans: Residential 1-4 family 567,415 415,224 119,297 1,101,936 Construction / Owner Occupied 49,082 18,590 — 67,672 616,497 433,814 119,297 1,169,608 Consumer and other loans: Home equity 1,399,005 488,825 83,243 1,971,073 Indirect automobile 322,767 191 — 322,958 Other 518,581 108,716 1,402 628,699 2,240,353 597,732 84,645 2,922,730 Total $ 10,395,553 $ 3,288,404 $ 266,606 $ 13,950,563 December 31, 2014 Non-covered loans (Dollars in thousands) Legacy Loans Acquired Loans Covered Loans (1) Total Commercial loans: Real estate $ 3,718,058 $ 497,949 $ 189,126 $ 4,405,133 Business 3,284,140 93,549 31,260 3,408,949 7,002,198 591,498 220,386 7,814,082 Residential mortgage loans: Residential 1-4 family 495,638 424,579 128,024 1,048,241 Construction / Owner Occupied 32,056 — — 32,056 527,694 424,579 128,024 1,080,297 Consumer and other loans: Home equity 1,290,976 217,699 92,430 1,601,105 Indirect automobile 396,766 392 — 397,158 Other 451,080 93,618 3,704 548,402 2,138,822 311,709 96,134 2,546,665 Total $ 9,668,714 $ 1,327,786 $ 444,544 $ 11,441,044 (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. Since 2009, the Company has acquired certain assets and liabilities of six failed banks. Substantially all of the loans and foreclosed real estate that were acquired through these transactions are covered by loss share 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 loans and foreclosed real estate from these acquisitions 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 $22.3 million and $20.6 million and deferred loan expenses were $10.1 million and $9.4 million at June 30, 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 June 30, 2015 and December 31, 2014 , overdrafts of $4.8 million and $5.6 million , respectively, have been reclassified to loans. Loans with carrying values of $3.3 billion and $ 3.1 billion were pledged as collateral for borrowings at June 30, 2015 and December 31, 2014 , respectively. Non-covered Loans The following tables provide an analysis of the aging of non-covered loans as of June 30, 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. June 30, 2015 Legacy loans Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing Past Due (1) (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current Commercial real estate - Construction $ — $ — $ 126 $ 126 $ 538,593 $ 538,719 $ — Commercial real estate - Other 736 2,232 18,400 21,368 3,578,432 3,599,800 — Commercial business 3,197 245 19,121 22,563 3,377,621 3,400,184 3,584 Residential mortgage 1,389 1,170 15,587 18,146 598,351 616,497 — Consumer - Home equity 2,509 325 9,370 12,204 1,386,801 1,399,005 — Consumer - Indirect automobile 1,883 323 1,398 3,604 319,163 322,767 — Consumer - Credit card 136 64 1,067 1,267 72,459 73,726 — Consumer - Other 501 275 1,254 2,030 442,825 444,855 — Total $ 10,351 $ 4,634 $ 66,323 $ 81,308 $ 10,314,245 $ 10,395,553 $ 3,584 December 31, 2014 Legacy loans Total Legacy Recorded Investment > 90 days and Accruing Past Due (1) (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current 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 1,389 2,616 14,900 18,905 508,789 527,694 538 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 days include all loans on non-accrual status, regardless of past due status, as of the period indicated. Non-accrual loans are presented separately in the “Non-accrual Loans” section below. June 30, 2015 Non-covered acquired loans Past Due (1) Discount/Premium Total Non-covered Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current Commercial real estate - Construction $ 121 $ 10 $ 7,292 $ 7,423 $ 134,585 $ (1,472 ) $ 140,536 $ 5,186 Commercial real estate - Other 10,576 3,856 41,844 56,276 1,546,386 (44,076 ) 1,558,586 34,019 Commercial business 724 376 7,573 8,673 553,826 (4,763 ) 557,736 4,149 Residential mortgage 17 577 8,222 8,816 429,893 (4,895 ) 433,814 7,106 Consumer - Home equity 3,322 38 12,373 15,733 486,364 (13,272 ) 488,825 11,218 Consumer - Indirect automobile 7 — 19 26 195 (30 ) 191 19 Consumer - Other 379 141 1,625 2,145 110,490 (3,919 ) 108,716 1,434 Total $ 15,146 $ 4,998 $ 78,948 $ 99,092 $ 3,261,739 $ (72,427 ) $ 3,288,404 $ 63,131 December 31, 2014 Non-covered acquired loans Past Due (1) Discount/Premium Total Non-covered Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current 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 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) June 30, 2015 December 31, 2014 Commercial real estate - Construction $ 126 $ 69 Commercial real estate - Other 18,400 6,883 Commercial business 15,537 3,028 Residential mortgage 15,587 14,362 Consumer - Home equity 9,370 7,404 Consumer - Indirect automobile 1,398 1,419 Consumer - Credit card 1,067 1,032 Consumer - Other 1,254 773 Total $ 62,739 $ 34,970 Covered Loans The carrying amount of the acquired covered loans at June 30, 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. June 30, 2015 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Loans Total Covered Loans Commercial loans: Real estate $ 215 $ 49,327 $ 49,542 Business 175 12,947 13,122 390 62,274 62,664 Residential mortgage loans: Residential 1-4 family 24,013 95,284 119,297 24,013 95,284 119,297 Consumer and other loans: Home equity 5,964 77,279 83,243 Other 171 1,231 1,402 6,135 78,510 84,645 Total $ 30,538 $ 236,068 $ 266,606 December 31, 2014 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Loans Total Covered 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 six months of 2015 , the Company acquired loans with fair values of $305.8 million from Florida Bank Group, $1.1 billion from Old Florida and $801.1 million from Georgia Commerce. Of the total $2.2 billion of loans acquired, $2.1 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 $41.1 million were determined to exhibit deteriorated credit quality since origination under ASC 310-30. The tables below show the balances acquired during the first six 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 accounting adjustments. (Dollars in thousands) Contractually required principal and interest at acquisition $ 2,402,890 Expected losses and foregone interest (18,979 ) Cash flows expected to be collected at acquisition 2,383,911 Fair value of acquired loans at acquisition $ 2,130,276 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Contractually required principal and interest at acquisition $ 53,532 $ — $ 53,532 Non-accretable difference (expected losses and foregone interest) (7,829 ) — (7,829 ) Cash flows expected to be collected at acquisition 45,703 — 45,703 Accretable yield (4,592 ) — (4,592 ) Basis in acquired loans at acquisition $ 41,111 $ — $ 41,111 The following is a summary of changes in the accretable difference for loans accounted for under ASC 310-30 during the six months ended June 30: 2015 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Balance at beginning of period $ 74,249 $ 213,402 $ 287,651 Acquisition 4,592 — 4,592 Transfers from non-accretable difference to accretable yield 302 4,704 5,006 Accretion (7,381 ) (34,455 ) (41,836 ) Changes in expected cash flows not affecting non-accretable differences (1) 1,027 1,261 2,288 Balance at end of period $ 72,789 $ 184,912 $ 257,701 2014 Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Balance at beginning of period $ 78,349 $ 276,543 $ 354,892 Acquisition 8,242 1,536 9,778 Transfers from non-accretable difference to accretable yield 4,128 13,517 17,645 Accretion (4,089 ) (50,429 ) (54,518 ) Changes in expected cash flows not affecting non-accretable differences (1) (12,176 ) 12,720 544 Balance at end of period $ 74,454 $ 253,887 $ 328,341 (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 June 30, 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. TDRs totaling $29.5 million occurred during the six -month period ended June 30, 2015 through modification of the original loan terms. No TDRs occurred during the six months ended June 30, 2014 . The following table provides information on how the TDRs were modified during the six months ended June 30, 2015 : (Dollars in thousands) 2015 Extended maturities $ 4,413 Maturity and interest rate adjustment 19,718 Other concession(s) (1) 5,367 Total $ 29,498 (1) Other concessions include concessions or a combination of concessions that do not consist of maturity extensions, interest rate adjustments, forbearance or covenant modifications. Of the $29.5 million of TDRs occurring during the six months ended June 30, 2015, $3.4 million is energy-related and $14.3 million is on accrual status. The Company had no residential mortgage or consumer TDRs that were added during the six months ended June 30, 2015 and 2014 . The following table presents the end of period balance for loans modified in a TDR during the six-month period ended June 30, 2015 and the financial impact of those modifications. June 30, 2015 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (1) Commercial real estate 6 $ 7,815 $ 7,623 Commercial business 18 22,112 21,875 Total 24 $ 29,927 $ 29,498 (1) Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. Information detailing TDRs which defaulted during the six months ended June 30, 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. June 30, 2015 June 30, 2014 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate 3 $ 5,780 31 $ 1,635 Commercial business 13 15,879 11 2,115 Consumer - Home Equity — — 1 40 Consumer - Other — — 1 — Total 16 $ 21,659 44 $ 3,790 |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Credit Quality | 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 six months ended June 30, 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 12,631 791 (130 ) 13,292 Adjustment attributable to FDIC loss share arrangements — — 843 843 Net provision for loan losses 12,631 791 713 14,135 Adjustment attributable to FDIC loss share arrangements — — (843 ) (843 ) Transfer of balance to OREO — (333 ) (289 ) (622 ) Transfer of balance to non-covered — 28,700 (28,700 ) — Loans charged-off (7,114 ) (8,686 ) (1,130 ) (16,930 ) Recoveries 2,032 238 8 2,278 Allowance for loans losses at end of period 83,723 29,903 14,523 128,149 Reserve for unfunded commitments at beginning of period 11,801 — — 11,801 Provision for unfunded lending commitments 1,443 — — 1,443 Reserve for unfunded commitments at end of period 13,244 — — 13,244 Allowance for credit losses at end of period $ 96,967 $ 29,903 $ 14,523 $ 141,393 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 5,078 (1,085 ) (740 ) 3,253 Adjustment attributable to FDIC loss share arrangements — — 3,598 3,598 Net (reversal of) provision for loan losses 5,078 (1,085 ) 2,858 6,851 Adjustment attributable to FDIC loss share arrangements — — (3,598 ) (3,598 ) Transfer of balance to OREO — (523 ) (5,085 ) (5,608 ) Loans charged-off (5,198 ) (182 ) (5,393 ) (10,773 ) Recoveries 3,426 109 38 3,573 Allowance for loans losses at end of period 70,648 2,876 59,995 133,519 Reserve for unfunded commitments at beginning of period 11,147 — — 11,147 Provision for unfunded lending commitments 113 — — 113 Reserve for unfunded commitments at end of period 11,260 — — 11,260 Allowance for credit losses at end of period $ 81,908 $ 2,876 $ 59,995 $ 144,779 A summary of changes in the allowance for credit losses for non-covered loans, by loan portfolio type, for the six months ended June 30, is as follows: 2015 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) 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 (463 ) 7,144 2,114 4,627 13,422 Transfer of balance to OREO (115 ) (169 ) (46 ) (3 ) (333 ) Transfer of balance to non-covered 20,972 1,236 — 6,492 28,700 Loans charged off (5,334 ) (997 ) (227 ) (9,242 ) (15,800 ) Recoveries 246 69 34 1,921 2,270 Allowance for loans losses at end of period 48,327 39,377 4,750 21,172 113,626 Reserve for unfunded commitments Balance at beginning of period 3,439 5,260 168 2,934 11,801 (Reversal of) Provision for unfunded commitments (15 ) 878 705 (125 ) 1,443 Balance at end of period 3,424 6,138 873 2,809 13,244 Allowance for credit losses at end of period $ 51,751 $ 45,515 $ 5,623 $ 23,981 $ 126,870 Allowance on loans individually evaluated for impairment $ 154 $ 1,287 $ — $ 3 $ 1,444 Allowance on loans collectively evaluated for impairment 51,597 44,228 5,623 23,978 125,426 Loans, net of unearned income: Balance at end of period $ 5,837,641 $ 3,957,920 $ 1,050,311 $ 2,838,085 $ 13,683,957 Balance at end of period individually evaluated for impairment 19,115 15,670 — 685 35,470 Balance at end of period collectively evaluated for impairment 5,792,146 3,937,161 1,034,199 2,822,808 13,586,314 Balance at end of period acquired with deteriorated credit quality 26,380 5,089 16,112 14,592 62,173 2014 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) 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 585 782 171 2,455 3,993 Transfer of balance to OREO (108 ) (162 ) (253 ) — (523 ) Loans charged off (660 ) (668 ) (435 ) (3,617 ) (5,380 ) Recoveries 1,699 65 114 1,657 3,535 Allowance for loans losses at end of period 28,106 28,532 2,143 14,743 73,524 Reserve for unfunded commitments at beginning of period 3,089 4,839 72 3,147 11,147 Provision for unfunded commitments 112 (43 ) 4 40 113 Reserve for unfunded commitments at end of period 3,201 4,796 76 3,187 11,260 Allowance for credit losses at end of period $ 31,307 $ 33,328 $ 2,219 $ 17,930 $ 84,784 Allowance on loans individually evaluated for impairment $ — $ 31 $ 171 $ — $ 202 Allowance on loans collectively evaluated for impairment 31,307 33,297 2,048 17,930 84,582 Loans, net of unearned income: Balance at end of period $ 3,949,444 $ 3,095,087 $ 983,011 $ 2,285,547 $ 10,313,089 Balance at end of period individually evaluated for impairment 5,976 4,563 1,058 248 11,845 Balance at end of period collectively evaluated for impairment 3,912,669 3,085,028 980,744 2,281,496 10,259,937 Balance at end of period acquired with deteriorated credit quality 30,799 5,496 1,209 3,803 41,307 A summary of changes in the allowance for credit losses for covered loans, by loan portfolio type, for the six months ended June 30, is as follows: 2015 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) Consumer Total Allowance for loans losses at beginning of period $ 24,072 1,235 6,286 13,171 $ 44,764 Provision for loan losses 350 2 323 38 713 (Decrease) Increase in FDIC loss share receivable 773 — (66 ) (1,550 ) (843 ) Transfer of balance to OREO — (1 ) (274 ) (14 ) (289 ) Transfer of balance to non-covered (20,972 ) (1,236 ) — (6,492 ) (28,700 ) Loans charged off (1,130 ) — — — (1,130 ) Recoveries — — 8 — 8 Allowance for loans losses at end of period $ 3,093 $ — $ 6,277 $ 5,153 $ 14,523 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 3,093 — 6,277 5,153 14,523 Loans, net of unearned income: Balance at end of period $ 49,542 $ 13,122 $ 119,297 $ 84,645 $ 266,606 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 49,327 12,947 95,284 78,510 236,068 Balance at end of period acquired with deteriorated credit quality 215 175 24,013 6,135 30,538 2014 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) Consumer Total Allowance for loans losses at beginning of period $ 38,772 $ 5,380 $ 10,889 $ 16,134 $ 71,175 Provision for loan losses 1,474 313 592 479 2,858 (Decrease) Increase in FDIC loss share receivable (2,121 ) 749 (2,100 ) (126 ) (3,598 ) Transfer of balance to OREO (1,857 ) (1,162 ) (534 ) (1,532 ) (5,085 ) Loans charged off (3,726 ) (1,589 ) — (78 ) (5,393 ) Recoveries 38 — — — 38 Allowance for loans losses at end of period $ 32,580 $ 3,691 $ 8,847 $ 14,877 $ 59,995 Allowance on loans individually evaluated for impairment — — — — — Allowance on loans collectively evaluated for impairment 32,580 3,691 8,847 14,877 59,995 Loans, net of unearned income: Balance at end of period $ 294,115 $ 35,902 $ 141,613 $ 113,809 $ 585,439 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 287,592 35,902 113,340 99,334 536,168 Balance at end of period acquired with deteriorated credit quality 6,523 — 28,273 14,475 49,271 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 June 30, 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 June 30, 2015 and December 31, 2014 . Legacy loans June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub-standard Doubtful Total Pass Special Mention Sub-standard Doubtful Total Commercial real estate - Construction $ 535,468 $ 1,767 $ 1,484 $ — $ 538,719 $ 483,930 $ 240 $ 69 $ — $ 484,239 Commercial real estate - Other 3,517,390 49,219 32,628 563 $ 3,599,800 3,161,593 49,847 22,217 162 3,233,819 Commercial business 3,310,794 21,599 66,349 1,442 $ 3,400,184 3,245,912 7,330 28,965 1,933 3,284,140 Total $ 7,363,652 $ 72,585 $ 100,461 $ 2,005 $ 7,538,703 $ 6,891,435 $ 57,417 $ 51,251 $ 2,095 $ 7,002,198 Legacy loans June 30, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 598,351 $ 18,146 $ 616,497 $ 508,789 $ 18,905 $ 527,694 Consumer - Home equity 1,386,801 12,204 1,399,005 1,278,865 12,111 1,290,976 Consumer - Indirect automobile 319,163 3,604 322,767 392,504 4,262 396,766 Consumer - Credit card 72,459 1,267 73,726 71,297 1,448 72,745 Consumer - Other 442,825 2,030 444,855 375,853 2,482 378,335 Total $ 2,819,599 $ 37,251 $ 2,856,850 $ 2,627,308 $ 39,208 $ 2,666,516 Non-covered acquired loans June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Loss Discount Total Pass Special Mention Sub- standard Doubtful Discount Total Commercial real estate-Construction $ 132,088 $ 264 $ 7,550 $ 2,106 $ — $ (1,472 ) $ 140,536 $ 24,118 $ 2,006 $ 4,624 $ — $ (1,170 ) $ 29,578 Commercial real estate - Other 1,497,720 20,671 67,627 16,644 — (44,076 ) 1,558,586 445,557 12,794 49,139 — (39,119 ) 468,371 Commercial business 546,397 5,284 7,604 3,180 34 (4,763 ) 557,736 91,837 1,861 4,818 257 (5,224 ) 93,549 Total $ 2,176,205 $ 26,219 $ 82,781 $ 21,930 $ 34 $ (50,311 ) $ 2,256,858 $ 561,512 $ 16,661 $ 58,581 $ 257 $ (45,513 ) $ 591,498 Non-covered acquired loans June 30, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Premium (discount) Total Current 30+ Days Past Due Premium (discount) Total Residential mortgage $ 429,893 $ 8,816 $ (4,895 ) $ 433,814 $ 418,552 $ 11,858 $ (5,831 ) $ 424,579 Consumer - Home equity 486,364 15,733 (13,272 ) 488,825 216,310 9,808 (8,419 ) 217,699 Consumer - Indirect automobile 195 26 (30 ) 191 393 39 (40 ) 392 Consumer - Other 110,490 2,145 (3,919 ) 108,716 94,315 3,520 (4,217 ) 93,618 Total $ 1,026,942 $ 26,720 $ (22,116 ) $ 1,031,546 $ 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 June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Pass Special Mention Sub- standard Doubtful Total Commercial real estate - Construction $ 315 $ 843 $ 11,141 $ 2,101 $ 14,400 $ 34,731 $ 1,928 $ 8,008 $ — $ 44,667 Commercial real estate - Other 23,587 5,384 14,373 3,075 46,419 87,509 20,422 51,252 — 159,183 Commercial business 6,158 1,669 6,512 424 14,763 23,380 395 9,275 — 33,050 $ 30,060 $ 7,896 $ 32,026 $ 5,600 $ 75,582 $ 145,620 $ 22,745 $ 68,535 $ — $ 236,900 Discount (12,918 ) (16,514 ) Total $ 62,664 $ 220,386 Covered loans June 30, 2015 December 31, 2014 30+ Days Premium 30+ Days Premium (Dollars in thousands) Current Total Current Total Residential mortgage $ 131,351 $ 20,902 $ (32,956 ) $ 119,297 $ 140,628 $ 22,058 $ (34,662 ) $ 128,024 Consumer - Home equity 92,915 10,350 (20,022 ) 83,243 99,478 16,542 (23,590 ) 92,430 Consumer - Credit card 565 23 — 588 614 34 — 648 Consumer - Other 225 16 573 814 337 18 2,701 3,056 Total $ 225,056 $ 31,291 $ (52,405 ) $ 203,942 $ 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. June 30, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial real estate $ 16,172 $ 16,172 $ — $ 6,680 $ 6,680 $ — Commercial business 13,330 13,330 — 2,483 2,483 — Consumer - Home equity 228 228 — 682 682 — With an allowance recorded: Commercial real estate 5,237 5,407 (170 ) 1,068 1,093 (25 ) Commercial business 15,556 17,008 (1,452 ) 1,212 1,620 (408 ) Residential mortgage 15,504 15,587 (83 ) 14,111 14,363 (252 ) Consumer - Home equity 9,087 9,142 (55 ) 7,121 7,165 (44 ) Consumer - Indirect automobile 1,388 1,398 (10 ) 1,410 1,419 (9 ) Consumer - Credit card 1,047 1,067 (20 ) 1,012 1,032 (20 ) Consumer - Other 1,241 1,253 (12 ) 781 790 (9 ) Total $ 78,790 $ 80,592 $ (1,802 ) $ 36,560 $ 37,327 $ (767 ) Total commercial loans $ 50,295 $ 51,917 $ (1,622 ) $ 11,443 $ 11,876 $ (433 ) Total mortgage loans 15,504 15,587 (83 ) 14,111 14,363 (252 ) Total consumer loans 12,991 13,088 (97 ) 11,006 11,088 (82 ) Three Months Ended Three Months Ended Six Months Ended Six Months Ended Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Interest Average Interest (Dollars in thousands) With no related allowance recorded: Commercial real estate $ 16,361 $ 5 $ 5,228 $ 6 $ 16,417 $ 15 5,178 14 Commercial business 13,715 14 5,128 9 13,924 44 5,006 22 Consumer - Home equity 230 — 252 — 233 — 250 — With an allowance recorded: Commercial real estate 5,339 16 925 — 5,057 37 926 1 Commercial business 17,788 187 1,078 4 18,109 450 1,061 13 Residential mortgage 15,721 — 14,050 — 15,927 16 13,258 6 Consumer - Home equity 9,497 — 7,825 — 9,680 8 7,749 5 Consumer - Indirect automobile 1,691 — 1,310 — 1,792 13 1,300 6 Consumer - Credit card 1,199 — 750 — 1,196 — 560 — Consumer - Other 1,294 — 575 — 1,334 10 571 5 Total $ 82,835 $ 222 $ 37,121 $ 19 $ 83,669 $ 593 $ 35,859 $ 72 Total commercial loans $ 53,203 $ 222 $ 12,359 $ 19 $ 53,507 $ 546 $ 12,171 50 Total mortgage loans 15,721 — 14,050 — 15,927 16 13,258 6 Total consumer loans 13,911 — 10,712 — 14,235 31 10,430 16 As of June 30, 2015 and December 31, 2014 , the Company was not committed to lend a material amount of additional funds to any customer whose loan was classified as impaired or as a troubled debt restructuring. |
Loss Sharing Agreements and FDI
Loss Sharing Agreements and FDIC Loss Share Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Loss Sharing Agreements and FDIC Loss Share Receivable [Abstract] | |
Loss Sharing Agreements and FDIC Loss Share Receivable | LOSS SHARING AGREEMENTS AND FDIC LOSS SHARE RECEIVABLE Loss Sharing Agreements Since 2009, the Company has acquired certain assets and liabilities of six failed banks. Substantially all of the loans and foreclosed real estate acquired through 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 the six acquisitions, and 95% of losses that exceed contractual thresholds for three acquisitions. The reimbursable loss periods, excluding single family residential assets, ended in 2014 for three acquisitions, will end during 2015 for one acquisition and during 2016 for two acquisitions. The reimbursable loss period for single family residential assets will end in 2019 for three acquisitions, in 2020 for one acquisition, and in 2021 for two acquisitions. 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. 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 six 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: Six Months Ended June 30, (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 (843 ) (3,598 ) Amortization (13,411 ) (36,273 ) (Submission of reimbursable losses) recoveries payable to the FDIC (3,243 ) 2,215 Impairment — (804 ) Changes due to a change in cash flow assumptions on OREO and other changes (1,678 ) (3,320 ) Balance at end of period $ 50,452 $ 120,532 FDIC loss share receivables collectibility assessment The Company assesses the FDIC loss share receivables for collectibility on a quarterly basis. Based on the collectibility analysis completed as of June 30, 2015, the Company concluded that the $50.5 million FDIC loss share receivable is fully collectible as of June 30, 2015 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 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 198,898 — — 198,898 Balance, June 30, 2015 $ 688,081 $ 23,178 $ 5,165 $ 716,424 The goodwill acquired during the first six months of 2015 is a result of the Florida Bank Group, Old Florida, and Georgia Commerce 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 Company's 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: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 5,722 $ (1,718 ) $ 4,004 $ 4,751 $ (1,253 ) $ 3,498 Title Plant The Company held title plant assets recorded in "Other assets" on the Company's consolidated balance sheets totaling $6.7 million at both June 30, 2015 and December 31, 2014 . No events or changes in circumstances occurred during the six months ended June 30, 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: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Core deposit intangibles $ 77,941 $ (39,913 ) $ 38,028 $ 55,949 $ (36,354 ) $ 19,595 Customer relationship intangible asset 1,348 (907 ) 441 1,348 (822 ) 526 Non-compete agreement 100 (54 ) 46 163 (82 ) 81 Other intangible assets 205 (80 ) 125 205 (46 ) 159 Total $ 79,594 $ (40,954 ) $ 38,640 $ 57,665 $ (37,304 ) $ 20,361 |
Derivative Instruments and Othe
Derivative Instruments and Other Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Other Hedging Activities | 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 . For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. For derivative instruments that are not designated as hedging instruments, 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 June 30, December 31, 2014 June 30, December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 4,674 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 4,674 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 14,873 $ 15,434 Other liabilities $ 14,873 $ 15,434 Forward sales contracts Other assets 4,597 25 Other liabilities 729 2,556 Written and purchased options Other assets 16,300 17,444 Other liabilities 9,651 13,364 Total derivatives not designated as hedging instruments under ASC Topic 815 35,770 32,903 25,253 31,354 Total $ 40,444 $ 32,903 $ 25,253 $ 31,354 (Dollars in thousands) Asset Derivatives Liability Derivatives June 30, December 31, 2014 June 30, December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 108,500 $ — $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 108,500 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts 534,588 444,703 534,588 444,703 Forward sales contracts 408,458 15,897 174,756 391,992 Written and purchased options 426,162 362,580 207,129 225,741 Total derivatives not designated as hedging instruments under ASC Topic 815 1,369,208 823,180 916,473 1,062,436 Total $ 1,477,708 $ 823,180 $ 916,473 $ 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 June 30, 2015 and December 31, 2014 , the Company was required to post $13.5 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 June 30, 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. June 30, 2015 Gross Amounts Gross Amounts Not Offset (Dollars in thousands) Derivatives Collateral (1) Net Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 4,674 $ — $ — $ 4,674 Interest rate contracts not designated as hedging instruments 14,865 — — 14,865 Written and purchased options 9,645 — — 9,645 Total derivative assets subject to master netting arrangements $ 29,184 $ — $ — $ 29,184 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 14,866 — (7,494 ) 7,372 Total derivative liabilities subject to master netting arrangements $ 14,866 $ — $ (7,494 ) $ 7,372 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Gross Amounts Not Offset Derivatives Collateral (1) Net (Dollars in thousands) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — — 15,411 Written and purchased options 13,387 — — 13,387 Total derivative assets subject to master netting arrangements $ 28,798 $ — $ — $ 28,798 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — (3,735 ) 11,676 Total derivative liabilities subject to master netting arrangements $ 15,411 $ — $ (3,735 ) $ 11,676 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. During the six months ended June 30, 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 June 30, 2015 , the fair value of derivatives that will mature within the next twelve months is $0.7 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 June 30, 2015 and 2014, and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) As of June 30 For the Three Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 3,038 $ — Other income (expense) $ — $ — Other income (expense) $ — $ — Total $ 3,038 $ — $ — $ — $ — $ — Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) As of June 30 For the Six Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 3,038 $ — Other income (expense) $ — $ — Other income (expense) $ — $ — Total $ 3,038 $ — $ — $ — $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements for the three and six months ended June 30, 2015 is as follows: (Dollars in thousands) Amount of Gain (Loss) Recognized Location of Gain (Loss) For the Three Months Ended June 30 For the Six Months Ended June 30 2015 2014 2015 2014 Interest rate contracts Other income $ 934 $ 1,027 $ 1,939 $ 1,565 Forward sales contracts Mortgage income 8,303 (859 ) 8,050 (3,864 ) Written and purchased options Mortgage income (1,953 ) (205 ) (1,185 ) 1,628 Total $ 7,284 $ (37 ) $ 8,804 $ (671 ) |
Capital Ratios and Other Regula
Capital Ratios and Other Regulatory Matters | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Capital Ratios and Other Regulatory Matters | 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 2.5% 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 June 30, 2015 , the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of June 30, 2015 , the most recent notification from the FDIC categorized IBERIABANK as well capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company) 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 June 30, 2015 and December 31, 2014 are presented in the following table. June 30, 2015 Minimum Well Capitalized Actual (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 706,688 4.00 % N/A N/A $ 1,631,993 9.24 % IBERIABANK 703,638 4.00 879,547 5.00 1,585,653 9.01 Common Equity Tier 1 (CET1) (1) Consolidated $ 729,003 4.50 % N/A N/A $ 1,602,806 9.89 % IBERIABANK 726,878 4.50 1,049,935 6.50 1,585,653 9.82 Tier 1 Risk-Based Capital (1) Consolidated $ 972,003 6.00 % N/A N/A $ 1,631,993 10.07 % IBERIABANK 969,171 6.00 1,292,228 8.00 1,585,653 9.82 Total Risk-Based Capital (1) Consolidated $ 1,296,005 8.00 % N/A N/A $ 1,860,947 11.49 % IBERIABANK 1,292,228 8.00 1,615,285 10.00 1,727,046 10.69 December 31, 2014 Minimum Well Capitalized Actual (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 602,387 4.00 % N/A N/A $ 1,408,842 9.36 % IBERIABANK 600,149 4.00 750,186 5.00 1,266,241 8.44 Tier 1 Risk-Based Capital Consolidated $ 504,114 4.00 % N/A N/A $ 1,408,842 11.18 % IBERIABANK 502,421 4.00 753,631 6.00 1,266,241 10.08 Total Risk-Based Capital Consolidated $ 1,008,227 8.00 % N/A N/A $ 1,550,789 12.31 % IBERIABANK 1,004,841 8.00 1,256,052 10.00 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 | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2015 2014 2015 2014 Earnings per common share - basic Net income $ 30,836 $ 16,217 $ 55,962 $ 38,553 Dividends and undistributed earnings allocated to unvested restricted shares (355 ) (250 ) (675 ) (641 ) Net income allocated to common shareholders - basic $ 30,481 $ 15,967 $ 55,287 $ 37,912 Weighted average common shares outstanding 38,546 30,260 35,871 29,768 Earnings per common share - basic $ 0.79 $ 0.53 $ 1.54 $ 1.27 Earnings per common share - diluted Net income allocated to common shareholders - basic $ 30,481 $ 15,967 $ 55,287 $ 37,912 Dividends and undistributed earnings allocated to unvested restricted shares (9 ) (8 ) (31 ) (17 ) Net income allocated to common shareholders - diluted $ 30,472 $ 15,959 $ 55,256 $ 37,895 Weighted average common shares outstanding 38,546 30,260 35,871 29,768 Dilutive potential common shares - stock options 121 126 103 136 Weighted average common shares outstanding - diluted 38,667 30,386 35,974 29,904 Earnings per common share - diluted $ 0.79 $ 0.53 $ 1.54 $ 1.27 For the three months ended June 30, 2015 , and 2014 , the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 597,975 , and 629,055 , respectively. For the six months ended June 30, 2015, and 2014, basic shares outstanding exclude 601,698 and 634,883 shares owned by the RRP, respectively. The effects from the assumed exercises of 8,926 , and 11,623 stock options were not included in the computation of diluted earnings per share for the three months ended June 30, 2015 , and 2014 , respectively, because such amounts would have had an antidilutive effect on earnings per common share. For the six months ended June 30, 2015, and 2014, the effects from the assumed exercise of 79,793 and 11,623 stock options, respectively, were not included in the computation of diluted earnings per share because such amounts would have had an antidilutive effect on earnings per common share. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 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 June 30, 2015 , awards of 803,729 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: Number of shares Weighted Average Exercise Price Outstanding options, December 31, 2014 867,682 $ 55.92 Granted 80,844 62.56 Exercised (94,415 ) 50.69 Forfeited or expired (15,183 ) 67.03 Outstanding options, June 30, 2015 838,928 $ 56.95 Exercisable options, June 30, 2015 567,127 $ 56.55 Outstanding options, December 31, 2013 1,072,829 $ 53.47 Granted 75,956 65.23 Exercised (196,734 ) 47.98 Forfeited or expired (8,577 ) 64.82 Outstanding options, June 30, 2014 943,474 $ 55.46 Exercisable options, June 30, 2014 614,361 $ 55.37 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 six-month periods ended June 30: 2015 2014 Expected dividends 2.2 % 2.1 % Expected volatility 35.6 % 35.8 % Risk-free interest rate 2.0 % 2.3 % Expected term (in years) 7.5 7.5 Weighted-average grant-date fair value $ 19.61 $ 21.23 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 and six-month periods ended June 30: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to stock options $ 474 $ 518 $ 945 $ 1,037 At June 30, 2015 , there was $3.5 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 5.5 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 June 30, 2015 and 2014 , unrecognized share-based compensation associated with these awards totaled $24.0 million and $24.8 million , respectively. Restricted Share Units During the first halves 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-month and six-month periods ended June 30: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to restricted stock awards and restricted share units $ 2,834 $ 2,569 5,804 4,885 The following table represents unvested restricted stock award and restricted share unit activity for the six months ended June 30: 2015 2014 Balance at beginning of period 506,289 523,756 Granted 185,270 141,377 Forfeited (20,411 ) (9,631 ) Earned and issued (158,514 ) (140,616 ) Balance at end of period 512,634 514,886 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 halves 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 June 30 of the periods indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to phantom stock and performance units $ 3,335 $ 1,022 $ 6,506 $ 3,073 The following table represents phantom stock award and performance unit activity during the periods indicated: Number of share equivalents Dividend equivalents Total share equivalents Value of share equivalents (1) Balance, December 31, 2014 459,920 22,940 482,860 $ 31,313,000 Granted 143,128 4,686 147,814 10,085,000 Forfeited share equivalents (25,167 ) (1,141 ) (26,308 ) (1,795,000 ) Vested share equivalents (119,770 ) (8,096 ) (127,866 ) (8,087,000 ) Balance, June 30, 2015 458,111 18,389 476,500 $ 32,512,000 Balance, December 31, 2013 417,238 22,351 439,589 $ 27,628,000 Granted 105,043 4,626 109,669 7,588,000 Forfeited share equivalents (12,656 ) (1,424 ) (14,080 ) (974,000 ) Vested share equivalents (60,970 ) (5,724 ) (66,694 ) (4,451,000 ) Balance, June 30, 2014 448,655 19,829 468,484 $ 32,414,000 (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 $68.23 and $69.19 on June 30, 2015 , and 2014 , respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 Securities available for sale 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. June 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 2,413,158 $ — $ 2,413,158 Mortgage loans held for sale — 220,263 — 220,263 Derivative instruments — 40,444 — 40,444 Total $ — $ 2,673,865 $ — $ 2,673,865 Liabilities Derivative instruments $ — $ 25,253 $ — $ 25,253 Total $ — $ 25,253 $ — $ 25,253 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 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 six months ended June 30, 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 six 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 Net gains included in earnings $ 7,989 $ — Change in unrealized net gains relating to assets still held at June 30, 2015 — 644 Non-recurring fair value measurements 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 $2.9 million and $ 1.4 million in earnings for the six -month periods ending June 30, 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. June 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net — 8,782 — 8,782 Total $ — $ 8,782 $ — $ 8,782 December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net — 1,483 — 1,483 Total $ — $ 1,483 $ — $ 1,483 The tables above exclude the initial measurement of assets and liabilities that were acquired as part of the acquisitions completed in 2014 through the second 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 June 30, 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: June 30, 2015 December 31, 2014 (Dollars in thousands) Aggregate Aggregate Aggregate Aggregate Aggregate Aggregate Mortgage loans held for sale, at fair value $ 220,263 $ 213,066 $ 7,197 $ 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 consolidated statements of comprehensive income. Net gains (losses) resulting from the change in fair value of these loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three and six months ended June 30, 2015 totaled $(164.3) thousand and $ 1.8 million , respectively, while net gains resulting from the change in fair value of these loans were $1.8 million and $5.6 million for the three and six months ended June 30, 2014 , respectively. 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 Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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. Refer to Note 13 to these consolidated financial statements for the methods and assumptions used to measure the fair value of investment securities and derivative instruments. Cash and cash equivalents The carrying amounts of cash and cash equivalents approximate their fair values. Loans The fair values of non-covered mortgage loans are estimated based on present values using entry-value rates (the interest rate that would be charged for a similar loan to a borrower with similar risk at the indicated balance sheet date) at June 30, 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 June 30, 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 loss sharing 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. FDIC Loss Share Receivables 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 June 30, 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 June 30, 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: June 30, 2015 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 891,275 $ 891,275 $ 891,275 $ — $ — Investment securities 2,514,633 2,516,148 — 2,516,148 — Loans and loans held for sale, net of unearned income and allowance for loan losses 14,043,179 14,501,036 — 224,198 14,276,838 FDIC loss share receivables 50,452 11,291 — — 11,291 Derivative instruments 40,444 40,444 — 40,444 — Financial Liabilities Deposits $ 16,119,541 $ 15,643,920 $ — $ — $ 15,643,920 Short-term borrowings 268,304 268,304 268,304 — — Long-term debt 342,312 303,669 — — 303,669 Derivative instruments 25,253 25,253 — 25,253 — December 31, 2014 (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 and allowance for loan losses 11,450,985 11,475,315 — 139,950 11,335,365 FDIC loss share receivables 69,627 19,606 — — 19,606 Derivative instruments 32,903 32,903 — 32,903 — 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 — The fair value estimates presented herein are based upon pertinent information available to management as of June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | 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 June 30, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 158,940 $ 1,605 $ — $ 160,545 Interest expense 14,011 857 — 14,868 Net interest income 144,929 748 — 145,677 Provision for loan losses 8,790 — — 8,790 Mortgage income 568 24,678 — 25,246 Title revenue — — 6,146 6,146 Other non-interest income 30,127 (1 ) (5 ) 30,121 Allocated expenses (3,238 ) 2,464 774 — Non-interest expense 133,034 15,738 4,437 153,209 Income before income tax expense 37,038 7,223 930 45,191 Income tax expense 11,129 2,858 368 14,355 Net income $ 25,909 $ 4,365 $ 562 $ 30,836 Total loans and loans held for sale $ 13,928,039 $ 243,289 $ — $ 14,171,328 Total assets 18,924,178 289,450 25,300 19,238,928 Total deposits 16,112,387 7,154 — 16,119,541 Average assets 18,168,782 251,475 25,029 18,445,286 Three Months Ended June 30, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 117,838 $ 1,676 $ — $ 119,514 Interest expense 9,765 476 — 10,241 Net interest income 108,073 1,200 — 109,273 Provision for loan losses 4,764 (16 ) — 4,748 Mortgage income 88 13,667 — 13,755 Title revenue — — 5,262 5,262 Other non-interest income 24,757 (13 ) — 24,744 Allocated expenses (3,594 ) 2,544 1,050 — Non-interest expense 111,296 11,635 4,201 127,132 Income before income tax expense 20,452 691 11 21,154 Income tax expense 4,653 276 8 4,937 Net income $ 15,799 $ 415 $ 3 $ 16,217 Total loans and loans held for sale $ 10,876,850 $ 198,706 $ — $ 11,075,556 Total assets 15,068,554 228,809 25,094 15,322,457 Total deposits 11,976,367 4,780 — 11,981,147 Average assets 13,832,646 183,799 24,737 14,041,182 Six Months Ended June 30, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 295,770 $ 3,359 $ 1 $ 299,130 Interest expense 26,301 1,348 — 27,649 Net interest income 269,469 2,011 1 271,481 Provision for loan losses 14,135 — — 14,135 Mortgage income 567 42,702 — 43,269 Title revenue — — 10,775 10,775 Other non-interest income 56,378 (3 ) (7 ) 56,368 Allocated expenses (8,085 ) 5,992 2,093 — Non-interest expense 249,039 28,654 8,669 286,362 Income before income tax expense 71,325 10,064 7 81,396 Income tax expense 21,442 3,980 12 25,434 Net income (loss) $ 49,883 $ 6,084 $ (5 ) $ 55,962 Total loans and loans held for sale $ 13,928,039 $ 243,289 $ — $ 14,171,328 Total assets 18,924,178 289,450 25,300 19,238,928 Total deposits 16,112,387 7,154 — 16,119,541 Average assets 16,966,529 216,900 24,892 17,208,321 Six Months Ended June 30, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 230,987 $ 2,758 $ 1 $ 233,746 Interest expense 19,368 697 — 20,065 Net interest income 211,619 2,061 1 213,681 Provision for loan losses 6,860 (9 ) — 6,851 Mortgage income 84 23,803 — 23,887 Title revenue — — 9,429 9,429 Other non-interest income 46,150 (24 ) — 46,126 Allocated expenses (6,724 ) 4,735 1,989 — Non-interest expense 204,342 21,934 8,090 234,366 Income (loss) before income tax expense 53,375 (820 ) (649 ) 51,906 Income tax expense (benefit) 13,910 (312 ) (245 ) 13,353 Net income (loss) $ 39,465 $ (508 ) $ (404 ) $ 38,553 Total loans and loans held for sale $ 10,876,850 $ 198,706 $ — $ 11,075,556 Total assets 15,068,554 228,809 25,094 15,322,457 Total deposits 11,976,367 4,780 — 11,981,147 Average assets 13,517,180 161,551 24,854 13,703,585 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments The Company is a party to credit related financial instruments with risk not reflected in the consolidated financial statements in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. 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 non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At June 30, 2015 , and December 31, 2014 , the fair value of guarantees under commercial and standby letters of credit was $1.4 million and 1.3 million , respectively. This fair value amount represents the unamortized fee associated with these guarantees and is included in “Other liabilities” on the Company's consolidated balance sheets. 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) June 30, 2015 December 31, 2014 Commitments to grant loans $ 267,379 $ 161,350 Unfunded commitments under lines of credit 4,621,514 4,007,954 Commercial and standby letters of credit 139,004 134,882 Reserve for unfunded lending commitments 13,244 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 customer. 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 or 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 letters of credit 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. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On August 5, 2015, the Company issued an aggregate of 3,200,000 depositary shares (the “Depositary Shares”), each representing a 1/400th ownership interest in a share of the Company’s 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B, par value $1.00 per share, (“Series B Preferred Stock”), with a liquidation preference of $10,000 per share of Series B Preferred Stock (equivalent to $25 per depositary share) which represents $80,000,000 in aggregate liquidation preference. Dividends will accrue and be payable on the Series B preferred stock, subject to declaration by the Company’s board of directors, from the date of issuance to, but excluding August 1, 2025, at a rate of 6.625% per annum, payable semi-annually, in arrears, and from and including August 1, 2025, dividends will accrue and be payable at a floating rate equal to three-month LIBOR plus a spread of 426.2 basis points, payable quarterly, in arrears. The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, as described in the Prospectus. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
General | General The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete financial statements. 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. Operating results for the three and six month periods ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, IBERIABANK, Lenders Title Company (“LTC”), IBERIA Capital Partners, LLC (“ICP”), 1887 Leasing, LLC, IBERIA Asset Management, Inc. (“IAM”), and IBERIA CDE, LLC (“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 seven states through IBERIABANK. The Company also operates mortgage production offices in 10 states through IBERIABANK Mortgage Company (“IMC”), a subsidiary of IBERIABANK, 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. 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 did not have a material effect on previously reported consolidated 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 are presented as a reduction to issued shares of common stock in the consolidated financial statements as of June 30, 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 GAAP 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 | Concentrations of Credit Risk Most of the Company’s business activity is with customers located within the states of Louisiana, Florida, Arkansas, Alabama, Texas, Tennessee and Georgia. 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 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. ASU 2014-01 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. ASU 2014-01 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 six -month period ending June 30, 2015 . ASU No. 2014-11 In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing: 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 15, 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 six -month period ending June 30, 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 15, 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 six -month period ending June 30, 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. ASU No. 2015-03 In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , in an effort to comply with its simplification initiative to reduce complexity in accounting standards. ASU No. 2015-03 requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 does not affect recognition and measurement guidance for debt issuance costs. ASU No. 2015-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance must be applied using a retrospective basis. The adoption of this ASU will not have a significant impact on the Company’s consolidated financial statements. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Acquisition | |
Supplemental Pro Forma Information | The following unaudited pro forma information for the six months ended June 30, 2014 reflects the Company’s estimated consolidated results of operations as if the acquisitions of Florida Bank Group, Old Florida, and Georgia Commerce 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 $ 373,991 Net income 50,745 Earnings per share - basic 1.34 Earnings per share - diluted 1.34 |
Florida Bank Group, Inc. | |
Business Acquisition | |
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 73,623 Goodwill $ 16,862 |
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 Fair Value Adjustments As recorded by IBERIABANK Assets Cash and cash equivalents $ 72,982 $ — $ 72,982 Investment securities 107,236 137 (1) 107,373 Loans 312,902 (7,073 ) (2) 305,829 Other real estate owned 498 (75 ) (3) 423 Core deposit intangible — 4,489 (4) 4,489 Deferred tax asset, net 19,880 9,232 (5) 29,112 Other assets 29,822 (8,949 ) (6) 20,873 Total Assets $ 543,320 $ (2,239 ) $ 541,081 Liabilities Interest-bearing deposits $ 282,417 $ 263 (7) $ 282,680 Non-interest-bearing deposits 109,548 — 109,548 Borrowings 60,000 8,598 (8) 68,598 Other liabilities 2,014 4,618 (9) 6,632 Total Liabilities $ 453,979 $ 13,479 $ 467,458 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's 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 adjustment represents the adjustment of Florida Bank Group's OREO to its estimated fair value on the date of acquisition. (4) The amount represents the fair value of the core deposit intangible asset created in the acquisition. (5) The amount represents the deferred tax asset recognized on the fair value adjustment of Florida Bank Group acquired assets and assumed liabilities. (6) 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. (7) 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 . (8) The amount 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. (9) The amount is necessary to record Florida Bank Group's rent liability at fair value. |
Old Florida Bancshares, Inc. | |
Business Acquisition | |
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 153,509 Goodwill $ 99,643 |
Schedule of Business Acquisitions, by Acquisition | Old Florida (Dollars in thousands) As Acquired Preliminary Fair Value Adjustments As recorded by IBERIABANK Assets Cash and cash equivalents $ 360,688 $ — $ 360,688 Investment securities 67,209 — 67,209 Loans held for sale 5,952 — 5,952 Loans 1,073,773 (9,342 ) (1) 1,064,431 Other real estate owned 4,515 (2 ) (2) 4,513 Core deposit intangible — 10,055 (3) 10,055 Deferred tax asset, net 8,437 3,078 (4) 11,515 Other assets 30,598 (7,238 ) (5) 23,360 Total Assets $ 1,551,172 $ (3,449 ) $ 1,547,723 Liabilities Interest-bearing deposits $ 1,048,765 $ 123 (6) $ 1,048,888 Non-interest-bearing deposits 340,869 — 340,869 Borrowings 1,528 — 1,528 Other liabilities 2,853 76 (7) 2,929 Total Liabilities $ 1,394,015 $ 199 $ 1,394,214 Explanation of certain fair value adjustments: (1) The amount represents the adjustment of the book value of Old Florida's 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 adjustment represents the adjustment of Old Florida's OREO to its estimated fair value on the date of acquisition. (3) The amount represents the fair value of the core deposit intangible asset created in the acquisition. (4) The amount represents the net deferred tax asset recognized on the fair value adjustment of Old Florida acquired assets and assumed liabilities. (5) The amount represents the adjustment of the book value of Old Florida’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 Old Florida’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 56 months . (7) The adjustment is necessary to record Old Florida's rent liability at fair value. |
Georgia Commerce Bancshares, Inc. | |
Business Acquisition | |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The following summarizes consideration paid and a preliminary allocation of purchase price to net assets acquired. (Dollars in thousands) Number of Shares Amount Equity consideration Common stock issued 2,882,357 $ 185,249 Total equity consideration 185,249 Non-Equity consideration Cash 5,015 Total consideration paid 190,264 Fair value of net assets assumed including identifiable intangible assets 112,294 Goodwill $ 77,970 |
Schedule of Business Acquisitions, by Acquisition | Georgia Commerce (Dollars in thousands) As Acquired Preliminary As recorded by Assets Cash and cash equivalents $ 51,122 $ — $ 51,122 Investment securities 139,035 (806 ) (1) 138,229 Loans held for sale 1,249 — 1,249 Loans 807,749 (6,622 ) (2) 801,127 Other real estate owned 9,795 — 9,795 Core deposit intangible — 7,448 (3) 7,448 Deferred tax asset, net 4,707 301 (4) 5,008 Other assets 31,414 (657 ) (5) 30,757 Total Assets $ 1,045,071 $ (336 ) $ 1,044,735 Liabilities Interest-bearing deposits 658,133 176 (6) 658,309 Non-interest-bearing deposits 249,739 — 249,739 Borrowings 13,203 — 13,203 Other liabilities 11,190 — 11,190 Total Liabilities $ 932,265 $ 176 $ 932,441 Explanation of certain fair value adjustments: (1) The amount represents the adjustment of the book value of Georgia Commerce’s investments to their estimated fair value on the date of acquisition. (2) The amount represents the adjustment of the book value of Georgia Commerce's 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 net deferred tax asset recognized on the fair value adjustment of Georgia Commerce acquired assets and assumed liabilities. (5) The amount represents the adjustment of the book value of Georgia Commerce’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 Georgia Commerce’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 60 months . |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Securities available for sale: U.S. Government-sponsored enterprise obligations $ 295,684 $ 1,601 $ (1,251 ) $ 296,034 Obligations of state and political obligations 90,002 2,936 (43 ) 92,895 Mortgage-backed securities 1,917,639 13,334 (9,541 ) 1,921,432 Other securities 102,669 281 (153 ) 102,797 Total securities available for sale $ 2,405,994 $ 18,152 $ (10,988 ) $ 2,413,158 Securities held to maturity: Obligations of state and political obligations $ 75,284 $ 2,546 $ (220 ) $ 77,610 Mortgage-backed securities 26,191 103 (914 ) 25,380 Total securities held to maturity $ 101,475 $ 2,649 $ (1,134 ) $ 102,990 December 31, 2014 Amortized Cost Gross Gross Estimated (Dollars in thousands) 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 |
Held-to-maturity Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Securities available for sale: U.S. Government-sponsored enterprise obligations $ 295,684 $ 1,601 $ (1,251 ) $ 296,034 Obligations of state and political obligations 90,002 2,936 (43 ) 92,895 Mortgage-backed securities 1,917,639 13,334 (9,541 ) 1,921,432 Other securities 102,669 281 (153 ) 102,797 Total securities available for sale $ 2,405,994 $ 18,152 $ (10,988 ) $ 2,413,158 Securities held to maturity: Obligations of state and political obligations $ 75,284 $ 2,546 $ (220 ) $ 77,610 Mortgage-backed securities 26,191 103 (914 ) 25,380 Total securities held to maturity $ 101,475 $ 2,649 $ (1,134 ) $ 102,990 December 31, 2014 Amortized Cost Gross Gross Estimated (Dollars in thousands) 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: June 30, 2015 Less Than Twelve Months Over Twelve Months Total Gross Unrealized Losses Estimated Fair Value Gross Estimated Gross Estimated (Dollars in thousands) Securities available for sale: U.S. Government-sponsored enterprise obligations $ (817 ) $ 140,465 $ (434 ) $ 39,041 $ (1,251 ) $ 179,506 Obligations of state and political obligations (43 ) 15,234 — — (43 ) 15,234 Mortgage-backed securities (4,925 ) 650,801 (4,616 ) 199,583 (9,541 ) 850,384 Other securities (144 ) 31,985 (9 ) 500 (153 ) 32,485 Total securities available for sale $ (5,929 ) $ 838,485 $ (5,059 ) $ 239,124 $ (10,988 ) $ 1,077,609 Securities held to maturity: Obligations of state and political obligations $ (91 ) $ 6,385 $ (129 ) $ 4,153 $ (220 ) $ 10,538 Mortgage-backed securities (54 ) 3,908 (860 ) 18,419 (914 ) 22,327 Total securities held to maturity $ (145 ) $ 10,293 $ (989 ) $ 22,572 $ (1,134 ) $ 32,865 December 31, 2014 Less Than Twelve Months Over Twelve Months Total Gross Estimated Gross Estimated Gross Estimated (Dollars in thousands) 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 June 30, 2015 and December 31, 2014 is presented in the following table. (Dollars in thousands) June 30, 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 $ 262,953 $ 566,113 Issued by political subdivisions 4,281 8,727 $ 267,234 $ 574,840 Unrealized loss Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 5,910 $ 10,254 Issued by political subdivisions 129 136 $ 6,039 $ 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 June 30, 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 Average Yield Amortized Cost Estimated Fair Value Weighted Amortized Cost Estimated (Dollars in thousands) Within one year or less 1.72 % $ 25,630 $ 25,672 3.86 % $ 75 $ 75 One through five years 1.68 % 306,054 307,852 2.80 % 12,888 13,154 After five through ten years 2.14 % 422,903 426,611 3.05 % 20,312 20,978 Over ten years 2.08 % 1,651,407 1,653,023 2.88 % 68,200 68,783 2.04 % $ 2,405,994 $ 2,413,158 2.90 % $ 101,475 $ 102,990 |
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 June 30, Six Months Ended June 30, (Dollars in thousands) 2015 2014 2015 2014 Realized gains $ 955 $ 8 $ 1,362 $ 27 Realized losses (52 ) — (73 ) — $ 903 $ 8 $ 1,289 $ 27 |
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company included the following securities, accounted for at amortized cost, which approximates fair value, in “Other assets” on the consolidated balance sheets: (Dollars in thousands) June 30, 2015 December 31, 2014 Federal Home Loan Bank (FHLB) stock $ 34,690 $ 38,476 Federal Reserve Bank (FRB) stock 37,165 34,348 Other investments 1,159 1,306 $ 73,014 $ 74,130 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into non-covered and covered loans, for the periods indicated: June 30, 2015 Non-covered loans (Dollars in thousands) Legacy Loans Acquired Loans Covered Loans Total Commercial loans: Real estate $ 4,138,519 $ 1,699,122 $ 49,542 $ 5,887,183 Business 3,400,184 557,736 13,122 3,971,042 7,538,703 2,256,858 62,664 9,858,225 Residential mortgage loans: Residential 1-4 family 567,415 415,224 119,297 1,101,936 Construction / Owner Occupied 49,082 18,590 — 67,672 616,497 433,814 119,297 1,169,608 Consumer and other loans: Home equity 1,399,005 488,825 83,243 1,971,073 Indirect automobile 322,767 191 — 322,958 Other 518,581 108,716 1,402 628,699 2,240,353 597,732 84,645 2,922,730 Total $ 10,395,553 $ 3,288,404 $ 266,606 $ 13,950,563 December 31, 2014 Non-covered loans (Dollars in thousands) Legacy Loans Acquired Loans Covered Loans (1) Total Commercial loans: Real estate $ 3,718,058 $ 497,949 $ 189,126 $ 4,405,133 Business 3,284,140 93,549 31,260 3,408,949 7,002,198 591,498 220,386 7,814,082 Residential mortgage loans: Residential 1-4 family 495,638 424,579 128,024 1,048,241 Construction / Owner Occupied 32,056 — — 32,056 527,694 424,579 128,024 1,080,297 Consumer and other loans: Home equity 1,290,976 217,699 92,430 1,601,105 Indirect automobile 396,766 392 — 397,158 Other 451,080 93,618 3,704 548,402 2,138,822 311,709 96,134 2,546,665 Total $ 9,668,714 $ 1,327,786 $ 444,544 $ 11,441,044 (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 Aging of Non-Covered Loans | The following tables provide an analysis of the aging of non-covered loans as of June 30, 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. June 30, 2015 Legacy loans Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing Past Due (1) (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current Commercial real estate - Construction $ — $ — $ 126 $ 126 $ 538,593 $ 538,719 $ — Commercial real estate - Other 736 2,232 18,400 21,368 3,578,432 3,599,800 — Commercial business 3,197 245 19,121 22,563 3,377,621 3,400,184 3,584 Residential mortgage 1,389 1,170 15,587 18,146 598,351 616,497 — Consumer - Home equity 2,509 325 9,370 12,204 1,386,801 1,399,005 — Consumer - Indirect automobile 1,883 323 1,398 3,604 319,163 322,767 — Consumer - Credit card 136 64 1,067 1,267 72,459 73,726 — Consumer - Other 501 275 1,254 2,030 442,825 444,855 — Total $ 10,351 $ 4,634 $ 66,323 $ 81,308 $ 10,314,245 $ 10,395,553 $ 3,584 December 31, 2014 Legacy loans Total Legacy Recorded Investment > 90 days and Accruing Past Due (1) (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current 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 1,389 2,616 14,900 18,905 508,789 527,694 538 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 days include all loans on non-accrual status, regardless of past due status, as of the period indicated. Non-accrual loans are presented separately in the “Non-accrual Loans” section below. June 30, 2015 Non-covered acquired loans Past Due (1) Discount/Premium Total Non-covered Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current Commercial real estate - Construction $ 121 $ 10 $ 7,292 $ 7,423 $ 134,585 $ (1,472 ) $ 140,536 $ 5,186 Commercial real estate - Other 10,576 3,856 41,844 56,276 1,546,386 (44,076 ) 1,558,586 34,019 Commercial business 724 376 7,573 8,673 553,826 (4,763 ) 557,736 4,149 Residential mortgage 17 577 8,222 8,816 429,893 (4,895 ) 433,814 7,106 Consumer - Home equity 3,322 38 12,373 15,733 486,364 (13,272 ) 488,825 11,218 Consumer - Indirect automobile 7 — 19 26 195 (30 ) 191 19 Consumer - Other 379 141 1,625 2,145 110,490 (3,919 ) 108,716 1,434 Total $ 15,146 $ 4,998 $ 78,948 $ 99,092 $ 3,261,739 $ (72,427 ) $ 3,288,404 $ 63,131 December 31, 2014 Non-covered acquired loans Past Due (1) Discount/Premium Total Non-covered Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Current 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 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. |
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) June 30, 2015 December 31, 2014 Commercial real estate - Construction $ 126 $ 69 Commercial real estate - Other 18,400 6,883 Commercial business 15,537 3,028 Residential mortgage 15,587 14,362 Consumer - Home equity 9,370 7,404 Consumer - Indirect automobile 1,398 1,419 Consumer - Credit card 1,067 1,032 Consumer - Other 1,254 773 Total $ 62,739 $ 34,970 |
Schedule of Carrying Amount of Acquired Covered Loans | The carrying amount of the acquired covered loans at June 30, 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. June 30, 2015 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Loans Total Covered Loans Commercial loans: Real estate $ 215 $ 49,327 $ 49,542 Business 175 12,947 13,122 390 62,274 62,664 Residential mortgage loans: Residential 1-4 family 24,013 95,284 119,297 24,013 95,284 119,297 Consumer and other loans: Home equity 5,964 77,279 83,243 Other 171 1,231 1,402 6,135 78,510 84,645 Total $ 30,538 $ 236,068 $ 266,606 December 31, 2014 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Loans Total Covered 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 | The tables below show the balances acquired during the first six 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 accounting adjustments. (Dollars in thousands) Contractually required principal and interest at acquisition $ 2,402,890 Expected losses and foregone interest (18,979 ) Cash flows expected to be collected at acquisition 2,383,911 Fair value of acquired loans at acquisition $ 2,130,276 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Contractually required principal and interest at acquisition $ 53,532 $ — $ 53,532 Non-accretable difference (expected losses and foregone interest) (7,829 ) — (7,829 ) Cash flows expected to be collected at acquisition 45,703 — 45,703 Accretable yield (4,592 ) — (4,592 ) Basis in acquired loans at acquisition $ 41,111 $ — $ 41,111 |
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 during the six months ended June 30: 2015 (Dollars in thousands) Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Balance at beginning of period $ 74,249 $ 213,402 $ 287,651 Acquisition 4,592 — 4,592 Transfers from non-accretable difference to accretable yield 302 4,704 5,006 Accretion (7,381 ) (34,455 ) (41,836 ) Changes in expected cash flows not affecting non-accretable differences (1) 1,027 1,261 2,288 Balance at end of period $ 72,789 $ 184,912 $ 257,701 2014 Acquired Impaired Loans Acquired Performing Impaired Loans Total Acquired Loans Balance at beginning of period $ 78,349 $ 276,543 $ 354,892 Acquisition 8,242 1,536 9,778 Transfers from non-accretable difference to accretable yield 4,128 13,517 17,645 Accretion (4,089 ) (50,429 ) (54,518 ) Changes in expected cash flows not affecting non-accretable differences (1) (12,176 ) 12,720 544 Balance at end of period $ 74,454 $ 253,887 $ 328,341 |
Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the six months ended June 30, 2015 : (Dollars in thousands) 2015 Extended maturities $ 4,413 Maturity and interest rate adjustment 19,718 Other concession(s) (1) 5,367 Total $ 29,498 (1) Other concessions include concessions or a combination of concessions that do not consist of maturity extensions, interest rate adjustments, forbearance or covenant modifications. |
Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the six-month period ended June 30, 2015 and the financial impact of those modifications. June 30, 2015 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (1) Commercial real estate 6 $ 7,815 $ 7,623 Commercial business 18 22,112 21,875 Total 24 $ 29,927 $ 29,498 (1) Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. Information detailing TDRs which defaulted during the six months ended June 30, 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. June 30, 2015 June 30, 2014 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate 3 $ 5,780 31 $ 1,635 Commercial business 13 15,879 11 2,115 Consumer - Home Equity — — 1 40 Consumer - Other — — 1 — Total 16 $ 21,659 44 $ 3,790 |
Allowance for Credit Losses a30
Allowance for Credit Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
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 six months ended June 30, 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 12,631 791 (130 ) 13,292 Adjustment attributable to FDIC loss share arrangements — — 843 843 Net provision for loan losses 12,631 791 713 14,135 Adjustment attributable to FDIC loss share arrangements — — (843 ) (843 ) Transfer of balance to OREO — (333 ) (289 ) (622 ) Transfer of balance to non-covered — 28,700 (28,700 ) — Loans charged-off (7,114 ) (8,686 ) (1,130 ) (16,930 ) Recoveries 2,032 238 8 2,278 Allowance for loans losses at end of period 83,723 29,903 14,523 128,149 Reserve for unfunded commitments at beginning of period 11,801 — — 11,801 Provision for unfunded lending commitments 1,443 — — 1,443 Reserve for unfunded commitments at end of period 13,244 — — 13,244 Allowance for credit losses at end of period $ 96,967 $ 29,903 $ 14,523 $ 141,393 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 5,078 (1,085 ) (740 ) 3,253 Adjustment attributable to FDIC loss share arrangements — — 3,598 3,598 Net (reversal of) provision for loan losses 5,078 (1,085 ) 2,858 6,851 Adjustment attributable to FDIC loss share arrangements — — (3,598 ) (3,598 ) Transfer of balance to OREO — (523 ) (5,085 ) (5,608 ) Loans charged-off (5,198 ) (182 ) (5,393 ) (10,773 ) Recoveries 3,426 109 38 3,573 Allowance for loans losses at end of period 70,648 2,876 59,995 133,519 Reserve for unfunded commitments at beginning of period 11,147 — — 11,147 Provision for unfunded lending commitments 113 — — 113 Reserve for unfunded commitments at end of period 11,260 — — 11,260 Allowance for credit losses at end of period $ 81,908 $ 2,876 $ 59,995 $ 144,779 A summary of changes in the allowance for credit losses for non-covered loans, by loan portfolio type, for the six months ended June 30, is as follows: 2015 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) 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 (463 ) 7,144 2,114 4,627 13,422 Transfer of balance to OREO (115 ) (169 ) (46 ) (3 ) (333 ) Transfer of balance to non-covered 20,972 1,236 — 6,492 28,700 Loans charged off (5,334 ) (997 ) (227 ) (9,242 ) (15,800 ) Recoveries 246 69 34 1,921 2,270 Allowance for loans losses at end of period 48,327 39,377 4,750 21,172 113,626 Reserve for unfunded commitments Balance at beginning of period 3,439 5,260 168 2,934 11,801 (Reversal of) Provision for unfunded commitments (15 ) 878 705 (125 ) 1,443 Balance at end of period 3,424 6,138 873 2,809 13,244 Allowance for credit losses at end of period $ 51,751 $ 45,515 $ 5,623 $ 23,981 $ 126,870 Allowance on loans individually evaluated for impairment $ 154 $ 1,287 $ — $ 3 $ 1,444 Allowance on loans collectively evaluated for impairment 51,597 44,228 5,623 23,978 125,426 Loans, net of unearned income: Balance at end of period $ 5,837,641 $ 3,957,920 $ 1,050,311 $ 2,838,085 $ 13,683,957 Balance at end of period individually evaluated for impairment 19,115 15,670 — 685 35,470 Balance at end of period collectively evaluated for impairment 5,792,146 3,937,161 1,034,199 2,822,808 13,586,314 Balance at end of period acquired with deteriorated credit quality 26,380 5,089 16,112 14,592 62,173 2014 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) 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 585 782 171 2,455 3,993 Transfer of balance to OREO (108 ) (162 ) (253 ) — (523 ) Loans charged off (660 ) (668 ) (435 ) (3,617 ) (5,380 ) Recoveries 1,699 65 114 1,657 3,535 Allowance for loans losses at end of period 28,106 28,532 2,143 14,743 73,524 Reserve for unfunded commitments at beginning of period 3,089 4,839 72 3,147 11,147 Provision for unfunded commitments 112 (43 ) 4 40 113 Reserve for unfunded commitments at end of period 3,201 4,796 76 3,187 11,260 Allowance for credit losses at end of period $ 31,307 $ 33,328 $ 2,219 $ 17,930 $ 84,784 Allowance on loans individually evaluated for impairment $ — $ 31 $ 171 $ — $ 202 Allowance on loans collectively evaluated for impairment 31,307 33,297 2,048 17,930 84,582 Loans, net of unearned income: Balance at end of period $ 3,949,444 $ 3,095,087 $ 983,011 $ 2,285,547 $ 10,313,089 Balance at end of period individually evaluated for impairment 5,976 4,563 1,058 248 11,845 Balance at end of period collectively evaluated for impairment 3,912,669 3,085,028 980,744 2,281,496 10,259,937 Balance at end of period acquired with deteriorated credit quality 30,799 5,496 1,209 3,803 41,307 A summary of changes in the allowance for credit losses for covered loans, by loan portfolio type, for the six months ended June 30, is as follows: 2015 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) Consumer Total Allowance for loans losses at beginning of period $ 24,072 1,235 6,286 13,171 $ 44,764 Provision for loan losses 350 2 323 38 713 (Decrease) Increase in FDIC loss share receivable 773 — (66 ) (1,550 ) (843 ) Transfer of balance to OREO — (1 ) (274 ) (14 ) (289 ) Transfer of balance to non-covered (20,972 ) (1,236 ) — (6,492 ) (28,700 ) Loans charged off (1,130 ) — — — (1,130 ) Recoveries — — 8 — 8 Allowance for loans losses at end of period $ 3,093 $ — $ 6,277 $ 5,153 $ 14,523 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 3,093 — 6,277 5,153 14,523 Loans, net of unearned income: Balance at end of period $ 49,542 $ 13,122 $ 119,297 $ 84,645 $ 266,606 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 49,327 12,947 95,284 78,510 236,068 Balance at end of period acquired with deteriorated credit quality 215 175 24,013 6,135 30,538 2014 Commercial Real Estate Commercial Business Residential Mortgage (Dollars in thousands) Consumer Total Allowance for loans losses at beginning of period $ 38,772 $ 5,380 $ 10,889 $ 16,134 $ 71,175 Provision for loan losses 1,474 313 592 479 2,858 (Decrease) Increase in FDIC loss share receivable (2,121 ) 749 (2,100 ) (126 ) (3,598 ) Transfer of balance to OREO (1,857 ) (1,162 ) (534 ) (1,532 ) (5,085 ) Loans charged off (3,726 ) (1,589 ) — (78 ) (5,393 ) Recoveries 38 — — — 38 Allowance for loans losses at end of period $ 32,580 $ 3,691 $ 8,847 $ 14,877 $ 59,995 Allowance on loans individually evaluated for impairment — — — — — Allowance on loans collectively evaluated for impairment 32,580 3,691 8,847 14,877 59,995 Loans, net of unearned income: Balance at end of period $ 294,115 $ 35,902 $ 141,613 $ 113,809 $ 585,439 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 287,592 35,902 113,340 99,334 536,168 Balance at end of period acquired with deteriorated credit quality 6,523 — 28,273 14,475 49,271 |
Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator | 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 June 30, 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 June 30, 2015 and December 31, 2014 . Legacy loans June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub-standard Doubtful Total Pass Special Mention Sub-standard Doubtful Total Commercial real estate - Construction $ 535,468 $ 1,767 $ 1,484 $ — $ 538,719 $ 483,930 $ 240 $ 69 $ — $ 484,239 Commercial real estate - Other 3,517,390 49,219 32,628 563 $ 3,599,800 3,161,593 49,847 22,217 162 3,233,819 Commercial business 3,310,794 21,599 66,349 1,442 $ 3,400,184 3,245,912 7,330 28,965 1,933 3,284,140 Total $ 7,363,652 $ 72,585 $ 100,461 $ 2,005 $ 7,538,703 $ 6,891,435 $ 57,417 $ 51,251 $ 2,095 $ 7,002,198 Legacy loans June 30, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 598,351 $ 18,146 $ 616,497 $ 508,789 $ 18,905 $ 527,694 Consumer - Home equity 1,386,801 12,204 1,399,005 1,278,865 12,111 1,290,976 Consumer - Indirect automobile 319,163 3,604 322,767 392,504 4,262 396,766 Consumer - Credit card 72,459 1,267 73,726 71,297 1,448 72,745 Consumer - Other 442,825 2,030 444,855 375,853 2,482 378,335 Total $ 2,819,599 $ 37,251 $ 2,856,850 $ 2,627,308 $ 39,208 $ 2,666,516 Non-covered acquired loans June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Loss Discount Total Pass Special Mention Sub- standard Doubtful Discount Total Commercial real estate-Construction $ 132,088 $ 264 $ 7,550 $ 2,106 $ — $ (1,472 ) $ 140,536 $ 24,118 $ 2,006 $ 4,624 $ — $ (1,170 ) $ 29,578 Commercial real estate - Other 1,497,720 20,671 67,627 16,644 — (44,076 ) 1,558,586 445,557 12,794 49,139 — (39,119 ) 468,371 Commercial business 546,397 5,284 7,604 3,180 34 (4,763 ) 557,736 91,837 1,861 4,818 257 (5,224 ) 93,549 Total $ 2,176,205 $ 26,219 $ 82,781 $ 21,930 $ 34 $ (50,311 ) $ 2,256,858 $ 561,512 $ 16,661 $ 58,581 $ 257 $ (45,513 ) $ 591,498 Non-covered acquired loans June 30, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Premium (discount) Total Current 30+ Days Past Due Premium (discount) Total Residential mortgage $ 429,893 $ 8,816 $ (4,895 ) $ 433,814 $ 418,552 $ 11,858 $ (5,831 ) $ 424,579 Consumer - Home equity 486,364 15,733 (13,272 ) 488,825 216,310 9,808 (8,419 ) 217,699 Consumer - Indirect automobile 195 26 (30 ) 191 393 39 (40 ) 392 Consumer - Other 110,490 2,145 (3,919 ) 108,716 94,315 3,520 (4,217 ) 93,618 Total $ 1,026,942 $ 26,720 $ (22,116 ) $ 1,031,546 $ 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 June 30, 2015 December 31, 2014 (Dollars in thousands) Pass Special Mention Sub- standard Doubtful Total Pass Special Mention Sub- standard Doubtful Total Commercial real estate - Construction $ 315 $ 843 $ 11,141 $ 2,101 $ 14,400 $ 34,731 $ 1,928 $ 8,008 $ — $ 44,667 Commercial real estate - Other 23,587 5,384 14,373 3,075 46,419 87,509 20,422 51,252 — 159,183 Commercial business 6,158 1,669 6,512 424 14,763 23,380 395 9,275 — 33,050 $ 30,060 $ 7,896 $ 32,026 $ 5,600 $ 75,582 $ 145,620 $ 22,745 $ 68,535 $ — $ 236,900 Discount (12,918 ) (16,514 ) Total $ 62,664 $ 220,386 Covered loans June 30, 2015 December 31, 2014 30+ Days Premium 30+ Days Premium (Dollars in thousands) Current Total Current Total Residential mortgage $ 131,351 $ 20,902 $ (32,956 ) $ 119,297 $ 140,628 $ 22,058 $ (34,662 ) $ 128,024 Consumer - Home equity 92,915 10,350 (20,022 ) 83,243 99,478 16,542 (23,590 ) 92,430 Consumer - Credit card 565 23 — 588 614 34 — 648 Consumer - Other 225 16 573 814 337 18 2,701 3,056 Total $ 225,056 $ 31,291 $ (52,405 ) $ 203,942 $ 241,057 $ 38,652 $ (55,551 ) $ 224,158 |
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. June 30, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial real estate $ 16,172 $ 16,172 $ — $ 6,680 $ 6,680 $ — Commercial business 13,330 13,330 — 2,483 2,483 — Consumer - Home equity 228 228 — 682 682 — With an allowance recorded: Commercial real estate 5,237 5,407 (170 ) 1,068 1,093 (25 ) Commercial business 15,556 17,008 (1,452 ) 1,212 1,620 (408 ) Residential mortgage 15,504 15,587 (83 ) 14,111 14,363 (252 ) Consumer - Home equity 9,087 9,142 (55 ) 7,121 7,165 (44 ) Consumer - Indirect automobile 1,388 1,398 (10 ) 1,410 1,419 (9 ) Consumer - Credit card 1,047 1,067 (20 ) 1,012 1,032 (20 ) Consumer - Other 1,241 1,253 (12 ) 781 790 (9 ) Total $ 78,790 $ 80,592 $ (1,802 ) $ 36,560 $ 37,327 $ (767 ) Total commercial loans $ 50,295 $ 51,917 $ (1,622 ) $ 11,443 $ 11,876 $ (433 ) Total mortgage loans 15,504 15,587 (83 ) 14,111 14,363 (252 ) Total consumer loans 12,991 13,088 (97 ) 11,006 11,088 (82 ) Three Months Ended Three Months Ended Six Months Ended Six Months Ended Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Interest Average Interest (Dollars in thousands) With no related allowance recorded: Commercial real estate $ 16,361 $ 5 $ 5,228 $ 6 $ 16,417 $ 15 5,178 14 Commercial business 13,715 14 5,128 9 13,924 44 5,006 22 Consumer - Home equity 230 — 252 — 233 — 250 — With an allowance recorded: Commercial real estate 5,339 16 925 — 5,057 37 926 1 Commercial business 17,788 187 1,078 4 18,109 450 1,061 13 Residential mortgage 15,721 — 14,050 — 15,927 16 13,258 6 Consumer - Home equity 9,497 — 7,825 — 9,680 8 7,749 5 Consumer - Indirect automobile 1,691 — 1,310 — 1,792 13 1,300 6 Consumer - Credit card 1,199 — 750 — 1,196 — 560 — Consumer - Other 1,294 — 575 — 1,334 10 571 5 Total $ 82,835 $ 222 $ 37,121 $ 19 $ 83,669 $ 593 $ 35,859 $ 72 Total commercial loans $ 53,203 $ 222 $ 12,359 $ 19 $ 53,507 $ 546 $ 12,171 50 Total mortgage loans 15,721 — 14,050 — 15,927 16 13,258 6 Total consumer loans 13,911 — 10,712 — 14,235 31 10,430 16 |
Loss Sharing Agreements and F31
Loss Sharing Agreements and FDIC Loss Share Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loss Sharing Agreements and FDIC Loss Share Receivable [Abstract] | |
Schedule of FDIC Loss Share Receivables | The following is a summary of FDIC loss share receivables year-to-date activity: Six Months Ended June 30, (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 (843 ) (3,598 ) Amortization (13,411 ) (36,273 ) (Submission of reimbursable losses) recoveries payable to the FDIC (3,243 ) 2,215 Impairment — (804 ) Changes due to a change in cash flow assumptions on OREO and other changes (1,678 ) (3,320 ) Balance at end of period $ 50,452 $ 120,532 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 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 198,898 — — 198,898 Balance, June 30, 2015 $ 688,081 $ 23,178 $ 5,165 $ 716,424 |
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: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Core deposit intangibles $ 77,941 $ (39,913 ) $ 38,028 $ 55,949 $ (36,354 ) $ 19,595 Customer relationship intangible asset 1,348 (907 ) 441 1,348 (822 ) 526 Non-compete agreement 100 (54 ) 46 163 (82 ) 81 Other intangible assets 205 (80 ) 125 205 (46 ) 159 Total $ 79,594 $ (40,954 ) $ 38,640 $ 57,665 $ (37,304 ) $ 20,361 Mortgage servicing rights had the following carrying values as of the periods indicated: June 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 5,722 $ (1,718 ) $ 4,004 $ 4,751 $ (1,253 ) $ 3,498 |
Derivative Instruments and Ot33
Derivative Instruments and Other Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | 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. June 30, 2015 Gross Amounts Gross Amounts Not Offset (Dollars in thousands) Derivatives Collateral (1) Net Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 4,674 $ — $ — $ 4,674 Interest rate contracts not designated as hedging instruments 14,865 — — 14,865 Written and purchased options 9,645 — — 9,645 Total derivative assets subject to master netting arrangements $ 29,184 $ — $ — $ 29,184 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 14,866 — (7,494 ) 7,372 Total derivative liabilities subject to master netting arrangements $ 14,866 $ — $ (7,494 ) $ 7,372 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Gross Amounts Not Offset Derivatives Collateral (1) Net (Dollars in thousands) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — — 15,411 Written and purchased options 13,387 — — 13,387 Total derivative assets subject to master netting arrangements $ 28,798 $ — $ — $ 28,798 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — (3,735 ) 11,676 Total derivative liabilities subject to master netting arrangements $ 15,411 $ — $ (3,735 ) $ 11,676 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Offsetting Liabilities | 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. June 30, 2015 Gross Amounts Gross Amounts Not Offset (Dollars in thousands) Derivatives Collateral (1) Net Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 4,674 $ — $ — $ 4,674 Interest rate contracts not designated as hedging instruments 14,865 — — 14,865 Written and purchased options 9,645 — — 9,645 Total derivative assets subject to master netting arrangements $ 29,184 $ — $ — $ 29,184 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 14,866 — (7,494 ) 7,372 Total derivative liabilities subject to master netting arrangements $ 14,866 $ — $ (7,494 ) $ 7,372 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Gross Amounts Not Offset Derivatives Collateral (1) Net (Dollars in thousands) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — — 15,411 Written and purchased options 13,387 — — 13,387 Total derivative assets subject to master netting arrangements $ 28,798 $ — $ — $ 28,798 Derivative liabilities Interest rate contracts designated as hedging instruments $ — $ — $ — $ — Interest rate contracts not designated as hedging instruments 15,411 — (3,735 ) 11,676 Total derivative liabilities subject to master netting arrangements $ 15,411 $ — $ (3,735 ) $ 11,676 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
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 June 30, December 31, 2014 June 30, December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 4,674 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 4,674 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 14,873 $ 15,434 Other liabilities $ 14,873 $ 15,434 Forward sales contracts Other assets 4,597 25 Other liabilities 729 2,556 Written and purchased options Other assets 16,300 17,444 Other liabilities 9,651 13,364 Total derivatives not designated as hedging instruments under ASC Topic 815 35,770 32,903 25,253 31,354 Total $ 40,444 $ 32,903 $ 25,253 $ 31,354 (Dollars in thousands) Asset Derivatives Liability Derivatives June 30, December 31, 2014 June 30, December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 108,500 $ — $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 108,500 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts 534,588 444,703 534,588 444,703 Forward sales contracts 408,458 15,897 174,756 391,992 Written and purchased options 426,162 362,580 207,129 225,741 Total derivatives not designated as hedging instruments under ASC Topic 815 1,369,208 823,180 916,473 1,062,436 Total $ 1,477,708 $ 823,180 $ 916,473 $ 1,062,436 |
Effect of Derivatives on Consolidated Financial Statements | At June 30, 2015 and 2014, and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) As of June 30 For the Three Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 3,038 $ — Other income (expense) $ — $ — Other income (expense) $ — $ — Total $ 3,038 $ — $ — $ — $ — $ — Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Dollars in thousands) As of June 30 For the Six Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2015 2014 2015 2014 Interest rate contracts $ 3,038 $ — Other income (expense) $ — $ — Other income (expense) $ — $ — Total $ 3,038 $ — $ — $ — $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements for the three and six months ended June 30, 2015 is as follows: (Dollars in thousands) Amount of Gain (Loss) Recognized Location of Gain (Loss) For the Three Months Ended June 30 For the Six Months Ended June 30 2015 2014 2015 2014 Interest rate contracts Other income $ 934 $ 1,027 $ 1,939 $ 1,565 Forward sales contracts Mortgage income 8,303 (859 ) 8,050 (3,864 ) Written and purchased options Mortgage income (1,953 ) (205 ) (1,185 ) 1,628 Total $ 7,284 $ (37 ) $ 8,804 $ (671 ) |
Capital Ratios and Other Regu34
Capital Ratios and Other Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of June 30, 2015 and December 31, 2014 are presented in the following table. June 30, 2015 Minimum Well Capitalized Actual (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 706,688 4.00 % N/A N/A $ 1,631,993 9.24 % IBERIABANK 703,638 4.00 879,547 5.00 1,585,653 9.01 Common Equity Tier 1 (CET1) (1) Consolidated $ 729,003 4.50 % N/A N/A $ 1,602,806 9.89 % IBERIABANK 726,878 4.50 1,049,935 6.50 1,585,653 9.82 Tier 1 Risk-Based Capital (1) Consolidated $ 972,003 6.00 % N/A N/A $ 1,631,993 10.07 % IBERIABANK 969,171 6.00 1,292,228 8.00 1,585,653 9.82 Total Risk-Based Capital (1) Consolidated $ 1,296,005 8.00 % N/A N/A $ 1,860,947 11.49 % IBERIABANK 1,292,228 8.00 1,615,285 10.00 1,727,046 10.69 December 31, 2014 Minimum Well Capitalized Actual (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 602,387 4.00 % N/A N/A $ 1,408,842 9.36 % IBERIABANK 600,149 4.00 750,186 5.00 1,266,241 8.44 Tier 1 Risk-Based Capital Consolidated $ 504,114 4.00 % N/A N/A $ 1,408,842 11.18 % IBERIABANK 502,421 4.00 753,631 6.00 1,266,241 10.08 Total Risk-Based Capital Consolidated $ 1,008,227 8.00 % N/A N/A $ 1,550,789 12.31 % IBERIABANK 1,004,841 8.00 1,256,052 10.00 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) | 6 Months Ended |
Jun. 30, 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. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2015 2014 2015 2014 Earnings per common share - basic Net income $ 30,836 $ 16,217 $ 55,962 $ 38,553 Dividends and undistributed earnings allocated to unvested restricted shares (355 ) (250 ) (675 ) (641 ) Net income allocated to common shareholders - basic $ 30,481 $ 15,967 $ 55,287 $ 37,912 Weighted average common shares outstanding 38,546 30,260 35,871 29,768 Earnings per common share - basic $ 0.79 $ 0.53 $ 1.54 $ 1.27 Earnings per common share - diluted Net income allocated to common shareholders - basic $ 30,481 $ 15,967 $ 55,287 $ 37,912 Dividends and undistributed earnings allocated to unvested restricted shares (9 ) (8 ) (31 ) (17 ) Net income allocated to common shareholders - diluted $ 30,472 $ 15,959 $ 55,256 $ 37,895 Weighted average common shares outstanding 38,546 30,260 35,871 29,768 Dilutive potential common shares - stock options 121 126 103 136 Weighted average common shares outstanding - diluted 38,667 30,386 35,974 29,904 Earnings per common share - diluted $ 0.79 $ 0.53 $ 1.54 $ 1.27 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Activity Related to Stock Options | The following table represents the activity related to stock options during the periods indicated: Number of shares Weighted Average Exercise Price Outstanding options, December 31, 2014 867,682 $ 55.92 Granted 80,844 62.56 Exercised (94,415 ) 50.69 Forfeited or expired (15,183 ) 67.03 Outstanding options, June 30, 2015 838,928 $ 56.95 Exercisable options, June 30, 2015 567,127 $ 56.55 Outstanding options, December 31, 2013 1,072,829 $ 53.47 Granted 75,956 65.23 Exercised (196,734 ) 47.98 Forfeited or expired (8,577 ) 64.82 Outstanding options, June 30, 2014 943,474 $ 55.46 Exercisable options, June 30, 2014 614,361 $ 55.37 |
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 six-month periods ended June 30: 2015 2014 Expected dividends 2.2 % 2.1 % Expected volatility 35.6 % 35.8 % Risk-free interest rate 2.0 % 2.3 % Expected term (in years) 7.5 7.5 Weighted-average grant-date fair value $ 19.61 $ 21.23 |
Unvested Restricted Stock Award and Restricted Share Unit Activity | The following table represents unvested restricted stock award and restricted share unit activity for the six months ended June 30: 2015 2014 Balance at beginning of period 506,289 523,756 Granted 185,270 141,377 Forfeited (20,411 ) (9,631 ) Earned and issued (158,514 ) (140,616 ) Balance at end of period 512,634 514,886 |
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 equivalents Dividend equivalents Total share equivalents Value of share equivalents (1) Balance, December 31, 2014 459,920 22,940 482,860 $ 31,313,000 Granted 143,128 4,686 147,814 10,085,000 Forfeited share equivalents (25,167 ) (1,141 ) (26,308 ) (1,795,000 ) Vested share equivalents (119,770 ) (8,096 ) (127,866 ) (8,087,000 ) Balance, June 30, 2015 458,111 18,389 476,500 $ 32,512,000 Balance, December 31, 2013 417,238 22,351 439,589 $ 27,628,000 Granted 105,043 4,626 109,669 7,588,000 Forfeited share equivalents (12,656 ) (1,424 ) (14,080 ) (974,000 ) Vested share equivalents (60,970 ) (5,724 ) (66,694 ) (4,451,000 ) Balance, June 30, 2014 448,655 19,829 468,484 $ 32,414,000 (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 $68.23 and $69.19 on June 30, 2015 , and 2014 , respectively. |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award | |
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 and six-month periods ended June 30: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to stock options $ 474 $ 518 $ 945 $ 1,037 |
Restricted Stock Awards and Restricted Share Units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
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-month and six-month periods ended June 30: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to restricted stock awards and restricted share units $ 2,834 $ 2,569 5,804 4,885 |
Phantom Stock and Performance Units | |
Share-based Compensation Arrangement by Share-based Payment Award | |
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 June 30 of the periods indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2015 2014 2015 2014 Compensation expense related to phantom stock and performance units $ 3,335 $ 1,022 $ 6,506 $ 3,073 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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. June 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 2,413,158 $ — $ 2,413,158 Mortgage loans held for sale — 220,263 — 220,263 Derivative instruments — 40,444 — 40,444 Total $ — $ 2,673,865 $ — $ 2,673,865 Liabilities Derivative instruments $ — $ 25,253 $ — $ 25,253 Total $ — $ 25,253 $ — $ 25,253 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 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 six 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 Net gains included in earnings $ 7,989 $ — Change in unrealized net gains relating to assets still held at June 30, 2015 — 644 |
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. June 30, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net — 8,782 — 8,782 Total $ — $ 8,782 $ — $ 8,782 December 31, 2014 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net — 1,483 — 1,483 Total $ — $ 1,483 $ — $ 1,483 |
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: June 30, 2015 December 31, 2014 (Dollars in thousands) Aggregate Aggregate Aggregate Aggregate Aggregate Aggregate Mortgage loans held for sale, at fair value $ 220,263 $ 213,066 $ 7,197 $ 139,950 $ 134,639 $ 5,311 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 891,275 $ 891,275 $ 891,275 $ — $ — Investment securities 2,514,633 2,516,148 — 2,516,148 — Loans and loans held for sale, net of unearned income and allowance for loan losses 14,043,179 14,501,036 — 224,198 14,276,838 FDIC loss share receivables 50,452 11,291 — — 11,291 Derivative instruments 40,444 40,444 — 40,444 — Financial Liabilities Deposits $ 16,119,541 $ 15,643,920 $ — $ — $ 15,643,920 Short-term borrowings 268,304 268,304 268,304 — — Long-term debt 342,312 303,669 — — 303,669 Derivative instruments 25,253 25,253 — 25,253 — December 31, 2014 (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 and allowance for loan losses 11,450,985 11,475,315 — 139,950 11,335,365 FDIC loss share receivables 69,627 19,606 — — 19,606 Derivative instruments 32,903 32,903 — 32,903 — 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 — |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Three Months Ended June 30, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 158,940 $ 1,605 $ — $ 160,545 Interest expense 14,011 857 — 14,868 Net interest income 144,929 748 — 145,677 Provision for loan losses 8,790 — — 8,790 Mortgage income 568 24,678 — 25,246 Title revenue — — 6,146 6,146 Other non-interest income 30,127 (1 ) (5 ) 30,121 Allocated expenses (3,238 ) 2,464 774 — Non-interest expense 133,034 15,738 4,437 153,209 Income before income tax expense 37,038 7,223 930 45,191 Income tax expense 11,129 2,858 368 14,355 Net income $ 25,909 $ 4,365 $ 562 $ 30,836 Total loans and loans held for sale $ 13,928,039 $ 243,289 $ — $ 14,171,328 Total assets 18,924,178 289,450 25,300 19,238,928 Total deposits 16,112,387 7,154 — 16,119,541 Average assets 18,168,782 251,475 25,029 18,445,286 Three Months Ended June 30, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 117,838 $ 1,676 $ — $ 119,514 Interest expense 9,765 476 — 10,241 Net interest income 108,073 1,200 — 109,273 Provision for loan losses 4,764 (16 ) — 4,748 Mortgage income 88 13,667 — 13,755 Title revenue — — 5,262 5,262 Other non-interest income 24,757 (13 ) — 24,744 Allocated expenses (3,594 ) 2,544 1,050 — Non-interest expense 111,296 11,635 4,201 127,132 Income before income tax expense 20,452 691 11 21,154 Income tax expense 4,653 276 8 4,937 Net income $ 15,799 $ 415 $ 3 $ 16,217 Total loans and loans held for sale $ 10,876,850 $ 198,706 $ — $ 11,075,556 Total assets 15,068,554 228,809 25,094 15,322,457 Total deposits 11,976,367 4,780 — 11,981,147 Average assets 13,832,646 183,799 24,737 14,041,182 Six Months Ended June 30, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 295,770 $ 3,359 $ 1 $ 299,130 Interest expense 26,301 1,348 — 27,649 Net interest income 269,469 2,011 1 271,481 Provision for loan losses 14,135 — — 14,135 Mortgage income 567 42,702 — 43,269 Title revenue — — 10,775 10,775 Other non-interest income 56,378 (3 ) (7 ) 56,368 Allocated expenses (8,085 ) 5,992 2,093 — Non-interest expense 249,039 28,654 8,669 286,362 Income before income tax expense 71,325 10,064 7 81,396 Income tax expense 21,442 3,980 12 25,434 Net income (loss) $ 49,883 $ 6,084 $ (5 ) $ 55,962 Total loans and loans held for sale $ 13,928,039 $ 243,289 $ — $ 14,171,328 Total assets 18,924,178 289,450 25,300 19,238,928 Total deposits 16,112,387 7,154 — 16,119,541 Average assets 16,966,529 216,900 24,892 17,208,321 Six Months Ended June 30, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 230,987 $ 2,758 $ 1 $ 233,746 Interest expense 19,368 697 — 20,065 Net interest income 211,619 2,061 1 213,681 Provision for loan losses 6,860 (9 ) — 6,851 Mortgage income 84 23,803 — 23,887 Title revenue — — 9,429 9,429 Other non-interest income 46,150 (24 ) — 46,126 Allocated expenses (6,724 ) 4,735 1,989 — Non-interest expense 204,342 21,934 8,090 234,366 Income (loss) before income tax expense 53,375 (820 ) (649 ) 51,906 Income tax expense (benefit) 13,910 (312 ) (245 ) 13,353 Net income (loss) $ 39,465 $ (508 ) $ (404 ) $ 38,553 Total loans and loans held for sale $ 10,876,850 $ 198,706 $ — $ 11,075,556 Total assets 15,068,554 228,809 25,094 15,322,457 Total deposits 11,976,367 4,780 — 11,981,147 Average assets 13,517,180 161,551 24,854 13,703,585 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding | The Company’s exposure to credit loss in the event of non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At June 30, 2015 , and December 31, 2014 , the fair value of guarantees under commercial and standby letters of credit was $1.4 million and 1.3 million , respectively. This fair value amount represents the unamortized fee associated with these guarantees and is included in “Other liabilities” on the Company's consolidated balance sheets. 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) June 30, 2015 December 31, 2014 Commitments to grant loans $ 267,379 $ 161,350 Unfunded commitments under lines of credit 4,621,514 4,007,954 Commercial and standby letters of credit 139,004 134,882 Reserve for unfunded lending commitments 13,244 11,801 |
Basis of Presentation (Detail)
Basis of Presentation (Detail) | Jun. 30, 2015State |
IBERIABANK | |
Schedule Of Significant Accounting Policies | |
Number of operating states | 7 |
IMC | |
Schedule Of Significant Accounting Policies | |
Number of operating states | 10 |
Acquisition Activity (Detail)
Acquisition Activity (Detail) $ / shares in Units, $ in Thousands | May. 31, 2015USD ($)Branchshares | Mar. 31, 2015USD ($)Branchshares | Feb. 28, 2015USD ($)Branch$ / sharesshares | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition | ||||||
Goodwill | $ 716,424 | $ 517,526 | $ 401,872 | |||
Maximum period for subject to change estimated fair values after acquisition date | 1 year | |||||
Florida Bank Group, Inc. | ||||||
Business Acquisition | ||||||
Cash received per share | $ / shares | $ 7.81 | |||||
Shares received | shares | 0.149 | |||||
Total consideration paid | $ 90,485 | |||||
Goodwill | $ 16,862 | |||||
Number of bank offices | Branch | 12 | |||||
Old Florida Bancshares, Inc. | ||||||
Business Acquisition | ||||||
Shares received | shares | 0.34 | |||||
Total consideration paid | $ 253,152 | |||||
Goodwill | $ 99,643 | |||||
Number of bank offices | Branch | 14 | |||||
Georgia Commerce Bancshares, Inc. | ||||||
Business Acquisition | ||||||
Shares received | shares | 0.6134 | |||||
Total consideration paid | $ 190,264 | |||||
Goodwill | $ 77,970 | |||||
Number of bank offices | Branch | 9 |
Acquisition Activity - Schedule
Acquisition Activity - Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable (Detail) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Non-Equity consideration | ||||||
Goodwill | $ 716,424 | $ 517,526 | $ 401,872 | |||
Florida Bank Group, Inc. | ||||||
Equity consideration | ||||||
Common stock issued (shares) | 752,493 | |||||
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 | 73,623 | |||||
Goodwill | $ 16,862 | |||||
Old Florida Bancshares, Inc. | ||||||
Equity consideration | ||||||
Common stock issued (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 | 153,509 | |||||
Goodwill | $ 99,643 | |||||
Georgia Commerce Bancshares, Inc. | ||||||
Equity consideration | ||||||
Common stock issued (shares) | 2,882,357 | |||||
Total equity consideration | $ 185,249 | |||||
Non-Equity consideration | ||||||
Cash | 5,015 | |||||
Total consideration paid | 190,264 | |||||
Fair value of net assets assumed including identifiable intangible assets | 112,294 | |||||
Goodwill | $ 77,970 |
Acquisition Activity - Schedu44
Acquisition Activity - Schedule of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | Feb. 28, 2015 | Jun. 30, 2015 | May. 31, 2015 | Mar. 31, 2015 |
Florida Bank Group, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | $ 72,982 | $ 72,982 | ||
Investment securities | 107,236 | 107,373 | ||
Loans | 312,902 | 305,829 | ||
Other real estate owned | 498 | 423 | ||
Core deposit intangible | 0 | 4,489 | ||
Deferred tax asset, net | 19,880 | 29,112 | ||
Other assets | 29,822 | 20,873 | ||
Total Assets | 543,320 | 541,081 | ||
Interest-bearing deposits | 282,417 | 282,680 | ||
Non-interest-bearing deposits | 109,548 | 109,548 | ||
Borrowings | 60,000 | 68,598 | ||
Other liabilities | 2,014 | 6,632 | ||
Total Liabilities | $ 453,979 | 467,458 | ||
Estimated amortized period for fair value adjustment | 51 months | |||
Old Florida Bancshares, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | 360,688 | $ 360,688 | ||
Investment securities | 67,209 | 67,209 | ||
Loans held for sale | 5,952 | 5,952 | ||
Loans | 1,064,431 | 1,073,773 | ||
Other real estate owned | 4,513 | 4,515 | ||
Core deposit intangible | 10,055 | 0 | ||
Deferred tax asset, net | 11,515 | 8,437 | ||
Other assets | 23,360 | 30,598 | ||
Total Assets | 1,547,723 | 1,551,172 | ||
Interest-bearing deposits | 1,048,888 | 1,048,765 | ||
Non-interest-bearing deposits | 340,869 | 340,869 | ||
Borrowings | 1,528 | 1,528 | ||
Other liabilities | 2,929 | 2,853 | ||
Total Liabilities | 1,394,214 | 1,394,015 | ||
Estimated amortized period for fair value adjustment | 56 months | |||
Georgia Commerce Bancshares, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | 51,122 | $ 51,122 | ||
Investment securities | 138,229 | 139,035 | ||
Loans held for sale | 1,249 | 1,249 | ||
Loans | 801,127 | 807,749 | ||
Other real estate owned | 9,795 | 9,795 | ||
Core deposit intangible | 7,448 | 0 | ||
Deferred tax asset, net | 5,008 | 4,707 | ||
Other assets | 30,757 | 31,414 | ||
Total Assets | 1,044,735 | 1,045,071 | ||
Interest-bearing deposits | 658,309 | 658,133 | ||
Non-interest-bearing deposits | 249,739 | 249,739 | ||
Borrowings | 13,203 | 13,203 | ||
Other liabilities | 11,190 | 11,190 | ||
Total Liabilities | 932,441 | $ 932,265 | ||
Estimated amortized period for fair value adjustment | 60 months | |||
Preliminary Fair Value Adjustment | Florida Bank Group, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | $ 0 | |||
Investment securities | 137 | |||
Loans | (7,073) | |||
Other real estate owned | (75) | |||
Core deposit intangible | 4,489 | |||
Deferred tax asset, net | 9,232 | |||
Other assets | (8,949) | |||
Total Assets | (2,239) | |||
Interest-bearing deposits | 263 | |||
Non-interest-bearing deposits | 0 | |||
Borrowings | 8,598 | |||
Other liabilities | 4,618 | |||
Total Liabilities | $ 13,479 | |||
Preliminary Fair Value Adjustment | Old Florida Bancshares, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | 0 | |||
Investment securities | 0 | |||
Loans held for sale | 0 | |||
Loans | (9,342) | |||
Other real estate owned | (2) | |||
Core deposit intangible | 10,055 | |||
Deferred tax asset, net | 3,078 | |||
Other assets | (7,238) | |||
Total Assets | (3,449) | |||
Interest-bearing deposits | 123 | |||
Non-interest-bearing deposits | 0 | |||
Borrowings | 0 | |||
Other liabilities | 76 | |||
Total Liabilities | $ 199 | |||
Preliminary Fair Value Adjustment | Georgia Commerce Bancshares, Inc. | ||||
Business Acquisition | ||||
Cash and cash equivalents | 0 | |||
Investment securities | (806) | |||
Loans held for sale | 0 | |||
Loans | (6,622) | |||
Other real estate owned | 0 | |||
Core deposit intangible | 7,448 | |||
Deferred tax asset, net | 301 | |||
Other assets | (657) | |||
Total Assets | (336) | |||
Interest-bearing deposits | 176 | |||
Non-interest-bearing deposits | 0 | |||
Borrowings | 0 | |||
Other liabilities | 0 | |||
Total Liabilities | $ 176 |
Acquisition Activity - Suppleme
Acquisition Activity - Supplemental Pro Forma Information (Detail) - 6 months ended Jun. 30, 2014 - USD ($) $ / shares in Units, $ in Thousands | Total |
Business Acquisition, Pro Forma Information [Abstract] | |
Interest and non-interest income | $ 373,991 |
Net income | $ 50,745 |
Earnings per share - basic | $ 1.34 |
Earnings per share - diluted | $ 1.34 |
Investment Securities (Detail)
Investment Securities (Detail) $ in Billions | Jun. 30, 2015USD ($)Security | Dec. 31, 2014USD ($)Security |
Net Investment Income | ||
Carrying value of pledged securities | $ | $ 1.2 | $ 1.4 |
Number of debt securities held | 180 | 112 |
Unrealized losses on debt securities (percent of amortized cost) | 1.08% | 1.31% |
Obligations of State and Political Obligations | ||
Net Investment Income | ||
Number of securities in a continuous loss position for over twelve months | 2 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | $ 101,475 | $ 116,960 |
Gross unrealized gains | 2,649 | 3,392 |
Gross unrealized losses | (1,134) | (871) |
Estimated fair value | 102,990 | 119,481 |
Schedule of Available-for-sale Securities | ||
Amortized cost | 2,405,994 | 2,147,276 |
Gross Unrealized Gains | 18,152 | 22,296 |
Gross Unrealized Losses | (10,988) | (10,719) |
Securities available for sale | 2,413,158 | 2,158,853 |
U.S. Government-Sponsored Enterprise Obligations | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost | 10,000 | |
Gross unrealized gains | 88 | |
Gross unrealized losses | 0 | |
Estimated fair value | 10,088 | |
Schedule of Available-for-sale Securities | ||
Amortized cost | 295,684 | 317,386 |
Gross Unrealized Gains | 1,601 | 1,700 |
Gross Unrealized Losses | (1,251) | (3,533) |
Securities available for sale | 296,034 | 315,553 |
Obligations of State and Political Obligations | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost | 75,284 | 77,597 |
Gross unrealized gains | 2,546 | 3,153 |
Gross unrealized losses | (220) | (145) |
Estimated fair value | 77,610 | 80,605 |
Schedule of Available-for-sale Securities | ||
Amortized cost | 90,002 | 86,513 |
Gross Unrealized Gains | 2,936 | 3,679 |
Gross Unrealized Losses | (43) | (2) |
Securities available for sale | 92,895 | 90,190 |
Mortgage-Backed Securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized cost | 26,191 | 29,363 |
Gross unrealized gains | 103 | 151 |
Gross unrealized losses | (914) | (726) |
Estimated fair value | 25,380 | 28,788 |
Schedule of Available-for-sale Securities | ||
Amortized cost | 1,917,639 | 1,741,917 |
Gross Unrealized Gains | 13,334 | 16,882 |
Gross Unrealized Losses | (9,541) | (7,184) |
Securities available for sale | 1,921,432 | 1,751,615 |
Other Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 102,669 | 1,460 |
Gross Unrealized Gains | 281 | 35 |
Gross Unrealized Losses | (153) | 0 |
Securities available for sale | $ 102,797 | $ 1,495 |
Investment Securities - Sched48
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities | ||
Less than twelve months, gross unrealized losses | $ (145) | $ (9) |
Less than twelve months, estimated fair value | 10,293 | 2,287 |
Over twelve months, gross unrealized losses | (989) | (862) |
Over twelve months, estimated fair value | 22,572 | 29,402 |
Total, gross unrealized losses | (1,134) | (871) |
Total estimated fair value | 32,865 | 31,689 |
Schedule of Available-for-sale Securities | ||
Less than twelve months, gross unrealized losses | (5,929) | (1,191) |
Less than twelve months, estimated fair value | 838,485 | 304,871 |
Over twelve months, gross unrealized losses | (5,059) | (9,528) |
Over twelve months, estimated fair value | 239,124 | 535,047 |
Total, gross unrealized losses | (10,988) | (10,719) |
Total estimated fair value | 1,077,609 | 839,918 |
U.S. Government-Sponsored Enterprise Obligations | ||
Schedule of Available-for-sale Securities | ||
Less than twelve months, gross unrealized losses | (817) | 0 |
Less than twelve months, estimated fair value | 140,465 | 0 |
Over twelve months, gross unrealized losses | (434) | (3,533) |
Over twelve months, estimated fair value | 39,041 | 240,498 |
Total, gross unrealized losses | (1,251) | (3,533) |
Total estimated fair value | 179,506 | 240,498 |
Obligations of State and Political Obligations | ||
Schedule of Held-to-maturity Securities | ||
Less than twelve months, gross unrealized losses | (91) | (9) |
Less than twelve months, estimated fair value | 6,385 | 2,287 |
Over twelve months, gross unrealized losses | (129) | (136) |
Over twelve months, estimated fair value | 4,153 | 8,590 |
Total, gross unrealized losses | (220) | (145) |
Total estimated fair value | 10,538 | 10,877 |
Schedule of Available-for-sale Securities | ||
Less than twelve months, gross unrealized losses | (43) | (2) |
Less than twelve months, estimated fair value | 15,234 | 185 |
Over twelve months, gross unrealized losses | 0 | 0 |
Over twelve months, estimated fair value | 0 | 0 |
Total, gross unrealized losses | (43) | (2) |
Total estimated fair value | 15,234 | 185 |
Mortgage-Backed Securities | ||
Schedule of Held-to-maturity Securities | ||
Less than twelve months, gross unrealized losses | (54) | 0 |
Less than twelve months, estimated fair value | 3,908 | 0 |
Over twelve months, gross unrealized losses | (860) | (726) |
Over twelve months, estimated fair value | 18,419 | 20,812 |
Total, gross unrealized losses | (914) | (726) |
Total estimated fair value | 22,327 | 20,812 |
Schedule of Available-for-sale Securities | ||
Less than twelve months, gross unrealized losses | (4,925) | (1,189) |
Less than twelve months, estimated fair value | 650,801 | 304,686 |
Over twelve months, gross unrealized losses | (4,616) | (5,995) |
Over twelve months, estimated fair value | 199,583 | 294,549 |
Total, gross unrealized losses | (9,541) | (7,184) |
Total estimated fair value | 850,384 | $ 599,235 |
Other Securities | ||
Schedule of Available-for-sale Securities | ||
Less than twelve months, gross unrealized losses | (144) | |
Less than twelve months, estimated fair value | 31,985 | |
Over twelve months, gross unrealized losses | (9) | |
Over twelve months, estimated fair value | 500 | |
Total, gross unrealized losses | (153) | |
Total estimated fair value | $ 32,485 |
Investment Securities - Additio
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | |
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 42 | 71 |
Amortized cost basis | $ 267,234 | $ 574,840 |
Unrealized loss | $ 6,039 | $ 10,390 |
Fannie Mae, Freddie Mac, or Ginnie Mae | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 40 | 66 |
Amortized cost basis | $ 262,953 | $ 566,113 |
Unrealized loss | $ 5,910 | $ 10,254 |
Political Subdivisions | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 2 | 5 |
Amortized cost basis | $ 4,281 | $ 8,727 |
Unrealized loss | $ 129 | $ 136 |
Investment Securities - Sched50
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Weighted Average Yield | ||
Within one year or less | 1.72% | |
One through five years | 1.68% | |
After five through ten years | 2.14% | |
Over ten years | 2.08% | |
Weighted average yield | 2.04% | |
Amortized Cost | ||
Within one year or less | $ 25,630 | |
One through five years | 306,054 | |
After five through ten years | 422,903 | |
Over ten years | 1,651,407 | |
Amortized Cost | 2,405,994 | |
Estimated Fair Value | ||
Within one year or less | 25,672 | |
One through five years | 307,852 | |
After five through ten years | 426,611 | |
Over ten years | 1,653,023 | |
Estimated fair value | $ 2,413,158 | $ 2,158,853 |
Weighted Average Yield | ||
Within one year or less | 3.86% | |
One through five years | 2.80% | |
After five through ten years | 3.05% | |
Over ten years | 2.88% | |
Weighted average yield | 2.90% | |
Amortized Cost | ||
Within one year or less | $ 75 | |
One through five years | 12,888 | |
After five through ten years | 20,312 | |
Over ten years | 68,200 | |
Amortized cost | 101,475 | 116,960 |
Estimated Fair Value | ||
Within one year or less | 75 | |
One through five years | 13,154 | |
After five through ten years | 20,978 | |
Over ten years | 68,783 | |
Estimated fair value | $ 102,990 | $ 119,481 |
Investment Securities - Sched51
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized gains | $ 955 | $ 8 | $ 1,362 | $ 27 |
Realized losses | (52) | 0 | (73) | 0 |
Net realized gains (losses) | $ 903 | $ 8 | $ 1,289 | $ 27 |
Investment Securities - Sched52
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 34,690 | $ 38,476 |
Federal Reserve Bank (FRB) stock | 37,165 | 34,348 |
Other investments | 1,159 | 1,306 |
Total | $ 73,014 | $ 74,130 |
Loans (Detail)
Loans (Detail) | 6 Months Ended | |||
Jun. 30, 2015USD ($)bank | Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable | ||||
Failed banks acquired since 2009 | bank | 6 | |||
Deferred loan origination fees | $ 22,300,000 | $ 20,600,000 | ||
Deferred loan expenses | 10,100,000 | 9,400,000 | ||
Deposit liabilities reclassified as loans receivable | 4,800,000 | 5,600,000 | ||
Loans with carrying value pledged to secure public deposits and other borrowings | $ 3,300,000,000 | $ 3,100,000,000 | ||
Carrying amounts of loans acquired | $ 2,200,000,000 | |||
Threshold period for loans in default | 30 days | |||
Troubled Debt Restructurings | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Total TDRs | $ 29,500,000 | $ 0 | ||
Energy related TDR | 3,400,000 | |||
Accrual status TDR | $ 14,300,000 | |||
Florida Bank Group, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Acquired loans | 305,800,000 | |||
Old Florida Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Acquired loans | 1,100,000,000 | |||
Georgia Commerce | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Acquired loans | 801,100,000 | |||
Loans Acquired Without Deteriorated Credit Quality | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Carrying amounts of loans acquired | 2,100,000,000 | |||
Loans Acquired With Deteriorated Credit Quality | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Carrying amounts of loans acquired | $ 41,100,000 |
Loans - Schedule of Non-Covered
Loans - Schedule of Non-Covered and Covered Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | $ 10,996,500 | $ 13,683,957 | ||
Covered loans receivable | 444,544 | 266,606 | ||
Total loans receivable | 11,441,044 | 13,950,563 | ||
Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 591,498 | |||
Covered loans receivable | 220,386 | 62,664 | ||
Total loans receivable | 7,814,082 | 9,858,225 | ||
Commercial Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 189,126 | 49,542 | ||
Total loans receivable | 4,405,133 | 5,887,183 | ||
Commercial Loans | Business | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 31,260 | 13,122 | ||
Total loans receivable | 3,408,949 | 3,971,042 | ||
Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 128,024 | 119,297 | ||
Total loans receivable | 1,080,297 | 1,169,608 | ||
Residential Mortgage Loans | Residential 1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 128,024 | 119,297 | ||
Total loans receivable | 1,048,241 | 1,101,936 | ||
Residential Mortgage Loans | Construction / Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Total loans receivable | 32,056 | 67,672 | ||
Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 96,134 | 84,645 | ||
Total loans receivable | 2,546,665 | 2,922,730 | ||
Consumer and Other Loans | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 92,430 | 83,243 | ||
Total loans receivable | 1,601,105 | 1,971,073 | ||
Consumer and Other Loans | Indirect Automobile | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Total loans receivable | 397,158 | 322,958 | ||
Consumer and Other Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Total loans receivable | 548,402 | 628,699 | ||
Non-Covered Legacy Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 9,668,714 | 10,395,553 | ||
Non-Covered Legacy Loans | Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 7,002,198 | 7,538,703 | ||
Non-Covered Legacy Loans | Commercial Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 3,718,058 | 4,138,519 | ||
Non-Covered Legacy Loans | Commercial Loans | Business | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 3,284,140 | 3,400,184 | ||
Non-Covered Legacy Loans | Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 527,694 | 616,497 | ||
Non-Covered Legacy Loans | Residential Mortgage Loans | Residential 1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 495,638 | 567,415 | ||
Non-Covered Legacy Loans | Residential Mortgage Loans | Construction / Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 32,056 | 49,082 | ||
Non-Covered Legacy Loans | Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 2,138,822 | 2,240,353 | ||
Non-Covered Legacy Loans | Consumer and Other Loans | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 1,290,976 | 1,399,005 | ||
Non-Covered Legacy Loans | Consumer and Other Loans | Indirect Automobile | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 396,766 | 322,767 | ||
Non-Covered Legacy Loans | Consumer and Other Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 451,080 | 518,581 | ||
Non-Covered Acquired Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 1,327,786 | 3,288,404 | ||
Non-Covered Acquired Loans | Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 591,498 | 2,256,858 | ||
Non-Covered Acquired Loans | Commercial Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 497,949 | 1,699,122 | ||
Non-Covered Acquired Loans | Commercial Loans | Business | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 93,549 | 557,736 | ||
Non-Covered Acquired Loans | Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 424,579 | 433,814 | ||
Non-Covered Acquired Loans | Residential Mortgage Loans | Residential 1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 424,579 | 415,224 | ||
Non-Covered Acquired Loans | Residential Mortgage Loans | Construction / Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 0 | 18,590 | ||
Non-Covered Acquired Loans | Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 311,709 | 597,732 | ||
Non-Covered Acquired Loans | Consumer and Other Loans | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 217,699 | 488,825 | ||
Non-Covered Acquired Loans | Consumer and Other Loans | Indirect Automobile | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 392 | 191 | ||
Non-Covered Acquired Loans | Consumer and Other Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Non-covered loans receivable | 93,618 | 108,716 | ||
Covered Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 444,544 | [1] | 266,606 | $ 585,439 |
Assets whose reimbursable loss period ended January 1, 2015 | 174,700 | |||
Covered Loans | Commercial Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 220,386 | [1] | 62,664 | |
Covered Loans | Commercial Loans | Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 189,126 | [1] | 49,542 | |
Covered Loans | Commercial Loans | Business | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 31,260 | [1] | 13,122 | |
Covered Loans | Residential Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 128,024 | [1] | 119,297 | 141,613 |
Covered Loans | Residential Mortgage Loans | Residential 1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 128,024 | [1] | 119,297 | |
Covered Loans | Residential Mortgage Loans | Construction / Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 0 | [1] | 0 | |
Covered Loans | Consumer and Other Loans | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 96,134 | [1] | 84,645 | $ 113,809 |
Covered Loans | Consumer and Other Loans | Home Equity | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 92,430 | [1] | 83,243 | |
Covered Loans | Consumer and Other Loans | Indirect Automobile | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | 0 | [1] | 0 | |
Covered Loans | Consumer and Other Loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Covered loans receivable | $ 3,704 | [1] | $ 1,402 | |
[1] | Included as covered loans at December 31, 2014 is $174.7 million of assets whose reimbursable loss periods ended as of January 1, 2015. |
Loans - Schedule of Aging of No
Loans - Schedule of Aging of Non-Covered Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable | |||
Discount (premium) | $ 22,300 | $ 20,600 | |
Past due loans threshold period | 90 days | ||
Non-Covered Legacy Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | $ 10,351 | 23,365 |
Past due, 60-89 days | [1] | 4,634 | 6,202 |
Past due, greater than 90 days | [1] | 66,323 | 35,724 |
Total past due | [1] | 81,308 | 65,291 |
Current | 10,314,245 | 9,603,423 | |
Total legacy loans, net of unearned income | 10,395,553 | 9,668,714 | |
Recorded investment greater than 90 days and accruing | 3,584 | 754 | |
Non-Covered Legacy Loans | Commercial Loans | Commercial Real Estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 0 | 507 |
Past due, 60-89 days | [1] | 0 | 0 |
Past due, greater than 90 days | [1] | 126 | 69 |
Total past due | [1] | 126 | 576 |
Current | 538,593 | 483,663 | |
Total legacy loans, net of unearned income | 538,719 | 484,239 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Non-Covered Legacy Loans | Commercial Loans | Commercial Real Estate - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 736 | 11,799 |
Past due, 60-89 days | [1] | 2,232 | 148 |
Past due, greater than 90 days | [1] | 18,400 | 6,883 |
Total past due | [1] | 21,368 | 18,830 |
Current | 3,578,432 | 3,214,989 | |
Total legacy loans, net of unearned income | 3,599,800 | 3,233,819 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Non-Covered Legacy Loans | Commercial Loans | Commercial Business | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 3,197 | 1,589 |
Past due, 60-89 days | [1] | 245 | 1,860 |
Past due, greater than 90 days | [1] | 19,121 | 3,228 |
Total past due | [1] | 22,563 | 6,677 |
Current | 3,377,621 | 3,277,463 | |
Total legacy loans, net of unearned income | 3,400,184 | 3,284,140 | |
Recorded investment greater than 90 days and accruing | 3,584 | 200 | |
Non-Covered Legacy Loans | Residential Mortgage Loans | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 1,389 | 1,389 |
Past due, 60-89 days | [1] | 1,170 | 2,616 |
Past due, greater than 90 days | [1] | 15,587 | 14,900 |
Total past due | [1] | 18,146 | 18,905 |
Current | 598,351 | 508,789 | |
Total legacy loans, net of unearned income | 616,497 | 527,694 | |
Recorded investment greater than 90 days and accruing | 0 | 538 | |
Non-Covered Legacy Loans | Consumer and Other Loans | Consumer - Home Equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 2,509 | 4,096 |
Past due, 60-89 days | [1] | 325 | 595 |
Past due, greater than 90 days | [1] | 9,370 | 7,420 |
Total past due | [1] | 12,204 | 12,111 |
Current | 1,386,801 | 1,278,865 | |
Total legacy loans, net of unearned income | 1,399,005 | 1,290,976 | |
Recorded investment greater than 90 days and accruing | 0 | 16 | |
Non-Covered Legacy Loans | Consumer and Other Loans | Consumer - Indirect Automobile | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 1,883 | 2,447 |
Past due, 60-89 days | [1] | 323 | 396 |
Past due, greater than 90 days | [1] | 1,398 | 1,419 |
Total past due | [1] | 3,604 | 4,262 |
Current | 319,163 | 392,504 | |
Total legacy loans, net of unearned income | 322,767 | 396,766 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Non-Covered Legacy Loans | Consumer and Other Loans | Consumer - Credit Card | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 136 | 253 |
Past due, 60-89 days | [1] | 64 | 163 |
Past due, greater than 90 days | [1] | 1,067 | 1,032 |
Total past due | [1] | 1,267 | 1,448 |
Current | 72,459 | 71,297 | |
Total legacy loans, net of unearned income | 73,726 | 72,745 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Non-Covered Legacy Loans | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [1] | 501 | 1,285 |
Past due, 60-89 days | [1] | 275 | 424 |
Past due, greater than 90 days | [1] | 1,254 | 773 |
Total past due | [1] | 2,030 | 2,482 |
Current | 442,825 | 375,853 | |
Total legacy loans, net of unearned income | 444,855 | 378,335 | |
Recorded investment greater than 90 days and accruing | 0 | 0 | |
Non-Covered Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 15,146 | 11,537 |
Past due, 60-89 days | [2] | 4,998 | 3,849 |
Past due, greater than 90 days | [2] | 78,948 | 49,470 |
Total past due | [2] | 99,092 | 64,856 |
Current | 3,261,739 | 1,326,950 | |
Discount (premium) | (72,427) | (64,020) | |
Total legacy loans, net of unearned income | 3,288,404 | 1,327,786 | |
Recorded investment greater than 90 days and accruing | 63,131 | 47,603 | |
Non-Covered Acquired Loans | Commercial Loans | Commercial Real Estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 121 | 2,740 |
Past due, 60-89 days | [2] | 10 | 57 |
Past due, greater than 90 days | [2] | 7,292 | 1,284 |
Total past due | [2] | 7,423 | 4,081 |
Current | 134,585 | 26,667 | |
Discount (premium) | (1,472) | (1,170) | |
Total legacy loans, net of unearned income | 140,536 | 29,578 | |
Recorded investment greater than 90 days and accruing | 5,186 | 1,284 | |
Non-Covered Acquired Loans | Commercial Loans | Commercial Real Estate - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 10,576 | 4,419 |
Past due, 60-89 days | [2] | 3,856 | 840 |
Past due, greater than 90 days | [2] | 41,844 | 26,480 |
Total past due | [2] | 56,276 | 31,739 |
Current | 1,546,386 | 475,751 | |
Discount (premium) | (44,076) | (39,119) | |
Total legacy loans, net of unearned income | 1,558,586 | 468,371 | |
Recorded investment greater than 90 days and accruing | 34,019 | 26,376 | |
Non-Covered Acquired Loans | Commercial Loans | Commercial Business | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 724 | 2,106 |
Past due, 60-89 days | [2] | 376 | 70 |
Past due, greater than 90 days | [2] | 7,573 | 1,635 |
Total past due | [2] | 8,673 | 3,811 |
Current | 553,826 | 94,962 | |
Discount (premium) | (4,763) | (5,224) | |
Total legacy loans, net of unearned income | 557,736 | 93,549 | |
Recorded investment greater than 90 days and accruing | 4,149 | 1,635 | |
Non-Covered Acquired Loans | Residential Mortgage Loans | Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 17 | 152 |
Past due, 60-89 days | [2] | 577 | 2,367 |
Past due, greater than 90 days | [2] | 8,222 | 9,339 |
Total past due | [2] | 8,816 | 11,858 |
Current | 429,893 | 418,552 | |
Discount (premium) | (4,895) | (5,831) | |
Total legacy loans, net of unearned income | 433,814 | 424,579 | |
Recorded investment greater than 90 days and accruing | 7,106 | 8,087 | |
Non-Covered Acquired Loans | Consumer and Other Loans | Consumer - Home Equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 3,322 | 649 |
Past due, 60-89 days | [2] | 38 | 385 |
Past due, greater than 90 days | [2] | 12,373 | 8,774 |
Total past due | [2] | 15,733 | 9,808 |
Current | 486,364 | 216,310 | |
Discount (premium) | (13,272) | (8,419) | |
Total legacy loans, net of unearned income | 488,825 | 217,699 | |
Recorded investment greater than 90 days and accruing | 11,218 | 8,383 | |
Non-Covered Acquired Loans | Consumer and Other Loans | Consumer - Indirect Automobile | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 7 | 13 |
Past due, 60-89 days | [2] | 0 | 17 |
Past due, greater than 90 days | [2] | 19 | 9 |
Total past due | [2] | 26 | 39 |
Current | 195 | 393 | |
Discount (premium) | (30) | (40) | |
Total legacy loans, net of unearned income | 191 | 392 | |
Recorded investment greater than 90 days and accruing | 19 | 9 | |
Non-Covered Acquired Loans | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Past due, 30-59 days | [2] | 379 | 1,458 |
Past due, 60-89 days | [2] | 141 | 113 |
Past due, greater than 90 days | [2] | 1,625 | 1,949 |
Total past due | [2] | 2,145 | 3,520 |
Current | 110,490 | 94,315 | |
Discount (premium) | (3,919) | (4,217) | |
Total legacy loans, net of unearned income | 108,716 | 93,618 | |
Recorded investment greater than 90 days and accruing | $ 1,434 | $ 1,829 | |
[1] | Past due loans greater than 90 days days include all loans on non-accrual status, regardless of past due status, as of the period indicated. Non-accrual loans are presented separately in the “Non-accrual Loans” section below. | ||
[2] | Past due information presents acquired loans at the gross loan balance, prior to application of discounts. |
Loans - Schedule of Legacy Loan
Loans - Schedule of Legacy Loans on Nonaccrual Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | $ 62,739 | $ 34,970 |
Commercial Loans | Commercial Real Estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 126 | 69 |
Commercial Loans | Commercial Real Estate - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 18,400 | 6,883 |
Commercial Loans | Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 15,537 | 3,028 |
Residential Mortgage Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 15,587 | 14,362 |
Consumer and Other Loans | Consumer - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 9,370 | 7,404 |
Consumer and Other Loans | Consumer - Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 1,398 | 1,419 |
Consumer and Other Loans | Consumer - Credit Card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | 1,067 | 1,032 |
Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans on nonaccrual status | $ 1,254 | $ 773 |
Loans - Schedule of Carrying Am
Loans - Schedule of Carrying Amount of Acquired Covered Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | $ 30,538 | $ 37,532 |
Acquired performing loans | 236,068 | 407,012 |
Total covered loans | 266,606 | 444,544 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 390 | 1,253 |
Acquired performing loans | 62,274 | 219,133 |
Total covered loans | 62,664 | 220,386 |
Commercial Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 215 | 1,253 |
Acquired performing loans | 49,327 | 187,873 |
Total covered loans | 49,542 | 189,126 |
Commercial Loans | Business | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 175 | 0 |
Acquired performing loans | 12,947 | 31,260 |
Total covered loans | 13,122 | 31,260 |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 24,013 | 22,918 |
Acquired performing loans | 95,284 | 105,106 |
Total covered loans | 119,297 | 128,024 |
Residential Mortgage Loans | Residential 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 24,013 | 22,918 |
Acquired performing loans | 95,284 | 105,106 |
Total covered loans | 119,297 | 128,024 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 6,135 | 13,361 |
Acquired performing loans | 78,510 | 82,773 |
Total covered loans | 84,645 | 96,134 |
Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 5,964 | 12,872 |
Acquired performing loans | 77,279 | 79,558 |
Total covered loans | 83,243 | 92,430 |
Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired impaired loans | 171 | 489 |
Acquired performing loans | 1,231 | 3,215 |
Total covered loans | $ 1,402 | $ 3,704 |
Loans - Schedule of Carrying 58
Loans - Schedule of Carrying Amount of Loans Acquired under ASC Topic 310-10 (Detail) - ASC Topic 310-30 - Florida Bank Group, Inc., Old Florida Bancshares, Inc., Georgia Commerce Bancshares, Inc. $ in Thousands | Jun. 30, 2015USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | |
Contractually required principal and interest at acquisition | $ 2,402,890 |
Expected losses and foregone interest | (18,979) |
Cash flows expected to be collected at acquisition | 2,383,911 |
Fair value of acquired loans at acquisition | $ 2,130,276 |
Loans - Schedule of Carrying 59
Loans - Schedule of Carrying Amount of Loans Acquired (Detail) - Florida Bank Group, Inc., Old Florida Bancshares, Inc., Georgia Commerce Bancshares, Inc. - Receivables Acquired With Deteriorated Credit Quality $ in Thousands | Jun. 30, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable | |
Contractually required principal and interest at acquisition | $ 53,532 |
Non-accretable difference (expected losses and foregone interest) | (7,829) |
Cash flows expected to be collected at acquisition | 45,703 |
Accretable yield | (4,592) |
Basis in acquired loans at acquisition | 41,111 |
Acquired Impaired Loans | |
Accounts, Notes, Loans and Financing Receivable | |
Contractually required principal and interest at acquisition | 53,532 |
Non-accretable difference (expected losses and foregone interest) | (7,829) |
Cash flows expected to be collected at acquisition | 45,703 |
Accretable yield | (4,592) |
Basis in acquired loans at acquisition | 41,111 |
Acquired Performing Impaired Loans | |
Accounts, Notes, Loans and Financing Receivable | |
Contractually required principal and interest at acquisition | 0 |
Non-accretable difference (expected losses and foregone interest) | 0 |
Cash flows expected to be collected at acquisition | 0 |
Accretable yield | 0 |
Basis in acquired loans at acquisition | $ 0 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 287,651 | $ 354,892 | |
Acquisition | 4,592 | 9,778 | |
Transfers from non-accretable difference to accretable yield | 5,006 | 17,645 | |
Accretion | (41,836) | (54,518) | |
Changes in expected cash flows not affecting nonaccretable differences | [1] | 2,288 | 544 |
Balance at end of period | 257,701 | 328,341 | |
Acquired Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 74,249 | 78,349 | |
Acquisition | 4,592 | 8,242 | |
Transfers from non-accretable difference to accretable yield | 302 | 4,128 | |
Accretion | (7,381) | (4,089) | |
Changes in expected cash flows not affecting nonaccretable differences | [1] | 1,027 | (12,176) |
Balance at end of period | 72,789 | 74,454 | |
Acquired Performing Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 213,402 | 276,543 | |
Acquisition | 0 | 1,536 | |
Transfers from non-accretable difference to accretable yield | 4,704 | 13,517 | |
Accretion | (34,455) | (50,429) | |
Changes in expected cash flows not affecting nonaccretable differences | [1] | 1,261 | 12,720 |
Balance at end of period | $ 184,912 | $ 253,887 | |
[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. |
Loans - Schedule of Modified TD
Loans - Schedule of Modified TDRs (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($) | ||
Receivables [Abstract] | ||
Extended maturities | $ 4,413 | |
Maturity and interest rate adjustment | 19,718 | |
Other concession(s) | [1] | 5,367 |
Total | $ 29,498 | |
[1] | Other concessions include concessions or a combination of concessions that do not consist of maturity extensions, interest rate adjustments, forbearance or covenant modifications. |
Loans - Schedule of Subsequentl
Loans - Schedule of Subsequently Defaulted TDRs (Detail) - TDRs Occurring During The Period - Non-Covered TDRs $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | ||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | SecurityLoan | 24 | ||
Pre-modification outstanding recorded investment | $ 29,927 | ||
Post-modification outstanding recorded investment | [1] | $ 29,498 | |
Number of loans | SecurityLoan | 16 | 44 | |
Recorded investment | $ 21,659 | $ 3,790 | |
Commercial Loans | Real Estate | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | SecurityLoan | 6 | ||
Pre-modification outstanding recorded investment | $ 7,815 | ||
Post-modification outstanding recorded investment | [1] | $ 7,623 | |
Number of loans | SecurityLoan | 3 | 31 | |
Recorded investment | $ 5,780 | $ 1,635 | |
Commercial Loans | Business | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | SecurityLoan | 18 | ||
Pre-modification outstanding recorded investment | $ 22,112 | ||
Post-modification outstanding recorded investment | [1] | $ 21,875 | |
Number of loans | SecurityLoan | 13 | 11 | |
Recorded investment | $ 15,879 | $ 2,115 | |
Consumer and Other Loans | Home Equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | SecurityLoan | 0 | 1 | |
Recorded investment | $ 0 | $ 40 | |
Consumer and Other Loans | Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of loans | SecurityLoan | 0 | 1 | |
Recorded investment | $ 0 | $ 0 | |
[1] | Recorded investment includes any allowance for credit losses recorded on the TDRs at the dates indicated. |
Allowance for Credit Losses a63
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered Loan and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | $ 130,131 | $ 143,074 | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 13,292 | 3,253 | ||
Net provision for loan losses | $ 8,790 | $ 4,748 | 14,135 | 6,851 |
Adjustment attributable to FDIC loss share arrangements | (843) | (3,598) | ||
Transfer of balance to OREO | (622) | (5,608) | ||
Transfer of balance to non-covered | 0 | |||
Loans charged-off | (16,930) | (10,773) | ||
Recoveries | 2,278 | 3,573 | ||
Allowance for loans losses at end of period | 128,149 | 133,519 | 128,149 | 133,519 |
Reserve for unfunded commitments at beginning of period | 11,801 | 11,147 | ||
Provision for unfunded lending commitments | 1,443 | 113 | ||
Reserve for unfunded commitments at end of period | 13,244 | 11,260 | 13,244 | 11,260 |
Allowance for credit losses at end of period | 141,393 | 144,779 | 141,393 | 144,779 |
Non-Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Transfer of balance to OREO | (333) | (523) | ||
Transfer of balance to non-covered | 28,700 | |||
Loans charged-off | (15,800) | (5,380) | ||
Recoveries | 2,270 | 3,535 | ||
Reserve for unfunded commitments at beginning of period | 11,801 | 11,147 | ||
Reserve for unfunded commitments at end of period | 13,244 | 11,260 | 13,244 | 11,260 |
Allowance for credit losses at end of period | 126,870 | 84,784 | 126,870 | 84,784 |
Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 76,174 | 67,342 | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 12,631 | 5,078 | ||
Net provision for loan losses | 12,631 | 5,078 | ||
Adjustment attributable to FDIC loss share arrangements | 0 | 0 | ||
Transfer of balance to OREO | 0 | 0 | ||
Transfer of balance to non-covered | 0 | |||
Loans charged-off | (7,114) | (5,198) | ||
Recoveries | 2,032 | 3,426 | ||
Allowance for loans losses at end of period | 83,723 | 70,648 | 83,723 | 70,648 |
Reserve for unfunded commitments at beginning of period | 11,801 | 11,147 | ||
Provision for unfunded lending commitments | 1,443 | 113 | ||
Reserve for unfunded commitments at end of period | 13,244 | 11,260 | 13,244 | 11,260 |
Allowance for credit losses at end of period | 96,967 | 81,908 | 96,967 | 81,908 |
Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 9,193 | 4,557 | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 791 | (1,085) | ||
Net provision for loan losses | 791 | (1,085) | ||
Adjustment attributable to FDIC loss share arrangements | 0 | 0 | ||
Transfer of balance to OREO | (333) | (523) | ||
Transfer of balance to non-covered | 28,700 | |||
Loans charged-off | (8,686) | (182) | ||
Recoveries | 238 | 109 | ||
Allowance for loans losses at end of period | 29,903 | 2,876 | 29,903 | 2,876 |
Reserve for unfunded commitments at beginning of period | 0 | 0 | ||
Provision for unfunded lending commitments | 0 | 0 | ||
Reserve for unfunded commitments at end of period | 0 | 0 | 0 | 0 |
Allowance for credit losses at end of period | 29,903 | 2,876 | 29,903 | 2,876 |
Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 44,764 | 71,175 | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | (130) | (740) | ||
Net provision for loan losses | 713 | 2,858 | ||
Adjustment attributable to FDIC loss share arrangements | (843) | (3,598) | ||
Transfer of balance to OREO | (289) | (5,085) | ||
Transfer of balance to non-covered | (28,700) | |||
Loans charged-off | (1,130) | (5,393) | ||
Recoveries | 8 | 38 | ||
Allowance for loans losses at end of period | 14,523 | 59,995 | 14,523 | 59,995 |
Reserve for unfunded commitments at beginning of period | 0 | 0 | ||
Provision for unfunded lending commitments | 0 | 0 | ||
Reserve for unfunded commitments at end of period | 0 | 0 | 0 | 0 |
Allowance for credit losses at end of period | $ 14,523 | $ 59,995 | $ 14,523 | $ 59,995 |
Allowance for Credit Losses a64
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses by Loan Portfolio (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | $ 130,131 | $ 143,074 | ||
Transfer of balance to OREO | (622) | (5,608) | ||
Transfer of balance to non-covered | 0 | |||
Loans charged off | (16,930) | (10,773) | ||
Recoveries | 2,278 | 3,573 | ||
Allowance for loans losses at end of period | 128,149 | 133,519 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 11,801 | 11,147 | ||
Reserve for unfunded commitments at end of period | 13,244 | 11,260 | ||
Allowance for credit losses at end of period | 141,393 | 144,779 | ||
Loans, net of unearned income: | ||||
Total covered loans | 266,606 | $ 444,544 | ||
Residential Mortgage Loans | ||||
Loans, net of unearned income: | ||||
Total covered loans | 119,297 | 128,024 | ||
Consumer | ||||
Loans, net of unearned income: | ||||
Total covered loans | 84,645 | 96,134 | ||
Non-Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 85,367 | 71,899 | ||
Provision for (Reversal of) loan losses | 13,422 | 3,993 | ||
Transfer of balance to OREO | (333) | (523) | ||
Transfer of balance to non-covered | 28,700 | |||
Loans charged off | (15,800) | (5,380) | ||
Recoveries | 2,270 | 3,535 | ||
Allowance for loans losses at end of period | 113,626 | 73,524 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 11,801 | 11,147 | ||
(Reversal of) Provision for unfunded commitments | 1,443 | 113 | ||
Reserve for unfunded commitments at end of period | 13,244 | 11,260 | ||
Allowance for credit losses at end of period | 126,870 | 84,784 | ||
Allowance on loans individually evaluated for impairment | 1,444 | 202 | ||
Allowance on loans collectively evaluated for impairment | 125,426 | 84,582 | ||
Loans, net of unearned income: | ||||
Balance at end of period | 13,683,957 | 10,313,089 | ||
Balance at end of period individually evaluated for impairment | 35,470 | 11,845 | ||
Balance at end of period collectively evaluated for impairment | 13,586,314 | 10,259,937 | ||
Balance at end of period acquired with deteriorated credit quality | 62,173 | 41,307 | ||
Non-Covered Loans | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 33,021 | 26,590 | ||
Provision for (Reversal of) loan losses | (463) | 585 | ||
Transfer of balance to OREO | (115) | (108) | ||
Transfer of balance to non-covered | 20,972 | |||
Loans charged off | (5,334) | (660) | ||
Recoveries | 246 | 1,699 | ||
Allowance for loans losses at end of period | 48,327 | 28,106 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 3,439 | 3,089 | ||
(Reversal of) Provision for unfunded commitments | (15) | 112 | ||
Reserve for unfunded commitments at end of period | 3,424 | 3,201 | ||
Allowance for credit losses at end of period | 51,751 | 31,307 | ||
Allowance on loans individually evaluated for impairment | 154 | 0 | ||
Allowance on loans collectively evaluated for impairment | 51,597 | 31,307 | ||
Loans, net of unearned income: | ||||
Balance at end of period | 5,837,641 | 3,949,444 | ||
Balance at end of period individually evaluated for impairment | 19,115 | 5,976 | ||
Balance at end of period collectively evaluated for impairment | 5,792,146 | 3,912,669 | ||
Balance at end of period acquired with deteriorated credit quality | 26,380 | 30,799 | ||
Non-Covered Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 32,094 | 28,515 | ||
Provision for (Reversal of) loan losses | 7,144 | 782 | ||
Transfer of balance to OREO | (169) | (162) | ||
Transfer of balance to non-covered | 1,236 | |||
Loans charged off | (997) | (668) | ||
Recoveries | 69 | 65 | ||
Allowance for loans losses at end of period | 39,377 | 28,532 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 5,260 | 4,839 | ||
(Reversal of) Provision for unfunded commitments | 878 | (43) | ||
Reserve for unfunded commitments at end of period | 6,138 | 4,796 | ||
Allowance for credit losses at end of period | 45,515 | 33,328 | ||
Allowance on loans individually evaluated for impairment | 1,287 | 31 | ||
Allowance on loans collectively evaluated for impairment | 44,228 | 33,297 | ||
Loans, net of unearned income: | ||||
Balance at end of period | 3,957,920 | 3,095,087 | ||
Balance at end of period individually evaluated for impairment | 15,670 | 4,563 | ||
Balance at end of period collectively evaluated for impairment | 3,937,161 | 3,085,028 | ||
Balance at end of period acquired with deteriorated credit quality | 5,089 | 5,496 | ||
Non-Covered Loans | Residential Mortgage Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 2,875 | 2,546 | ||
Provision for (Reversal of) loan losses | 2,114 | 171 | ||
Transfer of balance to OREO | (46) | (253) | ||
Transfer of balance to non-covered | 0 | |||
Loans charged off | (227) | (435) | ||
Recoveries | 34 | 114 | ||
Allowance for loans losses at end of period | 4,750 | 2,143 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 168 | 72 | ||
(Reversal of) Provision for unfunded commitments | 705 | 4 | ||
Reserve for unfunded commitments at end of period | 873 | 76 | ||
Allowance for credit losses at end of period | 5,623 | 2,219 | ||
Allowance on loans individually evaluated for impairment | 0 | 171 | ||
Allowance on loans collectively evaluated for impairment | 5,623 | 2,048 | ||
Loans, net of unearned income: | ||||
Balance at end of period | 1,050,311 | 983,011 | ||
Balance at end of period individually evaluated for impairment | 0 | 1,058 | ||
Balance at end of period collectively evaluated for impairment | 1,034,199 | 980,744 | ||
Balance at end of period acquired with deteriorated credit quality | 16,112 | 1,209 | ||
Non-Covered Loans | Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 17,377 | 14,248 | ||
Provision for (Reversal of) loan losses | 4,627 | 2,455 | ||
Transfer of balance to OREO | (3) | 0 | ||
Transfer of balance to non-covered | 6,492 | |||
Loans charged off | (9,242) | (3,617) | ||
Recoveries | 1,921 | 1,657 | ||
Allowance for loans losses at end of period | 21,172 | 14,743 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 2,934 | 3,147 | ||
(Reversal of) Provision for unfunded commitments | (125) | 40 | ||
Reserve for unfunded commitments at end of period | 2,809 | 3,187 | ||
Allowance for credit losses at end of period | 23,981 | 17,930 | ||
Allowance on loans individually evaluated for impairment | 3 | 0 | ||
Allowance on loans collectively evaluated for impairment | 23,978 | 17,930 | ||
Loans, net of unearned income: | ||||
Balance at end of period | 2,838,085 | 2,285,547 | ||
Balance at end of period individually evaluated for impairment | 685 | 248 | ||
Balance at end of period collectively evaluated for impairment | 2,822,808 | 2,281,496 | ||
Balance at end of period acquired with deteriorated credit quality | 14,592 | 3,803 | ||
Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 44,764 | 71,175 | ||
Provision for (Reversal of) loan losses | 713 | 2,858 | ||
(Decrease) Increase in FDIC loss share receivable | (843) | (3,598) | ||
Transfer of balance to OREO | (289) | (5,085) | ||
Transfer of balance to non-covered | (28,700) | |||
Loans charged off | (1,130) | (5,393) | ||
Recoveries | 8 | 38 | ||
Allowance for loans losses at end of period | 14,523 | 59,995 | ||
Reserve for unfunded commitments | ||||
Reserve for unfunded commitments at beginning of period | 0 | 0 | ||
Reserve for unfunded commitments at end of period | 0 | 0 | ||
Allowance for credit losses at end of period | 14,523 | 59,995 | ||
Allowance on loans individually evaluated for impairment | 0 | 0 | ||
Allowance on loans collectively evaluated for impairment | 14,523 | 59,995 | ||
Loans, net of unearned income: | ||||
Total covered loans | 266,606 | 585,439 | 444,544 | [1] |
Balance at end of period individually evaluated for impairment | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 236,068 | 536,168 | ||
Balance at end of period acquired with deteriorated credit quality | 30,538 | 49,271 | ||
Covered Loans | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 24,072 | 38,772 | ||
Provision for (Reversal of) loan losses | 350 | 1,474 | ||
(Decrease) Increase in FDIC loss share receivable | 773 | (2,121) | ||
Transfer of balance to OREO | 0 | (1,857) | ||
Transfer of balance to non-covered | (20,972) | |||
Loans charged off | (1,130) | (3,726) | ||
Recoveries | 0 | 38 | ||
Allowance for loans losses at end of period | 3,093 | 32,580 | ||
Reserve for unfunded commitments | ||||
Allowance on loans individually evaluated for impairment | 0 | 0 | ||
Allowance on loans collectively evaluated for impairment | 3,093 | 32,580 | ||
Loans, net of unearned income: | ||||
Total covered loans | 49,542 | 294,115 | ||
Balance at end of period individually evaluated for impairment | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 49,327 | 287,592 | ||
Balance at end of period acquired with deteriorated credit quality | 215 | 6,523 | ||
Covered Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 1,235 | 5,380 | ||
Provision for (Reversal of) loan losses | 2 | 313 | ||
(Decrease) Increase in FDIC loss share receivable | 0 | 749 | ||
Transfer of balance to OREO | (1) | (1,162) | ||
Transfer of balance to non-covered | (1,236) | |||
Loans charged off | 0 | (1,589) | ||
Recoveries | 0 | 0 | ||
Allowance for loans losses at end of period | 0 | 3,691 | ||
Reserve for unfunded commitments | ||||
Allowance on loans individually evaluated for impairment | 0 | 0 | ||
Allowance on loans collectively evaluated for impairment | 0 | 3,691 | ||
Loans, net of unearned income: | ||||
Total covered loans | 13,122 | 35,902 | ||
Balance at end of period individually evaluated for impairment | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 12,947 | 35,902 | ||
Balance at end of period acquired with deteriorated credit quality | 175 | 0 | ||
Covered Loans | Residential Mortgage Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 6,286 | 10,889 | ||
Provision for (Reversal of) loan losses | 323 | 592 | ||
(Decrease) Increase in FDIC loss share receivable | (66) | (2,100) | ||
Transfer of balance to OREO | (274) | (534) | ||
Transfer of balance to non-covered | 0 | |||
Loans charged off | 0 | 0 | ||
Recoveries | 8 | 0 | ||
Allowance for loans losses at end of period | 6,277 | 8,847 | ||
Reserve for unfunded commitments | ||||
Allowance on loans individually evaluated for impairment | 0 | 0 | ||
Allowance on loans collectively evaluated for impairment | 6,277 | 8,847 | ||
Loans, net of unearned income: | ||||
Total covered loans | 119,297 | 141,613 | 128,024 | [1] |
Balance at end of period individually evaluated for impairment | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 95,284 | 113,340 | ||
Balance at end of period acquired with deteriorated credit quality | 24,013 | 28,273 | ||
Covered Loans | Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loans losses at beginning of period | 13,171 | 16,134 | ||
Provision for (Reversal of) loan losses | 38 | 479 | ||
(Decrease) Increase in FDIC loss share receivable | (1,550) | (126) | ||
Transfer of balance to OREO | (14) | (1,532) | ||
Transfer of balance to non-covered | (6,492) | |||
Loans charged off | 0 | (78) | ||
Recoveries | 0 | 0 | ||
Allowance for loans losses at end of period | 5,153 | 14,877 | ||
Reserve for unfunded commitments | ||||
Allowance on loans individually evaluated for impairment | 0 | 0 | ||
Allowance on loans collectively evaluated for impairment | 5,153 | 14,877 | ||
Loans, net of unearned income: | ||||
Total covered loans | 84,645 | 113,809 | $ 96,134 | [1] |
Balance at end of period individually evaluated for impairment | 0 | 0 | ||
Balance at end of period collectively evaluated for impairment | 78,510 | 99,334 | ||
Balance at end of period acquired with deteriorated credit quality | $ 6,135 | $ 14,475 | ||
[1] | Included as covered loans at December 31, 2014 is $174.7 million of assets whose reimbursable loss periods ended as of January 1, 2015. |
Allowance for Credit Losses a65
Allowance for Credit Losses and Credit Quality - Investment in Covered Loans and Non-Covered Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Allowance for Credit Losses | ||||
Total | $ 13,683,957 | $ 10,996,500 | ||
Total | 29,498 | |||
Total covered loans | 266,606 | 444,544 | ||
Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 10,314,245 | 9,603,423 | ||
Total | 10,395,553 | 9,668,714 | ||
Discount | (10,395,553) | (9,668,714) | ||
Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 3,261,739 | 1,326,950 | ||
Total | 3,288,404 | 1,327,786 | ||
Discount | (3,288,404) | (1,327,786) | ||
Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 266,606 | $ 585,439 | 444,544 | [1] |
Commercial Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 591,498 | |||
Total covered loans | 62,664 | 220,386 | ||
Commercial Loans | Commercial Real Estate - Construction | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 29,578 | |||
Commercial Loans | Commercial Real Estate - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 468,371 | |||
Commercial Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 93,549 | |||
Commercial Loans | Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 7,538,703 | 7,002,198 | ||
Total | 7,538,703 | 7,002,198 | ||
Commercial Loans | Non-Covered Legacy Loans | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 7,363,652 | 6,891,435 | ||
Commercial Loans | Non-Covered Legacy Loans | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 72,585 | 57,417 | ||
Commercial Loans | Non-Covered Legacy Loans | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 100,461 | 51,251 | ||
Commercial Loans | Non-Covered Legacy Loans | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 2,005 | 2,095 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Construction | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 538,719 | 484,239 | ||
Credit risk by payment status, Current | 538,593 | 483,663 | ||
Discount | (538,719) | (484,239) | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Construction | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 535,468 | 483,930 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Construction | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 1,767 | 240 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Construction | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 1,484 | 69 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Construction | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 0 | 0 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 3,599,800 | 3,233,819 | ||
Credit risk by payment status, Current | 3,578,432 | 3,214,989 | ||
Discount | (3,599,800) | (3,233,819) | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Other | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 3,517,390 | 3,161,593 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Other | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 49,219 | 49,847 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Other | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 32,628 | 22,217 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Real Estate - Other | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 563 | 162 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 3,400,184 | 3,284,140 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Business | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 3,310,794 | 3,245,912 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Business | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 21,599 | 7,330 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Business | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 66,349 | 28,965 | ||
Commercial Loans | Non-Covered Legacy Loans | Commercial Business | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 1,442 | 1,933 | ||
Commercial Loans | Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 2,256,858 | 591,498 | ||
Commercial Loans | Non-Covered Acquired Loans | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 2,176,205 | 561,512 | ||
Commercial Loans | Non-Covered Acquired Loans | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 26,219 | 16,661 | ||
Commercial Loans | Non-Covered Acquired Loans | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 82,781 | 58,581 | ||
Commercial Loans | Non-Covered Acquired Loans | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 21,930 | 257 | ||
Commercial Loans | Non-Covered Acquired Loans | Loss | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 34 | |||
Commercial Loans | Non-Covered Acquired Loans | Discount | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Premium (discount) | (50,311) | (45,513) | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 134,585 | 26,667 | ||
Total | 140,536 | |||
Discount | (140,536) | (29,578) | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 132,088 | 24,118 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 264 | 2,006 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 7,550 | 4,624 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 2,106 | 0 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Loss | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 0 | |||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Construction | Discount | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Premium (discount) | (1,472) | (1,170) | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 1,546,386 | 475,751 | ||
Total | 1,558,586 | |||
Discount | (1,558,586) | (468,371) | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 1,497,720 | 445,557 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 20,671 | 12,794 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 67,627 | 49,139 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 16,644 | 0 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Loss | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 0 | |||
Commercial Loans | Non-Covered Acquired Loans | Commercial Real Estate - Other | Discount | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Premium (discount) | (44,076) | (39,119) | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 557,736 | |||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 546,397 | 91,837 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 5,284 | 1,861 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 7,604 | 4,818 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 3,180 | 257 | ||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Loss | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 34 | |||
Commercial Loans | Non-Covered Acquired Loans | Commercial Business | Discount | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Premium (discount) | (4,763) | (5,224) | ||
Commercial Loans | Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 75,582 | 236,900 | ||
Discount | 12,918 | 16,514 | ||
Total | 62,664 | 220,386 | ||
Total covered loans | 62,664 | 220,386 | [1] | |
Commercial Loans | Covered Loans | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 30,060 | 145,620 | ||
Commercial Loans | Covered Loans | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 7,896 | 22,745 | ||
Commercial Loans | Covered Loans | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 32,026 | 68,535 | ||
Commercial Loans | Covered Loans | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 5,600 | 0 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Construction | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 14,400 | 44,667 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Construction | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 315 | 34,731 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Construction | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 843 | 1,928 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Construction | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 11,141 | 8,008 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Construction | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 2,101 | 0 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 46,419 | 159,183 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Other | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 23,587 | 87,509 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Other | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 5,384 | 20,422 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Other | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 14,373 | 51,252 | ||
Commercial Loans | Covered Loans | Commercial Real Estate - Other | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 3,075 | 0 | ||
Commercial Loans | Covered Loans | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 14,763 | 33,050 | ||
Commercial Loans | Covered Loans | Commercial Business | Pass | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 6,158 | 23,380 | ||
Commercial Loans | Covered Loans | Commercial Business | Special Mention | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 1,669 | 395 | ||
Commercial Loans | Covered Loans | Commercial Business | Substandard | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 6,512 | 9,275 | ||
Commercial Loans | Covered Loans | Commercial Business | Doubtful | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit quality indicator by asset risk classification | 424 | 0 | ||
Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 119,297 | 128,024 | ||
Residential Mortgage | Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 616,497 | 527,694 | ||
Residential Mortgage | Non-Covered Legacy Loans | Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 598,351 | 508,789 | ||
30+ Days Past Due | 18,146 | 18,905 | ||
Total | 616,497 | 527,694 | ||
Credit risk by payment status, Current | 598,351 | 508,789 | ||
Discount | (616,497) | (527,694) | ||
Residential Mortgage | Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 433,814 | 424,579 | ||
Residential Mortgage | Non-Covered Acquired Loans | Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 429,893 | 418,552 | ||
30+ Days Past Due | 8,816 | 11,858 | ||
Premium (discount) | (4,895) | (5,831) | ||
Total | 433,814 | 424,579 | ||
Discount | (433,814) | (424,579) | ||
Residential Mortgage | Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 119,297 | 141,613 | 128,024 | [1] |
Residential Mortgage | Covered Loans | Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 131,351 | 140,628 | ||
30+ Days Past Due | 20,902 | 22,058 | ||
Premium (discount) | (32,956) | (34,662) | ||
Total covered loans | 119,297 | 128,024 | ||
Consumer and Other Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 84,645 | 96,134 | ||
Consumer and Other Loans | Consumer - Home Equity | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 83,243 | 92,430 | ||
Consumer and Other Loans | Consumer - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 1,402 | 3,704 | ||
Consumer and Other Loans | Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 2,240,353 | 2,138,822 | ||
Consumer and Other Loans | Non-Covered Legacy Loans | Consumer - Home Equity | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 1,386,801 | 1,278,865 | ||
30+ Days Past Due | 12,204 | 12,111 | ||
Total | 1,399,005 | 1,290,976 | ||
Credit risk by payment status, Current | 1,386,801 | 1,278,865 | ||
Total | 1,399,005 | 1,290,976 | ||
Discount | (1,399,005) | (1,290,976) | ||
Consumer and Other Loans | Non-Covered Legacy Loans | Consumer - Indirect Automobile | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 319,163 | 392,504 | ||
30+ Days Past Due | 3,604 | 4,262 | ||
Total | 322,767 | 396,766 | ||
Credit risk by payment status, Current | 319,163 | 392,504 | ||
Total | 322,767 | 396,766 | ||
Discount | (322,767) | (396,766) | ||
Consumer and Other Loans | Non-Covered Legacy Loans | Consumer - Credit Card | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 72,459 | 71,297 | ||
30+ Days Past Due | 1,267 | 1,448 | ||
Total | 73,726 | 72,745 | ||
Credit risk by payment status, Current | 72,459 | 71,297 | ||
Discount | (73,726) | (72,745) | ||
Consumer and Other Loans | Non-Covered Legacy Loans | Consumer - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 442,825 | 375,853 | ||
30+ Days Past Due | 2,030 | 2,482 | ||
Total | 444,855 | 378,335 | ||
Credit risk by payment status, Current | 442,825 | 375,853 | ||
Discount | (444,855) | (378,335) | ||
Consumer and Other Loans | Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total | 597,732 | 311,709 | ||
Consumer and Other Loans | Non-Covered Acquired Loans | Consumer - Home Equity | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 486,364 | 216,310 | ||
30+ Days Past Due | 15,733 | 9,808 | ||
Premium (discount) | (13,272) | (8,419) | ||
Total | 488,825 | 217,699 | ||
Discount | (488,825) | (217,699) | ||
Consumer and Other Loans | Non-Covered Acquired Loans | Consumer - Indirect Automobile | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 195 | 393 | ||
30+ Days Past Due | 26 | 39 | ||
Premium (discount) | (30) | (40) | ||
Total | 191 | 392 | ||
Discount | (191) | (392) | ||
Consumer and Other Loans | Non-Covered Acquired Loans | Consumer - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 110,490 | 94,315 | ||
30+ Days Past Due | 2,145 | 3,520 | ||
Premium (discount) | (3,919) | (4,217) | ||
Total | 108,716 | 93,618 | ||
Discount | (108,716) | (93,618) | ||
Consumer and Other Loans | Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 84,645 | $ 113,809 | 96,134 | [1] |
Consumer and Other Loans | Covered Loans | Consumer - Home Equity | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 92,915 | 99,478 | ||
30+ Days Past Due | 10,350 | 16,542 | ||
Premium (discount) | (20,022) | (23,590) | ||
Total covered loans | 83,243 | 92,430 | [1] | |
Consumer and Other Loans | Covered Loans | Consumer - Indirect Automobile | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Total covered loans | 0 | 0 | [1] | |
Consumer and Other Loans | Covered Loans | Consumer - Credit Card | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 565 | 614 | ||
30+ Days Past Due | 23 | 34 | ||
Premium (discount) | 0 | 0 | ||
Total covered loans | 588 | 648 | ||
Consumer and Other Loans | Covered Loans | Consumer - Other | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 225 | 337 | ||
30+ Days Past Due | 16 | 18 | ||
Premium (discount) | 573 | 2,701 | ||
Total covered loans | 814 | 3,056 | ||
Residential and Consumer Portfolio Segment | Non-Covered Legacy Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Current | 2,819,599 | 2,627,308 | ||
30+ Days Past Due | 37,251 | 39,208 | ||
Total | 2,856,850 | 2,666,516 | ||
Residential and Consumer Portfolio Segment | Non-Covered Acquired Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 1,026,942 | 729,570 | ||
30+ Days Past Due | 26,720 | 25,225 | ||
Premium (discount) | (22,116) | (18,507) | ||
Total | 1,031,546 | 736,288 | ||
Residential and Consumer Portfolio Segment | Covered Loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Credit risk by payment status, Current | 225,056 | 241,057 | ||
30+ Days Past Due | 31,291 | 38,652 | ||
Premium (discount) | (52,405) | (55,551) | ||
Total covered loans | $ 203,942 | $ 224,158 | ||
[1] | Included as covered loans at December 31, 2014 is $174.7 million of assets whose reimbursable loss periods ended as of January 1, 2015. |
Allowance for Credit Losses a66
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Impaired Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired | |||||
Recorded investment | $ 78,790 | $ 78,790 | $ 36,560 | ||
Unpaid principal balance | 80,592 | 80,592 | 37,327 | ||
Related allowance | (1,802) | (1,802) | (767) | ||
Average recorded investment | 82,835 | $ 37,121 | 83,669 | $ 35,859 | |
Interest income recognized | 222 | 19 | 593 | 72 | |
Business | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 50,295 | 50,295 | 11,443 | ||
Unpaid principal balance | 51,917 | 51,917 | 11,876 | ||
Related allowance | (1,622) | (1,622) | (433) | ||
Average recorded investment | 53,203 | 12,359 | 53,507 | 12,171 | |
Interest income recognized | 222 | 19 | 546 | 50 | |
Consumer Loans | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 12,991 | 12,991 | 11,006 | ||
Unpaid principal balance | 13,088 | 13,088 | 11,088 | ||
Related allowance | (97) | (97) | (82) | ||
Average recorded investment | 13,911 | 10,712 | 14,235 | 10,430 | |
Interest income recognized | 0 | 0 | 31 | 16 | |
Mortgage Loans | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 15,504 | 15,504 | 14,111 | ||
Unpaid principal balance | 15,587 | 15,587 | 14,363 | ||
Related allowance | (83) | (83) | (252) | ||
Average recorded investment | 15,721 | 14,050 | 15,927 | 13,258 | |
Interest income recognized | 0 | 0 | 16 | 6 | |
With No Related Allowance Recorded | Business | Commercial Real Estate | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 16,172 | 16,172 | 6,680 | ||
Unpaid principal balance | 16,172 | 16,172 | 6,680 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 16,361 | 5,228 | 16,417 | 5,178 | |
Interest income recognized | 5 | 6 | 15 | 14 | |
With No Related Allowance Recorded | Business | Commercial Business | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 13,330 | 13,330 | 2,483 | ||
Unpaid principal balance | 13,330 | 13,330 | 2,483 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 13,715 | 5,128 | 13,924 | 5,006 | |
Interest income recognized | 14 | 9 | 44 | 22 | |
With No Related Allowance Recorded | Consumer Loans | Consumer - Home Equity | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 228 | 228 | 682 | ||
Unpaid principal balance | 228 | 228 | 682 | ||
Related allowance | 0 | 0 | 0 | ||
Average recorded investment | 230 | 252 | 233 | 250 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With An Allowance Recorded | Business | Commercial Real Estate | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 5,237 | 5,237 | 1,068 | ||
Unpaid principal balance | 5,407 | 5,407 | 1,093 | ||
Related allowance | (170) | (170) | (25) | ||
Average recorded investment | 5,339 | 925 | 5,057 | 926 | |
Interest income recognized | 16 | 0 | 37 | 1 | |
With An Allowance Recorded | Business | Commercial Business | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 15,556 | 15,556 | 1,212 | ||
Unpaid principal balance | 17,008 | 17,008 | 1,620 | ||
Related allowance | (1,452) | (1,452) | (408) | ||
Average recorded investment | 17,788 | 1,078 | 18,109 | 1,061 | |
Interest income recognized | 187 | 4 | 450 | 13 | |
With An Allowance Recorded | Consumer Loans | Consumer - Home Equity | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 9,087 | 9,087 | 7,121 | ||
Unpaid principal balance | 9,142 | 9,142 | 7,165 | ||
Related allowance | (55) | (55) | (44) | ||
Average recorded investment | 9,497 | 7,825 | 9,680 | 7,749 | |
Interest income recognized | 0 | 0 | 8 | 5 | |
With An Allowance Recorded | Consumer Loans | Consumer - Indirect Automobile | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 1,388 | 1,388 | 1,410 | ||
Unpaid principal balance | 1,398 | 1,398 | 1,419 | ||
Related allowance | (10) | (10) | (9) | ||
Average recorded investment | 1,691 | 1,310 | 1,792 | 1,300 | |
Interest income recognized | 0 | 0 | 13 | 6 | |
With An Allowance Recorded | Consumer Loans | Consumer - Credit Card | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 1,047 | 1,047 | 1,012 | ||
Unpaid principal balance | 1,067 | 1,067 | 1,032 | ||
Related allowance | (20) | (20) | (20) | ||
Average recorded investment | 1,199 | 750 | 1,196 | 560 | |
Interest income recognized | 0 | 0 | 0 | 0 | |
With An Allowance Recorded | Consumer Loans | Consumer - Other | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 1,241 | 1,241 | 781 | ||
Unpaid principal balance | 1,253 | 1,253 | 790 | ||
Related allowance | (12) | (12) | (9) | ||
Average recorded investment | 1,294 | 575 | 1,334 | 571 | |
Interest income recognized | 0 | 0 | 10 | 5 | |
With An Allowance Recorded | Mortgage Loans | Residential Mortgage | |||||
Financing Receivable, Impaired | |||||
Recorded investment | 15,504 | 15,504 | 14,111 | ||
Unpaid principal balance | 15,587 | 15,587 | 14,363 | ||
Related allowance | (83) | (83) | $ (252) | ||
Average recorded investment | 15,721 | 14,050 | 15,927 | 13,258 | |
Interest income recognized | $ 0 | $ 0 | $ 16 | $ 6 |
Loss Sharing Agreements and F67
Loss Sharing Agreements and FDIC Loss Share Receivable - Additional Information (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2015USD ($)Businessacquisition | Dec. 31, 2021acquisition | Dec. 31, 2020acquisition | Dec. 31, 2019acquisition | Dec. 31, 2016acquisition | Dec. 31, 2015acquisition | Dec. 31, 2014USD ($)acquisition | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Sharing Agreements and FDIC Loss Share Receivable [Abstract] | |||||||||
Number of acquisitions | Business | 6 | ||||||||
Percentage of covered loan and foreclosed real estate losses | 80.00% | ||||||||
Percentage of losses, that exceed contractual thresholds, that are covered | 95.00% | ||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable [Line Items] | |||||||||
Number of acquisitions exceeding loan loss contractual threshold | 3 | ||||||||
Recovery period for covered assets | 3 years | ||||||||
FDIC loss share receivables | $ | $ 50,452 | $ 69,627 | $ 120,532 | $ 162,312 | |||||
Excluding Single Family | |||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable [Line Items] | |||||||||
Number of acquisitions where FDIC loan loss reimbursable period is ending | 3 | ||||||||
Excluding Single Family | Forecast | |||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable [Line Items] | |||||||||
Number of acquisitions where FDIC loan loss reimbursable period is ending | 2 | 1 | |||||||
Single Family | Forecast | |||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable [Line Items] | |||||||||
Number of acquisitions where FDIC loan loss reimbursable period is ending | 2 | 1 | 3 |
Loss Sharing Agreements and F68
Loss Sharing Agreements and FDIC Loss Share Receivable - Schedule of FDIC Loss Share Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
FDIC Indemnification Asset [Roll Forward] | ||||
Balance at beginning of period | $ 69,627 | $ 162,312 | ||
Change due to (reversal of) loan loss provision recorded on FDIC covered loans | (843) | (3,598) | ||
Amortization | $ (7,398) | $ (17,009) | (13,411) | (36,273) |
(Submission of reimbursable losses) recoveries payable to the FDIC | (3,243) | 2,215 | ||
Impairment | 0 | (804) | ||
Changes due to a change in cash flow assumptions on OREO and other changes | (1,678) | (3,320) | ||
Balance at end of period | $ 50,452 | $ 120,532 | $ 50,452 | $ 120,532 |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.7 | $ 6.7 |
Goodwill and Other Intangible70
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 517,526 | $ 401,872 |
Goodwill acquired during the period | 198,898 | 115,654 |
Ending balance | 716,424 | 517,526 |
Operating Segments | IBERIABANK | ||
Goodwill [Roll Forward] | ||
Beginning balance | 489,183 | 373,905 |
Goodwill acquired during the period | 198,898 | 115,278 |
Ending balance | 688,081 | 489,183 |
Operating Segments | IMC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 23,178 | 23,178 |
Goodwill acquired during the period | 0 | 0 |
Ending balance | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,165 | 4,789 |
Goodwill acquired during the period | 0 | 376 |
Ending balance | $ 5,165 | $ 5,165 |
Goodwill and Other Intangible71
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | $ 79,594 | $ 57,665 |
Accumulated amortization | (40,954) | (37,304) |
Net carrying amount | 38,640 | 20,361 |
Mortgage Servicing Rights | ||
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | 5,722 | 4,751 |
Accumulated amortization | (1,718) | (1,253) |
Net carrying amount | $ 4,004 | $ 3,498 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets at Carrying Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | $ 79,594 | $ 57,665 |
Accumulated amortization | (40,954) | (37,304) |
Net carrying amount | 38,640 | 20,361 |
Core Deposit Intangibles | ||
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | 77,941 | 55,949 |
Accumulated amortization | (39,913) | (36,354) |
Net carrying amount | 38,028 | 19,595 |
Customer Relationships Intangible Asset | ||
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | 1,348 | 1,348 |
Accumulated amortization | (907) | (822) |
Net carrying amount | 441 | 526 |
Non-Compete Agreements | ||
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | 100 | 163 |
Accumulated amortization | (54) | (82) |
Net carrying amount | 46 | 81 |
Other Intangible Assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross carrying amount | 205 | 205 |
Accumulated amortization | (80) | (46) |
Net carrying amount | $ 125 | $ 159 |
Derivative Instruments and Ot73
Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash as collateral for derivative transactions | $ 13.5 | $ 11.5 |
Fair value of derivatives set to mature in the next 12 months | $ 0.7 |
Derivative Instruments and Ot74
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value of Derivatives | ||
Derivative assets | $ 40,444 | $ 32,903 |
Derivative liabilities | 25,253 | 31,354 |
Notional Amount of Derivatives | ||
Derivative assets | 1,477,708 | 823,180 |
Derivative liabilities | 916,473 | 1,062,436 |
Designated as Hedging Instrument | ||
Fair Value of Derivatives | ||
Derivative assets | 4,674 | 0 |
Derivative liabilities | 0 | 0 |
Notional Amount of Derivatives | ||
Derivative assets | 108,500 | 0 |
Derivative liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 108,500 | 0 |
Derivative liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative assets | 4,674 | 0 |
Designated as Hedging Instrument | Interest Rate Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative liabilities | 0 | 0 |
Not Designated as Hedging Instruments | ||
Fair Value of Derivatives | ||
Derivative assets | 35,770 | 32,903 |
Derivative liabilities | 31,354 | |
Notional Amount of Derivatives | ||
Derivative assets | 1,369,208 | 823,180 |
Derivative liabilities | 916,473 | 1,062,436 |
Not Designated as Hedging Instruments | Interest Rate Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 534,588 | 444,703 |
Derivative liabilities | 534,588 | 444,703 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative assets | 14,873 | 15,434 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative liabilities | 14,873 | 15,434 |
Not Designated as Hedging Instruments | Forward Sales Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 408,458 | 15,897 |
Derivative liabilities | 174,756 | 391,992 |
Not Designated as Hedging Instruments | Forward Sales Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative assets | 4,597 | 25 |
Not Designated as Hedging Instruments | Forward Sales Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative liabilities | 729 | 2,556 |
Not Designated as Hedging Instruments | Written and Purchased Options | ||
Notional Amount of Derivatives | ||
Derivative assets | 426,162 | 362,580 |
Derivative liabilities | 207,129 | 225,741 |
Not Designated as Hedging Instruments | Written and Purchased Options | Other Assets | ||
Fair Value of Derivatives | ||
Derivative assets | 16,300 | 17,444 |
Not Designated as Hedging Instruments | Written and Purchased Options | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative liabilities | $ 9,651 | $ 13,364 |
Derivative Instruments and Ot75
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative assets | |||
Derivative instruments | $ 29,184 | $ 28,798 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | 0 | 0 |
Net | 29,184 | 28,798 | |
Derivative liabilities | |||
Derivative instruments | 14,866 | 15,411 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | (7,494) | (3,735) |
Net | 7,372 | 11,676 | |
Written and Purchased Options | |||
Derivative assets | |||
Derivative instruments | 9,645 | 13,387 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | 0 | 0 |
Net | 9,645 | 13,387 | |
Designated as Hedging Instrument | Interest Rate Contracts | |||
Derivative assets | |||
Derivative instruments | 4,674 | 0 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | 0 | 0 |
Net | 4,674 | 0 | |
Derivative liabilities | |||
Derivative instruments | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | 0 | 0 |
Net | 0 | 0 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | |||
Derivative assets | |||
Derivative instruments | 14,865 | 15,411 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | 0 | 0 |
Net | 14,865 | 15,411 | |
Derivative liabilities | |||
Derivative instruments | 14,866 | 15,411 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | [1] | (7,494) | (3,735) |
Net | $ 7,372 | $ 11,676 | |
[1] | Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Derivative Instruments and Ot76
Derivative Instruments and Other Hedging Activities - Effect of Derivatives on Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Not Designated as Hedging Instruments | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 7,284 | $ (37) | $ 8,804 | $ (671) | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Income | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | 934 | 1,027 | 1,939 | 1,565 | |
Not Designated as Hedging Instruments | Forward Sales Contracts | Mortgage Income | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | 8,303 | (859) | 8,050 | (3,864) | |
Not Designated as Hedging Instruments | Written and Purchased Options | Mortgage Income | |||||
Derivative Instruments, Gain (Loss) | |||||
Derivative, Gain (Loss) on Derivative, Net | (1,953) | (205) | (1,185) | $ 1,628 | |
Cash Flow Hedging | Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) | |||||
Amount of gain (loss) recognized in OCI, net of taxes | 3,038 | 0 | 3,038 | $ 0 | |
Amount of gain (loss) reclassified from accumulated OCI into income | 0 | 0 | 0 | 0 | |
Amount of gain (loss) recognized in income on derivative | 0 | 0 | 0 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contracts | |||||
Derivative Instruments, Gain (Loss) | |||||
Amount of gain (loss) recognized in OCI, net of taxes | 3,038 | 0 | 3,038 | 0 | |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contracts | Other Income (Expense) | |||||
Derivative Instruments, Gain (Loss) | |||||
Amount of gain (loss) reclassified from accumulated OCI into income | 0 | 0 | 0 | 0 | |
Amount of gain (loss) recognized in income on derivative | $ 0 | $ 0 | $ 0 | $ 0 |
Capital Ratios and Other Regu77
Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 706,688 | $ 602,387 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 1,631,993 | $ 1,408,842 |
Actual ratio | 9.24% | 9.36% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 729,003 | |
Minimum ratio | 4.50% | |
Actual amount | $ 1,602,806 | |
Actual ratio | 9.89% | |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 972,003 | $ 504,114 |
Minimum ratio | 6.00% | 4.00% |
Actual amount | $ 1,631,993 | $ 1,408,842 |
Actual ratio | 10.07% | 11.18% |
Total Risk-Based Capital | ||
Minimum amount | $ 1,296,005 | $ 1,008,227 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 1,860,947 | $ 1,550,789 |
Actual ratio | 11.49% | 12.31% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 703,638 | $ 600,149 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 879,547 | $ 750,186 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 1,585,653 | $ 1,266,241 |
Actual ratio | 9.01% | 8.44% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 726,878 | |
Minimum ratio | 4.50% | |
Well capitalized amount | $ 1,049,935 | |
Well capitalized ratio | 6.50% | |
Actual amount | $ 1,585,653 | |
Actual ratio | 9.82% | |
Tier 1 Risk-Based Capital | ||
Minimum amount | $ 969,171 | $ 502,421 |
Minimum ratio | 6.00% | 4.00% |
Well capitalized amount | $ 1,292,228 | $ 753,631 |
Well capitalized ratio | 8.00% | 6.00% |
Actual amount | $ 1,585,653 | $ 1,266,241 |
Actual ratio | 9.82% | 10.08% |
Total Risk-Based Capital | ||
Minimum amount | $ 1,292,228 | $ 1,004,841 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 1,615,285 | $ 1,256,052 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 1,727,046 | $ 1,408,188 |
Actual ratio | 10.69% | 11.21% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per common share - basic | ||||
Net income | $ 30,836 | $ 16,217 | $ 55,962 | $ 38,553 |
Dividends and undistributed earnings allocated to unvested restricted shares | (355) | (250) | (675) | (641) |
Earnings Allocated to Common Shareholders | $ 30,481 | $ 15,967 | $ 55,287 | $ 37,912 |
Weighted average common shares outstanding (in shares) | 38,546,000 | 30,260,000 | 35,871,000 | 29,768,000 |
Earnings per common share - Basic (in usd per share) | $ 0.79 | $ 0.53 | $ 1.54 | $ 1.27 |
Earnings per common share - diluted | ||||
Net income allocated to common shareholders - basic | $ 30,481 | $ 15,967 | $ 55,287 | $ 37,912 |
Dividends and undistributed earnings allocated to unvested restricted shares | (9) | (8) | (31) | (17) |
Net income allocated to common shareholders - diluted | $ 30,472 | $ 15,959 | $ 55,256 | $ 37,895 |
Weighted average common shares outstanding (in shares) | 38,546,000 | 30,260,000 | 35,871,000 | 29,768,000 |
Dilutive potential common shares - stock options (in shares) | 121,000 | 126,000 | 103,000 | 136,000 |
Weighted average common shares outstanding - diluted (in shares) | 38,667,000 | 30,386,000 | 35,974,000 | 29,904,000 |
Earnings per common share - Diluted (in usd per share) | $ 0.79 | $ 0.53 | $ 1.54 | $ 1.27 |
Weighted average number of shares owned by Recognition and Retention Plan | 597,975 | 629,055 | 601,698 | 634,883 |
Stock options having antidilutive effect on earnings per share | 8,926 | 11,623 | 79,793 | 11,623 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Future awards shares under approved incentive compensation plans | 803,729 | |
Performance period (in years) | 3 years | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based compensation maximum option term (in years) | 10 years | |
Unearned share-based compensation associated with awards | $ 3.5 | |
Unrecognized compensation cost expected to be recognized over a weighted-average period (in years) | 5 years 6 months | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Unearned share-based compensation associated with awards | $ 24 | $ 24.8 |
Phantom Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Vesting period (in years) | 5 years | |
Phantom Stock | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Vesting period (in years) | 7 years |
Share-Based Compensation - Acti
Share-Based Compensation - Activity Related to Stock Options (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Number of shares | ||
Beginning balance (in shares) | 867,682 | 1,072,829 |
Granted (in shares) | 80,844 | 75,956 |
Exercised (in shares) | (94,415) | (196,734) |
Forfeited or expired (in shares) | (15,183) | (8,577) |
Ending balance (in shares) | 838,928 | 943,474 |
Exercisable options (in shares) | 567,127 | 614,361 |
Weighted Average Exercise Price | ||
Beginning balance (in usd per share) | $ 55.92 | $ 53.47 |
Granted (in usd per share) | 62.56 | 65.23 |
Exercised (in usd per share) | 50.69 | 47.98 |
Forfeited or expired (in usd per share) | 67.03 | 64.82 |
Ending balance (in usd per share) | 56.95 | 55.46 |
Exercisable options (in usd per share) | $ 56.55 | $ 55.37 |
Share-Based Compensation - Esti
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 | $ 21.23 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense Related to Stock Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation expense | $ 474 | $ 518 | $ 945 | $ 1,037 |
Restricted Stock Awards and Restricted Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation expense | 2,834 | 2,569 | 5,804 | 4,885 |
Phantom Stock and Performance Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Compensation expense | $ 3,335 | $ 1,022 | $ 6,506 | $ 3,073 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Stock Award and Restricted Share Unit Activity (Detail) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance (in shares) | 506,289 | 523,756 |
Granted (in shares) | 185,270 | 141,377 |
Forfeited (in shares) | (20,411) | (9,631) |
Earned and issued (in shares) | (158,514) | (140,616) |
Ending balance (in shares) | 512,634 | 514,886 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Share Equivalents [Roll Forward] | ||
Beginning balance (in shares) | 459,920 | 417,238 |
Granted (in shares) | 143,128 | 105,043 |
Forfeited share equivalents (in shares) | (25,167) | (12,656) |
Vested share equivalents (in shares) | (119,770) | (60,970) |
Ending balance (in shares) | 458,111 | 448,655 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Dividend Equivalents [Roll Forward] | ||
Beginning balance (in shares) | 22,940 | 22,351 |
Granted (in shares) | 4,686 | 4,626 |
Forfeited share (in shares) | (1,141) | (1,424) |
Vested share equivalents (in shares) | (8,096) | (5,724) |
Ending balance (in shares) | 18,389 | 19,829 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Total Share Equivalents [Roll Forward] | ||
Beginning balance (in shares) | 482,860 | 439,589 |
Granted (in shares) | 147,814 | 109,669 |
Forfeited share equivalents (in shares) | (26,308) | (14,080) |
Vested share equivalents (in shares) | (127,866) | (66,694) |
Ending balance (in shares) | 476,500 | 468,484 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Value of Share Equivalents [Roll Forward] | ||
Beginning balance (in shares) | $ 31,313 | $ 27,628 |
Granted (in shares) | 10,085 | 7,588 |
Forfeited share equivalents (in shares) | (1,795) | (974) |
Vested share equivalents (in shares) | (8,087) | (4,451) |
Ending balance (in shares) | $ 32,512 | $ 32,414 |
Market price of Company's stock (in usd per share) | $ 68.23 | $ 69.19 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
Property write-downs | $ 2,900,000 | $ 1,400,000 | ||
Net gain (loss) on change in Fair Value | $ (164,300) | $ 1,800,000 | $ 1,800,000 | $ 5,600,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Securities available for sale | $ 2,413,158 | $ 2,158,853 |
Mortgage loans held for sale | 220,263 | 139,950 |
Derivative instruments | 29,184 | 28,798 |
Liabilities | ||
Derivative instruments | 14,866 | 15,411 |
Level 1 | ||
Assets | ||
Derivative instruments | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Level 2 | ||
Assets | ||
Derivative instruments | 40,444 | 32,903 |
Liabilities | ||
Derivative instruments | 25,253 | 31,354 |
Level 3 | ||
Assets | ||
Derivative instruments | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Recurring | ||
Assets | ||
Securities available for sale | 2,413,158 | 2,158,853 |
Mortgage loans held for sale | 220,263 | 139,950 |
Derivative instruments | 40,444 | 32,903 |
Total | 2,673,865 | 2,331,706 |
Liabilities | ||
Derivative instruments | 25,253 | 31,354 |
Recurring | Level 1 | ||
Assets | ||
Securities available for sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Securities available for sale | 2,413,158 | 2,158,853 |
Mortgage loans held for sale | 220,263 | 139,950 |
Derivative instruments | 40,444 | 32,903 |
Total | 2,673,865 | 2,331,706 |
Liabilities | ||
Derivative instruments | 25,253 | 31,354 |
Recurring | Level 3 | ||
Assets | ||
Securities available for sale | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Derivative instruments | $ 0 | $ 0 |
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) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Other Comprehensive Income | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Change in unrealized net gains relating to assets still held at June 30, 2015 | $ 644 |
Noninterest Income | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Net gains included in earnings | $ 7,989 |
Fair Value Measurements - Fin88
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
OREO, net | $ 8,782 | $ 1,483 |
Total | 8,782 | 1,483 |
Level 1 | ||
Assets | ||
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
OREO, net | 8,782 | 1,483 |
Total | 8,782 | 1,483 |
Level 3 | ||
Assets | ||
OREO, net | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements - Summa
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Aggregate fair value | $ 220,263 | $ 139,950 |
Aggregate unpaid principal | 213,066 | 134,639 |
Aggregate fair value less unpaid principal | $ 7,197 | $ 5,311 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Short-term borrowings maturity period (days) | 90 days |
Fair Value of Financial Instr91
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial Assets | ||||
Cash and cash equivalents | $ 891,275 | $ 548,095 | $ 668,570 | $ 391,396 |
Loans and loans held for sale, net of unearned income and allowance for loan losses | 14,171,328 | 11,075,556 | ||
FDIC loss share receivables | 50,452 | 69,627 | 120,532 | $ 162,312 |
Derivative instruments | 29,184 | 28,798 | ||
Financial Liabilities | ||||
Deposits | 16,119,541 | 12,520,525 | $ 11,981,147 | |
Short-term borrowings | 268,304 | 845,742 | ||
Long-term debt | 342,312 | 403,254 | ||
Derivative liabilities | 25,253 | 31,354 | ||
Derivative instruments | 14,866 | 15,411 | ||
Carrying Amount | ||||
Financial Assets | ||||
Cash and cash equivalents | 891,275 | 548,095 | ||
Investment securities | 2,514,633 | 2,275,813 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 14,043,179 | 11,450,985 | ||
FDIC loss share receivables | 50,452 | 69,627 | ||
Derivative instruments | 40,444 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 16,119,541 | 12,520,525 | ||
Short-term borrowings | 268,304 | 845,742 | ||
Long-term debt | 342,312 | 403,254 | ||
Derivative instruments | 31,354 | |||
Fair Value | ||||
Financial Assets | ||||
Cash and cash equivalents | 891,275 | 548,095 | ||
Investment securities | 2,516,148 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 14,501,036 | 11,475,315 | ||
FDIC loss share receivables | 11,291 | 19,606 | ||
Derivative instruments | 40,444 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 15,643,920 | 12,298,017 | ||
Short-term borrowings | 268,304 | 845,742 | ||
Long-term debt | 303,669 | 376,139 | ||
Derivative instruments | 25,253 | 31,354 | ||
Level 1 | ||||
Financial Assets | ||||
Cash and cash equivalents | 891,275 | 548,095 | ||
Investment securities | 0 | 0 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 0 | 0 | ||
FDIC loss share receivables | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 268,304 | 845,742 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Level 2 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities | 2,516,148 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 224,198 | 139,950 | ||
FDIC loss share receivables | 0 | 0 | ||
Derivative instruments | 40,444 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 25,253 | 31,354 | ||
Level 3 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 14,276,838 | 11,335,365 | ||
FDIC loss share receivables | 11,291 | 19,606 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 15,643,920 | 12,298,017 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 303,669 | 376,139 | ||
Derivative instruments | 0 | 0 | ||
Not Designated as Hedging Instruments | ||||
Financial Liabilities | ||||
Derivative liabilities | $ 31,354 | |||
Not Designated as Hedging Instruments | Carrying Amount | ||||
Financial Liabilities | ||||
Derivative liabilities | $ 25,253 |
Business Segments (Detail)
Business Segments (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information | |||||
Interest and dividend income | $ 160,545 | $ 119,514 | $ 299,130 | $ 233,746 | |
Interest expense | 14,868 | 10,241 | 27,649 | 20,065 | |
Net interest income | 145,677 | 109,273 | 271,481 | 213,681 | |
Provision for loan losses | 8,790 | 4,748 | 14,135 | 6,851 | |
Mortgage income | 25,246 | 13,755 | 43,269 | 23,887 | |
Title revenue | 6,146 | 5,262 | 10,775 | 9,429 | |
Other non-interest income | 30,121 | 24,744 | 56,368 | 46,126 | |
Allocated expenses | 0 | 0 | 0 | 0 | |
Non-interest expense | 153,209 | 127,132 | 286,362 | 234,366 | |
Income before income tax expense | 45,191 | 21,154 | 81,396 | 51,906 | |
Income tax expense | 14,355 | 4,937 | 25,434 | 13,353 | |
Net Income | 30,836 | 16,217 | 55,962 | 38,553 | |
Total loans and loans held for sale | 14,171,328 | 11,075,556 | 14,171,328 | 11,075,556 | |
Total assets | 19,238,928 | 15,322,457 | 19,238,928 | 15,322,457 | $ 15,757,904 |
Total deposits | 16,119,541 | 11,981,147 | 16,119,541 | 11,981,147 | $ 12,520,525 |
Average assets | 18,445,286 | 14,041,182 | 17,208,321 | 13,703,585 | |
Operating Segments | IBERIABANK | |||||
Segment Reporting Information | |||||
Interest and dividend income | 158,940 | 117,838 | 295,770 | 230,987 | |
Interest expense | 14,011 | 9,765 | 26,301 | 19,368 | |
Net interest income | 144,929 | 108,073 | 269,469 | 211,619 | |
Provision for loan losses | 8,790 | 4,764 | 14,135 | 6,860 | |
Mortgage income | 568 | 88 | 567 | 84 | |
Title revenue | 0 | 0 | 0 | 0 | |
Other non-interest income | 30,127 | 24,757 | 56,378 | 46,150 | |
Allocated expenses | (3,238) | (3,594) | (8,085) | (6,724) | |
Non-interest expense | 133,034 | 111,296 | 249,039 | 204,342 | |
Income before income tax expense | 37,038 | 20,452 | 71,325 | 53,375 | |
Income tax expense | 11,129 | 4,653 | 21,442 | 13,910 | |
Net Income | 25,909 | 15,799 | 49,883 | 39,465 | |
Total loans and loans held for sale | 13,928,039 | 10,876,850 | 13,928,039 | 10,876,850 | |
Total assets | 18,924,178 | 15,068,554 | 18,924,178 | 15,068,554 | |
Total deposits | 16,112,387 | 11,976,367 | 16,112,387 | 11,976,367 | |
Average assets | 18,168,782 | 13,832,646 | 16,966,529 | 13,517,180 | |
Operating Segments | IMC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 1,605 | 1,676 | 3,359 | 2,758 | |
Interest expense | 857 | 476 | 1,348 | 697 | |
Net interest income | 748 | 1,200 | 2,011 | 2,061 | |
Provision for loan losses | 0 | (16) | 0 | (9) | |
Mortgage income | 24,678 | 13,667 | 42,702 | 23,803 | |
Title revenue | 0 | 0 | 0 | 0 | |
Other non-interest income | (1) | (13) | (3) | (24) | |
Allocated expenses | 2,464 | 2,544 | 5,992 | 4,735 | |
Non-interest expense | 15,738 | 11,635 | 28,654 | 21,934 | |
Income before income tax expense | 7,223 | 691 | 10,064 | (820) | |
Income tax expense | 2,858 | 276 | 3,980 | (312) | |
Net Income | 4,365 | 415 | 6,084 | (508) | |
Total loans and loans held for sale | 243,289 | 198,706 | 243,289 | 198,706 | |
Total assets | 289,450 | 228,809 | 289,450 | 228,809 | |
Total deposits | 7,154 | 4,780 | 7,154 | 4,780 | |
Average assets | 251,475 | 183,799 | 216,900 | 161,551 | |
Operating Segments | LTC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 0 | 0 | 1 | 1 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 1 | 1 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Mortgage income | 0 | 0 | 0 | 0 | |
Title revenue | 6,146 | 5,262 | 10,775 | 9,429 | |
Other non-interest income | (5) | 0 | (7) | 0 | |
Allocated expenses | 774 | 1,050 | 2,093 | 1,989 | |
Non-interest expense | 4,437 | 4,201 | 8,669 | 8,090 | |
Income before income tax expense | 930 | 11 | 7 | (649) | |
Income tax expense | 368 | 8 | 12 | (245) | |
Net Income | 562 | 3 | (5) | (404) | |
Total loans and loans held for sale | 0 | 0 | 0 | 0 | |
Total assets | 25,300 | 25,094 | 25,300 | 25,094 | |
Total deposits | 0 | 0 | 0 | 0 | |
Average assets | $ 25,029 | $ 24,737 | $ 24,892 | $ 24,854 |
Commitments and Contingencies94
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $ 1.4 | $ 1.3 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loss Contingencies | ||||
Reserve for unfunded lending commitments | $ 13,244 | $ 11,801 | $ 11,260 | $ 11,147 |
Credit Risk Contract | ||||
Loss Contingencies | ||||
Commitments to grant loans | 267,379 | 161,350 | ||
Unfunded commitments under lines of credit | 4,621,514 | 4,007,954 | ||
Commercial and standby letters of credit | 139,004 | 134,882 | ||
Reserve for unfunded lending commitments | $ 13,244 | $ 11,801 |
Subsequent Events (Details)
Subsequent Events (Details) | Aug. 05, 2015USD ($)$ / sharesshares | Jun. 30, 2015$ / shares | Dec. 31, 2014$ / shares |
Subsequent Event | |||
Preferred stock, par value | $ 1 | $ 1 | |
Perpetual Preferred Stock, Series B | Subsequent Event | |||
Subsequent Event | |||
Depositary shares issued (in shares) | shares | 3,200,000 | ||
Conversion ratio | 0.0025 | ||
Dividend rate (percentage) | 6.625% | ||
Preferred stock, par value | $ 1 | ||
Liquidation preference (in usd per share) | $ 10,000 | ||
Liquidation preference per depositary share | 25 | ||
Aggregate liquidation preference | $ | $ 80,000,000 | ||
Three Month LIBOR | Perpetual Preferred Stock, Series B | Subsequent Event | |||
Subsequent Event | |||
Floating rate basis spread | 0.04262 |