Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBKC | ||
Entity Registrant Name | IBERIABANK CORP | ||
Entity Central Index Key | 933,141 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,260,334 | ||
Entity Public Float | $ 2.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 241,650 | $ 251,994 |
Interest-bearing deposits in banks | 268,617 | 296,101 |
Total cash and cash equivalents | 510,267 | 548,095 |
Securities available for sale, at fair value | 2,800,286 | 2,158,853 |
Securities held to maturity (fair values of $100,961 and $119,481, respectively) | 98,928 | 116,960 |
Mortgage loans held for sale ($166,247 and $139,950 recorded at fair value, respectively) | 166,247 | 140,072 |
Loans covered by loss share agreements | 229,217 | 444,544 |
Non-covered loans, net of unearned income | 14,098,211 | 10,996,500 |
Total loans, net of unearned income | 14,327,428 | 11,441,044 |
Allowance for loan losses | (138,378) | (130,131) |
Loans, net | 14,189,050 | 11,310,913 |
FDIC loss share receivables | 39,878 | 69,627 |
Premises and equipment, net | 323,902 | 307,159 |
Goodwill | 724,603 | 517,526 |
Other assets | 650,907 | 588,699 |
Total Assets | 19,504,068 | 15,757,904 |
Deposits: | ||
Non-interest-bearing | 4,352,229 | 3,195,430 |
Interest-bearing | 11,826,519 | 9,325,095 |
Total deposits | 16,178,748 | 12,520,525 |
Short-term borrowings | 326,617 | 845,742 |
Long-term debt | 340,447 | 403,254 |
Other liabilities | 159,421 | 136,235 |
Total Liabilities | 17,005,233 | 13,905,756 |
Shareholders’ Equity | ||
Preferred stock, $1 par value - 5,000,000 shares authorized, Non-cumulative perpetual, liquidation preference $10,000 per share; 8,000 shares and 0 shares issued and outstanding, respectively, including related surplus | 76,812 | 0 |
Common stock, $1 par value - 100,000,000 and 50,000,000 shares authorized, respectively; 41,139,537 issued and outstanding and 35,262,901 shares issued, respectively | 41,140 | 35,263 |
Additional paid-in capital | 1,797,982 | 1,398,633 |
Retained earnings | 584,486 | 496,573 |
Accumulated other comprehensive income (loss) | (1,585) | 7,525 |
Treasury stock at cost - 0 and 1,809,497 shares, respectively | 0 | (85,846) |
Total Shareholders’ Equity | 2,498,835 | 1,852,148 |
Total Liabilities and Shareholders’ Equity | $ 19,504,068 | $ 15,757,904 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 100,961 | $ 119,481 |
Mortgage loans held for sale recorded at fair value | $ 166,247 | $ 139,950 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Liquidation preference (per share) | $ 10,000 | $ 10,000 |
Preferred stock, shares issued | 8,000 | 0 |
Preferred stock, shares outstanding | 8,000 | 0 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 41,139,537 | 35,262,901 |
Common stock, shares outstanding | 41,139,537 | 0 |
Treasury stock, shares | 0 | 1,809,497 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Dividend Income | |||
Loans, including fees | $ 606,966 | $ 526,706 | $ 488,936 |
Mortgage loans held for sale, including fees | 6,164 | 5,153 | 5,108 |
Investment securities: | |||
Taxable interest | 47,380 | 38,815 | 31,562 |
Tax-exempt interest | 5,785 | 5,862 | 6,668 |
Amortization of FDIC loss share receivable | (23,500) | (74,617) | (97,849) |
Other | 4,063 | 2,896 | 2,772 |
Total interest and dividend income | 646,858 | 504,815 | 437,197 |
Deposits: | |||
NOW and MMDA | 27,226 | 18,483 | 18,933 |
Savings | 740 | 325 | 309 |
Time deposits | 19,137 | 14,282 | 16,604 |
Short-term borrowings | 797 | 1,364 | 490 |
Long-term debt | 11,200 | 10,250 | 10,617 |
Total interest expense | 59,100 | 44,704 | 46,953 |
Net interest income | 587,758 | 460,111 | 390,244 |
Provision for loan losses | 30,908 | 19,060 | 5,145 |
Net interest income after provision for loan losses | 556,850 | 441,051 | 385,099 |
Non-interest Income | |||
Mortgage income | 81,122 | 51,797 | 64,197 |
Service charges on deposit accounts | 42,197 | 35,573 | 28,871 |
Title revenue | 22,837 | 20,492 | 20,526 |
Broker commissions | 17,592 | 18,783 | 16,333 |
ATM/debit card fee income | 13,989 | 12,023 | 9,510 |
Income from bank owned life insurance | 4,356 | 5,473 | 3,647 |
Gain on sale of available for sale securities | 1,575 | 771 | 2,277 |
Other non-interest income | 36,725 | 28,716 | 23,597 |
Total non-interest income | 220,393 | 173,628 | 168,958 |
Non-interest Expense | |||
Salaries and employee benefits | 322,586 | 259,086 | 244,984 |
Net occupancy and equipment | 68,541 | 59,571 | 58,037 |
Impairment of FDIC loss share receivables and other long-lived assets | 6,954 | 6,437 | 37,893 |
Communication and delivery | 13,506 | 12,029 | 12,024 |
Marketing and business development | 13,176 | 11,707 | 10,143 |
Data processing | 34,424 | 27,249 | 17,853 |
Amortization of acquisition intangibles | 7,811 | 5,807 | 4,720 |
Professional services | 22,368 | 18,975 | 18,217 |
Costs of OREO property, net | 748 | 2,748 | 1,943 |
Credit and other loan related expense | 16,653 | 13,692 | 15,853 |
Insurance | 16,670 | 14,359 | 11,272 |
Travel and entertainment | 9,525 | 9,033 | 8,126 |
Other non-interest expense | 37,343 | 32,921 | 31,731 |
Total non-interest expense | 570,305 | 473,614 | 472,796 |
Income before income tax expense | 206,938 | 141,065 | 81,261 |
Income tax expense | 64,094 | 35,683 | 16,133 |
Net Income | 142,844 | 105,382 | 65,128 |
Income Available to Common Shareholders - Basic | 142,844 | 105,382 | 65,128 |
Earnings Allocated to Unvested Restricted Stock | (1,680) | (1,651) | (1,205) |
Earnings Allocated to Common Shareholders | $ 141,164 | $ 103,731 | $ 63,923 |
Earnings per common share - Basic (in usd per share) | $ 3.69 | $ 3.31 | $ 2.20 |
Earnings per common share - Diluted (in usd per share) | 3.68 | 3.30 | 2.20 |
Cash dividends declared per common share (in usd per share) | $ 1.36 | $ 1.36 | $ 1.36 |
Comprehensive Income | |||
Net Income | $ 142,844 | $ 105,382 | $ 65,128 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during the period (net of tax effects of $4,374, $13,202, and $21,733, respectively) | (8,124) | 24,517 | (40,362) |
Reclassification adjustment for gains included in net income (net of tax effects of $551, $270 and $797, respectively) | (1,024) | (501) | (1,480) |
Unrealized gains (losses) on securities, net of tax | (9,148) | 24,016 | (41,842) |
Fair value of derivative instruments designated as cash flow hedges: | |||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $20, $0 and $334, respectively) | 38 | 0 | 619 |
Reclassification adjustment for losses included in net income (net of tax effects of $0, $0 and $136, respectively) | 0 | 0 | 255 |
Fair value of derivative instruments designated as cash flow hedges, net of tax | 38 | 0 | 874 |
Other comprehensive income (loss), net of tax | (9,110) | 24,016 | (40,968) |
Comprehensive income | $ 133,734 | $ 129,398 | $ 24,160 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Unrealized holding gains (losses) arising during the period, tax effect | $ 4,374 | $ 13,202 | $ 21,733 |
Reclassification adjustment for gains included in net income, tax effect | 551 | 270 | 797 |
Change in fair value of derivative instruments designated as cash flow hedges during the period, tax effect | 20 | 0 | 334 |
Reclassification adjustment for losses included in net income, tax effect | $ 0 | $ 0 | $ 136 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock at Cost | |
Beginning balance (in shares) at Dec. 31, 2012 | 0 | 31,917,385 | ||||||
Beginning balance at Dec. 31, 2012 | $ 1,529,210 | $ 0 | $ 31,917 | $ 1,176,180 | $ 410,814 | $ 24,477 | $ (114,178) | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net Income | 65,128 | 65,128 | ||||||
Other comprehensive income (loss) | (40,968) | (40,968) | ||||||
Cash dividends declared | (40,434) | (40,434) | ||||||
Reissuance of treasury stock under incentive plans, net of shares surrendered in payment, including tax benefit | 6,707 | (607) | 7,314 | |||||
Stock issued | 0 | (7,992) | 7,992 | |||||
Share-based compensation cost | 10,703 | 10,703 | ||||||
Ending balance (in shares) at Dec. 31, 2013 | 0 | 31,917,385 | ||||||
Ending balance at Dec. 31, 2013 | 1,530,346 | $ 0 | $ 31,917 | 1,178,284 | 435,508 | (16,491) | (98,872) | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net Income | 105,382 | 105,382 | ||||||
Other comprehensive income (loss) | 24,016 | 24,016 | ||||||
Cash dividends declared | (44,317) | (44,317) | ||||||
Reissuance of treasury stock under incentive plans, net of shares surrendered in payment, including tax benefit | 10,071 | 3,242 | 6,829 | |||||
Common stock issued for acquisitions (in shares) | 3,345,516 | |||||||
Common stock issued for acquisitions | 214,665 | $ 3,346 | 211,319 | |||||
Stock issued | 0 | (6,197) | 6,197 | |||||
Share-based compensation cost | 11,985 | 11,985 | ||||||
Ending balance (in shares) at Dec. 31, 2014 | 0 | 35,262,901 | ||||||
Ending balance at Dec. 31, 2014 | 1,852,148 | $ 0 | $ 35,263 | 1,398,633 | 496,573 | 7,525 | (85,846) | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net Income | 142,844 | 142,844 | ||||||
Other comprehensive income (loss) | (9,110) | (9,110) | ||||||
Cash dividends declared | (54,931) | (54,931) | ||||||
Reclassification of treasury stock under the LBCA (in shares) | [1] | (1,809,497) | ||||||
Reclassification of treasury stock under the LBCA | [1] | 0 | $ (1,809) | (84,037) | 85,846 | |||
Common stock issued incentive plans, net of shares surrendered in payment, including tax benefit (in shares) | 211,729 | |||||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit | 2,413 | $ 212 | 2,201 | |||||
Common stock issued for acquisitions (in shares) | 7,474,404 | |||||||
Common stock issued for acquisitions | 474,753 | $ 7,474 | 467,279 | |||||
Stock issued (in shares) | 8,000 | |||||||
Stock issued | 76,812 | $ 76,812 | ||||||
Share-based compensation cost | 13,906 | 13,906 | ||||||
Ending balance (in shares) at Dec. 31, 2015 | 8,000 | 41,139,537 | ||||||
Ending balance at Dec. 31, 2015 | $ 2,498,835 | $ 76,812 | $ 41,140 | $ 1,797,982 | $ 584,486 | $ (1,585) | $ 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends declared per common share (in usd per share) | $ 1.36 | $ 1.36 | $ 1.36 |
Retained Earnings | |||
Cash dividends declared per common share (in usd per share) | $ 1.36 | $ 1.36 | $ 1.36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Net Income | $ 142,844 | $ 105,382 | $ 65,128 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and accretion | (6,178) | 23,327 | 19,423 |
Provision for loan losses | 30,908 | 19,060 | 5,145 |
Share-based compensation cost | 13,906 | 11,985 | 10,703 |
Gain on sale of assets, net | (2,539) | (14) | (251) |
Gain on sale of securities available for sale | (1,575) | (771) | (2,277) |
Gain on sale of OREO, net | (5,552) | (4,221) | (6,022) |
Impairment of FDIC loss share receivables and other long-lived assets | 6,954 | 6,437 | 37,893 |
Amortization of premium/discount on securities, net | 18,195 | 13,793 | 18,953 |
Expense (benefit) for deferred income taxes | 4,551 | (25,027) | (35,930) |
Originations of mortgage loans held for sale | (2,464,588) | (1,675,538) | (2,116,460) |
Proceeds from sales of mortgage loans held for sale | 2,516,110 | 1,716,565 | 2,320,885 |
Gain on sale of mortgage loans held for sale, net | (83,131) | (59,156) | (65,393) |
Tax benefit associated with share-based payment arrangements | (580) | (2,105) | (886) |
Change in other assets, net of other assets acquired | 13,925 | 11,770 | (17,559) |
Other operating activities, net | 12,873 | (22,124) | 76,431 |
Net Cash Provided by Operating Activities | 196,123 | 119,363 | 309,783 |
Cash Flows from Investing Activities | |||
Proceeds from sales of securities available for sale | 228,604 | 61,702 | 44,677 |
Proceeds from maturities, prepayments and calls of securities available for sale | 473,142 | 488,699 | 709,977 |
Purchases of securities available for sale | (1,063,460) | (703,179) | (1,026,290) |
Proceeds from maturities, prepayments and calls of securities held to maturity | 22,939 | 36,182 | 55,706 |
Purchases of securities held to maturity | (5,833) | 0 | (5,901) |
Reimbursement of recoverable covered asset losses (to) from the FDIC | (932) | 5,734 | 68,233 |
Increase in loans, net of loans acquired | (703,946) | (824,437) | (1,030,545) |
Proceeds from sale of premises and equipment | 13,309 | 5,129 | 8,714 |
Purchases of premises and equipment, net of premises and equipment acquired | (19,502) | (29,841) | (16,941) |
Proceeds from disposition of OREO | 55,025 | 84,429 | 116,612 |
Cash paid for additional investment in tax credit entities | (9,671) | (13,191) | (2,213) |
Cash received in excess of cash paid for acquisitions | 425,581 | 188,803 | 0 |
Other investing activities, net | 13,772 | (12,785) | (2,636) |
Net Cash Used in Investing Activities | (570,972) | (712,755) | (1,080,607) |
Cash Flows from Financing Activities | |||
Increase (decrease) in deposits, net of deposits acquired | 968,746 | 641,026 | (10,689) |
Net change in short-term borrowings, net of borrowings acquired | (520,653) | 110,298 | 377,299 |
Proceeds from long-term debt | 63,198 | 54,637 | 2,867 |
Repayments of long-term debt | (201,259) | (22,871) | (144,609) |
Cash dividends paid on common stock | (52,318) | (43,070) | (40,332) |
Proceeds from common stock transactions | 5,535 | 11,693 | 8,101 |
Payments to repurchase common stock | (3,620) | (3,727) | (2,280) |
Net proceeds from issuance of preferred stock | 76,812 | 0 | 0 |
Tax benefit associated with share-based payment arrangements | 580 | 2,105 | 886 |
Net Cash Provided by Financing Activities | 337,021 | 750,091 | 191,243 |
Net (Decrease) Increase In Cash and Cash Equivalents | (37,828) | 156,699 | (579,581) |
Cash and Cash Equivalents at Beginning of Period | 548,095 | 391,396 | 970,977 |
Cash and Cash Equivalents at End of Period | 510,267 | 548,095 | 391,396 |
Supplemental Schedule of Non-cash Activities | |||
Acquisition of real estate in settlement of loans | 21,690 | 27,050 | 93,040 |
Common stock issued in acquisitions | 474,753 | 214,665 | 0 |
Cash paid for: | |||
Interest on deposits and borrowings | 58,556 | 43,210 | 47,466 |
Income taxes, net | $ 53,476 | $ 52,094 | $ 29,063 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL The accompanying consolidated financial statements have been prepared in accordance with GAAP and practices generally accepted in the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. When we refer to the “Company,” “we,” “our,” or “us” in this Report, we mean IBERIABANK Corporation and subsidiaries (consolidated). When we refer to the “Parent,” we mean IBERIABANK Corporation. See the Glossary of Acronyms at the end of this Report for terms used throughout this Report. Reclassification 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 financial statements. PRINCIPLES OF CONSOLIDATION The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest under either the voting interest or variable interest model. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in "other assets" in the Company’s consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with non-consolidated VIEs was approximately $160 million and $151 million at December 31, 2015 and 2014, respectively. The Company's maximum exposure to loss was equivalent to the carrying value of its investments and any related outstanding loans to the non-consolidated VIEs. Investments in entities that are not consolidated are accounted for under either the equity, cost, or proportional amortization method of accounting. Investments for which the Company has the ability to exercise significant influence over the operating and financing decisions of the entity are accounted for under the equity method. Investments for which the Company does not hold such ability are accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. The consolidated financial statements include the accounts of the Company and its subsidiaries, IBERIABANK; Lenders Title Company; IBERIA Capital Partners, LLC; 1887 Leasing, LLC; IBERIA Asset Management, Inc.; 840 Denning, LLC; and IBERIA CDE, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. All normal, recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. NATURE OF OPERATIONS 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 IMC and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services throughout the energy industry. 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. 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, valuation of and accounting for acquired loans, goodwill and other intangibles, and income taxes. CONCENTRATION OF CREDIT RISKS Most of the Company’s business activity is with customers located within the states of Louisiana, Florida, Arkansas, Alabama, Texas, Georgia, and Tennessee. The Company’s lending activity is concentrated in its market areas in those states. The Company has emphasized originations of commercial loans and private banking loans, defined as loans to larger consumer clients. Repayments on loans are expected to come from cash flows of the borrower and/or guarantor. Losses on secured loans are limited by the value of the collateral upon default of the borrowers and guarantor support. The Company does not have any significant concentrations to any one industry or customer. BUSINESS COMBINATIONS Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values. In accordance with ASC Topic 805, Business Combinations , the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information obtained about facts and circumstances that existed as of the acquisition date, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the Company's early adoption of ASU No. 2015-16 during the third quarter of 2015, adjustments recorded during the measurement period are recognized in the current reporting period. Loans generally represent a significant portion of the assets acquired in the Company’s business acquisitions. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the measurement period, it will reduce or eliminate the gain and/or increase goodwill recorded on the acquisition in the period the adjustment is recorded. If the Company determines that losses arose subsequent to acquisition date, such losses are reflected as a provision for credit losses. CASH AND CASH EQUIVALENTS For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash, interest-bearing deposits, and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months . IBERIABANK may be required to maintain average balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2015 and 2014, IBERIABANK had sufficient cash deposited with the Federal Reserve Bank to cover the required reserve balance. INVESTMENT SECURITIES Management determines the appropriate accounting classification of debt and equity securities at the time of acquisition and re-evaluates such designations at least quarterly. Debt securities that management has the ability and intent to hold to maturity are classified as HTM and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities acquired with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading securities and reported at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as HTM or trading, including equity securities with readily determinable fair values, are classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in AOCI. Credit-related declines in the fair value of debt and marketable equity securities that are considered OTTI are recorded in earnings. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Declines in the fair value of individual HTM and AFS securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. In estimating OTTI losses, management considers 1) the length of time and the extent to which the fair value has been less than the amortized cost basis, 2) the financial condition and near-term prospects of the issuer, 3) its intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis, and 4) for debt securities, the recovery of contractual principal and interest. For securities that the Company does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI is recognized in earnings and the non-credit component is recognized in AOCI. For securities that the Company does expect to sell, or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, both the credit and non-credit component of an OTTI are recognized in earnings. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. Nonmarketable equity securities include stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock. These securities are accounted for at amortized cost, evaluated for impairment at least quarterly, and included in "other assets". Gains or losses on securities sold are recorded on the trade date, using the specific identification method. LOANS HELD FOR SALE Loans and loan commitments which the Company does not have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as loans held for sale at the time of origination or acquisition. Subsequent to origination or acquisition, if the Company no longer has the intent or ability to hold a loan for the foreseeable future, generally a decision has been made to sell the loan, and it is classified within loans held for sale. Unless the fair value option has been elected at origination or acquisition, loans classified as held for sale are carried at the lower of cost or fair value. Amortization/accretion of remaining unamortized net deferred loan fees or costs and discounts or premiums (if applicable) ceases when a loan is classified as held for sale. Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and under contract to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to non-interest income. See Note 20 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan or request reimbursement for the loan premium or servicing rights under limited circumstances. Recourse conditions may include prepayment, payment default, breach of representations or warranties, and documentation deficiencies. During 2015 and 2014, an insignificant number of loans were returned to the Company. At December 31, 2015 and 2014, the recorded repurchase liability associated with transferred loans was immaterial. LOANS Legacy (Loans originated by the Company) The Company originates mortgage, commercial, and consumer loans for customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the unpaid principal balances, less the ALL, charge-offs, and unamortized net loan origination fees and direct costs, except for loans which are carried at fair value. Interest income is accrued as earned over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield. Acquired (Loans acquired through Business Combinations) Acquired loans are recorded at fair value on the acquisition date in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an ACL is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments, and the amount and timing of undiscounted expected principal, interest, and other cash flows. Acquired loans are evaluated at acquisition and classified as purchased impaired (“acquired impaired”) or purchased non-impaired (“acquired non-impaired”). Purchased impaired loans reflect credit deterioration since origination to the extent that it is probable at the time of acquisition that the Company will be unable to collect all contractually required payments. At the time of acquisition, purchased impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: • whether the loan is performing according to contractual terms at the time of acquisition, • the loan type based on regulatory reporting guidelines, namely whether the loan was a mortgage, consumer, or commercial loan, • the nature of collateral, • the interest rate type, whether fixed or variable rate, and • the loan payment type, primarily whether the loan is amortizing or interest-only. From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price (if a variable rate loan), weighted average margin, and weighted average interest rate to estimate the expected cash flow for each loan pool. For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or discount, is amortized or accreted to income over the estimated life of the loans as an adjustment to yield. Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each purchased impaired loan and/or loan pool. Increases in estimated cash flows above those expected at acquisition are recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally result in recognition of a provision for credit loss. The measurement of cash flows involves several assumptions and judgments (i.e., prepayments, default rates, loss severity, etc.). All of these factors are inherently subjective and significant changes in the cash flow estimations can result over the life of the loan. Classification The Company’s loan portfolio is disaggregated into portfolio segments for purposes of determining the ACL. The Company’s portfolio segments include commercial, residential mortgage, and consumer and other loans, bifurcated between legacy and acquired. The Company further disaggregates each commercial, residential mortgage, and consumer and other loans portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate-construction, commercial real estate-other, commercial and industrial, and energy-related. Classes within the consumer and other loans portfolio segment include home equity, indirect automobile, credit card, and consumer-other. Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a loan to alleviate the burden of the customer’s near-term cash requirements. In order to be classified a TDR, the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court or law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: • a reduction of the stated interest rate for the remaining original life of the loan, • extension of the maturity date or dates at a stated interest rate lower than the current market rate for new loans with similar risk characteristics, • reduction of the face amount or maturity amount of the loan as stated in the agreement, or • reduction of accrued interest receivable on the loan. In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: • whether the customer is currently in default on its existing loan(s), or is in an economic position where it is probable the customer will be in default on its loan(s) in the foreseeable future without a modification, • whether the customer has declared or is in the process of declaring bankruptcy, • whether there is substantial doubt about the customer’s ability to continue as a going concern, • whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the loan, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and • whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for a similar loan for a non-troubled debtor. If the Company concludes that both a concession has been granted and the customer is experiencing financial difficulties, the Company identifies the loan as a TDR. All TDRs are considered impaired loans. NON-ACCRUAL AND PAST DUE LOANS (INCLUDING LOAN CHARGE-OFFS) Loans are considered past due when contractual payments of principal and interest have not been received within 30 days from the contractual due date. All legacy and purchased non-impaired loans are placed on non-accrual status when collection of principal or interest is in doubt. Purchased impaired loans are placed on non-accrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. Legacy and purchased non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed in the following paragraph or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for purchased impaired) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for purchased impaired) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 120 days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is discontinued at the time the loan is placed on non-accrual status. All accrued but uncollected interest for loans that are placed on non-accrual status is reversed, with current year accruals charged to interest income and prior year amounts charged-off as a credit loss. Cash receipts received on non-accrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Loans are returned to accrual status when the borrower has demonstrated a capacity to continue payment of the debt and collection of contractually required principal and interest associated with the debt is reasonably assured. At such time, the accrual of interest and amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium shall resume. Any interest income which was applied to the principal balance shall not be reversed and subsequently will be recognized as an adjustment to yield over the remaining life of the loan. IMPAIRED LOANS For all classes within the commercial portfolio, all loans with an outstanding commitment balance above a specific threshold are evaluated on a quarterly basis for potential impairment. Generally, mortgage and consumer loans within any class are not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount or portfolio classification, and all purchased impaired loans are considered to be impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan-by-loan basis for commercial and certain mortgage or consumer loans, based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. This measurement requires significant judgment and use of estimates, and the actual loss ultimately recognized by the Company may differ significantly from the estimates. ALLOWANCE FOR CREDIT LOSSES The Company maintains the ACL at a level that management believes appropriate to absorb estimated probable credit losses incurred in the loan portfolios (including unfunded commitments) as of the consolidated balance sheet date. The ACL consists of the allowance for loan losses (contra asset) and the reserve for unfunded commitments (liability). The manner in which the ACL is determined is based on 1) the accounting method applied to the underlying loans and 2) whether the loan is required to be measured for impairment in accordance with ASC Topic 450-20, Contingencies - Loss Contingencies or ASC Topic 310-10-35, Receivables - Overall . The Company delineates between loans accounted for under the contractual yield method, legacy and purchased non-impaired loans, and purchased impaired loans (loans accounted for in accordance with ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Further, for legacy and acquired non-impaired loans, the Company attributes portions of the ACL to loans and loan commitments that it measures individually (ASC Topic 310-10-35, Receivables - Overall ), impaired credit, and groups of homogeneous loans and loan commitments that it measures collectively (ASC Topic 450-20, Contingencies - Loss Contingencies ). Determination of the appropriate ACL involves a high degree of complexity and requires significant judgment regarding the credit quality of the loan portfolio. Several factors are taken into consideration in the determination of the overall ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of non-accrual loans, the level of 90 days past due loans, the value of collateral, the ability to monetize guarantor support, and the overall percentage level of the allowance relative to the loan portfolio, amongst other factors. The Company also considers overall asset quality trends, changes in lending practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, data availability and applicability that might impact the portfolio or the manner in which it estimates losses, and risk rating accuracy and risk identification. The allowance for loan losses for all impaired loans (excluding purchased impaired) is determined on an individual loan basis, considering the facts and circumstances specific to each borrower. The allowance is based on the difference between the recorded investment in the loan and generally either the estimated net present value of projected cash flows or the estimated value of the collateral associated with the loan, if the loan is deemed collateral-dependent. For non-impaired loans (excluding purchased impaired), the allowance for loan losses is calculated based on pools of loans with similar characteristics. The pool level allowance is calculated through the application of a PD (i.e., probability of default) and LGD (i.e., loss given default) factor for each individual loan. PDs and LGDs are determined based on historical default and loss information for similar loans. For purposes of establishing estimated loss percentages for pools of loans that share common risk characteristics, the Company’s loan portfolio is segmented by various loan characteristics including loan type, risk rating (commercial), Vantage or FICO score (mortgage and consumer), past due status (mortgage and consumer) and call report code. The default and loss information is measured over an appropriate period for each loan pool and adjusted as deemed appropriate. Qualitative adjustments are incorporated into the pool level analysis to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation. See the "Loans" section of this Footnote for discussion of the determination of the ACL for purchased impaired loans. Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of losses is based on historical loss rates, current credit grades, specific allocation, and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived required reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. In periods prior to 2015, the Company estimated incurred losses on its Exploration and Production and its Oil Field Services portfolios as an aggregate portfolio. Beginning in 2015, as the performance of these two portfolios began to diverge, the Company disaggregated the analysis of incurred losses within these portfolios, which included modifying its LGD estimates for the E&P portfolio to more closely align with published industry data. Absent this change, the Company would have recorded an additional $10.0 million , or 17 cents per share, in provision expense for the year ended December 31, 2015. The reserve for unfunded commitments is determined using similar methodologies described above for non-impaired loans. The loss factors used in the reserve for unfunded commitments are equivalent to the loss factors used in the allowance for loan losses, while also considering utilization of unused commitments. FDIC LOSS SHARE RECEIVABLE The Company entered into arrangements with the FDIC which obligate the FDIC to reimburse the Company for losses on certain loans associated with FDIC-assisted transactions. The indemnification assets were recorded at fair value as of the acquisition dates. The initial values of the indemnification assets were based on estimated cash flows to be received over the expected life of the acquired assets, not to exceed the term of the indemnification agreements. The reimbursable loss periods, excluding single family residential assets, ended in 2014 for three acquisitions, ended during 2015 for one acquisition, and will end during 2016 for two acquisitions. The reimbursable loss periods for single family residential assets will end in 2019 for three acquisitions, in 2020 for one acquisition, and in 2021 for two acquisitions. Assets are covered through expiration of the loss share term, at which point such assets are considered non-covered. Because the indemnification assets are measured on the same basis as the indemnified (covered) loans, subject to contractual and collectibility limitations, the indemnification assets are impacted by changes in expected cash flows on covered assets. Increases in credit losses expected to occur within the loss share term are generally recorded as current period increases to the ACL and increase the amount collectible from the FDIC by the applicable loss share percentage. Decreases in credit losses expected to occur within the loss share term reduce the amount collectible from the FDIC and increase the amount collectible from customers in the form of prospective accretion on loans. Increases in the portion of indemnification asset collectible from customers are amortized to income. Periodic amortization represents the amount that is expected to result in symmetrical recognition of pool-level accretion and amortization over the shorter of 1) the life of the loan or 2) the life of the shared loss agreement. The Company assesses the indemnification assets for collectibility at the acquisition level based on three sources: 1) the FDIC, 2) OREO transactions, and 3) customers. Amounts collectible from the FDIC through loss reimbursements are comprised of losses currently expected within the loss share term. A current period impairment would be recorded to the extent that events or circumstances indicate that losses previously expected to occur within the loss share term are expected to occur subsequent to loss share termination. Amounts collectible through expected gains on the sale of OREO are written-up or impaired each period based on the best available information. Loss assumptions used to measure the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification assets. PREMISES AND EQUIPMENT Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight-line basis over the estimated useful lives of 10 to 40 years for buildings and 3 to 15 years for furniture, fixtures, and equipment. Leasehold improvements are amortized over the lease term, including any renewal periods that are reasonably assured, or the asset’s useful life, whichever is shorter. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. SOFTWARE Software is amortized on a straight-line basis over its estimated useful life. The estimated useful life of software is generally three years , but can vary depending on the specific facts and circumstances. Software is evaluated for impairment whenever events or chang |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS ASU No. 2014-01 In January 2014, the FASB issued ASU No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU allows for use of the proportional amortization method for investments in qualified affordable housing projects, if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the consolidated statements of comprehensive income as a component of income tax expense. The ASU provides for a practical expedient, which allows for amortization of the investment in proportion to only the tax credits if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits. The ASU was effective for fiscal years and interim periods beginning after December 15, 2014. The Company adopted this guidance effective January 1, 2015, utilizing the practical expedient method. Amortization expense related to qualified affordable housing investments has been presented net of the income tax credits in "income tax expense" in the 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. 2014-09 and 2015-14 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As part of that principle, the entity should identify the contract(s) with the customer, identify the performance obligation(s) of the contract, determine the transaction price, allocate that transaction price to the performance obligation(s) of the contract, and then recognize revenue when or as the entity satisfies the performance obligation(s). In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , which deferred the original effective date declared in ASU No. 2014-09 by one year. Accordingly, the amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company is currently assessing the effect, but does not expect the adoption 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 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 does not believe the adoption of the ASU 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 amendment will be applied retrospectively. The adoption of this ASU will not have a significant impact on the Company's consolidated financial statements. ASU No. 2015-05 In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The determination of whether an arrangement contains a software license may impact the classification of the costs associated with the arrangement and the reporting period in which the costs are recognized as expense. The amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company has determined it will elect to adopt the amendments prospectively to all arrangements entered into or materially modified beginning January 1, 2016. The amendments will be applied prospectively on an individual arrangement basis and the impact to the Company’s consolidated financial statements will vary depending on the terms and conditions of the individual arrangement. ASU No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance must be applied prospectively for adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Company adopted this guidance effective September 30, 2015. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ASU No. 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments will not change the guidance for classifying and measuring investments in debt securities or loans; however, the significant amendments will include changes related to how entities measure certain equity investments, recognize changes in the fair value of financial liabilities measured under the fair value option that are attributable to instrument-specific credit risk, and disclose and present financial assets and liabilities on the Company’s consolidated financial statements. Specifically, the aforementioned amendments will require measurement of equity investments at fair value, with changes recognized in net income, unless the investments qualify for the new practicability exception, the equity method of accounting, or consolidation. For financial liabilities measured using the fair value option, any change in fair value caused by a change in an entity’s own credit risk will be recognized separately in OCI, as opposed to earnings. The amendments will also require entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the statement of financial position or in the accompanying notes to the financial statements. Entities will also no longer have to disclose the methods and significant assumptions for financial instruments measured at amortized cost, but will be required to measure such instruments under the “exit price” notion for disclosure purposes. ASU No. 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. An entity will record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with two exceptions. The amendments related to equity investments without readily determinable fair values (including disclosure requirements) will be effective prospectively. The requirement to use the exit price notion to measure the fair value of financial instruments for disclosure purposes will also be applied prospectively. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Acquisition Activity
Acquisition Activity | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition Activity | ACQUISITION ACTIVITY 2015 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 of a 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 $15.7 million , as shown in the table below. With this acquisition, IBERIABANK entered 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 those markets. 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 74,781 Goodwill $ 15,704 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, which were Orlando, Florida-based commercial banks. Under the 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 entered 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 153,514 Goodwill $ 99,638 Acquisition of Georgia Commerce Bancshares, Inc. On May 31, 2015, the Company acquired Georgia Commerce Bancshares, Inc. (“Georgia Commerce”), the 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 $87.3 million , as shown in the table below. With this acquisition, IBERIABANK entered 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 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 102,945 Goodwill $ 87,319 The Company accounted for the aforementioned business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations. Accordingly, for each transaction 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. In conjunction with the adoption of ASU 2015-16 as of September 30, 2015, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition dates, the Company will record any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. Information regarding the Company's loan discounts and related deferred tax assets, core deposit intangible assets and related deferred tax liabilities, as well as income taxes payable and the related deferred tax balances, among other assets and liabilities 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. Fair value adjustments based on updated estimates could materially affect the goodwill recorded on the acquisitions. The Company may incur losses on the acquired loans that are materially different from losses the Company originally projected and included in the fair value estimates of loans. The acquired assets and liabilities, as well as the preliminary adjustments to record those assets and liabilities at their estimated fair values, are presented in the following tables. Florida Bank Group As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) Assets Cash and cash equivalents $ 72,982 $ — $ 72,982 Investment securities 107,236 136 (1) 107,372 Loans 312,902 (5,371 ) (2) 307,531 Other real estate owned 498 (75 ) (3) 423 Core deposit intangible — 4,489 (4) 4,489 Deferred tax asset, net 19,889 8,569 (5) 28,458 Other assets 29,817 (8,949 ) (6) 20,868 Total Assets $ 543,324 $ (1,201 ) $ 542,123 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 1,898 4,618 (9) 6,516 Total Liabilities $ 453,863 $ 13,479 $ 467,342 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 values 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 values 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 less costs to sell 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 net deferred tax asset recognized on the fair value adjustments 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 values at the acquisition date based on their appraised value. (7) The amount represents the adjustment of the book value of Florida Bank Group's time deposits to their estimated fair values at the date of acquisition. (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 As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) 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 (10,822 ) (1) 1,062,951 Other real estate owned 4,515 1,449 (2) 5,964 Core deposit intangible — 6,821 (3) 6,821 Deferred tax asset, net 10,629 4,388 (4) 15,017 Other assets 30,549 (7,238 ) (5) 23,311 Total Assets $ 1,553,315 $ (5,402 ) $ 1,547,913 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 3,038 76 (7) 3,114 Total Liabilities $ 1,394,200 $ 199 $ 1,394,399 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 values 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 less costs to sell 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 adjustments 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 values at the acquisition date based on their appraised value. (6) The amount represents the adjustment of the book value of Old Florida's time deposits to their estimated fair values on the date of acquisition. (7) The adjustment is necessary to record Old Florida's rent liability at fair value. Georgia Commerce As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) Assets Cash and cash equivalents $ 51,059 $ — $ 51,059 Investment securities 135,710 (806 ) (1) 134,904 Loans held for sale 1,249 — 1,249 Loans 807,726 (15,606 ) (2) 792,120 Other real estate owned 9,795 (4,207 ) (3) 5,588 Core deposit intangible — 6,720 (4) 6,720 Deferred tax asset, net 5,031 5,451 (5) 10,482 Other assets 28,952 (657 ) (6) 28,295 Total Assets $ 1,039,522 $ (9,105 ) $ 1,030,417 Liabilities Interest-bearing deposits $ 658,133 $ 176 (7) $ 658,309 Non-interest-bearing deposits 249,739 — 249,739 Borrowings 13,203 — 13,203 Other liabilities 6,221 — 6,221 Total Liabilities $ 927,296 $ 176 $ 927,472 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 values on the date of acquisition. (2) The amount represents the adjustment of the book value of Georgia Commerce's loans to their estimated fair values 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 Georgia Commerce's OREO to its estimated fair value less costs to sell 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 net deferred tax asset recognized on the fair value adjustments of Georgia Commerce acquired assets and assumed liabilities. (6) 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. (7) The amount represents the adjustment of the book value of Georgia Commerce's time deposits to their estimated fair values at the date of acquisition. Supplemental unaudited pro forma information The following unaudited pro forma information for the years ended December 31, 2014 and 2013 reflect 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 preliminary purchase price adjustments. (Dollars in thousands, except per share data) 2014 2013 Interest and non-interest income $ 803,722 $ 699,308 Net income 172,554 69,625 Earnings per share - basic 4.39 1.88 Earnings per share - diluted 4.38 1.88 The Company’s consolidated financial statements as of and for the year ended December 31, 2015 include the operating results of the acquired assets and assumed liabilities for the days subsequent to the respective acquisition dates. Due to the system conversions of the acquired entities throughout the current year and subsequent streamlining and integration of the operating activities into those of the Company, 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. 2014 Acquisitions During 2014, the Company completed the acquisitions of Trust-One Memphis, Teche and First Private. The following table summarizes consideration paid, net assets acquired and goodwill recognized. (Dollars in thousands) Consideration Paid Net Assets Acquired Goodwill Recognized Trust One Bank - Memphis Operations $ — $ (8,596 ) $ 8,596 Teche Holding Company 156,740 76,311 80,429 First Private Holdings, Inc. 58,640 32,387 26,253 In addition, during 2014, the Company's subsidiary, LTC, acquired certain assets from The Title Company, LLC, a title office in Baton Rouge, Louisiana, and Louisiana Abstract and Title, LLC, a title office in Shreveport, Louisiana. These two acquisitions were immaterial and the assets recognized were primarily from goodwill and additional intangible assets. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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: December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 252,514 $ 1,161 $ (1,592 ) $ 252,083 Obligations of state and political subdivisions 182,541 5,429 (9 ) 187,961 Mortgage-backed securities 2,272,879 8,457 (16,523 ) 2,264,813 Other securities 95,496 430 (497 ) 95,429 Total securities available for sale $ 2,803,430 $ 15,477 $ (18,621 ) $ 2,800,286 Securities held to maturity: Obligations of state and political subdivisions $ 69,979 $ 2,803 $ (101 ) $ 72,681 Mortgage-backed securities 28,949 107 (776 ) 28,280 Total securities held to maturity $ 98,928 $ 2,910 $ (877 ) $ 100,961 December 31, 2014 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 317,386 $ 1,700 $ (3,533 ) $ 315,553 Obligations of state and political subdivisions 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 subdivisions 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 $1.4 billion were pledged to secure public deposits and other borrowings at both December 31, 2015 and 2014. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: December 31, 2015 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ (1,214 ) $ 177,839 $ (378 ) $ 28,116 $ (1,592 ) $ 205,955 Obligations of state and political subdivisions (9 ) 5,765 — — (9 ) 5,765 Mortgage-backed securities (11,737 ) 1,279,914 (4,786 ) 185,215 (16,523 ) 1,465,129 Other securities (488 ) 51,975 (9 ) 499 (497 ) 52,474 Total securities available for sale $ (13,448 ) $ 1,515,493 $ (5,173 ) $ 213,830 $ (18,621 ) $ 1,729,323 Securities held to maturity: Obligations of state and political subdivisions $ (9 ) $ 1,999 $ (92 ) $ 4,162 $ (101 ) $ 6,161 Mortgage-backed securities (45 ) 3,530 (731 ) 17,573 (776 ) 21,103 Total securities held to maturity $ (54 ) $ 5,529 $ (823 ) $ 21,735 $ (877 ) $ 27,264 December 31, 2014 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ — $ — $ (3,533 ) $ 240,498 $ (3,533 ) $ 240,498 Obligations of state and political subdivisions (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 subdivisions $ (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 unrealized losses in its portfolio as of December 31, 2015 and 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, including the issuer’s failures to make scheduled payments, if any, and the likelihood of failure to make scheduled payments in the future, • Changes to the rating of the security by a rating agency, and • Subsequent recoveries or additional declines in fair value after the balance sheet date. Management believes it has considered these factors, as well as all relevant information available, when determining the expected future cash flows of the securities in question. 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 December 31, 2015 or 2014. At December 31, 2015, 252 debt securities had unrealized losses of 1.10% 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 December 31 is presented in the following table. (Dollars in thousands) 2015 2014 Number of securities Issued by Fannie Mae, Freddie Mac, or Ginnie Mae 40 66 Issued by political subdivisions 2 5 Other 1 — 43 71 Amortized Cost Basis Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 236,800 $ 566,113 Issued by political subdivisions 4,253 8,727 Other 508 — $ 241,561 $ 574,840 Unrealized Loss Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 5,895 $ 10,254 Issued by political subdivisions 92 136 Other 9 — $ 5,996 $ 10,390 The Fannie Mae, Freddie Mac, and Ginnie Mae securities are rated AA+ by S&P and Aaa by Moodys. 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 S&P credit ratings ranging from AA to AAA and Moody's credit ratings ranging from Aa2 to Aaa. The amortized cost and estimated fair value of investment securities by maturity at December 31, 2015 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. Securities Available for Sale Securities Held to Maturity (Dollars in thousands) Weighted Average Yield Amortized Cost Estimated Fair Value Weighted Average Yield Amortized Cost Estimated Fair Value Within one year or less 2.02 % $ 14,360 $ 14,373 3.83 % $ 75 $ 75 One through five years 1.72 318,423 318,718 3.06 13,627 13,989 After five through ten years 2.31 501,217 506,856 2.89 16,278 16,914 Over ten years 2.14 1,969,430 1,960,339 2.91 68,948 69,983 2.12 % $ 2,803,430 $ 2,800,286 2.93 % $ 98,928 $ 100,961 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. Year Ended December 31 (Dollars in thousands) 2015 2014 2013 Realized gains $ 1,834 $ 863 $ 2,387 Realized losses (259 ) (92 ) (110 ) $ 1,575 $ 771 $ 2,277 In addition to the gains above, the Company realized certain immaterial gains on calls of securities held to maturity. Other Equity Securities The Company accounts for the following securities at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets at December 31: (Dollars in thousands) 2015 2014 Federal Home Loan Bank (FHLB) stock $ 16,265 $ 38,476 Federal Reserve Bank (FRB) stock 48,584 34,348 Other investments 1,159 1,306 $ 66,008 $ 74,130 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans | 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 801 $ — $ 120 $ 921 $ 635,560 $ 636,481 $ — Commercial real estate - Other 2,687 793 15,517 18,997 3,848,584 3,867,581 95 Commercial and industrial 1,208 739 6,746 8,693 2,943,409 2,952,102 87 Energy-related 15 — 7,081 7,096 670,081 677,177 — Residential mortgage 1,075 2,485 14,116 17,676 676,347 694,023 442 Consumer - Home equity 3,549 870 5,628 10,047 1,565,596 1,575,643 — Consumer - Indirect automobile 2,187 518 1,181 3,886 242,328 246,214 — Consumer - Credit card 394 113 394 901 76,360 77,261 — Consumer - Other 1,923 752 769 3,444 460,594 464,038 — Total $ 13,839 $ 6,270 $ 51,552 $ 71,661 $ 11,118,859 $ 11,190,520 $ 624 December 31, 2014 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 507 $ — $ 69 $ 576 $ 483,663 $ 484,239 $ — Commercial real estate - Other 11,799 148 6,859 18,806 3,173,766 3,192,572 — Commercial and industrial 1,589 1,860 3,225 6,674 2,445,847 2,452,521 200 Energy-related — — 27 27 872,839 872,866 — 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 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. December 31, 2015 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 216 $ 117 $ 6,994 $ 7,327 $ 120,467 $ (2,368 ) $ 125,426 $ 6,994 Commercial real estate - Other 4,295 2,024 53,558 59,877 1,434,966 (50,820 ) 1,444,023 52,067 Commercial and industrial 1,016 1,276 6,829 9,121 490,255 (6,900 ) 492,476 5,674 Energy-related — — 1,368 1,368 2,221 — 3,589 1,198 Residential mortgage 73 1,806 22,873 24,752 506,103 (29,559 ) 501,296 21,765 Consumer - Home equity 2,859 997 12,525 16,381 503,635 (29,492 ) 490,524 11,234 Consumer - Indirect automobile — — 12 12 72 — 84 12 Consumer - Credit Card — — 17 17 565 — 582 17 Consumer - Other 580 211 667 1,458 79,167 (1,717 ) 78,908 461 Total $ 9,039 $ 6,431 $ 104,843 $ 120,313 $ 3,137,451 $ (120,856 ) $ 3,136,908 $ 99,422 December 31, 2014 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 2,740 $ 57 $ 8,225 $ 11,022 $ 64,393 $ (4,482 ) $ 70,933 $ 8,225 Commercial real estate - Other 4,986 3,330 67,302 75,618 588,947 (50,530 ) 614,035 67,198 Commercial and industrial 2,118 70 4,528 6,716 119,472 (7,014 ) 119,174 4,528 Energy-related — — 11 11 7,731 — 7,742 11 Residential mortgage 324 2,788 30,804 33,916 559,180 (40,493 ) 552,603 29,553 Consumer - Home equity 3,165 385 22,800 26,350 315,788 (32,009 ) 310,129 22,409 Consumer - Indirect automobile 13 17 9 39 393 (40 ) 392 9 Consumer - Credit Card 10 — 24 34 614 — 648 24 Consumer - Other 1,458 113 1,967 3,538 94,652 (1,516 ) 96,674 1,847 Total $ 14,814 $ 6,760 $ 135,670 $ 157,244 $ 1,751,170 $ (136,084 ) $ 1,772,330 $ 133,804 (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 unpaid principal balance of legacy loans on non-accrual status at December 31, 2015 and 2014. (Dollars in thousands) 2015 2014 Commercial real estate - Construction $ 120 $ 69 Commercial real estate - Other 15,422 6,859 Commercial and industrial 6,659 3,025 Energy-related 7,081 27 Residential mortgage 13,674 14,362 Consumer - Home equity 5,628 7,404 Consumer - Indirect automobile 1,181 1,419 Consumer - Credit card 394 1,032 Consumer - Other 769 773 Total $ 50,928 $ 34,970 The amount of interest income that would have been recorded in 2015, 2014 and 2013 if total non-accrual loans had been current in accordance with their contractual terms was approximately $2.1 million , $1.8 million and $2.9 million , respectively. Loans Acquired As discussed in Note 3, during 2015, the Company acquired loans with fair values of $0.3 billion from Florida Bank Group, $1.1 billion from Old Florida, and $0.8 billion from Georgia Commerce. Of the total $2.2 billion of loans acquired during 2015, $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 $57.8 million were determined to exhibit deteriorated credit quality since origination under ASC 310-30. The tables below show the balances acquired during 2015 for these t wo s ubsections of the acquired 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 $ 2,384,114 Expected losses and foregone interest (15,539 ) Cash flows expected to be collected at acquisition 2,368,575 Fair value of acquired loans at acquisition $ 2,105,466 (Dollars in thousands) Acquired Impaired Loans Contractually required principal and interest at acquisition $ 76,445 Non-accretable difference (expected losses and foregone interest) (11,867 ) Cash flows expected to be collected at acquisition 64,578 Accretable yield (6,823 ) Basis in acquired loans at acquisition $ 57,755 The following is a summary of changes in the accretable difference for loans accounted for under ASC 310-30 during the years ended December 31: (Dollars in thousands) 2015 2014 2013 Balance at beginning of period $ 287,651 $ 354,892 $ 356,393 Additions 6,823 13,848 — Transfers from non-accretable difference to accretable yield 9,916 25,844 50,743 Accretion (80,479 ) (103,233 ) (179,456 ) Changes in expected cash flows not affecting non-accretable differences (1) 3,591 (3,700 ) 127,212 Balance at end of period $ 227,502 $ 287,651 $ 354,892 (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 December 31, 2015 and 2014 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30, which include covered loans, as well as certain other 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 $57.0 million occurred during the current year. There were no material TDRs that occurred during 2014. The following table provides information on how the TDRs were modified during the year ended December 31: (Dollars in thousands) 2015 Extended maturities $ 15,594 Interest rate adjustment — Maturity and interest rate adjustment 23,374 Movement to or extension of interest-rate only payments 241 Forbearance 122 Other concession(s) (1) 17,710 Total $ 57,041 (1) Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. Of the $57.0 million TDRs occurring during the twelve months ended December 31, 2015, $34.5 million are on accrual status and $22.5 million are on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the year ended December 31, 2015. The Company had no material TDRs that were added during the year ended December 31, 2014. December 31, 2015 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (1) Commercial real estate 11 $ 26,764 $ 25,250 Commercial and industrial 26 21,233 18,114 Energy-related 2 9,797 9,484 Residential mortgage 1 70 68 Consumer - Home equity 50 4,440 3,865 Consumer - Indirect 6 79 79 Consumer - Other 17 248 181 Total 113 $ 62,631 $ 57,041 (1) Recorded investment includes any allowance for credit losses recorded on the TDRs at December 31, 2015. Information detailing TDRs that defaulted during the years ended December 31, 2015 and 2014 and 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. December 31, 2015 December 31, 2014 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate 6 $ 22,075 30 $ — Commercial and industrial 20 8,970 9 1,600 Energy-related 1 3,120 — — Residential mortgage — — — — Consumer - Home Equity 20 1,547 — — Consumer - Indirect automobile 6 79 — — Consumer - Other 9 2 1 — Total 62 $ 35,793 40 $ 1,600" id="sjs-B4">LOANS Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated: December 31, 2015 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Real estate $ 4,504,062 $ 1,569,449 $ 6,073,511 Commercial and industrial 2,952,102 492,476 3,444,578 Energy-related 677,177 3,589 680,766 8,133,341 2,065,514 10,198,855 Residential mortgage loans: Residential 1-4 family 610,986 501,296 1,112,282 Construction / Owner Occupied 83,037 — 83,037 694,023 501,296 1,195,319 Consumer and other loans: Home equity 1,575,643 490,524 2,066,167 Indirect automobile 246,214 84 246,298 Other 541,299 79,490 620,789 2,363,156 570,098 2,933,254 Total $ 11,190,520 $ 3,136,908 $ 14,327,428 December 31, 2014 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Real estate $ 3,676,811 $ 684,968 $ 4,361,779 Commercial and industrial 2,452,521 119,174 2,571,695 Energy-related 872,866 7,742 880,608 7,002,198 811,884 7,814,082 Residential mortgage loans: Residential 1-4 family 495,638 552,603 1,048,241 Construction / Owner Occupied 32,056 — 32,056 527,694 552,603 1,080,297 Consumer and other loans: Home equity 1,290,976 310,129 1,601,105 Indirect automobile 396,766 392 397,158 Other 451,080 97,322 548,402 2,138,822 407,843 2,546,665 Total $ 9,668,714 $ 1,772,330 $ 11,441,044 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 were covered by loss share agreements between the FDIC and IBERIABANK, which afforded IBERIABANK loss protection. Covered loans, which are included in acquired loans in the tables above, were $229.2 million and $444.5 million at December 31, 2015 and 2014, respectively, of which $191.7 million and $220.5 million , respectively, were residential mortgage and home equity loans. Refer to Note 7 for additional information regarding the Company’s loss sharing agreements. Net deferred loan origination fees were $18.7 million and $11.2 million at December 31, 2015 and 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 December 31, 2015 and 2014, overdrafts of $5.1 million and $5.6 million , respectively, have been reclassified to loans. Loans with carrying values of $3.9 billion and $3.1 billion were pledged as collateral for borrowings at December 31, 2015 and 2014, respectively. Aging Analysis The following tables provide an analysis of the aging of loans as of December 31, 2015 and 2014. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated by the Company ("legacy loans") and acquired loans. December 31, 2015 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 801 $ — $ 120 $ 921 $ 635,560 $ 636,481 $ — Commercial real estate - Other 2,687 793 15,517 18,997 3,848,584 3,867,581 95 Commercial and industrial 1,208 739 6,746 8,693 2,943,409 2,952,102 87 Energy-related 15 — 7,081 7,096 670,081 677,177 — Residential mortgage 1,075 2,485 14,116 17,676 676,347 694,023 442 Consumer - Home equity 3,549 870 5,628 10,047 1,565,596 1,575,643 — Consumer - Indirect automobile 2,187 518 1,181 3,886 242,328 246,214 — Consumer - Credit card 394 113 394 901 76,360 77,261 — Consumer - Other 1,923 752 769 3,444 460,594 464,038 — Total $ 13,839 $ 6,270 $ 51,552 $ 71,661 $ 11,118,859 $ 11,190,520 $ 624 December 31, 2014 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 507 $ — $ 69 $ 576 $ 483,663 $ 484,239 $ — Commercial real estate - Other 11,799 148 6,859 18,806 3,173,766 3,192,572 — Commercial and industrial 1,589 1,860 3,225 6,674 2,445,847 2,452,521 200 Energy-related — — 27 27 872,839 872,866 — 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 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. December 31, 2015 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 216 $ 117 $ 6,994 $ 7,327 $ 120,467 $ (2,368 ) $ 125,426 $ 6,994 Commercial real estate - Other 4,295 2,024 53,558 59,877 1,434,966 (50,820 ) 1,444,023 52,067 Commercial and industrial 1,016 1,276 6,829 9,121 490,255 (6,900 ) 492,476 5,674 Energy-related — — 1,368 1,368 2,221 — 3,589 1,198 Residential mortgage 73 1,806 22,873 24,752 506,103 (29,559 ) 501,296 21,765 Consumer - Home equity 2,859 997 12,525 16,381 503,635 (29,492 ) 490,524 11,234 Consumer - Indirect automobile — — 12 12 72 — 84 12 Consumer - Credit Card — — 17 17 565 — 582 17 Consumer - Other 580 211 667 1,458 79,167 (1,717 ) 78,908 461 Total $ 9,039 $ 6,431 $ 104,843 $ 120,313 $ 3,137,451 $ (120,856 ) $ 3,136,908 $ 99,422 December 31, 2014 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 2,740 $ 57 $ 8,225 $ 11,022 $ 64,393 $ (4,482 ) $ 70,933 $ 8,225 Commercial real estate - Other 4,986 3,330 67,302 75,618 588,947 (50,530 ) 614,035 67,198 Commercial and industrial 2,118 70 4,528 6,716 119,472 (7,014 ) 119,174 4,528 Energy-related — — 11 11 7,731 — 7,742 11 Residential mortgage 324 2,788 30,804 33,916 559,180 (40,493 ) 552,603 29,553 Consumer - Home equity 3,165 385 22,800 26,350 315,788 (32,009 ) 310,129 22,409 Consumer - Indirect automobile 13 17 9 39 393 (40 ) 392 9 Consumer - Credit Card 10 — 24 34 614 — 648 24 Consumer - Other 1,458 113 1,967 3,538 94,652 (1,516 ) 96,674 1,847 Total $ 14,814 $ 6,760 $ 135,670 $ 157,244 $ 1,751,170 $ (136,084 ) $ 1,772,330 $ 133,804 (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 unpaid principal balance of legacy loans on non-accrual status at December 31, 2015 and 2014. (Dollars in thousands) 2015 2014 Commercial real estate - Construction $ 120 $ 69 Commercial real estate - Other 15,422 6,859 Commercial and industrial 6,659 3,025 Energy-related 7,081 27 Residential mortgage 13,674 14,362 Consumer - Home equity 5,628 7,404 Consumer - Indirect automobile 1,181 1,419 Consumer - Credit card 394 1,032 Consumer - Other 769 773 Total $ 50,928 $ 34,970 The amount of interest income that would have been recorded in 2015, 2014 and 2013 if total non-accrual loans had been current in accordance with their contractual terms was approximately $2.1 million , $1.8 million and $2.9 million , respectively. Loans Acquired As discussed in Note 3, during 2015, the Company acquired loans with fair values of $0.3 billion from Florida Bank Group, $1.1 billion from Old Florida, and $0.8 billion from Georgia Commerce. Of the total $2.2 billion of loans acquired during 2015, $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 $57.8 million were determined to exhibit deteriorated credit quality since origination under ASC 310-30. The tables below show the balances acquired during 2015 for these t wo s ubsections of the acquired 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 $ 2,384,114 Expected losses and foregone interest (15,539 ) Cash flows expected to be collected at acquisition 2,368,575 Fair value of acquired loans at acquisition $ 2,105,466 (Dollars in thousands) Acquired Impaired Loans Contractually required principal and interest at acquisition $ 76,445 Non-accretable difference (expected losses and foregone interest) (11,867 ) Cash flows expected to be collected at acquisition 64,578 Accretable yield (6,823 ) Basis in acquired loans at acquisition $ 57,755 The following is a summary of changes in the accretable difference for loans accounted for under ASC 310-30 during the years ended December 31: (Dollars in thousands) 2015 2014 2013 Balance at beginning of period $ 287,651 $ 354,892 $ 356,393 Additions 6,823 13,848 — Transfers from non-accretable difference to accretable yield 9,916 25,844 50,743 Accretion (80,479 ) (103,233 ) (179,456 ) Changes in expected cash flows not affecting non-accretable differences (1) 3,591 (3,700 ) 127,212 Balance at end of period $ 227,502 $ 287,651 $ 354,892 (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 December 31, 2015 and 2014 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30, which include covered loans, as well as certain other 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 $57.0 million occurred during the current year. There were no material TDRs that occurred during 2014. The following table provides information on how the TDRs were modified during the year ended December 31: (Dollars in thousands) 2015 Extended maturities $ 15,594 Interest rate adjustment — Maturity and interest rate adjustment 23,374 Movement to or extension of interest-rate only payments 241 Forbearance 122 Other concession(s) (1) 17,710 Total $ 57,041 (1) Other concessions may include covenant waivers, forgiveness of principal or interest associated with a customer bankruptcy, or a combination of any of the above concessions. Of the $57.0 million TDRs occurring during the twelve months ended December 31, 2015, $34.5 million are on accrual status and $22.5 million are on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the year ended December 31, 2015. The Company had no material TDRs that were added during the year ended December 31, 2014. December 31, 2015 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (1) Commercial real estate 11 $ 26,764 $ 25,250 Commercial and industrial 26 21,233 18,114 Energy-related 2 9,797 9,484 Residential mortgage 1 70 68 Consumer - Home equity 50 4,440 3,865 Consumer - Indirect 6 79 79 Consumer - Other 17 248 181 Total 113 $ 62,631 $ 57,041 (1) Recorded investment includes any allowance for credit losses recorded on the TDRs at December 31, 2015. Information detailing TDRs that defaulted during the years ended December 31, 2015 and 2014 and 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. December 31, 2015 December 31, 2014 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate 6 $ 22,075 30 $ — Commercial and industrial 20 8,970 9 1,600 Energy-related 1 3,120 — — Residential mortgage — — — — Consumer - Home Equity 20 1,547 — — Consumer - Indirect automobile 6 79 — — Consumer - Other 9 2 1 — Total 62 $ 35,793 40 $ 1,600 |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 12 Months Ended |
Dec. 31, 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 years ended December 31 is as follows: 2015 (Dollars in thousands) Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 76,174 $ 53,957 $ 130,131 Provision for loan losses before adjustment attributable to FDIC loss share agreements 27,711 1,837 29,548 Adjustment attributable to FDIC loss share arrangements — 1,360 1,360 Net provision for loan losses 27,711 3,197 30,908 Adjustment attributable to FDIC loss share arrangements — (1,360 ) (1,360 ) Transfer of balance to OREO — (1,221 ) (1,221 ) Loans charged-off (15,778 ) (10,737 ) (26,515 ) Recoveries 5,701 734 6,435 Allowance for loan losses at end of period $ 93,808 $ 44,570 $ 138,378 Reserve for unfunded commitments at beginning of period $ 11,801 $ — $ 11,801 Provision for unfunded lending commitments 2,344 — 2,344 Reserve for unfunded commitments at end of period $ 14,145 $ — $ 14,145 Allowance for credit losses at end of period $ 107,953 $ 44,570 $ 152,523 2014 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 67,342 $ 75,732 $ 143,074 Provision for loan losses before adjustment attributable to FDIC loss share agreements 14,274 526 14,800 Adjustment attributable to FDIC loss share arrangements — 4,260 4,260 Net provision for loan losses 14,274 4,786 19,060 Adjustment attributable to FDIC loss share arrangements — (4,260 ) (4,260 ) Transfer of balance to OREO — (7,323 ) (7,323 ) Loans charged-off (11,312 ) (15,543 ) (26,855 ) Recoveries 5,870 565 6,435 Allowance for loan losses at end of period $ 76,174 $ 53,957 $ 130,131 Reserve for unfunded commitments at beginning of period $ 11,147 $ — $ 11,147 Provision for unfunded lending commitments 654 — 654 Reserve for unfunded commitments at end of period $ 11,801 $ — $ 11,801 Allowance for credit losses at end of period $ 87,975 $ 53,957 $ 141,932 2013 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 74,211 $ 177,392 $ 251,603 Provision for (Reversal of) loan losses before adjustment attributable to FDIC loss share agreements 6,828 (57,768 ) (50,940 ) Adjustment attributable to FDIC loss share arrangements — 56,085 56,085 Net provision for (reversal of) loan losses 6,828 (1,683 ) 5,145 Adjustment attributable to FDIC loss share arrangements — (56,085 ) (56,085 ) Transfer of balance to OREO — (28,126 ) (28,126 ) Transfer of balance to the RULC (9,828 ) — (9,828 ) Loans charged-off (10,686 ) (15,795 ) (26,481 ) Recoveries 6,817 29 6,846 Allowance for loan losses at end of period $ 67,342 $ 75,732 $ 143,074 Reserve for unfunded commitments at beginning of period $ — $ — $ — Transfer of balance from the allowance for loan losses 9,828 — 9,828 Provision for unfunded lending commitments 1,319 — 1,319 Reserve for unfunded commitments at end of period $ 11,147 $ — $ 11,147 Allowance for credit losses at end of period $ 78,489 $ 75,732 $ 154,221 A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the years ended December 31 is as follows: 2015 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 26,752 $ 24,455 $ 5,949 $ 2,678 $ 16,340 $ 76,174 (Reversal of) Provision for loan losses (1,466 ) (103 ) 17,917 1,493 9,870 27,711 Loans charged off (2,525 ) (1,276 ) (3 ) (291 ) (11,683 ) (15,778 ) Recoveries 1,897 207 — 67 3,530 5,701 Allowance for loan losses at end of period $ 24,658 $ 23,283 $ 23,863 $ 3,947 $ 18,057 $ 93,808 Reserve for unfunded commitments at beginning of period $ 3,370 $ 3,733 $ 1,596 $ 168 $ 2,934 $ 11,801 Provision for (Reversal of) unfunded commitments 790 (285 ) 1,069 662 108 2,344 Reserve for unfunded commitments at end of period $ 4,160 $ 3,448 $ 2,665 $ 830 $ 3,042 $ 14,145 Allowance on loans individually evaluated for impairment $ 1,246 $ 272 $ 2,122 $ 1 $ 352 $ 3,993 Allowance on loans collectively evaluated for impairment 23,412 23,011 21,741 3,946 17,705 89,815 Loans, net of unearned income: Balance at end of period $ 4,504,062 $ 2,952,102 $ 677,177 $ 694,023 $ 2,363,156 $ 11,190,520 Balance at end of period individually evaluated for impairment 28,857 20,086 13,020 70 4,608 66,641 Balance at end of period collectively evaluated for impairment 4,475,205 2,932,016 $ 664,157 693,953 2,358,548 11,123,879 2014 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 22,872 $ 20,839 $ 6,878 $ 2,546 $ 14,207 $ 67,342 Provision for (Reversal of) loan losses 2,171 4,971 (929 ) 566 7,495 14,274 Loans charged off (1,164 ) (1,400 ) — (578 ) (8,170 ) (11,312 ) Recoveries 2,873 45 — 144 2,808 5,870 Allowance for loan losses at end of period $ 26,752 $ 24,455 $ 5,949 $ 2,678 $ 16,340 $ 76,174 Reserve for unfunded commitments at beginning of period $ 3,071 $ 1,814 $ 3,043 $ 72 $ 3,147 $ 11,147 Provision for (Reversal of) unfunded commitments 299 1,919 (1,447 ) 96 (213 ) 654 Reserve for unfunded commitments at end of period $ 3,370 $ 3,733 $ 1,596 $ 168 $ 2,934 $ 11,801 Allowance on loans individually evaluated for impairment $ 20 $ 407 $ — $ — $ 3 $ 430 Allowance on loans collectively evaluated for impairment 26,732 24,048 5,949 2,678 16,337 75,744 Loans, net of unearned income: Balance at end of period $ 3,676,811 $ 2,452,521 $ 872,866 $ 527,694 $ 2,138,822 $ 9,668,714 Balance at end of period individually evaluated for impairment 7,013 3,988 — — 699 11,700 Balance at end of period collectively evaluated for impairment 3,669,798 2,448,533 872,866 527,694 2,138,123 9,657,014 2013 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 31,298 $ 20,605 $ 6,812 $ 1,583 $ 13,913 $ 74,211 (Reversal of) Provision for loan losses (5,919 ) 3,870 66 758 8,053 6,828 Transfer of balance to the RULC (2,939 ) (3,497 ) — (40 ) (3,352 ) (9,828 ) Loans charged off (2,908 ) (516 ) — (519 ) (6,743 ) (10,686 ) Recoveries 3,340 377 — 764 2,336 6,817 Allowance for loan losses at end of period $ 22,872 $ 20,839 $ 6,878 $ 2,546 $ 14,207 $ 67,342 Reserve for unfunded commitments at beginning of period $ — $ — $ — $ — $ — $ — Transfer of balance from the allowance for loan losses 2,939 3,497 — 40 3,352 9,828 Provision for unfunded lending commitments 132 (1,683 ) 3,043 32 (205 ) 1,319 Reserve for unfunded commitments at end of period $ 3,071 $ 1,814 $ 3,043 $ 72 $ 3,147 $ 11,147 Allowance on loans individually evaluated for impairment $ 8 $ 841 $ — $ 180 $ — $ 1,029 Allowance on loans collectively evaluated for impairment 22,864 19,998 6,878 2,366 14,207 66,313 Loans, net of unearned income: Balance at end of period $ 3,054,100 $ 2,234,173 $ 752,682 $ 414,372 $ 1,832,994 $ 8,288,321 Balance at end of period individually evaluated for impairment 8,705 15,812 — 1,407 258 26,182 Balance at end of period collectively evaluated for impairment 3,045,395 2,218,361 752,682 412,965 1,832,736 8,262,139 A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the years ended December 31 is as follows: 2015 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 29,949 $ 3,265 $ 51 $ 6,484 $ 14,208 $ 53,957 Provision for (Reversal of) loan losses 2,182 (122 ) 74 2,126 (1,063 ) 3,197 Increase (Decrease) in FDIC loss share receivable 757 (49 ) — (235 ) (1,833 ) (1,360 ) Transfer of balance to OREO 174 (170 ) — (541 ) (684 ) (1,221 ) Loans charged off (7,810 ) (105 ) — — (2,822 ) (10,737 ) Recoveries 727 — — 7 — 734 Allowance for loan losses at end of period $ 25,979 $ 2,819 $ 125 $ 7,841 $ 7,806 $ 44,570 Allowance on loans individually evaluated for impairment $ — $ 41 $ — $ — $ 45 $ 86 Allowance on loans collectively evaluated for impairment 25,979 2,778 125 7,841 7,761 44,484 Loans, net of unearned income: Balance at end of period $ 1,569,449 $ 492,476 $ 3,589 $ 501,296 $ 570,098 $ 3,136,908 Balance at end of period individually evaluated for impairment 720 164 — — 458 1,342 Balance at end of period collectively evaluated for impairment 1,149,315 450,652 3,589 360,252 447,048 2,410,856 Balance at end of period acquired with deteriorated credit quality 419,414 41,660 — 141,044 122,592 724,710 2014 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 42,026 $ 6,641 $ — $ 10,889 $ 16,176 $ 75,732 Provision for loan losses 665 536 51 1,296 2,238 4,786 Increase (Decrease) in FDIC loss share receivable 227 509 — (3,854 ) (1,142 ) (4,260 ) Transfer of balance to OREO (1,897 ) (2,030 ) — (1,719 ) (1,677 ) (7,323 ) Loans charged off (11,201 ) (2,451 ) — (232 ) (1,659 ) (15,543 ) Recoveries 129 60 — 104 272 565 Allowance for loan losses at end of period $ 29,949 $ 3,265 $ 51 $ 6,484 $ 14,208 $ 53,957 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 29,949 3,265 51 6,484 14,208 53,957 Loans, net of unearned income: Balance at end of period $ 684,968 $ 119,174 $ 7,742 $ 552,603 $ 407,843 $ 1,772,330 Balance at end of period individually evaluated for impairment — — — — — — Balance at end of period collectively evaluated for impairment 169,338 60,584 7,742 402,347 265,168 905,179 Balance at end of period acquired with deteriorated credit quality 515,630 58,590 — 150,256 142,675 867,151 2013 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 107,269 $ 13,246 $ 23,108 $ 33,769 $ 177,392 (Reversal of) Provision for loan losses (1,286 ) (1,146 ) 390 359 (1,683 ) (Decrease) Increase in FDIC loss share receivable (28,238 ) (5,032 ) (4,896 ) (17,919 ) (56,085 ) Transfer of balance to OREO (19,953 ) (427 ) (7,713 ) (33 ) (28,126 ) Loans charged off (15,795 ) — — — (15,795 ) Recoveries 29 — — — 29 Allowance for loan losses at end of period $ 42,026 $ 6,641 $ 10,889 $ 16,176 $ 75,732 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 42,026 6,641 10,889 16,176 75,732 Loans, net of unearned income: Balance at end of period $ 732,401 $ 90,062 $ 172,160 $ 209,075 $ 1,203,698 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 393,487 37,430 162,248 157,744 750,909 Balance at end of period acquired with deteriorated credit quality 338,914 52,632 9,912 51,331 452,789 Portfolio Segment Risk Factors Commercial real estate loans include loans to commercial customers for long-term financing of land and buildings or for land development or construction of a building. These loans are repaid through revenues from operations of the businesses, rents of properties, sales of properties and refinances. Commercial and industrial loans represent loans to commercial customers to finance general working capital needs, equipment purchases and other projects where repayment is derived from cash flows resulting from business operations. The Company originates commercial business loans on a secured and, to a lesser extent, unsecured basis. Residential mortgage loans consist of loans to consumers to finance a primary residence. The vast majority of the residential mortgage loan portfolio is comprised of 1-4 family mortgage loans secured by properties located in the Company's market areas and originated under terms and documentation that permit their sale in the secondary market. Consumer loans are offered by the Company in order to provide a full range of retail financial services to its customers and include home equity, indirect automobile, credit card and other direct consumer installment loans. The Company originates substantially all of its consumer loans in its primary market areas. Loans in the consumer segment are sensitive to unemployment and other key consumer economic measures. Credit Quality The Company utilizes an asset risk classification system in accordance with guidelines established by the Federal Reserve Board as part of its efforts to monitor commercial asset quality. “Special mention” loans are defined as loans where known information about possible credit problems of the borrower cause management to have some doubt as to the ability of these borrowers to comply with the present loan repayment terms and which may result in future disclosure of these loans as non-performing. For assets with identified credit issues, the Company has two primary classifications for problem assets: “substandard” and “doubtful.” Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full satisfaction of the loan balance outstanding questionable, which makes probability of loss based on currently existing facts, conditions, and values higher. Loans classified as “Pass” do not meet the criteria set forth for special mention, substandard, or doubtful classification and are not considered criticized. Asset risk classifications are determined at origination or acquisition and reviewed on an ongoing basis. Risk classifications are changed if, in the opinion of management, the risk profile of the customer has changed since the last review of the loan relationship. The Company’s investment in loans by credit quality indicator is presented in the following tables. The tables below further segregate the Company’s loans between loans that were originated by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of non-covered acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of December 31, 2015 and 2014, respectively. Credit quality information in the tables below includes loans acquired at the gross loan balance, prior to the application of premiums/discounts, at December 31, 2015 and 2014. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. Legacy loans December 31, 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 $ 634,889 $ 160 $ 1,432 $ — $ 636,481 $ 483,930 $ 240 $ 69 $ — $ 484,239 Commercial real estate - Other 3,806,528 21,877 37,001 2,175 3,867,581 3,120,370 49,847 22,193 162 3,192,572 Commercial and industrial 2,911,396 14,826 19,888 5,992 2,952,102 2,414,293 7,330 28,965 1,933 2,452,521 Energy-related 531,657 67,937 74,272 3,311 677,177 872,842 — 24 — 872,866 Total $ 7,884,470 $ 104,800 $ 132,593 $ 11,478 $ 8,133,341 $ 6,891,435 $ 57,417 $ 51,251 $ 2,095 $ 7,002,198 Legacy loans December 31, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 676,347 $ 17,676 $ 694,023 $ 508,789 $ 18,905 $ 527,694 Consumer - Home equity 1,565,596 10,047 1,575,643 1,278,865 12,111 1,290,976 Consumer - Indirect automobile 242,328 3,886 246,214 392,504 4,262 396,766 Consumer - Credit card 76,360 901 77,261 71,297 1,448 72,745 Consumer - Other 460,594 3,444 464,038 375,853 2,482 378,335 Total $ 3,021,225 $ 35,954 $ 3,057,179 $ 2,627,308 $ 39,208 $ 2,666,516 Acquired loans December 31, 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 $ 116,539 $ 1,681 $ 8,803 $ 771 $ — $ (2,368 ) $ 125,426 $ 58,849 $ 3,934 $ 12,632 $ — $ (4,482 ) $ 70,933 Commercial real estate - Other 1,383,409 26,080 79,119 6,124 111 (50,820 ) 1,444,023 530,958 33,216 100,391 — (50,530 ) 614,035 Commercial and industrial 473,241 8,376 16,510 1,206 43 (6,900 ) 492,476 109,593 2,256 14,082 257 (7,014 ) 119,174 Energy-related 2,166 55 170 1,198 — — 3,589 7,731 — 11 — — 7,742 Total $ 1,975,355 $ 36,192 $ 104,602 $ 9,299 $ 154 $ (60,088 ) $ 2,065,514 $ 707,131 $ 39,406 $ 127,116 $ 257 $ (62,026 ) $ 811,884 Acquired loans December 31, 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 $ 506,103 $ 24,752 $ (29,559 ) $ 501,296 $ 559,180 $ 33,916 $ (40,493 ) $ 552,603 Consumer - Home equity 503,635 16,381 (29,492 ) 490,524 315,788 26,350 (32,009 ) 310,129 Consumer - Indirect automobile 72 12 — 84 393 39 (40 ) 392 Consumer - Other 79,732 1,475 (1,717 ) 79,490 95,266 3,572 (1,516 ) 97,322 Total $ 1,089,542 $ 42,620 $ (60,768 ) $ 1,071,394 $ 970,627 $ 63,877 $ (74,058 ) $ 960,446 Legacy Impaired Loans Information on the Company’s investment in legacy impaired loans, which include all TDRs and all other non-accrual loans, is presented in the following tables as of and for the periods indicated. Legacy non-accrual mortgage and consumer loans, and commercial loans below the Company’s specific threshold, are included for purposes of this disclosure although such loans are not evaluated or measured individually for impairment for purposes of determining the allowance for loan losses. December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 16,145 $ 16,145 $ — $ 15,864 $ 315 Commercial and industrial 14,340 14,340 — 18,839 1,148 Energy-related — — — — — Consumer - Home equity 730 730 — 533 22 Consumer - Other 66 66 — 66 5 With an allowance recorded: Commercial real estate 12,500 13,753 (1,253 ) 14,055 554 Commercial and industrial 5,985 6,262 (277 ) 7,352 331 Energy-related 11,319 13,444 (2,125 ) 14,339 471 Residential mortgage 13,679 13,743 (64 ) 14,086 82 Consumer - Home equity 8,196 8,559 (363 ) 7,554 129 Consumer - Indirect automobile 1,171 1,181 (10 ) 1,613 44 Consumer - Credit card 386 394 (8 ) 881 — Consumer - Other 876 899 (23 ) 1,039 44 Total $ 85,393 $ 89,516 $ (4,123 ) $ 96,221 $ 3,145 Total commercial loans $ 60,289 $ 63,944 $ (3,655 ) $ 70,449 $ 2,819 Total mortgage loans 13,679 13,743 (64 ) 14,086 87 Total consumer loans 11,425 11,829 (404 ) 11,686 244 December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,680 $ 6,680 $ — $ 6,703 $ 132 Commercial and industrial 2,483 2,483 — 2,873 57 Consumer - Home equity 682 682 — 696 19 With an allowance recorded: Commercial real estate 1,044 1,069 (25 ) 1,134 38 Commercial and industrial 1,209 1,617 (408 ) 2,113 23 Energy-related 27 27 — 28 1 Residential mortgage 14,111 14,363 (252 ) 14,263 110 Consumer - Home equity 7,121 7,165 (44 ) 7,544 43 Consumer - Indirect automobile 1,410 1,419 (9 ) 2,016 51 Consumer - Credit card 1,012 1,032 (20 ) 797 — Consumer - Other 781 790 (9 ) 1,009 39 Total $ 36,560 $ 37,327 $ (767 ) $ 39,176 $ 513 Total commercial loans $ 11,443 $ 11,876 $ (433 ) $ 12,851 $ 251 Total mortgage loans 14,111 14,363 (252 ) 14,263 110 Total consumer loans 11,006 11,088 (82 ) 12,062 152 December 31, 2013 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 8,567 $ 8,567 $ — $ 10,443 $ 43 Commercial and industrial 13,256 13,256 — 11,074 170 Consumer - Home equity 258 258 — 281 1 With an allowance recorded: Commercial real estate 1,268 1,284 (16 ) 4,414 8 Commercial and industrial 1,927 2,770 (843 ) 2,892 100 Residential mortgage 11,408 11,645 (237 ) 9,675 98 Consumer - Home equity 6,506 6,550 (44 ) 7,593 93 Consumer - Indirect automobile 1,267 1,275 (8 ) 2,090 55 Consumer - Credit card 404 411 (7 ) 418 — Consumer - Other 481 485 (4 ) 765 19 Total $ 45,342 $ 46,501 $ (1,159 ) $ 49,645 $ 587 Total commercial loans $ 25,018 $ 25,877 $ (859 ) $ 28,823 $ 321 Total mortgage loans 11,408 11,645 (237 ) 9,675 98 Total consumer loans 8,916 8,979 (63 ) 11,147 168 As of December 31, 2015 and 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 | 12 Months Ended |
Dec. 31, 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 were covered by loss share agreements between the FDIC and IBERIABANK, which afforded 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, ended during 2015 for one acquisition and will end during 2016 for two acquisitions. The reimbursable loss periods 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: December 31 (Dollars in thousands) 2015 2014 Balance at beginning of period $ 69,627 $ 162,312 Change due to (reversal of) loan loss provision recorded on FDIC covered loans (1,360 ) (4,260 ) Amortization (23,500 ) (74,617 ) (Submission of reimbursable losses) recoveries payable to the FDIC (2,444 ) 3,282 Impairment — (5,121 ) Changes due to a change in cash flow assumptions on OREO and other changes (2,445 ) (11,969 ) Balance at end of period $ 39,878 $ 69,627 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 for the year ended December 31, 2015, the Company concluded that the $39.9 million FDIC loss share receivable is fully collectible as of December 31, 2015. 2014 and 2013 Impairments of FDIC loss share receivables Based on improving economic trends, their impact on the amount and timing of expected future cash flows, and delays in the foreclosure process, during the loss share receivable collectibility assessment completed for the years ended December 31, 2014 and 2013, the Company concluded that certain expected losses were probable of not being collected from either the FDIC or the customer because such projected losses were no longer expected to occur or were expected to occur beyond the reimbursable loss periods specified within the loss share agreements. Management deemed an impairment charge necessary for the year ended December 31, 2014 in the amount of $5.1 million attributable to losses on OREO transactions that moved beyond the loss share term. On April 10, 2013, management concluded that an impairment charge of $31.8 million was required and was recognized in the Company's consolidated financial statements during the three-month period ended March 31, 2013. |
Transfers and Servicing of Fina
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | TRANSFERS AND SERVICING OF FINANCIAL ASSETS (INCLUDING MORTGAGE BANKING ACTIVITY) Commercial Banking Activity The unpaid principal balances of loans serviced for others were $888.4 million and $533.8 million at December 31, 2015 and 2014, respectively. Custodial escrow balances maintained in connection with the foregoing portfolio of loans serviced for others, and included in demand deposits, were immaterial at December 31, 2015 and 2014. Mortgage Banking Activity IBERIABANK through its subsidiary, IMC, originates mortgage loans for sale into the secondary market. The loans originated primarily consist of residential first mortgages that conform to standards established by the GSEs, but can also consist of junior lien loans secured by residential property. These sales are primarily to private companies that are unaffiliated with the GSEs on a servicing-released basis. Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. (Dollars in thousands) 2015 2014 2013 Balance at beginning of period $ 140,072 $ 128,442 $ 267,475 Originations and purchases 2,464,588 1,675,538 2,116,460 Sales, net of gains (2,432,979 ) (1,657,409 ) (2,255,493 ) Other (5,434 ) (6,499 ) — Balance at end of period $ 166,247 $ 140,072 $ 128,442 The following table details the components of mortgage income for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Fair value changes of derivatives and mortgage loans held for sale: Mortgage loans held for sale and derivatives $ 2,216 $ 631 $ (4,822 ) Derivative settlements, net (5,017 ) (8,743 ) 3,100 Gains on sales 83,131 59,156 65,393 Servicing and other income, net 792 753 526 $ 81,122 $ 51,797 $ 64,197 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: December 31, 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 $ 6,104 $ (2,320 ) $ 3,784 $ 4,751 $ (1,253 ) $ 3,498 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Premises and equipment consisted of the following at December 31: (Dollars in thousands) 2015 2014 Land $ 84,438 $ 75,916 Buildings 245,934 232,727 Furniture, fixtures and equipment 140,031 128,388 Total premises and equipment 470,403 437,031 Accumulated depreciation (146,501 ) (129,872 ) Total premises and equipment, net $ 323,902 $ 307,159 Depreciation expense was $22.2 million , $19.4 million , and $19.6 million , for the years ended December 31, 2015, 2014, and 2013, respectively. The Company actively engages in leasing office space available in buildings it owns. Leases have different terms ranging from monthly rental to six years . For the year ended December 31, 2015, income from these leases averaged $0.2 million per month. Total lease income for the years ended December 31, 2015, 2014, and 2013 was $2.4 million , $1.6 million , and $1.5 million , respectively. Income from leases is reported as a reduction in occupancy and equipment expense. The total allocated cost of the portion of the buildings held for lease at December 31, 2015 and 2014 was $8.2 million and $7.6 million , respectively, with related accumulated depreciation of $2.6 million and $2.4 million , respectively. The Company leases certain branch and corporate offices, land and ATM facilities through non-cancelable operating leases with terms that range from one to 50 years , some of which contain renewal options and escalation clauses under various terms. Rent expense for the years ended December 31, 2015, 2014, and 2013 totaled $15.4 million , $10.9 million , and $11.4 million , respectively. Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: (Dollars in thousands) 2016 $ 16,957 2017 14,751 2018 13,491 2019 11,952 2020 10,735 2021 and thereafter 41,054 $ 108,940 |
Goodwill and Other Acquired Int
Goodwill and Other Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Acquired Intangible Assets | GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reportable segment for the years ended December 31, 2015 and 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 year 207,077 — — 207,077 Balance, December 31, 2015 $ 696,260 $ 23,178 $ 5,165 $ 724,603 The goodwill acquired in 2015 was a result of the Florida Bank, Old Florida, and Georgia Commerce acquisitions. The goodwill acquired in 2014 was a result of the Trust One-Memphis, Teche, First Private, The Title Company, LLC and Louisiana Abstract and Title, LLC acquisitions. See Note 3 for further information. The Company performed the required annual goodwill impairment test as of October 1, 2015. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Subsequent to the testing date, management has evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent test is not required. Title Plant The Company held title plant assets recorded in “other assets” on the consolidated balance sheets totaling $6.7 million at both December 31, 2015 and 2014. No events or changes in circumstances occurred during 2015 or 2014 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of December 31: 2015 2014 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 74,001 $ (43,957 ) $ 30,044 $ 55,949 $ (36,354 ) $ 19,595 Customer relationship intangible asset 1,348 (984 ) 364 1,348 (822 ) 526 Non-compete agreement 100 (79 ) 21 163 (82 ) 81 Other intangible assets 205 (114 ) 91 205 (46 ) 159 Total $ 75,654 $ (45,134 ) $ 30,520 $ 57,665 $ (37,304 ) $ 20,361 The related amortization expense of intangible assets is as follows: (Dollars in thousands) Amount Aggregate amortization expense for the years ended December 31: 2013 $ 4,720 2014 5,807 2015 7,811 (Dollars in thousands) Estimated amortization expense for the years ended December 31: 2016 $ 8,338 2017 6,775 2018 5,786 2019 5,066 2020 3,613 2021 and thereafter 942 |
Derivative Instruments and Othe
Derivative Instruments and Other Hedging Activities | 12 Months Ended |
Dec. 31, 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 and other exposures such as liquidity and credit risk, as well as to facilitate customer transactions. The primary types of derivatives used by the Company include interest rate swap agreements, foreign exchange contracts, 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. The Company has designated interest rate swaps in a cash flow hedge to convert forecasted variable interest payments to a fixed rate on its junior subordinated debt and has concluded that the forecasted transactions are probable of occurring. 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: Balance Sheet Location Asset Derivatives Fair Value Balance Sheet Location Liability Derivatives Fair Value (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 58 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 58 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 18,077 $ 15,434 Other liabilities $ 18,077 $ 15,434 Foreign exchange contracts Other assets 156 — Other liabilities 134 — Forward sales contracts Other assets 1,588 25 Other liabilities 474 2,556 Written and purchased options Other assets 10,607 17,444 Other liabilities 6,254 13,364 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 30,428 $ 32,903 $ 24,939 $ 31,354 Total $ 30,486 $ 32,903 $ 24,939 $ 31,354 Asset Derivatives Notional Amount Liability Derivatives Notional Amount (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 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 $ 590,334 $ 444,703 $ 590,334 $ 444,703 Foreign exchange contracts 4,392 — 4,392 — Forward sales contracts 223,841 15,897 173,430 391,992 Written and purchased options 328,210 362,580 181,949 225,741 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,146,777 $ 823,180 $ 950,105 $ 1,062,436 Total $ 1,255,277 $ 823,180 $ 950,105 $ 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 December 31, 2015 and 2014, the Company was required to post $21.8 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 December 31, 2015. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. December 31, 2015 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 58 $ — $ (45 ) $ 13 Interest rate contracts not designated as hedging instruments 18,058 — — 18,058 Written and purchased options 6,277 — — 6,277 Total derivative assets subject to master netting arrangements $ 24,393 $ — $ (45 ) $ 24,348 Derivative liabilities Interest rate contracts not designated as hedging instruments 18,058 — (9,428 ) 8,630 Total derivative liabilities subject to master netting arrangements $ 18,058 $ — $ (9,428 ) $ 8,630 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) 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 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 years ended December 31, 2015 and 2014, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges, because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At December 31, 2015, the Company does not expect to reclassify any amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. At December 31, 2015, 2014, and 2013, and for the years 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) For the Years Ended December 31 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate contracts $ 38 $ — $ 619 Other income (expense) $ — $ — $ (391 ) Other income (expense) $ — $ (1 ) $ 1 Total $ 38 $ — $ 619 $ — $ — $ (391 ) $ — $ (1 ) $ 1 Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of December 31, is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (Dollars in thousands) 2015 2014 2013 Interest rate contracts Other income $ 4,143 $ 2,513 $ 2,991 Foreign exchange contracts Other income 22 — — Forward sales contracts Mortgage Income (2,947 ) (3,225 ) (1,716 ) Written and purchased options Mortgage Income 274 (5,739 ) (3,032 ) Total $ 1,492 $ (6,451 ) $ (1,757 ) At December 31, additional information pertaining to outstanding interest rate swap agreements not designated as hedging instruments is as follows: (Dollars in thousands) 2015 2014 2013 Weighted average pay rate 3.2 % 2.9 % 3.0 % Weighted average receive rate 0.9 % 0.4 % 0.2 % Weighted average maturity in years 7.5 years 7.7 years 7.6 years Unrealized gain (loss) relating to interest rate swaps $ — $ — $ — |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | DEPOSITS Deposits at December 31 are summarized as follows: (Dollars in thousands) 2015 2014 Non-interest-bearing deposits $ 4,352,229 $ 3,195,430 Negotiable order of withdrawal (NOW) 2,974,176 2,462,841 Money market deposits accounts (MMDA) 6,010,882 4,168,504 Savings deposits 716,838 577,513 Certificates of deposit and other time deposits 2,124,623 2,116,237 $ 16,178,748 $ 12,520,525 Total time deposits summarized by denomination at December 31 are as follows: (Dollars in thousands) 2015 2014 Time deposits less than $250,000 $ 1,456,804 $ 1,767,448 Time deposits greater than $250,000 667,819 348,789 $ 2,124,623 $ 2,116,237 A schedule of maturities of all time deposits as of December 31, 2015 is as follows: (Dollars in thousands) Years ending December 31 2016 $ 1,380,655 2017 423,866 2018 112,915 2019 64,170 2020 81,418 2021 and thereafter 61,599 $ 2,124,623 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | SHORT-TERM BORROWINGS Short-term borrowings at December 31 are summarized as follows: (Dollars in thousands) 2015 2014 Federal Home Loan Bank advances $ 110,000 $ 603,000 Securities sold under agreements to repurchase 216,617 242,742 $ 326,617 $ 845,742 Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Additional information on the Company’s short-term borrowings for the years indicated is as follows: (Dollars in thousands) 2015 2014 2013 Outstanding at December 31 $ 326,617 $ 845,742 $ 680,344 Maximum month-end outstanding balance 798,933 1,034,741 680,344 Average daily outstanding balance 426,011 782,033 303,352 Average rate during the year 0.18 % 0.17 % 0.16 % Average rate at year end 0.20 % 0.18 % 0.15 % The Company has various funding arrangements with commercial banks providing up to $180.0 million in the form of Federal funds and other lines of credit. At December 31, 2015, there were no balances outstandi ng on these lines and all of the funding was available to the Company. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt at December 31 is summarized as follows: (Dollars in thousands) 2015 2014 IBERIABANK: Federal Home Loan Bank notes, 0.903% to 7.040% $ 136,628 $ 210,549 Notes payable - Investment fund contribution, 7 to 40 year term, 0.50% to 5.00% fixed 83,709 80,843 220,337 291,392 IBERIABANK Corporation (junior subordinated debt): Statutory Trust I, 3 month LIBOR (1) , plus 3.25%, issued November 2002 10,310 10,310 Statutory Trust II, 3 month LIBOR (1) , plus 3.15%, issued June 2003 10,310 10,310 Statutory Trust III, 3 month LIBOR (1) , plus 2.00%, issued September 2004 10,310 10,310 Statutory Trust IV, 3 month LIBOR (1) , plus 1.60%, issued October 2006 15,464 15,464 American Horizons Statutory Trust I, 3 month LIBOR (1) , plus 3.15%, assumed January 2005 6,186 6,186 Statutory Trust V, 3 month LIBOR (1) , plus 1.435%, issued June 2007 10,310 10,310 Statutory Trust VI, 3 month LIBOR (1) , plus 2.75%, issued November 2007 12,372 12,372 Statutory Trust VII, 3 month LIBOR (1) , plus 2.54%, issued November 2007 13,403 13,403 Statutory Trust VIII, 3 month LIBOR (1) , plus 3.50%, issued March 2008 7,217 7,217 OMNI Trust I, 3 month LIBOR (1) , plus 3.30%, assumed May 2011 8,248 8,248 OMNI Trust II, 3 month LIBOR (1) , plus 2.79%, assumed May 2011 7,732 7,732 GA Commerce Trust II, 3 month LIBOR (1) , plus 1.64%, assumed May 2015 8,248 — 120,110 111,862 $ 340,447 $ 403,254 (1) The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate w as 0.61% and 0.26% at December 31, 2015 and 2014, respectively. Outstanding FHLB advances are a mix of bullet and amortizing structures. Amortizing FHLB advances are amortized over periods ranging from 2.5 to 20 years , a nd have a balloon feature at maturity. Advances are collateralized by a blanket pledge of eligible loans, subject to contractual adjustments which reduce the borrowing base, as well as a secondary pledge of FHLB stock and FHLB demand deposits, the amount of which can exceed the amounts borrowed based on contractually required adjustments. Total additional advances available from the FHLB at December 31, 2015 w ere $4.6 billion und er the blanket floating lien including $1.2 billion from pledges of investment securities. The weighted average advance rate was 3.79% an d 3.24% at December 31, 2015 and 2014, respectively. Junior subordinated debt consists of a total of $120.1 million in Junior Subordinated Deferrable Interest Debentures of the Company issued to statutory trusts that were funded by the issuance of floating rate capital securities of the trusts. The terms of the junior subordinated debt are 30 years , and they are callable at par by the Company any time after 5 years . Interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During a deferral period, the Company is subject to certain restrictions, including being prohibited from declaring and paying dividends to its common shareholders. Effective January 1, 2015, 75% of the Company's junior subordinated debt was excluded from Tier 1 capital for regulatory purposes. The remaining 25% will be excluded effective January 1, 2016. Advances and long-term debt at December 31, 2015 have maturities or call dates in future years as follows: (Dollars in thousands) 2016 $ 34,789 2017 61,899 2018 21,057 2019 7,865 2020 16,308 2021 and thereafter 198,529 $ 340,447 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income tax expense consists of the following for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Current expense $ 67,025 $ 69,612 $ 62,468 Deferred expense (benefit) 4,551 (25,027 ) (35,930 ) Tax credits (11,268 ) (12,012 ) (11,690 ) ASU 2014-01 Amortization on Low Income Housing Tax Credits 2,023 1,005 251 Tax benefits attributable to items charged to equity and goodwill 1,763 2,105 1,034 $ 64,094 $ 35,683 $ 16,133 There was a balance receivable of $13 million and $2 million for federal and state income taxes at December 31, 2015 and 2014, respectively. The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35 percent on income before income tax expense as indicated in the following analysis for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Federal tax based on statutory rate $ 72,428 $ 49,373 $ 28,441 Increase (decrease) resulting from: Effect of tax-exempt income (6,919 ) (7,064 ) (7,282 ) Interest and other nondeductible expenses 5,899 2,642 2,007 State taxes, net of federal benefit 3,955 2,531 3,237 Tax credits (11,268 ) (12,012 ) (11,690 ) ASU 2014-01 Amortization on Low Income Housing Tax Credits 2,023 1,005 251 Other (2,024 ) (792 ) 1,169 $ 64,094 $ 35,683 $ 16,133 Effective tax rate 31.0 % 25.3 % 19.9 % The composition of other items resulting in a net tax benefit of $2.0 million for the year ending December 31, 2015 arose principally from a decrease of $1.3 million related to effects of prior year amended returns and by $0.6 million for other discrete items, including prior year provision-to-return adjustments. The net deferred tax asset at December 31 is as follows: (Dollars in thousands) 2015 2014 Deferred tax asset: NOL carryforward $ 17,258 $ 978 Allowance for credit losses 56,446 59,267 Deferred compensation 7,528 6,631 Basis difference in acquired assets 48,256 53,202 Unrealized loss on securities available for sale 854 — OREO 6,210 9,845 Other 10,438 13,530 146,990 143,453 Deferred tax liability: Basis difference in acquired assets (31,975 ) (53,940 ) Gain on acquisition (212 ) (2,426 ) FHLB stock (122 ) (85 ) Premises and equipment (1,658 ) (9,652 ) Acquisition intangibles (7,648 ) (12,151 ) Deferred loan costs (4,610 ) (3,771 ) Unrealized gain on securities available for sale — (4,052 ) Investments acquired (167 ) (570 ) Swap gain — (75 ) Other (16,694 ) (12,908 ) (63,086 ) (99,630 ) Net deferred tax asset $ 83,904 $ 43,823 Net operating loss carryforwards arising from acquisitions during 2015 expire over a 20 -year period and will be utilized subject to annual Internal Revenue Code Section 382 limitations. No benefit was recognized at acquisition for net operating losses that will expire unused due to the IRS limitations. The Company determined that the net deferred tax asset is more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded as of December 31, 2015 or 2014. Retained earnings at December 31, 2015 and 2014 included approximately $21.9 million accumulated prior to January 1, 1987 for which no provision for federal income taxes has been made. If this portion of retained earnings is used in the future for any purpose other than to absorb bad debts, it will be added to future taxable income. The Company does not believe it has any unrecognized tax benefits included in its consolidated financial statements. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. During the years ended December 31, 2015, 2014, and 2013, the Company did not recognize any interest or penalties in its consolidated financial statements, nor has it recorded a liability for interest or penalty payments. |
Capital Requirements and Other
Capital Requirements and Other Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Capital Requirements and Other Regulatory Matters | SHAREHOLDERS' EQUITY, CAPITAL RATIOS AND OTHER REGULATORY MATTERS During the third quarter of 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. On January 4, 2016, the Company declared a semi-annual cash dividend of $0.805 per depositary share , which was paid on February 1, 2016. The Company and IBERIABANK are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy regulations 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 implement the revised standards of the BCBS and 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 buffer composed of CET1 capital in an amount greater 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 December 31, 2015, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of December 31, 2015, the most recent notification from the FRB categorized IBERIABANK as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well-capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of December 31 are presented in the following table. (Dollars in thousands) 2015 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 751,798 4.00 % N/A N/A $ 1,790,034 9.52 % IBERIABANK 749,226 4.00 936,532 5.00 1,691,022 9.03 Common Equity Tier 1 (CET1) (1) Consolidated $ 752,610 4.50 % N/A N/A $ 1,684,097 10.07 % IBERIABANK 750,660 4.50 1,084,287 6.50 1,691,022 10.14 Tier 1 risk-based capital Consolidated $ 1,003,479 6.00 % N/A N/A $ 1,790,034 10.70 % IBERIABANK 1,000,880 6.00 1,334,507 8.00 1,691,022 10.14 Total risk-based capital Consolidated $ 1,337,973 8.00 % N/A N/A $ 2,029,932 12.14 % IBERIABANK 1,334,507 8.00 1,668,133 10.00 1,843,545 11.05 2014 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 602,359 4.00 % N/A N/A $ 1,408,141 9.35 % IBERIABANK 600,121 4.00 750,151 5.00 1,265,540 8.44 Tier 1 risk-based capital Consolidated $ 504,086 4.00 % N/A N/A $ 1,408,141 11.17 % IBERIABANK 502,421 4.00 753,631 6.00 1,265,540 10.08 Total risk-based capital Consolidated $ 1,008,171 8.00 % N/A N/A $ 1,550,088 12.30 % IBERIABANK 1,004,841 8.00 1,256,052 10.00 1,407,487 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% until it is fully phased in on January 1, 2019 at 2.50% . Restrictions on Dividends, Loans and Advances IBERIABANK is restricted under applicable laws in the payment of dividends to an amount equal to current year earnings plus undistributed earnings for the immediately preceding year, unless prior permission is received from the Commissioner of Financial Institutions for the State of Louisiana. Dividends payable by IBERIABANK in 2016 without permission will be limited to 2016 earnings plus an additional $148.7 million . Funds available for loans or advances by IBERIABANK to the Parent amounted to $184.4 million . In addition, any dividends that may be paid by IBERIABANK to the Parent would be restricted if IBERIABANK did not comply with the above-described capital conservation buffer requirements and would be prohibited if the effect thereof would cause IBERIABANK’s capital to be reduced below applicable minimum capital requirements. During any deferral period under the Company’s junior subordinated debt, the Company would be prohibited from declaring and paying dividends to preferred and common shareholders. In addition, so long as any shares of Series B Preferred Stock remain outstanding, we are prohibited from paying dividends on any of our common stock if the required payments on our Series B Preferred Stock have not been made. See Note 14 to the consolidated financial statements for additional information. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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. For the Years Ended December 31, (In thousands, except per share data) 2015 2014 2013 Earnings per common share - basic Net income $ 142,844 $ 105,382 $ 65,128 Dividends and undistributed earnings allocated to unvested restricted shares (1,680 ) (1,651 ) (1,205 ) Net income allocated to common shareholders - basic $ 141,164 $ 103,731 $ 63,923 Weighted average common shares outstanding 38,214 31,307 29,052 Earnings per common share - basic 3.69 3.31 2.20 Earnings per common share - diluted Net income allocated to common shareholders - basic $ 141,164 $ 103,731 $ 63,923 Dividends and undistributed earnings allocated to unvested restricted shares (48 ) (34 ) (4 ) Net income allocated to common shareholders - diluted $ 141,116 $ 103,697 $ 63,919 Weighted average common shares outstanding 38,214 31,307 29,052 Dilutive potential common shares 96 126 53 Weighted average common shares outstanding - diluted 38,310 31,433 29,105 Earnings per common share outstanding - diluted $ 3.68 $ 3.30 $ 2.20 For the years ended December 31, 2015 , 2014 , and 2013 , the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 607,608 ; 625,555 ; and 642,008 , respectively. The effects from the assumed exercises of 159,236 ; 13,101 ; and 483,696 stock options were not included in the computation of diluted earnings per share for the years ended December 31, 2015 , 2014 , and 2013 , respectively, because such amounts would have had an antidilutive effect on earnings per common share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 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 December 31, 2015, awards of 784,254 shares could be made under approved incentive compensation plans. The Company issues shares to fulfill stock option exercises and restricted share units and restricted stock awards vesting from available authorized common shares. At December 31, 2015, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises and restricted share unit and restricted stock award vesting. 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 Aggregate Intrinsic Value (Dollars in thousands) Weighted Average Remaining Contract Life (in years) Outstanding options, December 31, 2012 1,236,075 $ 51.48 Granted 75,722 52.36 Exercised (200,748 ) 40.35 $ 2,740 Forfeited or expired (38,220 ) 55.87 Outstanding options, December 31, 2013 1,072,829 $ 53.47 Granted 77,434 65.31 Exercised (267,421 ) 48.57 4,612 Forfeited or expired (15,160 ) 60.38 Outstanding options, December 31, 2014 867,682 $ 55.92 Granted 82,001 62.50 Exercised (119,917 ) 51.71 1,516 Forfeited or expired (15,989 ) 66.52 Outstanding options, December 31, 2015 813,777 $ 56.99 $ 1,061 5.1 Exercisable options, December 31, 2013 707,934 53.54 Exercisable options, December 31, 2014 562,752 55.92 Exercisable options, December 31, 2015 546,842 $ 56.54 $ 665 3.9 The following table represents weighted average remaining life as of December 31, 2015 for options outstanding within the stated exercise prices: Options Outstanding Options Exercisable Exercise Price Range Per Share Number of Options Weighted Average Exercise Price Weighted Average Remaining Life Number of Options Weighted Average Exercise Price $36.48 to $51.69 108,856 $ 50.05 5.4 years 70,437 $ 49.69 $51.70 to $52.88 170,627 52.34 6.5 years 86,365 52.34 $52.89 to $56.26 133,884 54.94 4.3 years 124,397 54.89 $56.27 to $59.04 121,591 57.53 1.2 years 119,855 57.52 $59.05 to $62.39 119,583 59.92 3.4 years 116,867 59.87 $62.40 to $111.71 159,236 65.83 8.2 years 28,921 75.41 Total options 813,777 $ 56.99 5.1 years 546,842 $ 56.54 The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the years ended December 31: 2015 2014 2013 Expected dividends 2.2 % 2.1 % 2.6 % Expected volatility 35.6 % 35.8 % 34.8 % Risk-free interest rate 2.0 % 2.3 % 1.7 % Expected term (in years) 7.5 7.5 8.6 Weighted-average grant-date fair value $ 19.57 $ 21.26 $ 15.37 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 and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Compensation expense related to stock options $ 1,861 $ 2,053 $ 2,110 Income tax benefit related to stock options 317 375 379 At December 31, 2015, there was $2.7 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 5.1 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 (generally three to seven years). As of December 31, 2015 and 2014, unrecognized share-based compensation associated with these awards totaled $19.5 million and $19.8 million , respectively. The unrecognized compensation cost related to restricted stock awards at December 31, 2015 is expected to be recognized over a weighted-average period of 2.7 years . Restricted share units In 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 years 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. See Note 1 for further discussion of restricted share units with market or performance conditions. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Compensation expense related to restricted stock awards and restricted share units $ 12,045 $ 9,932 $ 8,593 Income tax benefit related to restricted stock awards and restricted share units 4,215 3,476 3,008 The following table represents unvested restricted stock award and restricted share unit activity for the years ended December 31: 2015 2014 2013 Balance at beginning of period 506,289 523,756 538,202 Granted 207,575 168,254 167,095 Forfeited (26,970 ) (18,171 ) (28,713 ) Earned and issued (179,764 ) (167,550 ) (152,828 ) Balance at end of period 507,130 506,289 523,756 The weighted average grant date fair value of restricted stock awards and restricted share units granted was $63.16 , $65.11 , and $51.98 for the years ended December 31, 2015, 2014, and 2013, respectively. The total fair value of restricted stock awards and restricted share units vested during the years ended December 31, 2015, 2014, and 2013 was $11.3 million , $10.9 million , and $7.8 million , respectively. Phantom stock awards The Company issues phantom stock awards to certain key officers and employees. The award is subject to a vesting period of five to seven years and is paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. Award recipients are also entitled to a “dividend equivalent” on each unvested share equivalent held by the award recipient. A dividend equivalent is a dollar amount equal to the cash dividends that the participant would have been entitled to receive if the participant’s share equivalents were issued in shares of common stock. Dividend equivalents 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 In 2015 and 2014, the Company issued 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 December 31 of the years indicated and the current market price of the Company’s stock at that time: (Dollars in thousands) 2015 2014 2013 Compensation expense related to phantom stock and performance units $ 12,109 $ 5,496 $ 4,855 The following table represents phantom stock award and performance unit activity during the periods indicated. (Dollars in thousands) Number of share equivalents (1) Value of share equivalents (2) Balance, December 31, 2012 328,273 $ 16,125 Granted 179,041 11,253 Forfeited share equivalents (18,744 ) 1,178 Vested share equivalents (54,686 ) 2,937 Balance, December 31, 2013 433,884 $ 27,270 Granted 146,166 9,479 Forfeited share equivalents (22,800 ) 1,479 Vested share equivalents (81,903 ) 5,512 Balance, December 31, 2014 475,347 $ 30,826 Granted 167,573 9,228 Forfeited share equivalents (34,681 ) 1,910 Vested share equivalents (145,809 ) 9,288 Balance, December 31, 2015 462,430 $ 25,466 (1) Number of share equivalents includes all reinvested dividend equivalents for the years indicated. (2) 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 $55.07 , $64.85 and $62.85 on December 31, 2015, 2014 and 2013, respectively. 401(k) defined contribution plan The Company has a 401(k) Profit Sharing Plan covering substantially all of its employees. Annual employer contributions to the Plan are set by the Board of Directors. The Company made contributions of $1.7 million , $1.5 million , and 1.3 million for the years ended December 31, 2015, 2014, and 2013, respectively. The Plan provides, among other things, that participants in the Plan be able to direct the investment of their account balances within the Profit Sharing Plan into alternative investment funds. Participant deferrals under the salary reduction election may be matched by the employer based on a percentage to be determined annually by the employer. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments In the normal course of business, to meet the financing needs of its customers, the Company is a party to credit related financial instruments, with risk not reflected in the consolidated financial statements. 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 December 31, 2015 and 2014, the fair value of guarantees under commercial and standby letters of credit was $1.5 million and $1.3 million , respectively. This fair value amount represents the unamortized fees 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. At December 31, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) 2015 2014 Commitments to grant loans $ 61,240 $ 161,350 Unfunded commitments under lines of credit 4,617,802 4,007,954 Commercial and standby letters of credit 150,281 134,882 Reserve for unfunded lending commitments 14,145 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 not be drawn upon to the total extent to which the Company is committed. See Note 6 for additional discussion related to the Company’s unfunded lending commitments. Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper issuance, bond financing, and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When necessary they are collateralized, 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring fair value measurements 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. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 2,800,286 $ — $ 2,800,286 Mortgage loans held for sale — 166,247 — 166,247 Derivative instruments — 30,486 — 30,486 Total $ — $ 2,997,019 $ — $ 2,997,019 Liabilities Derivative instruments $ — $ 24,939 $ — $ 24,939 Total $ — $ 24,939 $ — $ 24,939 December 31, 2014 Level 1 Level 2 Level3 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 2015, there were no transfers between the Level 1 and Level 2 fair value categories. During 2014, available for sale securities with a market value of $14.4 million were transferred from the Level 1 to Level 2 fair value category in the table above. The security was issued by Freddie Mac and was included in the Level 1 category at December 31, 2013 based on a recent trade price in the open market. Gains and losses (realized and unrealized) included in earnings (or accumulated other comprehensive income) during 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) Non-interest income Other comprehensive income Total gains (losses) included in earnings $ 2,939 $ — Change in unrealized gains (losses) relating to assets still held at December 31, 2015 — (9,110 ) Non-recurring fair value measurements 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. December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net $ — $ 1,106 $ — $ 1,106 Total $ — $ 1,106 $ — $ 1,106 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 and 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 during the years ended December 31, 2015, 2014 and 2013. 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Mortgage loans held for sale, at fair value $ 166,247 $ 161,083 $ 5,164 $ 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. Changes in fair value of these loans that were recorded in mortgage income in the consolidated statements of comprehensive income resulted in net losses of $1.0 million and $3.5 million for the years ended December 31, 2015 and 2014, respectively. Net gains resulting from the change in fair value of these loans were $0.4 million for the year ended December 31, 2013. 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 | 12 Months Ended |
Dec. 31, 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. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 510,267 $ 510,267 $ 510,267 $ — $ — Investment securities 2,899,214 2,901,247 — 2,901,247 — Loans and loans held for sale, net of unearned income and allowance for loan losses 14,355,297 14,674,749 — 166,247 14,508,502 FDIC loss share receivables 39,878 9,163 — — 9,163 Derivative instruments 30,486 30,486 — 30,486 — Financial Liabilities Deposits $ 16,178,748 $ 15,696,245 $ — $ — $ 15,696,245 Short-term borrowings 326,617 326,617 326,617 — — Long-term debt 340,447 309,847 — — 309,847 Derivative instruments 24,939 24,939 — 24,939 — 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 December 31, 2015 and 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company may execute transactions with various related parties. These transactions are consummated at terms equivalent to the prevailing market rates and terms at the time. Examples of such transactions may include lending or deposit arrangements, transfers of financial assets, services for administrative support, and other miscellaneous items. The Company has granted loans to executive officers and directors and their affiliates. These loans, including the related principal additions, principal payments, and unfunded commitments are immaterial to the consolidated financial statements at December 31, 2015 and 2014. None of the related party loans were classified as non-accrual, past due, troubled debt restructurings, or potential problem loans at December 31, 2015 and 2014. Deposits from related parties held by the Company were also immaterial at December 31, 2015 and 2014. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Each of the Company’s reportable operating segments 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 primarily reflect the manner in which resources are allocated and performance is assessed. Further, the reportable operating segments are also determined based on the quantitative thresholds prescribed within ASC Topic 280, Segment Reporting , and consideration of the usefulness of the information to the users of the consolidated financial statements. The Company reports the results of its operations through three reportable 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. 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 methods that reflect utilization. Also within IBERIABANK are certain reconciling items that 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. Year Ended December 31, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 639,793 $ 7,062 $ 3 $ 646,858 Interest expense 56,222 2,878 — 59,100 Net interest income 583,571 4,184 3 587,758 Provision for loan losses 30,908 — — 30,908 Mortgage income 1,426 79,696 — 81,122 Title revenue — — 22,837 22,837 Other non-interest income 116,443 (2 ) (7 ) 116,434 Allocated expenses (16,253 ) 12,036 4,217 — Non-interest expense 495,158 57,784 17,363 570,305 Income before income tax expense 191,627 14,058 1,253 206,938 Income tax expense 58,006 5,581 507 64,094 Net income $ 133,621 $ 8,477 $ 746 $ 142,844 Total loans and loans held for sale, net of unearned income $ 14,305,663 $ 188,012 $ — $ 14,493,675 Total assets 19,220,085 256,888 27,095 19,504,068 Total deposits 16,173,831 4,917 — 16,178,748 Average assets 18,146,216 230,819 25,671 18,402,706 Year Ended December 31, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 498,820 $ 5,992 $ 3 $ 504,815 Interest expense 42,983 1,721 — 44,704 Net interest income 455,837 4,271 3 460,111 Provision for loan losses 18,966 94 — 19,060 Mortgage income 71 51,726 — 51,797 Title revenue — — 20,492 20,492 Other non-interest income 101,401 (61 ) (1 ) 101,339 Allocated expenses (11,602 ) 8,203 3,399 — Non-interest expense 412,165 44,761 16,688 473,614 Income before income tax expense 137,780 2,878 407 141,065 Income tax expense 34,352 1,148 183 35,683 Net income $ 103,428 $ 1,730 $ 224 $ 105,382 Total loans and loans held for sale, net of unearned income $ 11,415,973 $ 165,143 $ — $ 11,581,116 Total assets 15,537,731 194,156 26,017 15,757,904 Total deposits 12,515,329 5,196 — 12,520,525 Average assets 14,430,768 176,003 25,223 14,631,994 Year Ended December 31, 2013 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 431,418 $ 5,747 $ 32 $ 437,197 Interest expense 45,150 1,803 — 46,953 Net interest income 386,268 3,944 32 390,244 Provision for loan losses 5,123 22 — 5,145 Mortgage income 2 64,195 — 64,197 Title revenue — — 20,526 20,526 Other non-interest income 84,243 (10 ) 2 84,235 Allocated expenses (7,453 ) 5,417 2,036 — Non-interest expense 406,380 49,723 16,693 472,796 Income before income tax expense 66,463 12,967 1,831 81,261 Income tax expense 10,299 5,093 741 16,133 Net income $ 56,164 $ 7,874 $ 1,090 $ 65,128 Total loans and loans held for sale, net of unearned income $ 9,472,908 $ 147,553 $ — $ 9,620,461 Total assets 13,167,162 173,131 25,257 13,365,550 Total deposits 10,734,030 2,970 — 10,737,000 Average assets 12,794,997 183,513 25,478 13,003,988 |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Only Financial Statements | CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS Condensed financial statements of the Parent are shown below. The Parent has no significant operating activities. Condensed Balance Sheets (Dollars in thousands) December 31 2015 2014 Assets Cash in bank $ 154,298 $ 36,064 Investments in subsidiaries 2,449,325 1,841,420 Other assets 54,454 119,493 $ 2,658,077 $ 1,996,977 Liabilities and Shareholders’ Equity Liabilities $ 159,242 $ 144,829 Shareholders’ equity 2,498,835 1,852,148 $ 2,658,077 $ 1,996,977 Condensed Statements of Income Year Ended December 31 (Dollars in thousands) 2015 2014 2013 Operating income Dividends from bank subsidiary $ — $ — $ 49,000 Dividends from non-bank subsidiaries — — 1,511 Reimbursement of management expenses 59,255 46,433 34,474 Other income (329 ) 437 869 Total operating income 58,926 46,870 85,854 Operating expenses Interest expense 3,393 3,224 3,232 Salaries and employee benefits expense 41,689 31,981 29,159 Other expenses 17,492 14,576 13,651 Total operating expenses 62,574 49,781 46,042 Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries (3,648 ) (2,911 ) 39,812 Income tax expense (benefit) 800 (518 ) (2,808 ) Income (loss) before equity in undistributed earnings of subsidiaries (4,448 ) (2,393 ) 42,620 Equity in undistributed earnings of subsidiaries 147,292 107,775 22,508 Net income $ 142,844 $ 105,382 $ 65,128 Condensed Statements of Cash Flows (Dollars in thousands) Year Ended December 31 2015 2014 2013 Cash Flow from Operating Activities Net income $ 142,844 $ 105,382 $ 65,128 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 416 595 2,035 Net income of subsidiaries (147,292 ) (107,775 ) (73,044 ) Share-based compensation cost 13,906 11,985 10,703 Gain on sale of assets (110 ) — — Tax benefit associated with share-based payment arrangements (580 ) (2,105 ) (886 ) Other, net 82,105 (27,274 ) 7,575 Net Cash Provided by (Used in) Operating Activities 91,289 (19,192 ) 11,511 Cash Flow from Investing Activities Cash paid in excess of cash received for acquisitions (5,054 ) 4,783 — Proceeds from sale of premises and equipment 12 — 11,751 Purchases of premises and equipment (2 ) (36 ) (5,247 ) Return of capital from (Capital contributed to) subsidiary 5,000 (14,600 ) — Dividends received from subsidiaries — — 50,511 Net Cash (Used in) Provided by Investing Activities (44 ) (9,853 ) 57,015 Cash Flow from Financing Activities Cash dividends paid on common stock (52,318 ) (43,070 ) (40,332 ) Proceeds from common stock transactions 5,535 11,693 8,101 Payments to repurchase common stock (3,620 ) (3,727 ) (2,280 ) Net proceeds from issuance of preferred stock 76,812 — — Tax benefit associated with share-based payment arrangements 580 2,105 886 Net Cash Provided by (Used In) Financing Activities 26,989 (32,999 ) (33,625 ) Net Increase (Decrease) in Cash and Cash Equivalents 118,234 (62,044 ) 34,901 Cash and Cash Equivalents at Beginning of Period 36,064 98,108 63,207 Cash and Cash Equivalents at End of Period $ 154,298 $ 36,064 $ 98,108 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification 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 financial statements. |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION The Company’s consolidated financial statements include all entities in which the Company has a controlling financial interest under either the voting interest or variable interest model. The assessment of whether or not the Company has a controlling interest (i.e., the primary beneficiary) in a VIE is performed on an on-going basis. All equity investments in non-consolidated VIEs are included in "other assets" in the Company’s consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with non-consolidated VIEs was approximately $160 million and $151 million at December 31, 2015 and 2014, respectively. The Company's maximum exposure to loss was equivalent to the carrying value of its investments and any related outstanding loans to the non-consolidated VIEs. Investments in entities that are not consolidated are accounted for under either the equity, cost, or proportional amortization method of accounting. Investments for which the Company has the ability to exercise significant influence over the operating and financing decisions of the entity are accounted for under the equity method. Investments for which the Company does not hold such ability are accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. The consolidated financial statements include the accounts of the Company and its subsidiaries, IBERIABANK; Lenders Title Company; IBERIA Capital Partners, LLC; 1887 Leasing, LLC; IBERIA Asset Management, Inc.; 840 Denning, LLC; and IBERIA CDE, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. All normal, recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. |
Nature of Operations | NATURE OF OPERATIONS 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 IMC and offers a full line of title insurance and closing services throughout Arkansas and Louisiana through LTC and its subsidiaries. ICP provides equity research, institutional sales and trading, and corporate finance services throughout the energy industry. 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. |
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, valuation of and accounting for acquired loans, goodwill and other intangibles, and income taxes. |
Concentration of Credit Risks | CONCENTRATION OF CREDIT RISKS Most of the Company’s business activity is with customers located within the states of Louisiana, Florida, Arkansas, Alabama, Texas, Georgia, and Tennessee. The Company’s lending activity is concentrated in its market areas in those states. The Company has emphasized originations of commercial loans and private banking loans, defined as loans to larger consumer clients. Repayments on loans are expected to come from cash flows of the borrower and/or guarantor. Losses on secured loans are limited by the value of the collateral upon default of the borrowers and guarantor support. The Company does not have any significant concentrations to any one industry or customer. |
Business Combinations | BUSINESS COMBINATIONS Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values. In accordance with ASC Topic 805, Business Combinations , the Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information obtained about facts and circumstances that existed as of the acquisition date, if known, would have affected the measurement of the amounts recognized as of that date. Subsequent to the Company's early adoption of ASU No. 2015-16 during the third quarter of 2015, adjustments recorded during the measurement period are recognized in the current reporting period. Loans generally represent a significant portion of the assets acquired in the Company’s business acquisitions. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the measurement period, it will reduce or eliminate the gain and/or increase goodwill recorded on the acquisition in the period the adjustment is recorded. If the Company determines that losses arose subsequent to acquisition date, such losses are reflected as a provision for credit losses. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash, interest-bearing deposits, and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months . IBERIABANK may be required to maintain average balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2015 and 2014, IBERIABANK had sufficient cash deposited with the Federal Reserve Bank to cover the required reserve balance. |
Investment Securities | INVESTMENT SECURITIES Management determines the appropriate accounting classification of debt and equity securities at the time of acquisition and re-evaluates such designations at least quarterly. Debt securities that management has the ability and intent to hold to maturity are classified as HTM and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities acquired with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading securities and reported at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as HTM or trading, including equity securities with readily determinable fair values, are classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in AOCI. Credit-related declines in the fair value of debt and marketable equity securities that are considered OTTI are recorded in earnings. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Declines in the fair value of individual HTM and AFS securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. In estimating OTTI losses, management considers 1) the length of time and the extent to which the fair value has been less than the amortized cost basis, 2) the financial condition and near-term prospects of the issuer, 3) its intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis, and 4) for debt securities, the recovery of contractual principal and interest. For securities that the Company does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI is recognized in earnings and the non-credit component is recognized in AOCI. For securities that the Company does expect to sell, or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, both the credit and non-credit component of an OTTI are recognized in earnings. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. Nonmarketable equity securities include stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock. These securities are accounted for at amortized cost, evaluated for impairment at least quarterly, and included in "other assets". Gains or losses on securities sold are recorded on the trade date, using the specific identification method. |
Loans Held for Sale | LOANS HELD FOR SALE Loans and loan commitments which the Company does not have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as loans held for sale at the time of origination or acquisition. Subsequent to origination or acquisition, if the Company no longer has the intent or ability to hold a loan for the foreseeable future, generally a decision has been made to sell the loan, and it is classified within loans held for sale. Unless the fair value option has been elected at origination or acquisition, loans classified as held for sale are carried at the lower of cost or fair value. Amortization/accretion of remaining unamortized net deferred loan fees or costs and discounts or premiums (if applicable) ceases when a loan is classified as held for sale. Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and under contract to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to non-interest income. See Note 20 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan or request reimbursement for the loan premium or servicing rights under limited circumstances. Recourse conditions may include prepayment, payment default, breach of representations or warranties, and documentation deficiencies. During 2015 and 2014, an insignificant number of loans were returned to the Company. At December 31, 2015 and 2014, the recorded repurchase liability associated with transferred loans was immaterial. |
Loans | LOANS Legacy (Loans originated by the Company) The Company originates mortgage, commercial, and consumer loans for customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the unpaid principal balances, less the ALL, charge-offs, and unamortized net loan origination fees and direct costs, except for loans which are carried at fair value. Interest income is accrued as earned over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield. Acquired (Loans acquired through Business Combinations) Acquired loans are recorded at fair value on the acquisition date in accordance with ASC Topic 820, Fair Value Measurement , consistent with the exit price concept on the date of acquisition. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an ACL is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments, and the amount and timing of undiscounted expected principal, interest, and other cash flows. Acquired loans are evaluated at acquisition and classified as purchased impaired (“acquired impaired”) or purchased non-impaired (“acquired non-impaired”). Purchased impaired loans reflect credit deterioration since origination to the extent that it is probable at the time of acquisition that the Company will be unable to collect all contractually required payments. At the time of acquisition, purchased impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: • whether the loan is performing according to contractual terms at the time of acquisition, • the loan type based on regulatory reporting guidelines, namely whether the loan was a mortgage, consumer, or commercial loan, • the nature of collateral, • the interest rate type, whether fixed or variable rate, and • the loan payment type, primarily whether the loan is amortizing or interest-only. From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price (if a variable rate loan), weighted average margin, and weighted average interest rate to estimate the expected cash flow for each loan pool. For purchased impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or discount, is amortized or accreted to income over the estimated life of the loans as an adjustment to yield. Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each purchased impaired loan and/or loan pool. Increases in estimated cash flows above those expected at acquisition are recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally result in recognition of a provision for credit loss. The measurement of cash flows involves several assumptions and judgments (i.e., prepayments, default rates, loss severity, etc.). All of these factors are inherently subjective and significant changes in the cash flow estimations can result over the life of the loan. Classification The Company’s loan portfolio is disaggregated into portfolio segments for purposes of determining the ACL. The Company’s portfolio segments include commercial, residential mortgage, and consumer and other loans, bifurcated between legacy and acquired. The Company further disaggregates each commercial, residential mortgage, and consumer and other loans portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate-construction, commercial real estate-other, commercial and industrial, and energy-related. Classes within the consumer and other loans portfolio segment include home equity, indirect automobile, credit card, and consumer-other. |
Troubled Debt Restructurings | Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a loan to alleviate the burden of the customer’s near-term cash requirements. In order to be classified a TDR, the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court or law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: • a reduction of the stated interest rate for the remaining original life of the loan, • extension of the maturity date or dates at a stated interest rate lower than the current market rate for new loans with similar risk characteristics, • reduction of the face amount or maturity amount of the loan as stated in the agreement, or • reduction of accrued interest receivable on the loan. In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: • whether the customer is currently in default on its existing loan(s), or is in an economic position where it is probable the customer will be in default on its loan(s) in the foreseeable future without a modification, • whether the customer has declared or is in the process of declaring bankruptcy, • whether there is substantial doubt about the customer’s ability to continue as a going concern, • whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the loan, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and • whether, without modification, the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for a similar loan for a non-troubled debtor. If the Company concludes that both a concession has been granted and the customer is experiencing financial difficulties, the Company identifies the loan as a TDR. All TDRs are considered impaired loans. |
Non-accrual and Past Due Loans (Including Loan Charge-offs) | NON-ACCRUAL AND PAST DUE LOANS (INCLUDING LOAN CHARGE-OFFS) Loans are considered past due when contractual payments of principal and interest have not been received within 30 days from the contractual due date. All legacy and purchased non-impaired loans are placed on non-accrual status when collection of principal or interest is in doubt. Purchased impaired loans are placed on non-accrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. Legacy and purchased non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed in the following paragraph or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for purchased impaired) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for purchased impaired) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 120 days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is discontinued at the time the loan is placed on non-accrual status. All accrued but uncollected interest for loans that are placed on non-accrual status is reversed, with current year accruals charged to interest income and prior year amounts charged-off as a credit loss. Cash receipts received on non-accrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Loans are returned to accrual status when the borrower has demonstrated a capacity to continue payment of the debt and collection of contractually required principal and interest associated with the debt is reasonably assured. At such time, the accrual of interest and amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium shall resume. Any interest income which was applied to the principal balance shall not be reversed and subsequently will be recognized as an adjustment to yield over the remaining life of the loan. |
Impaired Loans | IMPAIRED LOANS For all classes within the commercial portfolio, all loans with an outstanding commitment balance above a specific threshold are evaluated on a quarterly basis for potential impairment. Generally, mortgage and consumer loans within any class are not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount or portfolio classification, and all purchased impaired loans are considered to be impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest when due, according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan-by-loan basis for commercial and certain mortgage or consumer loans, based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. This measurement requires significant judgment and use of estimates, and the actual loss ultimately recognized by the Company may differ significantly from the estimates. |
Allowance For Credit Losses | ALLOWANCE FOR CREDIT LOSSES The Company maintains the ACL at a level that management believes appropriate to absorb estimated probable credit losses incurred in the loan portfolios (including unfunded commitments) as of the consolidated balance sheet date. The ACL consists of the allowance for loan losses (contra asset) and the reserve for unfunded commitments (liability). The manner in which the ACL is determined is based on 1) the accounting method applied to the underlying loans and 2) whether the loan is required to be measured for impairment in accordance with ASC Topic 450-20, Contingencies - Loss Contingencies or ASC Topic 310-10-35, Receivables - Overall . The Company delineates between loans accounted for under the contractual yield method, legacy and purchased non-impaired loans, and purchased impaired loans (loans accounted for in accordance with ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Further, for legacy and acquired non-impaired loans, the Company attributes portions of the ACL to loans and loan commitments that it measures individually (ASC Topic 310-10-35, Receivables - Overall ), impaired credit, and groups of homogeneous loans and loan commitments that it measures collectively (ASC Topic 450-20, Contingencies - Loss Contingencies ). Determination of the appropriate ACL involves a high degree of complexity and requires significant judgment regarding the credit quality of the loan portfolio. Several factors are taken into consideration in the determination of the overall ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of non-accrual loans, the level of 90 days past due loans, the value of collateral, the ability to monetize guarantor support, and the overall percentage level of the allowance relative to the loan portfolio, amongst other factors. The Company also considers overall asset quality trends, changes in lending practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, data availability and applicability that might impact the portfolio or the manner in which it estimates losses, and risk rating accuracy and risk identification. The allowance for loan losses for all impaired loans (excluding purchased impaired) is determined on an individual loan basis, considering the facts and circumstances specific to each borrower. The allowance is based on the difference between the recorded investment in the loan and generally either the estimated net present value of projected cash flows or the estimated value of the collateral associated with the loan, if the loan is deemed collateral-dependent. For non-impaired loans (excluding purchased impaired), the allowance for loan losses is calculated based on pools of loans with similar characteristics. The pool level allowance is calculated through the application of a PD (i.e., probability of default) and LGD (i.e., loss given default) factor for each individual loan. PDs and LGDs are determined based on historical default and loss information for similar loans. For purposes of establishing estimated loss percentages for pools of loans that share common risk characteristics, the Company’s loan portfolio is segmented by various loan characteristics including loan type, risk rating (commercial), Vantage or FICO score (mortgage and consumer), past due status (mortgage and consumer) and call report code. The default and loss information is measured over an appropriate period for each loan pool and adjusted as deemed appropriate. Qualitative adjustments are incorporated into the pool level analysis to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation. See the "Loans" section of this Footnote for discussion of the determination of the ACL for purchased impaired loans. Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of losses is based on historical loss rates, current credit grades, specific allocation, and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived required reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. In periods prior to 2015, the Company estimated incurred losses on its Exploration and Production and its Oil Field Services portfolios as an aggregate portfolio. Beginning in 2015, as the performance of these two portfolios began to diverge, the Company disaggregated the analysis of incurred losses within these portfolios, which included modifying its LGD estimates for the E&P portfolio to more closely align with published industry data. Absent this change, the Company would have recorded an additional $10.0 million , or 17 cents per share, in provision expense for the year ended December 31, 2015. The reserve for unfunded commitments is determined using similar methodologies described above for non-impaired loans. The loss factors used in the reserve for unfunded commitments are equivalent to the loss factors used in the allowance for loan losses, while also considering utilization of unused commitments. |
FDIC Loss Share Receivable | FDIC LOSS SHARE RECEIVABLE The Company entered into arrangements with the FDIC which obligate the FDIC to reimburse the Company for losses on certain loans associated with FDIC-assisted transactions. The indemnification assets were recorded at fair value as of the acquisition dates. The initial values of the indemnification assets were based on estimated cash flows to be received over the expected life of the acquired assets, not to exceed the term of the indemnification agreements. The reimbursable loss periods, excluding single family residential assets, ended in 2014 for three acquisitions, ended during 2015 for one acquisition, and will end during 2016 for two acquisitions. The reimbursable loss periods for single family residential assets will end in 2019 for three acquisitions, in 2020 for one acquisition, and in 2021 for two acquisitions. Assets are covered through expiration of the loss share term, at which point such assets are considered non-covered. Because the indemnification assets are measured on the same basis as the indemnified (covered) loans, subject to contractual and collectibility limitations, the indemnification assets are impacted by changes in expected cash flows on covered assets. Increases in credit losses expected to occur within the loss share term are generally recorded as current period increases to the ACL and increase the amount collectible from the FDIC by the applicable loss share percentage. Decreases in credit losses expected to occur within the loss share term reduce the amount collectible from the FDIC and increase the amount collectible from customers in the form of prospective accretion on loans. Increases in the portion of indemnification asset collectible from customers are amortized to income. Periodic amortization represents the amount that is expected to result in symmetrical recognition of pool-level accretion and amortization over the shorter of 1) the life of the loan or 2) the life of the shared loss agreement. The Company assesses the indemnification assets for collectibility at the acquisition level based on three sources: 1) the FDIC, 2) OREO transactions, and 3) customers. Amounts collectible from the FDIC through loss reimbursements are comprised of losses currently expected within the loss share term. A current period impairment would be recorded to the extent that events or circumstances indicate that losses previously expected to occur within the loss share term are expected to occur subsequent to loss share termination. Amounts collectible through expected gains on the sale of OREO are written-up or impaired each period based on the best available information. Loss assumptions used to measure the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification assets. |
Premises and Equipment, and Software | PREMISES AND EQUIPMENT Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight-line basis over the estimated useful lives of 10 to 40 years for buildings and 3 to 15 years for furniture, fixtures, and equipment. Leasehold improvements are amortized over the lease term, including any renewal periods that are reasonably assured, or the asset’s useful life, whichever is shorter. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. SOFTWARE Software is amortized on a straight-line basis over its estimated useful life. The estimated useful life of software is generally three years , but can vary depending on the specific facts and circumstances. Software is evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the software may not be recoverable. Software is recorded within "other assets" on the Company’s consolidated balance sheets with carrying amounts at December 31, 2015 and 2014 of $6.2 million and $7.9 million , respectively. |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the consideration paid in a business combination over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but is assessed for potential impairment at a reporting unit level on an annual basis, as of October 1 st , or whenever events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than its respective carrying amount. As part of its testing, the Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the results of the qualitative assessment indicate that more likely than not a reporting unit’s fair value is less than its carrying amount, the Company determines the fair value of the respective reporting unit (through the application of various quantitative valuation methodologies ) relative to its carrying amount to determine whether quantitative indicators of potential impairment are present (i.e., Step 1). The Company may also elect to bypass the qualitative assessment and begin with Step 1. If the results of Step 1 indicate that the fair value of the reporting unit may be below its carrying amount, the Company determines the fair value of the reporting unit’s assets and liabilities, considering deferred taxes, and then measures impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill (i.e., Step 2). Title Plant Costs incurred to construct a title plant, including the costs incurred to obtain, organize, and summarize historical information, are capitalized until the title plant can be used to perform title searches. A purchased title plant, including a purchased undivided interest in a title plant, is recorded at cost at the date of acquisition. For a title plant acquired separately or as part of a company acquisition, cost is measured as the fair value of the consideration given. Capitalized costs of a title plant are not depreciated or charged to income unless circumstances indicate that the carrying amount of the title plant has been impaired. Impairment indicators include a change in legal requirements or statutory practices, identification of obsolescence, or abandonment of the title plant, among other indicators. Capitalized storage and retrieval costs (e.g., costs to convert from one storage retrieval system to another or to modernize the storage and retrieval systems) incurred after a title plant is operational are charged to expense in a systematic and rational manner. Title plant is recorded within "other assets" on the Company’s consolidated balance sheets. Intangible assets subject to amortization The Company’s acquired intangible assets that are subject to amortization include (amongst other ancillary intangibles described in Note 10) core deposit intangibles, amortized on a straight-line or accelerated basis, and a customer relationship intangible asset, amortized on an accelerated basis, over average lives not to exceed 10 years. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is identified if the sum of the undiscounted estimated future cash flows is less than the carrying value of the asset. Intangible assets are recorded within "other assets" on the Company’s consolidated balance sheets. |
Other Real Estate | OTHER REAL ESTATE OWNED Other real estate owned includes all real estate, other than bank premises used in bank operations, owned or controlled by the Company, including real estate acquired in settlement of loans. Properties are initially recognized at the recorded investment of the loan (which is the pro-rata carrying value of loans accounted for in accordance with ASC Topic 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality ) or at estimated fair value less costs to sell, whichever is less, generally when the Company has received physical possession (legal title is not required for non-consumer residential property). The amount by which the recorded investment of the loan exceeds the fair value less costs to sell of the property is charged to the ALL. Subsequent to foreclosure, the assets are carried at the lower of cost or fair value less costs to sell. Former bank properties transferred to OREO are recorded at the lower of cost or market. Subsequent declines in the fair value of other real estate are recorded as adjustments to the carrying amount through a valuation allowance. Revenue and expenses from operations, gain or loss on sale, and changes in the valuation allowance are included in net expenses from foreclosed assets. The Company included property write-downs of $4.0 million and $3.8 million in earnings for the years ended December 31, 2015 and 2014, respectively. OREO is recorded within "other assets" on the Company’s consolidated balance sheets. |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company enters into various derivative financial instruments to manage interest rate risk, asset sensitivity, and other exposures such as liquidity and credit risk, as well as to facilitate customer transactions. The primary types of derivatives utilized 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, regardless of whether a right of offset exists. Changes in the fair value (i.e., gains or losses) of a derivative instrument are recorded based on whether it has been designated and qualifies as part of a hedging relationship. To facilitate customer transactions that are entered outside of the Company's risk management strategies, the Company enters into derivative instruments to allow its commercial customers to manage their exposure to interest rate fluctuations or to facilitate business transactions. These derivative instruments, including interest rate swap agreements and foreign exchange contracts, are not designated for hedge accounting (i.e., economic hedges). To mitigate the market risk associated with these customer contracts, the Company enters into offsetting derivative contract positions. The Company manages its credit risk, or potential risk of default, by its commercial customers through credit limit approval and monitoring procedures. Derivatives Designated in Hedging Relationships For cash flow hedges, the effective portion of the gain or loss related to the derivative instrument is initially reported as a component of OCI 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, if any, is reported in earnings immediately, in either "other income" or "other expense", respectively. In applying hedge accounting for derivatives (ASC Topic 815-30 Derivatives and Hedging - Cash Flow Hedges ), 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. Derivatives Not Designated in Hedging Relationships For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Common Types of Derivatives Interest rate swap agreements Interest rate swaps are agreements to exchange interest payments based upon notional amounts. The exchange of payments typically involves paying a fixed rate and receiving a variable rate or vice versa. As part of its activities to manage interest rate risk (i.e., the exposure to the variability of future cash flows or other forecasted transactions due to fluctuating market rates), the Company enters into interest rate contracts, which typically include interest rate swap agreements. The Company primarily utilizes these instruments, which the Company designates as cash flow hedges, to convert a portion of its variable-rate loans or debt to a fixed rate. Interest rate lock commitments The Company enters into commitments to originate mortgage loans intended for sale whereby the interest rate on the prospective loan is determined prior to funding (“rate lock”). A rate lock is provided to a borrower, subject to conditional performance obligations, for a specified period of time that typically does not exceed 60 days. Rate lock commitments on mortgage loans that are intended to be sold are recognized as derivatives. Accordingly, such commitments are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. Forward sales commitments The Company uses forward sales commitments to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and sale of these loans, as changes in interest rates have the potential to cause a decline in value of rate locks and mortgage loans included in the held for sale portfolio. These commitments are recognized as derivatives and recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. Equity-indexed certificates of deposit IBERIABANK offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus a potential return, which allows IBERIABANK to identify a known cost of funds. The rate of return is based on the performance of a group of publicly traded stocks that represent a variety of industry segments. Because it is based on an equity index, the rate of return represents an embedded derivative that is not clearly and closely related to the host instrument and is to be accounted for separately. Accordingly, the certificate of deposit is separated into two components: a zero coupon certificate of deposit (the host instrument) and a written option purchased by the depositor (an embedded derivative). The discount on the zero coupon deposit is amortized over the life of the deposit, and the written option is carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded through earnings. IBERIABANK offsets the risks of the written option by purchasing an option with terms that mirror the written option, which is also carried at fair value on the Company’s consolidated balance sheets. |
Off-Balance Sheet Credit-Related Financial Instruments | OFF-BALANCE SHEET CREDIT-RELATED FINANCIAL INSTRUMENTS In the ordinary course of business, the Company executes various commitments to extend credit, including commitments under commercial construction arrangements, commercial and home equity lines of credit, credit card arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded on the funding date. |
Transfers of Financial Assets | TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, or portions thereof which meet the definition of a participating interest, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been legally isolated from the Company, 2) the transferee obtains the right, free of conditions that constrain it from taking advantage of that right and provide the Company with more than a trivial benefit, to pledge or exchange the transferred assets, and 3) the Company does not maintain effective control over the transferred assets. Should the transfer not satisfy all three criteria, the transaction is recorded as a secured financing. If the transfer is accounted for as a sale, the transferred assets are derecognized from the Company’s balance sheet and a gain or loss on sale is recognized. If the transfer is accounted for as a secured borrowing, the transferred assets remain on the Company’s balance sheet and the proceeds from the transaction are recognized as a liability. Mortgage Servicing Rights The Company recognizes the rights to service mortgage loans as separate assets, which are recorded in "other assets" in the consolidated balance sheets, when purchased or when servicing is contractually separated from the underlying mortgage loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right (generally an asset) is recorded at fair value for the right to service the loans sold. All servicing rights are identified by class and subsequently accounted for under the amortization method. |
Income Taxes | INCOME TAXES The Company and all subsidiaries file a consolidated Federal income tax return on a calendar year basis. The Company files income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions through IBERIABANK Corporation (Parent), IBERIABANK, IMC, LTC, and their subsidiaries. In lieu of Louisiana state income tax, IBERIABANK is subject to the Louisiana bank shares tax, portions of which are included in both "non-interest expense" and "income tax expense" in the Company’s consolidated statements of comprehensive income. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations for years before 2011. Deferred income tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in "non-interest expense". |
Share-based Compensation Plans | SHARE-BASED COMPENSATION PLANS The Company issues stock options, restricted stock awards, restricted share units, performance units, and phantom awards under various plans to directors, officers, and other key employees. Compensation cost for all awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, taking into account retirement eligibility. For service awards with graded vesting, the Company recognizes compensation cost on a straight-line basis. The majority of the Company's share-based awards qualify for equity accounting and contain service conditions. Under equity accounting, the fair value of the award is measured at the grant date and not subsequently remeasured. In accordance with ASC 718 Compensation - Stock Compensation , for awards that contain a market condition, the Company includes the market condition in the determination of the grant date fair value of the award. Compensation cost for an award with a market condition is recognized regardless of whether the market condition is satisfied, assuming the requisite service is met. The Company does not include performance conditions in the determination of the grant date fair value of the award. Compensation cost for an award with a performance condition is not recognized if the performance condition is not satisfied. Phantom awards and performance units, accounted for as liability awards, are remeasured at each reporting period based on their fair value until the date of settlement. Compensation cost for each reporting period until settlement is based on the change (or a portion of the change, depending on the percentage of the requisite service that has been rendered at the reporting date) in the fair value of the phantom award and performance unit for each reporting period. Compensation expense relating to share-based awards is recognized in net income as part of “salaries and employee benefits” on the consolidated statements of comprehensive income for employees and “professional services” for non-employee directors. The exercise price for the options granted by the Company is not less than the fair market value of the underlying stock at the grant date. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares, in the form of stock options or restricted stock units, had been issued, as well as any adjustment to income that would result from the assumed issuance. Participating common shares issued by the Company relate to unvested outstanding restricted stock awards, the earnings allocated to which are used in determining income available to common shareholders under the two-class method. The two-class method allocates earnings for the period between common shareholders and other participating securities holders. The participating awards receiving dividends are allocated the same percentage of income as if they were outstanding shares. |
Share Repurchases | SHARE REPURCHASES Repurchases of the Company’s common stock are recorded at cost. Effective January 1, 2015, companies incorporated in Louisiana became subject to the Louisiana Business Corporation Act (which replaced the Louisiana Business Corporation Law). Provisions of the Louisiana Business Corporation Act eliminated the concept of treasury stock and provide that shares reacquired by a company are to be treated as authorized but unissued shares. As a result of this change in law, for the consolidated financial statements beginning with the quarterly period ended March 31, 2015, the Company classifies shares previously classified as treasury stock as a reduction to issued shares of common stock, and accordingly, adjusts the stated value of common stock and paid-in-capital. |
Comprehensive Income | COMPREHENSIVE INCOME Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and cash flow hedges, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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. The descriptions below are exclusive of assets or liabilities acquired in business combinations, as all such instruments are required to initially be measured at fair value. Cash and cash equivalents The carrying amounts of cash and cash equivalents approximate their fair value. Investment securities Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities are classified within Level 2 of the hierarchy. Mortgage loans held for sale Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. When determining the fair value of loans held for sale, the Company obtains quotes or bids on these loans directly from the purchasing financial institutions (Level 2). Loans The fair values of non-covered mortgage loans are estimated based on present values using entry-value rates (the interest rate that would be charged for a similar loan to a borrower with similar risk at the indicated balance sheet date) at December 31, 2015 and 2014, weighted for varying maturity dates. Other non-covered loans are valued based on present values using entry-value interest rates at December 31, 2015 and 2014 applicable to each category of loans, which are classified within Level 3 of the hierarchy. 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 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 are classified within Level 3 of the hierarchy. Impaired loans Loans are measured for impairment using the methods permitted by ASC Topic 310, Receivables . Fair value measurements are used in determining impairment using either the loan’s observable market price (Level 1), if available, or the fair value of the collateral, if the loan is collateral dependent (Level 2). Measuring the impairment of loans using the present value of expected future cash flows, discounted at the loan’s effective interest rate, is not considered a fair value measurement. Fair value of the collateral is determined by appraisals or independent valuation. FDIC Loss Share Receivables The fair value of FDIC loss share receivables are 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 receivables are categorized within Level 3 of the hierarchy. Other real estate owned 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 is classified within Level 2 of the hierarchy. Derivative financial instruments Fair values of interest rate swaps, interest rate locks, forward sales commitments, and 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. 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 are valued using a discounted cash flow model based on the weighted-average rate at December 31, 2015 and 2014 for deposits with similar remaining maturities. The fair value of the Company’s deposits are 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 is categorized within Level 3 of the fair value hierarchy. Off-balance sheet items The Company has outstanding commitments to extend credit and standby letters of credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed. At December 31, 2015 and 2014, the fair value of guarantees under commercial and standby letters of credit was immaterial. |
Recent Accounting Pronouncements | ASU No. 2014-01 In January 2014, the FASB issued ASU No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects (a consensus of the FASB Emerging Issues Task Force). The ASU allows for use of the proportional amortization method for investments in qualified affordable housing projects, if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the net investment performance is recognized in the consolidated statements of comprehensive income as a component of income tax expense. The ASU provides for a practical expedient, which allows for amortization of the investment in proportion to only the tax credits if it produces a measurement that is substantially similar to the measurement that would result from using both tax credits and other tax benefits. The ASU was effective for fiscal years and interim periods beginning after December 15, 2014. The Company adopted this guidance effective January 1, 2015, utilizing the practical expedient method. Amortization expense related to qualified affordable housing investments has been presented net of the income tax credits in "income tax expense" in the 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. 2014-09 and 2015-14 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As part of that principle, the entity should identify the contract(s) with the customer, identify the performance obligation(s) of the contract, determine the transaction price, allocate that transaction price to the performance obligation(s) of the contract, and then recognize revenue when or as the entity satisfies the performance obligation(s). In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , which deferred the original effective date declared in ASU No. 2014-09 by one year. Accordingly, the amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company is currently assessing the effect, but does not expect the adoption 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 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 does not believe the adoption of the ASU 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 amendment will be applied retrospectively. The adoption of this ASU will not have a significant impact on the Company's consolidated financial statements. ASU No. 2015-05 In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The determination of whether an arrangement contains a software license may impact the classification of the costs associated with the arrangement and the reporting period in which the costs are recognized as expense. The amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company has determined it will elect to adopt the amendments prospectively to all arrangements entered into or materially modified beginning January 1, 2016. The amendments will be applied prospectively on an individual arrangement basis and the impact to the Company’s consolidated financial statements will vary depending on the terms and conditions of the individual arrangement. ASU No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments. ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. ASU No. 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance must be applied prospectively for adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. The Company adopted this guidance effective September 30, 2015. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. ASU No. 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments will not change the guidance for classifying and measuring investments in debt securities or loans; however, the significant amendments will include changes related to how entities measure certain equity investments, recognize changes in the fair value of financial liabilities measured under the fair value option that are attributable to instrument-specific credit risk, and disclose and present financial assets and liabilities on the Company’s consolidated financial statements. Specifically, the aforementioned amendments will require measurement of equity investments at fair value, with changes recognized in net income, unless the investments qualify for the new practicability exception, the equity method of accounting, or consolidation. For financial liabilities measured using the fair value option, any change in fair value caused by a change in an entity’s own credit risk will be recognized separately in OCI, as opposed to earnings. The amendments will also require entities to present financial assets and financial liabilities separately, grouped by measurement category and form of financial asset in the statement of financial position or in the accompanying notes to the financial statements. Entities will also no longer have to disclose the methods and significant assumptions for financial instruments measured at amortized cost, but will be required to measure such instruments under the “exit price” notion for disclosure purposes. ASU No. 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. An entity will record a cumulative-effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted, with two exceptions. The amendments related to equity investments without readily determinable fair values (including disclosure requirements) will be effective prospectively. The requirement to use the exit price notion to measure the fair value of financial instruments for disclosure purposes will also be applied prospectively. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition | |
Schedule of Business Acquisitions | During 2014, the Company completed the acquisitions of Trust-One Memphis, Teche and First Private. The following table summarizes consideration paid, net assets acquired and goodwill recognized. (Dollars in thousands) Consideration Paid Net Assets Acquired Goodwill Recognized Trust One Bank - Memphis Operations $ — $ (8,596 ) $ 8,596 Teche Holding Company 156,740 76,311 80,429 First Private Holdings, Inc. 58,640 32,387 26,253 |
Pro Forma Information | The following unaudited pro forma information for the years ended December 31, 2014 and 2013 reflect 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 preliminary purchase price adjustments. (Dollars in thousands, except per share data) 2014 2013 Interest and non-interest income $ 803,722 $ 699,308 Net income 172,554 69,625 Earnings per share - basic 4.39 1.88 Earnings per share - diluted 4.38 1.88 |
Florida Bank Group, Inc. | |
Business Acquisition | |
Schedule of Business Acquisitions | 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 74,781 Goodwill $ 15,704 |
Schedule of Assets Acquired and Liabilities Assumed | The acquired assets and liabilities, as well as the preliminary adjustments to record those assets and liabilities at their estimated fair values, are presented in the following tables. Florida Bank Group As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) Assets Cash and cash equivalents $ 72,982 $ — $ 72,982 Investment securities 107,236 136 (1) 107,372 Loans 312,902 (5,371 ) (2) 307,531 Other real estate owned 498 (75 ) (3) 423 Core deposit intangible — 4,489 (4) 4,489 Deferred tax asset, net 19,889 8,569 (5) 28,458 Other assets 29,817 (8,949 ) (6) 20,868 Total Assets $ 543,324 $ (1,201 ) $ 542,123 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 1,898 4,618 (9) 6,516 Total Liabilities $ 453,863 $ 13,479 $ 467,342 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 values 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 values 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 less costs to sell 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 net deferred tax asset recognized on the fair value adjustments 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 values at the acquisition date based on their appraised value. (7) The amount represents the adjustment of the book value of Florida Bank Group's time deposits to their estimated fair values at the date of acquisition. (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 | 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 153,514 Goodwill $ 99,638 |
Schedule of Assets Acquired and Liabilities Assumed | Old Florida As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) 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 (10,822 ) (1) 1,062,951 Other real estate owned 4,515 1,449 (2) 5,964 Core deposit intangible — 6,821 (3) 6,821 Deferred tax asset, net 10,629 4,388 (4) 15,017 Other assets 30,549 (7,238 ) (5) 23,311 Total Assets $ 1,553,315 $ (5,402 ) $ 1,547,913 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 3,038 76 (7) 3,114 Total Liabilities $ 1,394,200 $ 199 $ 1,394,399 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 values 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 less costs to sell 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 adjustments 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 values at the acquisition date based on their appraised value. (6) The amount represents the adjustment of the book value of Old Florida's time deposits to their estimated fair values on the date of acquisition. (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 | 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 102,945 Goodwill $ 87,319 |
Schedule of Assets Acquired and Liabilities Assumed | Georgia Commerce As Acquired Preliminary Fair Value Adjustments As recorded by the Company (Dollars in thousands) Assets Cash and cash equivalents $ 51,059 $ — $ 51,059 Investment securities 135,710 (806 ) (1) 134,904 Loans held for sale 1,249 — 1,249 Loans 807,726 (15,606 ) (2) 792,120 Other real estate owned 9,795 (4,207 ) (3) 5,588 Core deposit intangible — 6,720 (4) 6,720 Deferred tax asset, net 5,031 5,451 (5) 10,482 Other assets 28,952 (657 ) (6) 28,295 Total Assets $ 1,039,522 $ (9,105 ) $ 1,030,417 Liabilities Interest-bearing deposits $ 658,133 $ 176 (7) $ 658,309 Non-interest-bearing deposits 249,739 — 249,739 Borrowings 13,203 — 13,203 Other liabilities 6,221 — 6,221 Total Liabilities $ 927,296 $ 176 $ 927,472 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 values on the date of acquisition. (2) The amount represents the adjustment of the book value of Georgia Commerce's loans to their estimated fair values 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 Georgia Commerce's OREO to its estimated fair value less costs to sell 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 net deferred tax asset recognized on the fair value adjustments of Georgia Commerce acquired assets and assumed liabilities. (6) 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. (7) The amount represents the adjustment of the book value of Georgia Commerce's time deposits to their estimated fair values at the date of acquisition. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 252,514 $ 1,161 $ (1,592 ) $ 252,083 Obligations of state and political subdivisions 182,541 5,429 (9 ) 187,961 Mortgage-backed securities 2,272,879 8,457 (16,523 ) 2,264,813 Other securities 95,496 430 (497 ) 95,429 Total securities available for sale $ 2,803,430 $ 15,477 $ (18,621 ) $ 2,800,286 Securities held to maturity: Obligations of state and political subdivisions $ 69,979 $ 2,803 $ (101 ) $ 72,681 Mortgage-backed securities 28,949 107 (776 ) 28,280 Total securities held to maturity $ 98,928 $ 2,910 $ (877 ) $ 100,961 December 31, 2014 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 317,386 $ 1,700 $ (3,533 ) $ 315,553 Obligations of state and political subdivisions 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 subdivisions 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 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: December 31, 2015 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ (1,214 ) $ 177,839 $ (378 ) $ 28,116 $ (1,592 ) $ 205,955 Obligations of state and political subdivisions (9 ) 5,765 — — (9 ) 5,765 Mortgage-backed securities (11,737 ) 1,279,914 (4,786 ) 185,215 (16,523 ) 1,465,129 Other securities (488 ) 51,975 (9 ) 499 (497 ) 52,474 Total securities available for sale $ (13,448 ) $ 1,515,493 $ (5,173 ) $ 213,830 $ (18,621 ) $ 1,729,323 Securities held to maturity: Obligations of state and political subdivisions $ (9 ) $ 1,999 $ (92 ) $ 4,162 $ (101 ) $ 6,161 Mortgage-backed securities (45 ) 3,530 (731 ) 17,573 (776 ) 21,103 Total securities held to maturity $ (54 ) $ 5,529 $ (823 ) $ 21,735 $ (877 ) $ 27,264 December 31, 2014 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ — $ — $ (3,533 ) $ 240,498 $ (3,533 ) $ 240,498 Obligations of state and political subdivisions (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 subdivisions $ (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 |
Held-to-maturity Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: December 31, 2015 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 252,514 $ 1,161 $ (1,592 ) $ 252,083 Obligations of state and political subdivisions 182,541 5,429 (9 ) 187,961 Mortgage-backed securities 2,272,879 8,457 (16,523 ) 2,264,813 Other securities 95,496 430 (497 ) 95,429 Total securities available for sale $ 2,803,430 $ 15,477 $ (18,621 ) $ 2,800,286 Securities held to maturity: Obligations of state and political subdivisions $ 69,979 $ 2,803 $ (101 ) $ 72,681 Mortgage-backed securities 28,949 107 (776 ) 28,280 Total securities held to maturity $ 98,928 $ 2,910 $ (877 ) $ 100,961 December 31, 2014 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ 317,386 $ 1,700 $ (3,533 ) $ 315,553 Obligations of state and political subdivisions 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 subdivisions 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 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: December 31, 2015 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ (1,214 ) $ 177,839 $ (378 ) $ 28,116 $ (1,592 ) $ 205,955 Obligations of state and political subdivisions (9 ) 5,765 — — (9 ) 5,765 Mortgage-backed securities (11,737 ) 1,279,914 (4,786 ) 185,215 (16,523 ) 1,465,129 Other securities (488 ) 51,975 (9 ) 499 (497 ) 52,474 Total securities available for sale $ (13,448 ) $ 1,515,493 $ (5,173 ) $ 213,830 $ (18,621 ) $ 1,729,323 Securities held to maturity: Obligations of state and political subdivisions $ (9 ) $ 1,999 $ (92 ) $ 4,162 $ (101 ) $ 6,161 Mortgage-backed securities (45 ) 3,530 (731 ) 17,573 (776 ) 21,103 Total securities held to maturity $ (54 ) $ 5,529 $ (823 ) $ 21,735 $ (877 ) $ 27,264 December 31, 2014 Less Than Twelve Months Over Twelve Months Total (Dollars in thousands) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Securities available for sale: U.S. Government-sponsored enterprise obligations $ — $ — $ (3,533 ) $ 240,498 $ (3,533 ) $ 240,498 Obligations of state and political subdivisions (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 subdivisions $ (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 December 31 is presented in the following table. (Dollars in thousands) 2015 2014 Number of securities Issued by Fannie Mae, Freddie Mac, or Ginnie Mae 40 66 Issued by political subdivisions 2 5 Other 1 — 43 71 Amortized Cost Basis Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 236,800 $ 566,113 Issued by political subdivisions 4,253 8,727 Other 508 — $ 241,561 $ 574,840 Unrealized Loss Issued by Fannie Mae, Freddie Mac, or Ginnie Mae $ 5,895 $ 10,254 Issued by political subdivisions 92 136 Other 9 — $ 5,996 $ 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 December 31, 2015 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security. Securities Available for Sale Securities Held to Maturity (Dollars in thousands) Weighted Average Yield Amortized Cost Estimated Fair Value Weighted Average Yield Amortized Cost Estimated Fair Value Within one year or less 2.02 % $ 14,360 $ 14,373 3.83 % $ 75 $ 75 One through five years 1.72 318,423 318,718 3.06 13,627 13,989 After five through ten years 2.31 501,217 506,856 2.89 16,278 16,914 Over ten years 2.14 1,969,430 1,960,339 2.91 68,948 69,983 2.12 % $ 2,803,430 $ 2,800,286 2.93 % $ 98,928 $ 100,961 |
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. Year Ended December 31 (Dollars in thousands) 2015 2014 2013 Realized gains $ 1,834 $ 863 $ 2,387 Realized losses (259 ) (92 ) (110 ) $ 1,575 $ 771 $ 2,277 |
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company accounts for the following securities at amortized cost, which approximates fair value, in “other assets” on the consolidated balance sheets at December 31: (Dollars in thousands) 2015 2014 Federal Home Loan Bank (FHLB) stock $ 16,265 $ 38,476 Federal Reserve Bank (FRB) stock 48,584 34,348 Other investments 1,159 1,306 $ 66,008 $ 74,130 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated: December 31, 2015 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Real estate $ 4,504,062 $ 1,569,449 $ 6,073,511 Commercial and industrial 2,952,102 492,476 3,444,578 Energy-related 677,177 3,589 680,766 8,133,341 2,065,514 10,198,855 Residential mortgage loans: Residential 1-4 family 610,986 501,296 1,112,282 Construction / Owner Occupied 83,037 — 83,037 694,023 501,296 1,195,319 Consumer and other loans: Home equity 1,575,643 490,524 2,066,167 Indirect automobile 246,214 84 246,298 Other 541,299 79,490 620,789 2,363,156 570,098 2,933,254 Total $ 11,190,520 $ 3,136,908 $ 14,327,428 December 31, 2014 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Real estate $ 3,676,811 $ 684,968 $ 4,361,779 Commercial and industrial 2,452,521 119,174 2,571,695 Energy-related 872,866 7,742 880,608 7,002,198 811,884 7,814,082 Residential mortgage loans: Residential 1-4 family 495,638 552,603 1,048,241 Construction / Owner Occupied 32,056 — 32,056 527,694 552,603 1,080,297 Consumer and other loans: Home equity 1,290,976 310,129 1,601,105 Indirect automobile 396,766 392 397,158 Other 451,080 97,322 548,402 2,138,822 407,843 2,546,665 Total $ 9,668,714 $ 1,772,330 $ 11,441,044 |
Schedule of Aging of Loans | 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 801 $ — $ 120 $ 921 $ 635,560 $ 636,481 $ — Commercial real estate - Other 2,687 793 15,517 18,997 3,848,584 3,867,581 95 Commercial and industrial 1,208 739 6,746 8,693 2,943,409 2,952,102 87 Energy-related 15 — 7,081 7,096 670,081 677,177 — Residential mortgage 1,075 2,485 14,116 17,676 676,347 694,023 442 Consumer - Home equity 3,549 870 5,628 10,047 1,565,596 1,575,643 — Consumer - Indirect automobile 2,187 518 1,181 3,886 242,328 246,214 — Consumer - Credit card 394 113 394 901 76,360 77,261 — Consumer - Other 1,923 752 769 3,444 460,594 464,038 — Total $ 13,839 $ 6,270 $ 51,552 $ 71,661 $ 11,118,859 $ 11,190,520 $ 624 December 31, 2014 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 507 $ — $ 69 $ 576 $ 483,663 $ 484,239 $ — Commercial real estate - Other 11,799 148 6,859 18,806 3,173,766 3,192,572 — Commercial and industrial 1,589 1,860 3,225 6,674 2,445,847 2,452,521 200 Energy-related — — 27 27 872,839 872,866 — 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 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." id="sjs-B5" xml:space="preserve"> December 31, 2015 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 216 $ 117 $ 6,994 $ 7,327 $ 120,467 $ (2,368 ) $ 125,426 $ 6,994 Commercial real estate - Other 4,295 2,024 53,558 59,877 1,434,966 (50,820 ) 1,444,023 52,067 Commercial and industrial 1,016 1,276 6,829 9,121 490,255 (6,900 ) 492,476 5,674 Energy-related — — 1,368 1,368 2,221 — 3,589 1,198 Residential mortgage 73 1,806 22,873 24,752 506,103 (29,559 ) 501,296 21,765 Consumer - Home equity 2,859 997 12,525 16,381 503,635 (29,492 ) 490,524 11,234 Consumer - Indirect automobile — — 12 12 72 — 84 12 Consumer - Credit Card — — 17 17 565 — 582 17 Consumer - Other 580 211 667 1,458 79,167 (1,717 ) 78,908 461 Total $ 9,039 $ 6,431 $ 104,843 $ 120,313 $ 3,137,451 $ (120,856 ) $ 3,136,908 $ 99,422 December 31, 2014 Acquired loans Past Due (1) Current Discount/ Premium Total Acquired Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 2,740 $ 57 $ 8,225 $ 11,022 $ 64,393 $ (4,482 ) $ 70,933 $ 8,225 Commercial real estate - Other 4,986 3,330 67,302 75,618 588,947 (50,530 ) 614,035 67,198 Commercial and industrial 2,118 70 4,528 6,716 119,472 (7,014 ) 119,174 4,528 Energy-related — — 11 11 7,731 — 7,742 11 Residential mortgage 324 2,788 30,804 33,916 559,180 (40,493 ) 552,603 29,553 Consumer - Home equity 3,165 385 22,800 26,350 315,788 (32,009 ) 310,129 22,409 Consumer - Indirect automobile 13 17 9 39 393 (40 ) 392 9 Consumer - Credit Card 10 — 24 34 614 — 648 24 Consumer - Other 1,458 113 1,967 3,538 94,652 (1,516 ) 96,674 1,847 Total $ 14,814 $ 6,760 $ 135,670 $ 157,244 $ 1,751,170 $ (136,084 ) $ 1,772,330 $ 133,804 (1) Past due information presents acquired loans at the gross loan balance, prior to application of discounts. The following tables provide an analysis of the aging of loans as of December 31, 2015 and 2014. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated by the Company ("legacy loans") and acquired loans. December 31, 2015 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 801 $ — $ 120 $ 921 $ 635,560 $ 636,481 $ — Commercial real estate - Other 2,687 793 15,517 18,997 3,848,584 3,867,581 95 Commercial and industrial 1,208 739 6,746 8,693 2,943,409 2,952,102 87 Energy-related 15 — 7,081 7,096 670,081 677,177 — Residential mortgage 1,075 2,485 14,116 17,676 676,347 694,023 442 Consumer - Home equity 3,549 870 5,628 10,047 1,565,596 1,575,643 — Consumer - Indirect automobile 2,187 518 1,181 3,886 242,328 246,214 — Consumer - Credit card 394 113 394 901 76,360 77,261 — Consumer - Other 1,923 752 769 3,444 460,594 464,038 — Total $ 13,839 $ 6,270 $ 51,552 $ 71,661 $ 11,118,859 $ 11,190,520 $ 624 December 31, 2014 Legacy loans Past Due (1) Current Total Legacy Loans, Net of Unearned Income Recorded Investment > 90 days and Accruing (Dollars in thousands) 30-59 days 60-89 days > 90 days Total Commercial real estate - Construction $ 507 $ — $ 69 $ 576 $ 483,663 $ 484,239 $ — Commercial real estate - Other 11,799 148 6,859 18,806 3,173,766 3,192,572 — Commercial and industrial 1,589 1,860 3,225 6,674 2,445,847 2,452,521 200 Energy-related — — 27 27 872,839 872,866 — 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 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. |
Schedule of Legacy Loans on Nonaccrual Status | The following table provides the unpaid principal balance of legacy loans on non-accrual status at December 31, 2015 and 2014. (Dollars in thousands) 2015 2014 Commercial real estate - Construction $ 120 $ 69 Commercial real estate - Other 15,422 6,859 Commercial and industrial 6,659 3,025 Energy-related 7,081 27 Residential mortgage 13,674 14,362 Consumer - Home equity 5,628 7,404 Consumer - Indirect automobile 1,181 1,419 Consumer - Credit card 394 1,032 Consumer - Other 769 773 Total $ 50,928 $ 34,970 |
Schedule of Carrying Amount of Loans Acquired | The tables below show the balances acquired during 2015 for these t wo s ubsections of the acquired 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 $ 2,384,114 Expected losses and foregone interest (15,539 ) Cash flows expected to be collected at acquisition 2,368,575 Fair value of acquired loans at acquisition $ 2,105,466 (Dollars in thousands) Acquired Impaired Loans Contractually required principal and interest at acquisition $ 76,445 Non-accretable difference (expected losses and foregone interest) (11,867 ) Cash flows expected to be collected at acquisition 64,578 Accretable yield (6,823 ) Basis in acquired loans at acquisition $ 57,755 |
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 years ended December 31: (Dollars in thousands) 2015 2014 2013 Balance at beginning of period $ 287,651 $ 354,892 $ 356,393 Additions 6,823 13,848 — Transfers from non-accretable difference to accretable yield 9,916 25,844 50,743 Accretion (80,479 ) (103,233 ) (179,456 ) Changes in expected cash flows not affecting non-accretable differences (1) 3,591 (3,700 ) 127,212 Balance at end of period $ 227,502 $ 287,651 $ 354,892 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. |
Schedule of Modified TDRs | The following table provides information on how the TDRs were modified during the year ended December 31: (Dollars in thousands) 2015 Extended maturities $ 15,594 Interest rate adjustment — Maturity and interest rate adjustment 23,374 Movement to or extension of interest-rate only payments 241 Forbearance 122 Other concession(s) (1) 17,710 Total $ 57,041 (1) Other concessions may include |
Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the year ended December 31, 2015. The Company had no material TDRs that were added during the year ended December 31, 2014. December 31, 2015 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (1) Commercial real estate 11 $ 26,764 $ 25,250 Commercial and industrial 26 21,233 18,114 Energy-related 2 9,797 9,484 Residential mortgage 1 70 68 Consumer - Home equity 50 4,440 3,865 Consumer - Indirect 6 79 79 Consumer - Other 17 248 181 Total 113 $ 62,631 $ 57,041 (1) Recorded investment includes any allowance for credit losses recorded on the TDRs at December 31, 2015. Information detailing TDRs that defaulted during the years ended December 31, 2015 and 2014 and 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. December 31, 2015 December 31, 2014 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate 6 $ 22,075 30 $ — Commercial and industrial 20 8,970 9 1,600 Energy-related 1 3,120 — — Residential mortgage — — — — Consumer - Home Equity 20 1,547 — — Consumer - Indirect automobile 6 79 — — Consumer - Other 9 2 1 — Total 62 $ 35,793 40 $ 1,600 |
Allowance for Credit Losses a37
Allowance for Credit Losses and Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the years ended December 31 is as follows: 2015 (Dollars in thousands) Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 76,174 $ 53,957 $ 130,131 Provision for loan losses before adjustment attributable to FDIC loss share agreements 27,711 1,837 29,548 Adjustment attributable to FDIC loss share arrangements — 1,360 1,360 Net provision for loan losses 27,711 3,197 30,908 Adjustment attributable to FDIC loss share arrangements — (1,360 ) (1,360 ) Transfer of balance to OREO — (1,221 ) (1,221 ) Loans charged-off (15,778 ) (10,737 ) (26,515 ) Recoveries 5,701 734 6,435 Allowance for loan losses at end of period $ 93,808 $ 44,570 $ 138,378 Reserve for unfunded commitments at beginning of period $ 11,801 $ — $ 11,801 Provision for unfunded lending commitments 2,344 — 2,344 Reserve for unfunded commitments at end of period $ 14,145 $ — $ 14,145 Allowance for credit losses at end of period $ 107,953 $ 44,570 $ 152,523 2014 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 67,342 $ 75,732 $ 143,074 Provision for loan losses before adjustment attributable to FDIC loss share agreements 14,274 526 14,800 Adjustment attributable to FDIC loss share arrangements — 4,260 4,260 Net provision for loan losses 14,274 4,786 19,060 Adjustment attributable to FDIC loss share arrangements — (4,260 ) (4,260 ) Transfer of balance to OREO — (7,323 ) (7,323 ) Loans charged-off (11,312 ) (15,543 ) (26,855 ) Recoveries 5,870 565 6,435 Allowance for loan losses at end of period $ 76,174 $ 53,957 $ 130,131 Reserve for unfunded commitments at beginning of period $ 11,147 $ — $ 11,147 Provision for unfunded lending commitments 654 — 654 Reserve for unfunded commitments at end of period $ 11,801 $ — $ 11,801 Allowance for credit losses at end of period $ 87,975 $ 53,957 $ 141,932 2013 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 74,211 $ 177,392 $ 251,603 Provision for (Reversal of) loan losses before adjustment attributable to FDIC loss share agreements 6,828 (57,768 ) (50,940 ) Adjustment attributable to FDIC loss share arrangements — 56,085 56,085 Net provision for (reversal of) loan losses 6,828 (1,683 ) 5,145 Adjustment attributable to FDIC loss share arrangements — (56,085 ) (56,085 ) Transfer of balance to OREO — (28,126 ) (28,126 ) Transfer of balance to the RULC (9,828 ) — (9,828 ) Loans charged-off (10,686 ) (15,795 ) (26,481 ) Recoveries 6,817 29 6,846 Allowance for loan losses at end of period $ 67,342 $ 75,732 $ 143,074 Reserve for unfunded commitments at beginning of period $ — $ — $ — Transfer of balance from the allowance for loan losses 9,828 — 9,828 Provision for unfunded lending commitments 1,319 — 1,319 Reserve for unfunded commitments at end of period $ 11,147 $ — $ 11,147 Allowance for credit losses at end of period $ 78,489 $ 75,732 $ 154,221 A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the years ended December 31 is as follows: 2015 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 26,752 $ 24,455 $ 5,949 $ 2,678 $ 16,340 $ 76,174 (Reversal of) Provision for loan losses (1,466 ) (103 ) 17,917 1,493 9,870 27,711 Loans charged off (2,525 ) (1,276 ) (3 ) (291 ) (11,683 ) (15,778 ) Recoveries 1,897 207 — 67 3,530 5,701 Allowance for loan losses at end of period $ 24,658 $ 23,283 $ 23,863 $ 3,947 $ 18,057 $ 93,808 Reserve for unfunded commitments at beginning of period $ 3,370 $ 3,733 $ 1,596 $ 168 $ 2,934 $ 11,801 Provision for (Reversal of) unfunded commitments 790 (285 ) 1,069 662 108 2,344 Reserve for unfunded commitments at end of period $ 4,160 $ 3,448 $ 2,665 $ 830 $ 3,042 $ 14,145 Allowance on loans individually evaluated for impairment $ 1,246 $ 272 $ 2,122 $ 1 $ 352 $ 3,993 Allowance on loans collectively evaluated for impairment 23,412 23,011 21,741 3,946 17,705 89,815 Loans, net of unearned income: Balance at end of period $ 4,504,062 $ 2,952,102 $ 677,177 $ 694,023 $ 2,363,156 $ 11,190,520 Balance at end of period individually evaluated for impairment 28,857 20,086 13,020 70 4,608 66,641 Balance at end of period collectively evaluated for impairment 4,475,205 2,932,016 $ 664,157 693,953 2,358,548 11,123,879 2014 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 22,872 $ 20,839 $ 6,878 $ 2,546 $ 14,207 $ 67,342 Provision for (Reversal of) loan losses 2,171 4,971 (929 ) 566 7,495 14,274 Loans charged off (1,164 ) (1,400 ) — (578 ) (8,170 ) (11,312 ) Recoveries 2,873 45 — 144 2,808 5,870 Allowance for loan losses at end of period $ 26,752 $ 24,455 $ 5,949 $ 2,678 $ 16,340 $ 76,174 Reserve for unfunded commitments at beginning of period $ 3,071 $ 1,814 $ 3,043 $ 72 $ 3,147 $ 11,147 Provision for (Reversal of) unfunded commitments 299 1,919 (1,447 ) 96 (213 ) 654 Reserve for unfunded commitments at end of period $ 3,370 $ 3,733 $ 1,596 $ 168 $ 2,934 $ 11,801 Allowance on loans individually evaluated for impairment $ 20 $ 407 $ — $ — $ 3 $ 430 Allowance on loans collectively evaluated for impairment 26,732 24,048 5,949 2,678 16,337 75,744 Loans, net of unearned income: Balance at end of period $ 3,676,811 $ 2,452,521 $ 872,866 $ 527,694 $ 2,138,822 $ 9,668,714 Balance at end of period individually evaluated for impairment 7,013 3,988 — — 699 11,700 Balance at end of period collectively evaluated for impairment 3,669,798 2,448,533 872,866 527,694 2,138,123 9,657,014 2013 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 31,298 $ 20,605 $ 6,812 $ 1,583 $ 13,913 $ 74,211 (Reversal of) Provision for loan losses (5,919 ) 3,870 66 758 8,053 6,828 Transfer of balance to the RULC (2,939 ) (3,497 ) — (40 ) (3,352 ) (9,828 ) Loans charged off (2,908 ) (516 ) — (519 ) (6,743 ) (10,686 ) Recoveries 3,340 377 — 764 2,336 6,817 Allowance for loan losses at end of period $ 22,872 $ 20,839 $ 6,878 $ 2,546 $ 14,207 $ 67,342 Reserve for unfunded commitments at beginning of period $ — $ — $ — $ — $ — $ — Transfer of balance from the allowance for loan losses 2,939 3,497 — 40 3,352 9,828 Provision for unfunded lending commitments 132 (1,683 ) 3,043 32 (205 ) 1,319 Reserve for unfunded commitments at end of period $ 3,071 $ 1,814 $ 3,043 $ 72 $ 3,147 $ 11,147 Allowance on loans individually evaluated for impairment $ 8 $ 841 $ — $ 180 $ — $ 1,029 Allowance on loans collectively evaluated for impairment 22,864 19,998 6,878 2,366 14,207 66,313 Loans, net of unearned income: Balance at end of period $ 3,054,100 $ 2,234,173 $ 752,682 $ 414,372 $ 1,832,994 $ 8,288,321 Balance at end of period individually evaluated for impairment 8,705 15,812 — 1,407 258 26,182 Balance at end of period collectively evaluated for impairment 3,045,395 2,218,361 752,682 412,965 1,832,736 8,262,139 A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the years ended December 31 is as follows: 2015 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 29,949 $ 3,265 $ 51 $ 6,484 $ 14,208 $ 53,957 Provision for (Reversal of) loan losses 2,182 (122 ) 74 2,126 (1,063 ) 3,197 Increase (Decrease) in FDIC loss share receivable 757 (49 ) — (235 ) (1,833 ) (1,360 ) Transfer of balance to OREO 174 (170 ) — (541 ) (684 ) (1,221 ) Loans charged off (7,810 ) (105 ) — — (2,822 ) (10,737 ) Recoveries 727 — — 7 — 734 Allowance for loan losses at end of period $ 25,979 $ 2,819 $ 125 $ 7,841 $ 7,806 $ 44,570 Allowance on loans individually evaluated for impairment $ — $ 41 $ — $ — $ 45 $ 86 Allowance on loans collectively evaluated for impairment 25,979 2,778 125 7,841 7,761 44,484 Loans, net of unearned income: Balance at end of period $ 1,569,449 $ 492,476 $ 3,589 $ 501,296 $ 570,098 $ 3,136,908 Balance at end of period individually evaluated for impairment 720 164 — — 458 1,342 Balance at end of period collectively evaluated for impairment 1,149,315 450,652 3,589 360,252 447,048 2,410,856 Balance at end of period acquired with deteriorated credit quality 419,414 41,660 — 141,044 122,592 724,710 2014 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 42,026 $ 6,641 $ — $ 10,889 $ 16,176 $ 75,732 Provision for loan losses 665 536 51 1,296 2,238 4,786 Increase (Decrease) in FDIC loss share receivable 227 509 — (3,854 ) (1,142 ) (4,260 ) Transfer of balance to OREO (1,897 ) (2,030 ) — (1,719 ) (1,677 ) (7,323 ) Loans charged off (11,201 ) (2,451 ) — (232 ) (1,659 ) (15,543 ) Recoveries 129 60 — 104 272 565 Allowance for loan losses at end of period $ 29,949 $ 3,265 $ 51 $ 6,484 $ 14,208 $ 53,957 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 29,949 3,265 51 6,484 14,208 53,957 Loans, net of unearned income: Balance at end of period $ 684,968 $ 119,174 $ 7,742 $ 552,603 $ 407,843 $ 1,772,330 Balance at end of period individually evaluated for impairment — — — — — — Balance at end of period collectively evaluated for impairment 169,338 60,584 7,742 402,347 265,168 905,179 Balance at end of period acquired with deteriorated credit quality 515,630 58,590 — 150,256 142,675 867,151 2013 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 107,269 $ 13,246 $ 23,108 $ 33,769 $ 177,392 (Reversal of) Provision for loan losses (1,286 ) (1,146 ) 390 359 (1,683 ) (Decrease) Increase in FDIC loss share receivable (28,238 ) (5,032 ) (4,896 ) (17,919 ) (56,085 ) Transfer of balance to OREO (19,953 ) (427 ) (7,713 ) (33 ) (28,126 ) Loans charged off (15,795 ) — — — (15,795 ) Recoveries 29 — — — 29 Allowance for loan losses at end of period $ 42,026 $ 6,641 $ 10,889 $ 16,176 $ 75,732 Allowance on loans individually evaluated for impairment $ — $ — $ — $ — $ — Allowance on loans collectively evaluated for impairment 42,026 6,641 10,889 16,176 75,732 Loans, net of unearned income: Balance at end of period $ 732,401 $ 90,062 $ 172,160 $ 209,075 $ 1,203,698 Balance at end of period individually evaluated for impairment — — — — — Balance at end of period collectively evaluated for impairment 393,487 37,430 162,248 157,744 750,909 Balance at end of period acquired with deteriorated credit quality 338,914 52,632 9,912 51,331 452,789 |
Investment in Legacy and Acquired Loans by Credit Quality Indicator | The Company’s investment in loans by credit quality indicator is presented in the following tables. The tables below further segregate the Company’s loans between loans that were originated by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of non-covered acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of December 31, 2015 and 2014, respectively. Credit quality information in the tables below includes loans acquired at the gross loan balance, prior to the application of premiums/discounts, at December 31, 2015 and 2014. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. Legacy loans December 31, 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 $ 634,889 $ 160 $ 1,432 $ — $ 636,481 $ 483,930 $ 240 $ 69 $ — $ 484,239 Commercial real estate - Other 3,806,528 21,877 37,001 2,175 3,867,581 3,120,370 49,847 22,193 162 3,192,572 Commercial and industrial 2,911,396 14,826 19,888 5,992 2,952,102 2,414,293 7,330 28,965 1,933 2,452,521 Energy-related 531,657 67,937 74,272 3,311 677,177 872,842 — 24 — 872,866 Total $ 7,884,470 $ 104,800 $ 132,593 $ 11,478 $ 8,133,341 $ 6,891,435 $ 57,417 $ 51,251 $ 2,095 $ 7,002,198 Legacy loans December 31, 2015 December 31, 2014 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 676,347 $ 17,676 $ 694,023 $ 508,789 $ 18,905 $ 527,694 Consumer - Home equity 1,565,596 10,047 1,575,643 1,278,865 12,111 1,290,976 Consumer - Indirect automobile 242,328 3,886 246,214 392,504 4,262 396,766 Consumer - Credit card 76,360 901 77,261 71,297 1,448 72,745 Consumer - Other 460,594 3,444 464,038 375,853 2,482 378,335 Total $ 3,021,225 $ 35,954 $ 3,057,179 $ 2,627,308 $ 39,208 $ 2,666,516 Acquired loans December 31, 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 $ 116,539 $ 1,681 $ 8,803 $ 771 $ — $ (2,368 ) $ 125,426 $ 58,849 $ 3,934 $ 12,632 $ — $ (4,482 ) $ 70,933 Commercial real estate - Other 1,383,409 26,080 79,119 6,124 111 (50,820 ) 1,444,023 530,958 33,216 100,391 — (50,530 ) 614,035 Commercial and industrial 473,241 8,376 16,510 1,206 43 (6,900 ) 492,476 109,593 2,256 14,082 257 (7,014 ) 119,174 Energy-related 2,166 55 170 1,198 — — 3,589 7,731 — 11 — — 7,742 Total $ 1,975,355 $ 36,192 $ 104,602 $ 9,299 $ 154 $ (60,088 ) $ 2,065,514 $ 707,131 $ 39,406 $ 127,116 $ 257 $ (62,026 ) $ 811,884 Acquired loans December 31, 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 $ 506,103 $ 24,752 $ (29,559 ) $ 501,296 $ 559,180 $ 33,916 $ (40,493 ) $ 552,603 Consumer - Home equity 503,635 16,381 (29,492 ) 490,524 315,788 26,350 (32,009 ) 310,129 Consumer - Indirect automobile 72 12 — 84 393 39 (40 ) 392 Consumer - Other 79,732 1,475 (1,717 ) 79,490 95,266 3,572 (1,516 ) 97,322 Total $ 1,089,542 $ 42,620 $ (60,768 ) $ 1,071,394 $ 970,627 $ 63,877 $ (74,058 ) $ 960,446 |
Schedule of Investment in Legacy Impaired Loans | Information on the Company’s investment in legacy impaired loans, which include all TDRs and all other non-accrual loans, is presented in the following tables as of and for the periods indicated. Legacy non-accrual mortgage and consumer loans, and commercial loans below the Company’s specific threshold, are included for purposes of this disclosure although such loans are not evaluated or measured individually for impairment for purposes of determining the allowance for loan losses. December 31, 2015 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 16,145 $ 16,145 $ — $ 15,864 $ 315 Commercial and industrial 14,340 14,340 — 18,839 1,148 Energy-related — — — — — Consumer - Home equity 730 730 — 533 22 Consumer - Other 66 66 — 66 5 With an allowance recorded: Commercial real estate 12,500 13,753 (1,253 ) 14,055 554 Commercial and industrial 5,985 6,262 (277 ) 7,352 331 Energy-related 11,319 13,444 (2,125 ) 14,339 471 Residential mortgage 13,679 13,743 (64 ) 14,086 82 Consumer - Home equity 8,196 8,559 (363 ) 7,554 129 Consumer - Indirect automobile 1,171 1,181 (10 ) 1,613 44 Consumer - Credit card 386 394 (8 ) 881 — Consumer - Other 876 899 (23 ) 1,039 44 Total $ 85,393 $ 89,516 $ (4,123 ) $ 96,221 $ 3,145 Total commercial loans $ 60,289 $ 63,944 $ (3,655 ) $ 70,449 $ 2,819 Total mortgage loans 13,679 13,743 (64 ) 14,086 87 Total consumer loans 11,425 11,829 (404 ) 11,686 244 December 31, 2014 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 6,680 $ 6,680 $ — $ 6,703 $ 132 Commercial and industrial 2,483 2,483 — 2,873 57 Consumer - Home equity 682 682 — 696 19 With an allowance recorded: Commercial real estate 1,044 1,069 (25 ) 1,134 38 Commercial and industrial 1,209 1,617 (408 ) 2,113 23 Energy-related 27 27 — 28 1 Residential mortgage 14,111 14,363 (252 ) 14,263 110 Consumer - Home equity 7,121 7,165 (44 ) 7,544 43 Consumer - Indirect automobile 1,410 1,419 (9 ) 2,016 51 Consumer - Credit card 1,012 1,032 (20 ) 797 — Consumer - Other 781 790 (9 ) 1,009 39 Total $ 36,560 $ 37,327 $ (767 ) $ 39,176 $ 513 Total commercial loans $ 11,443 $ 11,876 $ (433 ) $ 12,851 $ 251 Total mortgage loans 14,111 14,363 (252 ) 14,263 110 Total consumer loans 11,006 11,088 (82 ) 12,062 152 December 31, 2013 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate $ 8,567 $ 8,567 $ — $ 10,443 $ 43 Commercial and industrial 13,256 13,256 — 11,074 170 Consumer - Home equity 258 258 — 281 1 With an allowance recorded: Commercial real estate 1,268 1,284 (16 ) 4,414 8 Commercial and industrial 1,927 2,770 (843 ) 2,892 100 Residential mortgage 11,408 11,645 (237 ) 9,675 98 Consumer - Home equity 6,506 6,550 (44 ) 7,593 93 Consumer - Indirect automobile 1,267 1,275 (8 ) 2,090 55 Consumer - Credit card 404 411 (7 ) 418 — Consumer - Other 481 485 (4 ) 765 19 Total $ 45,342 $ 46,501 $ (1,159 ) $ 49,645 $ 587 Total commercial loans $ 25,018 $ 25,877 $ (859 ) $ 28,823 $ 321 Total mortgage loans 11,408 11,645 (237 ) 9,675 98 Total consumer loans 8,916 8,979 (63 ) 11,147 168 |
Loss Sharing Agreements and F38
Loss Sharing Agreements and FDIC Loss Share Receivable (Tables) | 12 Months Ended |
Dec. 31, 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: December 31 (Dollars in thousands) 2015 2014 Balance at beginning of period $ 69,627 $ 162,312 Change due to (reversal of) loan loss provision recorded on FDIC covered loans (1,360 ) (4,260 ) Amortization (23,500 ) (74,617 ) (Submission of reimbursable losses) recoveries payable to the FDIC (2,444 ) 3,282 Impairment — (5,121 ) Changes due to a change in cash flow assumptions on OREO and other changes (2,445 ) (11,969 ) Balance at end of period $ 39,878 $ 69,627 |
Transfers and Servicing of Fi39
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Changes in Carrying Amount of Mortgage Loans Held-for-sale | Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. (Dollars in thousands) 2015 2014 2013 Balance at beginning of period $ 140,072 $ 128,442 $ 267,475 Originations and purchases 2,464,588 1,675,538 2,116,460 Sales, net of gains (2,432,979 ) (1,657,409 ) (2,255,493 ) Other (5,434 ) (6,499 ) — Balance at end of period $ 166,247 $ 140,072 $ 128,442 |
Components of Mortgage Income | The following table details the components of mortgage income for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Fair value changes of derivatives and mortgage loans held for sale: Mortgage loans held for sale and derivatives $ 2,216 $ 631 $ (4,822 ) Derivative settlements, net (5,017 ) (8,743 ) 3,100 Gains on sales 83,131 59,156 65,393 Servicing and other income, net 792 753 526 $ 81,122 $ 51,797 $ 64,197 |
Schedule of Mortgage Servicing Rights at Carrying Value | Mortgage servicing rights had the following carrying values as of the periods indicated: December 31, 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 $ 6,104 $ (2,320 ) $ 3,784 $ 4,751 $ (1,253 ) $ 3,498 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment consisted of the following at December 31: (Dollars in thousands) 2015 2014 Land $ 84,438 $ 75,916 Buildings 245,934 232,727 Furniture, fixtures and equipment 140,031 128,388 Total premises and equipment 470,403 437,031 Accumulated depreciation (146,501 ) (129,872 ) Total premises and equipment, net $ 323,902 $ 307,159 |
Schedule of Minimum Future Annual Rent Commitments | Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: (Dollars in thousands) 2016 $ 16,957 2017 14,751 2018 13,491 2019 11,952 2020 10,735 2021 and thereafter 41,054 $ 108,940 |
Goodwill and Other Acquired I41
Goodwill and Other Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reportable segment for the years ended December 31, 2015 and 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 year 207,077 — — 207,077 Balance, December 31, 2015 $ 696,260 $ 23,178 $ 5,165 $ 724,603 |
Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of December 31: 2015 2014 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 74,001 $ (43,957 ) $ 30,044 $ 55,949 $ (36,354 ) $ 19,595 Customer relationship intangible asset 1,348 (984 ) 364 1,348 (822 ) 526 Non-compete agreement 100 (79 ) 21 163 (82 ) 81 Other intangible assets 205 (114 ) 91 205 (46 ) 159 Total $ 75,654 $ (45,134 ) $ 30,520 $ 57,665 $ (37,304 ) $ 20,361 |
Schedule of Amortization Expense of Intangible Assets | The related amortization expense of intangible assets is as follows: (Dollars in thousands) Amount Aggregate amortization expense for the years ended December 31: 2013 $ 4,720 2014 5,807 2015 7,811 (Dollars in thousands) Estimated amortization expense for the years ended December 31: 2016 $ 8,338 2017 6,775 2018 5,786 2019 5,066 2020 3,613 2021 and thereafter 942 |
Derivative Instruments and Ot42
Derivative Instruments and Other Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows: Balance Sheet Location Asset Derivatives Fair Value Balance Sheet Location Liability Derivatives Fair Value (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 58 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 58 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 18,077 $ 15,434 Other liabilities $ 18,077 $ 15,434 Foreign exchange contracts Other assets 156 — Other liabilities 134 — Forward sales contracts Other assets 1,588 25 Other liabilities 474 2,556 Written and purchased options Other assets 10,607 17,444 Other liabilities 6,254 13,364 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 30,428 $ 32,903 $ 24,939 $ 31,354 Total $ 30,486 $ 32,903 $ 24,939 $ 31,354 Asset Derivatives Notional Amount Liability Derivatives Notional Amount (Dollars in thousands) December 31, 2015 December 31, 2014 December 31, 2015 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 $ 590,334 $ 444,703 $ 590,334 $ 444,703 Foreign exchange contracts 4,392 — 4,392 — Forward sales contracts 223,841 15,897 173,430 391,992 Written and purchased options 328,210 362,580 181,949 225,741 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,146,777 $ 823,180 $ 950,105 $ 1,062,436 Total $ 1,255,277 $ 823,180 $ 950,105 $ 1,062,436 |
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. December 31, 2015 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 58 $ — $ (45 ) $ 13 Interest rate contracts not designated as hedging instruments 18,058 — — 18,058 Written and purchased options 6,277 — — 6,277 Total derivative assets subject to master netting arrangements $ 24,393 $ — $ (45 ) $ 24,348 Derivative liabilities Interest rate contracts not designated as hedging instruments 18,058 — (9,428 ) 8,630 Total derivative liabilities subject to master netting arrangements $ 18,058 $ — $ (9,428 ) $ 8,630 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) 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 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. December 31, 2015 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 58 $ — $ (45 ) $ 13 Interest rate contracts not designated as hedging instruments 18,058 — — 18,058 Written and purchased options 6,277 — — 6,277 Total derivative assets subject to master netting arrangements $ 24,393 $ — $ (45 ) $ 24,348 Derivative liabilities Interest rate contracts not designated as hedging instruments 18,058 — (9,428 ) 8,630 Total derivative liabilities subject to master netting arrangements $ 18,058 $ — $ (9,428 ) $ 8,630 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. December 31, 2014 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) 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 not designated as hedging instruments 15,411 — (3,735 ) 11,676 Total derivative liabilities subject to master netting arrangements $ 15,411 $ — $ (3,735 ) $ 11,676 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Effect of Derivatives on the Consolidated Financial Statements | At December 31, 2015, 2014, and 2013, and for the years 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) For the Years Ended December 31 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate contracts $ 38 $ — $ 619 Other income (expense) $ — $ — $ (391 ) Other income (expense) $ — $ (1 ) $ 1 Total $ 38 $ — $ 619 $ — $ — $ (391 ) $ — $ (1 ) $ 1 Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of December 31, is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (Dollars in thousands) 2015 2014 2013 Interest rate contracts Other income $ 4,143 $ 2,513 $ 2,991 Foreign exchange contracts Other income 22 — — Forward sales contracts Mortgage Income (2,947 ) (3,225 ) (1,716 ) Written and purchased options Mortgage Income 274 (5,739 ) (3,032 ) Total $ 1,492 $ (6,451 ) $ (1,757 ) |
Schedule of Derivative Instruments | At December 31, additional information pertaining to outstanding interest rate swap agreements not designated as hedging instruments is as follows: (Dollars in thousands) 2015 2014 2013 Weighted average pay rate 3.2 % 2.9 % 3.0 % Weighted average receive rate 0.9 % 0.4 % 0.2 % Weighted average maturity in years 7.5 years 7.7 years 7.6 years Unrealized gain (loss) relating to interest rate swaps $ — $ — $ — |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits by Type | Deposits at December 31 are summarized as follows: (Dollars in thousands) 2015 2014 Non-interest-bearing deposits $ 4,352,229 $ 3,195,430 Negotiable order of withdrawal (NOW) 2,974,176 2,462,841 Money market deposits accounts (MMDA) 6,010,882 4,168,504 Savings deposits 716,838 577,513 Certificates of deposit and other time deposits 2,124,623 2,116,237 $ 16,178,748 $ 12,520,525 |
Schedule of Time Deposits | Total time deposits summarized by denomination at December 31 are as follows: (Dollars in thousands) 2015 2014 Time deposits less than $250,000 $ 1,456,804 $ 1,767,448 Time deposits greater than $250,000 667,819 348,789 $ 2,124,623 $ 2,116,237 |
Schedule of Maturities of Certificates of Deposit | A schedule of maturities of all time deposits as of December 31, 2015 is as follows: (Dollars in thousands) Years ending December 31 2016 $ 1,380,655 2017 423,866 2018 112,915 2019 64,170 2020 81,418 2021 and thereafter 61,599 $ 2,124,623 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Short-term borrowings at December 31 are summarized as follows: (Dollars in thousands) 2015 2014 Federal Home Loan Bank advances $ 110,000 $ 603,000 Securities sold under agreements to repurchase 216,617 242,742 $ 326,617 $ 845,742 Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Additional information on the Company’s short-term borrowings for the years indicated is as follows: (Dollars in thousands) 2015 2014 2013 Outstanding at December 31 $ 326,617 $ 845,742 $ 680,344 Maximum month-end outstanding balance 798,933 1,034,741 680,344 Average daily outstanding balance 426,011 782,033 303,352 Average rate during the year 0.18 % 0.17 % 0.16 % Average rate at year end 0.20 % 0.18 % 0.15 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31 is summarized as follows: (Dollars in thousands) 2015 2014 IBERIABANK: Federal Home Loan Bank notes, 0.903% to 7.040% $ 136,628 $ 210,549 Notes payable - Investment fund contribution, 7 to 40 year term, 0.50% to 5.00% fixed 83,709 80,843 220,337 291,392 IBERIABANK Corporation (junior subordinated debt): Statutory Trust I, 3 month LIBOR (1) , plus 3.25%, issued November 2002 10,310 10,310 Statutory Trust II, 3 month LIBOR (1) , plus 3.15%, issued June 2003 10,310 10,310 Statutory Trust III, 3 month LIBOR (1) , plus 2.00%, issued September 2004 10,310 10,310 Statutory Trust IV, 3 month LIBOR (1) , plus 1.60%, issued October 2006 15,464 15,464 American Horizons Statutory Trust I, 3 month LIBOR (1) , plus 3.15%, assumed January 2005 6,186 6,186 Statutory Trust V, 3 month LIBOR (1) , plus 1.435%, issued June 2007 10,310 10,310 Statutory Trust VI, 3 month LIBOR (1) , plus 2.75%, issued November 2007 12,372 12,372 Statutory Trust VII, 3 month LIBOR (1) , plus 2.54%, issued November 2007 13,403 13,403 Statutory Trust VIII, 3 month LIBOR (1) , plus 3.50%, issued March 2008 7,217 7,217 OMNI Trust I, 3 month LIBOR (1) , plus 3.30%, assumed May 2011 8,248 8,248 OMNI Trust II, 3 month LIBOR (1) , plus 2.79%, assumed May 2011 7,732 7,732 GA Commerce Trust II, 3 month LIBOR (1) , plus 1.64%, assumed May 2015 8,248 — 120,110 111,862 $ 340,447 $ 403,254 (1) The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate w as 0.61% and 0.26% at December 31, 2015 and 2014, respectively. |
Maturities of Long-Term Debt | Advances and long-term debt at December 31, 2015 have maturities or call dates in future years as follows: (Dollars in thousands) 2016 $ 34,789 2017 61,899 2018 21,057 2019 7,865 2020 16,308 2021 and thereafter 198,529 $ 340,447 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax Expense | The provision for income tax expense consists of the following for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Current expense $ 67,025 $ 69,612 $ 62,468 Deferred expense (benefit) 4,551 (25,027 ) (35,930 ) Tax credits (11,268 ) (12,012 ) (11,690 ) ASU 2014-01 Amortization on Low Income Housing Tax Credits 2,023 1,005 251 Tax benefits attributable to items charged to equity and goodwill 1,763 2,105 1,034 $ 64,094 $ 35,683 $ 16,133 |
Reconciliation of Effective Tax Rate | The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 35 percent on income before income tax expense as indicated in the following analysis for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Federal tax based on statutory rate $ 72,428 $ 49,373 $ 28,441 Increase (decrease) resulting from: Effect of tax-exempt income (6,919 ) (7,064 ) (7,282 ) Interest and other nondeductible expenses 5,899 2,642 2,007 State taxes, net of federal benefit 3,955 2,531 3,237 Tax credits (11,268 ) (12,012 ) (11,690 ) ASU 2014-01 Amortization on Low Income Housing Tax Credits 2,023 1,005 251 Other (2,024 ) (792 ) 1,169 $ 64,094 $ 35,683 $ 16,133 Effective tax rate 31.0 % 25.3 % 19.9 % |
Deferred Tax Assets and Liabilities | The net deferred tax asset at December 31 is as follows: (Dollars in thousands) 2015 2014 Deferred tax asset: NOL carryforward $ 17,258 $ 978 Allowance for credit losses 56,446 59,267 Deferred compensation 7,528 6,631 Basis difference in acquired assets 48,256 53,202 Unrealized loss on securities available for sale 854 — OREO 6,210 9,845 Other 10,438 13,530 146,990 143,453 Deferred tax liability: Basis difference in acquired assets (31,975 ) (53,940 ) Gain on acquisition (212 ) (2,426 ) FHLB stock (122 ) (85 ) Premises and equipment (1,658 ) (9,652 ) Acquisition intangibles (7,648 ) (12,151 ) Deferred loan costs (4,610 ) (3,771 ) Unrealized gain on securities available for sale — (4,052 ) Investments acquired (167 ) (570 ) Swap gain — (75 ) Other (16,694 ) (12,908 ) (63,086 ) (99,630 ) Net deferred tax asset $ 83,904 $ 43,823 |
Capital Requirements and Othe47
Capital Requirements and Other Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of December 31 are presented in the following table. (Dollars in thousands) 2015 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 751,798 4.00 % N/A N/A $ 1,790,034 9.52 % IBERIABANK 749,226 4.00 936,532 5.00 1,691,022 9.03 Common Equity Tier 1 (CET1) (1) Consolidated $ 752,610 4.50 % N/A N/A $ 1,684,097 10.07 % IBERIABANK 750,660 4.50 1,084,287 6.50 1,691,022 10.14 Tier 1 risk-based capital Consolidated $ 1,003,479 6.00 % N/A N/A $ 1,790,034 10.70 % IBERIABANK 1,000,880 6.00 1,334,507 8.00 1,691,022 10.14 Total risk-based capital Consolidated $ 1,337,973 8.00 % N/A N/A $ 2,029,932 12.14 % IBERIABANK 1,334,507 8.00 1,668,133 10.00 1,843,545 11.05 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for the periods indicated. For the Years Ended December 31, (In thousands, except per share data) 2015 2014 2013 Earnings per common share - basic Net income $ 142,844 $ 105,382 $ 65,128 Dividends and undistributed earnings allocated to unvested restricted shares (1,680 ) (1,651 ) (1,205 ) Net income allocated to common shareholders - basic $ 141,164 $ 103,731 $ 63,923 Weighted average common shares outstanding 38,214 31,307 29,052 Earnings per common share - basic 3.69 3.31 2.20 Earnings per common share - diluted Net income allocated to common shareholders - basic $ 141,164 $ 103,731 $ 63,923 Dividends and undistributed earnings allocated to unvested restricted shares (48 ) (34 ) (4 ) Net income allocated to common shareholders - diluted $ 141,116 $ 103,697 $ 63,919 Weighted average common shares outstanding 38,214 31,307 29,052 Dilutive potential common shares 96 126 53 Weighted average common shares outstanding - diluted 38,310 31,433 29,105 Earnings per common share outstanding - diluted $ 3.68 $ 3.30 $ 2.20 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents phantom stock award and performance unit activity during the periods indicated. (Dollars in thousands) Number of share equivalents (1) Value of share equivalents (2) Balance, December 31, 2012 328,273 $ 16,125 Granted 179,041 11,253 Forfeited share equivalents (18,744 ) 1,178 Vested share equivalents (54,686 ) 2,937 Balance, December 31, 2013 433,884 $ 27,270 Granted 146,166 9,479 Forfeited share equivalents (22,800 ) 1,479 Vested share equivalents (81,903 ) 5,512 Balance, December 31, 2014 475,347 $ 30,826 Granted 167,573 9,228 Forfeited share equivalents (34,681 ) 1,910 Vested share equivalents (145,809 ) 9,288 Balance, December 31, 2015 462,430 $ 25,466 (1) Number of share equivalents includes all reinvested dividend equivalents for the years indicated. (2) 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 $55.07 , $64.85 and $62.85 on December 31, 2015, 2014 and 2013, respectively. The following table represents unvested restricted stock award and restricted share unit activity for the years ended December 31: 2015 2014 2013 Balance at beginning of period 506,289 523,756 538,202 Granted 207,575 168,254 167,095 Forfeited (26,970 ) (18,171 ) (28,713 ) Earned and issued (179,764 ) (167,550 ) (152,828 ) Balance at end of period 507,130 506,289 523,756 The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (Dollars in thousands) Weighted Average Remaining Contract Life (in years) Outstanding options, December 31, 2012 1,236,075 $ 51.48 Granted 75,722 52.36 Exercised (200,748 ) 40.35 $ 2,740 Forfeited or expired (38,220 ) 55.87 Outstanding options, December 31, 2013 1,072,829 $ 53.47 Granted 77,434 65.31 Exercised (267,421 ) 48.57 4,612 Forfeited or expired (15,160 ) 60.38 Outstanding options, December 31, 2014 867,682 $ 55.92 Granted 82,001 62.50 Exercised (119,917 ) 51.71 1,516 Forfeited or expired (15,989 ) 66.52 Outstanding options, December 31, 2015 813,777 $ 56.99 $ 1,061 5.1 Exercisable options, December 31, 2013 707,934 53.54 Exercisable options, December 31, 2014 562,752 55.92 Exercisable options, December 31, 2015 546,842 $ 56.54 $ 665 3.9 |
Schedule of Stock Option Activity by Exercise Price Range | The following table represents weighted average remaining life as of December 31, 2015 for options outstanding within the stated exercise prices: Options Outstanding Options Exercisable Exercise Price Range Per Share Number of Options Weighted Average Exercise Price Weighted Average Remaining Life Number of Options Weighted Average Exercise Price $36.48 to $51.69 108,856 $ 50.05 5.4 years 70,437 $ 49.69 $51.70 to $52.88 170,627 52.34 6.5 years 86,365 52.34 $52.89 to $56.26 133,884 54.94 4.3 years 124,397 54.89 $56.27 to $59.04 121,591 57.53 1.2 years 119,855 57.52 $59.05 to $62.39 119,583 59.92 3.4 years 116,867 59.87 $62.40 to $111.71 159,236 65.83 8.2 years 28,921 75.41 Total options 813,777 $ 56.99 5.1 years 546,842 $ 56.54 |
Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the years ended December 31: 2015 2014 2013 Expected dividends 2.2 % 2.1 % 2.6 % Expected volatility 35.6 % 35.8 % 34.8 % Risk-free interest rate 2.0 % 2.3 % 1.7 % Expected term (in years) 7.5 7.5 8.6 Weighted-average grant-date fair value $ 19.57 $ 21.26 $ 15.37 |
Schedule of Allocation for Share-based Compensation Expense | The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at December 31 of the years indicated and the current market price of the Company’s stock at that time: (Dollars in thousands) 2015 2014 2013 Compensation expense related to phantom stock and performance units $ 12,109 $ 5,496 $ 4,855 The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Compensation expense related to stock options $ 1,861 $ 2,053 $ 2,110 Income tax benefit related to stock options 317 375 379 The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the years ended December 31: (Dollars in thousands) 2015 2014 2013 Compensation expense related to restricted stock awards and restricted share units $ 12,045 $ 9,932 $ 8,593 Income tax benefit related to restricted stock awards and restricted share units 4,215 3,476 3,008 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding | At December 31, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) 2015 2014 Commitments to grant loans $ 61,240 $ 161,350 Unfunded commitments under lines of credit 4,617,802 4,007,954 Commercial and standby letters of credit 150,281 134,882 Reserve for unfunded lending commitments 14,145 11,801 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 2,800,286 $ — $ 2,800,286 Mortgage loans held for sale — 166,247 — 166,247 Derivative instruments — 30,486 — 30,486 Total $ — $ 2,997,019 $ — $ 2,997,019 Liabilities Derivative instruments $ — $ 24,939 $ — $ 24,939 Total $ — $ 24,939 $ — $ 24,939 December 31, 2014 Level 1 Level 2 Level3 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 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) Non-interest income Other comprehensive income Total gains (losses) included in earnings $ 2,939 $ — Change in unrealized gains (losses) relating to assets still held at December 31, 2015 — (9,110 ) |
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. December 31, 2015 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets OREO, net $ — $ 1,106 $ — $ 1,106 Total $ — $ 1,106 $ — $ 1,106 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: December 31, 2015 December 31, 2014 (Dollars in thousands) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Less Unpaid Principal Mortgage loans held for sale, at fair value $ 166,247 $ 161,083 $ 5,164 $ 139,950 $ 134,639 $ 5,311 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 510,267 $ 510,267 $ 510,267 $ — $ — Investment securities 2,899,214 2,901,247 — 2,901,247 — Loans and loans held for sale, net of unearned income and allowance for loan losses 14,355,297 14,674,749 — 166,247 14,508,502 FDIC loss share receivables 39,878 9,163 — — 9,163 Derivative instruments 30,486 30,486 — 30,486 — Financial Liabilities Deposits $ 16,178,748 $ 15,696,245 $ — $ — $ 15,696,245 Short-term borrowings 326,617 326,617 326,617 — — Long-term debt 340,447 309,847 — — 309,847 Derivative instruments 24,939 24,939 — 24,939 — 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) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Year Ended December 31, 2015 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 639,793 $ 7,062 $ 3 $ 646,858 Interest expense 56,222 2,878 — 59,100 Net interest income 583,571 4,184 3 587,758 Provision for loan losses 30,908 — — 30,908 Mortgage income 1,426 79,696 — 81,122 Title revenue — — 22,837 22,837 Other non-interest income 116,443 (2 ) (7 ) 116,434 Allocated expenses (16,253 ) 12,036 4,217 — Non-interest expense 495,158 57,784 17,363 570,305 Income before income tax expense 191,627 14,058 1,253 206,938 Income tax expense 58,006 5,581 507 64,094 Net income $ 133,621 $ 8,477 $ 746 $ 142,844 Total loans and loans held for sale, net of unearned income $ 14,305,663 $ 188,012 $ — $ 14,493,675 Total assets 19,220,085 256,888 27,095 19,504,068 Total deposits 16,173,831 4,917 — 16,178,748 Average assets 18,146,216 230,819 25,671 18,402,706 Year Ended December 31, 2014 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 498,820 $ 5,992 $ 3 $ 504,815 Interest expense 42,983 1,721 — 44,704 Net interest income 455,837 4,271 3 460,111 Provision for loan losses 18,966 94 — 19,060 Mortgage income 71 51,726 — 51,797 Title revenue — — 20,492 20,492 Other non-interest income 101,401 (61 ) (1 ) 101,339 Allocated expenses (11,602 ) 8,203 3,399 — Non-interest expense 412,165 44,761 16,688 473,614 Income before income tax expense 137,780 2,878 407 141,065 Income tax expense 34,352 1,148 183 35,683 Net income $ 103,428 $ 1,730 $ 224 $ 105,382 Total loans and loans held for sale, net of unearned income $ 11,415,973 $ 165,143 $ — $ 11,581,116 Total assets 15,537,731 194,156 26,017 15,757,904 Total deposits 12,515,329 5,196 — 12,520,525 Average assets 14,430,768 176,003 25,223 14,631,994 Year Ended December 31, 2013 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 431,418 $ 5,747 $ 32 $ 437,197 Interest expense 45,150 1,803 — 46,953 Net interest income 386,268 3,944 32 390,244 Provision for loan losses 5,123 22 — 5,145 Mortgage income 2 64,195 — 64,197 Title revenue — — 20,526 20,526 Other non-interest income 84,243 (10 ) 2 84,235 Allocated expenses (7,453 ) 5,417 2,036 — Non-interest expense 406,380 49,723 16,693 472,796 Income before income tax expense 66,463 12,967 1,831 81,261 Income tax expense 10,299 5,093 741 16,133 Net income $ 56,164 $ 7,874 $ 1,090 $ 65,128 Total loans and loans held for sale, net of unearned income $ 9,472,908 $ 147,553 $ — $ 9,620,461 Total assets 13,167,162 173,131 25,257 13,365,550 Total deposits 10,734,030 2,970 — 10,737,000 Average assets 12,794,997 183,513 25,478 13,003,988 |
Condensed Parent Company Only54
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets (Dollars in thousands) December 31 2015 2014 Assets Cash in bank $ 154,298 $ 36,064 Investments in subsidiaries 2,449,325 1,841,420 Other assets 54,454 119,493 $ 2,658,077 $ 1,996,977 Liabilities and Shareholders’ Equity Liabilities $ 159,242 $ 144,829 Shareholders’ equity 2,498,835 1,852,148 $ 2,658,077 $ 1,996,977 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (Dollars in thousands) 2015 2014 2013 Operating income Dividends from bank subsidiary $ — $ — $ 49,000 Dividends from non-bank subsidiaries — — 1,511 Reimbursement of management expenses 59,255 46,433 34,474 Other income (329 ) 437 869 Total operating income 58,926 46,870 85,854 Operating expenses Interest expense 3,393 3,224 3,232 Salaries and employee benefits expense 41,689 31,981 29,159 Other expenses 17,492 14,576 13,651 Total operating expenses 62,574 49,781 46,042 Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries (3,648 ) (2,911 ) 39,812 Income tax expense (benefit) 800 (518 ) (2,808 ) Income (loss) before equity in undistributed earnings of subsidiaries (4,448 ) (2,393 ) 42,620 Equity in undistributed earnings of subsidiaries 147,292 107,775 22,508 Net income $ 142,844 $ 105,382 $ 65,128 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in thousands) Year Ended December 31 2015 2014 2013 Cash Flow from Operating Activities Net income $ 142,844 $ 105,382 $ 65,128 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 416 595 2,035 Net income of subsidiaries (147,292 ) (107,775 ) (73,044 ) Share-based compensation cost 13,906 11,985 10,703 Gain on sale of assets (110 ) — — Tax benefit associated with share-based payment arrangements (580 ) (2,105 ) (886 ) Other, net 82,105 (27,274 ) 7,575 Net Cash Provided by (Used in) Operating Activities 91,289 (19,192 ) 11,511 Cash Flow from Investing Activities Cash paid in excess of cash received for acquisitions (5,054 ) 4,783 — Proceeds from sale of premises and equipment 12 — 11,751 Purchases of premises and equipment (2 ) (36 ) (5,247 ) Return of capital from (Capital contributed to) subsidiary 5,000 (14,600 ) — Dividends received from subsidiaries — — 50,511 Net Cash (Used in) Provided by Investing Activities (44 ) (9,853 ) 57,015 Cash Flow from Financing Activities Cash dividends paid on common stock (52,318 ) (43,070 ) (40,332 ) Proceeds from common stock transactions 5,535 11,693 8,101 Payments to repurchase common stock (3,620 ) (3,727 ) (2,280 ) Net proceeds from issuance of preferred stock 76,812 — — Tax benefit associated with share-based payment arrangements 580 2,105 886 Net Cash Provided by (Used In) Financing Activities 26,989 (32,999 ) (33,625 ) Net Increase (Decrease) in Cash and Cash Equivalents 118,234 (62,044 ) 34,901 Cash and Cash Equivalents at Beginning of Period 36,064 98,108 63,207 Cash and Cash Equivalents at End of Period $ 154,298 $ 36,064 $ 98,108 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021acquisition | Dec. 31, 2020acquisition | Dec. 31, 2019acquisition | Dec. 31, 2016acquisition | Dec. 31, 2015USD ($)Stateacquisition$ / shares | Dec. 31, 2014USD ($)acquisition | |
Schedule Of Significant Accounting Policies | ||||||
Past due status period | 30 days | |||||
Number of days due to be considered for accrual interest on loans discontinued | 90 days | |||||
Maximum loss exposure related to unconsolidated VIE's | $ 160,000 | $ 151,000 | ||||
Fair value adjustment period following acquisition (in years) | 1 year | |||||
Cash and cash equivalents maturity period (in years, less than) | 3 months | |||||
Rate lock period (in days) | 60 days | |||||
Property write-downs | $ 4,000 | 3,800 | ||||
Other assets | $ 650,907 | 588,699 | ||||
Past due loans threshold period | 120 days | |||||
Additional provision expense, effect of change in method | $ 10,000 | |||||
Additional provision expense, effect of change in method, (usd per share) | $ / shares | $ 0.17 | |||||
Software and Software Development Costs | ||||||
Schedule Of Significant Accounting Policies | ||||||
Other assets | $ 6,200 | 7,900 | ||||
Minimum | Buildings | ||||||
Schedule Of Significant Accounting Policies | ||||||
Weighted average useful life (in years) | 10 years | |||||
Minimum | Furniture, Fixtures and Equipment | ||||||
Schedule Of Significant Accounting Policies | ||||||
Weighted average useful life (in years) | 3 years | |||||
Maximum | Customer Relationship Intangible Asset | ||||||
Schedule Of Significant Accounting Policies | ||||||
Amortized intangible assets average life (in years) | 10 years | |||||
Maximum | Buildings | ||||||
Schedule Of Significant Accounting Policies | ||||||
Weighted average useful life (in years) | 40 years | |||||
Maximum | Furniture, Fixtures and Equipment | ||||||
Schedule Of Significant Accounting Policies | ||||||
Weighted average useful life (in years) | 15 years | |||||
Weighted Average | Software and Software Development Costs | ||||||
Schedule Of Significant Accounting Policies | ||||||
Weighted average useful life (in years) | 3 years | |||||
IBERIABANK Corporation | ||||||
Schedule Of Significant Accounting Policies | ||||||
Number of operating states | State | 7 | |||||
Other assets | $ 54,454 | $ 119,493 | ||||
IMC | ||||||
Schedule Of Significant Accounting Policies | ||||||
Number of operating states | State | 10 | |||||
Excluding Single Family | ||||||
Schedule Of Significant Accounting Policies | ||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | acquisition | 1 | 3 | ||||
Forecast | Excluding Single Family | ||||||
Schedule Of Significant Accounting Policies | ||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | acquisition | 2 | |||||
Forecast | Single Family | ||||||
Schedule Of Significant Accounting Policies | ||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | acquisition | 2 | 1 | 3 | |||
Commercial Loans | ||||||
Schedule Of Significant Accounting Policies | ||||||
Past due loans threshold period | 90 days | |||||
Residential and Consumer Portfolio Segment [Member] | ||||||
Schedule Of Significant Accounting Policies | ||||||
Period to evaluate loans for charge-off | 120 days |
Acquisition Activity (Detail)
Acquisition Activity (Detail) $ / shares in Units, $ in Thousands | May. 31, 2015USD ($)Branchshares | Mar. 31, 2015USD ($)Branchshares | Feb. 28, 2015USD ($)Branch$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition | |||||
Goodwill | $ 724,603 | $ 517,526 | |||
Maximum period for subject to change estimated fair values after acquisition date (in years) | 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 | $ 15,704 | ||||
Number of bank offices | Branch | 12 | ||||
Old Florida Bancshares, Inc. | |||||
Business Acquisition | |||||
Shares received | shares | 0.34 | ||||
Total consideration paid | $ 253,152 | ||||
Goodwill | $ 99,638 | ||||
Number of bank offices | Branch | 14 | ||||
Georgia Commerce Bancshares Inc. | |||||
Business Acquisition | |||||
Shares received | shares | 0.6134 | ||||
Total consideration paid | $ 190,264 | ||||
Goodwill | $ 87,319 | ||||
Number of bank offices | Branch | 9 |
Acquisition Activity - Schedule
Acquisition Activity - Schedule of Business Acquisitions (Detail) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2015 |
Non-Equity consideration | |||||
Goodwill | $ 517,526 | $ 724,603 | |||
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 | ||||
Net assets acquired | 74,781 | ||||
Goodwill | $ 15,704 | ||||
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 | ||||
Net assets acquired | 153,514 | ||||
Goodwill | $ 99,638 | ||||
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 | ||||
Net assets acquired | 102,945 | ||||
Goodwill | $ 87,319 | ||||
Trust One Bank - Memphis | |||||
Non-Equity consideration | |||||
Total consideration paid | 0 | ||||
Net assets acquired | (8,596) | ||||
Goodwill | 8,596 | ||||
Teche Holding Company | |||||
Non-Equity consideration | |||||
Total consideration paid | 156,740 | ||||
Net assets acquired | 76,311 | ||||
Goodwill | 80,429 | ||||
First Private Holdings, Inc. | |||||
Non-Equity consideration | |||||
Total consideration paid | 58,640 | ||||
Net assets acquired | 32,387 | ||||
Goodwill | $ 26,253 |
Acquisition Activity - Schedu58
Acquisition Activity - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | May. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 |
Florida Bank Group, Inc. | |||||
Assets | |||||
Cash and cash equivalents | $ 72,982 | $ 72,982 | |||
Investment securities | 107,372 | 107,236 | |||
Loans | 307,531 | 312,902 | |||
Other real estate owned | 423 | 498 | |||
Core deposit intangible | 4,489 | 0 | |||
Deferred tax asset, net | 28,458 | 19,889 | |||
Other assets | 20,868 | 29,817 | |||
Total Assets | 542,123 | 543,324 | |||
Liabilities | |||||
Interest-bearing deposits | 282,680 | 282,417 | |||
Non-interest-bearing deposits | 109,548 | 109,548 | |||
Borrowings | 68,598 | 60,000 | |||
Other liabilities | 6,516 | 1,898 | |||
Total Liabilities | 467,342 | 453,863 | |||
Florida Bank Group, Inc. | Preliminary Fair Value Adjustment | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Investment securities | 136 | ||||
Loans | (5,371) | ||||
Other real estate owned | (75) | ||||
Core deposit intangible | 4,489 | ||||
Deferred tax asset, net | 8,569 | ||||
Other assets | (8,949) | ||||
Total Assets | (1,201) | ||||
Liabilities | |||||
Interest-bearing deposits | 263 | ||||
Non-interest-bearing deposits | 0 | ||||
Borrowings | 8,598 | ||||
Other liabilities | 4,618 | ||||
Total Liabilities | $ 13,479 | ||||
Old Florida Bancshares, Inc. | |||||
Assets | |||||
Cash and cash equivalents | 360,688 | $ 360,688 | |||
Investment securities | 67,209 | 67,209 | |||
Loans held for sale | 5,952 | 5,952 | |||
Loans | 1,062,951 | 1,073,773 | |||
Other real estate owned | 5,964 | 4,515 | |||
Core deposit intangible | 6,821 | 0 | |||
Deferred tax asset, net | 15,017 | 10,629 | |||
Other assets | 23,311 | 30,549 | |||
Total Assets | 1,547,913 | 1,553,315 | |||
Liabilities | |||||
Interest-bearing deposits | 1,048,888 | 1,048,765 | |||
Non-interest-bearing deposits | 340,869 | 340,869 | |||
Borrowings | 1,528 | 1,528 | |||
Other liabilities | 3,114 | 3,038 | |||
Total Liabilities | 1,394,399 | 1,394,200 | |||
Old Florida Bancshares, Inc. | Preliminary Fair Value Adjustment | |||||
Assets | |||||
Cash and cash equivalents | 0 | ||||
Investment securities | 0 | ||||
Loans held for sale | 0 | ||||
Loans | (10,822) | ||||
Other real estate owned | 1,449 | ||||
Core deposit intangible | 6,821 | ||||
Deferred tax asset, net | 4,388 | ||||
Other assets | (7,238) | ||||
Total Assets | (5,402) | ||||
Liabilities | |||||
Interest-bearing deposits | 123 | ||||
Non-interest-bearing deposits | 0 | ||||
Borrowings | 0 | ||||
Other liabilities | 76 | ||||
Total Liabilities | $ 199 | ||||
Georgia Commerce Bancshares Inc. | |||||
Assets | |||||
Cash and cash equivalents | 51,059 | $ 51,059 | |||
Investment securities | 134,904 | 135,710 | |||
Loans held for sale | 1,249 | 1,249 | |||
Loans | 792,120 | 807,726 | |||
Other real estate owned | 5,588 | 9,795 | |||
Core deposit intangible | 6,720 | 0 | |||
Deferred tax asset, net | 10,482 | 5,031 | |||
Other assets | 28,295 | 28,952 | |||
Total Assets | 1,030,417 | 1,039,522 | |||
Liabilities | |||||
Interest-bearing deposits | 658,309 | 658,133 | |||
Non-interest-bearing deposits | 249,739 | 249,739 | |||
Borrowings | 13,203 | 13,203 | |||
Other liabilities | 6,221 | 6,221 | |||
Total Liabilities | $ 927,472 | $ 927,296 | |||
Georgia Commerce Bancshares Inc. | Preliminary Fair Value Adjustment | |||||
Assets | |||||
Cash and cash equivalents | $ 0 | ||||
Investment securities | (806) | ||||
Loans held for sale | 0 | ||||
Loans | (15,606) | ||||
Other real estate owned | (4,207) | ||||
Core deposit intangible | 6,720 | ||||
Deferred tax asset, net | 5,451 | ||||
Other assets | (657) | ||||
Total Assets | (9,105) | ||||
Liabilities | |||||
Interest-bearing deposits | 176 | ||||
Non-interest-bearing deposits | 0 | ||||
Borrowings | 0 | ||||
Other liabilities | 0 | ||||
Total Liabilities | $ 176 |
Acquisition Activity - Pro Form
Acquisition Activity - Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Interest and non-interest income | $ 803,722 | $ 699,308 |
Net income | $ 172,554 | $ 69,625 |
Earnings per share - basic (in usd per share) | $ 4.39 | $ 1.88 |
Earnings per share - diluted (in usd per share) | $ 4.38 | $ 1.88 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities | ||
Amortized cost | $ 2,803,430 | $ 2,147,276 |
Gross unrealized gain | 15,477 | 22,296 |
Gross unrealized losses | (18,621) | (10,719) |
Estimated fair value | 2,800,286 | 2,158,853 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 98,928 | 116,960 |
Gross unrealized gains | 2,910 | 3,392 |
Gross unrealized losses | (877) | (871) |
Estimated fair value | 100,961 | 119,481 |
Fair value of securities held as collateral | 1,400,000 | 1,400,000 |
U.S. Government-Sponsored Enterprise Obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 252,514 | 317,386 |
Gross unrealized gain | 1,161 | 1,700 |
Gross unrealized losses | (1,592) | (3,533) |
Estimated fair value | 252,083 | 315,553 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 10,000 | |
Gross unrealized gains | 88 | |
Gross unrealized losses | 0 | |
Estimated fair value | 10,088 | |
Obligations of State and Political Subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 182,541 | 86,513 |
Gross unrealized gain | 5,429 | 3,679 |
Gross unrealized losses | (9) | (2) |
Estimated fair value | 187,961 | 90,190 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 69,979 | 77,597 |
Gross unrealized gains | 2,803 | 3,153 |
Gross unrealized losses | (101) | (145) |
Estimated fair value | 72,681 | 80,605 |
Mortgage-Backed Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 2,272,879 | 1,741,917 |
Gross unrealized gain | 8,457 | 16,882 |
Gross unrealized losses | (16,523) | (7,184) |
Estimated fair value | 2,264,813 | 1,751,615 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 28,949 | 29,363 |
Gross unrealized gains | 107 | 151 |
Gross unrealized losses | (776) | (726) |
Estimated fair value | 28,280 | 28,788 |
Other Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 95,496 | 1,460 |
Gross unrealized gain | 430 | 35 |
Gross unrealized losses | (497) | 0 |
Estimated fair value | $ 95,429 | $ 1,495 |
Investment Securities - Sched61
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Gross Unrealized Losses | ||
Less than twelve months | $ (13,448) | $ (1,191) |
Over twelve months | (5,173) | (9,528) |
Total | (18,621) | (10,719) |
Estimated Fair Value | ||
Less than twelve months | 1,515,493 | 304,871 |
Over twelve months | 213,830 | 535,047 |
Total | 1,729,323 | 839,918 |
Gross Unrealized Losses | ||
Less than twelve months | (54) | (9) |
Over twelve months | (823) | (862) |
Total | (877) | (871) |
Estimated Fair Value | ||
Less than twelve months | 5,529 | 2,287 |
Over twelve months | 21,735 | 29,402 |
Total | 27,264 | 31,689 |
U.S. Government-Sponsored Enterprise Obligations | ||
Gross Unrealized Losses | ||
Less than twelve months | (1,214) | 0 |
Over twelve months | (378) | (3,533) |
Total | (1,592) | (3,533) |
Estimated Fair Value | ||
Less than twelve months | 177,839 | 0 |
Over twelve months | 28,116 | 240,498 |
Total | 205,955 | 240,498 |
Obligations of State and Political Subdivisions | ||
Gross Unrealized Losses | ||
Less than twelve months | (9) | (2) |
Over twelve months | 0 | 0 |
Total | (9) | (2) |
Estimated Fair Value | ||
Less than twelve months | 5,765 | 185 |
Over twelve months | 0 | 0 |
Total | 5,765 | 185 |
Mortgage-Backed Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (11,737) | (1,189) |
Over twelve months | (4,786) | (5,995) |
Total | (16,523) | (7,184) |
Estimated Fair Value | ||
Less than twelve months | 1,279,914 | 304,686 |
Over twelve months | 185,215 | 294,549 |
Total | 1,465,129 | 599,235 |
Other Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (488) | |
Over twelve months | (9) | |
Total | (497) | |
Estimated Fair Value | ||
Less than twelve months | 51,975 | |
Over twelve months | 499 | |
Total | 52,474 | |
Obligations of State and Political Subdivisions | ||
Gross Unrealized Losses | ||
Less than twelve months | (9) | (9) |
Over twelve months | (92) | (136) |
Total | (101) | (145) |
Estimated Fair Value | ||
Less than twelve months | 1,999 | 2,287 |
Over twelve months | 4,162 | 8,590 |
Total | 6,161 | 10,877 |
Mortgage-Backed Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (45) | 0 |
Over twelve months | (731) | (726) |
Total | (776) | (726) |
Estimated Fair Value | ||
Less than twelve months | 3,530 | 0 |
Over twelve months | 17,573 | 20,812 |
Total | $ 21,103 | $ 20,812 |
Investment Securities - Additio
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)securitiesSecurity | Dec. 31, 2014USD ($)securitiesSecurity | |
Schedule of Available-for-sale Securities | ||
Number of debt securities with unrealized losses | Security | 252 | 112 |
Debt securities with unrealized losses (percentage of amortized cost) | 1.10% | 1.31% |
Number of securities | securities | 43 | 71 |
Amortized cost basis | $ 241,561 | $ 574,840 |
Unrealized loss | $ 5,996 | $ 10,390 |
Fannie Mae, Freddie Mac, or Ginnie Mae | ||
Schedule of Available-for-sale Securities | ||
Number of securities | securities | 40 | 66 |
Amortized cost basis | $ 236,800 | $ 566,113 |
Unrealized loss | $ 5,895 | $ 10,254 |
Political Subdivisions | ||
Schedule of Available-for-sale Securities | ||
Number of securities | securities | 2 | 5 |
Amortized cost basis | $ 4,253 | $ 8,727 |
Unrealized loss | $ 92 | $ 136 |
Other | ||
Schedule of Available-for-sale Securities | ||
Number of securities | securities | 1 | 0 |
Amortized cost basis | $ 508 | $ 0 |
Unrealized loss | $ 9 | $ 0 |
Investment Securities - Sched63
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Weighted Average Yield | ||
Within one year or less | 2.02% | |
One through five years | 1.72% | |
After five through ten years | 2.31% | |
Over ten years | 2.14% | |
Weighted average yield | 2.12% | |
Amortized Cost | ||
Within one year or less | $ 14,360 | |
One through five years | 318,423 | |
After five through ten years | 501,217 | |
Over ten years | 1,969,430 | |
Amortized cost | 2,803,430 | |
Estimated Fair Value | ||
Within one year or less | 14,373 | |
One through five years | 318,718 | |
After five through ten years | 506,856 | |
Over ten years | 1,960,339 | |
Estimated fair value | $ 2,800,286 | $ 2,158,853 |
Weighted Average Yield | ||
Within one year or less | 3.83% | |
One through five years | 3.06% | |
After five through ten years | 2.89% | |
Over ten years | 2.91% | |
Weighted average yield | 2.93% | |
Amortized Cost | ||
Within one year or less | $ 75 | |
One through five years | 13,627 | |
After five through ten years | 16,278 | |
Over ten years | 68,948 | |
Amortized cost | 98,928 | 116,960 |
Estimated Fair Value | ||
Within one year or less | 75 | |
One through five years | 13,989 | |
After five through ten years | 16,914 | |
Over ten years | 69,983 | |
Estimated fair value | $ 100,961 | $ 119,481 |
Investment Securities - Sched64
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains | $ 1,834 | $ 863 | $ 2,387 |
Realized losses | (259) | (92) | (110) |
Net realized gains (losses) | $ 1,575 | $ 771 | $ 2,277 |
Investment Securities - Sched65
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 16,265 | $ 38,476 |
Federal Reserve Bank (FRB) stock | 48,584 | 34,348 |
Other investments | 1,159 | 1,306 |
Total | $ 66,008 | $ 74,130 |
Loans - Schedule of Non-Covered
Loans - Schedule of Non-Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | $ 14,098,211 | $ 10,996,500 |
Total loans, net of unearned income | 14,327,428 | 11,441,044 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 10,198,855 | 7,814,082 |
Commercial Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 6,073,511 | 4,361,779 |
Commercial Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 3,444,578 | 2,571,695 |
Commercial Loans | Energy-Related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 680,766 | 880,608 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,195,319 | 1,080,297 |
Residential Mortgage | Residential 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,112,282 | 1,048,241 |
Residential Mortgage | Construction / Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 83,037 | 32,056 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,933,254 | 2,546,665 |
Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,066,167 | 1,601,105 |
Consumer and Other Loans | Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 246,298 | 397,158 |
Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 620,789 | 548,402 |
Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 11,190,520 | 9,668,714 |
Legacy Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 8,133,341 | 7,002,198 |
Legacy Loans | Commercial Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 4,504,062 | 3,676,811 |
Legacy Loans | Commercial Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 2,952,102 | 2,452,521 |
Legacy Loans | Commercial Loans | Energy-Related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 677,177 | 872,866 |
Legacy Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 694,023 | 527,694 |
Legacy Loans | Residential Mortgage | Residential 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 610,986 | 495,638 |
Legacy Loans | Residential Mortgage | Construction / Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 83,037 | 32,056 |
Legacy Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 2,363,156 | 2,138,822 |
Legacy Loans | Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 1,575,643 | 1,290,976 |
Legacy Loans | Consumer and Other Loans | Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 246,214 | 396,766 |
Legacy Loans | Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 541,299 | 451,080 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 3,136,908 | 1,772,330 |
Acquired Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 2,065,514 | 811,884 |
Acquired Loans | Commercial Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 1,569,449 | 684,968 |
Acquired Loans | Commercial Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 492,476 | 119,174 |
Acquired Loans | Commercial Loans | Energy-Related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 3,589 | 7,742 |
Acquired Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Acquired Loans | Residential Mortgage | Residential 1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Acquired Loans | Residential Mortgage | Construction / Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 0 | 0 |
Acquired Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 570,098 | 407,843 |
Acquired Loans | Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 490,524 | 310,129 |
Acquired Loans | Consumer and Other Loans | Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 84 | 392 |
Acquired Loans | Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | $ 79,490 | $ 97,322 |
Loans (Detail)
Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)bank | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable | ||
Failed banks acquired | bank | 6 | |
Covered loans receivable | $ 229,217 | $ 444,544 |
Deferred loan origination fees | 18,700 | 11,200 |
Deposit liabilities reclassified as loans receivable | 5,100 | 5,600 |
Loans with carrying value pledged to secure public deposits and other borrowings | 3,900,000 | 3,100,000 |
Carrying amounts of loans acquired | 2,200,000 | |
Loans accounted for under ASC Topics 310-10 and 310-20 | 2,100,000 | |
Basis in acquired loans at acquisition | 57,755 | |
Acquired Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Basis in acquired loans at acquisition | 57,800 | |
Troubled Debt Restructurings | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total TDRs | 57,000 | 0 |
Covered Loan | ||
Accounts, Notes, Loans and Financing Receivable | ||
Covered loans receivable | 229,200 | 444,500 |
Residential Mortgage and Home Equity | Covered Loan | ||
Accounts, Notes, Loans and Financing Receivable | ||
Covered loans receivable | $ 191,700 | $ 220,500 |
Loans - Schedule of Aging of Lo
Loans - Schedule of Aging of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable | ||
Discount / Premium | $ 18,700 | $ 11,200 |
Non-covered loans, net of unearned income | $ 14,098,211 | 10,996,500 |
Past due loans threshold period | 120 days | |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due loans threshold period | 90 days | |
Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | $ 13,839 | 23,365 |
Past due, 60-89 days | 6,270 | 6,202 |
Past due, greater than 90 days | 51,552 | 35,724 |
Total past due | 71,661 | 65,291 |
Current | 11,118,859 | 9,603,423 |
Non-covered loans, net of unearned income | 11,190,520 | 9,668,714 |
Recorded investment, greater than 90 days and accruing | $ 624 | 754 |
Past due loans threshold period | 90 days | |
Legacy Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | $ 8,133,341 | 7,002,198 |
Legacy Loans | Commercial Loans | Commercial Real Estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 801 | 507 |
Past due, 60-89 days | 0 | 0 |
Past due, greater than 90 days | 120 | 69 |
Total past due | 921 | 576 |
Current | 635,560 | 483,663 |
Non-covered loans, net of unearned income | 636,481 | 484,239 |
Recorded investment, greater than 90 days and accruing | 0 | 0 |
Legacy Loans | Commercial Loans | Commercial Real Estate - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 2,687 | 11,799 |
Past due, 60-89 days | 793 | 148 |
Past due, greater than 90 days | 15,517 | 6,859 |
Total past due | 18,997 | 18,806 |
Current | 3,848,584 | 3,173,766 |
Non-covered loans, net of unearned income | 3,867,581 | 3,192,572 |
Recorded investment, greater than 90 days and accruing | 95 | 0 |
Legacy Loans | Commercial Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 1,208 | 1,589 |
Past due, 60-89 days | 739 | 1,860 |
Past due, greater than 90 days | 6,746 | 3,225 |
Total past due | 8,693 | 6,674 |
Current | 2,943,409 | 2,445,847 |
Non-covered loans, net of unearned income | 2,952,102 | 2,452,521 |
Recorded investment, greater than 90 days and accruing | 87 | 200 |
Legacy Loans | Commercial Loans | Energy-Related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 15 | 0 |
Past due, 60-89 days | 0 | 0 |
Past due, greater than 90 days | 7,081 | 27 |
Total past due | 7,096 | 27 |
Current | 670,081 | 872,839 |
Non-covered loans, net of unearned income | 677,177 | 872,866 |
Recorded investment, greater than 90 days and accruing | 0 | 0 |
Legacy Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 694,023 | 527,694 |
Legacy Loans | Residential Mortgage | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 1,075 | 1,389 |
Past due, 60-89 days | 2,485 | 2,616 |
Past due, greater than 90 days | 14,116 | 14,900 |
Total past due | 17,676 | 18,905 |
Current | 676,347 | 508,789 |
Non-covered loans, net of unearned income | 694,023 | 527,694 |
Recorded investment, greater than 90 days and accruing | 442 | 538 |
Legacy Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 2,363,156 | 2,138,822 |
Legacy Loans | Consumer and Other Loans | Consumer - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 3,549 | 4,096 |
Past due, 60-89 days | 870 | 595 |
Past due, greater than 90 days | 5,628 | 7,420 |
Total past due | 10,047 | 12,111 |
Current | 1,565,596 | 1,278,865 |
Non-covered loans, net of unearned income | 1,575,643 | 1,290,976 |
Recorded investment, greater than 90 days and accruing | 0 | 16 |
Legacy Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 2,187 | 2,447 |
Past due, 60-89 days | 518 | 396 |
Past due, greater than 90 days | 1,181 | 1,419 |
Total past due | 3,886 | 4,262 |
Current | 242,328 | 392,504 |
Non-covered loans, net of unearned income | 246,214 | 396,766 |
Recorded investment, greater than 90 days and accruing | 0 | 0 |
Legacy Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 394 | 253 |
Past due, 60-89 days | 113 | 163 |
Past due, greater than 90 days | 394 | 1,032 |
Total past due | 901 | 1,448 |
Current | 76,360 | 71,297 |
Non-covered loans, net of unearned income | 77,261 | 72,745 |
Recorded investment, greater than 90 days and accruing | 0 | 0 |
Legacy Loans | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 1,923 | 1,285 |
Past due, 60-89 days | 752 | 424 |
Past due, greater than 90 days | 769 | 773 |
Total past due | 3,444 | 2,482 |
Current | 460,594 | 375,853 |
Non-covered loans, net of unearned income | 464,038 | 378,335 |
Recorded investment, greater than 90 days and accruing | 0 | 0 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 9,039 | 14,814 |
Past due, 60-89 days | 6,431 | 6,760 |
Past due, greater than 90 days | 104,843 | 135,670 |
Total past due | 120,313 | 157,244 |
Current | 3,137,451 | 1,751,170 |
Discount / Premium | (120,856) | (136,084) |
Non-covered loans, net of unearned income | 3,136,908 | 1,772,330 |
Recorded investment, greater than 90 days and accruing | 99,422 | 133,804 |
Acquired Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 2,065,514 | 811,884 |
Acquired Loans | Commercial Loans | Commercial Real Estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 216 | 2,740 |
Past due, 60-89 days | 117 | 57 |
Past due, greater than 90 days | 6,994 | 8,225 |
Total past due | 7,327 | 11,022 |
Current | 120,467 | 64,393 |
Discount / Premium | (2,368) | (4,482) |
Non-covered loans, net of unearned income | 125,426 | 70,933 |
Recorded investment, greater than 90 days and accruing | 6,994 | 8,225 |
Acquired Loans | Commercial Loans | Commercial Real Estate - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 4,295 | 4,986 |
Past due, 60-89 days | 2,024 | 3,330 |
Past due, greater than 90 days | 53,558 | 67,302 |
Total past due | 59,877 | 75,618 |
Current | 1,434,966 | 588,947 |
Discount / Premium | (50,820) | (50,530) |
Non-covered loans, net of unearned income | 1,444,023 | 614,035 |
Recorded investment, greater than 90 days and accruing | 52,067 | 67,198 |
Acquired Loans | Commercial Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 1,016 | 2,118 |
Past due, 60-89 days | 1,276 | 70 |
Past due, greater than 90 days | 6,829 | 4,528 |
Total past due | 9,121 | 6,716 |
Current | 490,255 | 119,472 |
Discount / Premium | (6,900) | (7,014) |
Non-covered loans, net of unearned income | 492,476 | 119,174 |
Recorded investment, greater than 90 days and accruing | 5,674 | 4,528 |
Acquired Loans | Commercial Loans | Energy-Related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 0 | 0 |
Past due, 60-89 days | 0 | 0 |
Past due, greater than 90 days | 1,368 | 11 |
Total past due | 1,368 | 11 |
Current | 2,221 | 7,731 |
Discount / Premium | 0 | 0 |
Non-covered loans, net of unearned income | 3,589 | 7,742 |
Recorded investment, greater than 90 days and accruing | 1,198 | 11 |
Acquired Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Acquired Loans | Residential Mortgage | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 73 | 324 |
Past due, 60-89 days | 1,806 | 2,788 |
Past due, greater than 90 days | 22,873 | 30,804 |
Total past due | 24,752 | 33,916 |
Current | 506,103 | 559,180 |
Discount / Premium | (29,559) | (40,493) |
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Recorded investment, greater than 90 days and accruing | 21,765 | 29,553 |
Acquired Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Non-covered loans, net of unearned income | 570,098 | 407,843 |
Acquired Loans | Consumer and Other Loans | Consumer - Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 2,859 | 3,165 |
Past due, 60-89 days | 997 | 385 |
Past due, greater than 90 days | 12,525 | 22,800 |
Total past due | 16,381 | 26,350 |
Current | 503,635 | 315,788 |
Discount / Premium | (29,492) | (32,009) |
Non-covered loans, net of unearned income | 490,524 | 310,129 |
Recorded investment, greater than 90 days and accruing | 11,234 | 22,409 |
Acquired Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 0 | 13 |
Past due, 60-89 days | 0 | 17 |
Past due, greater than 90 days | 12 | 9 |
Total past due | 12 | 39 |
Current | 72 | 393 |
Discount / Premium | 0 | (40) |
Non-covered loans, net of unearned income | 84 | 392 |
Recorded investment, greater than 90 days and accruing | 12 | 9 |
Acquired Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 0 | 10 |
Past due, 60-89 days | 0 | 0 |
Past due, greater than 90 days | 17 | 24 |
Total past due | 17 | 34 |
Current | 565 | 614 |
Discount / Premium | 0 | 0 |
Non-covered loans, net of unearned income | 582 | 648 |
Recorded investment, greater than 90 days and accruing | 17 | 24 |
Acquired Loans | Consumer and Other Loans | Consumer - Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due, 30-59 days | 580 | 1,458 |
Past due, 60-89 days | 211 | 113 |
Past due, greater than 90 days | 667 | 1,967 |
Total past due | 1,458 | 3,538 |
Current | 79,167 | 94,652 |
Discount / Premium | (1,717) | (1,516) |
Non-covered loans, net of unearned income | 78,908 | 96,674 |
Recorded investment, greater than 90 days and accruing | $ 461 | $ 1,847 |
Loans - Schedule of Legacy Loan
Loans - Schedule of Legacy Loans on Nonaccrual Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | $ 50,928 | $ 34,970 | |
Interest income if non-accrual loans had been current | 2,100 | 1,800 | $ 2,900 |
Commercial Loans | Commercial Real Estate - Construction | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 120 | 69 | |
Commercial Loans | Commercial Real Estate - Other | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 15,422 | 6,859 | |
Commercial Loans | Commercial and Industrial | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 6,659 | 3,025 | |
Commercial Loans | Energy-Related | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 7,081 | 27 | |
Residential Mortgage | Residential Mortgage | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 13,674 | 14,362 | |
Consumer and Other Loans | Consumer - Home Equity | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 5,628 | 7,404 | |
Consumer and Other Loans | Consumer - Indirect Automobile | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 1,181 | 1,419 | |
Consumer and Other Loans | Consumer - Credit Card | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | 394 | 1,032 | |
Consumer and Other Loans | Consumer - Other | |||
Financing Receivable, Recorded Investment, Past Due | |||
Total loans on nonaccrual status | $ 769 | $ 773 |
Loans - Schedule of Carrying Am
Loans - Schedule of Carrying Amount of Loans Acquired (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable | |
Contractually required principal and interest at acquisition | $ 76,445 |
Expected losses and foregone interest | (11,867) |
Cash flows expected to be collected at acquisition | 64,578 |
Accretable yield | (6,823) |
Fair value of acquired loans at acquisition | 57,755 |
Carrying amounts of loans acquired | 2,200,000 |
Loans accounted for under ASC Topics 310-10 and 310-20 | 2,100,000 |
ASC Topic 310-30 | |
Accounts, Notes, Loans and Financing Receivable | |
Contractually required principal and interest at acquisition | 2,384,114 |
Expected losses and foregone interest | (15,539) |
Cash flows expected to be collected at acquisition | 2,368,575 |
Fair value of acquired loans at acquisition | 2,105,466 |
Florida Bank Group, Inc. | |
Accounts, Notes, Loans and Financing Receivable | |
Acquired loans | 300,000 |
Old Florida Bancshares, Inc. | |
Accounts, Notes, Loans and Financing Receivable | |
Acquired loans | 1,100,000 |
Georgia Commerce Bancshares Inc. | |
Accounts, Notes, Loans and Financing Receivable | |
Acquired loans | 800,000 |
Acquired Impaired Loans | |
Accounts, Notes, Loans and Financing Receivable | |
Fair value of acquired loans at acquisition | $ 57,800 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 287,651 | $ 354,892 | $ 356,393 |
Additions | 6,823 | 13,848 | 0 |
Transfers from non-accretable difference to accretable yield | 9,916 | 25,844 | 50,743 |
Accretion | (80,479) | (103,233) | (179,456) |
Changes in expected cash flows not affecting non-accretable differences | 3,591 | (3,700) | 127,212 |
Balance at end of period | $ 227,502 | $ 287,651 | $ 354,892 |
Loans - Schedule of Modified TD
Loans - Schedule of Modified TDRs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications | ||
Extended maturities | $ 15,594 | |
Interest rate adjustment | 0 | |
Maturity and interest rate adjustment | 23,374 | |
Movement to or extension of interest-rate only payments | 241 | |
Forbearance | 122 | |
Other concession(s) | 17,710 | |
Total | 57,041 | |
Troubled Debt Restructurings | ||
Financing Receivable, Modifications | ||
Total TDRs | 57,000 | $ 0 |
TDRs in accrual status | 34,500 | |
TDRs in non-accrual status | $ 22,500 |
Loans - Schedule of Subsequentl
Loans - Schedule of Subsequently Defaulted TDRs (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable | ||
Threshold period for loans in default (in days) | 30 days | |
TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 113 | |
Pre-modification outstanding recorded investment | $ 62,631 | |
Post-modification outstanding recorded investment | $ 57,041 | |
Number of loans | SecurityLoan | 62 | 40 |
Recorded investment | $ 35,793 | $ 1,600 |
Commercial Loans | Real Estate | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 11 | |
Pre-modification outstanding recorded investment | $ 26,764 | |
Post-modification outstanding recorded investment | $ 25,250 | |
Number of loans | SecurityLoan | 6 | 30 |
Recorded investment | $ 22,075 | $ 0 |
Commercial Loans | Commercial and Industrial | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 26 | |
Pre-modification outstanding recorded investment | $ 21,233 | |
Post-modification outstanding recorded investment | $ 18,114 | |
Number of loans | SecurityLoan | 20 | 9 |
Recorded investment | $ 8,970 | $ 1,600 |
Commercial Loans | Energy-Related | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 2 | |
Pre-modification outstanding recorded investment | $ 9,797 | |
Post-modification outstanding recorded investment | $ 9,484 | |
Number of loans | SecurityLoan | 1 | 0 |
Recorded investment | $ 3,120 | $ 0 |
Residential Mortgage | Residential Mortgage | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 1 | |
Pre-modification outstanding recorded investment | $ 70 | |
Post-modification outstanding recorded investment | $ 68 | |
Number of loans | SecurityLoan | 0 | 0 |
Recorded investment | $ 0 | $ 0 |
Consumer and Other Loans | Consumer - Home Equity | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 50 | |
Pre-modification outstanding recorded investment | $ 4,440 | |
Post-modification outstanding recorded investment | $ 3,865 | |
Number of loans | SecurityLoan | 20 | 0 |
Recorded investment | $ 1,547 | $ 0 |
Consumer and Other Loans | Consumer - Indirect Automobile | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 6 | |
Pre-modification outstanding recorded investment | $ 79 | |
Post-modification outstanding recorded investment | $ 79 | |
Number of loans | SecurityLoan | 6 | 0 |
Recorded investment | $ 79 | $ 0 |
Consumer and Other Loans | Consumer - Other | TDRs Occurring during the Period | Non-Covered TDRs | ||
Accounts, Notes, Loans and Financing Receivable | ||
Number of loans | SecurityLoan | 17 | |
Pre-modification outstanding recorded investment | $ 248 | |
Post-modification outstanding recorded investment | $ 181 | |
Number of loans | SecurityLoan | 9 | 1 |
Recorded investment | $ 2 | $ 0 |
Allowance for Credit Losses a74
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for credit losses | |||
Balance at beginning of the period | $ 130,131 | $ 143,074 | $ 251,603 |
Provision for (Reversal of) loan losses before adjustment attributable to FDIC loss share agreements | 29,548 | 14,800 | (50,940) |
Adjustment attributable to FDIC loss share arrangements | (1,360) | (4,260) | (56,085) |
Net provision for (reversal of) loan losses | 30,908 | 19,060 | 5,145 |
Transfer of balance to OREO | (1,221) | (7,323) | (28,126) |
Transfer of balance to the RULC | (9,828) | ||
Loans charged off | (26,515) | (26,855) | (26,481) |
Recoveries | 6,435 | 6,435 | 6,846 |
Balance at end of the period | 138,378 | 130,131 | 143,074 |
Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 11,801 | 11,147 | 0 |
Transfer of balance from the allowance for loan losses | 9,828 | ||
Provision for unfunded lending commitments | 2,344 | 654 | 1,319 |
Balance at end of the period | 14,145 | 11,801 | 11,147 |
Allowance for credit losses at end of period | 152,523 | 141,932 | 154,221 |
Legacy Loans | |||
Allowance for credit losses | |||
Balance at beginning of the period | 76,174 | 67,342 | 74,211 |
Provision for (Reversal of) loan losses before adjustment attributable to FDIC loss share agreements | 27,711 | 14,274 | 6,828 |
Adjustment attributable to FDIC loss share arrangements | 0 | 0 | 0 |
Net provision for (reversal of) loan losses | 27,711 | 14,274 | 6,828 |
Transfer of balance to OREO | 0 | 0 | 0 |
Transfer of balance to the RULC | (9,828) | ||
Loans charged off | (15,778) | (11,312) | (10,686) |
Recoveries | 5,701 | 5,870 | 6,817 |
Balance at end of the period | 93,808 | 76,174 | 67,342 |
Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 11,801 | 11,147 | 0 |
Transfer of balance from the allowance for loan losses | 9,828 | ||
Provision for unfunded lending commitments | 2,344 | 654 | 1,319 |
Balance at end of the period | 14,145 | 11,801 | 11,147 |
Allowance for credit losses at end of period | 107,953 | 87,975 | 78,489 |
Acquired Loans | |||
Allowance for credit losses | |||
Balance at beginning of the period | 53,957 | 75,732 | 177,392 |
Provision for (Reversal of) loan losses before adjustment attributable to FDIC loss share agreements | 1,837 | 526 | (57,768) |
Adjustment attributable to FDIC loss share arrangements | (1,360) | (4,260) | (56,085) |
Net provision for (reversal of) loan losses | 3,197 | 4,786 | (1,683) |
Transfer of balance to OREO | (1,221) | (7,323) | (28,126) |
Transfer of balance to the RULC | 0 | ||
Loans charged off | (10,737) | (15,543) | (15,795) |
Recoveries | 734 | 565 | 29 |
Balance at end of the period | 44,570 | 53,957 | 75,732 |
Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 0 | 0 | 0 |
Transfer of balance from the allowance for loan losses | 0 | ||
Provision for unfunded lending commitments | 0 | 0 | 0 |
Balance at end of the period | 0 | 0 | 0 |
Allowance for credit losses at end of period | $ 44,570 | $ 53,957 | $ 75,732 |
Allowance for Credit Losses a75
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Legacy and Acquired Loans, by Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | $ 30,908 | $ 19,060 | $ 5,145 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 130,131 | 143,074 | 251,603 |
Transfer of balance to the RULC | (9,828) | ||
Transfer of balance to OREO | (1,221) | (7,323) | (28,126) |
Loans charged off | (26,515) | (26,855) | (26,481) |
Recoveries | 6,435 | 6,435 | 6,846 |
Balance at end of the period | 138,378 | 130,131 | 143,074 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 11,801 | 11,147 | 0 |
Transfer of balance from the allowance for loan losses | 9,828 | ||
Balance at end of the period | 14,145 | 11,801 | 11,147 |
Loans, net of unearned income: | |||
Balance at end of period | 229,217 | 444,544 | |
Legacy Loans | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | 27,711 | 14,274 | 6,828 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 76,174 | 67,342 | 74,211 |
Transfer of balance to the RULC | (9,828) | ||
Transfer of balance to OREO | 0 | 0 | 0 |
Loans charged off | (15,778) | (11,312) | (10,686) |
Recoveries | 5,701 | 5,870 | 6,817 |
Balance at end of the period | 93,808 | 76,174 | 67,342 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 11,801 | 11,147 | 0 |
Transfer of balance from the allowance for loan losses | 9,828 | ||
Provision for (Reversal of) unfunded commitments | 2,344 | 654 | 1,319 |
Balance at end of the period | 14,145 | 11,801 | 11,147 |
Allowance on loans individually evaluated for impairment | 3,993 | 430 | 1,029 |
Allowance on loans collectively evaluated for impairment | 89,815 | 75,744 | 66,313 |
Loans, net of unearned income: | |||
Balance at end of period | 11,190,520 | 9,668,714 | 8,288,321 |
Balance at end of period individually evaluated for impairment | 66,641 | 11,700 | 26,182 |
Balance at end of period collectively evaluated for impairment | 11,123,879 | 9,657,014 | 8,262,139 |
Legacy Loans | Commercial Loans | Real Estate | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | (1,466) | 2,171 | (5,919) |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 26,752 | 22,872 | 31,298 |
Transfer of balance to the RULC | (2,939) | ||
Loans charged off | (2,525) | (1,164) | (2,908) |
Recoveries | 1,897 | 2,873 | 3,340 |
Balance at end of the period | 24,658 | 26,752 | 22,872 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 3,370 | 3,071 | 0 |
Transfer of balance from the allowance for loan losses | 2,939 | ||
Provision for (Reversal of) unfunded commitments | 790 | 299 | 132 |
Balance at end of the period | 4,160 | 3,370 | 3,071 |
Allowance on loans individually evaluated for impairment | 1,246 | 20 | 8 |
Allowance on loans collectively evaluated for impairment | 23,412 | 26,732 | 22,864 |
Loans, net of unearned income: | |||
Balance at end of period | 4,504,062 | 3,676,811 | 3,054,100 |
Balance at end of period individually evaluated for impairment | 28,857 | 7,013 | 8,705 |
Balance at end of period collectively evaluated for impairment | 4,475,205 | 3,669,798 | 3,045,395 |
Legacy Loans | Commercial Loans | Commercial and Industrial | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | (103) | 4,971 | 3,870 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 24,455 | 20,839 | 20,605 |
Transfer of balance to the RULC | (3,497) | ||
Loans charged off | (1,276) | (1,400) | (516) |
Recoveries | 207 | 45 | 377 |
Balance at end of the period | 23,283 | 24,455 | 20,839 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 3,733 | 1,814 | 0 |
Transfer of balance from the allowance for loan losses | 3,497 | ||
Provision for (Reversal of) unfunded commitments | (285) | 1,919 | (1,683) |
Balance at end of the period | 3,448 | 3,733 | 1,814 |
Allowance on loans individually evaluated for impairment | 272 | 407 | 841 |
Allowance on loans collectively evaluated for impairment | 23,011 | 24,048 | 19,998 |
Loans, net of unearned income: | |||
Balance at end of period | 2,952,102 | 2,452,521 | 2,234,173 |
Balance at end of period individually evaluated for impairment | 20,086 | 3,988 | 15,812 |
Balance at end of period collectively evaluated for impairment | 2,932,016 | 2,448,533 | 2,218,361 |
Legacy Loans | Commercial Loans | Energy-Related | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | 17,917 | (929) | 66 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 5,949 | 6,878 | 6,812 |
Transfer of balance to the RULC | 0 | ||
Loans charged off | (3) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance at end of the period | 23,863 | 5,949 | 6,878 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 1,596 | 3,043 | 0 |
Transfer of balance from the allowance for loan losses | 0 | ||
Provision for (Reversal of) unfunded commitments | 1,069 | (1,447) | 3,043 |
Balance at end of the period | 2,665 | 1,596 | 3,043 |
Allowance on loans individually evaluated for impairment | 2,122 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 21,741 | 5,949 | 6,878 |
Loans, net of unearned income: | |||
Balance at end of period | 677,177 | 872,866 | 752,682 |
Balance at end of period individually evaluated for impairment | 13,020 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 664,157 | 872,866 | 752,682 |
Legacy Loans | Residential Mortgage | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | 1,493 | 566 | 758 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 2,678 | 2,546 | 1,583 |
Transfer of balance to the RULC | (40) | ||
Loans charged off | (291) | (578) | (519) |
Recoveries | 67 | 144 | 764 |
Balance at end of the period | 3,947 | 2,678 | 2,546 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 168 | 72 | 0 |
Transfer of balance from the allowance for loan losses | 40 | ||
Provision for (Reversal of) unfunded commitments | 662 | 96 | 32 |
Balance at end of the period | 830 | 168 | 72 |
Allowance on loans individually evaluated for impairment | 1 | 0 | 180 |
Allowance on loans collectively evaluated for impairment | 3,946 | 2,678 | 2,366 |
Loans, net of unearned income: | |||
Balance at end of period | 694,023 | 527,694 | 414,372 |
Balance at end of period individually evaluated for impairment | 70 | 0 | 1,407 |
Balance at end of period collectively evaluated for impairment | 693,953 | 527,694 | 412,965 |
Legacy Loans | Consumer and Other Loans | |||
Financing Receivable, Allowance for Credit Losses | |||
Provision for Loan, Lease, and Other Losses | 9,870 | 7,495 | 8,053 |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 16,340 | 14,207 | 13,913 |
Transfer of balance to the RULC | (3,352) | ||
Loans charged off | (11,683) | (8,170) | (6,743) |
Recoveries | 3,530 | 2,808 | 2,336 |
Balance at end of the period | 18,057 | 16,340 | 14,207 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 2,934 | 3,147 | 0 |
Transfer of balance from the allowance for loan losses | 3,352 | ||
Provision for (Reversal of) unfunded commitments | 108 | (213) | (205) |
Balance at end of the period | 3,042 | 2,934 | 3,147 |
Allowance on loans individually evaluated for impairment | 352 | 3 | 0 |
Allowance on loans collectively evaluated for impairment | 17,705 | 16,337 | 14,207 |
Loans, net of unearned income: | |||
Balance at end of period | 2,363,156 | 2,138,822 | 1,832,994 |
Balance at end of period individually evaluated for impairment | 4,608 | 699 | 258 |
Balance at end of period collectively evaluated for impairment | 2,358,548 | 2,138,123 | 1,832,736 |
Acquired Loans | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 53,957 | 75,732 | 177,392 |
Transfer of balance to the RULC | 0 | ||
Provision for (Reversal of) loan losses | 3,197 | 4,786 | (1,683) |
Increase (Decrease) in FDIC loss share receivable | (1,360) | (4,260) | (56,085) |
Transfer of balance to OREO | (1,221) | (7,323) | (28,126) |
Loans charged off | (10,737) | (15,543) | (15,795) |
Recoveries | 734 | 565 | 29 |
Balance at end of the period | 44,570 | 53,957 | 75,732 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Balance at beginning of the period | 0 | 0 | 0 |
Transfer of balance from the allowance for loan losses | 0 | ||
Balance at end of the period | 0 | 0 | 0 |
Allowance on loans individually evaluated for impairment | 86 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 44,484 | 53,957 | 75,732 |
Loans, net of unearned income: | |||
Balance at end of period | 3,136,908 | 1,772,330 | 1,203,698 |
Balance at end of period individually evaluated for impairment | 1,342 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 2,410,856 | 905,179 | 750,909 |
Balance at end of period acquired with deteriorated credit quality | 724,710 | 867,151 | 452,789 |
Acquired Loans | Commercial Loans | Real Estate | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 29,949 | 42,026 | 107,269 |
Provision for (Reversal of) loan losses | 2,182 | 665 | (1,286) |
Increase (Decrease) in FDIC loss share receivable | 757 | 227 | (28,238) |
Transfer of balance to OREO | 174 | (1,897) | (19,953) |
Loans charged off | (7,810) | (11,201) | (15,795) |
Recoveries | 727 | 129 | 29 |
Balance at end of the period | 25,979 | 29,949 | 42,026 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 25,979 | 29,949 | 42,026 |
Loans, net of unearned income: | |||
Balance at end of period | 1,569,449 | 684,968 | 732,401 |
Balance at end of period individually evaluated for impairment | 720 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 1,149,315 | 169,338 | 393,487 |
Balance at end of period acquired with deteriorated credit quality | 419,414 | 515,630 | 338,914 |
Acquired Loans | Commercial Loans | Commercial and Industrial | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 3,265 | 6,641 | 13,246 |
Provision for (Reversal of) loan losses | (122) | 536 | (1,146) |
Increase (Decrease) in FDIC loss share receivable | (49) | 509 | (5,032) |
Transfer of balance to OREO | (170) | (2,030) | (427) |
Loans charged off | (105) | (2,451) | 0 |
Recoveries | 0 | 60 | 0 |
Balance at end of the period | 2,819 | 3,265 | 6,641 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans individually evaluated for impairment | 41 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 2,778 | 3,265 | 6,641 |
Loans, net of unearned income: | |||
Balance at end of period | 492,476 | 119,174 | 90,062 |
Balance at end of period individually evaluated for impairment | 164 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 450,652 | 60,584 | 37,430 |
Balance at end of period acquired with deteriorated credit quality | 41,660 | 58,590 | 52,632 |
Acquired Loans | Commercial Loans | Energy-Related | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 51 | 0 | |
Provision for (Reversal of) loan losses | 74 | 51 | |
Increase (Decrease) in FDIC loss share receivable | 0 | 0 | |
Transfer of balance to OREO | 0 | 0 | |
Loans charged off | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance at end of the period | 125 | 51 | 0 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans individually evaluated for impairment | 0 | 0 | |
Allowance on loans collectively evaluated for impairment | 125 | 51 | |
Loans, net of unearned income: | |||
Balance at end of period | 3,589 | 7,742 | |
Balance at end of period individually evaluated for impairment | 0 | 0 | |
Balance at end of period collectively evaluated for impairment | 3,589 | 7,742 | |
Balance at end of period acquired with deteriorated credit quality | 0 | 0 | |
Acquired Loans | Residential Mortgage | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 6,484 | 10,889 | 23,108 |
Provision for (Reversal of) loan losses | 2,126 | 1,296 | 390 |
Increase (Decrease) in FDIC loss share receivable | (235) | (3,854) | (4,896) |
Transfer of balance to OREO | (541) | (1,719) | (7,713) |
Loans charged off | 0 | (232) | 0 |
Recoveries | 7 | 104 | 0 |
Balance at end of the period | 7,841 | 6,484 | 10,889 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 7,841 | 6,484 | 10,889 |
Loans, net of unearned income: | |||
Balance at end of period | 501,296 | 552,603 | 172,160 |
Balance at end of period individually evaluated for impairment | 0 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 360,252 | 402,347 | 162,248 |
Balance at end of period acquired with deteriorated credit quality | 141,044 | 150,256 | 9,912 |
Acquired Loans | Consumer and Other Loans | |||
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of the period | 14,208 | 16,176 | 33,769 |
Provision for (Reversal of) loan losses | (1,063) | 2,238 | 359 |
Increase (Decrease) in FDIC loss share receivable | (1,833) | (1,142) | (17,919) |
Transfer of balance to OREO | (684) | (1,677) | (33) |
Loans charged off | (2,822) | (1,659) | 0 |
Recoveries | 0 | 272 | 0 |
Balance at end of the period | 7,806 | 14,208 | 16,176 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans individually evaluated for impairment | 45 | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 7,761 | 14,208 | 16,176 |
Loans, net of unearned income: | |||
Balance at end of period | 570,098 | 407,843 | 209,075 |
Balance at end of period individually evaluated for impairment | 458 | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 447,048 | 265,168 | 157,744 |
Balance at end of period acquired with deteriorated credit quality | $ 122,592 | $ 142,675 | $ 51,331 |
Allowance for Credit Losses a76
Allowance for Credit Losses and Credit Quality - Investment in Legacy and Acquired Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | $ 14,098,211 | $ 10,996,500 |
Legacy Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 11,118,859 | 9,603,423 |
Non-covered loans, net of unearned income | 11,190,520 | 9,668,714 |
Legacy Loans | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 8,133,341 | 7,002,198 |
Non-covered loans, net of unearned income | 8,133,341 | 7,002,198 |
Legacy Loans | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 636,481 | 484,239 |
Current | 635,560 | 483,663 |
Non-covered loans, net of unearned income | 636,481 | 484,239 |
Legacy Loans | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 3,867,581 | 3,192,572 |
Current | 3,848,584 | 3,173,766 |
Non-covered loans, net of unearned income | 3,867,581 | 3,192,572 |
Legacy Loans | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 2,952,102 | 2,452,521 |
Current | 2,943,409 | 2,445,847 |
Non-covered loans, net of unearned income | 2,952,102 | 2,452,521 |
Legacy Loans | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 677,177 | 872,866 |
Current | 670,081 | 872,839 |
Non-covered loans, net of unearned income | 677,177 | 872,866 |
Legacy Loans | Residential and Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 3,021,225 | 2,627,308 |
30 or more days past due | 35,954 | 39,208 |
Non covered commercial loans, net | 3,057,179 | 2,666,516 |
Legacy Loans | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | 694,023 | 527,694 |
Legacy Loans | Residential Mortgage | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 676,347 | 508,789 |
30 or more days past due | 17,676 | 18,905 |
Non covered commercial loans, net | 694,023 | 527,694 |
Current | 676,347 | 508,789 |
Non-covered loans, net of unearned income | 694,023 | 527,694 |
Legacy Loans | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | 2,363,156 | 2,138,822 |
Legacy Loans | Consumer and Other Loans | Consumer - Home Equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,565,596 | 1,278,865 |
30 or more days past due | 10,047 | 12,111 |
Non covered commercial loans, net | 1,575,643 | 1,290,976 |
Current | 1,565,596 | 1,278,865 |
Non-covered loans, net of unearned income | 1,575,643 | 1,290,976 |
Legacy Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 242,328 | 392,504 |
30 or more days past due | 3,886 | 4,262 |
Non covered commercial loans, net | 246,214 | 396,766 |
Current | 242,328 | 392,504 |
Non-covered loans, net of unearned income | 246,214 | 396,766 |
Legacy Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 76,360 | 71,297 |
30 or more days past due | 901 | 1,448 |
Non covered commercial loans, net | 77,261 | 72,745 |
Current | 76,360 | 71,297 |
Non-covered loans, net of unearned income | 77,261 | 72,745 |
Legacy Loans | Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | 541,299 | 451,080 |
Legacy Loans | Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 460,594 | 375,853 |
30 or more days past due | 3,444 | 2,482 |
Non covered commercial loans, net | 464,038 | 378,335 |
Current | 460,594 | 375,853 |
Non-covered loans, net of unearned income | 464,038 | 378,335 |
Legacy Loans | Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 7,884,470 | 6,891,435 |
Legacy Loans | Pass | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 634,889 | 483,930 |
Legacy Loans | Pass | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 3,806,528 | 3,120,370 |
Legacy Loans | Pass | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 2,911,396 | 2,414,293 |
Legacy Loans | Pass | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 531,657 | 872,842 |
Legacy Loans | Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 104,800 | 57,417 |
Legacy Loans | Special Mention | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 160 | 240 |
Legacy Loans | Special Mention | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 21,877 | 49,847 |
Legacy Loans | Special Mention | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 14,826 | 7,330 |
Legacy Loans | Special Mention | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 67,937 | 0 |
Legacy Loans | Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 132,593 | 51,251 |
Legacy Loans | Substandard | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,432 | 69 |
Legacy Loans | Substandard | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 37,001 | 22,193 |
Legacy Loans | Substandard | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 19,888 | 28,965 |
Legacy Loans | Substandard | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 74,272 | 24 |
Legacy Loans | Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 11,478 | 2,095 |
Legacy Loans | Doubtful | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 0 | 0 |
Legacy Loans | Doubtful | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 2,175 | 162 |
Legacy Loans | Doubtful | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 5,992 | 1,933 |
Legacy Loans | Doubtful | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 3,311 | 0 |
Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 3,137,451 | 1,751,170 |
Non-covered loans, net of unearned income | 3,136,908 | 1,772,330 |
Acquired Loans | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium (discount) | (60,088) | (62,026) |
Non-covered loans, net of unearned income | 2,065,514 | 811,884 |
Acquired Loans | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 120,467 | 64,393 |
Premium (discount) | (2,368) | (4,482) |
Non-covered loans, net of unearned income | 125,426 | 70,933 |
Acquired Loans | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,434,966 | 588,947 |
Premium (discount) | (50,820) | (50,530) |
Non-covered loans, net of unearned income | 1,444,023 | 614,035 |
Acquired Loans | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 490,255 | 119,472 |
Premium (discount) | (6,900) | (7,014) |
Non-covered loans, net of unearned income | 492,476 | 119,174 |
Acquired Loans | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 2,221 | 7,731 |
Premium (discount) | 0 | 0 |
Non-covered loans, net of unearned income | 3,589 | 7,742 |
Acquired Loans | Residential and Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,089,542 | 970,627 |
30 or more days past due | 42,620 | 63,877 |
Premium (discount) | (60,768) | (74,058) |
Non-covered loans, net of unearned income | 1,071,394 | 960,446 |
Acquired Loans | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Acquired Loans | Residential Mortgage | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 506,103 | 559,180 |
30 or more days past due | 24,752 | 33,916 |
Premium (discount) | (29,559) | (40,493) |
Non-covered loans, net of unearned income | 501,296 | 552,603 |
Acquired Loans | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Non-covered loans, net of unearned income | 570,098 | 407,843 |
Acquired Loans | Consumer and Other Loans | Consumer - Home Equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 503,635 | 315,788 |
30 or more days past due | 16,381 | 26,350 |
Premium (discount) | (29,492) | (32,009) |
Non-covered loans, net of unearned income | 490,524 | 310,129 |
Acquired Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 72 | 393 |
30 or more days past due | 12 | 39 |
Premium (discount) | 0 | (40) |
Non-covered loans, net of unearned income | 84 | 392 |
Acquired Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 565 | 614 |
Non-covered loans, net of unearned income | 582 | 648 |
Acquired Loans | Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 79,732 | 95,266 |
30 or more days past due | 1,475 | 3,572 |
Premium (discount) | (1,717) | (1,516) |
Non-covered loans, net of unearned income | 79,490 | 97,322 |
Acquired Loans | Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 79,167 | 94,652 |
Non-covered loans, net of unearned income | 78,908 | 96,674 |
Acquired Loans | Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,975,355 | 707,131 |
Acquired Loans | Pass | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 116,539 | 58,849 |
Acquired Loans | Pass | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,383,409 | 530,958 |
Acquired Loans | Pass | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 473,241 | 109,593 |
Acquired Loans | Pass | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 2,166 | 7,731 |
Acquired Loans | Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 36,192 | 39,406 |
Acquired Loans | Special Mention | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,681 | 3,934 |
Acquired Loans | Special Mention | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 26,080 | 33,216 |
Acquired Loans | Special Mention | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 8,376 | 2,256 |
Acquired Loans | Special Mention | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 55 | 0 |
Acquired Loans | Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 104,602 | 127,116 |
Acquired Loans | Substandard | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 8,803 | 12,632 |
Acquired Loans | Substandard | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 79,119 | 100,391 |
Acquired Loans | Substandard | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 16,510 | 14,082 |
Acquired Loans | Substandard | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 170 | 11 |
Acquired Loans | Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 9,299 | 257 |
Acquired Loans | Doubtful | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 771 | 0 |
Acquired Loans | Doubtful | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 6,124 | 0 |
Acquired Loans | Doubtful | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,206 | 257 |
Acquired Loans | Doubtful | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 1,198 | $ 0 |
Acquired Loans | Loss | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 154 | |
Acquired Loans | Loss | Commercial Loans | Commercial Real Estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 0 | |
Acquired Loans | Loss | Commercial Loans | Commercial Real Estate - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 111 | |
Acquired Loans | Loss | Commercial Loans | Commercial and Industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | 43 | |
Acquired Loans | Loss | Commercial Loans | Energy-Related | ||
Financing Receivable, Allowance for Credit Losses | ||
Credit quality indicator by asset risk classification | $ 0 |
Allowance for Credit Losses a77
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Legacy Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired | |||
Recorded investment | $ 85,393 | $ 36,560 | $ 45,342 |
Unpaid principal balance | 89,516 | 37,327 | 46,501 |
Related allowance | (4,123) | (767) | (1,159) |
Average recorded investment | 96,221 | 39,176 | 49,645 |
Interest income recognized | 3,145 | 513 | 587 |
Commercial Loans | |||
Financing Receivable, Impaired | |||
Recorded investment | 60,289 | 11,443 | 25,018 |
Unpaid principal balance | 63,944 | 11,876 | 25,877 |
Related allowance | (3,655) | (433) | (859) |
Average recorded investment | 70,449 | 12,851 | 28,823 |
Interest income recognized | 2,819 | 251 | 321 |
Residential Mortgage | |||
Financing Receivable, Impaired | |||
Recorded investment | 13,679 | 14,111 | 11,408 |
Unpaid principal balance | 13,743 | 14,363 | 11,645 |
Related allowance | (64) | (252) | (237) |
Average recorded investment | 14,086 | 14,263 | 9,675 |
Interest income recognized | 87 | 110 | 98 |
Consumer and Other Loans | |||
Financing Receivable, Impaired | |||
Recorded investment | 11,425 | 11,006 | 8,916 |
Unpaid principal balance | 11,829 | 11,088 | 8,979 |
Related allowance | (404) | (82) | (63) |
Average recorded investment | 11,686 | 12,062 | 11,147 |
Interest income recognized | 244 | 152 | 168 |
With No Related Allowance Recorded | Commercial Loans | Real Estate | |||
Financing Receivable, Impaired | |||
Recorded investment | 16,145 | 6,680 | 8,567 |
Unpaid principal balance | 16,145 | 6,680 | 8,567 |
Related allowance | 0 | 0 | 0 |
Average recorded investment | 15,864 | 6,703 | 10,443 |
Interest income recognized | 315 | 132 | 43 |
With No Related Allowance Recorded | Commercial Loans | Commercial and Industrial | |||
Financing Receivable, Impaired | |||
Recorded investment | 14,340 | 2,483 | 13,256 |
Unpaid principal balance | 14,340 | 2,483 | 13,256 |
Related allowance | 0 | 0 | 0 |
Average recorded investment | 18,839 | 2,873 | 11,074 |
Interest income recognized | 1,148 | 57 | 170 |
With No Related Allowance Recorded | Commercial Loans | Energy-Related | |||
Financing Receivable, Impaired | |||
Recorded investment | 0 | ||
Unpaid principal balance | 0 | ||
Related allowance | 0 | ||
Average recorded investment | 0 | ||
Interest income recognized | 0 | ||
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Home Equity | |||
Financing Receivable, Impaired | |||
Recorded investment | 730 | 682 | 258 |
Unpaid principal balance | 730 | 682 | 258 |
Related allowance | 0 | 0 | 0 |
Average recorded investment | 533 | 696 | 281 |
Interest income recognized | 22 | 19 | 1 |
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||
Financing Receivable, Impaired | |||
Recorded investment | 66 | ||
Unpaid principal balance | 66 | ||
Related allowance | 0 | ||
Average recorded investment | 66 | ||
Interest income recognized | 5 | ||
With An Allowance Recorded | Commercial Loans | Real Estate | |||
Financing Receivable, Impaired | |||
Recorded investment | 12,500 | 1,044 | 1,268 |
Unpaid principal balance | 13,753 | 1,069 | 1,284 |
Related allowance | (1,253) | (25) | (16) |
Average recorded investment | 14,055 | 1,134 | 4,414 |
Interest income recognized | 554 | 38 | 8 |
With An Allowance Recorded | Commercial Loans | Commercial and Industrial | |||
Financing Receivable, Impaired | |||
Recorded investment | 5,985 | 1,209 | 1,927 |
Unpaid principal balance | 6,262 | 1,617 | 2,770 |
Related allowance | (277) | (408) | (843) |
Average recorded investment | 7,352 | 2,113 | 2,892 |
Interest income recognized | 331 | 23 | 100 |
With An Allowance Recorded | Commercial Loans | Energy-Related | |||
Financing Receivable, Impaired | |||
Recorded investment | 11,319 | 27 | |
Unpaid principal balance | 13,444 | 27 | |
Related allowance | (2,125) | 0 | |
Average recorded investment | 14,339 | 28 | |
Interest income recognized | 471 | 1 | |
With An Allowance Recorded | Residential Mortgage | Residential Mortgage | |||
Financing Receivable, Impaired | |||
Recorded investment | 13,679 | 14,111 | 11,408 |
Unpaid principal balance | 13,743 | 14,363 | 11,645 |
Related allowance | (64) | (252) | (237) |
Average recorded investment | 14,086 | 14,263 | 9,675 |
Interest income recognized | 82 | 110 | 98 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Home Equity | |||
Financing Receivable, Impaired | |||
Recorded investment | 8,196 | 7,121 | 6,506 |
Unpaid principal balance | 8,559 | 7,165 | 6,550 |
Related allowance | (363) | (44) | (44) |
Average recorded investment | 7,554 | 7,544 | 7,593 |
Interest income recognized | 129 | 43 | 93 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Indirect Automobile | |||
Financing Receivable, Impaired | |||
Recorded investment | 1,171 | 1,410 | 1,267 |
Unpaid principal balance | 1,181 | 1,419 | 1,275 |
Related allowance | (10) | (9) | (8) |
Average recorded investment | 1,613 | 2,016 | 2,090 |
Interest income recognized | 44 | 51 | 55 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Credit Card | |||
Financing Receivable, Impaired | |||
Recorded investment | 386 | 1,012 | 404 |
Unpaid principal balance | 394 | 1,032 | 411 |
Related allowance | (8) | (20) | (7) |
Average recorded investment | 881 | 797 | 418 |
Interest income recognized | 0 | 0 | 0 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||
Financing Receivable, Impaired | |||
Recorded investment | 876 | 781 | 481 |
Unpaid principal balance | 899 | 790 | 485 |
Related allowance | (23) | (9) | (4) |
Average recorded investment | 1,039 | 1,009 | 765 |
Interest income recognized | $ 44 | $ 39 | $ 19 |
Loss Sharing Agreements and F78
Loss Sharing Agreements and FDIC Loss Share Receivable (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2013USD ($) | Dec. 31, 2021acquisition | Dec. 31, 2020acquisition | Dec. 31, 2019acquisition | Dec. 31, 2016acquisition | Dec. 31, 2015USD ($)acquisitionBusiness | Dec. 31, 2014USD ($)acquisition | Dec. 31, 2013USD ($) | |
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% | |||||||
Number of acquisitions exceeding loan loss contractual threshold | 3 | |||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | ||||||||
Recovery period for covered assets (in years) | 3 years | |||||||
FDIC loss share receivables | $ | $ 39,878 | $ 69,627 | $ 162,312 | |||||
Impairment | $ | $ 31,800 | $ 0 | $ 5,121 | |||||
Excluding Single Family | ||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | ||||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | 1 | 3 | ||||||
Excluding Single Family | Forecast | ||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | ||||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | 2 | |||||||
Single Family | Forecast | ||||||||
Loss Sharing Agreements and FDIC Loss Share Receivable | ||||||||
Number of acquisitions where FDIC loan loss reimbursable period Is ending | 2 | 1 | 3 |
Loss Sharing Agreements and F79
Loss Sharing Agreements and FDIC Loss Share Receivable - Schedule of FDIC Loss Share Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FDIC Indemnification Asset | ||||
Balance at beginning of period | $ 69,627 | $ 162,312 | ||
Adjustment attributable to FDIC loss share arrangements | (1,360) | (4,260) | $ (56,085) | |
Amortization | (23,500) | (74,617) | (97,849) | |
(Submission of reimbursable losses) recoveries payable to the FDIC | (2,444) | 3,282 | ||
Impairment of FDIC loss share receivables and other long-lived assets | $ (31,800) | 0 | (5,121) | |
Changes due to a change in cash flow assumptions on OREO and other changes | (2,445) | (11,969) | ||
Balance at end of period | $ 39,878 | $ 69,627 | $ 162,312 |
Transfers and Servicing of Fi80
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Transfers and Servicing [Abstract] | ||
Unpaid principal balances of loans serviced | $ 888.4 | $ 533.8 |
Transfers and Servicing of Fi81
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Changes in Carrying Amount of Mortgage Loans Held-for-sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | |||
Balance at beginning of period | $ 140,072 | $ 128,442 | $ 267,475 |
Originations and purchases | 2,464,588 | 1,675,538 | 2,116,460 |
Sales, net of gains | (2,432,979) | (1,657,409) | (2,255,493) |
Other | (5,434) | (6,499) | 0 |
Balance at end of period | $ 166,247 | $ 140,072 | $ 128,442 |
Transfers and Servicing of Fi82
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Components of Mortgage Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Participating Mortgage Loans | |||
Gains on sales | $ 83,131 | $ 59,156 | $ 65,393 |
Total mortgage income | 81,122 | 51,797 | 64,197 |
Mortgage Income | |||
Participating Mortgage Loans | |||
Mortgage loans held for sale and derivatives | 2,216 | 631 | (4,822) |
Derivative settlements, net | (5,017) | (8,743) | 3,100 |
Gains on sales | 83,131 | 59,156 | 65,393 |
Servicing and other income, net | 792 | 753 | 526 |
Total mortgage income | $ 81,122 | $ 51,797 | $ 64,197 |
Transfers and Servicing of Fi83
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) - Schedule of Mortgage Servicing Rights at Carrying Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 75,654 | $ 57,665 |
Accumulated Amortization | (45,134) | (37,304) |
Net Carrying Amount | 30,520 | 20,361 |
Mortgage Servicing Rights | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 6,104 | 4,751 |
Accumulated Amortization | (2,320) | (1,253) |
Net Carrying Amount | $ 3,784 | $ 3,498 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 84,438 | $ 75,916 |
Buildings | 245,934 | 232,727 |
Furniture, fixtures and equipment | 140,031 | 128,388 |
Total premises and equipment | 470,403 | 437,031 |
Accumulated depreciation | (146,501) | (129,872) |
Total premises and equipment, net | $ 323,902 | $ 307,159 |
Premises and Equipment (Detail)
Premises and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment | |||
Depreciation expense | $ 22.2 | $ 19.4 | $ 19.6 |
Maximum lease term | 6 years | ||
Average lease income (in usd per month) | $ 0.2 | ||
Total lease income | 2.4 | 1.6 | 1.5 |
Rent expense | $ 15.4 | 10.9 | $ 11.4 |
Minimum | |||
Property, Plant and Equipment | |||
Operating lease term (in years) | 1 year | ||
Maximum | |||
Property, Plant and Equipment | |||
Operating lease term (in years) | 50 years | ||
Buildings | |||
Property, Plant and Equipment | |||
Total allocated cost of portion of buildings held for lease | $ 8.2 | 7.6 | |
Accumulated depreciation | $ 2.6 | $ 2.4 |
Premises and Equipment - Sche86
Premises and Equipment - Schedule of Minimum Future Annual Rent Commitments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Abstract] | |
2,016 | $ 16,957 |
2,017 | 14,751 |
2,018 | 13,491 |
2,019 | 11,952 |
2,020 | 10,735 |
2021 and thereafter | 41,054 |
Total | $ 108,940 |
Goodwill and Other Acquired I87
Goodwill and Other Acquired Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | ||
Balance at beginning of the period | $ 517,526 | |
Balance at end of the period | 724,603 | $ 517,526 |
Operating Segments | ||
Goodwill | ||
Balance at beginning of the period | 517,526 | 401,872 |
Goodwill acquired during the year | 207,077 | 115,654 |
Balance at end of the period | 724,603 | 517,526 |
Operating Segments | IBERIABANK | ||
Goodwill | ||
Balance at beginning of the period | 489,183 | 373,905 |
Goodwill acquired during the year | 207,077 | 115,278 |
Balance at end of the period | 696,260 | 489,183 |
Operating Segments | IMC | ||
Goodwill | ||
Balance at beginning of the period | 23,178 | 23,178 |
Goodwill acquired during the year | 0 | 0 |
Balance at end of the period | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill | ||
Balance at beginning of the period | 5,165 | 4,789 |
Goodwill acquired during the year | 0 | 376 |
Balance at end of the period | $ 5,165 | $ 5,165 |
Goodwill and Other Acquired I88
Goodwill and Other Acquired Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.7 | $ 6.7 |
Goodwill and Other Acquired I89
Goodwill and Other Acquired Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 75,654 | $ 57,665 |
Accumulated Amortization | (45,134) | (37,304) |
Net Carrying Amount | 30,520 | 20,361 |
Core Deposit Intangibles | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 74,001 | 55,949 |
Accumulated Amortization | (43,957) | (36,354) |
Net Carrying Amount | 30,044 | 19,595 |
Customer Relationship Intangible Asset | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 1,348 | 1,348 |
Accumulated Amortization | (984) | (822) |
Net Carrying Amount | 364 | 526 |
Non-compete Agreements | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 100 | 163 |
Accumulated Amortization | (79) | (82) |
Net Carrying Amount | 21 | 81 |
Other Intangible Assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 205 | 205 |
Accumulated Amortization | (114) | (46) |
Net Carrying Amount | $ 91 | $ 159 |
Goodwill and Other Acquired I90
Goodwill and Other Acquired Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Aggregate amortization expense | $ 7,811 | $ 5,807 | $ 4,720 |
Estimated amortization expense for the years ended December 31: | |||
2,016 | 8,338 | ||
2,017 | 6,775 | ||
2,018 | 5,786 | ||
2,019 | 5,066 | ||
2,020 | 3,613 | ||
2021 and thereafter | $ 942 |
Derivative Instruments and Ot91
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value of Derivatives | ||
Derivative Asset | $ 30,486 | $ 32,903 |
Derivative Liability | 24,939 | 31,354 |
Notional Amount of Derivatives | ||
Derivative assets | 1,255,277 | 823,180 |
Derivative liabilities | 950,105 | 1,062,436 |
Designated as Hedging Instruments | ||
Fair Value of Derivatives | ||
Derivative Asset | 58 | 0 |
Derivative Liability | 0 | 0 |
Notional Amount of Derivatives | ||
Derivative assets | 108,500 | 0 |
Derivative liabilities | 0 | 0 |
Designated as Hedging Instruments | Interest Rate Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 108,500 | 0 |
Derivative liabilities | 0 | 0 |
Designated as Hedging Instruments | Interest Rate Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 58 | 0 |
Designated as Hedging Instruments | Interest Rate Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 0 | 0 |
Not Designated as Hedging Instruments | ||
Fair Value of Derivatives | ||
Derivative Asset | 30,428 | 32,903 |
Derivative Liability | 24,939 | 31,354 |
Notional Amount of Derivatives | ||
Derivative assets | 1,146,777 | 823,180 |
Derivative liabilities | 950,105 | 1,062,436 |
Not Designated as Hedging Instruments | Interest Rate Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 590,334 | 444,703 |
Derivative liabilities | 590,334 | 444,703 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 18,077 | 15,434 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 18,077 | 15,434 |
Not Designated as Hedging Instruments | Foreign Exchange Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 4,392 | 0 |
Derivative liabilities | 4,392 | 0 |
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 156 | 0 |
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 134 | 0 |
Not Designated as Hedging Instruments | Forward Sales Contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 223,841 | 15,897 |
Derivative liabilities | 173,430 | 391,992 |
Not Designated as Hedging Instruments | Forward Sales Contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 1,588 | 25 |
Not Designated as Hedging Instruments | Forward Sales Contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 474 | 2,556 |
Not Designated as Hedging Instruments | Written and Purchased Options | ||
Notional Amount of Derivatives | ||
Derivative assets | 328,210 | 362,580 |
Derivative liabilities | 181,949 | 225,741 |
Not Designated as Hedging Instruments | Written and Purchased Options | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 10,607 | 17,444 |
Not Designated as Hedging Instruments | Written and Purchased Options | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | $ 6,254 | $ 13,364 |
Derivative Instruments and Ot92
Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash as collateral for derivative transactions | $ 21.8 | $ 11.5 |
Derivative Instruments and Ot93
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative assets | ||
Derivative instruments | $ 24,393 | $ 28,798 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | (45) | 0 |
Net | 24,348 | 28,798 |
Derivative liabilities | ||
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | (9,428) | (3,735) |
Net | 8,630 | 11,676 |
Derivative instruments | 18,058 | 15,411 |
Written and Purchased Options | ||
Derivative assets | ||
Derivative instruments | 6,277 | 13,387 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net | 6,277 | 13,387 |
Designated as Hedging Instruments | Interest Rate Contracts | ||
Derivative assets | ||
Derivative instruments | 58 | 0 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | (45) | 0 |
Net | 13 | 0 |
Not Designated as Hedging Instruments | Interest Rate Contracts | ||
Derivative assets | ||
Derivative instruments | 18,058 | 15,411 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net | 18,058 | 15,411 |
Derivative liabilities | ||
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | (9,428) | (3,735) |
Net | 8,630 | 11,676 |
Derivative instruments | $ 18,058 | $ 15,411 |
Derivative Instruments and Ot94
Derivative Instruments and Other Hedging Activities - Effect of Hedging Instruments on Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Designated as Hedging Instruments | Cash Flow Hedging | Interest Rate Contracts | Other Income (Expense) | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of gain (loss) recognized in OCI, net of taxes | $ 38 | $ 0 | $ 619 |
Amount of gain (loss) reclassified from Accumulated OCI into income | 0 | 0 | (391) |
Amount of gain (loss) recognized in income on derivative | 0 | (1) | 1 |
Not Designated as Hedging Instruments | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Gain (loss) on derivatives, net | 1,492 | (6,451) | (1,757) |
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Income (Expense) | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Gain (loss) on derivatives, net | 4,143 | 2,513 | 2,991 |
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Income (Expense) | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Gain (loss) on derivatives, net | 22 | 0 | 0 |
Not Designated as Hedging Instruments | Forward Sales Contracts | Mortgage Income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Gain (loss) on derivatives, net | (2,947) | (3,225) | (1,716) |
Not Designated as Hedging Instruments | Written and Purchased Options | Mortgage Income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Gain (loss) on derivatives, net | $ 274 | $ (5,739) | $ (3,032) |
Derivative Instruments and Ot95
Derivative Instruments and Other Hedging Activities - Outstanding Interest Rate Swap Agreements Not Designated as Hedging Instruments (Detail) - Not Designated as Hedging Instruments - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative | |||
Weighted average pay rate | 3.20% | 2.90% | 3.00% |
Weighted average receive rate | 0.90% | 0.40% | 0.20% |
Weighted average maturity in years | 7 years 6 months | 7 years 8 months 12 days | 7 years 7 months 6 days |
Unrealized gain (loss) relating to interest rate swaps | $ 0 | $ 0 | $ 0 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits by Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Banking and Thrift [Abstract] | |||
Non-interest-bearing deposits | $ 4,352,229 | $ 3,195,430 | |
Negotiable order of withdrawal (NOW) | 2,974,176 | 2,462,841 | |
Money market deposits accounts (MMDA) | 6,010,882 | 4,168,504 | |
Savings deposits | 716,838 | 577,513 | |
Certificates of deposit and other time deposits | 2,124,623 | 2,116,237 | |
Total deposits | $ 16,178,748 | $ 12,520,525 | $ 10,737,000 |
Deposits - Schedule of Time Dep
Deposits - Schedule of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Time Deposits, Less than $250,000 | $ 1,456,804 | $ 1,767,448 |
Time Deposits, $250,000 or More | 667,819 | 348,789 |
Total time deposits | $ 2,124,623 | $ 2,116,237 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
2,016 | $ 1,380,655 | |
2,017 | 423,866 | |
2,018 | 112,915 | |
2,019 | 64,170 | |
2,020 | 81,418 | |
2021 and thereafter | 61,599 | |
Total time deposits | $ 2,124,623 | $ 2,116,237 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank advances | $ 110,000,000 | $ 603,000,000 | |
Securities sold under agreements to repurchase | 216,617,000 | 242,742,000 | |
Total short-term borrowings | 326,617,000 | 845,742,000 | $ 680,344,000 |
Short-term Debt, Other Disclosures | |||
Maximum month-end outstanding balance | 798,933,000 | 1,034,741,000 | 680,344,000 |
Average daily outstanding balance | $ 426,011,000 | $ 782,033,000 | $ 303,352,000 |
Average rate during the year | 0.18% | 0.17% | 0.16% |
Average rate at year end | 0.20% | 0.18% | 0.15% |
Maximum borrowing capacity | $ 180,000,000 | ||
Amount outstanding at end of period | $ 0 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument | ||
Long-term debt | $ 340,447 | $ 403,254 |
IBERIABANK | ||
Debt Instrument | ||
Long-term debt | 220,337 | 291,392 |
IBERIABANK | Federal Home Loan Bank Notes | ||
Debt Instrument | ||
Long-term debt | $ 136,628 | $ 210,549 |
Minimum interest rate | 0.903% | 0.903% |
Maximum interest rate | 7.04% | 7.04% |
IBERIABANK | Notes Payable | ||
Debt Instrument | ||
Long-term debt | $ 83,709 | $ 80,843 |
Minimum interest rate | 0.50% | 0.50% |
Maximum interest rate | 5.00% | 5.00% |
IBERIABANK | Notes Payable | Minimum | ||
Debt Instrument | ||
Debt Instrument term (in years) | 7 years | 7 years |
IBERIABANK | Notes Payable | Maximum | ||
Debt Instrument | ||
Debt Instrument term (in years) | 40 years | 40 years |
IBERIABANK Corporation | Junior Subordinated Debt | ||
Debt Instrument | ||
Long-term debt | $ 120,110 | $ 111,862 |
Debt Instrument term (in years) | 30 years | |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust I, 3 month LIBOR, plus 3.25% | ||
Debt Instrument | ||
Long-term debt | $ 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust II, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust III, 3 month LIBOR, plus 2.00% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust IV, 3 month LIBOR, plus 1.60% | ||
Debt Instrument | ||
Long-term debt | 15,464 | 15,464 |
IBERIABANK Corporation | Junior Subordinated Debt | American Horizons Statutory Trust I, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Long-term debt | 6,186 | 6,186 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust V, 3 month LIBOR, plus 1.435% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VI, 3 month LIBOR, plus 2.75% | ||
Debt Instrument | ||
Long-term debt | 12,372 | 12,372 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VII, 3 month LIBOR, plus 2.54% | ||
Debt Instrument | ||
Long-term debt | 13,403 | 13,403 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VIII, 3 month LIBOR, plus 3.50% | ||
Debt Instrument | ||
Long-term debt | 7,217 | 7,217 |
IBERIABANK Corporation | Junior Subordinated Debt | OMNI Trust I, 3 month LIBOR, plus 3.30% | ||
Debt Instrument | ||
Long-term debt | 8,248 | 8,248 |
IBERIABANK Corporation | Junior Subordinated Debt | OMNI Trust II, 3 Month LIBOR, plus 2.79% | ||
Debt Instrument | ||
Long-term debt | 7,732 | 7,732 |
IBERIABANK Corporation | Junior Subordinated Debt | GA Commerce Trust II, 3 Month LIBOR, plus 1.64% | ||
Debt Instrument | ||
Long-term debt | $ 8,248 | $ 0 |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | ||
Debt Instrument | ||
Three month LIBOR rate during period | 0.61% | 0.26% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust I, 3 month LIBOR, plus 3.25% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.25% | 3.25% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust II, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.15% | 3.15% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust III, 3 month LIBOR, plus 2.00% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.00% | 2.00% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust IV, 3 month LIBOR, plus 1.60% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.60% | 1.60% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | American Horizons Statutory Trust I, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.15% | 3.15% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust V, 3 month LIBOR, plus 1.435% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.435% | 1.435% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VI, 3 month LIBOR, plus 2.75% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.75% | 2.75% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VII, 3 month LIBOR, plus 2.54% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.54% | 2.54% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VIII, 3 month LIBOR, plus 3.50% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.50% | 3.50% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | OMNI Trust I, 3 month LIBOR, plus 3.30% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.30% | 3.30% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | OMNI Trust II, 3 Month LIBOR, plus 2.79% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.79% | 2.79% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | GA Commerce Trust II, 3 Month LIBOR, plus 1.64% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.64% | 1.64% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument | |||
Long-term debt | $ 340,447 | $ 403,254 | |
IBERIABANK | |||
Debt Instrument | |||
Long-term debt | $ 220,337 | $ 291,392 | |
IBERIABANK | Federal Home Loan Bank Notes | |||
Debt Instrument | |||
FHLB advance amortization period (in years, minimum) | 2 years 6 months | ||
FHLB advance amortization period (in years, maximum) | 20 years | ||
Weighted average advance rate on FHLB advances | 3.79% | 3.24% | |
Long-term debt | $ 136,628 | $ 210,549 | |
IBERIABANK | Federal Home Loan Bank Notes | Blanket Floating Lien | |||
Debt Instrument | |||
Additional advances available from FHLB | 4,600,000 | ||
IBERIABANK | Federal Home Loan Bank Notes | Pledge of Investment Securities | |||
Debt Instrument | |||
Additional advances available from FHLB | 1,200,000 | ||
IBERIABANK Corporation | Junior Subordinated Debt | |||
Debt Instrument | |||
Long-term debt | $ 120,110 | $ 111,862 | |
Debt Instrument term (in years) | 30 years | ||
Earliest call date after issue (in years) | 5 years | ||
Earliest interest payment deferral date (in years or 20 consecutive quarters) | 5 years | ||
Percent of subordinate debt excluded from Tier 1 regulatory capital requirements, Percentage | 75.00% | ||
Forecast | IBERIABANK Corporation | Junior Subordinated Debt | |||
Debt Instrument | |||
Percent of subordinate debt excluded from Tier 1 regulatory capital requirements, Percentage | 25.00% |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 34,789 | |
2,017 | 61,899 | |
2,018 | 21,057 | |
2,019 | 7,865 | |
2,020 | 16,308 | |
2021 and thereafter | 198,529 | |
Total long-term debt | $ 340,447 | $ 403,254 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current expense | $ 67,025 | $ 69,612 | $ 62,468 |
Deferred expense (benefit) | 4,551 | (25,027) | (35,930) |
Tax credits | (11,268) | (12,012) | (11,690) |
ASU 2014-01 Amortization on Low Income Housing Tax Credits | 2,023 | 1,005 | 251 |
Tax benefits attributable to items charged to equity and goodwill | 1,763 | 2,105 | 1,034 |
Total income tax expense | $ 64,094 | $ 35,683 | $ 16,133 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Taxes payable | $ 13,000,000 | ||
Tax receivable, federal and state income taxes | $ 2,000,000 | ||
Federal statutory income tax rate | 35.00% | ||
Net tax benefit | $ (2,024,000) | (792,000) | $ 1,169,000 |
Decrease related to prior year taxes | 1,300,000 | ||
Other discrete items | $ 600,000 | ||
Expiration period for net operating loss carryforwards (in years) | 20 years | ||
Valuation allowance | $ 0 | 0 | |
Retained earnings of prior period | 21,900,000 | 21,900,000 | |
Interest or penalties recognized | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal tax based on statutory rate | $ 72,428 | $ 49,373 | $ 28,441 |
Effect of tax-exempt income | (6,919) | (7,064) | (7,282) |
Interest and other nondeductible expenses | 5,899 | 2,642 | 2,007 |
State taxes, net of federal benefit | 3,955 | 2,531 | 3,237 |
Tax credits | (11,268) | (12,012) | (11,690) |
ASU 2014-01 Amortization on Low Income Housing Tax Credits | 2,023 | 1,005 | 251 |
Other | (2,024) | (792) | 1,169 |
Total income tax expense | $ 64,094 | $ 35,683 | $ 16,133 |
Effective tax rate | 31.00% | 25.30% | 19.90% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax asset: | ||
NOL carryforward | $ 17,258 | $ 978 |
Allowance for credit losses | 56,446 | 59,267 |
Deferred compensation | 7,528 | 6,631 |
Basis difference in acquired assets | 48,256 | 53,202 |
Unrealized loss on securities available for sale | 854 | 0 |
OREO | 6,210 | 9,845 |
Other | 10,438 | 13,530 |
Deferred tax assets | 146,990 | 143,453 |
Deferred tax liability: | ||
Basis difference in acquired assets | (31,975) | (53,940) |
Gain on acquisition | (212) | (2,426) |
FHLB stock | (122) | (85) |
Premises and equipment | (1,658) | (9,652) |
Acquisition intangibles | (7,648) | (12,151) |
Deferred loan costs | (4,610) | (3,771) |
Unrealized gain on securities available for sale | 0 | (4,052) |
Investments acquired | (167) | (570) |
Swap gain | 0 | (75) |
Other | (16,694) | (12,908) |
Deferred tax liabilities | (63,086) | (99,630) |
Net deferred tax asset | $ 83,904 | $ 43,823 |
Capital Requirements and Oth107
Capital Requirements and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) | Jan. 04, 2016$ / shares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares |
Total risk-based capital | ||||
Preferred stock, par value (in usd per share) | $ / shares | $ 1 | $ 1 | ||
Liquidation preference (per share) | $ / shares | $ 10,000 | $ 10,000 | ||
Consolidated | ||||
Tier 1 Leverage | ||||
Minimum amount | $ 751,798,000 | $ 602,359,000 | ||
Minimum ratio | 4.00% | 4.00% | ||
Actual amount | $ 1,790,034,000 | $ 1,408,141,000 | ||
Actual ratio | 9.52% | 9.35% | ||
Common Equity Tier 1 (CET1) | ||||
Minimum amount | $ 752,610,000 | |||
Minimum ratio | 4.50% | |||
Actual amount | $ 1,684,097,000 | |||
Actual ratio | 10.07% | |||
Tier 1 risk-based capital | ||||
Minimum amount | $ 1,003,479,000 | $ 504,086,000 | ||
Minimum ratio | 6.00% | 4.00% | ||
Actual amount | $ 1,790,034,000 | $ 1,408,141,000 | ||
Actual ratio | 10.70% | 11.17% | ||
Total risk-based capital | ||||
Minimum amount | $ 1,337,973,000 | $ 1,008,171,000 | ||
Minimum ratio | 8.00% | 8.00% | ||
Actual amount | $ 2,029,932,000 | $ 1,550,088,000 | ||
Actual ratio | 12.14% | 12.30% | ||
IBERIABANK | ||||
Tier 1 Leverage | ||||
Minimum amount | $ 749,226,000 | $ 600,121,000 | ||
Minimum ratio | 4.00% | 4.00% | ||
Well capitalized amount | $ 936,532,000 | $ 750,151,000 | ||
Well capitalized ratio | 5.00% | 5.00% | ||
Actual amount | $ 1,691,022,000 | $ 1,265,540,000 | ||
Actual ratio | 9.03% | 8.44% | ||
Common Equity Tier 1 (CET1) | ||||
Minimum amount | $ 750,660,000 | |||
Minimum ratio | 4.50% | |||
Well capitalized amount | $ 1,084,287,000 | |||
Well capitalized ratio | 6.50% | |||
Actual amount | $ 1,691,022,000 | |||
Actual ratio | 10.14% | |||
Tier 1 risk-based capital | ||||
Minimum amount | $ 1,000,880,000 | $ 502,421,000 | ||
Minimum ratio | 6.00% | 4.00% | ||
Well capitalized amount | $ 1,334,507,000 | $ 753,631,000 | ||
Well capitalized ratio | 8.00% | 6.00% | ||
Actual amount | $ 1,691,022,000 | $ 1,265,540,000 | ||
Actual ratio | 10.14% | 10.08% | ||
Total risk-based capital | ||||
Minimum amount | $ 1,334,507,000 | $ 1,004,841,000 | ||
Minimum ratio | 8.00% | 8.00% | ||
Well capitalized amount | $ 1,668,133,000 | $ 1,256,052,000 | ||
Well capitalized ratio | 10.00% | 10.00% | ||
Actual amount | $ 1,843,545,000 | $ 1,407,487,000 | ||
Actual ratio | 11.05% | 11.21% | ||
Dividend payable restriction | $ 148,700,000 | |||
Funds available for loans or advances to the parent | $ 184,400,000 | |||
Preferred Class B [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations | ||||
Depositary shares issued | shares | 3,200,000 | |||
Ownership interest per share | 0.0025 | |||
Liquidation preference per depositary share | $ / shares | 25 | |||
Liquidation preference value | $ 80,000,000 | |||
Total risk-based capital | ||||
Ownership per share | 6.625% | |||
Preferred stock, par value (in usd per share) | $ / shares | $ 1 | |||
Liquidation preference (per share) | $ / shares | $ 10,000 | |||
Subsequent Event | Preferred Class B [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations | ||||
Dividend per share declared | $ / shares | $ 0.805 | |||
Three Month London Interbank Offered Rate [Member] | Preferred Class B [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations | ||||
Dividend spread | 4.262% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per common share - basic | |||
Net income | $ 142,844 | $ 105,382 | $ 65,128 |
Dividends and undistributed earnings allocated to unvested restricted shares | (1,680) | (1,651) | (1,205) |
Net income allocated to common shareholders - basic | $ 141,164 | $ 103,731 | $ 63,923 |
Weighted average common shares outstanding | 38,214 | 31,307 | 29,052 |
Earnings per common share - basic (in usd per share) | $ 3.69 | $ 3.31 | $ 2.20 |
Earnings per common share - diluted | |||
Net income allocated to common shareholders - basic | $ 141,164 | $ 103,731 | $ 63,923 |
Dividends and undistributed earnings allocated to unvested restricted shares | (48) | (34) | (4) |
Earnings Allocated to Common Shareholders | $ 141,116 | $ 103,697 | $ 63,919 |
Weighted average common shares outstanding | 38,214 | 31,307 | 29,052 |
Dilutive potential common shares | 96 | 126 | 53 |
Weighted average common shares outstanding - diluted | 38,310 | 31,433 | 29,105 |
Earnings per common share - diluted (in usd per share) | $ 3.68 | $ 3.30 | $ 2.20 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Weighted average number of shares held by Recognition and Retention Plan excluded from the calculation for basic shares outstanding | 607,608 | 625,555 | 642,008 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Antidilutive securities excluded from the computation of earnings per share | 159,236 | 13,101 | 483,696 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Future awards shares under approved incentive compensation plans | 784,254 | ||
Share-based compensation maximum option term (in years) | 10 years | ||
Contributions made by the company to 401(k) plan | $ 1.7 | $ 1.5 | $ 1.3 |
Stock Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unearned share-based compensation associated with awards | $ 2.7 | ||
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 5 years 1 month 6 days | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Unearned share-based compensation associated with awards | $ 19.5 | $ 19.8 | |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 2 years 8 months 12 days | ||
Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 3 years | ||
Phantom Stock Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Vesting period (in years) | 5 years | ||
Phantom Stock Awards | 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) - Stock Option Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of shares | |||
Balance at beginning of the period (in shares) | 867,682 | 1,072,829 | 1,236,075 |
Granted (in shares) | 82,001 | 77,434 | 75,722 |
Exercised (in shares) | (119,917) | (267,421) | (200,748) |
Forfeited or expired (in shares) | (15,989) | (15,160) | (38,220) |
Balance at end of the period (in shares) | 813,777 | 867,682 | 1,072,829 |
Exercisable at period end (in shares) | 546,842 | 562,752 | 707,934 |
Weighted Average Exercise Price | |||
Balance at beginning of the period (in usd per share) | $ 55.92 | $ 53.47 | $ 51.48 |
Granted (in usd per share) | 62.50 | 65.31 | 52.36 |
Exercised (in usd per share) | 51.71 | 48.57 | 40.35 |
Forfeited or expired (in usd per share) | 66.52 | 60.38 | 55.87 |
Balance at end of the period (in usd per share) | 56.99 | 55.92 | 53.47 |
Exercisable at period end (in usd per share) | $ 56.54 | $ 55.92 | $ 53.54 |
Aggregate Intrinsic Value (Dollars in thousands) | |||
Exercised (in usd) | $ 1,516 | $ 4,612 | $ 2,740 |
Balance at end of period (in usd) | 1,061 | ||
Exercisable at period end (in usd) | $ 665 | ||
Weighted Average Remaining Contract Life (in years) | |||
Weighted average remaining contract life at period end (in years) | 5 years 1 month 6 days | ||
Exercisable at period end (in years) | 3 years 10 months 24 days |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Phantom Stock and Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | $ 12,109 | $ 5,496 | $ 4,855 |
Restricted Stock And Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 12,045 | 9,932 | 8,593 |
Income tax benefit | 4,215 | 3,476 | 3,008 |
Stock Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Compensation expense | 1,861 | 2,053 | 2,110 |
Income tax benefit | $ 317 | $ 375 | $ 379 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Weighted Average Remaining Life of Options Outstanding within Stated Exercise Prices (Detail) - Stock Option Awards | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Options Outstanding | |
Number of options (in shares) | shares | 813,777 |
Weighted average exercise price (in usd per share) | $ 56.99 |
Weighted average remaining contract life (in years) | 5 years 1 month 6 days |
Options Exercisable | |
Number of Options (in shares) | shares | 546,842 |
Weighted average exercise price (in usd per share) | $ 56.54 |
$36.48 to $51.69 | |
Options Outstanding | |
Number of options (in shares) | shares | 108,856 |
Weighted average exercise price (in usd per share) | $ 50.05 |
Weighted average remaining contract life (in years) | 5 years 4 months 24 days |
Options Exercisable | |
Number of Options (in shares) | shares | 70,437 |
Weighted average exercise price (in usd per share) | $ 49.69 |
Minimum exercise price (in usd per share) | 36.48 |
Maximum exercise price (in usd per share) | $ 51.69 |
$51.70 to $52.88 | |
Options Outstanding | |
Number of options (in shares) | shares | 170,627 |
Weighted average exercise price (in usd per share) | $ 52.34 |
Weighted average remaining contract life (in years) | 6 years 6 months |
Options Exercisable | |
Number of Options (in shares) | shares | 86,365 |
Weighted average exercise price (in usd per share) | $ 52.34 |
Minimum exercise price (in usd per share) | 51.70 |
Maximum exercise price (in usd per share) | $ 52.88 |
$52.89 to $56.26 | |
Options Outstanding | |
Number of options (in shares) | shares | 133,884 |
Weighted average exercise price (in usd per share) | $ 54.94 |
Weighted average remaining contract life (in years) | 4 years 3 months 18 days |
Options Exercisable | |
Number of Options (in shares) | shares | 124,397 |
Weighted average exercise price (in usd per share) | $ 54.89 |
Minimum exercise price (in usd per share) | 52.89 |
Maximum exercise price (in usd per share) | $ 56.26 |
$56.27 to $59.04 | |
Options Outstanding | |
Number of options (in shares) | shares | 121,591 |
Weighted average exercise price (in usd per share) | $ 57.53 |
Weighted average remaining contract life (in years) | 1 year 2 months 12 days |
Options Exercisable | |
Number of Options (in shares) | shares | 119,855 |
Weighted average exercise price (in usd per share) | $ 57.52 |
Minimum exercise price (in usd per share) | 56.27 |
Maximum exercise price (in usd per share) | $ 59.04 |
$59.05 to $62.39 | |
Options Outstanding | |
Number of options (in shares) | shares | 119,583 |
Weighted average exercise price (in usd per share) | $ 59.92 |
Weighted average remaining contract life (in years) | 3 years 4 months 24 days |
Options Exercisable | |
Number of Options (in shares) | shares | 116,867 |
Weighted average exercise price (in usd per share) | $ 59.87 |
Minimum exercise price (in usd per share) | 59.05 |
Maximum exercise price (in usd per share) | $ 62.39 |
$62.40 to $111.71 | |
Options Outstanding | |
Number of options (in shares) | shares | 159,236 |
Weighted average exercise price (in usd per share) | $ 65.83 |
Weighted average remaining contract life (in years) | 8 years 2 months 12 days |
Options Exercisable | |
Number of Options (in shares) | shares | 28,921 |
Weighted average exercise price (in usd per share) | $ 75.41 |
Minimum exercise price (in usd per share) | 62.40 |
Maximum exercise price (in usd per share) | $ 111.71 |
Share-Based Compensation - Esti
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected dividends | 2.20% | 2.10% | 2.60% |
Expected volatility | 35.60% | 35.80% | 34.80% |
Risk-free interest rate | 2.00% | 2.30% | 1.70% |
Expected term (in years) | 7 years 6 months | 7 years 6 months | 8 years 7 months 6 days |
Weighted-average grant-date fair value | $ 19.57 | $ 21.26 | $ 15.37 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Balance at beginning of the period (in shares) | 506,289 | 523,756 | 538,202 |
Granted (in shares) | 207,575 | 168,254 | 167,095 |
Forfeited (in shares) | (26,970) | (18,171) | (28,713) |
Earned and issued (in shares) | (179,764) | (167,550) | (152,828) |
Balance at end of the period (in shares) | 507,130 | 506,289 | 523,756 |
Weighted average grant date fair value (in usd per share) | $ 63.16 | $ 65.11 | $ 51.98 |
Fair value of restricted stock and restricted share units vested during the period | $ 11.3 | $ 10.9 | $ 7.8 |
Share-Based Compensation - S116
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of share equivalents | |||
Balance at beginning of the period (in shares) | 475,347 | 433,884 | 328,273 |
Granted (in shares) | 167,573 | 146,166 | 179,041 |
Forfeited share equivalents (in shares) | (34,681) | (22,800) | (18,744) |
Vested share equivalents (in shares) | (145,809) | (81,903) | (54,686) |
Balance at end of the period (in shares) | 462,430 | 475,347 | 433,884 |
Value of share equivalents | |||
Balance at beginning of the period (in shares) | $ 30,826 | $ 27,270 | $ 16,125 |
Granted (in shares) | 9,228 | 9,479 | 11,253 |
Forfeited share equivalents (in shares) | (1,910) | (1,479) | (1,178) |
Vested share equivalents (in shares) | (9,288) | (5,512) | (2,937) |
Balance at end of the period (in shares) | $ 25,466 | $ 30,826 | $ 27,270 |
Market price of Company's stock | $ 55.07 | $ 64.85 | $ 62.85 |
Commitments and Contingencie117
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $ 1.5 | $ 1.3 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to grant loans | $ 61,240 | $ 161,350 | ||
Unfunded commitments under lines of credit | 4,617,802 | 4,007,954 | ||
Commercial and standby letters of credit | 150,281 | 134,882 | ||
Reserve for unfunded lending commitments | $ 14,145 | $ 11,801 | $ 11,147 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Securities available for sale, at fair value | $ 2,800,286,000 | $ 2,158,853,000 |
Mortgage loans held for sale | 166,247,000 | 139,950,000 |
Derivative instruments | 24,393,000 | 28,798,000 |
Liabilities | ||
Derivative instruments | 18,058,000 | 15,411,000 |
Available-for-Sale Securities | ||
Liabilities | ||
Fair value assets transferred from Level 1 to Level 2 | 0 | 14,400,000 |
Recurring | ||
Assets | ||
Securities available for sale, at fair value | 2,800,286,000 | 2,158,853,000 |
Mortgage loans held for sale | 166,247,000 | 139,950,000 |
Derivative instruments | 30,486,000 | 32,903,000 |
Total, Assets | 2,997,019,000 | 2,331,706,000 |
Liabilities | ||
Derivative instruments | 24,939,000 | 31,354,000 |
Total | 24,939,000 | 31,354,000 |
Recurring | Level 1 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total, Assets | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Securities available for sale, at fair value | 2,800,286,000 | 2,158,853,000 |
Mortgage loans held for sale | 166,247,000 | 139,950,000 |
Derivative instruments | 30,486,000 | 32,903,000 |
Total, Assets | 2,997,019,000 | 2,331,706,000 |
Liabilities | ||
Derivative instruments | 24,939,000 | 31,354,000 |
Total | 24,939,000 | 31,354,000 |
Recurring | Level 3 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | 0 |
Total, Assets | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total | $ 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 | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Non-interest Income | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Total gains (losses) included in earnings | $ 2,939 |
Change in unrealized gains (losses) relating to assets still held at December 31, 2015 | 0 |
Other Comprehensive Income | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | |
Total gains (losses) included in earnings | 0 |
Change in unrealized gains (losses) relating to assets still held at December 31, 2015 | $ (9,110) |
Fair Value Measurements - Fi121
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
OREO, net | $ 1,106,000 | $ 1,483,000 | |
Total | 1,106,000 | 1,483,000 | |
Fair value of liabilities | 0 | 0 | $ 0 |
Level 1 | |||
Assets | |||
OREO, net | 0 | 0 | |
Total | 0 | 0 | |
Level 2 | |||
Assets | |||
OREO, net | 1,106,000 | 1,483,000 | |
Total | 1,106,000 | 1,483,000 | |
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgages Held For Sale at Fair Value | |||
Aggregate fair value | $ 166,247 | $ 139,950 | |
Aggregate unpaid principal | 161,083 | 134,639 | |
Aggregate fair value less unpaid principal | 5,164 | 5,311 | |
Total mortgage income (loss) in the Consolidated Statement of Comprehensive Income | $ 1,000 | $ 3,500 | $ 400 |
Fair Value of Financial Inst123
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial Assets | ||||
Cash and cash equivalents | $ 510,267 | $ 548,095 | $ 391,396 | $ 970,977 |
Loans and loans held for sale, net of unearned income | 14,493,675 | 11,581,116 | 9,620,461 | |
FDIC loss share receivable | 39,878 | 69,627 | 162,312 | |
Derivative instruments | 30,486 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 16,178,748 | 12,520,525 | 10,737,000 | |
Short-term borrowings | 326,617 | 845,742 | $ 680,344 | |
Long-term debt | 340,447 | 403,254 | ||
Derivative instruments | 24,939 | 31,354 | ||
Level 1 | ||||
Financial Assets | ||||
Cash and cash equivalents | 510,267 | 548,095 | ||
Investment securities | 0 | 0 | ||
Loans and loans held for sale, net of unearned income | 0 | 0 | ||
FDIC loss share receivable | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 326,617 | 845,742 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Level 2 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities | 2,901,247 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income | 166,247 | 139,950 | ||
FDIC loss share receivable | 0 | 0 | ||
Derivative instruments | 30,486 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 24,939 | 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 | 14,508,502 | 11,335,365 | ||
FDIC loss share receivable | 9,163 | 19,606 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 15,696,245 | 12,298,017 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 309,847 | 376,139 | ||
Derivative instruments | 0 | 0 | ||
Carrying Amount | ||||
Financial Assets | ||||
Cash and cash equivalents | 510,267 | 548,095 | ||
Investment securities | 2,899,214 | 2,275,813 | ||
Loans and loans held for sale, net of unearned income | 14,355,297 | 11,450,985 | ||
FDIC loss share receivable | 39,878 | 69,627 | ||
Derivative instruments | 30,486 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 16,178,748 | 12,520,525 | ||
Short-term borrowings | 326,617 | 845,742 | ||
Long-term debt | 340,447 | 403,254 | ||
Derivative instruments | 24,939 | 31,354 | ||
Fair Value | ||||
Financial Assets | ||||
Cash and cash equivalents | 510,267 | 548,095 | ||
Investment securities | 2,901,247 | 2,278,334 | ||
Loans and loans held for sale, net of unearned income | 14,674,749 | 11,475,315 | ||
FDIC loss share receivable | 9,163 | 19,606 | ||
Derivative instruments | 30,486 | 32,903 | ||
Financial Liabilities | ||||
Deposits | 15,696,245 | 12,298,017 | ||
Short-term borrowings | 326,617 | 845,742 | ||
Long-term debt | 309,847 | 376,139 | ||
Derivative instruments | $ 24,939 | $ 31,354 |
Business Segments (Detail)
Business Segments (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information | |||
Interest and dividend income | $ 646,858 | $ 504,815 | $ 437,197 |
Interest expense | 59,100 | 44,704 | 46,953 |
Net interest income | 587,758 | 460,111 | 390,244 |
Provision for loan losses | 30,908 | 19,060 | 5,145 |
Mortgage income | 81,122 | 51,797 | 64,197 |
Title revenue | 22,837 | 20,492 | 20,526 |
Other non-interest income | 116,434 | 101,339 | 84,235 |
Allocated expenses | 0 | 0 | 0 |
Non-interest expense | 570,305 | 473,614 | 472,796 |
Income before income tax expense | 206,938 | 141,065 | 81,261 |
Income tax expense | 64,094 | 35,683 | 16,133 |
Net Income | 142,844 | 105,382 | 65,128 |
Total loans and loans held for sale, net of unearned income | 14,493,675 | 11,581,116 | 9,620,461 |
Total assets | 19,504,068 | 15,757,904 | 13,365,550 |
Total deposits | 16,178,748 | 12,520,525 | 10,737,000 |
Average assets | 18,402,706 | 14,631,994 | 13,003,988 |
Operating Segments | IBERIABANK | |||
Segment Reporting Information | |||
Interest and dividend income | 639,793 | 498,820 | 431,418 |
Interest expense | 56,222 | 42,983 | 45,150 |
Net interest income | 583,571 | 455,837 | 386,268 |
Provision for loan losses | 30,908 | 18,966 | 5,123 |
Mortgage income | 1,426 | 71 | 2 |
Title revenue | 0 | 0 | 0 |
Other non-interest income | 116,443 | 101,401 | 84,243 |
Allocated expenses | (16,253) | (11,602) | (7,453) |
Non-interest expense | 495,158 | 412,165 | 406,380 |
Income before income tax expense | 191,627 | 137,780 | 66,463 |
Income tax expense | 58,006 | 34,352 | 10,299 |
Net Income | 133,621 | 103,428 | 56,164 |
Total loans and loans held for sale, net of unearned income | 14,305,663 | 11,415,973 | 9,472,908 |
Total assets | 19,220,085 | 15,537,731 | 13,167,162 |
Total deposits | 16,173,831 | 12,515,329 | 10,734,030 |
Average assets | 18,146,216 | 14,430,768 | 12,794,997 |
Operating Segments | IMC | |||
Segment Reporting Information | |||
Interest and dividend income | 7,062 | 5,992 | 5,747 |
Interest expense | 2,878 | 1,721 | 1,803 |
Net interest income | 4,184 | 4,271 | 3,944 |
Provision for loan losses | 0 | 94 | 22 |
Mortgage income | 79,696 | 51,726 | 64,195 |
Title revenue | 0 | 0 | 0 |
Other non-interest income | (2) | (61) | (10) |
Allocated expenses | 12,036 | 8,203 | 5,417 |
Non-interest expense | 57,784 | 44,761 | 49,723 |
Income before income tax expense | 14,058 | 2,878 | 12,967 |
Income tax expense | 5,581 | 1,148 | 5,093 |
Net Income | 8,477 | 1,730 | 7,874 |
Total loans and loans held for sale, net of unearned income | 188,012 | 165,143 | 147,553 |
Total assets | 256,888 | 194,156 | 173,131 |
Total deposits | 4,917 | 5,196 | 2,970 |
Average assets | 230,819 | 176,003 | 183,513 |
Operating Segments | LTC | |||
Segment Reporting Information | |||
Interest and dividend income | 3 | 3 | 32 |
Interest expense | 0 | 0 | 0 |
Net interest income | 3 | 3 | 32 |
Provision for loan losses | 0 | 0 | 0 |
Mortgage income | 0 | 0 | 0 |
Title revenue | 22,837 | 20,492 | 20,526 |
Other non-interest income | (7) | (1) | 2 |
Allocated expenses | 4,217 | 3,399 | 2,036 |
Non-interest expense | 17,363 | 16,688 | 16,693 |
Income before income tax expense | 1,253 | 407 | 1,831 |
Income tax expense | 507 | 183 | 741 |
Net Income | 746 | 224 | 1,090 |
Total loans and loans held for sale, net of unearned income | 0 | 0 | 0 |
Total assets | 27,095 | 26,017 | 25,257 |
Total deposits | 0 | 0 | 0 |
Average assets | $ 25,671 | $ 25,223 | $ 25,478 |
Condensed Parent Company Onl126
Condensed Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash in bank | $ 241,650 | $ 251,994 | ||
Other assets | 650,907 | 588,699 | ||
Total Assets | 19,504,068 | 15,757,904 | $ 13,365,550 | |
Liabilities and Shareholders’ Equity | ||||
Liabilities | 17,005,233 | 13,905,756 | ||
Shareholders’ equity | 2,498,835 | 1,852,148 | $ 1,530,346 | $ 1,529,210 |
Total Liabilities and Shareholders’ Equity | 19,504,068 | 15,757,904 | ||
IBERIABANK Corporation | ||||
Assets | ||||
Cash in bank | 154,298 | 36,064 | ||
Investments in subsidiaries | 2,449,325 | 1,841,420 | ||
Other assets | 54,454 | 119,493 | ||
Total Assets | 2,658,077 | 1,996,977 | ||
Liabilities and Shareholders’ Equity | ||||
Liabilities | 159,242 | 144,829 | ||
Shareholders’ equity | 2,498,835 | 1,852,148 | ||
Total Liabilities and Shareholders’ Equity | $ 2,658,077 | $ 1,996,977 |
Condensed Parent Company Onl127
Condensed Parent Company Only Financial Statements - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating income | |||
Other income | $ 36,725 | $ 28,716 | $ 23,597 |
Operating expenses | |||
Interest expense | 59,100 | 44,704 | 46,953 |
Salaries and employee benefits expense | 322,586 | 259,086 | 244,984 |
Other expenses | 37,343 | 32,921 | 31,731 |
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | 206,938 | 141,065 | 81,261 |
Income tax benefit | 64,094 | 35,683 | 16,133 |
Net Income | 142,844 | 105,382 | 65,128 |
IBERIABANK Corporation | |||
Operating income | |||
Dividends from bank subsidiary | 0 | 0 | 49,000 |
Dividends from non-bank subsidiaries | 0 | 0 | 1,511 |
Reimbursement of management expenses | 59,255 | 46,433 | 34,474 |
Other income | (329) | 437 | 869 |
Total operating income | 58,926 | 46,870 | 85,854 |
Operating expenses | |||
Interest expense | 3,393 | 3,224 | 3,232 |
Salaries and employee benefits expense | 41,689 | 31,981 | 29,159 |
Other expenses | 17,492 | 14,576 | 13,651 |
Total operating expenses | 62,574 | 49,781 | 46,042 |
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | (3,648) | (2,911) | 39,812 |
Income tax benefit | 800 | (518) | (2,808) |
Income (loss) before equity in undistributed earnings of subsidiaries | (4,448) | (2,393) | 42,620 |
Equity in undistributed earnings of subsidiaries | 147,292 | 107,775 | 22,508 |
Net Income | $ 142,844 | $ 105,382 | $ 65,128 |
Condensed Parent Company Onl128
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow from Operating Activities | |||
Net Income | $ 142,844 | $ 105,382 | $ 65,128 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | (6,178) | 23,327 | 19,423 |
Gain on sale of assets | (2,539) | (14) | (251) |
Tax benefit associated with share-based payment arrangements | (580) | (2,105) | (886) |
Other, net | 12,873 | (22,124) | 76,431 |
Net Cash Provided by Operating Activities | 196,123 | 119,363 | 309,783 |
Cash Flow from Investing Activities | |||
Cash paid in excess of cash received for acquisitions | 425,581 | 188,803 | 0 |
Proceeds from sale of premises and equipment | 13,309 | 5,129 | 8,714 |
Purchases of premises and equipment, net of premises and equipment acquired | (19,502) | (29,841) | (16,941) |
Net Cash Used in Investing Activities | (570,972) | (712,755) | (1,080,607) |
Cash Flow from Financing Activities | |||
Cash dividends paid on common stock | (52,318) | (43,070) | (40,332) |
Proceeds from common stock transactions | 5,535 | 11,693 | 8,101 |
Payments to repurchase common stock | (3,620) | (3,727) | (2,280) |
Net proceeds from issuance of preferred stock | 76,812 | 0 | 0 |
Tax benefit associated with share-based payment arrangements | 580 | 2,105 | 886 |
Net Cash Provided by Financing Activities | 337,021 | 750,091 | 191,243 |
Net (Decrease) Increase In Cash and Cash Equivalents | (37,828) | 156,699 | (579,581) |
Cash and Cash Equivalents at Beginning of Period | 548,095 | 391,396 | 970,977 |
Cash and Cash Equivalents at End of Period | 510,267 | 548,095 | 391,396 |
IBERIABANK Corporation | |||
Cash Flow from Operating Activities | |||
Net Income | 142,844 | 105,382 | 65,128 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 416 | 595 | 2,035 |
Net income of subsidiaries | (147,292) | (107,775) | (73,044) |
Share-based compensation cost | 13,906 | 11,985 | 10,703 |
Gain on sale of assets | (110) | 0 | 0 |
Tax benefit associated with share-based payment arrangements | (580) | (2,105) | (886) |
Other, net | 82,105 | (27,274) | 7,575 |
Net Cash Provided by Operating Activities | 91,289 | (19,192) | 11,511 |
Cash Flow from Investing Activities | |||
Cash paid in excess of cash received for acquisitions | (5,054) | 4,783 | 0 |
Proceeds from sale of premises and equipment | 12 | 0 | 11,751 |
Purchases of premises and equipment, net of premises and equipment acquired | (2) | (36) | (5,247) |
Return of capital from (Capital contributed to) subsidiary | 5,000 | (14,600) | 0 |
Dividends received from subsidiaries | 0 | 0 | 50,511 |
Net Cash Used in Investing Activities | (44) | (9,853) | 57,015 |
Cash Flow from Financing Activities | |||
Cash dividends paid on common stock | (52,318) | (43,070) | (40,332) |
Proceeds from common stock transactions | 5,535 | 11,693 | 8,101 |
Payments to repurchase common stock | (3,620) | (3,727) | (2,280) |
Net proceeds from issuance of preferred stock | 76,812 | 0 | 0 |
Tax benefit associated with share-based payment arrangements | 580 | 2,105 | 886 |
Net Cash Provided by Financing Activities | 26,989 | (32,999) | (33,625) |
Net (Decrease) Increase In Cash and Cash Equivalents | 118,234 | (62,044) | 34,901 |
Cash and Cash Equivalents at Beginning of Period | 36,064 | 98,108 | 63,207 |
Cash and Cash Equivalents at End of Period | $ 154,298 | $ 36,064 | $ 98,108 |