Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IBKC | |
Entity Registrant Name | IBERIABANK CORP | |
Entity Central Index Key | 933,141 | |
Current Fiscal Year End Date | --12-31 | |
Entity 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 | 53,627,330 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 301,910 | $ 295,896 |
Interest-bearing deposits in banks | 167,450 | 1,066,230 |
Total cash and cash equivalents | 469,360 | 1,362,126 |
Securities available for sale, at fair value | 4,009,299 | 3,446,097 |
Securities held to maturity (fair values of $85,448 and $89,932, respectively) | 84,517 | 89,216 |
Mortgage loans held for sale, at fair value | 140,959 | 157,041 |
Loans, net of unearned income | 15,556,016 | 15,064,971 |
Allowance for loan losses | (146,225) | (144,719) |
Loans, net | 15,409,791 | 14,920,252 |
Premises and equipment, net | 318,167 | 306,373 |
Goodwill | 726,856 | 726,856 |
Other assets | 631,778 | 651,229 |
Total Assets | 21,790,727 | 21,659,190 |
Deposits: | ||
Non-interest-bearing | 5,020,195 | 4,928,878 |
Interest-bearing | 11,832,921 | 12,479,405 |
Total deposits | 16,853,116 | 17,408,283 |
Short-term borrowings | 583,935 | 509,136 |
Long-term debt | 667,243 | 628,953 |
Other liabilities | 183,191 | 173,124 |
Total Liabilities | 18,287,485 | 18,719,496 |
Shareholders’ Equity | ||
Carrying Amount | 132,097 | 132,097 |
Common stock, $1 par value - 100,000,000 shares authorized; 51,014,880 and 44,795,386 shares issued and outstanding, respectively | 51,015 | 44,795 |
Additional paid-in capital | 2,568,474 | 2,084,446 |
Retained earnings | 765,582 | 704,391 |
Accumulated other comprehensive income (loss) | (13,926) | (26,035) |
Total Shareholders’ Equity | 3,503,242 | 2,939,694 |
Total Liabilities and Shareholders’ Equity | $ 21,790,727 | $ 21,659,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 85,448 | $ 89,932 |
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 | 13,750 | 13,750 |
Preferred stock, shares outstanding | 13,750 | 13,750 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 51,014,880 | 44,795,386 |
Common stock, shares outstanding | 51,014,880 | 44,795,386 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and Dividend Income | ||||
Loans, including fees | $ 179,266 | $ 165,569 | $ 348,242 | $ 329,560 |
Mortgage loans held for sale, including fees | 1,248 | 1,850 | 2,219 | 3,251 |
Investment securities: | ||||
Taxable interest | 20,246 | 12,994 | 38,110 | 26,542 |
Tax-exempt interest | 2,060 | 1,670 | 4,124 | 3,334 |
Amortization of FDIC loss share receivable | 0 | (4,163) | 0 | (8,549) |
Other | 1,755 | 774 | 4,413 | 1,492 |
Total interest and dividend income | 204,575 | 178,694 | 397,108 | 355,630 |
Deposits: | ||||
NOW and MMDA | 12,207 | 7,310 | 23,306 | 14,668 |
Savings | 329 | 297 | 649 | 519 |
Time deposits | 4,576 | 4,309 | 9,214 | 8,663 |
Short-term borrowings | 227 | 662 | 504 | 1,147 |
Long-term debt | 3,593 | 3,363 | 6,974 | 6,477 |
Total interest expense | 20,932 | 15,941 | 40,647 | 31,474 |
Net interest income | 183,643 | 162,753 | 356,461 | 324,156 |
Provision for loan losses | 12,050 | 11,866 | 18,204 | 26,771 |
Net interest income after provision for loan losses | 171,593 | 150,887 | 338,257 | 297,385 |
Non-interest Income | ||||
Mortgage income | 19,730 | 25,991 | 33,845 | 45,931 |
Service charges on deposit accounts | 11,410 | 10,940 | 22,563 | 21,891 |
Title revenue | 6,190 | 6,135 | 10,931 | 10,880 |
Broker commissions | 2,744 | 3,712 | 5,482 | 7,535 |
ATM/debit card fee income | 3,800 | 3,650 | 7,385 | 7,153 |
Credit card and merchant-related income | 3,519 | 2,732 | 6,746 | 5,387 |
Income from bank owned life insurance | 1,241 | 1,411 | 2,552 | 2,613 |
Gain on sale of available for sale securities | 59 | 1,789 | 59 | 1,985 |
Other non-interest income | 7,273 | 8,557 | 13,749 | 17,387 |
Total non-interest income | 55,966 | 64,917 | 103,312 | 120,762 |
Non-interest Expense | ||||
Salaries and employee benefits | 86,317 | 85,105 | 168,170 | 165,847 |
Net occupancy and equipment | 16,292 | 16,813 | 32,313 | 33,720 |
Communication and delivery | 2,956 | 3,281 | 6,000 | 6,340 |
Marketing and business development | 3,238 | 3,142 | 6,662 | 6,644 |
Data processing | 7,306 | 6,101 | 14,247 | 12,019 |
Professional services | 11,219 | 4,939 | 16,553 | 8,719 |
Credit and other loan related expense | 3,780 | 2,931 | 8,306 | 5,602 |
Insurance | 4,486 | 4,449 | 9,016 | 8,633 |
Travel and entertainment | 2,753 | 1,938 | 5,237 | 4,321 |
Other non-interest expense | 9,161 | 10,805 | 22,022 | 25,111 |
Total non-interest expense | 147,508 | 139,504 | 288,526 | 276,956 |
Income before income tax expense | 80,051 | 76,300 | 153,043 | 141,191 |
Income tax expense | 28,033 | 25,490 | 50,552 | 47,612 |
Net Income | 52,018 | 50,810 | 102,491 | 93,579 |
Preferred stock dividends | (949) | (854) | (4,548) | (3,430) |
Net Income Available to Common Shareholders | 51,069 | 49,956 | 97,943 | 90,149 |
Earnings allocated to unvested restricted stock | (361) | (540) | (707) | (1,003) |
Earnings allocated to common shareholders | $ 50,708 | $ 49,416 | $ 97,236 | $ 89,146 |
Earnings per common share - Basic (in usd per share) | $ 1 | $ 1.21 | $ 2.01 | $ 2.19 |
Earnings per common share - Diluted (in usd per share) | 0.99 | 1.21 | 1.99 | 2.18 |
Cash dividends declared per common share (in usd per share) | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 |
Comprehensive Income | ||||
Net income | $ 52,018 | $ 50,810 | $ 102,491 | $ 93,579 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period (net of tax effects of $4,537, $5,313, $6,958, and $19,015, respectively) | 8,426 | 9,867 | 12,922 | 35,314 |
Reclassification adjustment for gains included in net income (net of tax effects of $21, $626, $21, and $695, respectively) | (38) | (1,163) | (38) | (1,290) |
Unrealized gains (losses) on securities, net of tax | 8,388 | 8,704 | 12,884 | 34,024 |
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 $426, $1,252, $338, and $3,475, respectively) | (790) | (2,328) | (627) | (6,455) |
Reclassification adjustment for gains included in net income (net of tax effects of $55, $0, $80, and $0, respectively) | (103) | 0 | (148) | 0 |
Fair value of derivative instruments designated as cash flow hedges, net of tax | (893) | (2,328) | (775) | (6,455) |
Other comprehensive income (loss), net of tax | 7,495 | 6,376 | 12,109 | 27,569 |
Comprehensive income | $ 59,513 | $ 57,186 | $ 114,600 | $ 121,148 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||
Unrealized holding gains (losses), taxes | $ 4,537 | $ 5,313 |
Reclassification adjustment for gains included in net income , taxes | 21 | 626 |
Change in fair value of derivative instruments designated as cash flow hedges, taxes | 426 | 1,252 |
Reclassification adjustment for losses included in net income, taxes | $ 55 | $ 0 |
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) |
Beginning balance (in shares) at Dec. 31, 2015 | 8,000 | 41,139,537 | ||||
Beginning balance at Dec. 31, 2015 | $ 2,498,835 | $ 76,812 | $ 41,140 | $ 1,797,982 | $ 584,486 | $ (1,585) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 93,579 | 93,579 | ||||
Other comprehensive income/(loss) | 27,569 | 27,569 | ||||
Cash dividends declared | (28,016) | (28,016) | ||||
Preferred stock dividends | (3,430) | (3,430) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit (in shares) | 101,802 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (2,262) | $ 102 | (2,364) | |||
Preferred stock issued (in shares) | 5,750 | |||||
Preferred stock issued | 55,285 | $ 55,285 | ||||
Common stock repurchases (in shares) | (202,506) | |||||
Common stock repurchases | (11,666) | $ (203) | (11,463) | |||
Share-based compensation cost | 7,702 | 7,702 | ||||
Ending balance (in shares) at Jun. 30, 2016 | 13,750 | 41,038,833 | ||||
Ending balance at Jun. 30, 2016 | 2,637,596 | $ 132,097 | $ 41,039 | 1,791,857 | 646,619 | 25,984 |
Beginning balance (in shares) at Dec. 31, 2016 | 13,750 | 44,795,386 | ||||
Beginning balance at Dec. 31, 2016 | 2,939,694 | $ 132,097 | $ 44,795 | 2,084,446 | 704,391 | (26,035) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 102,491 | 102,491 | ||||
Other comprehensive income/(loss) | 12,109 | 12,109 | ||||
Cash dividends declared | (36,752) | (36,752) | ||||
Preferred stock dividends | (4,548) | (4,548) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment, including tax benefit (in shares) | 119,494 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (2,057) | $ 120 | (2,177) | |||
Shares issued (in shares) | 6,100,000 | |||||
Common stock issued | 485,194 | $ 6,100 | 479,094 | |||
Share-based compensation cost | 7,111 | 7,111 | ||||
Ending balance (in shares) at Jun. 30, 2017 | 13,750 | 51,014,880 | ||||
Ending balance at Jun. 30, 2017 | $ 3,503,242 | $ 132,097 | $ 51,015 | $ 2,568,474 | $ 765,582 | $ (13,926) |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash dividends declared per common share (in usd per share) | $ 0.72 | $ 0.68 |
Retained Earnings | ||
Cash dividends declared per common share (in usd per share) | $ 0.72 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 102,491 | $ 93,579 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 9,282 | 3,115 |
Amortization of purchase accounting and market value adjustments | (20,142) | (8,551) |
Provision for loan losses | 18,204 | 26,771 |
Share-based compensation cost - equity awards | 7,111 | 7,702 |
(Gain)/loss on sale of assets, net | (44) | 3 |
(Gain)/loss on sale of available for sale securities | (59) | (1,985) |
(Gain)/loss on sale of OREO, net | (2,906) | (4,711) |
Amortization of premium/discount on securities, net | 12,685 | 10,222 |
Derivative losses (gain) on swaps | (228) | 0 |
Expense (benefit) for deferred income taxes | 10,040 | (1,620) |
Originations of mortgage loans held for sale | (919,207) | (1,227,825) |
Proceeds from sales of mortgage loans held for sale | 965,042 | 1,206,323 |
Realized and unrealized (gain)/loss on mortgage loans held for sale, net | (33,110) | (45,563) |
Other operating activities, net | (2,127) | (11,814) |
Net Cash Provided by Operating Activities | 147,032 | 45,646 |
Cash Flows from Investing Activities | ||
Proceeds from sales of available for sale securities | 64,144 | 197,733 |
Proceeds from maturities, prepayments and calls of available for sale securities | 236,468 | 215,115 |
Purchases of available for sale securities | (856,187) | (341,790) |
Proceeds from maturities, prepayments and calls of held to maturity securities | 4,267 | 5,603 |
Purchases of held to maturity securities | 0 | 0 |
Purchases of equity securities | (1,180) | (31,292) |
Proceeds from sales of equity securities | 5,059 | 300 |
Reimbursement of recoverable covered asset losses (to) from the FDIC | 0 | (4,234) |
Increase in loans, net of loans acquired | (481,482) | (381,367) |
Proceeds from sale of premises and equipment | 2,365 | 1,188 |
Purchases of premises and equipment, net of premises and equipment acquired | (24,001) | (6,518) |
Proceeds from disposition of OREO | 9,949 | 20,365 |
Cash paid for investments in tax credit entities | (2,827) | (5,916) |
Other investing activities, net | 1,267 | (750) |
Net Cash Used in Investing Activities | (1,042,158) | (331,563) |
Cash Flows from Financing Activities | ||
Increase/(decrease) in deposits, net of deposits acquired | (554,983) | (316,483) |
Net change in short-term borrowings, net of borrowings acquired | 74,799 | 439,019 |
Proceeds from long-term debt | 50,000 | 360,000 |
Repayments of long-term debt | (11,252) | (12,351) |
Cash dividends paid on common stock | (34,476) | (28,006) |
Cash dividends paid on preferred stock | (4,548) | (2,576) |
Net share-based compensation stock transactions | (2,374) | (2,275) |
Payments to repurchase common stock | 0 | (11,666) |
Net proceeds from issuance of common stock | 485,194 | 0 |
Net proceeds from issuance of preferred stock | 0 | 55,286 |
Net Cash Provided by Financing Activities | 2,360 | 480,948 |
Net Increase (Decrease) In Cash and Cash Equivalents | (892,766) | 195,031 |
Cash and Cash Equivalents at Beginning of Period | 1,362,126 | 510,267 |
Cash and Cash Equivalents at End of Period | 469,360 | 705,298 |
Supplemental Schedule of Non-cash Activities | ||
Acquisition of real estate in settlement of loans | 6,467 | 3,910 |
Cash paid for: | ||
Interest on deposits and borrowings | 40,778 | 30,244 |
Income taxes, net | $ 40,872 | $ 54,453 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | General The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring items, necessary for a fair presentation of the consolidated financial statements have been made. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnote disclosures for the Company previously filed with the SEC in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Operating results for the period ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. 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. 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 variable interest entity ("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 $94 million and $91 million at June 30, 2017 and December 31, 2016, 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. Effective January 1, 2017, IBERIABANK Mortgage Company, previously a subsidiary of IBERIABANK, merged into IBERIABANK. All significant intercompany balances and transactions have been eliminated in consolidation. Nature of Operations The Company offers commercial and retail banking products and services to customers throughout locations in eight states through IBERIABANK. The Company also operates mortgage production offices in 10 states 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. 840 Denning, LLC invests in a commercial rental property. CDE is engaged in the purchase of tax credits. Reclassifications Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications did not have a material effect on previously reported consolidated financial statements. 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. Concentrations of Credit Risk Most of the Company’s business activity is with customers located in the southeastern United States. 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 higher net worth 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 net realizable value of the collateral upon default of the borrowers and guarantor support. Concentrations in commercial real estate have increased as a result of the Company's organic growth and recent acquisitions of banks with significant CRE portfolios. Additionally, as the Company has executed its risk-off strategy over the past two years, CRE concentrations have naturally increased as a percentage of the total portfolio. The Company believes it does not have any excessive concentrations to any one industry or customer. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the six months ended June 30, 2017: ASU No. 2016-09 The Company adopted the amendments of ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, effective January 1, 2017 as follows: (i) prospective adoption of the recognition of excess tax benefits associated with awards which vested or settled during the six months ended June 30, 2017 in the statement of comprehensive income; (ii) prospective adoption of the exclusion of excess tax benefits from assumed proceeds for the calculation of diluted EPS for the six months ended June 30, 2017; (iii) modified retrospective adoption of the minimum statutory withholdings requirements; (iv) modified retrospective adoption of the accounting policy election to account for forfeitures as they occur; and (v) prospective adoption of the classifications of certain cash flows associated with stock compensation. The adoption of these amendments did not, either individually or in aggregate, have a significant impact to the consolidated financial statements. ASU No. 2017-01 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which introduces amendments that are intended to clarify the definition of a business to assist companies and other reporting organizations in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments will be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods, with early adoption permitted. The Company early-adopted the amendments effective January 1, 2017. The adoption of this ASU did not and is not expected to have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. The amendments will be applied through the election of one of two retrospective methods. The Company will adopt the amendments beginning January 1, 2018 through the modified-retrospective transition method. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. Preliminary results indicate that certain noninterest income financial statement line items, including service charges on deposit accounts, trust and investment management income, and other noninterest income, contain revenue streams that are in scope of these updates. Based on the Company’s preliminary scoping, walkthroughs, and contract reviews, it does not expect to recognize a significant cumulative adjustment to equity upon implementation of the standard; however, the Company is still finalizing its reviews of contracts related to certain revenue streams. Further, the Company is still evaluating the standard’s guidance for assessment of gross versus net reporting of revenues and expenses related to certain arrangements such as card interchange fees and rewards programs. The Company does not expect a significant impact to the Company’s consolidated statements of comprehensive income or consolidated balance sheets from either a presentation or timing perspective, but the Company will be subject to expanded disclosure requirements. The Company is in the process of developing additional quantitative and qualitative disclosures that will be required upon adoption of the new revenue recognition standard. 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 ASU will impact how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” notion. 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 applied 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 does not expect a significant cumulative-effect adjustment to be recorded at adoption or any significant impact to the consolidated financial statements associated with the accounting for its current equity investments. The Company does anticipate financial statement disclosures to be impacted, specifically related to financial instruments measured at amortized cost whose fair values are disclosed under the “entry price” notion, but is currently still in the process of developing the appropriate methodology to measure fair value under the “exit price” notion and determining the impact. ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The most significant amendment to existing GAAP is the recognition of lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases by lessees. The lessor model remains similar to the current accounting model in existing GAAP. Additional amendments include, but are not limited to, the elimination of leveraged leases; modification to the definition of a lease; amendments on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company will adopt the amendments on January 1, 2019. The Company occupies certain banking offices and equipment under operating lease agreements, which currently are not recognized in the consolidated balance sheets. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s consolidated balance sheets is estimated to result in less than a 1% increase in assets and liabilities. The Company is also currently assessing the practical expedients it may elect at adoption, the final determination of the incremental borrowing rate, and the impact to the regulatory capital ratios; amongst other matters associated with the standard. The adjustment to retained earnings is not expected to be significant based on the transition guidance associated with current sale-leaseback agreements. The Company also anticipates additional disclosures to be provided at adoption. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The amendments will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. ASU No. 2017-04 will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Based on recent goodwill impairments tests, which did not require the application of Step 2, the Company does not expect the adoption of this ASU to have an immediate impact. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 161,544 $ 164 $ (317 ) $ 161,391 Obligations of state and political subdivisions 296,062 5,902 (1,694 ) 300,270 Mortgage-backed securities 3,464,253 6,597 (31,118 ) 3,439,732 Other securities 107,796 666 (556 ) 107,906 Total securities available for sale $ 4,029,655 $ 13,329 $ (33,685 ) $ 4,009,299 Securities held to maturity: Obligations of state and political subdivisions $ 61,342 $ 1,588 $ (57 ) $ 62,873 Mortgage-backed securities 23,175 51 (651 ) 22,575 Total securities held to maturity $ 84,517 $ 1,639 $ (708 ) $ 85,448 December 31, 2016 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 212,662 $ 245 $ (549 ) $ 212,358 Obligations of state and political subdivisions 286,458 1,948 (5,207 ) 283,199 Mortgage-backed securities 2,888,180 4,820 (41,291 ) 2,851,709 Other securities 98,974 361 (504 ) 98,831 Total securities available for sale $ 3,486,274 $ 7,374 $ (47,551 ) $ 3,446,097 Securities held to maturity: Obligations of state and political subdivisions $ 64,726 $ 1,609 $ (133 ) $ 66,202 Mortgage-backed securities 24,490 57 (817 ) 23,730 Total securities held to maturity $ 89,216 $ 1,666 $ (950 ) $ 89,932 Securities with carrying values of $1.7 billion and $1.5 billion were pledged to secure public deposits and other borrowings at June 30, 2017 and December 31, 2016 , respectively. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: June 30, 2017 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 $ (317 ) $ 110,276 $ — $ — $ (317 ) $ 110,276 Obligations of state and political subdivisions (1,580 ) 82,187 (114 ) 4,541 (1,694 ) 86,728 Mortgage-backed securities (27,763 ) 2,330,909 (3,355 ) 165,156 (31,118 ) 2,496,065 Other Securities (540 ) 38,666 (16 ) 1,417 (556 ) 40,083 Total securities available for sale $ (30,200 ) $ 2,562,038 $ (3,485 ) $ 171,114 $ (33,685 ) $ 2,733,152 Securities held to maturity: Obligations of state and political subdivisions $ (57 ) $ 5,014 $ — $ — $ (57 ) $ 5,014 Mortgage-backed securities (200 ) 11,844 (451 ) 10,308 (651 ) 22,152 Total securities held to maturity $ (257 ) $ 16,858 $ (451 ) $ 10,308 $ (708 ) $ 27,166 December 31, 2016 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 $ (549 ) $ 150,554 $ — $ — $ (549 ) $ 150,554 Obligations of state and political subdivisions (5,207 ) 148,059 — — (5,207 ) 148,059 Mortgage-backed securities (38,667 ) 2,191,563 (2,624 ) 98,912 (41,291 ) 2,290,475 Other Securities (451 ) 36,484 (53 ) 3,850 (504 ) 40,334 Total securities available for sale $ (44,874 ) $ 2,526,660 $ (2,677 ) $ 102,762 $ (47,551 ) $ 2,629,422 Securities held to maturity: Obligations of state and political subdivisions $ (133 ) $ 10,602 $ — $ — $ (133 ) $ 10,602 Mortgage-backed securities (330 ) 12,288 (487 ) 10,960 (817 ) 23,248 Total securities held to maturity $ (463 ) $ 22,890 $ (487 ) $ 10,960 $ (950 ) $ 33,850 The Company assessed the nature of the unrealized losses in its portfolio as of June 30, 2017 and December 31, 2016 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 June 30, 2017 or December 31, 2016 . At June 30, 2017 , 386 debt securities had unrealized losses of 1.23% of the securities’ amortized cost basis. At December 31, 2016 , 397 debt securities had unrealized losses of 1.79% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at June 30, 2017 and December 31, 2016 is presented in the following table. (Dollars in thousands) June 30, 2017 December 31, 2016 Number of securities: Issued by U.S. Government-sponsored enterprises 43 28 Other 2 3 45 31 Amortized Cost Basis: Issued by U.S. Government-sponsored enterprises $ 183,926 $ 112,983 Other 1,432 3,903 $ 185,358 $ 116,886 Unrealized Loss: Issued by U.S. Government-sponsored enterprises $ 3,920 $ 3,111 Other 16 53 $ 3,936 $ 3,164 The U.S. Government-sponsored enterprises securities are rated AA+ by S&P and Aaa by Moodys. The amortized cost and estimated fair value of investment securities by maturity at June 30, 2017 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 Amortized Estimated Weighted Amortized Estimated Within one year or less 1.61 % $ 22,066 $ 22,008 2.65 % $ 1,622 $ 1,626 One through five years 1.78 250,400 250,806 2.75 10,234 10,378 After five through ten years 2.34 837,818 840,128 3.24 21,161 21,836 Over ten years 2.27 2,919,371 2,896,357 2.98 51,500 51,608 2.25 % $ 4,029,655 $ 4,009,299 3.01 % $ 84,517 $ 85,448 The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Three Months Ended June 30 Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Realized gains $ 242 $ 2,473 $ 242 $ 2,935 Realized losses (183 ) (684 ) (183 ) (950 ) $ 59 $ 1,789 $ 59 $ 1,985 In addition to the gains above, the Company realized certain gains on calls of securities held to maturity that were not significant to the consolidated financial statements. 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: (Dollars in thousands) June 30, 2017 December 31, 2016 Federal Home Loan Bank (FHLB) stock $ 38,539 $ 42,326 Federal Reserve Bank (FRB) stock 48,584 48,584 Other investments 3,008 2,808 $ 90,131 $ 93,718 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans | 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 1,008,834 $ 214 $ — $ — $ 214 $ 1,431 $ 1,010,479 Commercial real estate - owner-occupied 1,804,289 343 1,687 33 2,063 8,815 1,815,167 Commercial real estate- non-owner-occupied 3,277,719 3,245 3,046 267 6,558 5,007 3,289,284 Commercial and industrial 3,349,442 10,633 1,429 — 12,062 29,195 3,390,699 Energy-related 453,357 2,240 — — 2,240 94,565 550,162 Residential mortgage 955,343 1,933 1,693 310 3,936 11,682 970,961 Consumer - home equity 1,819,163 4,983 4,161 — 9,144 10,534 1,838,841 Consumer - indirect automobile 89,590 1,353 261 — 1,614 902 92,106 Consumer - credit card 85,690 168 117 — 285 612 86,587 Consumer - other 444,743 2,809 567 — 3,376 1,005 449,124 Total $ 13,288,170 $ 27,921 $ 12,961 $ 610 $ 41,492 $ 163,748 $ 13,493,410 December 31, 2016 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 740,761 $ — $ — $ — $ — $ — $ 740,761 Commercial real estate - owner-occupied 1,775,695 959 127 — 1,086 7,843 1,784,624 Commercial real estate- non-owner-occupied 3,088,207 902 224 — 1,126 8,596 3,097,929 Commercial and industrial 3,158,700 3,999 870 — 4,869 31,227 3,194,796 Energy-related 407,434 — 1,526 — 1,526 150,329 559,289 Residential mortgage 836,509 2,012 1,577 1,104 4,693 13,014 854,216 Consumer - home equity 1,768,763 5,249 1,430 — 6,679 7,979 1,783,421 Consumer - indirect automobile 127,054 2,551 405 — 2,956 1,038 131,048 Consumer - credit card 81,602 199 99 — 298 624 82,524 Consumer - other 462,650 2,155 618 — 2,773 893 466,316 Total $ 12,447,375 $ 18,026 $ 6,876 $ 1,104 $ 26,006 $ 221,543 $ 12,694,924 June 30, 2017 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 53,564 $ 216 $ — $ — $ 216 $ 1,118 $ (183 ) $ 34,994 $ 89,709 Commercial real estate - owner-occupied 284,841 — — — — 3,684 (2,670 ) 104,386 390,241 Commercial real estate- non-owner-occupied 441,193 2,067 319 — 2,386 4,035 (94 ) 99,203 546,723 Commercial and industrial 256,584 47 4,651 — 4,698 1,382 (712 ) 31,430 293,382 Energy-related 1,657 154 — — 154 — (5 ) — 1,806 Residential mortgage 263,658 14 403 192 609 1,598 (1,609 ) 111,250 375,506 Consumer - home equity 242,091 407 1,279 — 1,686 1,947 (4,497 ) 78,880 320,107 Consumer - indirect automobile 18 — — — — — — 6 24 Consumer - credit card — — — — — — — 501 501 Consumer - other 40,644 307 94 — 401 444 (859 ) 3,977 44,607 Total $ 1,584,250 $ 3,212 $ 6,746 $ 192 $ 10,150 $ 14,208 $ (10,629 ) $ 464,627 $ 2,062,606 December 31, 2016 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 26,714 $ — $ — $ — $ — $ 1,946 $ (243 ) $ 32,991 $ 61,408 Commercial real estate - owner-occupied 326,761 493 55 — 548 166 (3,084 ) 125,621 450,012 Commercial real estate- non-owner-occupied 544,731 223 — 32 255 1,055 (565 ) 122,056 667,532 Commercial and industrial 314,990 73 51 — 124 1,317 (837 ) 32,732 348,326 Energy-related 1,910 — — — — — (6 ) — 1,904 Residential mortgage 290,031 328 989 — 1,317 719 (1,835 ) 122,952 413,184 Consumer - home equity 286,411 1,078 189 250 1,517 1,395 (5,237 ) 88,419 372,505 Consumer - indirect automobile — — — — — — — 4 4 Consumer - credit card 468 — — — — — — — 468 Consumer - other 49,449 391 97 — 488 360 (1,004 ) 5,411 54,704 Total $ 1,841,465 $ 2,586 $ 1,381 $ 282 $ 4,249 $ 6,958 $ (12,811 ) $ 530,186 $ 2,370,047 (1) Past due and non-accrual information presents acquired loans at the gross loan balance, prior to application of discounts. (2) Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. Loans Acquired The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the six months ended June 30: (Dollars in thousands) 2017 2016 Balance at beginning of period $ 175,054 $ 227,502 Transfers from non-accretable difference to accretable yield 2,544 4,425 Accretion (28,496 ) (36,256 ) Changes in expected cash flows not affecting non-accretable differences (1) 2,439 8,949 Balance at end of period $ 151,541 $ 204,620 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. Troubled Debt Restructurings Information about the Company’s troubled debt restructurings ("TDRs") at June 30, 2017 and 2016 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 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 such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. TDRs totaling $28.4 million and $165.3 million occurred during the six months ended June 30, 2017 and June 30, 2016, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the periods indicated: Three Months Ended June 30 Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Extended maturities $ 8,488 $ 54,758 $ 15,014 $ 57,533 Maturity and interest rate adjustment 3,886 30,781 6,502 31,048 Movement to or extension of interest-rate only payments 38 440 138 440 Interest rate adjustment 26 134 26 134 Forbearance 3,466 33,426 4,687 38,367 Other concession(s) (1) 1,988 15,985 2,031 37,761 Total $ 17,892 $ 135,524 $ 28,398 $ 165,283 (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 $28.4 million of TDRs occurring during the six months ended June 30, 2017, $22.8 million are on accrual status and $5.6 million are on non-accrual status. Of the $165.3 million of TDRs occurring during the six months ended June 30, 2016, $126.6 million were on accrual status and $38.7 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated: Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 — $ — $ — Commercial real estate- owner-occupied 1 32 31 3 794 785 Commercial real estate- non-owner-occupied 6 2,721 2,795 6 10,777 10,047 Commercial and industrial 24 9,028 8,551 16 19,496 19,353 Energy-related — — — 19 82,882 100,205 Residential mortgage 6 521 492 10 1,438 1,438 Consumer - home equity 33 4,820 4,807 36 2,750 2,750 Consumer - indirect 23 224 114 — — — Consumer - other 30 832 827 61 946 946 Total 124 $ 18,453 $ 17,892 151 $ 119,083 $ 135,524 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 1 $ 28 $ 26 Commercial real estate- owner-occupied 2 1,730 1,698 5 1,069 1,050 Commercial real estate- non-owner-occupied 11 4,409 4,465 10 11,516 10,749 Commercial and industrial 33 9,254 8,747 28 24,018 23,632 Energy-related — — — 25 110,443 119,890 Residential mortgage 10 780 730 25 4,733 4,692 Consumer - home equity 66 10,851 10,771 57 3,928 3,916 Consumer - indirect 33 360 222 — — — Consumer - other 50 1,547 1,490 85 1,386 1,328 Total 206 $ 29,206 $ 28,398 236 $ 157,121 $ 165,283 Information detailing TDRs that defaulted during the three-month and six-month periods ended June 30, 2017 and 2016, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. 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 respective periods, or since the date of modification, whichever is shorter. Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction — $ — — $ — Commercial real estate- owner-occupied 5 2,297 — — Commercial real estate- non-owner-occupied 9 5,640 4 1,358 Commercial and industrial 17 8,081 5 758 Energy-related — — 1 2,250 Residential mortgage 5 454 4 480 Consumer - home equity 19 1,532 17 1,112 Consumer - indirect automobile 9 75 — — Consumer - other 17 592 34 482 Total 81 $ 18,671 65 $ 6,440 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction 2 $ 132 — $ — Commercial real estate- owner-occupied 7 2,404 — — Commercial real estate- non-owner-occupied 14 6,406 8 1,377 Commercial and industrial 25 8,239 8 3,273 Energy-related — — 1 2,250 Residential mortgage 21 1,854 7 536 Consumer - home equity 37 2,488 24 1,608 Consumer - indirect automobile 33 328 — — Consumer - other 29 893 67 598 Total 168 $ 22,744 115 $ 9,642" id="sjs-B4">LOANS Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated: June 30, 2017 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Commercial real estate- construction $ 1,010,479 $ 89,709 $ 1,100,188 Commercial real estate- owner-occupied 1,815,167 390,241 2,205,408 Commercial real estate- non-owner-occupied 3,289,284 546,723 3,836,007 Commercial and industrial 3,390,699 293,382 3,684,081 Energy-related 550,162 1,806 551,968 10,055,791 1,321,861 11,377,652 Residential mortgage loans: 970,961 375,506 1,346,467 Consumer and other loans: Home equity 1,838,841 320,107 2,158,948 Indirect automobile 92,106 24 92,130 Other 535,711 45,108 580,819 2,466,658 365,239 2,831,897 Total $ 13,493,410 $ 2,062,606 $ 15,556,016 December 31, 2016 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Commercial real estate- construction $ 740,761 $ 61,408 $ 802,169 Commercial real estate- owner-occupied 1,784,624 450,012 2,234,636 Commercial real estate- non-owner-occupied 3,097,929 667,532 3,765,461 Commercial and industrial 3,194,796 348,326 3,543,122 Energy-related 559,289 1,904 561,193 9,377,399 1,529,182 10,906,581 Residential mortgage loans: 854,216 413,184 1,267,400 Consumer and other loans: Home equity 1,783,421 372,505 2,155,926 Indirect automobile 131,048 4 131,052 Other 548,840 55,172 604,012 2,463,309 427,681 2,890,990 Total $ 12,694,924 $ 2,370,047 $ 15,064,971 Net deferred loan origination fees were $24.1 million and $22.6 million at June 30, 2017 and December 31, 2016, respectively. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At June 30, 2017 and December 31, 2016, overdrafts of $5.9 million and $4.2 million , respectively, have been reclassified to loans. Loans with carrying values of $4.5 billion were pledged as collateral for borrowings at both June 30, 2017 and December 31, 2016, respectively. Aging Analysis The following tables provide an analysis of the aging of loans as of June 30, 2017 and December 31, 2016. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated, or renewed and underwritten by the Company ("legacy loans") and acquired loans. June 30, 2017 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 1,008,834 $ 214 $ — $ — $ 214 $ 1,431 $ 1,010,479 Commercial real estate - owner-occupied 1,804,289 343 1,687 33 2,063 8,815 1,815,167 Commercial real estate- non-owner-occupied 3,277,719 3,245 3,046 267 6,558 5,007 3,289,284 Commercial and industrial 3,349,442 10,633 1,429 — 12,062 29,195 3,390,699 Energy-related 453,357 2,240 — — 2,240 94,565 550,162 Residential mortgage 955,343 1,933 1,693 310 3,936 11,682 970,961 Consumer - home equity 1,819,163 4,983 4,161 — 9,144 10,534 1,838,841 Consumer - indirect automobile 89,590 1,353 261 — 1,614 902 92,106 Consumer - credit card 85,690 168 117 — 285 612 86,587 Consumer - other 444,743 2,809 567 — 3,376 1,005 449,124 Total $ 13,288,170 $ 27,921 $ 12,961 $ 610 $ 41,492 $ 163,748 $ 13,493,410 December 31, 2016 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 740,761 $ — $ — $ — $ — $ — $ 740,761 Commercial real estate - owner-occupied 1,775,695 959 127 — 1,086 7,843 1,784,624 Commercial real estate- non-owner-occupied 3,088,207 902 224 — 1,126 8,596 3,097,929 Commercial and industrial 3,158,700 3,999 870 — 4,869 31,227 3,194,796 Energy-related 407,434 — 1,526 — 1,526 150,329 559,289 Residential mortgage 836,509 2,012 1,577 1,104 4,693 13,014 854,216 Consumer - home equity 1,768,763 5,249 1,430 — 6,679 7,979 1,783,421 Consumer - indirect automobile 127,054 2,551 405 — 2,956 1,038 131,048 Consumer - credit card 81,602 199 99 — 298 624 82,524 Consumer - other 462,650 2,155 618 — 2,773 893 466,316 Total $ 12,447,375 $ 18,026 $ 6,876 $ 1,104 $ 26,006 $ 221,543 $ 12,694,924 June 30, 2017 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 53,564 $ 216 $ — $ — $ 216 $ 1,118 $ (183 ) $ 34,994 $ 89,709 Commercial real estate - owner-occupied 284,841 — — — — 3,684 (2,670 ) 104,386 390,241 Commercial real estate- non-owner-occupied 441,193 2,067 319 — 2,386 4,035 (94 ) 99,203 546,723 Commercial and industrial 256,584 47 4,651 — 4,698 1,382 (712 ) 31,430 293,382 Energy-related 1,657 154 — — 154 — (5 ) — 1,806 Residential mortgage 263,658 14 403 192 609 1,598 (1,609 ) 111,250 375,506 Consumer - home equity 242,091 407 1,279 — 1,686 1,947 (4,497 ) 78,880 320,107 Consumer - indirect automobile 18 — — — — — — 6 24 Consumer - credit card — — — — — — — 501 501 Consumer - other 40,644 307 94 — 401 444 (859 ) 3,977 44,607 Total $ 1,584,250 $ 3,212 $ 6,746 $ 192 $ 10,150 $ 14,208 $ (10,629 ) $ 464,627 $ 2,062,606 December 31, 2016 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 26,714 $ — $ — $ — $ — $ 1,946 $ (243 ) $ 32,991 $ 61,408 Commercial real estate - owner-occupied 326,761 493 55 — 548 166 (3,084 ) 125,621 450,012 Commercial real estate- non-owner-occupied 544,731 223 — 32 255 1,055 (565 ) 122,056 667,532 Commercial and industrial 314,990 73 51 — 124 1,317 (837 ) 32,732 348,326 Energy-related 1,910 — — — — — (6 ) — 1,904 Residential mortgage 290,031 328 989 — 1,317 719 (1,835 ) 122,952 413,184 Consumer - home equity 286,411 1,078 189 250 1,517 1,395 (5,237 ) 88,419 372,505 Consumer - indirect automobile — — — — — — — 4 4 Consumer - credit card 468 — — — — — — — 468 Consumer - other 49,449 391 97 — 488 360 (1,004 ) 5,411 54,704 Total $ 1,841,465 $ 2,586 $ 1,381 $ 282 $ 4,249 $ 6,958 $ (12,811 ) $ 530,186 $ 2,370,047 (1) Past due and non-accrual information presents acquired loans at the gross loan balance, prior to application of discounts. (2) Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. Loans Acquired The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the six months ended June 30: (Dollars in thousands) 2017 2016 Balance at beginning of period $ 175,054 $ 227,502 Transfers from non-accretable difference to accretable yield 2,544 4,425 Accretion (28,496 ) (36,256 ) Changes in expected cash flows not affecting non-accretable differences (1) 2,439 8,949 Balance at end of period $ 151,541 $ 204,620 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. Troubled Debt Restructurings Information about the Company’s troubled debt restructurings ("TDRs") at June 30, 2017 and 2016 is presented in the following tables. Modifications of loans that are accounted for within a pool under ASC Topic 310-30 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 such acquired loans that would otherwise meet the criteria for classification as a TDR are excluded from the tables below. TDRs totaling $28.4 million and $165.3 million occurred during the six months ended June 30, 2017 and June 30, 2016, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the periods indicated: Three Months Ended June 30 Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Extended maturities $ 8,488 $ 54,758 $ 15,014 $ 57,533 Maturity and interest rate adjustment 3,886 30,781 6,502 31,048 Movement to or extension of interest-rate only payments 38 440 138 440 Interest rate adjustment 26 134 26 134 Forbearance 3,466 33,426 4,687 38,367 Other concession(s) (1) 1,988 15,985 2,031 37,761 Total $ 17,892 $ 135,524 $ 28,398 $ 165,283 (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 $28.4 million of TDRs occurring during the six months ended June 30, 2017, $22.8 million are on accrual status and $5.6 million are on non-accrual status. Of the $165.3 million of TDRs occurring during the six months ended June 30, 2016, $126.6 million were on accrual status and $38.7 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the periods indicated: Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 — $ — $ — Commercial real estate- owner-occupied 1 32 31 3 794 785 Commercial real estate- non-owner-occupied 6 2,721 2,795 6 10,777 10,047 Commercial and industrial 24 9,028 8,551 16 19,496 19,353 Energy-related — — — 19 82,882 100,205 Residential mortgage 6 521 492 10 1,438 1,438 Consumer - home equity 33 4,820 4,807 36 2,750 2,750 Consumer - indirect 23 224 114 — — — Consumer - other 30 832 827 61 946 946 Total 124 $ 18,453 $ 17,892 151 $ 119,083 $ 135,524 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 1 $ 28 $ 26 Commercial real estate- owner-occupied 2 1,730 1,698 5 1,069 1,050 Commercial real estate- non-owner-occupied 11 4,409 4,465 10 11,516 10,749 Commercial and industrial 33 9,254 8,747 28 24,018 23,632 Energy-related — — — 25 110,443 119,890 Residential mortgage 10 780 730 25 4,733 4,692 Consumer - home equity 66 10,851 10,771 57 3,928 3,916 Consumer - indirect 33 360 222 — — — Consumer - other 50 1,547 1,490 85 1,386 1,328 Total 206 $ 29,206 $ 28,398 236 $ 157,121 $ 165,283 Information detailing TDRs that defaulted during the three-month and six-month periods ended June 30, 2017 and 2016, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. 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 respective periods, or since the date of modification, whichever is shorter. Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction — $ — — $ — Commercial real estate- owner-occupied 5 2,297 — — Commercial real estate- non-owner-occupied 9 5,640 4 1,358 Commercial and industrial 17 8,081 5 758 Energy-related — — 1 2,250 Residential mortgage 5 454 4 480 Consumer - home equity 19 1,532 17 1,112 Consumer - indirect automobile 9 75 — — Consumer - other 17 592 34 482 Total 81 $ 18,671 65 $ 6,440 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction 2 $ 132 — $ — Commercial real estate- owner-occupied 7 2,404 — — Commercial real estate- non-owner-occupied 14 6,406 8 1,377 Commercial and industrial 25 8,239 8 3,273 Energy-related — — 1 2,250 Residential mortgage 21 1,854 7 536 Consumer - home equity 37 2,488 24 1,608 Consumer - indirect automobile 33 328 — — Consumer - other 29 893 67 598 Total 168 $ 22,744 115 $ 9,642 |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30 is as follows: 2017 (Dollars in thousands) Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 105,569 $ 39,150 $ 144,719 Provision for (Reversal of) loan losses 18,315 (111 ) 18,204 Transfer of balance to OREO and other — 258 258 Loans charged-off (18,098 ) (1,382 ) (19,480 ) Recoveries 1,824 700 2,524 Allowance for loan losses at end of period $ 107,610 $ 38,615 $ 146,225 Reserve for unfunded commitments at beginning of period $ 11,241 $ — $ 11,241 Provision for (Reversal of) unfunded lending commitments (779 ) — (779 ) Reserve for unfunded commitments at end of period $ 10,462 $ — $ 10,462 Allowance for credit losses at end of period $ 118,072 $ 38,615 $ 156,687 2016 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 93,808 $ 44,570 $ 138,378 Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements 28,390 (2,416 ) 25,974 Adjustment attributable to FDIC loss share arrangements — 797 797 Net provision for (Reversal of) loan losses 28,390 (1,619 ) 26,771 Adjustment attributable to FDIC loss share arrangements — (797 ) (797 ) Transfer of balance to OREO and other — (967 ) (967 ) Loans charged-off (17,359 ) (1,196 ) (18,555 ) Recoveries 2,022 600 2,622 Allowance for loan losses at end of period $ 106,861 $ 40,591 $ 147,452 Reserve for unfunded commitments at beginning of period $ 14,145 $ — $ 14,145 Provision for (Reversal of) unfunded lending commitments (319 ) — (319 ) Reserve for unfunded commitments at end of period $ 13,826 $ — $ 13,826 Allowance for credit losses at end of period $ 120,687 $ 40,591 $ 161,278 A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the six months ended June 30 is as follows: 2017 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 25,408 $ 35,434 $ 22,486 $ 3,835 $ 18,406 $ 105,569 Provision for (Reversal of) loan losses 4,323 5,181 3,387 (884 ) 6,308 18,315 Loans charged-off (256 ) (8,366 ) (2,845 ) (45 ) (6,586 ) (18,098 ) Recoveries 189 269 — 77 1,289 1,824 Allowance for loan losses at end of period $ 29,664 $ 32,518 $ 23,028 $ 2,983 $ 19,417 $ 107,610 Reserve for unfunded commitments at beginning of period $ 3,206 $ 3,535 $ 1,003 $ 657 $ 2,840 $ 11,241 Provision for (Reversal of) unfunded commitments 294 (46 ) (856 ) (89 ) (82 ) (779 ) Reserve for unfunded commitments at end of period $ 3,500 $ 3,489 $ 147 $ 568 $ 2,758 $ 10,462 Allowance on loans individually evaluated for impairment $ 1,316 $ 7,192 $ 16,094 $ 137 $ 2,181 $ 26,920 Allowance on loans collectively evaluated for impairment 28,348 25,326 6,934 2,846 17,236 80,690 Loans, net of unearned income: Balance at end of period $ 6,114,930 $ 3,390,699 $ 550,162 $ 970,961 $ 2,466,658 $ 13,493,410 Balance at end of period individually evaluated for impairment 42,204 36,836 89,814 4,631 25,983 199,468 Balance at end of period collectively evaluated for impairment 6,072,726 3,353,863 460,348 966,330 2,440,675 13,293,942 2016 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 24,658 $ 23,283 $ 23,863 $ 3,947 $ 18,057 $ 93,808 Provision for (Reversal of) loan losses (715 ) 5,874 16,819 264 6,148 28,390 Loans charged-off (1,549 ) (1,154 ) (7,715 ) (173 ) (6,768 ) (17,359 ) Recoveries 644 35 — 27 1,316 2,022 Allowance for loan losses at end of period $ 23,038 $ 28,038 $ 32,967 $ 4,065 $ 18,753 $ 106,861 Reserve for unfunded commitments at beginning of period $ 4,160 $ 3,448 $ 2,665 $ 830 $ 3,042 $ 14,145 Provision for (Reversal of) unfunded commitments (26 ) (60 ) (442 ) (23 ) 232 (319 ) Reserve for unfunded commitments at end of period $ 4,134 $ 3,388 $ 2,223 $ 807 $ 3,274 $ 13,826 Allowance on loans individually evaluated for impairment $ 691 $ 969 $ 11,925 $ 100 $ 800 $ 14,485 Allowance on loans collectively evaluated for impairment 22,347 27,069 21,042 3,965 17,953 92,376 Loans, net of unearned income: Balance at end of period $ 5,097,689 $ 3,027,590 $ 659,510 $ 794,701 $ 2,405,359 $ 11,984,849 Balance at end of period individually evaluated for impairment 26,152 34,298 148,317 3,451 9,140 221,358 Balance at end of period collectively evaluated for impairment 5,071,537 2,993,292 511,193 791,250 2,396,219 11,763,491 A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the six months ended June 30 is as follows: 2017 (Dollars in thousands) Commercial Commercial Energy-related Residential Consumer Total Allowance for loan losses at beginning of period $ 23,574 $ 3,230 $ 39 $ 7,412 $ 4,895 $ 39,150 Provision for (Reversal of) loan losses 1,407 (46 ) (21 ) (578 ) (873 ) (111 ) Transfer of balance to OREO and other 135 (69 ) — 2 190 258 Loans charged-off (1,026 ) (71 ) — (30 ) (255 ) (1,382 ) Recoveries 145 77 — 65 413 700 Allowance for loan losses at end of period $ 24,235 $ 3,121 $ 18 $ 6,871 $ 4,370 $ 38,615 Allowance on loans individually evaluated for impairment $ 402 $ 678 $ — $ 32 $ 92 $ 1,204 Allowance on loans collectively evaluated for impairment 23,833 2,443 18 6,839 4,278 37,411 Loans, net of unearned income: Balance at end of period $ 1,026,673 $ 293,382 $ 1,806 $ 375,506 $ 365,239 $ 2,062,606 Balance at end of period individually evaluated for impairment 10,225 2,851 — 660 2,856 16,592 Balance at end of period collectively evaluated for impairment 777,865 259,101 1,806 263,596 279,019 1,581,387 Balance at end of period acquired with deteriorated credit quality 238,583 31,430 — 111,250 83,364 464,627 2016 (Dollars in thousands) Commercial Commercial Energy-related Residential Consumer Total Allowance for loan losses at beginning of period $ 25,979 $ 2,819 $ 125 $ 7,841 $ 7,806 $ 44,570 Provision for (Reversal of) loan losses (1,804 ) 350 (52 ) 896 (1,009 ) (1,619 ) Increase (Decrease) in FDIC loss share receivable 45 (28 ) — (562 ) (252 ) (797 ) Transfer of balance to OREO and other (880 ) 323 — 22 (432 ) (967 ) Loans charged-off (31 ) (700 ) — — (465 ) (1,196 ) Recoveries 85 112 — 29 374 600 Allowance for loan losses at end of period $ 23,394 $ 2,876 $ 73 $ 8,226 $ 6,022 $ 40,591 Allowance on loans individually evaluated for impairment $ — $ 22 $ — $ 2 $ 44 $ 68 Allowance on loans collectively evaluated for impairment 23,394 2,854 73 8,224 5,978 40,523 Loans, net of unearned income: Balance at end of period $ 1,374,312 $ 408,219 $ 2,524 $ 454,361 $ 498,296 $ 2,737,712 Balance at end of period individually evaluated for impairment 1,145 2,075 — 245 4,412 7,877 Balance at end of period collectively evaluated for impairment 1,038,737 368,283 2,524 321,879 386,080 2,117,503 Balance at end of period acquired with deteriorated credit quality 334,430 37,861 — 132,237 107,804 612,332 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 non-conforming 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 a 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, 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 which may result in future disclosure of these loans as non-performing. For problem assets with identified credit issues, the Company has two primary classifications: “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 higher based on currently existing facts, conditions, and values. 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, or renewed and underwritten by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of June 30, 2017 and December 31, 2016. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the gross loan balance, prior to the application of premiums/discounts, at June 30, 2017 and December 31, 2016. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. Legacy loans June 30, 2017 December 31, 2016 (Dollars in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Total Commercial real estate - construction $ 997,264 $ 7,917 $ 5,298 $ — $ 1,010,479 $ 734,687 $ 2,203 $ 3,871 $ — $ 740,761 Commercial real estate - owner-occupied 1,740,717 39,772 34,210 468 1,815,167 1,738,024 17,542 29,058 — 1,784,624 Commercial real estate- non-owner-occupied 3,251,368 8,696 29,220 — 3,289,284 3,063,470 8,617 25,842 — 3,097,929 Commercial and industrial 3,287,383 42,422 58,527 2,367 3,390,699 3,112,300 29,763 35,199 17,534 3,194,796 Energy-related 373,342 49,097 74,620 53,103 550,162 242,123 80,084 225,724 11,358 559,289 Total $ 9,650,074 $ 147,904 $ 201,875 $ 55,938 $ 10,055,791 $ 8,890,604 $ 138,209 $ 319,694 $ 28,892 $ 9,377,399 Legacy loans June 30, 2017 December 31, 2016 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 955,343 $ 15,618 $ 970,961 $ 836,509 $ 17,707 $ 854,216 Consumer - home equity 1,819,163 19,678 1,838,841 1,768,763 14,658 1,783,421 Consumer - indirect automobile 89,590 2,516 92,106 127,054 3,994 131,048 Consumer - credit card 85,690 897 86,587 81,602 922 82,524 Consumer - other 444,743 4,381 449,124 462,650 3,666 466,316 Total $ 3,394,529 $ 43,090 $ 3,437,619 $ 3,276,578 $ 40,947 $ 3,317,525 Acquired loans June 30, 2017 December 31, 2016 (Dollars in thousands) Pass Special Sub-standard Doubtful Premium/(Discount) Total Pass Special Sub-standard Doubtful Loss Premium/(Discount) Total Commercial real estate - construction $ 71,157 $ 1,208 $ 3,431 $ 14 $ 13,899 $ 89,709 $ 46,498 $ 459 $ 3,118 $ 2,574 $ — $ 8,759 $ 61,408 Commercial real estate - owner-occupied 384,411 3,275 14,627 — (12,072 ) 390,241 426,492 7,664 17,584 1,356 — (3,084 ) 450,012 Commercial real estate- non-owner-occupied 541,724 3,434 26,188 119 (24,742 ) 546,723 663,571 11,620 31,552 101 23 (39,335 ) 667,532 Commercial and industrial 275,350 5,440 11,315 2,601 (1,324 ) 293,382 323,154 1,416 27,749 494 — (4,487 ) 348,326 Energy-related 1,811 — — — (5 ) 1,806 1,910 — — — — (6 ) 1,904 Total $ 1,274,453 $ 13,357 $ 55,561 $ 2,734 $ (24,244 ) $ 1,321,861 $ 1,461,625 $ 21,159 $ 80,003 $ 4,525 $ 23 $ (38,153 ) $ 1,529,182 Acquired loans June 30, 2017 December 31, 2016 (Dollars in thousands) Current 30+ Days Past Due Premium (Discount) Total Current 30+ Days Past Due Premium (Discount) Total Residential mortgage $ 378,204 $ 22,121 $ (24,819 ) $ 375,506 $ 424,300 $ 20,914 $ (32,030 ) $ 413,184 Consumer - home equity 322,658 13,051 (15,602 ) 320,107 377,021 12,807 (17,323 ) 372,505 Consumer - indirect automobile 24 — — 24 12 — (8 ) 4 Consumer - other 48,168 1,225 (4,285 ) 45,108 58,141 1,423 (4,392 ) 55,172 Total $ 749,054 $ 36,397 $ (44,706 ) $ 740,745 $ 859,474 $ 35,144 $ (53,753 ) $ 840,865 Legacy Impaired Loans Information on the Company’s investment in legacy impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the allowance for loan losses, is presented in the following tables as of and for the periods indicated. June 30, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial real estate- construction $ 2,123 $ 2,123 $ — $ 38 $ 38 $ — Commercial real estate- owner-occupied 13,932 13,932 — 4,593 4,593 — Commercial real estate- non-owner-occupied 4,443 4,443 — 12,668 11,876 — Commercial and industrial 16,016 16,016 — 14,202 13,189 — Energy-related 32,013 32,013 — 152,424 143,239 — Residential mortgage 1,123 1,123 — — — — Consumer - home equity 3,336 3,336 — — — — Consumer -other — — — — — — With an allowance recorded: Commercial real estate- construction 36 36 (1 ) — — — Commercial real estate- owner-occupied 17,945 17,945 (690 ) 17,580 17,429 (640 ) Commercial real estate- non-owner-occupied 3,725 3,725 (625 ) 108 95 (1 ) Commercial and industrial 20,820 20,820 (7,192 ) 28,829 28,329 (10,864 ) Energy-related 57,801 57,801 (16,094 ) 53,967 53,088 (9,769 ) Residential mortgage 3,543 3,508 (137 ) 4,627 4,312 (144 ) Consumer - home equity 18,865 18,757 (1,805 ) 13,906 13,257 (993 ) Consumer - indirect automobile 668 668 (83 ) 1,037 758 (114 ) Consumer - other 3,222 3,222 (293 ) 2,447 2,442 (251 ) Total $ 199,611 $ 199,468 $ (26,920 ) $ 306,426 $ 292,645 $ (22,776 ) Total commercial loans $ 168,854 $ 168,854 $ (24,602 ) $ 284,409 $ 271,876 $ (21,274 ) Total mortgage loans 4,666 4,631 (137 ) 4,627 4,312 (144 ) Total consumer loans 26,091 25,983 (2,181 ) 17,390 16,457 (1,358 ) Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial real estate- construction $ 2,123 $ 13 $ 27 $ — $ 2,123 $ 39 $ 30 $ — Commercial real estate- owner-occupied 14,054 158 2,072 20 14,179 404 2,085 41 Commercial real estate- non-owner-occupied 4,409 39 13,395 123 4,433 67 13,454 237 Commercial and industrial 21,116 106 36,212 467 21,998 232 41,074 947 Energy-related 32,370 44 106,692 912 34,330 102 102,364 1,857 Residential mortgage 1,130 12 825 10 1,136 24 825 19 Consumer - home equity 3,347 32 — — 3,356 65 — — With an allowance recorded: Commercial real estate- construction 37 1 — — 37 1 — — Commercial real estate- owner-occupied 17,908 86 10,636 83 17,998 186 10,694 166 Commercial real estate- non-owner-occupied 3,761 13 53 — 3,774 57 60 1 Commercial and industrial 21,028 284 2,125 23 21,504 555 2,191 48 Energy-related 58,399 2 15,486 10 58,868 4 12,290 47 Residential mortgage 3,528 34 2,642 18 3,549 68 2,657 38 Consumer - home equity 18,359 196 7,550 74 17,443 375 7,290 146 Consumer - indirect automobile 750 6 650 6 797 14 723 18 Consumer - other 3,100 51 846 15 2,921 96 702 25 Total $ 205,419 $ 1,077 $ 199,211 $ 1,761 $ 208,446 $ 2,289 $ 196,439 $ 3,590 Total commercial loans $ 175,205 $ 746 $ 186,698 $ 1,638 $ 179,244 $ 1,647 $ 184,242 $ 3,344 Total mortgage loans 4,658 46 3,467 28 4,685 92 3,482 57 Total consumer loans 25,556 285 9,046 95 24,517 550 8,715 189 As of June 30, 2017 and December 31, 2016, 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 2017, and the year ended December 31, 2016 are provided in the following table. (Dollars in thousands) IBERIABANK IMC LTC Total Balance, December 31, 2015 $ 696,260 $ 23,178 $ 5,165 $ 724,603 Goodwill adjustments during the year 2,253 — — 2,253 Balance, December 31, 2016 $ 698,513 $ 23,178 $ 5,165 $ 726,856 Goodwill adjustments during the year — — — — Balance, June 30, 2017 $ 698,513 $ 23,178 $ 5,165 $ 726,856 The goodwill adjustments during 2016 were the result of the finalization of fair value estimates related to the 2015 acquisitions of Florida Bank Group, Old Florida, and Georgia Commerce during the respective measurement periods. The Company performed the required annual goodwill impairment test as of October 1, 2016. The Company’s annual impairment test did not indicate impairment in any of the Company’s reporting units as of the testing date. Following the testing date, management evaluated the events and changes that could indicate that goodwill might be impaired and concluded that a subsequent interim test was not necessary. Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated: June 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 8,265 $ (3,576 ) $ 4,689 $ 7,202 $ (3,144 ) $ 4,058 In addition, there was an insignificant amount of non-mortgage servicing rights related to SBA loans as of June 30, 2017 and December 31, 2016, respectively. Title Plant The Company held title plant assets recorded in “other assets” on the Company's consolidated balance sheets totaling $6.7 million at both June 30, 2017 and December 31, 2016. No events or changes in circumstances occurred during the six months ended June 30, 2017 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated: June 30, 2017 December 31, 2016 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 74,001 $ (55,501 ) $ 18,500 $ 74,001 $ (52,165 ) $ 21,836 Customer relationship intangible asset 1,143 (942 ) 201 1,348 (1,064 ) 284 Non-compete agreement 63 (31 ) 32 63 (22 ) 41 Total $ 75,207 $ (56,474 ) $ 18,733 $ 75,412 $ (53,251 ) $ 22,161 |
Derivative Instruments and Othe
Derivative Instruments and Other Hedging Activities | 6 Months Ended |
Jun. 30, 2017 | |
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, exposures related to liquidity and credit risk, and 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, written and purchased options and credit derivatives. 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 Derivative Assets - Fair Value Balance Sheet Location Derivative Liabilities - Fair Value (Dollars in thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ — $ — Other liabilities $ 1,041 $ 525 Total derivatives designated as hedging instruments under ASC Topic 815 $ — $ — $ 1,041 $ 525 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 20,432 $ 20,719 Other liabilities $ 18,384 $ 20,719 Foreign exchange contracts Other assets 73 27 Other liabilities 73 26 Forward sales contracts Other assets 860 6,014 Other liabilities 706 794 Written and purchased options Other assets 11,535 12,125 Other liabilities 8,439 8,098 Other contracts Other assets — 1 Other liabilities 41 47 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 32,900 $ 38,886 $ 27,643 $ 29,684 Total $ 32,900 $ 38,886 $ 28,684 $ 30,209 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (Dollars in thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ — $ — $ 108,500 $ 108,500 Total derivatives designated as hedging instruments under ASC Topic 815 $ — $ — $ 108,500 $ 108,500 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 1,120,278 $ 1,033,955 $ 1,120,278 $ 1,033,955 Foreign exchange contracts 1,724 4,474 1,724 4,474 Forward sales contracts 214,925 229,181 131,915 120,567 Written and purchased options 369,582 289,115 177,921 154,170 Other contracts 8,630 8,784 103,055 106,518 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,715,139 $ 1,565,509 $ 1,534,893 $ 1,419,684 Total $ 1,715,139 $ 1,565,509 $ 1,643,393 $ 1,528,184 The Company has entered into risk participation agreements with counterparties to transfer or assume credit exposures related to interest rate derivatives. The notional amounts of risk participation agreements sold were $103.1 million and $106.5 million at June 30, 2017 and December 31, 2016, respectively. Assuming all underlying third party customers referenced in the swap contracts defaulted at June 30, 2017 and December 31, 2016, the exposure from these agreements would not be material based on the fair value of the underlying swaps. The Company is party to collateral agreements with certain derivative counterparties. Such agreements require that the Company maintain collateral based on the fair values of individual derivative transactions. In the event of default by the Company, the counterparty would be entitled to the collateral. At June 30, 2017 and December 31, 2016, the Company was required to post $1.5 million and $1.9 million , respectively, in cash or securities as collateral for its derivative transactions, which is included in "interest-bearing deposits in banks" on the Company’s consolidated balance sheets. Effective January 3, 2017, the Chicago Mercantile Exchange and LCH.Clearnet Limited amended their rulebooks to legally characterize variation margin payments for over-the-counter derivatives they clear as settlements of the derivatives' exposure rather than collateral against the exposures. As of June 30, 2017 , the Company was required to post $2.7 million in variation margin payments for its derivative transactions, which is now required to be netted against the fair value of the derivatives in "other assets/other liabilities" on the consolidated balance sheet. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at June 30, 2017. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2017 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 not designated as hedging instruments $ 20,432 $ (8,747 ) $ — $ 11,685 Written and purchased options 8,329 — — 8,329 Total derivative assets subject to master netting arrangements $ 28,761 $ (8,747 ) $ — $ 20,014 Derivative liabilities Interest rate contracts designated as hedging instruments $ 1,041 $ — $ — $ 1,041 Interest rate contracts not designated as hedging instruments 18,384 (8,747 ) (1,513 ) 8,124 Total derivative liabilities subject to master netting arrangements $ 19,425 $ (8,747 ) $ (1,513 ) $ 9,165 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 2016 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 not designated as hedging instruments $ 20,719 $ (9,677 ) $ — $ 11,042 Written and purchased options 8,085 — — 8,085 Total derivative assets subject to master netting arrangements $ 28,804 $ (9,677 ) $ — $ 19,127 Derivative liabilities Interest rate contracts designated as hedging instruments $ 525 $ — $ (181 ) $ 344 Interest rate contracts not designated as hedging instruments 20,719 (9,677 ) (1,711 ) 9,331 Total derivative liabilities subject to master netting arrangements $ 21,244 $ (9,677 ) $ (1,892 ) $ 9,675 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. During the six months ended June 30, 2017 and 2016 , the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges, because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At June 30, 2017 , the Company does not expect to reclassify a material amount from accumulated other comprehensive income into interest income over the next twelve months for derivatives that will be settled. At June 30, 2017 and 2016 , and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income net of taxes (Effective Portion) (Dollars in thousands) For the Three Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (790 ) $ (2,328 ) Other income (expense) $ (103 ) $ — Other income (expense) $ — $ — Total $ (790 ) $ (2,328 ) $ (103 ) $ — $ — $ — 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 net of taxes (Effective Portion) (Dollars in thousands) For the Six Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (627 ) $ (6,455 ) Other income (expense) $ (148 ) $ — Other income (expense) $ — $ — Total $ (627 ) $ (6,455 ) $ (148 ) $ — $ — $ — At June 30, 2017 and 2016, and for the three and six months then ended, information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Interest rate contracts (1) Other income $ 1,299 $ 2,332 $ 2,416 $ 5,294 Foreign exchange contracts Other income 7 2 14 3 Forward sales contracts Mortgage income (1,526 ) (4,787 ) (1,886 ) (10,130 ) Written and purchased options Mortgage income (1,586 ) 2,488 (931 ) 6,470 Other contracts Other income 5 — 9 — Total $ (1,801 ) $ 35 $ (378 ) $ 1,637 (1) Includes fees associated with customer interest rate contracts. |
Shareholders' Equity, Capital R
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | SHAREHOLDERS' EQUITY, CAPITAL RATIOS AND OTHER REGULATORY MATTERS Preferred Stock The following table presents a summary of the Company's non-cumulative perpetual preferred stock: June 30, 2017 December 31, 2016 Issuance Date Earliest Redemption Date Annual Dividend Rate Liquidation Amount Carrying Amount Carrying Amount (Dollars in thousands) Series B Preferred Stock 8/5/2015 8/1/2025 6.625 % $ 80,000 $ 76,812 $ 76,812 Series C Preferred Stock 5/9/2016 5/1/2026 6.600 % 57,500 55,285 55,285 $ 137,500 $ 132,097 $ 132,097 Common Stock During the second quarter of 2016, the Company's Board of Directors authorized the repurchase of up to 950,000 shares of IBERIABANK Corporation's outstanding common stock. Stock repurchases under this program will be made from time to time, on the open market or in privately negotiated transactions. The timing of these repurchases will depend on market conditions and other requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time. At June 30, 2017, the remaining common shares that could be repurchased under the plan approved by the Board was 747,494 shares. The Company has not repurchased any common shares during 2017. On March 7, 2017, the Company issued an additional 6,100,000 shares of its common stock at a price of $83.00 per common share. Net proceeds from the offering, after deduction of underwriting discounts, commissions, and direct issuance costs, were $485.2 million . Regulatory Capital 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. Management believes that, as of June 30, 2017, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of June 30, 2017, 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 June 30, 2017 and December 31, 2016 are presented in the following table. (Dollars in thousands) June 30, 2017 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 845,167 4.00 % N/A N/A $ 2,787,729 13.19 % IBERIABANK 842,313 4.00 1,052,892 5.00 1,994,073 9.47 Common Equity Tier 1 (CET1) (1) Consolidated $ 822,980 4.50 % N/A N/A $ 2,655,632 14.52 % IBERIABANK 820,978 4.50 1,185,857 6.50 1,994,073 10.93 Tier 1 Risk-Based Capital (1) Consolidated $ 1,097,306 6.00 % N/A N/A $ 2,787,729 15.24 % IBERIABANK 1,094,637 6.00 1,459,516 8.00 1,994,073 10.93 Total Risk-Based Capital (1) Consolidated $ 1,463,075 8.00 % N/A N/A $ 3,060,916 16.74 % IBERIABANK 1,459,516 8.00 1,824,395 10.00 2,150,760 11.79 December 31, 2016 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 818,440 4.00 % N/A N/A $ 2,221,528 10.86 % IBERIABANK 816,152 4.00 1,020,190 5.00 1,878,703 9.21 Common Equity Tier 1 (CET1) (1) Consolidated $ 794,334 4.50 % N/A N/A $ 2,089,431 11.84 % IBERIABANK 792,111 4.50 1,144,160 6.50 1,878,703 10.67 Tier 1 Risk-Based Capital (1) Consolidated $ 1,059,112 6.00 % N/A N/A $ 2,221,528 12.59 % IBERIABANK 1,056,147 6.00 1,408,197 8.00 1,878,703 10.67 Total Risk-Based Capital (1) Consolidated $ 1,412,149 8.00 % N/A N/A $ 2,493,988 14.13 % IBERIABANK 1,408,197 8.00 1,760,246 10.00 2,034,663 11.56 (1) Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. The following table presents the calculation of basic and diluted earnings per share for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Earnings per common share - basic: Net income $ 52,018 $ 50,810 $ 102,491 $ 93,579 Preferred stock dividends (949 ) (854 ) (4,548 ) (3,430 ) Dividends and undistributed earnings allocated to unvested restricted shares (361 ) (540 ) (707 ) (1,003 ) Net income allocated to common shareholders - basic $ 50,708 $ 49,416 $ 97,236 $ 89,146 Weighted average common shares outstanding 50,630 40,771 48,389 40,741 Earnings per common share - basic 1.00 1.21 2.01 2.19 Earnings per common share - diluted: Net income allocated to common shareholders - basic $ 50,708 $ 49,416 $ 97,236 $ 89,146 Dividends and undistributed earnings allocated to unvested restricted shares (2 ) (12 ) (39 ) (13 ) Net income allocated to common shareholders - diluted $ 50,706 $ 49,404 $ 97,197 $ 89,133 Weighted average common shares outstanding 50,630 40,771 48,389 40,741 Dilutive potential common shares 354 137 362 86 Weighted average common shares outstanding - diluted 50,984 40,908 48,751 40,827 Earnings per common share - diluted $ 0.99 $ 1.21 $ 1.99 $ 2.18 For the three months ended June 30, 2017 , and 2016 , the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 365,087 and 461,124 , respectively. For the six months ended June 30, 2017, and 2016, basic shares outstanding exclude 385,876 and 468,273 shares owned by the RRP, respectively. The effects from the assumed exercises of 69,289 and 262,853 stock options were not included in the computation of diluted earnings per share for the three months ended June 30, 2017 and 2016 , respectively, because such amounts would have had an antidilutive effect on earnings per common share. For the six months ended June 30, 2017, and 2016, the effects from the assumed exercise of 69,289 and 482,272 stock options, respectively, were not included in the computation of diluted earnings per share because such amounts would have had an antidilutive effect on earnings per common share. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Company has various types of share-based compensation plans that permit the granting of awards in the form of stock options, restricted stock, restricted share units, phantom stock, and performance units. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At June 30, 2017, awards of 2,081,303 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 June 30, 2017, 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 Outstanding options, December 31, 2015 813,777 $ 56.99 Granted 149,932 47.46 Exercised (8,811 ) 55.62 Forfeited or expired (45,723 ) 60.97 Outstanding options, June 30, 2016 909,175 $ 55.23 Exercisable options, June 30, 2016 598,469 $ 56.31 Outstanding options, December 31, 2016 721,538 $ 55.38 Granted 71,491 85.42 Exercised (64,163 ) 55.05 Forfeited or expired (15,091 ) 74.72 Outstanding options, June 30, 2017 713,775 $ 58.01 Exercisable options, June 30, 2017 470,841 $ 55.79 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 following periods: For the Six Months Ended June 30 2017 2016 Expected dividends 1.7 % 2.9 % Expected volatility 24.9 % 29.1 % Risk-free interest rate 2.1 % 1.4 % Expected term (in years) 5.6 6.5 Weighted-average grant-date fair value $ 18.76 $ 10.10 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 following periods: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to stock options $ 344 $ 502 $ 789 $ 987 Income tax benefit related to stock options 47 81 115 162 At June 30, 2017, there was $2.5 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 2.8 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 June 30, 2017 and 2016, unrecognized share-based compensation associated with these awards totaled $20.0 million and $21.1 million , respectively. The unrecognized compensation cost related to restricted stock awards at June 30, 2017 is expected to be recognized over a weighted-average period of 1.6 years . Restricted share units During the first six months of 2017 and 2016, the Company issued restricted share units to certain of its executive officers. Restricted share units vest after the end of a three year performance period, based on satisfaction of the performance conditions set forth in the restricted share unit agreement. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the periods indicated: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to restricted stock awards and restricted share units $ 3,045 $ 3,329 $ 6,322 $ 6,715 Income tax benefit related to restricted stock awards and restricted share units 1,066 1,165 2,213 2,350 The following table represents unvested restricted stock award and restricted share unit activity for the following periods: For the Six Months Ended June 30 2017 2016 Balance at beginning of period 543,258 507,130 Granted 163,353 240,699 Forfeited (9,951 ) (9,040 ) Earned and issued (185,092 ) (172,356 ) Balance at end of period 511,568 566,433 Phantom stock awards The Company issues phantom stock awards to certain key officers and employees. The awards are subject to a vesting period of five years and are paid out in cash upon vesting. The amount paid per vesting period is calculated as the number of vested “share equivalents” multiplied by the closing market price of a share of the Company’s common stock on the vesting date. Share equivalents are calculated on the date of grant as the total award’s dollar value divided by the closing market price of a share of the Company’s common stock on the grant date. Award recipients are also entitled to a “dividend equivalent” on each unvested share equivalent held by the award recipient. A dividend equivalent is a dollar amount equal to the cash dividends that the participant would have been entitled to receive if the participant’s share equivalents were issued in shares of common stock. Dividend equivalents are reinvested as share equivalents that will vest and be paid out on the same date as the underlying share equivalents on which the dividend equivalents were paid. The number of share equivalents acquired with a dividend equivalent is determined by dividing the aggregate of dividend equivalents paid on the unvested share equivalents by the closing price of a share of the Company’s common stock on the dividend payment date. Performance units 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. There were no performance units granted in 2017 or 2016. The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at June 30 of the years indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to phantom stock and performance units $ 2,889 $ 2,793 $ 5,942 $ 5,198 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, 2015 462,430 $ 25,466 Granted 192,359 11,490 Forfeited share equivalents (16,283 ) 973 Vested share equivalents (147,511 ) 7,452 Balance, June 30, 2016 490,995 $ 29,327 Balance, December 31, 2016 472,830 $ 39,600 Granted 105,048 8,561 Forfeited share equivalents (15,104 ) 1,231 Vested share equivalents (150,409 ) 14,246 Balance, June 30, 2017 412,365 $ 33,608 (1) Number of share equivalents includes all reinvested dividend equivalents for the periods 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 $81.50 and $59.73 on June 30, 2017, and 2016, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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, in the Annual Report on Form 10-K for the year ended December 31, 2016, for a description of how fair value measurements are determined. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,009,299 $ — $ 4,009,299 Mortgage loans held for sale — 140,959 — 140,959 Derivative instruments — 32,900 — 32,900 Total $ — $ 4,183,158 $ — $ 4,183,158 Liabilities Derivative instruments $ — $ 28,684 $ — $ 28,684 Total $ — $ 28,684 $ — $ 28,684 December 31, 2016 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 3,446,097 $ — $ 3,446,097 Mortgage loans held for sale — 157,041 — 157,041 Derivative instruments — 38,886 — 38,886 Total $ — $ 3,642,024 $ — $ 3,642,024 Liabilities Derivative instruments $ — $ 30,209 $ — $ 30,209 Total $ — $ 30,209 $ — $ 30,209 During the six months ended June 30, 2017 , there were no transfers between the Level 1 and Level 2 fair value categories. Non-recurring fair value measurements The Company has segregated all assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Loans $ — $ — $ 97,363 $ 97,363 OREO, net — — 2,871 2,871 Total $ — $ — $ 100,234 $ 100,234 December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Loans $ — $ — $ 93,485 $ 93,485 OREO, net — — 185 185 Total $ — $ — $ 93,670 $ 93,670 In accordance with the provisions of ASC Topic 310, the Company records certain loans considered impaired at their estimated fair value. A loan is considered impaired if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the estimated fair value of the collateral for collateral-dependent loans. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis at June 30, 2017 and December 31, 2016 . 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 Company has $13.3 million and $12.7 million of mortgage loans held for investment for which the fair value option was elected upon origination and continue to be accounted for at fair value at June 30, 2017 and December 31, 2016, respectively. Net gains (losses) resulting from the change in fair value of these loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three and six months ended June 30, 2017 totaled $343.3 thousand and $(65.4) thousand , respectively. These loans were transferred from loans held for sale to loans held for investment during the third quarter of 2016. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value: June 30, 2017 December 31, 2016 (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 $ 140,959 $ 137,524 $ 3,435 $ 157,041 $ 153,801 $ 3,240 Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. Net gains (losses) resulting from the change in fair value of these loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the three and six months ended June 30, 2017 totaled $32.1 thousand and $871.0 thousand , respectively, while net gains resulting from the change in fair value of these loans were $2.0 million and $3.9 million for the three and six months ended June 30, 2016, respectively. The changes in fair value are mostly offset by economic hedging activities, with an insignificant portion of these changes attributable to changes in instrument-specific credit risk. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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, in the 2016 Annual Report on Form 10-K for the year ended December 31, 2016 for a description of how fair value measurements are determined. June 30, 2017 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 469,360 $ 469,360 $ 469,360 $ — $ — Investment securities 4,093,816 4,094,747 — 4,094,747 — Loans and loans held for sale, net of unearned income and allowance for loan losses 15,550,750 15,667,569 — 140,959 15,526,610 Derivative instruments 32,900 32,900 — 32,900 — Financial Liabilities Deposits $ 16,853,116 $ 15,817,343 $ — $ — $ 15,817,343 Short-term borrowings 583,935 583,935 333,935 250,000 — Long-term debt 667,243 658,483 — — 658,483 Derivative instruments 28,684 28,684 — 28,684 — December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,362,126 $ 1,362,126 $ 1,362,126 $ — $ — Investment securities 3,535,313 3,536,029 — 3,536,029 — Loans and loans held for sale, net of unearned income and allowance for loan losses 15,077,293 15,066,055 — 157,041 14,909,014 Derivative instruments 38,886 38,886 — 38,886 — Financial Liabilities Deposits $ 17,408,283 $ 16,762,475 $ — $ — $ 16,762,475 Short-term borrowings 509,136 509,136 334,136 175,000 — Long-term debt 628,953 617,656 — — 617,656 Derivative instruments 30,209 30,209 — 30,209 — The fair value estimates presented herein are based upon pertinent information available to management as of June 30, 2017 and December 31, 2016 . Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
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. Three Months Ended June 30, 2017 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 202,694 $ 1,881 $ — $ 204,575 Interest expense 20,932 — — 20,932 Net interest income 181,762 1,881 — 183,643 Provision for/(reversal of) loan losses 12,134 (84 ) — 12,050 Mortgage income — 19,730 — 19,730 Service charges on deposit accounts 11,410 — — 11,410 Title revenue — — 6,190 6,190 Other non-interest income 18,647 (11 ) — 18,636 Allocated expenses (3,322 ) 2,490 832 — Non-interest expense 120,698 22,417 4,393 147,508 Income/(loss) before income tax expense 82,309 (3,223 ) 965 80,051 Income tax expense/(benefit) 28,745 (1,094 ) 382 28,033 Net income/(loss) $ 53,564 $ (2,129 ) $ 583 $ 52,018 Total loans and loans held for sale, net of unearned income $ 15,504,171 $ 192,804 $ — $ 15,696,975 Total assets 21,549,557 215,862 25,308 21,790,727 Total deposits 16,852,620 496 — 16,853,116 Average assets 21,593,026 226,326 24,185 21,843,537 Three Months Ended June 30, 2016 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 176,564 $ 2,130 $ — $ 178,694 Interest expense 14,782 1,159 — 15,941 Net interest income 161,782 971 — 162,753 Provision for loan losses 11,866 — — 11,866 Mortgage income 7 25,984 — 25,991 Service charges on deposit accounts 10,940 — — 10,940 Title revenue — — 6,135 6,135 Other non-interest income 21,843 8 — 21,851 Allocated expenses (3,885 ) 2,947 938 — Non-interest expense 120,268 14,820 4,416 139,504 Income/(loss) before income tax expense 66,323 9,196 781 76,300 Income tax expense/(benefit) 21,558 3,625 307 25,490 Net income/(loss) $ 44,765 $ 5,571 $ 474 $ 50,810 Total loans and loans held for sale, net of unearned income $ 14,702,843 $ 249,371 $ — $ 14,952,214 Total assets 19,807,507 326,397 26,951 20,160,855 Total deposits 15,855,908 6,119 — 15,862,027 Average assets 19,668,456 308,647 26,814 20,003,917 Six Months Ended June 30, 2017 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 393,517 $ 3,590 $ 1 $ 397,108 Interest expense 40,647 — — 40,647 Net interest income 352,870 3,590 1 356,461 Provision for/(reversal of) loan losses 18,292 (88 ) — 18,204 Mortgage income — 33,845 — 33,845 Service charges on deposit accounts 22,563 — — 22,563 Title revenue — — 10,931 10,931 Other non-interest income 36,000 (21 ) (6 ) 35,973 Allocated expenses (5,496 ) 4,146 1,350 — Non-interest expense 242,349 37,584 8,593 288,526 Income/(loss) before income tax expense 156,288 (4,228 ) 983 153,043 Income tax expense/(benefit) 51,574 (1,416 ) 394 50,552 Net income/(loss) $ 104,714 $ (2,812 ) $ 589 $ 102,491 Total loans and loans held for sale, net of unearned income $ 15,504,171 $ 192,804 $ — $ 15,696,975 Total assets 21,549,557 215,862 25,308 21,790,727 Total deposits 16,852,620 496 — 16,853,116 Average assets 21,572,094 256,343 24,032 21,852,469 Six Months Ended June 30, 2016 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 351,888 $ 3,741 $ 1 $ 355,630 Interest expense 29,436 2,038 — 31,474 Net interest income 322,452 1,703 1 324,156 Provision for loan losses 26,771 — — 26,771 Mortgage income 6 45,925 — 45,931 Service charges on deposit accounts 21,891 — — 21,891 Title revenue — — 10,880 10,880 Other non-interest income 42,053 7 — 42,060 Allocated expenses (6,554 ) 4,997 1,557 — Non-interest expense 240,295 28,018 8,643 276,956 Income/(loss) before income tax expense 125,890 14,620 681 141,191 Income tax expense/(benefit) 41,559 5,778 275 47,612 Net income/(loss) $ 84,331 $ 8,842 $ 406 $ 93,579 Total loans and loans held for sale, net of unearned income $ 14,702,843 $ 249,371 $ — $ 14,952,214 Total assets 19,807,507 326,397 26,951 20,160,855 Total deposits 15,855,908 6,119 — 15,862,027 Average assets 19,525,087 280,464 27,063 19,832,614 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016, the fair value of guarantees under commercial and standby letters of credit was $1.8 million and $1.6 million , respectively. This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. At June 30, 2017 and December 31, 2016, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) June 30, 2017 December 31, 2016 Commitments to grant loans $ 518,934 $ 355,558 Unfunded commitments under lines of credit 5,051,175 4,899,930 Commercial and standby letters of credit 183,031 163,560 Reserve for unfunded lending commitments 10,462 11,241 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 5 for additional information 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, 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. 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. In July of 2016, the Company received a subpoena from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting information on certain previously originated loans insured by the Federal Housing Administration ("FHA") as well as other documents regarding the Company's FHA-related policies and practices. After the Company complied with the subpoena, attorneys from the Department of Justice (“DOJ”) informed the Company in late March of 2017 that a civil qui tam suit had been filed against the Company in federal court involving the subject matter of the HUD subpoena (collectively, “the mortgage lawsuit”). The complaint was under partial seal by the district court judge, but the judge has now removed the seal order and thus the lawsuit is public. However, the Company has not been formally served with process. The Company began preliminary discussions with representatives from the DOJ regarding the mortgage lawsuit in mid-April of 2017 and began early-stage settlement discussions in late May that have continued through the date of this filing. Based on the developments late in the second quarter of 2017, the Company concluded that a loss is reasonably possible, the range of which is between $6 million and $17 million . As of the date of this filing, the Company is unable to conclude on an amount of probable loss within this range, and accordingly, IBERIABANK recorded a $6 million accrual during the second quarter. IBERIABANK has insurance policies and will pursue coverage under those policies. 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 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 other than the HUD matter disclosed above. However, 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 not material, other than the HUD matter discussed above. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
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 not material to the consolidated financial statements at June 30, 2017 and December 31, 2016. None of the related party loans were classified as non-accrual, past due, troubled debt restructurings, or potential problem loans at June 30, 2017 and December 31, 2016, with the exception of the loan discussed below. IBERIABANK and several other financial institutions previously extended credit (the “Credit Facility”) under a multi-bank syndicated credit facility to Stone Energy Corporation (the “Borrower"). At the time of origination and subsequent restructure, one of the Company’s directors, David H. Welch, was the Chairman, President and Chief Executive Officer of the Borrower. IBERIABANK held approximately 6 percent of the total commitments from twelve banks under the Credit Facility. On December 14, 2016, the Borrower filed for Chapter 11 Bankruptcy with the U.S. Bankruptcy Court in the Southern District of Texas. On February 28, 2017, the Borrower’s confirmed Amended Joint Prepackaged Plan of Reorganization became effective, and the Borrower satisfied the entire amount due and owing to the financial institutions, which was the principal amount outstanding under the Credit Facility at the time of the bankruptcy filing. On that date, the Borrower emerged from the Chapter 11 bankruptcy and entered into a new Exit Facility with the lenders, including IBERIABANK. The new Exit Facility, which replaced the Credit Facility, provides for a $200 million reserve-based credit facility with a maturity date of February 21, 2021. Interest on advances under the Exit Facility is calculated using the London Interbank Offering Rate ("LIBOR") or the base rate, at the election of the Borrower, plus, in each case an applicable margin. IBERIABANK holds a 5.9 percent pro-rata share, or $11.8 million , of the $200 million total committed under the new Exit Facility. At June 30, 2017, there were no draws or outstanding amounts under the Exit Facility. Effective April 28, 2017, David H. Welch retired as Chairman, President and Chief Executive Officer of the Borrower. Deposits from related parties held by the Company were not material at June 30, 2017 and December 31, 2016. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 31, 2017, the Company completed its acquisition of Sabadell United Bank, N.A. ("Sabadell United") from Banco de Sabadell, S.A. ("Banco Sabadell"). Under the terms of the Stock Purchase Agreement, Banco Sabadell received $796 million in cash and approximately 2.6 million shares of the Company's common stock for total consideration of approximately $1.0 billion based on the Company's closing stock price on July 31, 2017. The cash consideration was financed through two public common stock offerings completed on December 7, 2016, and March 7, 2017. In connection with the closing of the acquisition, the Company entered into a Registration Rights Agreement, dated as of July 31, 2017, pursuant to which the Company has agreed to provide Banco Sabadell with certain customary registration rights with respect to the shares of IBKC common stock issued as consideration for the acquisition. The Registration Rights Agreement contains customary terms and conditions, including certain customary indemnification obligations. The registration obligations will terminate upon the earliest of six months after the completion of the acquisition, the sale of all registrable shares pursuant to an effective registration statement or the sale or transfer of all registrable shares to any person who is not an affiliate of Banco Sabadell. At June 30, 2017, Sabadell United had total assets of $5.7 billion , gross loans of $4.1 billion , and total deposits of $4.4 billion . Upon completion of the acquisition, the Company had approximately $28 billion in total assets. The branch and operating systems conversions associated with the acquisition are expected to be completed in October 2017. Due to the timing of the Sabadell United acquisition, the Company is continuing its evaluation of the fair value adjustments necessary to adjust the acquired assets and assumed liabilities to estimated fair value, as well as the related intangible assets associated with the transaction. The acquired assets and assumed liabilities, fair value adjustments, and required supplemental pro forma information will be disclosed in subsequent filings. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassifications Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications did not have a material effect on previously reported consolidated 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 variable interest entity ("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 $94 million and $91 million at June 30, 2017 and December 31, 2016, 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. Effective January 1, 2017, IBERIABANK Mortgage Company, previously a subsidiary of IBERIABANK, merged into IBERIABANK. All significant intercompany balances and transactions have been eliminated in consolidation. |
Nature of Operations | Nature of Operations The Company offers commercial and retail banking products and services to customers throughout locations in eight states through IBERIABANK. The Company also operates mortgage production offices in 10 states 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. 840 Denning, LLC invests in a commercial rental property. 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 | Concentrations of Credit Risk Most of the Company’s business activity is with customers located in the southeastern United States. 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 higher net worth 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 net realizable value of the collateral upon default of the borrowers and guarantor support. Concentrations in commercial real estate have increased as a result of the Company's organic growth and recent acquisitions of banks with significant CRE portfolios. Additionally, as the Company has executed its risk-off strategy over the past two years, CRE concentrations have naturally increased as a percentage of the total portfolio. The Company believes it does not have any excessive concentrations to any one industry or customer. |
Recent Accounting Pronouncements | Pronouncements adopted during the six months ended June 30, 2017: ASU No. 2016-09 The Company adopted the amendments of ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, effective January 1, 2017 as follows: (i) prospective adoption of the recognition of excess tax benefits associated with awards which vested or settled during the six months ended June 30, 2017 in the statement of comprehensive income; (ii) prospective adoption of the exclusion of excess tax benefits from assumed proceeds for the calculation of diluted EPS for the six months ended June 30, 2017; (iii) modified retrospective adoption of the minimum statutory withholdings requirements; (iv) modified retrospective adoption of the accounting policy election to account for forfeitures as they occur; and (v) prospective adoption of the classifications of certain cash flows associated with stock compensation. The adoption of these amendments did not, either individually or in aggregate, have a significant impact to the consolidated financial statements. ASU No. 2017-01 In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which introduces amendments that are intended to clarify the definition of a business to assist companies and other reporting organizations in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments will be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods, with early adoption permitted. The Company early-adopted the amendments effective January 1, 2017. The adoption of this ASU did not and is not expected to have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which implements a common revenue standard and clarifies the principles used for recognizing revenue. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. The amendments will be applied through the election of one of two retrospective methods. The Company will adopt the amendments beginning January 1, 2018 through the modified-retrospective transition method. A significant amount of the Company’s revenues are derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. Preliminary results indicate that certain noninterest income financial statement line items, including service charges on deposit accounts, trust and investment management income, and other noninterest income, contain revenue streams that are in scope of these updates. Based on the Company’s preliminary scoping, walkthroughs, and contract reviews, it does not expect to recognize a significant cumulative adjustment to equity upon implementation of the standard; however, the Company is still finalizing its reviews of contracts related to certain revenue streams. Further, the Company is still evaluating the standard’s guidance for assessment of gross versus net reporting of revenues and expenses related to certain arrangements such as card interchange fees and rewards programs. The Company does not expect a significant impact to the Company’s consolidated statements of comprehensive income or consolidated balance sheets from either a presentation or timing perspective, but the Company will be subject to expanded disclosure requirements. The Company is in the process of developing additional quantitative and qualitative disclosures that will be required upon adoption of the new revenue recognition standard. 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 ASU will impact how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” notion. 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 applied 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 does not expect a significant cumulative-effect adjustment to be recorded at adoption or any significant impact to the consolidated financial statements associated with the accounting for its current equity investments. The Company does anticipate financial statement disclosures to be impacted, specifically related to financial instruments measured at amortized cost whose fair values are disclosed under the “entry price” notion, but is currently still in the process of developing the appropriate methodology to measure fair value under the “exit price” notion and determining the impact. ASU No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The most significant amendment to existing GAAP is the recognition of lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases by lessees. The lessor model remains similar to the current accounting model in existing GAAP. Additional amendments include, but are not limited to, the elimination of leveraged leases; modification to the definition of a lease; amendments on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company will adopt the amendments on January 1, 2019. The Company occupies certain banking offices and equipment under operating lease agreements, which currently are not recognized in the consolidated balance sheets. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s consolidated balance sheets is estimated to result in less than a 1% increase in assets and liabilities. The Company is also currently assessing the practical expedients it may elect at adoption, the final determination of the incremental borrowing rate, and the impact to the regulatory capital ratios; amongst other matters associated with the standard. The adjustment to retained earnings is not expected to be significant based on the transition guidance associated with current sale-leaseback agreements. The Company also anticipates additional disclosures to be provided at adoption. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (e.g., loans and held-to-maturity securities), including certain off-balance sheet financial instruments (e.g., loan commitments). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current AFS security impairment model for debt securities. The new model will require an estimate of ECL when the fair value is below the amortized cost of the asset through the use of an allowance to record estimated credit losses (and subsequent recoveries). Non-credit related losses will continue to be recognized through OCI. In addition, the amendments provide for a simplified accounting model for purchased financial assets with a more-than-insignificant amount of credit deterioration since their origination. The initial estimate of expected credit losses would be recognized through an ALL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The amendments will be applied through a modified-retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. A prospective transition approach is required for debt securities for which OTTI had been recognized before the effective date. Amounts previously recognized in AOCI as of the date of adoption that relate to improvements in cash flows expected to be collected should continue to be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after the date of adoption should be recorded in earnings when received. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Therefore, any carrying amount which exceeds the reporting unit’s fair value (up to the amount of goodwill recorded) will be recognized as an impairment loss. ASU No. 2017-04 will be effective for annual reporting periods beginning after December 15, 2019, including interim reporting periods within those periods. The amendments will be applied prospectively on or after the effective date. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Based on recent goodwill impairments tests, which did not require the application of Step 2, the Company does not expect the adoption of this ASU to have an immediate impact. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 161,544 $ 164 $ (317 ) $ 161,391 Obligations of state and political subdivisions 296,062 5,902 (1,694 ) 300,270 Mortgage-backed securities 3,464,253 6,597 (31,118 ) 3,439,732 Other securities 107,796 666 (556 ) 107,906 Total securities available for sale $ 4,029,655 $ 13,329 $ (33,685 ) $ 4,009,299 Securities held to maturity: Obligations of state and political subdivisions $ 61,342 $ 1,588 $ (57 ) $ 62,873 Mortgage-backed securities 23,175 51 (651 ) 22,575 Total securities held to maturity $ 84,517 $ 1,639 $ (708 ) $ 85,448 December 31, 2016 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 212,662 $ 245 $ (549 ) $ 212,358 Obligations of state and political subdivisions 286,458 1,948 (5,207 ) 283,199 Mortgage-backed securities 2,888,180 4,820 (41,291 ) 2,851,709 Other securities 98,974 361 (504 ) 98,831 Total securities available for sale $ 3,486,274 $ 7,374 $ (47,551 ) $ 3,446,097 Securities held to maturity: Obligations of state and political subdivisions $ 64,726 $ 1,609 $ (133 ) $ 66,202 Mortgage-backed securities 24,490 57 (817 ) 23,730 Total securities held to maturity $ 89,216 $ 1,666 $ (950 ) $ 89,932 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: June 30, 2017 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 $ (317 ) $ 110,276 $ — $ — $ (317 ) $ 110,276 Obligations of state and political subdivisions (1,580 ) 82,187 (114 ) 4,541 (1,694 ) 86,728 Mortgage-backed securities (27,763 ) 2,330,909 (3,355 ) 165,156 (31,118 ) 2,496,065 Other Securities (540 ) 38,666 (16 ) 1,417 (556 ) 40,083 Total securities available for sale $ (30,200 ) $ 2,562,038 $ (3,485 ) $ 171,114 $ (33,685 ) $ 2,733,152 Securities held to maturity: Obligations of state and political subdivisions $ (57 ) $ 5,014 $ — $ — $ (57 ) $ 5,014 Mortgage-backed securities (200 ) 11,844 (451 ) 10,308 (651 ) 22,152 Total securities held to maturity $ (257 ) $ 16,858 $ (451 ) $ 10,308 $ (708 ) $ 27,166 December 31, 2016 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 $ (549 ) $ 150,554 $ — $ — $ (549 ) $ 150,554 Obligations of state and political subdivisions (5,207 ) 148,059 — — (5,207 ) 148,059 Mortgage-backed securities (38,667 ) 2,191,563 (2,624 ) 98,912 (41,291 ) 2,290,475 Other Securities (451 ) 36,484 (53 ) 3,850 (504 ) 40,334 Total securities available for sale $ (44,874 ) $ 2,526,660 $ (2,677 ) $ 102,762 $ (47,551 ) $ 2,629,422 Securities held to maturity: Obligations of state and political subdivisions $ (133 ) $ 10,602 $ — $ — $ (133 ) $ 10,602 Mortgage-backed securities (330 ) 12,288 (487 ) 10,960 (817 ) 23,248 Total securities held to maturity $ (463 ) $ 22,890 $ (487 ) $ 10,960 $ (950 ) $ 33,850 |
Held-to-maturity Securities | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: June 30, 2017 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 $ (317 ) $ 110,276 $ — $ — $ (317 ) $ 110,276 Obligations of state and political subdivisions (1,580 ) 82,187 (114 ) 4,541 (1,694 ) 86,728 Mortgage-backed securities (27,763 ) 2,330,909 (3,355 ) 165,156 (31,118 ) 2,496,065 Other Securities (540 ) 38,666 (16 ) 1,417 (556 ) 40,083 Total securities available for sale $ (30,200 ) $ 2,562,038 $ (3,485 ) $ 171,114 $ (33,685 ) $ 2,733,152 Securities held to maturity: Obligations of state and political subdivisions $ (57 ) $ 5,014 $ — $ — $ (57 ) $ 5,014 Mortgage-backed securities (200 ) 11,844 (451 ) 10,308 (651 ) 22,152 Total securities held to maturity $ (257 ) $ 16,858 $ (451 ) $ 10,308 $ (708 ) $ 27,166 December 31, 2016 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 $ (549 ) $ 150,554 $ — $ — $ (549 ) $ 150,554 Obligations of state and political subdivisions (5,207 ) 148,059 — — (5,207 ) 148,059 Mortgage-backed securities (38,667 ) 2,191,563 (2,624 ) 98,912 (41,291 ) 2,290,475 Other Securities (451 ) 36,484 (53 ) 3,850 (504 ) 40,334 Total securities available for sale $ (44,874 ) $ 2,526,660 $ (2,677 ) $ 102,762 $ (47,551 ) $ 2,629,422 Securities held to maturity: Obligations of state and political subdivisions $ (133 ) $ 10,602 $ — $ — $ (133 ) $ 10,602 Mortgage-backed securities (330 ) 12,288 (487 ) 10,960 (817 ) 23,248 Total securities held to maturity $ (463 ) $ 22,890 $ (487 ) $ 10,960 $ (950 ) $ 33,850 The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: June 30, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 161,544 $ 164 $ (317 ) $ 161,391 Obligations of state and political subdivisions 296,062 5,902 (1,694 ) 300,270 Mortgage-backed securities 3,464,253 6,597 (31,118 ) 3,439,732 Other securities 107,796 666 (556 ) 107,906 Total securities available for sale $ 4,029,655 $ 13,329 $ (33,685 ) $ 4,009,299 Securities held to maturity: Obligations of state and political subdivisions $ 61,342 $ 1,588 $ (57 ) $ 62,873 Mortgage-backed securities 23,175 51 (651 ) 22,575 Total securities held to maturity $ 84,517 $ 1,639 $ (708 ) $ 85,448 December 31, 2016 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 212,662 $ 245 $ (549 ) $ 212,358 Obligations of state and political subdivisions 286,458 1,948 (5,207 ) 283,199 Mortgage-backed securities 2,888,180 4,820 (41,291 ) 2,851,709 Other securities 98,974 361 (504 ) 98,831 Total securities available for sale $ 3,486,274 $ 7,374 $ (47,551 ) $ 3,446,097 Securities held to maturity: Obligations of state and political subdivisions $ 64,726 $ 1,609 $ (133 ) $ 66,202 Mortgage-backed securities 24,490 57 (817 ) 23,730 Total securities held to maturity $ 89,216 $ 1,666 $ (950 ) $ 89,932 |
Additional Information on Securities in a Continuous Loss Position | Additional information on securities that have been in a continuous loss position for over twelve months at June 30, 2017 and December 31, 2016 is presented in the following table. (Dollars in thousands) June 30, 2017 December 31, 2016 Number of securities: Issued by U.S. Government-sponsored enterprises 43 28 Other 2 3 45 31 Amortized Cost Basis: Issued by U.S. Government-sponsored enterprises $ 183,926 $ 112,983 Other 1,432 3,903 $ 185,358 $ 116,886 Unrealized Loss: Issued by U.S. Government-sponsored enterprises $ 3,920 $ 3,111 Other 16 53 $ 3,936 $ 3,164 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at June 30, 2017 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 Amortized Estimated Weighted Amortized Estimated Within one year or less 1.61 % $ 22,066 $ 22,008 2.65 % $ 1,622 $ 1,626 One through five years 1.78 250,400 250,806 2.75 10,234 10,378 After five through ten years 2.34 837,818 840,128 3.24 21,161 21,836 Over ten years 2.27 2,919,371 2,896,357 2.98 51,500 51,608 2.25 % $ 4,029,655 $ 4,009,299 3.01 % $ 84,517 $ 85,448 |
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Three Months Ended June 30 Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Realized gains $ 242 $ 2,473 $ 242 $ 2,935 Realized losses (183 ) (684 ) (183 ) (950 ) $ 59 $ 1,789 $ 59 $ 1,985 |
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: (Dollars in thousands) June 30, 2017 December 31, 2016 Federal Home Loan Bank (FHLB) stock $ 38,539 $ 42,326 Federal Reserve Bank (FRB) stock 48,584 48,584 Other investments 3,008 2,808 $ 90,131 $ 93,718 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Non-Covered and Covered Loans | Loans consist of the following, segregated into legacy and acquired loans, for the periods indicated: June 30, 2017 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Commercial real estate- construction $ 1,010,479 $ 89,709 $ 1,100,188 Commercial real estate- owner-occupied 1,815,167 390,241 2,205,408 Commercial real estate- non-owner-occupied 3,289,284 546,723 3,836,007 Commercial and industrial 3,390,699 293,382 3,684,081 Energy-related 550,162 1,806 551,968 10,055,791 1,321,861 11,377,652 Residential mortgage loans: 970,961 375,506 1,346,467 Consumer and other loans: Home equity 1,838,841 320,107 2,158,948 Indirect automobile 92,106 24 92,130 Other 535,711 45,108 580,819 2,466,658 365,239 2,831,897 Total $ 13,493,410 $ 2,062,606 $ 15,556,016 December 31, 2016 (Dollars in thousands) Legacy Loans Acquired Loans Total Commercial loans: Commercial real estate- construction $ 740,761 $ 61,408 $ 802,169 Commercial real estate- owner-occupied 1,784,624 450,012 2,234,636 Commercial real estate- non-owner-occupied 3,097,929 667,532 3,765,461 Commercial and industrial 3,194,796 348,326 3,543,122 Energy-related 559,289 1,904 561,193 9,377,399 1,529,182 10,906,581 Residential mortgage loans: 854,216 413,184 1,267,400 Consumer and other loans: Home equity 1,783,421 372,505 2,155,926 Indirect automobile 131,048 4 131,052 Other 548,840 55,172 604,012 2,463,309 427,681 2,890,990 Total $ 12,694,924 $ 2,370,047 $ 15,064,971 |
Schedule of Aging of Loans | 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 1,008,834 $ 214 $ — $ — $ 214 $ 1,431 $ 1,010,479 Commercial real estate - owner-occupied 1,804,289 343 1,687 33 2,063 8,815 1,815,167 Commercial real estate- non-owner-occupied 3,277,719 3,245 3,046 267 6,558 5,007 3,289,284 Commercial and industrial 3,349,442 10,633 1,429 — 12,062 29,195 3,390,699 Energy-related 453,357 2,240 — — 2,240 94,565 550,162 Residential mortgage 955,343 1,933 1,693 310 3,936 11,682 970,961 Consumer - home equity 1,819,163 4,983 4,161 — 9,144 10,534 1,838,841 Consumer - indirect automobile 89,590 1,353 261 — 1,614 902 92,106 Consumer - credit card 85,690 168 117 — 285 612 86,587 Consumer - other 444,743 2,809 567 — 3,376 1,005 449,124 Total $ 13,288,170 $ 27,921 $ 12,961 $ 610 $ 41,492 $ 163,748 $ 13,493,410 December 31, 2016 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 740,761 $ — $ — $ — $ — $ — $ 740,761 Commercial real estate - owner-occupied 1,775,695 959 127 — 1,086 7,843 1,784,624 Commercial real estate- non-owner-occupied 3,088,207 902 224 — 1,126 8,596 3,097,929 Commercial and industrial 3,158,700 3,999 870 — 4,869 31,227 3,194,796 Energy-related 407,434 — 1,526 — 1,526 150,329 559,289 Residential mortgage 836,509 2,012 1,577 1,104 4,693 13,014 854,216 Consumer - home equity 1,768,763 5,249 1,430 — 6,679 7,979 1,783,421 Consumer - indirect automobile 127,054 2,551 405 — 2,956 1,038 131,048 Consumer - credit card 81,602 199 99 — 298 624 82,524 Consumer - other 462,650 2,155 618 — 2,773 893 466,316 Total $ 12,447,375 $ 18,026 $ 6,876 $ 1,104 $ 26,006 $ 221,543 $ 12,694,924 June 30, 2017 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 53,564 $ 216 $ — $ — $ 216 $ 1,118 $ (183 ) $ 34,994 $ 89,709 Commercial real estate - owner-occupied 284,841 — — — — 3,684 (2,670 ) 104,386 390,241 Commercial real estate- non-owner-occupied 441,193 2,067 319 — 2,386 4,035 (94 ) 99,203 546,723 Commercial and industrial 256,584 47 4,651 — 4,698 1,382 (712 ) 31,430 293,382 Energy-related 1,657 154 — — 154 — (5 ) — 1,806 Residential mortgage 263,658 14 403 192 609 1,598 (1,609 ) 111,250 375,506 Consumer - home equity 242,091 407 1,279 — 1,686 1,947 (4,497 ) 78,880 320,107 Consumer - indirect automobile 18 — — — — — — 6 24 Consumer - credit card — — — — — — — 501 501 Consumer - other 40,644 307 94 — 401 444 (859 ) 3,977 44,607 Total $ 1,584,250 $ 3,212 $ 6,746 $ 192 $ 10,150 $ 14,208 $ (10,629 ) $ 464,627 $ 2,062,606 December 31, 2016 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 26,714 $ — $ — $ — $ — $ 1,946 $ (243 ) $ 32,991 $ 61,408 Commercial real estate - owner-occupied 326,761 493 55 — 548 166 (3,084 ) 125,621 450,012 Commercial real estate- non-owner-occupied 544,731 223 — 32 255 1,055 (565 ) 122,056 667,532 Commercial and industrial 314,990 73 51 — 124 1,317 (837 ) 32,732 348,326 Energy-related 1,910 — — — — — (6 ) — 1,904 Residential mortgage 290,031 328 989 — 1,317 719 (1,835 ) 122,952 413,184 Consumer - home equity 286,411 1,078 189 250 1,517 1,395 (5,237 ) 88,419 372,505 Consumer - indirect automobile — — — — — — — 4 4 Consumer - credit card 468 — — — — — — — 468 Consumer - other 49,449 391 97 — 488 360 (1,004 ) 5,411 54,704 Total $ 1,841,465 $ 2,586 $ 1,381 $ 282 $ 4,249 $ 6,958 $ (12,811 ) $ 530,186 $ 2,370,047 (1) Past due and non-accrual information presents acquired loans at the gross loan balance, prior to application of discounts. (2) Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans." id="sjs-B5">The following tables provide an analysis of the aging of loans as of June 30, 2017 and December 31, 2016. Due to the difference in accounting for acquired loans, the tables below further segregate the Company’s loans between loans originated, or renewed and underwritten by the Company ("legacy loans") and acquired loans. June 30, 2017 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 1,008,834 $ 214 $ — $ — $ 214 $ 1,431 $ 1,010,479 Commercial real estate - owner-occupied 1,804,289 343 1,687 33 2,063 8,815 1,815,167 Commercial real estate- non-owner-occupied 3,277,719 3,245 3,046 267 6,558 5,007 3,289,284 Commercial and industrial 3,349,442 10,633 1,429 — 12,062 29,195 3,390,699 Energy-related 453,357 2,240 — — 2,240 94,565 550,162 Residential mortgage 955,343 1,933 1,693 310 3,936 11,682 970,961 Consumer - home equity 1,819,163 4,983 4,161 — 9,144 10,534 1,838,841 Consumer - indirect automobile 89,590 1,353 261 — 1,614 902 92,106 Consumer - credit card 85,690 168 117 — 285 612 86,587 Consumer - other 444,743 2,809 567 — 3,376 1,005 449,124 Total $ 13,288,170 $ 27,921 $ 12,961 $ 610 $ 41,492 $ 163,748 $ 13,493,410 December 31, 2016 Legacy loans Accruing (Dollars in thousands) Current or less than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Total Loans Commercial real estate - construction $ 740,761 $ — $ — $ — $ — $ — $ 740,761 Commercial real estate - owner-occupied 1,775,695 959 127 — 1,086 7,843 1,784,624 Commercial real estate- non-owner-occupied 3,088,207 902 224 — 1,126 8,596 3,097,929 Commercial and industrial 3,158,700 3,999 870 — 4,869 31,227 3,194,796 Energy-related 407,434 — 1,526 — 1,526 150,329 559,289 Residential mortgage 836,509 2,012 1,577 1,104 4,693 13,014 854,216 Consumer - home equity 1,768,763 5,249 1,430 — 6,679 7,979 1,783,421 Consumer - indirect automobile 127,054 2,551 405 — 2,956 1,038 131,048 Consumer - credit card 81,602 199 99 — 298 624 82,524 Consumer - other 462,650 2,155 618 — 2,773 893 466,316 Total $ 12,447,375 $ 18,026 $ 6,876 $ 1,104 $ 26,006 $ 221,543 $ 12,694,924 June 30, 2017 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 53,564 $ 216 $ — $ — $ 216 $ 1,118 $ (183 ) $ 34,994 $ 89,709 Commercial real estate - owner-occupied 284,841 — — — — 3,684 (2,670 ) 104,386 390,241 Commercial real estate- non-owner-occupied 441,193 2,067 319 — 2,386 4,035 (94 ) 99,203 546,723 Commercial and industrial 256,584 47 4,651 — 4,698 1,382 (712 ) 31,430 293,382 Energy-related 1,657 154 — — 154 — (5 ) — 1,806 Residential mortgage 263,658 14 403 192 609 1,598 (1,609 ) 111,250 375,506 Consumer - home equity 242,091 407 1,279 — 1,686 1,947 (4,497 ) 78,880 320,107 Consumer - indirect automobile 18 — — — — — — 6 24 Consumer - credit card — — — — — — — 501 501 Consumer - other 40,644 307 94 — 401 444 (859 ) 3,977 44,607 Total $ 1,584,250 $ 3,212 $ 6,746 $ 192 $ 10,150 $ 14,208 $ (10,629 ) $ 464,627 $ 2,062,606 December 31, 2016 Acquired loans (1) (2) Accruing (Dollars in thousands) Current or Less Than 30 days past due 30-59 days 60-89 days > 90 days Total Past Due Non-accrual Loans Discount/Premium Acquired Impaired Loans Total Loans Commercial real estate - construction $ 26,714 $ — $ — $ — $ — $ 1,946 $ (243 ) $ 32,991 $ 61,408 Commercial real estate - owner-occupied 326,761 493 55 — 548 166 (3,084 ) 125,621 450,012 Commercial real estate- non-owner-occupied 544,731 223 — 32 255 1,055 (565 ) 122,056 667,532 Commercial and industrial 314,990 73 51 — 124 1,317 (837 ) 32,732 348,326 Energy-related 1,910 — — — — — (6 ) — 1,904 Residential mortgage 290,031 328 989 — 1,317 719 (1,835 ) 122,952 413,184 Consumer - home equity 286,411 1,078 189 250 1,517 1,395 (5,237 ) 88,419 372,505 Consumer - indirect automobile — — — — — — — 4 4 Consumer - credit card 468 — — — — — — — 468 Consumer - other 49,449 391 97 — 488 360 (1,004 ) 5,411 54,704 Total $ 1,841,465 $ 2,586 $ 1,381 $ 282 $ 4,249 $ 6,958 $ (12,811 ) $ 530,186 $ 2,370,047 (1) Past due and non-accrual information presents acquired loans at the gross loan balance, prior to application of discounts. (2) Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. |
Summary of Changes in Accretable Yields of Acquired Loans | The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the six months ended June 30: (Dollars in thousands) 2017 2016 Balance at beginning of period $ 175,054 $ 227,502 Transfers from non-accretable difference to accretable yield 2,544 4,425 Accretion (28,496 ) (36,256 ) Changes in expected cash flows not affecting non-accretable differences (1) 2,439 8,949 Balance at end of period $ 151,541 $ 204,620 (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 periods indicated: Three Months Ended June 30 Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Extended maturities $ 8,488 $ 54,758 $ 15,014 $ 57,533 Maturity and interest rate adjustment 3,886 30,781 6,502 31,048 Movement to or extension of interest-rate only payments 38 440 138 440 Interest rate adjustment 26 134 26 134 Forbearance 3,466 33,426 4,687 38,367 Other concession(s) (1) 1,988 15,985 2,031 37,761 Total $ 17,892 $ 135,524 $ 28,398 $ 165,283 (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. |
Schedule of Subsequently Defaulted TDRs | The following table presents the end of period balance for loans modified in a TDR during the periods indicated: Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 — $ — $ — Commercial real estate- owner-occupied 1 32 31 3 794 785 Commercial real estate- non-owner-occupied 6 2,721 2,795 6 10,777 10,047 Commercial and industrial 24 9,028 8,551 16 19,496 19,353 Energy-related — — — 19 82,882 100,205 Residential mortgage 6 521 492 10 1,438 1,438 Consumer - home equity 33 4,820 4,807 36 2,750 2,750 Consumer - indirect 23 224 114 — — — Consumer - other 30 832 827 61 946 946 Total 124 $ 18,453 $ 17,892 151 $ 119,083 $ 135,524 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate- construction 1 $ 275 $ 275 1 $ 28 $ 26 Commercial real estate- owner-occupied 2 1,730 1,698 5 1,069 1,050 Commercial real estate- non-owner-occupied 11 4,409 4,465 10 11,516 10,749 Commercial and industrial 33 9,254 8,747 28 24,018 23,632 Energy-related — — — 25 110,443 119,890 Residential mortgage 10 780 730 25 4,733 4,692 Consumer - home equity 66 10,851 10,771 57 3,928 3,916 Consumer - indirect 33 360 222 — — — Consumer - other 50 1,547 1,490 85 1,386 1,328 Total 206 $ 29,206 $ 28,398 236 $ 157,121 $ 165,283 Information detailing TDRs that defaulted during the three-month and six-month periods ended June 30, 2017 and 2016, and were modified in the previous twelve months (i.e., the twelve months prior to the default) is presented in the following tables. 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 respective periods, or since the date of modification, whichever is shorter. Three Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction — $ — — $ — Commercial real estate- owner-occupied 5 2,297 — — Commercial real estate- non-owner-occupied 9 5,640 4 1,358 Commercial and industrial 17 8,081 5 758 Energy-related — — 1 2,250 Residential mortgage 5 454 4 480 Consumer - home equity 19 1,532 17 1,112 Consumer - indirect automobile 9 75 — — Consumer - other 17 592 34 482 Total 81 $ 18,671 65 $ 6,440 Six Months Ended June 30 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate- construction 2 $ 132 — $ — Commercial real estate- owner-occupied 7 2,404 — — Commercial real estate- non-owner-occupied 14 6,406 8 1,377 Commercial and industrial 25 8,239 8 3,273 Energy-related — — 1 2,250 Residential mortgage 21 1,854 7 536 Consumer - home equity 37 2,488 24 1,608 Consumer - indirect automobile 33 328 — — Consumer - other 29 893 67 598 Total 168 $ 22,744 115 $ 9,642 |
Allowance for Credit Losses a28
Allowance for Credit Losses and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30 is as follows: 2017 (Dollars in thousands) Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 105,569 $ 39,150 $ 144,719 Provision for (Reversal of) loan losses 18,315 (111 ) 18,204 Transfer of balance to OREO and other — 258 258 Loans charged-off (18,098 ) (1,382 ) (19,480 ) Recoveries 1,824 700 2,524 Allowance for loan losses at end of period $ 107,610 $ 38,615 $ 146,225 Reserve for unfunded commitments at beginning of period $ 11,241 $ — $ 11,241 Provision for (Reversal of) unfunded lending commitments (779 ) — (779 ) Reserve for unfunded commitments at end of period $ 10,462 $ — $ 10,462 Allowance for credit losses at end of period $ 118,072 $ 38,615 $ 156,687 2016 Legacy Loans Acquired Loans Total Allowance for credit losses Allowance for loan losses at beginning of period $ 93,808 $ 44,570 $ 138,378 Provision for (Reversal of) loan losses before benefit attributable to FDIC loss share agreements 28,390 (2,416 ) 25,974 Adjustment attributable to FDIC loss share arrangements — 797 797 Net provision for (Reversal of) loan losses 28,390 (1,619 ) 26,771 Adjustment attributable to FDIC loss share arrangements — (797 ) (797 ) Transfer of balance to OREO and other — (967 ) (967 ) Loans charged-off (17,359 ) (1,196 ) (18,555 ) Recoveries 2,022 600 2,622 Allowance for loan losses at end of period $ 106,861 $ 40,591 $ 147,452 Reserve for unfunded commitments at beginning of period $ 14,145 $ — $ 14,145 Provision for (Reversal of) unfunded lending commitments (319 ) — (319 ) Reserve for unfunded commitments at end of period $ 13,826 $ — $ 13,826 Allowance for credit losses at end of period $ 120,687 $ 40,591 $ 161,278 A summary of changes in the allowance for credit losses for legacy loans, by loan portfolio type, for the six months ended June 30 is as follows: 2017 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 25,408 $ 35,434 $ 22,486 $ 3,835 $ 18,406 $ 105,569 Provision for (Reversal of) loan losses 4,323 5,181 3,387 (884 ) 6,308 18,315 Loans charged-off (256 ) (8,366 ) (2,845 ) (45 ) (6,586 ) (18,098 ) Recoveries 189 269 — 77 1,289 1,824 Allowance for loan losses at end of period $ 29,664 $ 32,518 $ 23,028 $ 2,983 $ 19,417 $ 107,610 Reserve for unfunded commitments at beginning of period $ 3,206 $ 3,535 $ 1,003 $ 657 $ 2,840 $ 11,241 Provision for (Reversal of) unfunded commitments 294 (46 ) (856 ) (89 ) (82 ) (779 ) Reserve for unfunded commitments at end of period $ 3,500 $ 3,489 $ 147 $ 568 $ 2,758 $ 10,462 Allowance on loans individually evaluated for impairment $ 1,316 $ 7,192 $ 16,094 $ 137 $ 2,181 $ 26,920 Allowance on loans collectively evaluated for impairment 28,348 25,326 6,934 2,846 17,236 80,690 Loans, net of unearned income: Balance at end of period $ 6,114,930 $ 3,390,699 $ 550,162 $ 970,961 $ 2,466,658 $ 13,493,410 Balance at end of period individually evaluated for impairment 42,204 36,836 89,814 4,631 25,983 199,468 Balance at end of period collectively evaluated for impairment 6,072,726 3,353,863 460,348 966,330 2,440,675 13,293,942 2016 (Dollars in thousands) Commercial Real Estate Commercial and Industrial Energy-related Residential Mortgage Consumer Total Allowance for loan losses at beginning of period $ 24,658 $ 23,283 $ 23,863 $ 3,947 $ 18,057 $ 93,808 Provision for (Reversal of) loan losses (715 ) 5,874 16,819 264 6,148 28,390 Loans charged-off (1,549 ) (1,154 ) (7,715 ) (173 ) (6,768 ) (17,359 ) Recoveries 644 35 — 27 1,316 2,022 Allowance for loan losses at end of period $ 23,038 $ 28,038 $ 32,967 $ 4,065 $ 18,753 $ 106,861 Reserve for unfunded commitments at beginning of period $ 4,160 $ 3,448 $ 2,665 $ 830 $ 3,042 $ 14,145 Provision for (Reversal of) unfunded commitments (26 ) (60 ) (442 ) (23 ) 232 (319 ) Reserve for unfunded commitments at end of period $ 4,134 $ 3,388 $ 2,223 $ 807 $ 3,274 $ 13,826 Allowance on loans individually evaluated for impairment $ 691 $ 969 $ 11,925 $ 100 $ 800 $ 14,485 Allowance on loans collectively evaluated for impairment 22,347 27,069 21,042 3,965 17,953 92,376 Loans, net of unearned income: Balance at end of period $ 5,097,689 $ 3,027,590 $ 659,510 $ 794,701 $ 2,405,359 $ 11,984,849 Balance at end of period individually evaluated for impairment 26,152 34,298 148,317 3,451 9,140 221,358 Balance at end of period collectively evaluated for impairment 5,071,537 2,993,292 511,193 791,250 2,396,219 11,763,491 A summary of changes in the allowance for loan losses for acquired loans, by loan portfolio type, for the six months ended June 30 is as follows: 2017 (Dollars in thousands) Commercial Commercial Energy-related Residential Consumer Total Allowance for loan losses at beginning of period $ 23,574 $ 3,230 $ 39 $ 7,412 $ 4,895 $ 39,150 Provision for (Reversal of) loan losses 1,407 (46 ) (21 ) (578 ) (873 ) (111 ) Transfer of balance to OREO and other 135 (69 ) — 2 190 258 Loans charged-off (1,026 ) (71 ) — (30 ) (255 ) (1,382 ) Recoveries 145 77 — 65 413 700 Allowance for loan losses at end of period $ 24,235 $ 3,121 $ 18 $ 6,871 $ 4,370 $ 38,615 Allowance on loans individually evaluated for impairment $ 402 $ 678 $ — $ 32 $ 92 $ 1,204 Allowance on loans collectively evaluated for impairment 23,833 2,443 18 6,839 4,278 37,411 Loans, net of unearned income: Balance at end of period $ 1,026,673 $ 293,382 $ 1,806 $ 375,506 $ 365,239 $ 2,062,606 Balance at end of period individually evaluated for impairment 10,225 2,851 — 660 2,856 16,592 Balance at end of period collectively evaluated for impairment 777,865 259,101 1,806 263,596 279,019 1,581,387 Balance at end of period acquired with deteriorated credit quality 238,583 31,430 — 111,250 83,364 464,627 2016 (Dollars in thousands) Commercial Commercial Energy-related Residential Consumer Total Allowance for loan losses at beginning of period $ 25,979 $ 2,819 $ 125 $ 7,841 $ 7,806 $ 44,570 Provision for (Reversal of) loan losses (1,804 ) 350 (52 ) 896 (1,009 ) (1,619 ) Increase (Decrease) in FDIC loss share receivable 45 (28 ) — (562 ) (252 ) (797 ) Transfer of balance to OREO and other (880 ) 323 — 22 (432 ) (967 ) Loans charged-off (31 ) (700 ) — — (465 ) (1,196 ) Recoveries 85 112 — 29 374 600 Allowance for loan losses at end of period $ 23,394 $ 2,876 $ 73 $ 8,226 $ 6,022 $ 40,591 Allowance on loans individually evaluated for impairment $ — $ 22 $ — $ 2 $ 44 $ 68 Allowance on loans collectively evaluated for impairment 23,394 2,854 73 8,224 5,978 40,523 Loans, net of unearned income: Balance at end of period $ 1,374,312 $ 408,219 $ 2,524 $ 454,361 $ 498,296 $ 2,737,712 Balance at end of period individually evaluated for impairment 1,145 2,075 — 245 4,412 7,877 Balance at end of period collectively evaluated for impairment 1,038,737 368,283 2,524 321,879 386,080 2,117,503 Balance at end of period acquired with deteriorated credit quality 334,430 37,861 — 132,237 107,804 612,332 |
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, or renewed and underwritten by the Company (legacy loans) and acquired loans. Loan premiums/discounts in the tables below represent the adjustment of acquired loans to fair value at the acquisition date, as adjusted for income accretion and changes in cash flow estimates in subsequent periods. Asset risk classifications for commercial loans reflect the classification as of June 30, 2017 and December 31, 2016. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the gross loan balance, prior to the application of premiums/discounts, at June 30, 2017 and December 31, 2016. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. Legacy loans June 30, 2017 December 31, 2016 (Dollars in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Total Commercial real estate - construction $ 997,264 $ 7,917 $ 5,298 $ — $ 1,010,479 $ 734,687 $ 2,203 $ 3,871 $ — $ 740,761 Commercial real estate - owner-occupied 1,740,717 39,772 34,210 468 1,815,167 1,738,024 17,542 29,058 — 1,784,624 Commercial real estate- non-owner-occupied 3,251,368 8,696 29,220 — 3,289,284 3,063,470 8,617 25,842 — 3,097,929 Commercial and industrial 3,287,383 42,422 58,527 2,367 3,390,699 3,112,300 29,763 35,199 17,534 3,194,796 Energy-related 373,342 49,097 74,620 53,103 550,162 242,123 80,084 225,724 11,358 559,289 Total $ 9,650,074 $ 147,904 $ 201,875 $ 55,938 $ 10,055,791 $ 8,890,604 $ 138,209 $ 319,694 $ 28,892 $ 9,377,399 Legacy loans June 30, 2017 December 31, 2016 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 955,343 $ 15,618 $ 970,961 $ 836,509 $ 17,707 $ 854,216 Consumer - home equity 1,819,163 19,678 1,838,841 1,768,763 14,658 1,783,421 Consumer - indirect automobile 89,590 2,516 92,106 127,054 3,994 131,048 Consumer - credit card 85,690 897 86,587 81,602 922 82,524 Consumer - other 444,743 4,381 449,124 462,650 3,666 466,316 Total $ 3,394,529 $ 43,090 $ 3,437,619 $ 3,276,578 $ 40,947 $ 3,317,525 Acquired loans June 30, 2017 December 31, 2016 (Dollars in thousands) Pass Special Sub-standard Doubtful Premium/(Discount) Total Pass Special Sub-standard Doubtful Loss Premium/(Discount) Total Commercial real estate - construction $ 71,157 $ 1,208 $ 3,431 $ 14 $ 13,899 $ 89,709 $ 46,498 $ 459 $ 3,118 $ 2,574 $ — $ 8,759 $ 61,408 Commercial real estate - owner-occupied 384,411 3,275 14,627 — (12,072 ) 390,241 426,492 7,664 17,584 1,356 — (3,084 ) 450,012 Commercial real estate- non-owner-occupied 541,724 3,434 26,188 119 (24,742 ) 546,723 663,571 11,620 31,552 101 23 (39,335 ) 667,532 Commercial and industrial 275,350 5,440 11,315 2,601 (1,324 ) 293,382 323,154 1,416 27,749 494 — (4,487 ) 348,326 Energy-related 1,811 — — — (5 ) 1,806 1,910 — — — — (6 ) 1,904 Total $ 1,274,453 $ 13,357 $ 55,561 $ 2,734 $ (24,244 ) $ 1,321,861 $ 1,461,625 $ 21,159 $ 80,003 $ 4,525 $ 23 $ (38,153 ) $ 1,529,182 Acquired loans June 30, 2017 December 31, 2016 (Dollars in thousands) Current 30+ Days Past Due Premium (Discount) Total Current 30+ Days Past Due Premium (Discount) Total Residential mortgage $ 378,204 $ 22,121 $ (24,819 ) $ 375,506 $ 424,300 $ 20,914 $ (32,030 ) $ 413,184 Consumer - home equity 322,658 13,051 (15,602 ) 320,107 377,021 12,807 (17,323 ) 372,505 Consumer - indirect automobile 24 — — 24 12 — (8 ) 4 Consumer - other 48,168 1,225 (4,285 ) 45,108 58,141 1,423 (4,392 ) 55,172 Total $ 749,054 $ 36,397 $ (44,706 ) $ 740,745 $ 859,474 $ 35,144 $ (53,753 ) $ 840,865 |
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 evaluated or measured individually for impairment for purposes of determining the allowance for loan losses, is presented in the following tables as of and for the periods indicated. June 30, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Related Allowance Unpaid Principal Balance Recorded Investment Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial real estate- construction $ 2,123 $ 2,123 $ — $ 38 $ 38 $ — Commercial real estate- owner-occupied 13,932 13,932 — 4,593 4,593 — Commercial real estate- non-owner-occupied 4,443 4,443 — 12,668 11,876 — Commercial and industrial 16,016 16,016 — 14,202 13,189 — Energy-related 32,013 32,013 — 152,424 143,239 — Residential mortgage 1,123 1,123 — — — — Consumer - home equity 3,336 3,336 — — — — Consumer -other — — — — — — With an allowance recorded: Commercial real estate- construction 36 36 (1 ) — — — Commercial real estate- owner-occupied 17,945 17,945 (690 ) 17,580 17,429 (640 ) Commercial real estate- non-owner-occupied 3,725 3,725 (625 ) 108 95 (1 ) Commercial and industrial 20,820 20,820 (7,192 ) 28,829 28,329 (10,864 ) Energy-related 57,801 57,801 (16,094 ) 53,967 53,088 (9,769 ) Residential mortgage 3,543 3,508 (137 ) 4,627 4,312 (144 ) Consumer - home equity 18,865 18,757 (1,805 ) 13,906 13,257 (993 ) Consumer - indirect automobile 668 668 (83 ) 1,037 758 (114 ) Consumer - other 3,222 3,222 (293 ) 2,447 2,442 (251 ) Total $ 199,611 $ 199,468 $ (26,920 ) $ 306,426 $ 292,645 $ (22,776 ) Total commercial loans $ 168,854 $ 168,854 $ (24,602 ) $ 284,409 $ 271,876 $ (21,274 ) Total mortgage loans 4,666 4,631 (137 ) 4,627 4,312 (144 ) Total consumer loans 26,091 25,983 (2,181 ) 17,390 16,457 (1,358 ) Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Average Interest Average Interest Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial real estate- construction $ 2,123 $ 13 $ 27 $ — $ 2,123 $ 39 $ 30 $ — Commercial real estate- owner-occupied 14,054 158 2,072 20 14,179 404 2,085 41 Commercial real estate- non-owner-occupied 4,409 39 13,395 123 4,433 67 13,454 237 Commercial and industrial 21,116 106 36,212 467 21,998 232 41,074 947 Energy-related 32,370 44 106,692 912 34,330 102 102,364 1,857 Residential mortgage 1,130 12 825 10 1,136 24 825 19 Consumer - home equity 3,347 32 — — 3,356 65 — — With an allowance recorded: Commercial real estate- construction 37 1 — — 37 1 — — Commercial real estate- owner-occupied 17,908 86 10,636 83 17,998 186 10,694 166 Commercial real estate- non-owner-occupied 3,761 13 53 — 3,774 57 60 1 Commercial and industrial 21,028 284 2,125 23 21,504 555 2,191 48 Energy-related 58,399 2 15,486 10 58,868 4 12,290 47 Residential mortgage 3,528 34 2,642 18 3,549 68 2,657 38 Consumer - home equity 18,359 196 7,550 74 17,443 375 7,290 146 Consumer - indirect automobile 750 6 650 6 797 14 723 18 Consumer - other 3,100 51 846 15 2,921 96 702 25 Total $ 205,419 $ 1,077 $ 199,211 $ 1,761 $ 208,446 $ 2,289 $ 196,439 $ 3,590 Total commercial loans $ 175,205 $ 746 $ 186,698 $ 1,638 $ 179,244 $ 1,647 $ 184,242 $ 3,344 Total mortgage loans 4,658 46 3,467 28 4,685 92 3,482 57 Total consumer loans 25,556 285 9,046 95 24,517 550 8,715 189 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the six months ended June 30, 2017, and the year ended December 31, 2016 are provided in the following table. (Dollars in thousands) IBERIABANK IMC LTC Total Balance, December 31, 2015 $ 696,260 $ 23,178 $ 5,165 $ 724,603 Goodwill adjustments during the year 2,253 — — 2,253 Balance, December 31, 2016 $ 698,513 $ 23,178 $ 5,165 $ 726,856 Goodwill adjustments during the year — — — — Balance, June 30, 2017 $ 698,513 $ 23,178 $ 5,165 $ 726,856 |
Schedule of Definite-Lived Intangible Assets | Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated: June 30, 2017 December 31, 2016 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 74,001 $ (55,501 ) $ 18,500 $ 74,001 $ (52,165 ) $ 21,836 Customer relationship intangible asset 1,143 (942 ) 201 1,348 (1,064 ) 284 Non-compete agreement 63 (31 ) 32 63 (22 ) 41 Total $ 75,207 $ (56,474 ) $ 18,733 $ 75,412 $ (53,251 ) $ 22,161 |
Schedule of Amortization Expense of Intangible Assets | Definite-lived intangible assets had the following carrying values included in “other assets” on the Company’s consolidated balance sheets as of the periods indicated: June 30, 2017 December 31, 2016 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 74,001 $ (55,501 ) $ 18,500 $ 74,001 $ (52,165 ) $ 21,836 Customer relationship intangible asset 1,143 (942 ) 201 1,348 (1,064 ) 284 Non-compete agreement 63 (31 ) 32 63 (22 ) 41 Total $ 75,207 $ (56,474 ) $ 18,733 $ 75,412 $ (53,251 ) $ 22,161 |
Schedule of Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated: June 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 8,265 $ (3,576 ) $ 4,689 $ 7,202 $ (3,144 ) $ 4,058 |
Derivative Instruments and Ot30
Derivative Instruments and Other Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivative Instruments | Information pertaining to outstanding derivative instruments is as follows: Balance Sheet Location Derivative Assets - Fair Value Balance Sheet Location Derivative Liabilities - Fair Value (Dollars in thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ — $ — Other liabilities $ 1,041 $ 525 Total derivatives designated as hedging instruments under ASC Topic 815 $ — $ — $ 1,041 $ 525 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 20,432 $ 20,719 Other liabilities $ 18,384 $ 20,719 Foreign exchange contracts Other assets 73 27 Other liabilities 73 26 Forward sales contracts Other assets 860 6,014 Other liabilities 706 794 Written and purchased options Other assets 11,535 12,125 Other liabilities 8,439 8,098 Other contracts Other assets — 1 Other liabilities 41 47 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 32,900 $ 38,886 $ 27,643 $ 29,684 Total $ 32,900 $ 38,886 $ 28,684 $ 30,209 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (Dollars in thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ — $ — $ 108,500 $ 108,500 Total derivatives designated as hedging instruments under ASC Topic 815 $ — $ — $ 108,500 $ 108,500 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 1,120,278 $ 1,033,955 $ 1,120,278 $ 1,033,955 Foreign exchange contracts 1,724 4,474 1,724 4,474 Forward sales contracts 214,925 229,181 131,915 120,567 Written and purchased options 369,582 289,115 177,921 154,170 Other contracts 8,630 8,784 103,055 106,518 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,715,139 $ 1,565,509 $ 1,534,893 $ 1,419,684 Total $ 1,715,139 $ 1,565,509 $ 1,643,393 $ 1,528,184 |
Offsetting Assets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2017 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 not designated as hedging instruments $ 20,432 $ (8,747 ) $ — $ 11,685 Written and purchased options 8,329 — — 8,329 Total derivative assets subject to master netting arrangements $ 28,761 $ (8,747 ) $ — $ 20,014 Derivative liabilities Interest rate contracts designated as hedging instruments $ 1,041 $ — $ — $ 1,041 Interest rate contracts not designated as hedging instruments 18,384 (8,747 ) (1,513 ) 8,124 Total derivative liabilities subject to master netting arrangements $ 19,425 $ (8,747 ) $ (1,513 ) $ 9,165 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 2016 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 not designated as hedging instruments $ 20,719 $ (9,677 ) $ — $ 11,042 Written and purchased options 8,085 — — 8,085 Total derivative assets subject to master netting arrangements $ 28,804 $ (9,677 ) $ — $ 19,127 Derivative liabilities Interest rate contracts designated as hedging instruments $ 525 $ — $ (181 ) $ 344 Interest rate contracts not designated as hedging instruments 20,719 (9,677 ) (1,711 ) 9,331 Total derivative liabilities subject to master netting arrangements $ 21,244 $ (9,677 ) $ (1,892 ) $ 9,675 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Offsetting Liabilities | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. June 30, 2017 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 not designated as hedging instruments $ 20,432 $ (8,747 ) $ — $ 11,685 Written and purchased options 8,329 — — 8,329 Total derivative assets subject to master netting arrangements $ 28,761 $ (8,747 ) $ — $ 20,014 Derivative liabilities Interest rate contracts designated as hedging instruments $ 1,041 $ — $ — $ 1,041 Interest rate contracts not designated as hedging instruments 18,384 (8,747 ) (1,513 ) 8,124 Total derivative liabilities subject to master netting arrangements $ 19,425 $ (8,747 ) $ (1,513 ) $ 9,165 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 2016 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 not designated as hedging instruments $ 20,719 $ (9,677 ) $ — $ 11,042 Written and purchased options 8,085 — — 8,085 Total derivative assets subject to master netting arrangements $ 28,804 $ (9,677 ) $ — $ 19,127 Derivative liabilities Interest rate contracts designated as hedging instruments $ 525 $ — $ (181 ) $ 344 Interest rate contracts not designated as hedging instruments 20,719 (9,677 ) (1,711 ) 9,331 Total derivative liabilities subject to master netting arrangements $ 21,244 $ (9,677 ) $ (1,892 ) $ 9,675 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Effect of Derivatives on the Consolidated Financial Statements | At June 30, 2017 and 2016 , and for the three and six months then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI net of taxes (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income net of taxes (Effective Portion) (Dollars in thousands) For the Three Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (790 ) $ (2,328 ) Other income (expense) $ (103 ) $ — Other income (expense) $ — $ — Total $ (790 ) $ (2,328 ) $ (103 ) $ — $ — $ — 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 net of taxes (Effective Portion) (Dollars in thousands) For the Six Months Ended June 30 Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (627 ) $ (6,455 ) Other income (expense) $ (148 ) $ — Other income (expense) $ — $ — Total $ (627 ) $ (6,455 ) $ (148 ) $ — $ — $ — At June 30, 2017 and 2016, and for the three and six months then ended, information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Interest rate contracts (1) Other income $ 1,299 $ 2,332 $ 2,416 $ 5,294 Foreign exchange contracts Other income 7 2 14 3 Forward sales contracts Mortgage income (1,526 ) (4,787 ) (1,886 ) (10,130 ) Written and purchased options Mortgage income (1,586 ) 2,488 (931 ) 6,470 Other contracts Other income 5 — 9 — Total $ (1,801 ) $ 35 $ (378 ) $ 1,637 |
Shareholders' Equity, Capital31
Shareholders' Equity, Capital Ratios and Other Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Preferred Stock | The following table presents a summary of the Company's non-cumulative perpetual preferred stock: June 30, 2017 December 31, 2016 Issuance Date Earliest Redemption Date Annual Dividend Rate Liquidation Amount Carrying Amount Carrying Amount (Dollars in thousands) Series B Preferred Stock 8/5/2015 8/1/2025 6.625 % $ 80,000 $ 76,812 $ 76,812 Series C Preferred Stock 5/9/2016 5/1/2026 6.600 % 57,500 55,285 55,285 $ 137,500 $ 132,097 $ 132,097 |
Actual Capital Amounts and Ratios | The Company’s and IBERIABANK’s actual capital amounts and ratios as of June 30, 2017 and December 31, 2016 are presented in the following table. (Dollars in thousands) June 30, 2017 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 845,167 4.00 % N/A N/A $ 2,787,729 13.19 % IBERIABANK 842,313 4.00 1,052,892 5.00 1,994,073 9.47 Common Equity Tier 1 (CET1) (1) Consolidated $ 822,980 4.50 % N/A N/A $ 2,655,632 14.52 % IBERIABANK 820,978 4.50 1,185,857 6.50 1,994,073 10.93 Tier 1 Risk-Based Capital (1) Consolidated $ 1,097,306 6.00 % N/A N/A $ 2,787,729 15.24 % IBERIABANK 1,094,637 6.00 1,459,516 8.00 1,994,073 10.93 Total Risk-Based Capital (1) Consolidated $ 1,463,075 8.00 % N/A N/A $ 3,060,916 16.74 % IBERIABANK 1,459,516 8.00 1,824,395 10.00 2,150,760 11.79 December 31, 2016 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 818,440 4.00 % N/A N/A $ 2,221,528 10.86 % IBERIABANK 816,152 4.00 1,020,190 5.00 1,878,703 9.21 Common Equity Tier 1 (CET1) (1) Consolidated $ 794,334 4.50 % N/A N/A $ 2,089,431 11.84 % IBERIABANK 792,111 4.50 1,144,160 6.50 1,878,703 10.67 Tier 1 Risk-Based Capital (1) Consolidated $ 1,059,112 6.00 % N/A N/A $ 2,221,528 12.59 % IBERIABANK 1,056,147 6.00 1,408,197 8.00 1,878,703 10.67 Total Risk-Based Capital (1) Consolidated $ 1,412,149 8.00 % N/A N/A $ 2,493,988 14.13 % IBERIABANK 1,408,197 8.00 1,760,246 10.00 2,034,663 11.56 (1) Minimum capital ratios are subject to a capital conservation buffer. In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. This capital conservation buffer is calculated as the lowest of the differences between the actual CET1 ratio, Tier 1 Risk-Based Capital Ratio, and Total Risk-Based Capital ratio and the corresponding minimum ratios. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Earnings per common share - basic: Net income $ 52,018 $ 50,810 $ 102,491 $ 93,579 Preferred stock dividends (949 ) (854 ) (4,548 ) (3,430 ) Dividends and undistributed earnings allocated to unvested restricted shares (361 ) (540 ) (707 ) (1,003 ) Net income allocated to common shareholders - basic $ 50,708 $ 49,416 $ 97,236 $ 89,146 Weighted average common shares outstanding 50,630 40,771 48,389 40,741 Earnings per common share - basic 1.00 1.21 2.01 2.19 Earnings per common share - diluted: Net income allocated to common shareholders - basic $ 50,708 $ 49,416 $ 97,236 $ 89,146 Dividends and undistributed earnings allocated to unvested restricted shares (2 ) (12 ) (39 ) (13 ) Net income allocated to common shareholders - diluted $ 50,706 $ 49,404 $ 97,197 $ 89,133 Weighted average common shares outstanding 50,630 40,771 48,389 40,741 Dilutive potential common shares 354 137 362 86 Weighted average common shares outstanding - diluted 50,984 40,908 48,751 40,827 Earnings per common share - diluted $ 0.99 $ 1.21 $ 1.99 $ 2.18 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents unvested restricted stock award and restricted share unit activity for the following periods: For the Six Months Ended June 30 2017 2016 Balance at beginning of period 543,258 507,130 Granted 163,353 240,699 Forfeited (9,951 ) (9,040 ) Earned and issued (185,092 ) (172,356 ) Balance at end of period 511,568 566,433 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, 2015 462,430 $ 25,466 Granted 192,359 11,490 Forfeited share equivalents (16,283 ) 973 Vested share equivalents (147,511 ) 7,452 Balance, June 30, 2016 490,995 $ 29,327 Balance, December 31, 2016 472,830 $ 39,600 Granted 105,048 8,561 Forfeited share equivalents (15,104 ) 1,231 Vested share equivalents (150,409 ) 14,246 Balance, June 30, 2017 412,365 $ 33,608 (1) Number of share equivalents includes all reinvested dividend equivalents for the periods 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 $81.50 and $59.73 on June 30, 2017, and 2016, respectively. The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Outstanding options, December 31, 2015 813,777 $ 56.99 Granted 149,932 47.46 Exercised (8,811 ) 55.62 Forfeited or expired (45,723 ) 60.97 Outstanding options, June 30, 2016 909,175 $ 55.23 Exercisable options, June 30, 2016 598,469 $ 56.31 Outstanding options, December 31, 2016 721,538 $ 55.38 Granted 71,491 85.42 Exercised (64,163 ) 55.05 Forfeited or expired (15,091 ) 74.72 Outstanding options, June 30, 2017 713,775 $ 58.01 Exercisable options, June 30, 2017 470,841 $ 55.79 |
Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the following periods: For the Six Months Ended June 30 2017 2016 Expected dividends 1.7 % 2.9 % Expected volatility 24.9 % 29.1 % Risk-free interest rate 2.1 % 1.4 % Expected term (in years) 5.6 6.5 Weighted-average grant-date fair value $ 18.76 $ 10.10 |
Schedule of Allocation for Share-based Compensation Expense | 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 periods indicated: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to restricted stock awards and restricted share units $ 3,045 $ 3,329 $ 6,322 $ 6,715 Income tax benefit related to restricted stock awards and restricted share units 1,066 1,165 2,213 2,350 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 following periods: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to stock options $ 344 $ 502 $ 789 $ 987 Income tax benefit related to stock options 47 81 115 162 The following table indicates compensation expense recorded for phantom stock and performance units based on the number of share equivalents vested at June 30 of the years indicated and the current market price of the Company’s stock at that time: For the Three Months Ended June 30 For the Six Months Ended June 30 (Dollars in thousands) 2017 2016 2017 2016 Compensation expense related to phantom stock and performance units $ 2,889 $ 2,793 $ 5,942 $ 5,198 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, in the Annual Report on Form 10-K for the year ended December 31, 2016, for a description of how fair value measurements are determined. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,009,299 $ — $ 4,009,299 Mortgage loans held for sale — 140,959 — 140,959 Derivative instruments — 32,900 — 32,900 Total $ — $ 4,183,158 $ — $ 4,183,158 Liabilities Derivative instruments $ — $ 28,684 $ — $ 28,684 Total $ — $ 28,684 $ — $ 28,684 December 31, 2016 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 3,446,097 $ — $ 3,446,097 Mortgage loans held for sale — 157,041 — 157,041 Derivative instruments — 38,886 — 38,886 Total $ — $ 3,642,024 $ — $ 3,642,024 Liabilities Derivative instruments $ — $ 30,209 $ — $ 30,209 Total $ — $ 30,209 $ — $ 30,209 |
Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The Company has segregated all assets and liabilities that are measured at fair value on a non-recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below. June 30, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Loans $ — $ — $ 97,363 $ 97,363 OREO, net — — 2,871 2,871 Total $ — $ — $ 100,234 $ 100,234 December 31, 2016 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Loans $ — $ — $ 93,485 $ 93,485 OREO, net — — 185 185 Total $ — $ — $ 93,670 $ 93,670 |
Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value: June 30, 2017 December 31, 2016 (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 $ 140,959 $ 137,524 $ 3,435 $ 157,041 $ 153,801 $ 3,240 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, in the 2016 Annual Report on Form 10-K for the year ended December 31, 2016 for a description of how fair value measurements are determined. June 30, 2017 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 469,360 $ 469,360 $ 469,360 $ — $ — Investment securities 4,093,816 4,094,747 — 4,094,747 — Loans and loans held for sale, net of unearned income and allowance for loan losses 15,550,750 15,667,569 — 140,959 15,526,610 Derivative instruments 32,900 32,900 — 32,900 — Financial Liabilities Deposits $ 16,853,116 $ 15,817,343 $ — $ — $ 15,817,343 Short-term borrowings 583,935 583,935 333,935 250,000 — Long-term debt 667,243 658,483 — — 658,483 Derivative instruments 28,684 28,684 — 28,684 — December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,362,126 $ 1,362,126 $ 1,362,126 $ — $ — Investment securities 3,535,313 3,536,029 — 3,536,029 — Loans and loans held for sale, net of unearned income and allowance for loan losses 15,077,293 15,066,055 — 157,041 14,909,014 Derivative instruments 38,886 38,886 — 38,886 — Financial Liabilities Deposits $ 17,408,283 $ 16,762,475 $ — $ — $ 16,762,475 Short-term borrowings 509,136 509,136 334,136 175,000 — Long-term debt 628,953 617,656 — — 617,656 Derivative instruments 30,209 30,209 — 30,209 — |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following tables present certain information regarding our operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include: • Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; • Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and • Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. Three Months Ended June 30, 2017 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 202,694 $ 1,881 $ — $ 204,575 Interest expense 20,932 — — 20,932 Net interest income 181,762 1,881 — 183,643 Provision for/(reversal of) loan losses 12,134 (84 ) — 12,050 Mortgage income — 19,730 — 19,730 Service charges on deposit accounts 11,410 — — 11,410 Title revenue — — 6,190 6,190 Other non-interest income 18,647 (11 ) — 18,636 Allocated expenses (3,322 ) 2,490 832 — Non-interest expense 120,698 22,417 4,393 147,508 Income/(loss) before income tax expense 82,309 (3,223 ) 965 80,051 Income tax expense/(benefit) 28,745 (1,094 ) 382 28,033 Net income/(loss) $ 53,564 $ (2,129 ) $ 583 $ 52,018 Total loans and loans held for sale, net of unearned income $ 15,504,171 $ 192,804 $ — $ 15,696,975 Total assets 21,549,557 215,862 25,308 21,790,727 Total deposits 16,852,620 496 — 16,853,116 Average assets 21,593,026 226,326 24,185 21,843,537 Three Months Ended June 30, 2016 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 176,564 $ 2,130 $ — $ 178,694 Interest expense 14,782 1,159 — 15,941 Net interest income 161,782 971 — 162,753 Provision for loan losses 11,866 — — 11,866 Mortgage income 7 25,984 — 25,991 Service charges on deposit accounts 10,940 — — 10,940 Title revenue — — 6,135 6,135 Other non-interest income 21,843 8 — 21,851 Allocated expenses (3,885 ) 2,947 938 — Non-interest expense 120,268 14,820 4,416 139,504 Income/(loss) before income tax expense 66,323 9,196 781 76,300 Income tax expense/(benefit) 21,558 3,625 307 25,490 Net income/(loss) $ 44,765 $ 5,571 $ 474 $ 50,810 Total loans and loans held for sale, net of unearned income $ 14,702,843 $ 249,371 $ — $ 14,952,214 Total assets 19,807,507 326,397 26,951 20,160,855 Total deposits 15,855,908 6,119 — 15,862,027 Average assets 19,668,456 308,647 26,814 20,003,917 Six Months Ended June 30, 2017 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 393,517 $ 3,590 $ 1 $ 397,108 Interest expense 40,647 — — 40,647 Net interest income 352,870 3,590 1 356,461 Provision for/(reversal of) loan losses 18,292 (88 ) — 18,204 Mortgage income — 33,845 — 33,845 Service charges on deposit accounts 22,563 — — 22,563 Title revenue — — 10,931 10,931 Other non-interest income 36,000 (21 ) (6 ) 35,973 Allocated expenses (5,496 ) 4,146 1,350 — Non-interest expense 242,349 37,584 8,593 288,526 Income/(loss) before income tax expense 156,288 (4,228 ) 983 153,043 Income tax expense/(benefit) 51,574 (1,416 ) 394 50,552 Net income/(loss) $ 104,714 $ (2,812 ) $ 589 $ 102,491 Total loans and loans held for sale, net of unearned income $ 15,504,171 $ 192,804 $ — $ 15,696,975 Total assets 21,549,557 215,862 25,308 21,790,727 Total deposits 16,852,620 496 — 16,853,116 Average assets 21,572,094 256,343 24,032 21,852,469 Six Months Ended June 30, 2016 (Dollars in thousands) IBERIABANK IMC LTC Consolidated Interest and dividend income $ 351,888 $ 3,741 $ 1 $ 355,630 Interest expense 29,436 2,038 — 31,474 Net interest income 322,452 1,703 1 324,156 Provision for loan losses 26,771 — — 26,771 Mortgage income 6 45,925 — 45,931 Service charges on deposit accounts 21,891 — — 21,891 Title revenue — — 10,880 10,880 Other non-interest income 42,053 7 — 42,060 Allocated expenses (6,554 ) 4,997 1,557 — Non-interest expense 240,295 28,018 8,643 276,956 Income/(loss) before income tax expense 125,890 14,620 681 141,191 Income tax expense/(benefit) 41,559 5,778 275 47,612 Net income/(loss) $ 84,331 $ 8,842 $ 406 $ 93,579 Total loans and loans held for sale, net of unearned income $ 14,702,843 $ 249,371 $ — $ 14,952,214 Total assets 19,807,507 326,397 26,951 20,160,855 Total deposits 15,855,908 6,119 — 15,862,027 Average assets 19,525,087 280,464 27,063 19,832,614 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding | At June 30, 2017 and December 31, 2016, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) June 30, 2017 December 31, 2016 Commitments to grant loans $ 518,934 $ 355,558 Unfunded commitments under lines of credit 5,051,175 4,899,930 Commercial and standby letters of credit 183,031 163,560 Reserve for unfunded lending commitments 10,462 11,241 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Detail) $ in Thousands | Jun. 30, 2017USD ($)State | Dec. 31, 2016USD ($) |
Schedule Of Significant Accounting Policies | ||
Maximum loss exposure related to unconsolidated VIE's | $ | $ 94,000 | $ 91,000 |
Other assets | $ | $ 631,778 | $ 651,229 |
IBERIABANK Corporation | ||
Schedule Of Significant Accounting Policies | ||
Number of operating states | State | 8 | |
IMC | ||
Schedule Of Significant Accounting Policies | ||
Number of operating states | State | 10 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities | ||
Amortized cost | $ 4,029,655 | $ 3,486,274 |
Gross unrealized gain | 13,329 | 7,374 |
Gross unrealized losses | (33,685) | (47,551) |
Estimated fair value | 4,009,299 | 3,446,097 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 84,517 | 89,216 |
Gross unrealized gains | 1,639 | 1,666 |
Gross unrealized losses | (708) | (950) |
Estimated fair value | 85,448 | 89,932 |
Fair value of securities held as collateral | 1,700,000 | 1,500,000 |
U.S. Government-Sponsored Enterprise Obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 161,544 | 212,662 |
Gross unrealized gain | 164 | 245 |
Gross unrealized losses | (317) | (549) |
Estimated fair value | 161,391 | 212,358 |
Obligations of State and Political Subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 296,062 | 286,458 |
Gross unrealized gain | 5,902 | 1,948 |
Gross unrealized losses | (1,694) | (5,207) |
Estimated fair value | 300,270 | 283,199 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 61,342 | 64,726 |
Gross unrealized gains | 1,588 | 1,609 |
Gross unrealized losses | (57) | (133) |
Estimated fair value | 62,873 | 66,202 |
Mortgage-Backed Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 3,464,253 | 2,888,180 |
Gross unrealized gain | 6,597 | 4,820 |
Gross unrealized losses | (31,118) | (41,291) |
Estimated fair value | 3,439,732 | 2,851,709 |
Schedule of Held-to-maturity Securities | ||
Amortized cost | 23,175 | 24,490 |
Gross unrealized gains | 51 | 57 |
Gross unrealized losses | (651) | (817) |
Estimated fair value | 22,575 | 23,730 |
Other Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized cost | 107,796 | 98,974 |
Gross unrealized gain | 666 | 361 |
Gross unrealized losses | (556) | (504) |
Estimated fair value | $ 107,906 | $ 98,831 |
Investment Securities - Sched40
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Gross Unrealized Losses | ||
Less than twelve months | $ (30,200) | $ (44,874) |
Over twelve months | (3,485) | (2,677) |
Total | (33,685) | (47,551) |
Estimated Fair Value | ||
Less than twelve months | 2,562,038 | 2,526,660 |
Over twelve months | 171,114 | 102,762 |
Total | 2,733,152 | 2,629,422 |
Gross Unrealized Losses | ||
Less than twelve months | (257) | (463) |
Over twelve months | (451) | (487) |
Total | (708) | (950) |
Estimated Fair Value | ||
Less than twelve months | 16,858 | 22,890 |
Over twelve months | 10,308 | 10,960 |
Total | 27,166 | 33,850 |
U.S. Government-Sponsored Enterprise Obligations | ||
Gross Unrealized Losses | ||
Less than twelve months | (317) | (549) |
Over twelve months | 0 | 0 |
Total | (317) | (549) |
Estimated Fair Value | ||
Less than twelve months | 110,276 | 150,554 |
Over twelve months | 0 | 0 |
Total | 110,276 | 150,554 |
Obligations of State and Political Subdivisions | ||
Gross Unrealized Losses | ||
Less than twelve months | (1,580) | (5,207) |
Over twelve months | (114) | 0 |
Total | (1,694) | (5,207) |
Estimated Fair Value | ||
Less than twelve months | 82,187 | 148,059 |
Over twelve months | 4,541 | 0 |
Total | 86,728 | 148,059 |
Mortgage-Backed Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (27,763) | (38,667) |
Over twelve months | (3,355) | (2,624) |
Total | (31,118) | (41,291) |
Estimated Fair Value | ||
Less than twelve months | 2,330,909 | 2,191,563 |
Over twelve months | 165,156 | 98,912 |
Total | 2,496,065 | 2,290,475 |
Other Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (540) | (451) |
Over twelve months | (16) | (53) |
Total | (556) | (504) |
Estimated Fair Value | ||
Less than twelve months | 38,666 | 36,484 |
Over twelve months | 1,417 | 3,850 |
Total | 40,083 | 40,334 |
Obligations of State and Political Subdivisions | ||
Gross Unrealized Losses | ||
Less than twelve months | (57) | (133) |
Over twelve months | 0 | 0 |
Total | (57) | (133) |
Estimated Fair Value | ||
Less than twelve months | 5,014 | 10,602 |
Over twelve months | 0 | 0 |
Total | 5,014 | 10,602 |
Mortgage-Backed Securities | ||
Gross Unrealized Losses | ||
Less than twelve months | (200) | (330) |
Over twelve months | (451) | (487) |
Total | (651) | (817) |
Estimated Fair Value | ||
Less than twelve months | 11,844 | 12,288 |
Over twelve months | 10,308 | 10,960 |
Total | $ 22,152 | $ 23,248 |
Investment Securities - Additio
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities | ||
Number of debt securities with unrealized losses | Security | 386 | 397 |
Debt securities with unrealized losses (percentage of amortized cost) | 1.23% | 1.79% |
Number of securities | Security | 45 | 31 |
Amortized cost basis | $ 185,358 | $ 116,886 |
Unrealized loss | $ 3,936 | $ 3,164 |
Fannie Mae, Freddie Mac, or Ginnie Mae | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 43 | 28 |
Amortized cost basis | $ 183,926 | $ 112,983 |
Unrealized loss | $ 3,920 | $ 3,111 |
Other | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 2 | 3 |
Amortized cost basis | $ 1,432 | $ 3,903 |
Unrealized loss | $ 16 | $ 53 |
Investment Securities - Sched42
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Weighted Average Yield | ||
Within one year or less | 1.61% | |
One through five years | 1.78% | |
After five through ten years | 2.34% | |
Over ten years | 2.27% | |
Weighted average yield | 2.25% | |
Amortized Cost | ||
Within one year or less | $ 22,066 | |
One through five years | 250,400 | |
After five through ten years | 837,818 | |
Over ten years | 2,919,371 | |
Amortized cost | 4,029,655 | |
Estimated Fair Value | ||
Within one year or less | 22,008 | |
One through five years | 250,806 | |
After five through ten years | 840,128 | |
Over ten years | 2,896,357 | |
Estimated fair value | $ 4,009,299 | $ 3,446,097 |
Weighted Average Yield | ||
Within one year or less | 2.65% | |
One through five years | 2.75% | |
After five through ten years | 3.24% | |
Over ten years | 2.98% | |
Weighted average yield | 3.01% | |
Amortized Cost | ||
Within one year or less | $ 1,622 | |
One through five years | 10,234 | |
After five through ten years | 21,161 | |
Over ten years | 51,500 | |
Amortized cost | 84,517 | 89,216 |
Estimated Fair Value | ||
Within one year or less | 1,626 | |
One through five years | 10,378 | |
After five through ten years | 21,836 | |
Over ten years | 51,608 | |
Estimated fair value | $ 85,448 | $ 89,932 |
Investment Securities - Sched43
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized gains | $ 242 | $ 2,473 | $ 242 | $ 2,935 |
Realized losses | (183) | (684) | (183) | (950) |
Net realized gains (losses) | $ 59 | $ 1,789 | $ 59 | $ 1,985 |
Investment Securities - Sched44
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 38,539 | $ 42,326 |
Federal Reserve Bank Stock | 48,584 | 48,584 |
Other Investments | 3,008 | 2,808 |
Marketable Securities, Equity Securities | $ 90,131 | $ 93,718 |
Loans - Schedule of Non-Covered
Loans - Schedule of Non-Covered Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | $ 15,556,016 | $ 15,064,971 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 11,377,652 | 10,906,581 |
Commercial Loans | Commercial real estate- construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,100,188 | 802,169 |
Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,205,408 | 2,234,636 |
Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 3,836,007 | 3,765,461 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 3,684,081 | 3,543,122 |
Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 551,968 | 561,193 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,346,467 | 1,267,400 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,831,897 | 2,890,990 |
Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,158,948 | 2,155,926 |
Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 92,130 | 131,052 |
Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 580,819 | 604,012 |
Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 13,493,410 | 12,694,924 |
Legacy Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 10,055,791 | 9,377,399 |
Legacy Loans | Commercial Loans | Commercial real estate- construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,010,479 | 740,761 |
Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,815,167 | 1,784,624 |
Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 3,289,284 | 3,097,929 |
Legacy Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 3,390,699 | 3,194,796 |
Legacy Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 550,162 | 559,289 |
Legacy Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 970,961 | 854,216 |
Legacy Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,466,658 | 2,463,309 |
Legacy Loans | Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,838,841 | 1,783,421 |
Legacy Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 92,106 | 131,048 |
Legacy Loans | Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 535,711 | 548,840 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 2,062,606 | 2,370,047 |
Acquired Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,321,861 | 1,529,182 |
Acquired Loans | Commercial Loans | Commercial real estate- construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 89,709 | 61,408 |
Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 390,241 | 450,012 |
Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 546,723 | 667,532 |
Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 293,382 | 348,326 |
Acquired Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 1,806 | 1,904 |
Acquired Loans | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 375,506 | 413,184 |
Acquired Loans | Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 365,239 | 427,681 |
Acquired Loans | Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 320,107 | 372,505 |
Acquired Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | 24 | 4 |
Acquired Loans | Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total loans, net of unearned income | $ 45,108 | $ 55,172 |
Loans - Narrative (Detail)
Loans - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable | ||
Deferred loan origination fees | $ 24.1 | $ 22.6 |
Deposit liabilities reclassified as loans receivable | 5.9 | $ 4.2 |
Loans with carrying value pledged to secure public deposits and other borrowings | $ 4,500 |
Loans - Schedule of Aging of Lo
Loans - Schedule of Aging of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | $ 199,611 | $ 306,426 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 168,854 | 284,409 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 4,666 | 4,627 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Acquired Impaired Loans | 26,091 | 17,390 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 1,584,250 | 1,841,465 |
Accruing | 10,150 | 4,249 |
Non-accrual Loans | 14,208 | 6,958 |
Discount/Premium | (10,629) | (12,811) |
Acquired Impaired Loans | 464,627 | 530,186 |
Total Loans | 2,062,606 | 2,370,047 |
Acquired Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total Loans | 1,321,861 | 1,529,182 |
Acquired Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 53,564 | 26,714 |
Accruing | 216 | 0 |
Non-accrual Loans | 1,118 | 1,946 |
Discount/Premium | (183) | (243) |
Acquired Impaired Loans | 34,994 | 32,991 |
Total Loans | 89,709 | 61,408 |
Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 284,841 | 326,761 |
Accruing | 0 | 548 |
Non-accrual Loans | 3,684 | 166 |
Discount/Premium | (2,670) | (3,084) |
Acquired Impaired Loans | 104,386 | 125,621 |
Total Loans | 390,241 | 450,012 |
Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 441,193 | 544,731 |
Accruing | 2,386 | 255 |
Non-accrual Loans | 4,035 | 1,055 |
Discount/Premium | (94) | (565) |
Acquired Impaired Loans | 99,203 | 122,056 |
Total Loans | 546,723 | 667,532 |
Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 256,584 | 314,990 |
Accruing | 4,698 | 124 |
Non-accrual Loans | 1,382 | 1,317 |
Discount/Premium | (712) | (837) |
Acquired Impaired Loans | 31,430 | 32,732 |
Total Loans | 293,382 | 348,326 |
Acquired Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 1,657 | 1,910 |
Accruing | 154 | 0 |
Non-accrual Loans | 0 | 0 |
Discount/Premium | (5) | (6) |
Acquired Impaired Loans | 0 | 0 |
Total Loans | 1,806 | 1,904 |
Acquired Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 378,204 | 424,300 |
Current or Less Than 30 days past due | 263,658 | 290,031 |
Accruing | 609 | 1,317 |
Non-accrual Loans | 1,598 | 719 |
Discount/Premium | (1,609) | (1,835) |
Acquired Impaired Loans | 111,250 | 122,952 |
Total Loans | 375,506 | 413,184 |
Acquired Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 322,658 | 377,021 |
Current or Less Than 30 days past due | 242,091 | 286,411 |
Accruing | 1,686 | 1,517 |
Non-accrual Loans | 1,947 | 1,395 |
Discount/Premium | (4,497) | (5,237) |
Acquired Impaired Loans | 78,880 | 88,419 |
Total Loans | 320,107 | 372,505 |
Acquired Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 24 | 12 |
Current or Less Than 30 days past due | 18 | 0 |
Accruing | 0 | 0 |
Non-accrual Loans | 0 | 0 |
Discount/Premium | 0 | 0 |
Acquired Impaired Loans | 6 | 4 |
Total Loans | 24 | 4 |
Acquired Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 0 | 468 |
Accruing | 0 | 0 |
Non-accrual Loans | 0 | 0 |
Discount/Premium | 0 | 0 |
Acquired Impaired Loans | 501 | 0 |
Total Loans | 501 | 468 |
Acquired Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or Less Than 30 days past due | 40,644 | 49,449 |
Accruing | 401 | 488 |
Non-accrual Loans | 444 | 360 |
Discount/Premium | (859) | (1,004) |
Acquired Impaired Loans | 3,977 | 5,411 |
Total Loans | 44,607 | 54,704 |
Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 13,288,170 | 12,447,375 |
Accruing | 41,492 | 26,006 |
Non-accrual Loans | 163,748 | 221,543 |
Total Loans | 13,493,410 | 12,694,924 |
Legacy Loans | Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Total Loans | 10,055,791 | 9,377,399 |
Legacy Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 1,008,834 | 740,761 |
Accruing | 214 | 0 |
Non-accrual Loans | 1,431 | 0 |
Total Loans | 1,010,479 | 740,761 |
Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 1,804,289 | 1,775,695 |
Accruing | 2,063 | 1,086 |
Non-accrual Loans | 8,815 | 7,843 |
Total Loans | 1,815,167 | 1,784,624 |
Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 3,277,719 | 3,088,207 |
Accruing | 6,558 | 1,126 |
Non-accrual Loans | 5,007 | 8,596 |
Total Loans | 3,289,284 | 3,097,929 |
Legacy Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 3,349,442 | 3,158,700 |
Accruing | 12,062 | 4,869 |
Non-accrual Loans | 29,195 | 31,227 |
Total Loans | 3,390,699 | 3,194,796 |
Legacy Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 453,357 | 407,434 |
Accruing | 2,240 | 1,526 |
Non-accrual Loans | 94,565 | 150,329 |
Total Loans | 550,162 | 559,289 |
Legacy Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 955,343 | 836,509 |
Accruing | 3,936 | 4,693 |
Non-accrual Loans | 11,682 | 13,014 |
Total Loans | 970,961 | 854,216 |
Legacy Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 1,819,163 | 1,768,763 |
Accruing | 9,144 | 6,679 |
Non-accrual Loans | 10,534 | 7,979 |
Total Loans | 1,838,841 | 1,783,421 |
Legacy Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 89,590 | 127,054 |
Accruing | 1,614 | 2,956 |
Non-accrual Loans | 902 | 1,038 |
Total Loans | 92,106 | 131,048 |
Legacy Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 85,690 | 81,602 |
Accruing | 285 | 298 |
Non-accrual Loans | 612 | 624 |
Total Loans | 86,587 | 82,524 |
Legacy Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Current or less than 30 days past due | 444,743 | 462,650 |
Accruing | 3,376 | 2,773 |
Non-accrual Loans | 1,005 | 893 |
Total Loans | 449,124 | 466,316 |
30-59 days | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 3,212 | 2,586 |
30-59 days | Acquired Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 216 | 0 |
30-59 days | Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 493 |
30-59 days | Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 2,067 | 223 |
30-59 days | Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 47 | 73 |
30-59 days | Acquired Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 154 | 0 |
30-59 days | Acquired Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 14 | 328 |
30-59 days | Acquired Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 407 | 1,078 |
30-59 days | Acquired Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
30-59 days | Acquired Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
30-59 days | Acquired Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 307 | 391 |
30-59 days | Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 27,921 | 18,026 |
30-59 days | Legacy Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 214 | 0 |
30-59 days | Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 343 | 959 |
30-59 days | Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 3,245 | 902 |
30-59 days | Legacy Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 10,633 | 3,999 |
30-59 days | Legacy Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 2,240 | 0 |
30-59 days | Legacy Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,933 | 2,012 |
30-59 days | Legacy Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 4,983 | 5,249 |
30-59 days | Legacy Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,353 | 2,551 |
30-59 days | Legacy Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 168 | 199 |
30-59 days | Legacy Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 2,809 | 2,155 |
60-89 days | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 6,746 | 1,381 |
60-89 days | Acquired Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 55 |
60-89 days | Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 319 | 0 |
60-89 days | Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 4,651 | 51 |
60-89 days | Acquired Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Acquired Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 403 | 989 |
60-89 days | Acquired Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,279 | 189 |
60-89 days | Acquired Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Acquired Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Acquired Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 94 | 97 |
60-89 days | Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 12,961 | 6,876 |
60-89 days | Legacy Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
60-89 days | Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,687 | 127 |
60-89 days | Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 3,046 | 224 |
60-89 days | Legacy Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,429 | 870 |
60-89 days | Legacy Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 1,526 |
60-89 days | Legacy Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 1,693 | 1,577 |
60-89 days | Legacy Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 4,161 | 1,430 |
60-89 days | Legacy Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 261 | 405 |
60-89 days | Legacy Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 117 | 99 |
60-89 days | Legacy Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 567 | 618 |
Greater than 90 days | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 192 | 282 |
Greater than 90 days | Acquired Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 32 |
Greater than 90 days | Acquired Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 192 | 0 |
Greater than 90 days | Acquired Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 250 |
Greater than 90 days | Acquired Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Acquired Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 610 | 1,104 |
Greater than 90 days | Legacy Loans | Commercial Loans | Commercial real estate - construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 33 | 0 |
Greater than 90 days | Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 267 | 0 |
Greater than 90 days | Legacy Loans | Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Commercial Loans | Energy-related | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Residential Mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 310 | 1,104 |
Greater than 90 days | Legacy Loans | Consumer and Other Loans | Consumer - home equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Consumer and Other Loans | Consumer - indirect automobile | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Consumer and Other Loans | Consumer - credit card | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | 0 | 0 |
Greater than 90 days | Legacy Loans | Consumer and Other Loans | Consumer - other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Accruing | $ 0 | $ 0 |
Loans - Summary of Changes in A
Loans - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 175,054 | $ 227,502 |
Transfers from non-accretable difference to accretable yield | 2,544 | 4,425 |
Accretion | (28,496) | (36,256) |
Changes in expected cash flows not affecting non-accretable differences | 2,439 | 8,949 |
Balance at end of period | $ 151,541 | $ 204,620 |
Loans - Schedule of Modified TD
Loans - Schedule of Modified TDRs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)SecurityLoan | Jun. 30, 2016USD ($)SecurityLoan | Jun. 30, 2017USD ($)SecurityLoan | Jun. 30, 2016USD ($)SecurityLoan | |
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | $ 17,892 | $ 135,524 | $ 28,398 | $ 165,283 |
Troubled Debt Restructurings | ||||
Financing Receivable, Modifications | ||||
Total TDRs | 28,400 | 165,300 | ||
TDRs in accrual status | 22,800 | 126,600 | ||
TDRs in non-accrual status | $ 5,600 | $ 38,700 | ||
TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 124 | 151 | 206 | 236 |
Pre-modification outstanding recorded investment | $ 18,453 | $ 119,083 | $ 29,206 | $ 157,121 |
Post-modification outstanding recorded investment | $ 17,892 | $ 135,524 | $ 28,398 | $ 165,283 |
Commercial Loans | Commercial real estate- construction | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 1 | 0 | 1 | 1 |
Pre-modification outstanding recorded investment | $ 275 | $ 0 | $ 275 | $ 28 |
Post-modification outstanding recorded investment | $ 275 | $ 0 | $ 275 | $ 26 |
Commercial Loans | Commercial real estate- owner-occupied | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 1 | 3 | 2 | 5 |
Pre-modification outstanding recorded investment | $ 32 | $ 794 | $ 1,730 | $ 1,069 |
Post-modification outstanding recorded investment | $ 31 | $ 785 | $ 1,698 | $ 1,050 |
Commercial Loans | Commercial real estate- non-owner-occupied | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 6 | 6 | 11 | 10 |
Pre-modification outstanding recorded investment | $ 2,721 | $ 10,777 | $ 4,409 | $ 11,516 |
Post-modification outstanding recorded investment | $ 2,795 | $ 10,047 | $ 4,465 | $ 10,749 |
Commercial Loans | Commercial and industrial | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 24 | 16 | 33 | 28 |
Pre-modification outstanding recorded investment | $ 9,028 | $ 19,496 | $ 9,254 | $ 24,018 |
Post-modification outstanding recorded investment | $ 8,551 | $ 19,353 | $ 8,747 | $ 23,632 |
Commercial Loans | Energy-related | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 0 | 19 | 0 | 25 |
Pre-modification outstanding recorded investment | $ 0 | $ 82,882 | $ 0 | $ 110,443 |
Post-modification outstanding recorded investment | $ 0 | $ 100,205 | $ 0 | $ 119,890 |
Residential Mortgage | Residential mortgage | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 6 | 10 | 10 | 25 |
Pre-modification outstanding recorded investment | $ 521 | $ 1,438 | $ 780 | $ 4,733 |
Post-modification outstanding recorded investment | $ 492 | $ 1,438 | $ 730 | $ 4,692 |
Consumer and Other Loans | Home Equity | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 33 | 36 | 66 | 57 |
Pre-modification outstanding recorded investment | $ 4,820 | $ 2,750 | $ 10,851 | $ 3,928 |
Post-modification outstanding recorded investment | $ 4,807 | $ 2,750 | $ 10,771 | $ 3,916 |
Consumer and Other Loans | Consumer - indirect automobile | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 23 | 0 | 33 | 0 |
Pre-modification outstanding recorded investment | $ 224 | $ 0 | $ 360 | $ 0 |
Post-modification outstanding recorded investment | $ 114 | $ 0 | $ 222 | $ 0 |
Consumer and Other Loans | Consumer - other | TDRs Occurring during the Period | Non-Covered TDRs | ||||
Financing Receivable, Modifications | ||||
Number of loans | SecurityLoan | 30 | 61 | 50 | 85 |
Pre-modification outstanding recorded investment | $ 832 | $ 946 | $ 1,547 | $ 1,386 |
Post-modification outstanding recorded investment | 827 | 946 | 1,490 | 1,328 |
Extended maturities | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | 8,488 | 54,758 | 15,014 | 57,533 |
Maturity and interest rate adjustment | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | 3,886 | 30,781 | 6,502 | 31,048 |
Movement to or extension of interest-rate only payments | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | 38 | 440 | 138 | 440 |
Interest rate adjustment | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | 26 | 134 | 26 | 134 |
Forbearance | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | 3,466 | 33,426 | 4,687 | 38,367 |
Other concession(s) (1) | ||||
Financing Receivable, Modifications | ||||
Post-modification outstanding recorded investment | $ 1,988 | $ 15,985 | $ 2,031 | $ 37,761 |
Loans - Schedule of Subsequentl
Loans - Schedule of Subsequently Defaulted TDRs (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)SecurityLoan | Jun. 30, 2016USD ($)SecurityLoan | Jun. 30, 2017USD ($)SecurityLoan | Jun. 30, 2016USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable | ||||
Post-modification outstanding recorded investment | $ 17,892 | $ 135,524 | $ 28,398 | $ 165,283 |
Threshold period for loans in default (in days) | 30 days | |||
Non-Covered TDRs | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 124 | 151 | 206 | 236 |
Pre-modification outstanding recorded investment | $ 18,453 | $ 119,083 | $ 29,206 | $ 157,121 |
Post-modification outstanding recorded investment | $ 17,892 | $ 135,524 | $ 28,398 | $ 165,283 |
Number of loans | SecurityLoan | 81 | 65 | 168 | 115 |
Recorded investment | $ 18,671 | $ 6,440 | $ 22,744 | $ 9,642 |
Non-Covered TDRs | Commercial Loans | Commercial real estate- construction | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 1 | 0 | 1 | 1 |
Pre-modification outstanding recorded investment | $ 275 | $ 0 | $ 275 | $ 28 |
Post-modification outstanding recorded investment | $ 275 | $ 0 | $ 275 | $ 26 |
Number of loans | SecurityLoan | 0 | 0 | 2 | 0 |
Recorded investment | $ 0 | $ 0 | $ 132 | $ 0 |
Non-Covered TDRs | Commercial Loans | Commercial real estate- owner-occupied | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 1 | 3 | 2 | 5 |
Pre-modification outstanding recorded investment | $ 32 | $ 794 | $ 1,730 | $ 1,069 |
Post-modification outstanding recorded investment | $ 31 | $ 785 | $ 1,698 | $ 1,050 |
Number of loans | SecurityLoan | 5 | 0 | 7 | 0 |
Recorded investment | $ 2,297 | $ 0 | $ 2,404 | $ 0 |
Non-Covered TDRs | Commercial Loans | Commercial real estate- non-owner-occupied | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 6 | 6 | 11 | 10 |
Pre-modification outstanding recorded investment | $ 2,721 | $ 10,777 | $ 4,409 | $ 11,516 |
Post-modification outstanding recorded investment | $ 2,795 | $ 10,047 | $ 4,465 | $ 10,749 |
Number of loans | SecurityLoan | 9 | 4 | 14 | 8 |
Recorded investment | $ 5,640 | $ 1,358 | $ 6,406 | $ 1,377 |
Non-Covered TDRs | Commercial Loans | Commercial and industrial | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 24 | 16 | 33 | 28 |
Pre-modification outstanding recorded investment | $ 9,028 | $ 19,496 | $ 9,254 | $ 24,018 |
Post-modification outstanding recorded investment | $ 8,551 | $ 19,353 | $ 8,747 | $ 23,632 |
Number of loans | SecurityLoan | 17 | 5 | 25 | 8 |
Recorded investment | $ 8,081 | $ 758 | $ 8,239 | $ 3,273 |
Non-Covered TDRs | Commercial Loans | Energy-related | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 0 | 19 | 0 | 25 |
Pre-modification outstanding recorded investment | $ 0 | $ 82,882 | $ 0 | $ 110,443 |
Post-modification outstanding recorded investment | $ 0 | $ 100,205 | $ 0 | $ 119,890 |
Number of loans | SecurityLoan | 0 | 1 | 0 | 1 |
Recorded investment | $ 0 | $ 2,250 | $ 0 | $ 2,250 |
Non-Covered TDRs | Residential Mortgage | Residential mortgage | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 6 | 10 | 10 | 25 |
Pre-modification outstanding recorded investment | $ 521 | $ 1,438 | $ 780 | $ 4,733 |
Post-modification outstanding recorded investment | $ 492 | $ 1,438 | $ 730 | $ 4,692 |
Number of loans | SecurityLoan | 5 | 4 | 21 | 7 |
Recorded investment | $ 454 | $ 480 | $ 1,854 | $ 536 |
Non-Covered TDRs | Consumer and Other Loans | Consumer - home equity | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 33 | 36 | 66 | 57 |
Pre-modification outstanding recorded investment | $ 4,820 | $ 2,750 | $ 10,851 | $ 3,928 |
Post-modification outstanding recorded investment | $ 4,807 | $ 2,750 | $ 10,771 | $ 3,916 |
Number of loans | SecurityLoan | 19 | 17 | 37 | 24 |
Recorded investment | $ 1,532 | $ 1,112 | $ 2,488 | $ 1,608 |
Non-Covered TDRs | Consumer and Other Loans | Consumer - Indirect Automobile | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 23 | 0 | 33 | 0 |
Pre-modification outstanding recorded investment | $ 224 | $ 0 | $ 360 | $ 0 |
Post-modification outstanding recorded investment | $ 114 | $ 0 | $ 222 | $ 0 |
Number of loans | SecurityLoan | 9 | 0 | 33 | 0 |
Recorded investment | $ 75 | $ 0 | $ 328 | $ 0 |
Non-Covered TDRs | Consumer and Other Loans | Consumer - other | TDRs Occurring during the Period | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Number of loans | SecurityLoan | 30 | 61 | 50 | 85 |
Pre-modification outstanding recorded investment | $ 832 | $ 946 | $ 1,547 | $ 1,386 |
Post-modification outstanding recorded investment | $ 827 | $ 946 | $ 1,490 | $ 1,328 |
Number of loans | SecurityLoan | 17 | 34 | 29 | 67 |
Recorded investment | $ 592 | $ 482 | $ 893 | $ 598 |
Allowance for Credit Losses a51
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for credit losses | ||
Allowance for loan losses at beginning of period | $ 144,719 | $ 138,378 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 25,974 | |
Adjustment attributable to FDIC loss share arrangements | (797) | |
Net provision for loan losses | 18,204 | 26,771 |
Transfer of balance to OREO and other | 258 | (967) |
Loans charged-off | (19,480) | (18,555) |
Recoveries | 2,524 | 2,622 |
Allowance for loan losses at end of period | 146,225 | 147,452 |
Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 11,241 | 14,145 |
Provision for (Reversal of) unfunded lending commitments | (779) | (319) |
Reserve for unfunded commitments at end of period | 10,462 | 13,826 |
Allowance for credit losses at end of period | 156,687 | 161,278 |
Legacy Loans | ||
Allowance for credit losses | ||
Allowance for loan losses at beginning of period | 105,569 | 93,808 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 28,390 | |
Adjustment attributable to FDIC loss share arrangements | 0 | |
Net provision for loan losses | 18,315 | 28,390 |
Transfer of balance to OREO and other | 0 | 0 |
Loans charged-off | (18,098) | (17,359) |
Recoveries | 1,824 | 2,022 |
Allowance for loan losses at end of period | 107,610 | 106,861 |
Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 11,241 | 14,145 |
Provision for (Reversal of) unfunded lending commitments | (779) | (319) |
Reserve for unfunded commitments at end of period | 10,462 | 13,826 |
Allowance for credit losses at end of period | 118,072 | 120,687 |
Acquired Loans | ||
Allowance for credit losses | ||
Allowance for loan losses at beginning of period | 39,150 | 44,570 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (2,416) | |
Adjustment attributable to FDIC loss share arrangements | (797) | |
Net provision for loan losses | (111) | (1,619) |
Transfer of balance to OREO and other | 258 | (967) |
Loans charged-off | (1,382) | (1,196) |
Recoveries | 700 | 600 |
Allowance for loan losses at end of period | 38,615 | 40,591 |
Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 0 | 0 |
Provision for (Reversal of) unfunded lending commitments | 0 | 0 |
Reserve for unfunded commitments at end of period | 0 | 0 |
Allowance for credit losses at end of period | $ 38,615 | $ 40,591 |
Allowance for Credit Losses a52
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 | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | $ 144,719 | $ 138,378 |
Transfer of balance to OREO and other | 258 | (967) |
Loans charged-off | (19,480) | (18,555) |
Recoveries | 2,524 | 2,622 |
Allowance for loan losses at end of period | 146,225 | 147,452 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 11,241 | 14,145 |
Reserve for unfunded commitments at end of period | 10,462 | 13,826 |
Legacy Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 105,569 | 93,808 |
Provision for (Reversal of) loan losses | 18,315 | 28,390 |
Transfer of balance to OREO and other | 0 | 0 |
Loans charged-off | (18,098) | (17,359) |
Recoveries | 1,824 | 2,022 |
Allowance for loan losses at end of period | 107,610 | 106,861 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 11,241 | 14,145 |
Provision for (Reversal of) unfunded commitments | (779) | (319) |
Reserve for unfunded commitments at end of period | 10,462 | 13,826 |
Allowance on loans individually evaluated for impairment | 26,920 | 14,485 |
Allowance on loans collectively evaluated for impairment | 80,690 | 92,376 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 13,493,410 | 11,984,849 |
Balance at end of period individually evaluated for impairment | 199,468 | 221,358 |
Balance at end of period collectively evaluated for impairment | 13,293,942 | 11,763,491 |
Legacy Loans | Commercial Loans | Real Estate | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 25,408 | 24,658 |
Provision for (Reversal of) loan losses | 4,323 | (715) |
Loans charged-off | (256) | (1,549) |
Recoveries | 189 | 644 |
Allowance for loan losses at end of period | 29,664 | 23,038 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 3,206 | 4,160 |
Provision for (Reversal of) unfunded commitments | 294 | (26) |
Reserve for unfunded commitments at end of period | 3,500 | 4,134 |
Allowance on loans individually evaluated for impairment | 1,316 | 691 |
Allowance on loans collectively evaluated for impairment | 28,348 | 22,347 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 6,114,930 | 5,097,689 |
Balance at end of period individually evaluated for impairment | 42,204 | 26,152 |
Balance at end of period collectively evaluated for impairment | 6,072,726 | 5,071,537 |
Legacy Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 35,434 | 23,283 |
Provision for (Reversal of) loan losses | 5,181 | 5,874 |
Loans charged-off | (8,366) | (1,154) |
Recoveries | 269 | 35 |
Allowance for loan losses at end of period | 32,518 | 28,038 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 3,535 | 3,448 |
Provision for (Reversal of) unfunded commitments | (46) | (60) |
Reserve for unfunded commitments at end of period | 3,489 | 3,388 |
Allowance on loans individually evaluated for impairment | 7,192 | 969 |
Allowance on loans collectively evaluated for impairment | 25,326 | 27,069 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 3,390,699 | 3,027,590 |
Balance at end of period individually evaluated for impairment | 36,836 | 34,298 |
Balance at end of period collectively evaluated for impairment | 3,353,863 | 2,993,292 |
Legacy Loans | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 22,486 | 23,863 |
Provision for (Reversal of) loan losses | 3,387 | 16,819 |
Loans charged-off | (2,845) | (7,715) |
Recoveries | 0 | 0 |
Allowance for loan losses at end of period | 23,028 | 32,967 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 1,003 | 2,665 |
Provision for (Reversal of) unfunded commitments | (856) | (442) |
Reserve for unfunded commitments at end of period | 147 | 2,223 |
Allowance on loans individually evaluated for impairment | 16,094 | 11,925 |
Allowance on loans collectively evaluated for impairment | 6,934 | 21,042 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 550,162 | 659,510 |
Balance at end of period individually evaluated for impairment | 89,814 | 148,317 |
Balance at end of period collectively evaluated for impairment | 460,348 | 511,193 |
Legacy Loans | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 3,835 | 3,947 |
Provision for (Reversal of) loan losses | (884) | 264 |
Loans charged-off | (45) | (173) |
Recoveries | 77 | 27 |
Allowance for loan losses at end of period | 2,983 | 4,065 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 657 | 830 |
Provision for (Reversal of) unfunded commitments | (89) | (23) |
Reserve for unfunded commitments at end of period | 568 | 807 |
Allowance on loans individually evaluated for impairment | 137 | 100 |
Allowance on loans collectively evaluated for impairment | 2,846 | 3,965 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 970,961 | 794,701 |
Balance at end of period individually evaluated for impairment | 4,631 | 3,451 |
Balance at end of period collectively evaluated for impairment | 966,330 | 791,250 |
Legacy Loans | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 18,406 | 18,057 |
Provision for (Reversal of) loan losses | 6,308 | 6,148 |
Loans charged-off | (6,586) | (6,768) |
Recoveries | 1,289 | 1,316 |
Allowance for loan losses at end of period | 19,417 | 18,753 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 2,840 | 3,042 |
Provision for (Reversal of) unfunded commitments | (82) | 232 |
Reserve for unfunded commitments at end of period | 2,758 | 3,274 |
Allowance on loans individually evaluated for impairment | 2,181 | 800 |
Allowance on loans collectively evaluated for impairment | 17,236 | 17,953 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 2,466,658 | 2,405,359 |
Balance at end of period individually evaluated for impairment | 25,983 | 9,140 |
Balance at end of period collectively evaluated for impairment | 2,440,675 | 2,396,219 |
Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 39,150 | 44,570 |
Provision for (Reversal of) loan losses | (111) | (1,619) |
Increase (Decrease) in FDIC loss share receivable | (797) | |
Transfer of balance to OREO and other | 258 | (967) |
Loans charged-off | (1,382) | (1,196) |
Recoveries | 700 | 600 |
Allowance for loan losses at end of period | 38,615 | 40,591 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Reserve for unfunded commitments at beginning of period | 0 | 0 |
Reserve for unfunded commitments at end of period | 0 | 0 |
Allowance on loans individually evaluated for impairment | 1,204 | 68 |
Allowance on loans collectively evaluated for impairment | 37,411 | 40,523 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 2,062,606 | 2,737,712 |
Balance at end of period individually evaluated for impairment | 16,592 | 7,877 |
Balance at end of period collectively evaluated for impairment | 1,581,387 | 2,117,503 |
Acquired Loans | Commercial Loans | Real Estate | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 23,574 | 25,979 |
Provision for (Reversal of) loan losses | 1,407 | (1,804) |
Increase (Decrease) in FDIC loss share receivable | 45 | |
Transfer of balance to OREO and other | 135 | (880) |
Loans charged-off | (1,026) | (31) |
Recoveries | 145 | 85 |
Allowance for loan losses at end of period | 24,235 | 23,394 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans individually evaluated for impairment | 402 | 0 |
Allowance on loans collectively evaluated for impairment | 23,833 | 23,394 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 1,026,673 | 1,374,312 |
Balance at end of period individually evaluated for impairment | 10,225 | 1,145 |
Balance at end of period collectively evaluated for impairment | 777,865 | 1,038,737 |
Acquired Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 3,230 | 2,819 |
Provision for (Reversal of) loan losses | (46) | 350 |
Increase (Decrease) in FDIC loss share receivable | (28) | |
Transfer of balance to OREO and other | (69) | 323 |
Loans charged-off | (71) | (700) |
Recoveries | 77 | 112 |
Allowance for loan losses at end of period | 3,121 | 2,876 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans individually evaluated for impairment | 678 | 22 |
Allowance on loans collectively evaluated for impairment | 2,443 | 2,854 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 293,382 | 408,219 |
Balance at end of period individually evaluated for impairment | 2,851 | 2,075 |
Balance at end of period collectively evaluated for impairment | 259,101 | 368,283 |
Acquired Loans | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 39 | 125 |
Provision for (Reversal of) loan losses | (21) | (52) |
Increase (Decrease) in FDIC loss share receivable | 0 | |
Transfer of balance to OREO and other | 0 | 0 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses at end of period | 18 | 73 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans individually evaluated for impairment | 0 | 0 |
Allowance on loans collectively evaluated for impairment | 18 | 73 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 1,806 | 2,524 |
Balance at end of period individually evaluated for impairment | 0 | 0 |
Balance at end of period collectively evaluated for impairment | 1,806 | 2,524 |
Acquired Loans | Residential Mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 7,412 | 7,841 |
Provision for (Reversal of) loan losses | (578) | 896 |
Increase (Decrease) in FDIC loss share receivable | (562) | |
Transfer of balance to OREO and other | 2 | 22 |
Loans charged-off | (30) | 0 |
Recoveries | 65 | 29 |
Allowance for loan losses at end of period | 6,871 | 8,226 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans individually evaluated for impairment | 32 | 2 |
Allowance on loans collectively evaluated for impairment | 6,839 | 8,224 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 375,506 | 454,361 |
Balance at end of period individually evaluated for impairment | 660 | 245 |
Balance at end of period collectively evaluated for impairment | 263,596 | 321,879 |
Acquired Loans | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Allowance for loan losses at beginning of period | 4,895 | 7,806 |
Provision for (Reversal of) loan losses | (873) | (1,009) |
Increase (Decrease) in FDIC loss share receivable | (252) | |
Transfer of balance to OREO and other | 190 | (432) |
Loans charged-off | (255) | (465) |
Recoveries | 413 | 374 |
Allowance for loan losses at end of period | 4,370 | 6,022 |
Financing Receivable, Reserve For Unfunded Commitments | ||
Allowance on loans individually evaluated for impairment | 92 | 44 |
Allowance on loans collectively evaluated for impairment | 4,278 | 5,978 |
Loans, net of unearned income: | ||
Loans, net of unearned income | 365,239 | 498,296 |
Balance at end of period individually evaluated for impairment | 2,856 | 4,412 |
Balance at end of period collectively evaluated for impairment | 279,019 | 386,080 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 464,627 | 612,332 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | Commercial Loans | Real Estate | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 238,583 | 334,430 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | Commercial Loans | Commercial and industrial | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 31,430 | 37,861 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | Commercial Loans | Energy-related | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | Residential Mortgage | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | 111,250 | 132,237 |
Receivables Acquired with Deteriorated Credit Quality | Acquired Loans | Consumer and Other Loans | ||
Loans, net of unearned income: | ||
Balance at end of period acquired with deteriorated credit quality | $ 83,364 | $ 107,804 |
Allowance for Credit Losses a53
Allowance for Credit Losses and Credit Quality - Investment in Legacy and Acquired Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | $ 24,100 | $ 22,600 |
Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 2,062,606 | 2,370,047 |
Acquired Loans | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (24,244) | (38,153) |
Total Loans | 1,321,861 | 1,529,182 |
Acquired Loans | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | 13,899 | 8,759 |
Total Loans | 89,709 | 61,408 |
Acquired Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (12,072) | (3,084) |
Total Loans | 390,241 | 450,012 |
Acquired Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (24,742) | (39,335) |
Total Loans | 546,723 | 667,532 |
Acquired Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (1,324) | (4,487) |
Total Loans | 293,382 | 348,326 |
Acquired Loans | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (5) | (6) |
Total Loans | 1,806 | 1,904 |
Acquired Loans | Residential and Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (44,706) | (53,753) |
Current | 749,054 | 859,474 |
30 or more days past due | 36,397 | 35,144 |
Total Loans | 740,745 | 840,865 |
Acquired Loans | Residential Mortgage | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (24,819) | (32,030) |
Current | 378,204 | 424,300 |
30 or more days past due | 22,121 | 20,914 |
Total Loans | 375,506 | 413,184 |
Acquired Loans | Consumer and Other Loans | Consumer - home equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (15,602) | (17,323) |
Current | 322,658 | 377,021 |
30 or more days past due | 13,051 | 12,807 |
Total Loans | 320,107 | 372,505 |
Acquired Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | 0 | (8) |
Current | 24 | 12 |
30 or more days past due | 0 | 0 |
Total Loans | 24 | 4 |
Acquired Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 501 | 468 |
Acquired Loans | Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Premium/(Discount) | (4,285) | (4,392) |
Current | 48,168 | 58,141 |
30 or more days past due | 1,225 | 1,423 |
Total Loans | 45,108 | 55,172 |
Acquired Loans | Consumer and Other Loans | Consumer - other | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 44,607 | 54,704 |
Acquired Loans | Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 1,274,453 | 1,461,625 |
Acquired Loans | Pass | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 71,157 | 46,498 |
Acquired Loans | Pass | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 384,411 | 426,492 |
Acquired Loans | Pass | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 541,724 | 663,571 |
Acquired Loans | Pass | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 275,350 | 323,154 |
Acquired Loans | Pass | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 1,811 | 1,910 |
Acquired Loans | Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 13,357 | 21,159 |
Acquired Loans | Special Mention | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 1,208 | 459 |
Acquired Loans | Special Mention | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 3,275 | 7,664 |
Acquired Loans | Special Mention | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 3,434 | 11,620 |
Acquired Loans | Special Mention | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 5,440 | 1,416 |
Acquired Loans | Special Mention | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Acquired Loans | Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 55,561 | 80,003 |
Acquired Loans | Substandard | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 3,431 | 3,118 |
Acquired Loans | Substandard | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 14,627 | 17,584 |
Acquired Loans | Substandard | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 26,188 | 31,552 |
Acquired Loans | Substandard | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 11,315 | 27,749 |
Acquired Loans | Substandard | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Acquired Loans | Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 2,734 | 4,525 |
Acquired Loans | Doubtful | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 14 | 2,574 |
Acquired Loans | Doubtful | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 1,356 |
Acquired Loans | Doubtful | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 119 | 101 |
Acquired Loans | Doubtful | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 2,601 | 494 |
Acquired Loans | Doubtful | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Acquired Loans | Loss | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 23 | |
Acquired Loans | Loss | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | |
Acquired Loans | Loss | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | |
Acquired Loans | Loss | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 23 | |
Acquired Loans | Loss | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | |
Acquired Loans | Loss | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | |
Legacy Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 13,288,170 | 12,447,375 |
Total Loans | 13,493,410 | 12,694,924 |
Legacy Loans | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 10,055,791 | 9,377,399 |
Legacy Loans | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,008,834 | 740,761 |
Total Loans | 1,010,479 | 740,761 |
Legacy Loans | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,804,289 | 1,775,695 |
Total Loans | 1,815,167 | 1,784,624 |
Legacy Loans | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 3,277,719 | 3,088,207 |
Total Loans | 3,289,284 | 3,097,929 |
Legacy Loans | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 3,349,442 | 3,158,700 |
Total Loans | 3,390,699 | 3,194,796 |
Legacy Loans | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 453,357 | 407,434 |
Total Loans | 550,162 | 559,289 |
Legacy Loans | Residential and Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 3,394,529 | 3,276,578 |
30 or more days past due | 43,090 | 40,947 |
Total Loans | 3,437,619 | 3,317,525 |
Legacy Loans | Residential Mortgage | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 955,343 | 836,509 |
30 or more days past due | 15,618 | 17,707 |
Total Loans | 970,961 | 854,216 |
Legacy Loans | Consumer and Other Loans | Consumer - home equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 1,819,163 | 1,768,763 |
30 or more days past due | 19,678 | 14,658 |
Total Loans | 1,838,841 | 1,783,421 |
Legacy Loans | Consumer and Other Loans | Consumer - Indirect Automobile | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 89,590 | 127,054 |
30 or more days past due | 2,516 | 3,994 |
Total Loans | 92,106 | 131,048 |
Legacy Loans | Consumer and Other Loans | Consumer - Credit Card | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 85,690 | 81,602 |
30 or more days past due | 897 | 922 |
Total Loans | 86,587 | 82,524 |
Legacy Loans | Consumer and Other Loans | Consumer - other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 444,743 | 462,650 |
30 or more days past due | 4,381 | 3,666 |
Total Loans | 449,124 | 466,316 |
Legacy Loans | Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 9,650,074 | 8,890,604 |
Legacy Loans | Pass | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 997,264 | 734,687 |
Legacy Loans | Pass | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 1,740,717 | 1,738,024 |
Legacy Loans | Pass | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 3,251,368 | 3,063,470 |
Legacy Loans | Pass | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 3,287,383 | 3,112,300 |
Legacy Loans | Pass | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 373,342 | 242,123 |
Legacy Loans | Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 147,904 | 138,209 |
Legacy Loans | Special Mention | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 7,917 | 2,203 |
Legacy Loans | Special Mention | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 39,772 | 17,542 |
Legacy Loans | Special Mention | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 8,696 | 8,617 |
Legacy Loans | Special Mention | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 42,422 | 29,763 |
Legacy Loans | Special Mention | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 49,097 | 80,084 |
Legacy Loans | Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 201,875 | 319,694 |
Legacy Loans | Substandard | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 5,298 | 3,871 |
Legacy Loans | Substandard | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 34,210 | 29,058 |
Legacy Loans | Substandard | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 29,220 | 25,842 |
Legacy Loans | Substandard | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 58,527 | 35,199 |
Legacy Loans | Substandard | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 74,620 | 225,724 |
Legacy Loans | Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 55,938 | 28,892 |
Legacy Loans | Doubtful | Commercial Loans | Commercial real estate - construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Legacy Loans | Doubtful | Commercial Loans | Commercial real estate- owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 468 | 0 |
Legacy Loans | Doubtful | Commercial Loans | Commercial real estate- non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Legacy Loans | Doubtful | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | 2,367 | 17,534 |
Legacy Loans | Doubtful | Commercial Loans | Energy-related | ||
Financing Receivable, Allowance for Credit Losses | ||
Loans and Leases Receivable, before Fees, Gross | $ 53,103 | $ 11,358 |
Allowance for Credit Losses a54
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Legacy Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | $ 199,611 | $ 199,611 | $ 306,426 | ||
Unpaid principal balance | 199,468 | 199,468 | 292,645 | ||
Related allowance | (2,181) | (2,181) | (1,358) | ||
Average Recorded Investment | 205,419 | $ 199,211 | 208,446 | $ 196,439 | |
Interest Income Recognized | 1,077 | 1,761 | 2,289 | 3,590 | |
Commercial Loans | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 168,854 | 168,854 | 284,409 | ||
Unpaid principal balance | 168,854 | 168,854 | 271,876 | ||
Related allowance | (26,920) | (26,920) | (22,776) | ||
Average Recorded Investment | 175,205 | 186,698 | 179,244 | 184,242 | |
Interest Income Recognized | 746 | 1,638 | 1,647 | 3,344 | |
Residential Mortgage | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 4,666 | 4,666 | 4,627 | ||
Unpaid principal balance | 4,631 | 4,631 | 4,312 | ||
Related allowance | (24,602) | (24,602) | (21,274) | ||
Average Recorded Investment | 4,658 | 3,467 | 4,685 | 3,482 | |
Interest Income Recognized | 46 | 28 | 92 | 57 | |
Consumer and Other Loans | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 26,091 | 26,091 | 17,390 | ||
Unpaid principal balance | 25,983 | 25,983 | 16,457 | ||
Related allowance | (137) | (137) | (144) | ||
Average Recorded Investment | 25,556 | 9,046 | 24,517 | 8,715 | |
Interest Income Recognized | 285 | 95 | 550 | 189 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Commercial real estate- construction | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 2,123 | 2,123 | 38 | ||
Unpaid principal balance | 2,123 | 2,123 | 38 | ||
Average Recorded Investment | 2,123 | 27 | 2,123 | 30 | |
Interest Income Recognized | 13 | 0 | 39 | 0 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Commercial real estate- owner-occupied | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 13,932 | 13,932 | 4,593 | ||
Unpaid principal balance | 13,932 | 13,932 | 4,593 | ||
Average Recorded Investment | 14,054 | 2,072 | 14,179 | 2,085 | |
Interest Income Recognized | 158 | 20 | 404 | 41 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Commercial real estate- non-owner-occupied | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 4,443 | 4,443 | 12,668 | ||
Unpaid principal balance | 4,443 | 4,443 | 11,876 | ||
Average Recorded Investment | 4,409 | 13,395 | 4,433 | 13,454 | |
Interest Income Recognized | 39 | 123 | 67 | 237 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Commercial and industrial | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 16,016 | 16,016 | 14,202 | ||
Unpaid principal balance | 16,016 | 16,016 | 13,189 | ||
Average Recorded Investment | 21,116 | 36,212 | 21,998 | 41,074 | |
Interest Income Recognized | 106 | 467 | 232 | 947 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Energy-related | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 32,013 | 32,013 | 152,424 | ||
Unpaid principal balance | 32,013 | 32,013 | 143,239 | ||
Average Recorded Investment | 32,370 | 106,692 | 34,330 | 102,364 | |
Interest Income Recognized | 44 | 912 | 102 | 1,857 | |
With No Related Allowance Recorded [Member] | Commercial Loans | Residential mortgage | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 1,123 | 1,123 | 0 | ||
Unpaid principal balance | 1,123 | 1,123 | 0 | ||
Average Recorded Investment | 1,130 | 825 | 1,136 | 825 | |
Interest Income Recognized | 12 | 10 | 24 | 19 | |
With No Related Allowance Recorded [Member] | Consumer and Other Loans | Consumer - home equity | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 3,336 | 3,336 | 0 | ||
Unpaid principal balance | 3,336 | 3,336 | 0 | ||
Average Recorded Investment | 3,347 | 0 | 3,356 | 0 | |
Interest Income Recognized | 32 | 0 | 65 | 0 | |
With No Related Allowance Recorded [Member] | Consumer and Other Loans | Consumer - other | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 0 | 0 | 0 | ||
Unpaid principal balance | 0 | 0 | 0 | ||
With Allowance Recorded [Member] | Commercial Loans | Commercial real estate- construction | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 36 | 36 | 0 | ||
Unpaid principal balance | 36 | 36 | 0 | ||
Related allowance | (1) | (1) | 0 | ||
Average Recorded Investment | 37 | 0 | 37 | 0 | |
Interest Income Recognized | 1 | 0 | 1 | 0 | |
With Allowance Recorded [Member] | Commercial Loans | Commercial real estate- owner-occupied | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 17,945 | 17,945 | 17,580 | ||
Unpaid principal balance | 17,945 | 17,945 | 17,429 | ||
Related allowance | (690) | (690) | (640) | ||
Average Recorded Investment | 17,908 | 10,636 | 17,998 | 10,694 | |
Interest Income Recognized | 86 | 83 | 186 | 166 | |
With Allowance Recorded [Member] | Commercial Loans | Commercial real estate- non-owner-occupied | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 3,725 | 3,725 | 108 | ||
Unpaid principal balance | 3,725 | 3,725 | 95 | ||
Related allowance | (625) | (625) | (1) | ||
Average Recorded Investment | 3,761 | 53 | 3,774 | 60 | |
Interest Income Recognized | 13 | 0 | 57 | 1 | |
With Allowance Recorded [Member] | Commercial Loans | Commercial and industrial | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 20,820 | 20,820 | 28,829 | ||
Unpaid principal balance | 20,820 | 20,820 | 28,329 | ||
Related allowance | (7,192) | (7,192) | (10,864) | ||
Average Recorded Investment | 21,028 | 2,125 | 21,504 | 2,191 | |
Interest Income Recognized | 284 | 23 | 555 | 48 | |
With Allowance Recorded [Member] | Commercial Loans | Energy-related | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 57,801 | 57,801 | 53,967 | ||
Unpaid principal balance | 57,801 | 57,801 | 53,088 | ||
Related allowance | (16,094) | (16,094) | (9,769) | ||
Average Recorded Investment | 58,399 | 15,486 | 58,868 | 12,290 | |
Interest Income Recognized | 2 | 10 | 4 | 47 | |
With Allowance Recorded [Member] | Residential Mortgage | Residential mortgage | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 3,543 | 3,543 | 4,627 | ||
Unpaid principal balance | 3,508 | 3,508 | 4,312 | ||
Related allowance | (137) | (137) | (144) | ||
Average Recorded Investment | 3,528 | 2,642 | 3,549 | 2,657 | |
Interest Income Recognized | 34 | 18 | 68 | 38 | |
With Allowance Recorded [Member] | Consumer and Other Loans | Consumer - home equity | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 18,865 | 18,865 | 13,906 | ||
Unpaid principal balance | 18,757 | 18,757 | 13,257 | ||
Related allowance | (1,805) | (1,805) | (993) | ||
Average Recorded Investment | 18,359 | 7,550 | 17,443 | 7,290 | |
Interest Income Recognized | 196 | 74 | 375 | 146 | |
With Allowance Recorded [Member] | Consumer and Other Loans | Consumer - Indirect Automobile | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 668 | 668 | 1,037 | ||
Unpaid principal balance | 668 | 668 | 758 | ||
Related allowance | (83) | (83) | (114) | ||
Average Recorded Investment | 750 | 650 | 797 | 723 | |
Interest Income Recognized | 6 | 6 | 14 | 18 | |
With Allowance Recorded [Member] | Consumer and Other Loans | Consumer - other | |||||
Financing Receivable, Impaired | |||||
Acquired Impaired Loans | 3,222 | 3,222 | 2,447 | ||
Unpaid principal balance | 3,222 | 3,222 | 2,442 | ||
Related allowance | (293) | (293) | $ (251) | ||
Average Recorded Investment | 3,100 | 846 | 2,921 | 702 | |
Interest Income Recognized | $ 51 | $ 15 | $ 96 | $ 25 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Goodwill | ||
Balance at beginning of the period | $ 726,856 | $ 724,603 |
Goodwill adjustments during the year | 2,253 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 726,856 | 726,856 |
Operating Segments | IBERIABANK | ||
Goodwill | ||
Balance at beginning of the period | 698,513 | 696,260 |
Goodwill adjustments during the year | 2,253 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 698,513 | 698,513 |
Operating Segments | IMC | ||
Goodwill | ||
Balance at beginning of the period | 23,178 | 23,178 |
Goodwill adjustments during the year | 0 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | 23,178 | 23,178 |
Operating Segments | LTC | ||
Goodwill | ||
Balance at beginning of the period | 5,165 | 5,165 |
Goodwill adjustments during the year | 0 | |
Goodwill adjustments during the year | 0 | |
Balance at end of the period | $ 5,165 | $ 5,165 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Title plant assets | $ 6.7 | $ 6.7 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets - Schedule of Mortgage Servicing Rights at Carrying Value (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 75,207 | $ 75,412 |
Accumulated Amortization | (56,474) | (53,251) |
Net Carrying Amount | 18,733 | 22,161 |
Mortgage servicing rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,265 | 7,202 |
Accumulated Amortization | (3,576) | (3,144) |
Net Carrying Amount | $ 4,689 | $ 4,058 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 75,207 | $ 75,412 |
Accumulated Amortization | (56,474) | (53,251) |
Net Carrying Amount | 18,733 | 22,161 |
Core deposit intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 74,001 | 74,001 |
Accumulated Amortization | (55,501) | (52,165) |
Net Carrying Amount | 18,500 | 21,836 |
Customer relationship intangible asset | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,143 | 1,348 |
Accumulated Amortization | (942) | (1,064) |
Net Carrying Amount | 201 | 284 |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 63 | 63 |
Accumulated Amortization | (31) | (22) |
Net Carrying Amount | $ 32 | $ 41 |
Derivative Instruments and Ot59
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value of Derivatives | ||
Derivative Asset | $ 32,900 | $ 38,886 |
Derivative Liability | 28,684 | 30,209 |
Notional Amount of Derivatives | ||
Derivative assets | 1,715,139 | 1,565,509 |
Derivative liabilities | 1,643,393 | 1,528,184 |
Designated as Hedging Instruments | ||
Fair Value of Derivatives | ||
Derivative Asset | 0 | 0 |
Derivative Liability | 1,041 | 525 |
Notional Amount of Derivatives | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 108,500 | 108,500 |
Designated as Hedging Instruments | Interest rate contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 108,500 | 108,500 |
Designated as Hedging Instruments | Interest rate contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 0 | 0 |
Designated as Hedging Instruments | Interest rate contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 1,041 | 525 |
Not Designated as Hedging Instruments | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,715,139 | 1,565,509 |
Derivative liabilities | 1,534,893 | 1,419,684 |
Not Designated as Hedging Instruments | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 32,900 | 38,886 |
Not Designated as Hedging Instruments | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 27,643 | 29,684 |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,120,278 | 1,033,955 |
Derivative liabilities | 1,120,278 | 1,033,955 |
Not Designated as Hedging Instruments | Interest rate contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 20,432 | 20,719 |
Not Designated as Hedging Instruments | Interest rate contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 18,384 | 20,719 |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,724 | 4,474 |
Derivative liabilities | 1,724 | 4,474 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 73 | 27 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 73 | 26 |
Not Designated as Hedging Instruments | Forward sales contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 214,925 | 229,181 |
Derivative liabilities | 131,915 | 120,567 |
Not Designated as Hedging Instruments | Forward sales contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 860 | 6,014 |
Not Designated as Hedging Instruments | Forward sales contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 706 | 794 |
Not Designated as Hedging Instruments | Written and purchased options | ||
Notional Amount of Derivatives | ||
Derivative assets | 369,582 | 289,115 |
Derivative liabilities | 177,921 | 154,170 |
Not Designated as Hedging Instruments | Written and purchased options | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 11,535 | 12,125 |
Not Designated as Hedging Instruments | Written and purchased options | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | 8,439 | 8,098 |
Not Designated as Hedging Instruments | Other contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 8,630 | 8,784 |
Derivative liabilities | 103,055 | 106,518 |
Not Designated as Hedging Instruments | Other contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 0 | 1 |
Not Designated as Hedging Instruments | Other contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative Liability | $ 41 | $ 47 |
Derivative Instruments and Ot60
Derivative Instruments and Other Hedging Activities - Narrative (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 1,643,393 | $ 1,528,184 |
Cash as collateral for derivative transactions | (1,513) | (1,892) |
Cash Posted As Variation Margin for Derivatives | 2,700 | |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | 1,534,893 | 1,419,684 |
Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 103,055 | $ 106,518 |
Derivative Instruments and Ot61
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative assets | ||
Gross derivative assets | $ 28,761 | $ 28,804 |
Gross amounts not offset in the Balance Sheet, derivatives | (8,747) | (9,677) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 20,014 | 19,127 |
Derivative liabilities | ||
Gross derivative liabilities | 19,425 | 21,244 |
Gross amounts not offset in the Balance Sheet, derivatives | (8,747) | (9,677) |
Gross amounts not offset in the Balance Sheet, collateral | (1,513) | (1,892) |
Net derivative liabilities | 9,165 | 9,675 |
Written and purchased options | ||
Derivative assets | ||
Gross derivative assets | 8,329 | 8,085 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 8,329 | 8,085 |
Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 20,432 | |
Gross amounts not offset in the Balance Sheet, derivatives | (8,747) | |
Gross amounts not offset in the Balance Sheet, collateral | 0 | |
Net derivative assets | 11,685 | |
Derivative liabilities | ||
Gross derivative liabilities | 1,041 | 525 |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | 0 |
Gross amounts not offset in the Balance Sheet, collateral | 0 | (181) |
Net derivative liabilities | 1,041 | 344 |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 20,719 | |
Gross amounts not offset in the Balance Sheet, derivatives | (9,677) | |
Gross amounts not offset in the Balance Sheet, collateral | 0 | |
Net derivative assets | 11,042 | |
Derivative liabilities | ||
Gross derivative liabilities | 18,384 | 20,719 |
Gross amounts not offset in the Balance Sheet, derivatives | (8,747) | (9,677) |
Gross amounts not offset in the Balance Sheet, collateral | (1,513) | (1,711) |
Net derivative liabilities | $ 8,124 | $ 9,331 |
Derivative Instruments and Ot62
Derivative Instruments and Other Hedging Activities - Effect of Hedging Instruments on Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 (Effective Portion) | $ (790) | $ (2,328) | $ (627) | $ (6,455) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income net of taxes (Effective Portion) | (103) | 0 | (148) | 0 |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,801) | 35 | (378) | 1,637 |
Not Designated as Hedging Instruments | Interest rate contracts | Other income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1,299 | 2,332 | 2,416 | 5,294 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 7 | 2 | 14 | 3 |
Not Designated as Hedging Instruments | Forward sales contracts | Mortgage income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,526) | (4,787) | (1,886) | (10,130) |
Not Designated as Hedging Instruments | Written and purchased options | Mortgage income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,586) | 2,488 | (931) | 6,470 |
Not Designated as Hedging Instruments | Other contracts | Other income | ||||
Derivative Instruments and Hedging Activities Disclosures | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 5 | $ 0 | $ 9 | $ 0 |
Shareholders' Equity, Capital63
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Shareholders' Equity (Details) $ / shares in Units, $ in Thousands | Mar. 07, 2017USD ($)$ / sharesshares | May 09, 2016USD ($) | Aug. 05, 2015USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016USD ($)$ / shares |
Class of Stock [Line Items] | ||||||
Preferred stock, par value (in usd per share) | $ / shares | $ 1 | $ 1 | ||||
Liquidation preference (per share) | $ / shares | $ 10,000 | $ 10,000 | ||||
Liquidation preference value | $ 137,500 | |||||
Carrying Amount | $ 132,097 | $ 132,097 | ||||
Number of shares authorized to be repurchased | shares | 950,000 | |||||
Shares authorized to be repurchased | shares | 747,494 | |||||
Proceeds from common stock issued | $ 485,194 | $ 0 | ||||
Series B Depositary Shares | ||||||
Class of Stock [Line Items] | ||||||
Depository shares to preferred stock ratio | 0.0025 | |||||
Series B Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Ownership per share | 6.625% | |||||
Liquidation preference value | $ 80,000 | |||||
Carrying Amount | 76,812 | 76,812 | ||||
Series C Depository Shares | ||||||
Class of Stock [Line Items] | ||||||
Depository shares to preferred stock ratio | 0.0025 | |||||
Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Ownership per share | 6.60% | |||||
Liquidation preference value | $ 57,500 | |||||
Carrying Amount | $ 55,285 | $ 55,285 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued (in shares) | shares | 6,100,000 | |||||
Price per share of stock of issued | $ / shares | $ 83 | |||||
Proceeds from common stock issued | $ 485,200 |
Shareholders' Equity, Capital64
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 845,167 | $ 818,440 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 2,787,729 | $ 2,221,528 |
Actual ratio | 13.19% | 10.86% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 822,980 | $ 794,334 |
Minimum ratio | 4.50% | 4.50% |
Actual amount | $ 2,655,632 | $ 2,089,431 |
Actual ratio | 14.52% | 11.84% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,097,306 | $ 1,059,112 |
Minimum ratio | 6.00% | 6.00% |
Actual amount | $ 2,787,729 | $ 2,221,528 |
Actual ratio | 15.24% | 12.59% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 1,463,075 | $ 1,412,149 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 3,060,916 | $ 2,493,988 |
Actual ratio | 16.74% | 14.13% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 842,313 | $ 816,152 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 1,052,892 | $ 1,020,190 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 1,994,073 | $ 1,878,703 |
Actual ratio | 9.47% | 9.21% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 820,978 | $ 792,111 |
Minimum ratio | 4.50% | 4.50% |
Well capitalized amount | $ 1,185,857 | $ 1,144,160 |
Well capitalized ratio | 6.50% | 6.50% |
Actual amount | $ 1,994,073 | $ 1,878,703 |
Actual ratio | 10.93% | 10.67% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,094,637 | $ 1,056,147 |
Minimum ratio | 6.00% | 6.00% |
Well capitalized amount | $ 1,459,516 | $ 1,408,197 |
Well capitalized ratio | 8.00% | 8.00% |
Actual amount | $ 1,994,073 | $ 1,878,703 |
Actual ratio | 10.93% | 10.67% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 1,459,516 | $ 1,408,197 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 1,824,395 | $ 1,760,246 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 2,150,760 | $ 2,034,663 |
Actual ratio | 11.79% | 11.56% |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per common share - basic: | ||||
Net income | $ 52,018 | $ 50,810 | $ 102,491 | $ 93,579 |
Preferred stock dividends | (949) | (854) | (4,548) | (3,430) |
Dividends and undistributed earnings allocated to unvested restricted shares | (361) | (540) | (707) | (1,003) |
Net income allocated to common shareholders - basic | $ 50,708 | $ 49,416 | $ 97,236 | $ 89,146 |
Weighted average common shares outstanding | 50,630 | 40,771 | 48,389 | 40,741 |
Earnings per common share - basic (in usd per share) | $ 1 | $ 1.21 | $ 2.01 | $ 2.19 |
Earnings per common share - diluted: | ||||
Net income allocated to common shareholders - basic | $ 50,708 | $ 49,416 | $ 97,236 | $ 89,146 |
Dividends and undistributed earnings allocated to unvested restricted shares | (2) | (12) | (39) | (13) |
Earnings Allocated to Common Shareholders | $ 50,706 | $ 49,404 | $ 97,197 | $ 89,133 |
Weighted average common shares outstanding | 50,630 | 40,771 | 48,389 | 40,741 |
Dilutive potential common shares | 354 | 137 | 362 | 86 |
Weighted average common shares outstanding - diluted | 50,984 | 40,908 | 48,751 | 40,827 |
Earnings per common share - diluted (in usd per share) | $ 0.99 | $ 1.21 | $ 1.99 | $ 2.18 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
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 | 365,087 | 461,124 | 385,876 | 468,273 |
Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from the computation of earnings per share | 69,289 | 262,853 | 69,289 | 482,272 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Future awards shares under approved incentive compensation plans | 2,081,303 | 2,081,303 | |
Share-based compensation maximum option term (in years) | 10 years | ||
Stock Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | $ 2.5 | $ 2.5 | |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 2 years 9 months 18 days | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | $ 20 | $ 20 | $ 21.1 |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 1 year 7 months 6 days | ||
Restricted Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Phantom Stock Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years |
Share-Based Compensation - Acti
Share-Based Compensation - Activity Related to Stock Options (Detail) - Stock Option Awards - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Number of shares | ||
Balance at beginning of the period (in shares) | 721,538,000 | 813,777,000 |
Granted (in shares) | 71,491,000 | 149,932,000 |
Exercised (in shares) | (64,163,000) | (8,811,000) |
Forfeited or expired (in shares) | (15,091,000) | (45,723,000) |
Balance at end of the period (in shares) | 713,775,000 | 909,175,000 |
Exercisable at period end (in shares) | 470,841,000 | 598,469,000 |
Weighted Average Exercise Price | ||
Balance at beginning of the period (in usd per share) | $ 55.38 | $ 56.99 |
Granted (in usd per share) | 85.42 | 47.46 |
Exercised (in usd per share) | 55.05 | 55.62 |
Forfeited or expired (in usd per share) | 74.72 | 60.97 |
Balance at end of the period (in usd per share) | 58.01 | 55.23 |
Exercisable at period end (in usd per share) | $ 55.79 | $ 56.31 |
Share-Based Compensation - Esti
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividends | 1.70% | 2.90% | |
Expected volatility | 24.90% | 29.10% | |
Risk-free interest rate | 2.10% | 1.40% | |
Expected term (in years) | 5 years 7 months 6 days | 6 years 6 months | |
Weighted-average grant-date fair value | $ 18.76 | $ 10.10 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Option Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 344 | $ 502 | $ 789 | $ 987 |
Income tax benefit | 47 | 81 | 115 | 162 |
Restricted Stock And Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 3,045 | 3,329 | 6,322 | 6,715 |
Income tax benefit | 1,066 | 1,165 | 2,213 | 2,350 |
Phantom Stock and Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 2,889 | $ 2,793 | $ 5,942 | $ 5,198 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance at beginning of the period (in shares) | 543,258,000 | 507,130,000 |
Granted (in shares) | 163,353,000 | 240,699,000 |
Forfeited (in shares) | (9,951,000) | (9,040,000) |
Earned and issued (in shares) | (185,092,000) | (172,356,000) |
Balance at end of the period (in shares) | 511,568,000 | 566,433,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Value of share equivalents | ||
Market price of Company's stock | $ 81.50 | $ 59.73 |
Phantom Stock and Performance Stock Units | ||
Number of share equivalents | ||
Balance at beginning of the period (in shares) | 472,830,000 | 462,430,000 |
Granted (in shares) | 105,048,000 | 192,359,000 |
Forfeited share equivalents (in shares) | (15,104,000) | (16,283,000) |
Vested share equivalents (in shares) | (150,409,000) | (147,511,000) |
Balance at end of the period (in shares) | 412,365,000 | 490,995,000 |
Value of share equivalents | ||
Balance at beginning of the period (in shares) | $ 39,600 | $ 25,466 |
Granted (in shares) | 8,561 | 11,490 |
Forfeited share equivalents (in shares) | (1,231) | (973) |
Vested share equivalents (in shares) | (14,246) | (7,452) |
Balance at end of the period (in shares) | $ 33,608 | $ 29,327 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Securities available for sale, at fair value | $ 4,009,299,000 | $ 3,446,097,000 |
Mortgage loans held for sale | 140,959,000 | 157,041,000 |
Derivative instruments | 28,761,000 | 28,804,000 |
Liabilities | ||
Derivative instruments | 19,425,000 | 21,244,000 |
Fair value assets transferred from Level 1 to Level 2 | 0 | |
Recurring | ||
Assets | ||
Securities available for sale, at fair value | 4,009,299,000 | 3,446,097,000 |
Mortgage loans held for sale | 140,959,000 | 157,041,000 |
Derivative instruments | 32,900,000 | 38,886,000 |
Total, Assets | 4,183,158,000 | 3,642,024,000 |
Liabilities | ||
Derivative instruments | 28,684,000 | 30,209,000 |
Total | 28,684,000 | 30,209,000 |
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 | 4,009,299,000 | 3,446,097,000 |
Mortgage loans held for sale | 140,959,000 | 157,041,000 |
Derivative instruments | 32,900,000 | 38,886,000 |
Total, Assets | 4,183,158,000 | 3,642,024,000 |
Liabilities | ||
Derivative instruments | 28,684,000 | 30,209,000 |
Total | 28,684,000 | 30,209,000 |
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 - Fin74
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Unpaid principal balance | $ 199,468 | $ 292,645 |
Related allowance | 2,181 | 1,358 |
Nonrecurring | ||
Assets | ||
Loans | 97,363 | 93,485 |
OREO, net | 2,871 | 185 |
Total | 100,234 | 93,670 |
Nonrecurring | Level 1 | ||
Assets | ||
Loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring | Level 2 | ||
Assets | ||
Loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Nonrecurring | Level 3 | ||
Assets | ||
Loans | 97,363 | 93,485 |
OREO, net | 2,871 | 185 |
Total | $ 100,234 | $ 93,670 |
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 ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||||
Loans held fro investment at fair value | $ 13,300,000 | $ 13,300,000 | $ 12,700,000 | ||
Net gains (losses) resulting from change in fair value of loans held-for-investment | 343,300 | $ (65,400) | |||
Mortgages Held For Sale at Fair Value | |||||
Aggregate fair value | 140,959,000 | 140,959,000 | 157,041,000 | ||
Aggregate unpaid principal | 137,524,000 | 137,524,000 | 153,801,000 | ||
Aggregate fair value less unpaid principal | 3,435,000 | 3,435,000 | $ 3,240,000 | ||
Net gains (losses) resulting from change in fair value of loans held-for-sale | $ 0 | $ 2,000,000 | $ 871,000 | $ 3,900,000 |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Assets | ||||
Cash and cash equivalents | $ 469,360 | $ 1,362,126 | $ 705,298 | $ 510,267 |
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,696,975 | 14,952,214 | ||
Derivative instruments | 32,900 | 38,886 | ||
Financial Liabilities | ||||
Deposits | 16,853,116 | 17,408,283 | $ 15,862,027 | |
Short-term borrowings | 583,935 | 509,136 | ||
Long-term debt | 667,243 | 628,953 | ||
Derivative instruments | 28,684 | 30,209 | ||
Level 1 | ||||
Financial Assets | ||||
Cash and cash equivalents | 469,360 | 1,362,126 | ||
Investment securities | 0 | 0 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 333,935 | 334,136 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Level 2 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities | 4,094,747 | 3,536,029 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 140,959 | 157,041 | ||
Derivative instruments | 32,900 | 38,886 | ||
Financial Liabilities | ||||
Deposits | 0 | 0 | ||
Short-term borrowings | 250,000 | 175,000 | ||
Long-term debt | 0 | 0 | ||
Derivative instruments | 28,684 | 30,209 | ||
Level 3 | ||||
Financial Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,526,610 | 14,909,014 | ||
Derivative instruments | 0 | 0 | ||
Financial Liabilities | ||||
Deposits | 15,817,343 | 16,762,475 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 658,483 | 617,656 | ||
Derivative instruments | 0 | 0 | ||
Carrying Amount | ||||
Financial Assets | ||||
Cash and cash equivalents | 469,360 | 1,362,126 | ||
Investment securities | 4,093,816 | 3,535,313 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,550,750 | 15,077,293 | ||
Derivative instruments | 32,900 | 38,886 | ||
Financial Liabilities | ||||
Deposits | 16,853,116 | 17,408,283 | ||
Short-term borrowings | 583,935 | 509,136 | ||
Long-term debt | 667,243 | 628,953 | ||
Derivative instruments | 28,684 | 30,209 | ||
Fair Value | ||||
Financial Assets | ||||
Cash and cash equivalents | 469,360 | 1,362,126 | ||
Investment securities | 4,094,747 | 3,536,029 | ||
Loans and loans held for sale, net of unearned income and allowance for loan losses | 15,667,569 | 15,066,055 | ||
Derivative instruments | 32,900 | 38,886 | ||
Financial Liabilities | ||||
Deposits | 15,817,343 | 16,762,475 | ||
Short-term borrowings | 583,935 | 509,136 | ||
Long-term debt | 658,483 | 617,656 | ||
Derivative instruments | $ 28,684 | $ 30,209 |
Business Segments (Detail)
Business Segments (Detail) | 3 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information | |||||
Interest and dividend income | $ 204,575 | $ 178,694 | $ 397,108 | $ 355,630 | |
Interest expense | 20,932 | 15,941 | 40,647 | 31,474 | |
Net interest income | 183,643 | 162,753 | 356,461 | 324,156 | |
Provision for loan losses | 12,050 | 11,866 | 18,204 | 26,771 | |
Mortgage income | 19,730 | 25,991 | 33,845 | 45,931 | |
Service charges on deposit accounts | 11,410 | 10,940 | 22,563 | 21,891 | |
Title revenue | 6,190 | 6,135 | 10,931 | 10,880 | |
Other non-interest income | 18,636 | 21,851 | 35,973 | 42,060 | |
Allocated expenses | 0 | 0 | 0 | 0 | |
Non-interest expense | 147,508 | 139,504 | 288,526 | 276,956 | |
Income before income tax expense | 80,051 | 76,300 | 153,043 | 141,191 | |
Income tax expense | 28,033 | 25,490 | 50,552 | 47,612 | |
Net income | 52,018 | 50,810 | 102,491 | 93,579 | |
Total loans and loans held for sale, net of unearned income | 15,696,975 | 14,952,214 | 15,696,975 | 14,952,214 | |
Total assets | 21,790,727 | 20,160,855 | 21,790,727 | 20,160,855 | $ 21,659,190 |
Total deposits | 16,853,116 | 15,862,027 | 16,853,116 | 15,862,027 | $ 17,408,283 |
Average assets | 21,843,537 | 20,003,917 | 21,852,469 | 19,832,614 | |
Operating Segments | IBERIABANK | |||||
Segment Reporting Information | |||||
Interest and dividend income | 202,694 | 176,564 | 393,517 | 351,888 | |
Interest expense | 20,932 | 14,782 | 40,647 | 29,436 | |
Net interest income | 181,762 | 161,782 | 352,870 | 322,452 | |
Provision for loan losses | 12,134 | 11,866 | 18,292 | 26,771 | |
Mortgage income | 0 | 7 | 0 | 6 | |
Service charges on deposit accounts | 11,410 | 10,940 | 22,563 | 21,891 | |
Title revenue | 0 | 0 | 0 | 0 | |
Other non-interest income | 18,647 | 21,843 | 36,000 | 42,053 | |
Allocated expenses | (3,322) | (3,885) | (5,496) | (6,554) | |
Non-interest expense | 120,698 | 120,268 | 242,349 | 240,295 | |
Income before income tax expense | 82,309 | 66,323 | 156,288 | 125,890 | |
Income tax expense | 28,745 | 21,558 | 51,574 | 41,559 | |
Net income | 53,564 | 44,765 | 104,714 | 84,331 | |
Total loans and loans held for sale, net of unearned income | 15,504,171 | 14,702,843 | 15,504,171 | 14,702,843 | |
Total assets | 21,549,557 | 19,807,507 | 21,549,557 | 19,807,507 | |
Total deposits | 16,852,620 | 15,855,908 | 16,852,620 | 15,855,908 | |
Average assets | 21,593,026 | 19,668,456 | 21,572,094 | 19,525,087 | |
Operating Segments | IMC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 1,881 | 2,130 | 3,590 | 3,741 | |
Interest expense | 0 | 1,159 | 0 | 2,038 | |
Net interest income | 1,881 | 971 | 3,590 | 1,703 | |
Provision for loan losses | (84) | 0 | (88) | 0 | |
Mortgage income | 19,730 | 25,984 | 33,845 | 45,925 | |
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Title revenue | 0 | 0 | 0 | 0 | |
Other non-interest income | (11) | 8 | (21) | 7 | |
Allocated expenses | 2,490 | 2,947 | 4,146 | 4,997 | |
Non-interest expense | 22,417 | 14,820 | 37,584 | 28,018 | |
Income before income tax expense | (3,223) | 9,196 | (4,228) | 14,620 | |
Income tax expense | (1,094) | 3,625 | (1,416) | 5,778 | |
Net income | (2,129) | 5,571 | (2,812) | 8,842 | |
Total loans and loans held for sale, net of unearned income | 192,804 | 249,371 | 192,804 | 249,371 | |
Total assets | 215,862 | 326,397 | 215,862 | 326,397 | |
Total deposits | 496 | 6,119 | 496 | 6,119 | |
Average assets | 226,326 | 308,647 | 256,343 | 280,464 | |
Operating Segments | LTC | |||||
Segment Reporting Information | |||||
Interest and dividend income | 0 | 0 | 1 | 1 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 1 | 1 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Mortgage income | 0 | 0 | 0 | 0 | |
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Title revenue | 6,190 | 6,135 | 10,931 | 10,880 | |
Other non-interest income | 0 | 0 | (6) | 0 | |
Allocated expenses | 832 | 938 | 1,350 | 1,557 | |
Non-interest expense | 4,393 | 4,416 | 8,593 | 8,643 | |
Income before income tax expense | 965 | 781 | 983 | 681 | |
Income tax expense | 382 | 307 | 394 | 275 | |
Net income | 583 | 474 | 589 | 406 | |
Total loans and loans held for sale, net of unearned income | 0 | 0 | 0 | 0 | |
Total assets | 25,308 | 26,951 | 25,308 | 26,951 | |
Total deposits | 0 | 0 | 0 | 0 | |
Average assets | $ 24,185 | $ 26,814 | $ 24,032 | $ 27,063 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of guarantees under commercial and standby letters of credit | $ 1.8 | $ 1.6 |
Pending Litigation | ||
Loss Contingencies [Line Items] | ||
Loss accrual | 6 | |
Pending Litigation | Minimum | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss | 6 | |
Pending Litigation | Maximum | ||
Loss Contingencies [Line Items] | ||
Estimate of possible loss | $ 17 |
Commitments and Contingencies80
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to grant loans | $ 518,934 | $ 355,558 | ||
Unfunded commitments under lines of credit | 5,051,175 | 4,899,930 | ||
Commercial and standby letters of credit | 183,031 | 163,560 | ||
Reserve for unfunded lending commitments | $ 10,462 | $ 11,241 | $ 13,826 | $ 14,145 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | Jun. 30, 2017USD ($)bank | Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |||
Total debt outstanding to all lenders | $ 667,243 | $ 628,953 | |
Affiliated Entity | Stone Energy Corporation | Credit Facility | |||
Related Party Transaction [Line Items] | |||
Number of banks party to facility | bank | 12 | ||
Affiliated Entity | Stone Energy Corporation | Exit Facility | |||
Related Party Transaction [Line Items] | |||
Borrowing base | $ 200,000 | ||
Affiliated Entity | Stone Energy Corporation | IBERIABANK | Credit Facility | |||
Related Party Transaction [Line Items] | |||
Percent of commitments held under facility | 6.00% | ||
Affiliated Entity | Stone Energy Corporation | IBERIABANK | Exit Facility | |||
Related Party Transaction [Line Items] | |||
Percent of commitments held under facility | 5.90% | ||
Outstanding balance to IBERIABANK | $ 11,800 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, shares in Millions | Jul. 31, 2017USD ($)shares | Mar. 07, 2017offering | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Subsequent Event [Line Items] | |||||
Total Assets | $ 21,790,727 | $ 21,659,190 | $ 20,160,855 | ||
Total deposits | 16,853,116 | $ 17,408,283 | $ 15,862,027 | ||
Sabadell United | |||||
Subsequent Event [Line Items] | |||||
Number of public stock offerings used to finance | offering | 2 | ||||
Total Assets | 5,700,000 | ||||
Gross loans | 4,100,000 | ||||
Total deposits | $ 4,400,000 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Total Assets | $ 28,000,000 | ||||
Subsequent Event | Sabadell United | |||||
Subsequent Event [Line Items] | |||||
Cash payment | $ 796,000 | ||||
Number of shares paid | shares | 2.6 | ||||
Total consideration | $ 1,000,000 |