Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IBKC | ||
Entity Registrant Name | IBERIABANK CORP | ||
Entity Central Index Key | 933,141 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 54,923,492 | ||
Entity Public Float | $ 4,200,000,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 294,186 | $ 319,156 |
Interest-bearing deposits in other banks | 396,267 | 306,568 |
Total cash and cash equivalents | 690,453 | 625,724 |
Securities available for sale, at fair value | 4,783,579 | 4,590,062 |
Securities held to maturity (fair values of $204,277 and $227,964, respectively) | 207,446 | 227,318 |
Mortgage loans held for sale, at fair value | 107,734 | 134,916 |
Loans and leases, net of unearned income | 22,519,815 | 20,078,181 |
Allowance for loan and lease losses | (140,571) | (140,891) |
Loans and leases, net | 22,379,244 | 19,937,290 |
Premises and equipment, net | 300,507 | 331,413 |
Goodwill | 1,235,533 | 1,188,902 |
Other intangible assets | 88,736 | 88,562 |
Other assets | 1,039,783 | 779,942 |
Total Assets | 30,833,015 | 27,904,129 |
Deposits: | ||
Non-interest-bearing | 6,542,490 | 6,209,925 |
Interest-bearing | 17,220,941 | 15,256,792 |
Total deposits | 23,763,431 | 21,466,717 |
Short-term borrowings | 1,482,882 | 991,297 |
Long-term debt | 1,166,151 | 1,495,835 |
Other liabilities | 364,274 | 253,489 |
Total Liabilities | 26,776,738 | 24,207,338 |
Shareholders’ Equity | ||
Preferred Stock, $1 par value - 5,000,000 shares authorized Non-cumulative perpetual, liquidation preference $10,000 per share; 13,750 and 13,750 shares issued and outstanding, respectively, including related surplus | 132,097 | 132,097 |
Common stock, $1 par value - 100,000,000 shares authorized; 54,796,231 and 53,872,272 shares issued and outstanding, respectively | 54,796 | 53,872 |
Additional paid-in capital | 2,869,416 | 2,787,484 |
Retained earnings | 1,042,718 | 769,226 |
Accumulated other comprehensive income (loss) | (42,750) | (45,888) |
Total Shareholders’ Equity | 4,056,277 | 3,696,791 |
Total Liabilities and Shareholders’ Equity | $ 30,833,015 | $ 27,904,129 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair values | $ 204,277 | $ 227,964 |
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 | 54,796,231 | 53,872,272 |
Common stock, shares outstanding | 54,796,231 | 53,872,272 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Dividend Income | |||
Loans, including fees | $ 1,086,662 | $ 802,947 | $ 663,036 |
Mortgage loans held for sale, including fees | 3,748 | 4,679 | 6,564 |
Investment securities: | |||
Taxable interest | 107,137 | 87,359 | 52,150 |
Tax-exempt interest | 10,634 | 8,835 | 7,004 |
Amortization of FDIC loss share receivable | 0 | 0 | (16,023) |
Other | 13,448 | 9,963 | 4,208 |
Total interest and dividend income | 1,221,629 | 913,783 | 716,939 |
Deposits: | |||
NOW and MMDA | 113,996 | 57,283 | 32,396 |
Savings | 2,117 | 1,455 | 1,145 |
Time deposits | 44,839 | 21,095 | 18,040 |
Short-term borrowings | 14,682 | 7,557 | 2,452 |
Long-term debt | 32,747 | 17,547 | 13,668 |
Total interest expense | 208,381 | 104,937 | 67,701 |
Net interest income | 1,013,248 | 808,846 | 649,238 |
Provision for credit losses | 40,385 | 51,708 | 41,521 |
Net interest income after provision for credit losses | 972,863 | 757,138 | 607,717 |
Non-interest Income | |||
(Loss) gain on sale of available for sale securities | (49,900) | (148) | 2,001 |
Other non-interest income | 31,075 | 29,106 | 32,697 |
Total non-interest income | 152,562 | 202,147 | 227,717 |
Non-interest Expense | |||
Salaries and employee benefits | 414,741 | 379,527 | 331,686 |
Net occupancy and equipment | 77,246 | 70,663 | 65,797 |
Communication and delivery | 15,951 | 14,252 | 12,383 |
Marketing and business development | 18,371 | 13,999 | 12,332 |
Computer services expense | 39,680 | 36,790 | 25,091 |
Professional services | 28,698 | 48,545 | 19,153 |
Credit and other loan related expense | 19,088 | 18,411 | 13,840 |
Insurance | 25,274 | 21,815 | 17,270 |
(Gain) loss on early termination of FDIC loss share agreements | (2,708) | 0 | 17,798 |
Travel and entertainment | 10,035 | 11,287 | 8,481 |
Amortization of acquisition intangibles | 21,678 | 12,590 | 8,415 |
Impairment of long-lived assets and other losses | 27,780 | 12,246 | 6,111 |
Other non-interest expense | 27,064 | 26,281 | 25,107 |
Total non-interest expense | 722,898 | 666,406 | 563,464 |
Income before income tax expense | 402,527 | 292,879 | 271,970 |
Income tax expense | 32,278 | 150,466 | 85,193 |
Net Income | 370,249 | 142,413 | 186,777 |
Less: Preferred stock dividends | 9,095 | 9,095 | 7,977 |
Net Income Available to Common Shareholders | 361,154 | 133,318 | 178,800 |
Less: Earnings Allocated to Unvested Restricted Stock | (3,583) | (1,210) | (1,872) |
Earnings Allocated to Common Shareholders | $ 357,571 | $ 132,108 | $ 176,928 |
Earnings per common share - Basic (in usd per share) | $ 6.50 | $ 2.61 | $ 4.32 |
Earnings per common share - Diluted (in usd per share) | 6.46 | 2.59 | 4.30 |
Cash dividends declared per common share (in usd per share) | $ 1.56 | $ 1.46 | $ 1.4 |
Comprehensive Income | |||
Net income | $ 370,249 | $ 142,413 | $ 186,777 |
Unrealized gains (losses) on securities: | |||
Unrealized holding gains (losses) arising during the period (net of tax effects of $4,021, $6,244, and $12,261, respectively) | (40,895) | (11,596) | (22,771) |
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $10,479, $52, and $700, respectively) | (39,421) | (96) | 1,301 |
Unrealized gains (losses) on securities, net of tax | (1,474) | (11,500) | (24,072) |
Fair value of derivative instruments designated as cash flow hedges: | |||
Change in fair value of derivative instruments designated as cash flow hedges during the period (net of tax effects of $1,174, $329, and $231, respectively) | 4,416 | (611) | (328) |
Less: Reclassification adjustment for gains (losses) included in net income (net of tax effects of $52, $210, and $27, respectively) | (196) | (390) | 50 |
Fair value of derivative instruments designated as cash flow hedges, net of tax | 4,612 | (221) | (378) |
Other comprehensive income (loss), net of tax | 3,138 | (11,721) | (24,450) |
Comprehensive income | 373,387 | 130,692 | 162,327 |
Mortgage income | |||
Non-interest Income | |||
Non-interest Income | 46,424 | 63,570 | 83,853 |
Service charges on deposit accounts | |||
Non-interest Income | |||
Non-interest Income | 52,803 | 47,678 | 44,135 |
Title revenue | |||
Non-interest Income | |||
Non-interest Income | 24,149 | 21,972 | 22,213 |
Broker commissions | |||
Non-interest Income | |||
Non-interest Income | 9,195 | 9,161 | 14,391 |
ATM/debit card fee income | |||
Non-interest Income | |||
Non-interest Income | 10,295 | 10,199 | 10,008 |
Credit card and merchant-related income | |||
Non-interest Income | |||
Non-interest Income | 12,540 | 10,904 | 11,245 |
Trust department income | |||
Non-interest Income | |||
Non-interest Income | $ 15,981 | $ 9,705 | $ 7,174 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Unrealized holding gains (losses), taxes | $ 10,870 | $ 6,244 | $ 12,261 |
Reclassification adjustment for gains included in net income , taxes | 10,479 | 52 | 700 |
Change in fair value of derivative instruments designated as cash flow hedges, taxes | 1,174 | 329 | 231 |
Reclassification adjustment for losses included in net income, taxes | $ 52 | $ 210 | $ 27 |
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 | 186,777 | 186,777 | ||||
Other comprehensive income (loss) | (24,450) | (24,450) | ||||
Cash dividends declared | (58,895) | (58,895) | ||||
Preferred stock dividends | (7,977) | (7,977) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 264,605 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | 8,020 | $ 264 | 7,756 | |||
Common stock issued (in shares) | 3,593,750 | |||||
Common stock issued | 279,242 | $ 3,594 | 275,648 | |||
Preferred stock issued (in shares) | 5,750 | |||||
Preferred stock issued | 55,285 | $ 55,285 | 0 | |||
Common stock repurchases (in shares) | (202,506) | |||||
Common stock repurchases | (11,666) | $ (203) | (11,463) | |||
Share-based compensation cost | 14,523 | 14,523 | ||||
Ending balance (in shares) at Dec. 31, 2016 | 13,750 | 44,795,386 | ||||
Ending 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 | 142,413 | 142,413 | ||||
Other comprehensive income (loss) | (11,721) | (11,721) | ||||
Cash dividends declared | (76,615) | (76,615) | ||||
Reclassification of AOCI to RE due to TJCA | 0 | 8,132 | (8,132) | |||
Preferred stock dividends | (9,095) | (9,095) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 366,582 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (515) | $ 367 | (882) | |||
Common stock issued (in shares) | 6,100,000 | |||||
Common stock issued | 485,151 | $ 6,100 | 479,051 | |||
Common stock issued for acquisitions (in shares) | 2,610,304 | |||||
Common stock issued for acquisitions | 211,043 | $ 2,610 | 208,433 | |||
Share-based compensation cost | 16,436 | 16,436 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 13,750 | 53,872,272 | ||||
Ending balance at Dec. 31, 2017 | 3,696,791 | $ 132,097 | $ 53,872 | 2,787,484 | 769,226 | (45,888) |
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | 370,249 | 370,249 | ||||
Other comprehensive income (loss) | 3,138 | 3,138 | ||||
Cash dividends declared | (87,317) | (87,317) | ||||
Preferred stock dividends | (9,095) | (9,095) | ||||
Common stock issued under incentive plans, net of shares surrendered in payment (in shares) | 108,686 | |||||
Common stock issued under incentive plans, net of shares surrendered in payment | (3,226) | $ 109 | (3,335) | |||
Common stock issued for acquisitions (in shares) | 2,787,773 | |||||
Common stock issued for acquisitions | 214,659 | $ 2,788 | 211,871 | |||
Common stock repurchases (in shares) | (1,972,500) | |||||
Common stock repurchases | (148,855) | $ (1,973) | (146,882) | |||
Share-based compensation cost | 20,278 | 20,278 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 13,750 | 54,796,231 | ||||
Ending balance at Dec. 31, 2018 | $ 4,056,277 | $ 132,097 | $ 54,796 | $ 2,869,416 | $ 1,042,718 | $ (42,750) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash dividends declared per common share (in usd per share) | $ 1.56 | $ 1.46 | $ 1.4 |
Retained Earnings | |||
Cash dividends declared per common share (in usd per share) | $ 1.56 | $ 1.46 | $ 1.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net income | $ 370,249 | $ 142,413 | $ 186,777 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization, and accretion, including amortization of purchase accounting adjustments and market value adjustments | (7,534) | (4,113) | 10,633 |
Provision for credit losses | 40,385 | 51,708 | 41,521 |
Share-based compensation cost - equity awards | 20,278 | 16,436 | 14,523 |
Loss (gain) on sale of OREO and long-lived assets, net of impairment | 4,429 | 1,581 | (3,298) |
Loss (gain) on sale of available for sale securities | 49,900 | 148 | (2,001) |
(Gain) loss on early termination of FDIC loss share agreements | (2,708) | 0 | 17,798 |
Cash paid for early termination of FDIC loss share agreements | (5,637) | 0 | (6,502) |
Deferred income tax expense (benefit) | 153,518 | 71,257 | (16,654) |
Originations of mortgage loans held for sale | (1,469,847) | (1,844,358) | (2,460,033) |
Proceeds from sales of mortgage loans held for sale | 1,543,724 | 1,922,003 | 2,525,945 |
Realized and unrealized (gain) on mortgage loans held for sale, net | (45,338) | (62,438) | (74,486) |
Other operating activities, net | (204,998) | (30,991) | 73,865 |
Net Cash Provided by Operating Activities | 446,421 | 263,646 | 308,088 |
Cash Flows from Investing Activities | |||
Proceeds from sales of available for sale securities | 1,035,482 | 682,349 | 197,733 |
Proceeds from maturities, prepayments and calls of available for sale securities | 635,183 | 568,250 | 484,138 |
Purchases of available for sale securities, net of available for sale securities acquired | (1,959,952) | (1,475,008) | (1,384,525) |
Proceeds from maturities, prepayments and calls of held to maturity securities | 16,841 | 8,687 | 8,791 |
Purchases of held to maturity securities | 0 | (148,234) | 0 |
Purchases of equity securities, net of equity securities acquired | (30,904) | (71,684) | (31,530) |
Proceeds from sales of equity securities | 88,200 | 21,532 | 0 |
Increase in loans, net of loans acquired | (949,953) | (976,488) | (704,025) |
Proceeds from sale of premises and equipment | 6,374 | 354 | 1,941 |
Purchases of premises and equipment, net of premises and equipment acquired | (13,730) | (37,763) | (12,840) |
Proceeds from dispositions of OREO | 15,810 | 25,624 | 33,236 |
Cash paid for additional investment in tax credit entities | (18,818) | (16,401) | (19,208) |
Cash received (paid) for acquisition of a business, net of cash paid | 99,318 | (490,435) | 0 |
Purchase of bank owned life insurance policies | (50,000) | 0 | (24,058) |
Other investing activities, net | 343 | 636 | 25,950 |
Net Cash Used in Investing Activities | (1,125,806) | (1,908,581) | (1,424,397) |
Cash Flows from Financing Activities | |||
Increase (decrease) in deposits, net of deposits acquired | 1,232,603 | (323,257) | 1,230,008 |
Net change in short-term borrowings, net of borrowings acquired | 491,585 | (38,377) | 182,518 |
Proceeds from long-term debt, net of long-term debt acquired | 937,917 | 964,974 | 304,728 |
Repayments of long-term debt | (1,672,033) | (97,259) | (15,025) |
Cash dividends paid on common stock | (84,782) | (72,772) | (56,793) |
Cash dividends paid on preferred stock | (9,095) | (9,095) | (7,028) |
Proceeds (Payments) for Stock Transactions Related to Treasury Stock Purchased and Stock Options Exercised | (3,226) | (832) | 6,899 |
Payments to repurchase common stock | (148,855) | 0 | (11,666) |
Net proceeds from issuance of common stock | 0 | 485,151 | 279,242 |
Net proceeds from issuance of preferred stock | 0 | 0 | 55,285 |
Net Cash Provided by Financing Activities | 744,114 | 908,533 | 1,968,168 |
Net Increase (Decrease) In Cash and Cash Equivalents | 64,729 | (736,402) | 851,859 |
Cash and Cash Equivalents at Beginning of Period | 625,724 | 1,362,126 | 510,267 |
Cash and Cash Equivalents at End of Period | 690,453 | 625,724 | 1,362,126 |
Supplemental Schedule of Non-cash Activities | |||
Acquisition of real estate in settlement of loans | 12,557 | 18,170 | 9,743 |
Common stock issued in acquisitions | 214,659 | 211,043 | 0 |
Cash paid for: | |||
Interest on deposits and borrowings, net of acquired | 198,905 | 102,558 | 70,084 |
Income taxes, net | $ 34,313 | $ 77,034 | $ 79,784 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL IBERIABANK Corporation is a financial holding company with locations in Louisiana, Arkansas, Tennessee, Alabama, Texas, Florida, Georgia, South Carolina, North Carolina, Mississippi, Missouri, and New York offering commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, mortgage, and title insurance services. The accompanying consolidated financial statements have been prepared in accordance with GAAP and practices generally accepted in the banking industry. The consolidated financial statements include the accounts of the Company and its subsidiaries. When we refer to the “Company,” “we,” “our,” or “us” in this Report, we mean IBERIABANK Corporation and subsidiaries (consolidated). When we refer to the “Parent,” we mean IBERIABANK Corporation. See the Glossary of Defined Terms of this Report for terms used throughout this Report. Reclassification Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications did not have a material effect on previously reported consolidated financial statements. PRINCIPLES OF CONSOLIDATION All significant intercompany balances and transactions have been eliminated in 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 $230.2 million and $160.2 million at December 31, 2018 and 2017, 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, fair value, or proportional amortization method of accounting. Prior to January 1, 2018, investments in entities that were not consolidated were 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 at cost less impairment plus or minus changes resulting from observable price changes, which approximates fair value. Prior to January 1, 2018, investments for which the Company did not hold such ability were accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. 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 accounting for acquired impaired loans, the allowance for credit losses, the valuation of goodwill and other intangible assets, and income taxes. CONCENTRATION OF CREDIT RISKS 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 within 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. The Company believes it does not have any excessive concentrations to any one industry, loan type, or customer. BUSINESS COMBINATIONS Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values. The Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments recorded during the measurement period are recognized in the current reporting period. Loans generally represent a significant portion of the assets acquired in the Company’s business acquisitions. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the measurement period, it will reduce or eliminate the gain and/or increase goodwill recorded on the acquisition in the period the adjustment is recorded. If the Company determines that losses arose subsequent to the acquisition date, such losses are reflected as a provision for credit losses. CASH AND CASH EQUIVALENTS For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash on hand, interest-bearing deposits, and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months . IBERIABANK may be required to maintain average cash balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2018 and 2017, IBERIABANK had sufficient cash deposited with the Federal Reserve Bank to cover the required reserve balance. INVESTMENT SECURITIES Management determines the appropriate accounting classification of debt and equity securities at the time of acquisition and re-evaluates such designations at least quarterly. Debt securities that management has the ability and intent to hold to maturity are classified as HTM and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities acquired with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading securities and reported at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as HTM or trading are classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in OCI. Prior to January 1, 2018, equity securities with readily determinable fair values were also classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in OCI. Credit-related declines in the fair value of debt securities that are considered OTTI are recorded in earnings. Prior to January 1, 2018, credit-related declines in the fair value of marketable equity securities that were considered OTTI were recorded in earnings. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Declines in the fair value of individual HTM and AFS securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. In estimating OTTI losses, management considers 1) the length of time and the extent to which the fair value has been less than the amortized cost basis, 2) the financial condition and near-term prospects of the issuer, 3) its intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis, and 4) for debt securities, the recovery of contractual principal and interest. For securities that the Company does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI is recognized in earnings and the non-credit component is recognized in OCI. For securities that the Company does expect to sell, or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, both the credit and non-credit component of an OTTI are recognized in earnings. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. Other equity securities primarily consist of stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock and are included in “other assets." Gains or losses on securities sold are recorded on the trade date, using the specific identification method. LOANS HELD FOR SALE Loans and loan commitments which the Company does not have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as loans held for sale at the time of origination or acquisition. Subsequent to origination or acquisition, if the Company no longer has the intent or ability to hold a loan for the foreseeable future, generally a decision has been made to sell the loan and it is classified within loans held for sale. Unless the fair value option has been elected at origination or acquisition, loans classified as held for sale are carried at the lower of cost or fair value. Amortization/accretion of remaining unamortized net deferred loan fees or costs and discounts or premiums (if applicable) ceases when a loan is classified as held for sale. Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and committed to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to non-interest income. See Note 19 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan or request reimbursement for the loan premium or consideration transferred for servicing rights under limited circumstances. Recourse conditions may include prepayment, payment default, breach of representations or warranties, and documentation deficiencies. During 2018 and 2017, an insignificant number of loans were returned to the Company. At December 31, 2018 and 2017, the recorded repurchase liability associated with transferred loans was not material. LOANS Legacy (Loans originated or renewed and underwritten by the Company) The Company originates mortgage, commercial, and consumer loans for customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the unpaid principal balances, less the ALL, charge-offs, and unamortized net loan origination fees and direct costs, except for loans carried at fair value. Interest income is accrued as earned over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield. Acquired (Loans acquired through Business Combinations) Acquired loans are recorded at fair value on the acquisition date. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an ALL is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments, and the amount and timing of undiscounted expected principal, interest, and other cash flows. All acquired loans are evaluated for impairment at the time of acquisition. At the time of acquisition, acquired loans that reflect credit deterioration since origination to the extent that it is probable that the Company will be unable to collect all contractually required payments are classified as purchased impaired loans (“acquired impaired loans”). All other acquired loans are classified as purchased non-impaired loans (“acquired non-impaired loans”). At the time of acquisition, acquired impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: • whether the loan is performing according to contractual terms at the time of acquisition, • the loan type based on regulatory reporting guidelines, primarily whether the loan was a mortgage, consumer, or commercial loan, • the nature of the collateral, • the interest rate type, whether fixed or variable rate, and • the loan payment type, primarily whether the loan is amortizing or interest-only. From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price for a variable rate loan, weighted average margin and weighted average interest rate to estimate the expected cash flows for each loan pool. For acquired impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For acquired non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or discount, is amortized or accreted to income over the estimated life of the loans as an adjustment to yield. Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each acquired impaired loan or loan pool. Increases in estimated cash flows above those expected at the time of acquisition are recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally result in recognition of a provision for credit loss. The measurement of cash flows involves several assumptions and judgments, including prepayments, default rates and loss severity among other factors. All of these factors are inherently subjective and significant changes in the cash flow estimations can result over the life of the loan. Classification The Company’s loan portfolio is disaggregated into portfolio segments for purposes of determining the ACL. The Company’s portfolio segments include commercial, residential mortgage, and consumer and other loans, bifurcated between legacy and acquired non-impaired loans. The Company further disaggregates each commercial, residential mortgage, and consumer and other loans portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate-construction, commercial real estate-owner-occupied, commercial real estate-non-owner occupied, and commercial and industrial. Classes within the consumer and other loans portfolio segment include home equity, indirect automobile, credit card and other. Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a loan to alleviate the burden of the customer’s near-term cash requirements. In order to be classified as a TDR, the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court of law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: • a reduction of the stated interest rate for the remaining original life of the loan, • extension of the maturity date or dates at a stated interest rate lower than the current market rate for new loans with similar risk characteristics, • reduction of the face amount or maturity amount of the loan as stated in the agreement, or • reduction of accrued interest receivable on the loan. In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: • whether the customer is currently in default on its existing loan(s), or is in an economic position where it is probable the customer will be in default on its loan(s) in the foreseeable future without a modification, • whether the customer has declared or is in the process of declaring bankruptcy, • whether there is substantial doubt about the customer’s ability to continue as a going concern, • whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the loan, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and • whether the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for a similar loan for a non-troubled debtor. If the Company concludes that both a concession has been granted and the customer is experiencing financial difficulties, the Company identifies the loan as a TDR. All TDRs are considered impaired loans. Non-accrual and Past Due Loans (Including Loan Charge-offs) Loans are generally considered past due when contractual payments of principal and interest have not been received within 30 days from the contractual due date. Residential mortgage loans are considered past due when contractual payments have not been received for two consecutive payment dates. Legacy and acquired non-impaired loans are placed on non-accrual status when any of the following occur: 1) the loan is maintained on a cash basis because of deterioration in the financial condition of the borrower; 2) collection of the full contractual amount of principal and interest is not expected even if the loan is currently paying as agreed; or 3) when principal or interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. Factors considered in determining the collection of the full contractual amount of principal and interest include assessment of the borrower’s cash flow, valuation of underlying collateral, and the ability and willingness of guarantors to provide credit support. Certain commercial loans are also placed on non-accrual status when payment is not past due and full payment of principal and interest is expected, but the Company has doubt about the borrower’s ability to comply with existing repayment terms. Consideration will be given to placing a loan on non-accrual due to the deterioration of the debtor’s repayment ability, the repayment of the loan becoming dependent on the liquidation of collateral, an existing collateral deficiency, the loan being classified as "Doubtful" or "Loss," the client filing for bankruptcy, and/or foreclosure being initiated. Regarding all classes within the C&I and CRE portfolios, the determination of a borrower’s ability to make the required principal and interest payments is based on an examination of the borrower’s current financial statements, industry, management capabilities, and other qualitative factors. Acquired impaired loans are placed on non-accrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. Legacy and acquired non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed in the following paragraph or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for acquired impaired loans) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for acquired impaired loans) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 120 days days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is discontinued at the time the loan is placed on non-accrual status. All accrued but uncollected interest for loans that are placed on non-accrual status is reversed through interest income. Cash receipts received on non-accrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Loans are returned to accrual status when the borrower has demonstrated a capacity to continue payment of the debt (generally a minimum of six months of sustained repayment performance) and collection of contractually required principal and interest associated with the debt is reasonably assured. Additionally, for a non-accrual TDR to be returned to accrual status, a current, well-documented credit analysis is required and the borrower must have complied with all terms of the modification. At such time, the accrual of interest and amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium shall resume. Any interest income which was applied to the principal balance shall not be reversed and subsequently will be recognized as an adjustment to yield over the remaining life of the loan. Impaired Loans For all classes within the commercial portfolio, all loans with an outstanding commitment balance above a specific threshold are evaluated on a quarterly basis for potential impairment. Generally, residential mortgage and consumer loans within any class are not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount or portfolio classification, and all acquired impaired loans are considered to be impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest in accordance with the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the likelihood of collecting scheduled principal and interest payments when contractually due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan-by-loan basis for commercial and certain residential mortgage or consumer loans, based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral-dependent. This measurement requires significant judgment and use of estimates, and the actual loss ultimately recognized by the Company may differ significantly from the estimates. ALLOWANCE FOR CREDIT LOSSES The Company maintains the ACL at a level that management believes appropriate to absorb estimated probable credit losses incurred in the loan portfolios, including unfunded commitments, as of the consolidated balance sheet date. The ACL consists of the allowance for loan losses (contra asset) and the reserve for unfunded commitments (liability). The manner in which the ACL is determined is based on 1) the accounting method applied to the underlying loans and 2) whether the loan is required to be measured for impairment. The Company delineates between loans accounted for under the contractual yield method, legacy and acquired non-impaired loans, and acquired impaired loans. Further, for legacy and acquired non-impaired loans, the Company attributes portions of the ACL to loans and loan commitments that it measures individually, and groups of homogeneous loans and loan commitments that it measures collectively for impairment. Determination of the appropriate ACL involves a high degree of complexity and requires significant judgment regarding the credit quality of the loan portfolio. Several factors are taken into consideration in the determination of the overall ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of non-accrual loans, the level of 90 days past due loans, the value of collateral, the ability to monetize guarantor support, and the overall percentage level of the allowance relative to the loan portfolio, amongst other factors. The Company also considers overall asset quality trends, changes in lending practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, data availability and applicability that might impact the portfolio or the manner in which it estimates losses, and risk rating accuracy and risk identification. The allowance for loan losses for all impaired loans (excluding acquired impaired loans) is determined on an individual loan basis, considering the facts and circumstances specific to each borrower. The allowance is based on the difference between the recorded investment in the loan and generally either the estimated net present value of projected cash flows or the estimated value of the collateral associated with a collateral-dependent loan. The allowance for loan losses for all non-impaired loans (excluding acquired impaired loans) is calculated based on pools of loans with similar characteristics. The pool-level allowance is calculated through the application of PD (i.e., probability of default) and LGD (i.e., loss given default) factors for each individual loan. PDs and LGDs are determined based on historical default and loss information for similar loans. For purposes of establishing estimated loss percentages for pools of loans that share common risk characteristics, the Company’s loan portfolio is segmented by various loan characteristics including loan type, risk rating for commercial, Vantage or FICO score for residential mortgage and consumer, past due status for residential mortgage and consumer and call report code. The default and loss information is measured over an appropriate period for each loan pool and adjusted as deemed appropriate. Qualitative adjustments are incorporated into the pool-level analysis to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation. See the "Loans" section of this footnote for discussion of the determination of the ACL for acquired impaired loans. Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of inherent losses is based on historical loss rates, current credit grades, specific allocation, and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these and other model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. The reserve for unfunded commitments is determined using similar methodologies described above for non-impaired loans. The loss factors used in the reserve for unfunded commitments are equivalent to the loss factors used in the allowance for loan losses, while also considering utilization of unused commitments. PREMISES AND EQUIPMENT Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight-line basis over the estimated useful lives of 10 to 40 years for buildings and related improvements and generally 3 to 20 years for furniture, fixtures, and equipment. Leasehold improvements are amortized over the lease term, including any renewal periods that are reasonably assured, or the asset’s useful life, whichever is shorter. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the consideration paid in a business combination over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but is assessed for potential impairment at a reporting unit level on an annual basis, as of October 1 st , or whenever events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than its respective carrying amount. For the annual October 1, 2018 impairment evaluation, management elected to bypass the qualitative assessment for each respective reporting unit (IBERIABANK, Mortgage, and LTC) and performed Step 1 of the goodwill impairment test. Step 1 of the goodwill impairment test requires the Company to compare the fair value of each reporting unit with its carrying amount, including goodwill. Accordingly, the Company determined the fair value of each reporting unit and compared the fair value to each respective reporting unit’s carrying amount. The Company determined that none of the reporting units’ fair values were below their respective carrying amounts. The Company concluded goodwill was not impaired as of October 1, 2018. Further, no events or changes in circumstances between October 1, 2018 and December 31, 2018 indicated that it was more likely than not the fair value of any reporting unit had been reduced below its carrying value. Based on the testing performed in 2018 and 2017, management concluded that for the IBERIABANK, Mortgage, and LTC reporting units, goodwill was not impaired at any time during those periods. Title Plant Costs incurred to construct a title plant, including the costs incurred to obtain, organize, and summarize historical information, are capitalized until the title plant can be used to perform title searches. A purchased title plant, including a purchased undivided interest in a title plant, is recorded at cost at the date of acquisition. For a title plant acquired separately or as part of a business acquisition, cost is measured as the fair value of the consideration paid. Capitalized costs of a title plant are not depreciated or charged to income unless circumstances indicate that the carrying amount of the title plant has been impaired. Impairment indic |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the year ended December 31, 2018: 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 ASU clarifies 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. Revenue from Contracts with Customers The majority of the Company’s income streams (e.g., interest and dividend income and mortgage income) are accounted for in accordance with GAAP literature outside the scope of ASC 606, Revenue from Contracts with Customers . Details regarding income recognition for interest and non-interest streams can be found throughout Note 1 - Summary of Significant Accounting Policies. Impairment losses recognized against certain receivables (e.g., NSF fees) and capitalized costs (e.g., sales commissions) associated with contracts within the scope of ASC 606 are immaterial. Non-interest income from service charges on deposit accounts, broker commissions, ATM/debit card fee income, credit card and merchant-related income (e.g., interchange fees), and transactional income from traditional banking services (part of other non-interest income) are the significant income streams within the scope of ASC 606 associated with the IBERIABANK reportable segment. Non-interest income from title revenue is associated with the LTC reportable segment. Recognition of Revenue from Contracts with Customers The Company enters into various contracts with customers to provide traditional banking services, including asset management, on a routine basis. The Company’s performance obligations are generally service-related and provided on a daily or monthly basis. The Company does not typically have performance obligations which extend beyond a reporting period. The performance obligations are generally satisfied upon completion of service (i.e., as services are rendered) and the fees are collected at such time, or shortly thereafter. The fees are readily determinable and allocated individually to each service. It is not typical for contracts to require significant judgment to determine the transaction price. Some contracts contain variable consideration; however, the variable consideration is generally constrained (not estimable) as it is based on the occurrence or nonoccurence of a contingent event (or another constraint in some circumstances). The Company generally records the variable consideration when the contingent event occurs and the fee is determinable. The Company provides some services for customers in which it acts in an agent capacity, but generally acts in a principal capacity. Payment terms and conditions vary slightly amongst services; however, amounts are generally invoiced and due or collected by the Company within 30 days, although some fees may be prepaid. The Company bills the customer periodically as performance obligations are satisfied for most services. Therefore, revenue for services provided is generally recognized in the amount invoiced (except in circumstances of prepayment) as that amount corresponds directly to the value of the Company’s performance. In the normal course of business, the Company does not generally grant refunds for services provided. As such, the Company does not establish provisions for estimated returns. Title revenue associated with services provided by LTC, as well as broker commissions, ATM/debit card fee income, credit card and merchant-related income (e.g., interchange fees), and transactional fees from traditional banking services generated within IBERIABANK are generally recognized at the point-in-time the services are provided. The Company has determined this recognition to be appropriate as, upon completion of services, the Company has completed its performance obligations, has a present right to payment (or has collected the cash), and the customer is able to obtain (or has obtained) substantially all of the benefits from the performance obligation (i.e., the provided services). Revenues from service charges on deposit accounts are recognized at the end of the monthly service period (e.g., account service charges) or the date the performance obligation is satisfied (e.g., NSF, stop payment, wire transfer, etc.), except for deposit account services performed by Treasury Management which are recognized on a monthly basis, as these services are performed over that time. Asset management fees (e.g., trust fees) are generally recognized at the end of the monthly service period, but fees are not collected until the beginning of the subsequent month, although some contracts may have quarterly terms and/or be prepaid. NSF fees which are not initially paid are subsequently recorded as a loan (along with the overdraft balance) and remain classified as such until the amount is paid or charged-off (generally after 60 days). Adoption of ASC 606 The Company adopted ASC 606 as of January 1, 2018 for all contracts as of the effective date. Prior period amounts have been reclassified to conform to current guidance requirements related to the net presentation of certain costs associated with interchange fees and rewards programs. The reclassification of prior period amounts reduced non-interest income and non-interest expense by approximately $8.9 million for the year ended December 31, 2017 and had no impact on net income. There was no cumulative adjustment made to opening retained earnings as of January 1, 2018. 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 , which impacts how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” methodology. The Company adopted this ASU as of January 1, 2018. Under the new guidance, equity investments can no longer be classified as trading or available for sale (AFS), and the related unrealized holding gains and losses can no longer be recognized in OCI. Per the ASU, such equity investments should be measured at fair value with adjustments recognized in earnings at the end of each reporting period. The Company’s portfolio of equity investments previously classified as AFS investment securities, which were not material at the date of adoption, were reclassified to “other assets.” As these equity investments were previously measured at fair value, the implementation of this ASU did not require any changes to the Company’s valuation method for these equity investments. As a result of adopting this ASU, the Company recorded an immaterial cumulative-effect adjustment to retained earnings for previously recorded fair value adjustments related to these equity investments. The Company elected the practical expedient measurement alternative to prospectively account for other equity investments that do not have readily determinable fair values at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company also modified its methodology for determining the estimated fair value for loans measured at amortized cost to the “exit price” methodology as required by this ASU. The fair value disclosure for loans measured at amortized cost had previously been determined using an “entry price” methodology. The Company’s “exit price” methodology estimates the fair value of these loans based on the present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk at the indicated balance sheet date, adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. ASU No. 2016-15 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (ASC 230): Classification of Certain Cash Receipts and Cash Payments , in order to reduce current diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company retrospectively adopted this ASU effective January 1, 2018. The adoption of this ASU did not impact the Company’s consolidated statements of cash flows. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (ASC 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. The Company elected to early adopt this ASU prospectively effective September 30, 2018. The Company completed its annual impairment test as of October 1, 2018 in accordance with this ASU and concluded that goodwill was not impaired as of the testing date. ASU No. 2017-12 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (ASC 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The Company elected to early adopt this ASU effective January 1, 2018. The modified-retrospective adoption of this ASU did not impact the Company’s consolidated financial statements in the current or prior periods. ASU No. 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance requires customers in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASC 350-40 requires the capitalization of certain costs incurred only during the application development stage (e.g., costs of integration with on-premises software, coding, configuration, and customization). ASC 350-40 also requires entities to expense costs during the preliminary project and post-implementation stages (e.g., costs of project planning, training, maintenance after implementation, data conversion) as they are incurred. The accounting for the service element of the arrangement is not affected by the ASU. Capitalized implementation costs related to a hosting arrangement that is a service contract should be amortized over the term of the hosting arrangement. Capitalized implementation costs and the related expense should be presented in the same line item in the statement of financial position and income statement as the fees associated with the hosting element of the arrangement. Capitalized implementation cost payments should be classified in the statement of cash flows in the same manner as payments for the service component of the hosting arrangement (typically operating cash flows). The Company elected to early adopt the guidance prospectively effective August 31, 2018. The adoption of the guidance did not have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-02, ASU No. 2018-11, and ASU No. 2018-20 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) . This guidance requires lessees to recognize lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional guidance includes, but is not limited to, the elimination of leveraged leases; modification to the definition of a lease; guidance on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU No. 2016-02 required lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842): Targeted Improvements. This ASU includes an optional transition method to apply ASU No. 2016-02 on a prospective basis as of the effective date, with a cumulative effect adjustment to retained earnings in the period of adoption, instead of applying the guidance using a modified retrospective approach as originally required under ASU No. 2016-02. ASU No. 2018-11 also provides lessors with a practical expedient by class of underlying asset to not separate nonlease components from the associated lease component under certain circumstances and clarifies which guidance (ASC 842 or ASC 606) to apply to combined lease and nonlease components. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. This ASU permits lessors to elect to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs and instead, exclude these taxes from the measurement of lease revenue and expense and provide certain disclosures. The ASU adds further clarity regarding lessor recognition and measurement of (i) lessor costs paid directly by lessees to third parties on the lessor’s behalf and lessor costs that are paid by the lessor and reimbursed by the lessee, and (ii) certain variable payments that are allocated to the lease and non-lease components when changes in the facts and circumstances on which the variable payment is based occur. The Company elected the optional transition method and adopted ASU No. 2016-02, ASU No. 2018-11 and ASU No. 2018-20 effective January 1, 2019. The Company occupies certain banking offices and uses equipment under operating lease agreements, which were historically not recognized on the consolidated balance sheets. As a result of adopting this ASU, the Company anticipates recording a net increase to both assets and liabilities of approximately $100 million on January 1, 2019. The Company also elected the package of practical expedients that do not require the reassessment of expired or existing contracts’ lease classification, direct costs, or whether they are or contain leases. The Company did not elect the hindsight practical expedient. The Company did not elect to account for lease and nonlease components as a single lease component. The adjustment to retained earnings on January 1, 2019 as a result of adopting this ASU and the related impact on the Company’s regulatory capital ratios was not significant. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . The guidance introduces 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 such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of 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 must be grouped together when estimating 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 guidance provides 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 ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The ASU 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 has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss models that satisfy the requirements of the ASU and continues to identify key interpretive issues. The Company expects that this ASU will result in an increase to ALLL given the change to estimate losses over the full remaining estimated life of the loan portfolio as well as the adoption of an allowance for debt securities. The extent of the increase in the ALLL is not yet known and will depend on the composition of our loan and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU No. 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have any impact on our financial position or results of operation. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the U.S. government (UST), the London Interbank Offered Rate (LIBOR) swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. The required effective date of this ASU is dependent upon when an entity adopts the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU will not have a significant impact on the Company’s consolidated financial statements. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance should be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Acquisition Activity
Acquisition Activity | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition Activity | ACQUISITION ACTIVITY The acquisitions discussed below qualify as business combinations. The Company accounts for business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations . See Note 1, Summary of Significant Accounting Policies, for a description of the Company's accounting for business combinations. 2018 Acquisitions Acquisition of Gibraltar The Company completed the acquisition of Gibraltar Private Bank & Trust Co. ("Gibraltar") on March 23, 2018. The acquisition added $1.4 billion in loans and $1.1 billion in deposits, after fair value adjustments. Gibraltar operated eight offices in total, with seven located in the Florida metropolitan statistical areas of Miami, Key West, and Naples and one in New York City. Under the terms of the Agreement and Plan of Merger, Gibraltar common shareholders received 1.9749 shares of IBERIABANK Corporation common stock for each outstanding share of Gibraltar common stock. Based on the Company's closing common stock price of $77.00 per share on March 23, 2018, the aggregate value of the acquisition consideration paid at the time of closing was approximately $214.7 million . During the first quarter of 2018, the Company recorded preliminary purchase price allocations related to Gibraltar. Throughout the remainder of 2018, the Company continued to analyze the valuations assigned to the acquired assets and liabilities assumed. Based on new information relating to events or circumstances existing at the acquisition date and revised valuations, the Company updated estimated fair values increasing goodwill by $14.6 million to $64.3 million during the fourth quarter of 2018. This increase is primarily a result of a $17.8 million fair market value adjustment to the acquired loan portfolio. As of December 31, 2018, the valuation of the Gibraltar acquisition was final. The following table summarizes the consideration paid for Gibraltar's net assets and the fair value estimates of the identifiable assets acquired and liabilities assumed as of the acquisition date. (Dollars in thousands) Number of Shares Amount Equity consideration Common stock issued 2,787,773 $ 214,659 Total equity consideration 214,659 Non-equity consideration Cash 7 Total consideration paid 214,666 Fair value of net assets assumed including identifiable intangible assets 150,414 Goodwill $ 64,252 (Dollars in thousands) Gibraltar Fair Value Assets Cash and cash equivalents $ 102,575 Investment securities 19,169 Equity securities 27,519 Loans 1,447,475 Core deposit intangible assets 18,529 Other assets 12,005 Total assets acquired $ 1,627,272 Liabilities Deposit liabilities $ 1,064,803 Long-term borrowings 405,107 Deferred tax liability, net 1,761 Other liabilities 5,187 Total liabilities assumed $ 1,476,858 Information regarding the allocation of goodwill recorded as a result of the acquisition to the Company's reportable segments is provided in Note 9 "Goodwill and Other Acquired Intangible Assets." The goodwill recorded as a result of the acquisition is not deductible for tax purposes. The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented above. Cash and Cash Equivalents: The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Investment Securities: Fair values for securities were based on quoted market prices from multiple bond dealers. The simple average of the prices received was used to calculate the adjustments. Equity Securities: The carrying amount of these securities is a reasonable estimate of fair value based on the short-term nature of these assets. Loans: Fair values for loans were based on a discounted cash flow methodology that considered factors including loan type, classification status, remaining term of the loan, fixed or variable interest rate, amortization status and current discount rates. The discount rates used for loans were based on current market rates for new originations of comparable loans and included adjustments for any liquidity concerns. The discount rate did not include an explicit factor for credit losses, as that was included as a reduction to the estimated cash flows. Core Deposit Intangible Assets ("CDI"): The fair value for CDI was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative costs of funds, and the interest costs associated with the customer deposits. The CDI is being amortized over its estimated useful life of approximately ten years utilizing an accelerated method. Deposit Liabilities: The fair values used for the demand and savings deposits by definition equal the amount payable on demand at the acquisition date. Fair values for time deposits were estimated using a discounted cash flow analysis, that applied interest rates currently being offered to the contractual interest rates on such time deposits. Long-term Borrowings: The carrying amount of long-term borrowings at the acquisition date approximated fair value, as the Company immediately paid off the debt upon acquisition. Acquisition of SolomonParks On January 12, 2018, the Company's subsidiary, Lenders Title Company, acquired SolomonParks Title & Escrow, LLC ("SolomonParks"). Under the terms of the agreement, LTC paid $3.3 million in cash to acquire eight title offices in the Nashville, Tennessee area, which resulted in goodwill of $3.4 million . In addition, the agreement provides for potential additional cash consideration of up to $750 thousand based on gross revenues over a two-year period after the acquisition. Information regarding the allocation of goodwill recorded as a result of these acquisitions to the Company's reportable segments is provided in Note 9 "Goodwill and Other Acquired Intangible Assets." The goodwill recorded as a result of these acquisitions is not deductible for tax purposes. 2017 Acquisition Acquisition of Sabadell United The Company completed the acquisition of Sabadell United Bank, N.A. ("Sabadell United") from Banco de Sabadell, S.A. ("Banco Sabadell") on July 31, 2017. The acquisition added $4.0 billion in loans and $4.4 billion in deposits after fair value adjustments. The acquisition expanded the Company's presence in Southeast Florida adding 25 offices serving the Miami metropolitan area and three offices in Naples, Sarasota and Tampa. Under the terms of the Stock Purchase Agreement, Banco de Sabadell, S.A. received $809.2 million in cash and 2,610,304 shares of IBERIABANK Corporation common stock in exchange for 100 percent of Sabadell United's common stock. The cash consideration was financed through two public common stock offerings completed on December 7, 2016, and March 7, 2017. During the third quarter of 2017, the Company recorded preliminary purchase price allocations related to Sabadell United. Throughout the remainder of 2017 and the first six months of 2018, the Company continued to analyze the valuations assigned to the acquired assets and liabilities assumed. Based on new information relating to events or circumstances existing at the acquisition date and revised valuations, the Company updated estimated fair values decreasing goodwill by $21.0 million to $441.0 million during the first six months of 2018. This decrease was primarily a result of a change in the estimated fair value of the acquired loans and deferred tax asset. The valuation of the Sabadell United acquisition was final as of June 30, 2018. The following table summarizes the consideration paid for Sabadell United's net assets and the fair value estimates of identifiable assets acquired and liabilities assumed as of the acquisition date. See Note 3, Acquisition Activity, in the 2017 10-K for a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed presented below. (Dollars in thousands) Number of Shares Amount Equity consideration Common stock issued 2,610,304 $ 211,043 Total equity consideration 211,043 Non-equity consideration Cash 809,159 Total consideration paid 1,020,202 Fair value of net assets assumed including identifiable intangible assets 579,157 Goodwill $ 441,045 (Dollars in thousands) Sabadell United Fair Value Assets Cash and cash equivalents $ 318,819 Investment securities 964,123 Loans 4,030,777 Core deposit intangible assets 66,600 Deferred tax asset, net 44,480 Other assets 92,820 Total assets acquired $ 5,517,619 Liabilities Deposit liabilities $ 4,382,780 Short-term borrowings 520,539 Other liabilities 35,143 Total liabilities assumed $ 4,938,462 Information regarding the allocation of goodwill recorded as a result of the acquisition to the Company's reportable segments is provided in Note 9 "Goodwill and Other Acquired Intangible Assets." The goodwill recorded as a result of the acquisition is not deductible for tax purposes. The Company’s consolidated financial statements as of and for the year ended December 31, 2018 include the operating results of the acquired assets and liabilities assumed. Due to the system conversion of Sabadell United in October of 2017 and subsequent streamlining and integration of the operating activities into those of the Company, historical reporting for the former Sabadell United operations is impracticable and thus disclosure of the revenue from the assets acquired and income before income taxes is impracticable for the period subsequent to acquisition. The following table presents unaudited pro forma information as if the acquisition occurred on January 1, 2016. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired Sabadell United on January 1, 2016. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts. Unaudited Pro Forma for Year Ended December 31, (Dollars in thousands) 2017 2016 Net interest income $ 924,348 $ 842,945 Non-interest income 219,021 255,022 Net income 174,246 246,799 This pro forma information combines the historical consolidated results of operations of IBERIABANK and Sabadell United for the periods presented and gives effect to the following non recurring adjustments: Fair value adjustments: Pro forma adjustment to net interest income of $20.3 million and $38.8 million for the years ended December 31, 2017 and 2016, respectively, to record estimated amortization of premiums and accretion of discounts on acquired loans, securities, and deposits. Sabadell United accretion / amortization: Pro forma adjustment to net interest income of $1.3 million and $4.1 million for the years ended December 31, 2017 and 2016, respectively, to eliminate Sabadell United's amortization of premiums and accretion of discounts on previously acquired loans, securities, FDIC indemnification asset, and deposits. Sabadell United provision for loan losses: Pro forma adjustments were made to provision for loan losses of $6.4 million and $5.9 million for the years ended December 31, 2017 and 2016, respectively, to eliminate the reversal (benefit) of Sabadell United's release of provision for loan losses and to account for the provision for loan losses on new loans originated during the periods presented. Amortization of acquired intangibles: Pro forma adjustment to non-interest expense of $5.9 million and $10.1 million for the years ended December 31, 2017 and 2016, respectively, to record estimated amortization of acquired intangible assets. Other adjustments: Pro forma results also include adjustments related to the removal of benefit from release of reserve for unfunded lending commitments, removal of FDIC clawback liability expense, adjustments to FDIC insurance and other regulatory assessment expenses and related income tax effects. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: December 31, 2018 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 December 31, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 41,003 $ 18 $ (406 ) $ 40,615 Obligations of state and political subdivisions 271,451 4,246 (1,493 ) 274,204 Mortgage-backed securities: Residential agency 3,675,367 1,233 (52,090 ) 3,624,510 Commercial agency 546,105 228 (8,938 ) 537,395 Other securities 114,005 247 (914 ) 113,338 Total securities available for sale $ 4,647,931 $ 5,972 $ (63,841 ) $ 4,590,062 Securities held to maturity: Obligations of state and political subdivisions $ 206,736 $ 1,530 $ (275 ) $ 207,991 Mortgage-backed securities: Residential agency 20,582 41 (650 ) 19,973 Total securities held to maturity $ 227,318 $ 1,571 $ (925 ) $ 227,964 Securities with carrying values of $2.4 billion and $2.1 billion were pledged to support repurchase transactions, public funds deposits and certain long-term borrowings at December 31, 2018 and 2017 , respectively. Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: December 31, 2018 Less Than Twelve Months Twelve Months or More 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: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 December 31, 2017 Less Than Twelve Months Twelve Months or More 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 $ (254 ) $ 29,744 $ (152 ) $ 9,848 $ (406 ) $ 39,592 Obligations of state and political subdivisions (326 ) 31,601 (1,167 ) 68,609 (1,493 ) 100,210 Mortgage-backed securities: Residential agency (22,760 ) 2,366,569 (29,330 ) 1,061,588 (52,090 ) 3,428,157 Commercial agency (3,503 ) 310,769 (5,435 ) 164,470 (8,938 ) 475,239 Other securities (914 ) 75,302 — — (914 ) 75,302 Total securities available for sale $ (27,757 ) $ 2,813,985 $ (36,084 ) $ 1,304,515 $ (63,841 ) $ 4,118,500 Securities held to maturity: Obligations of state and political subdivisions $ (263 ) $ 65,817 $ (12 ) $ 3,031 $ (275 ) $ 68,848 Mortgage-backed securities: Residential agency (2 ) 333 (648 ) 19,269 (650 ) 19,602 Total securities held to maturity $ (265 ) $ 66,150 $ (660 ) $ 22,300 $ (925 ) $ 88,450 The Company assessed the nature of the unrealized losses in its portfolio as of December 31, 2018 and 2017 to determine if there are losses that should be deemed other-than-temporary. In its analysis of these securities, management considered numerous factors to determine whether there were instances where the amortized cost basis of the debt securities would not be fully recoverable, including, but not limited to: • The length of time and extent to which the estimated fair value of the securities was less than their amortized cost, • Whether adverse conditions were present in the operations, geographic area, or industry of the issuer, • The payment structure of the security, including scheduled interest and principal payments, including the issuer’s failures to make scheduled payments, if any, and the likelihood of failure to make scheduled payments in the future, • Changes to the rating of the security by a rating agency, and • Subsequent recoveries or additional declines in fair value after the balance sheet date. Management believes it has considered these factors, as well as all relevant information available, when determining the expected future cash flows of the securities in question. In each instance, management has determined the cost basis of the securities would be fully recoverable. Management also has the intent to hold debt securities until their maturity or anticipated recovery if the security is classified as available for sale. In addition, management does not believe the Company will be required to sell debt securities before the anticipated recovery of the amortized cost basis of the security. As a result of the Company's analysis, no declines in the estimated fair value of the Company's investment securities were deemed to be other-than-temporary at December 31, 2018 or 2017 . At December 31, 2018 , 488 debt securities had unrealized losses of 2.38% of the securities’ amortized cost basis. At December 31, 2017 , 544 debt securities had unrealized losses of 1.52% of the securities’ amortized cost basis. The unrealized losses for each of the securities related to market interest rate changes and not credit concerns of the issuers. Additional information on securities that have been in a continuous loss position for over twelve months at December 31 is presented in the following table. (Dollars in thousands) 2018 2017 Number of securities Mortgage-backed securities: Residential agency 302 153 Commercial agency 72 28 Obligations of state and political subdivisions 60 28 U.S. Government-sponsored enterprise obligations — 1 Other securities 7 — 441 210 Amortized Cost Basis Mortgage-backed securities: Residential agency $ 2,268,608 $ 1,110,834 Commercial agency 498,321 169,905 Obligations of state and political subdivisions 185,175 72,820 U.S. Government-sponsored enterprise obligations — 10,000 Other securities 33,270 — $ 2,985,374 $ 1,363,559 Unrealized Loss Mortgage-backed securities: Residential agency $ 57,268 $ 29,977 Commercial agency 14,756 5,435 Obligations of state and political subdivisions 3,208 1,180 U.S. Government-sponsored enterprise obligations — 152 Other securities 693 — $ 75,925 $ 36,744 The amortized cost and estimated fair value of investment securities by maturity at December 31, 2018 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 3.84 % $ 2,958 $ 2,967 2.77 % $ 1,309 $ 1,313 One through five years 2.68 63,397 63,183 2.47 6,303 6,291 After five through ten years 2.67 829,027 819,056 2.56 42,827 42,571 Over ten years 2.94 3,947,931 3,898,373 2.62 157,007 154,102 2.89 % $ 4,843,313 $ 4,783,579 2.60 % $ 207,446 $ 204,277 The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Years Ended December 31 (Dollars in thousands) 2018 2017 2016 Realized gains $ 40 $ 1,651 $ 2,949 Realized losses (49,940 ) (1,799 ) (948 ) $ (49,900 ) $ (148 ) $ 2,001 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 cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other Equity Securities, which are presented in “other assets” on the consolidated balance sheets, are as follows: (Dollars in thousands) 2018 2017 Federal Home Loan Bank (FHLB) stock $ 95,213 $ 95,171 Federal Reserve Bank (FRB) stock 85,630 79,191 CRA and Community Development Investment Funds 1,884 — Other investments 9,709 3,008 $ 192,436 $ 177,370 |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Loans and leases consist of the following at December 31: (Dollars in thousands) 2018 2017 Commercial loans and leases: Real estate - construction $ 1,196,366 $ 1,240,396 Real estate - owner-occupied 2,395,822 2,375,321 Real estate - non-owner-occupied 5,796,117 5,322,513 Commercial and industrial (1) 5,737,017 5,135,067 15,125,322 14,073,297 Residential mortgage loans 4,359,156 3,056,352 Consumer loans: Home equity 2,304,694 2,292,275 Other 730,643 656,257 3,035,337 2,948,532 Total $ 22,519,815 $ 20,078,181 (1) Includes equipment financing leases Net deferred loan origination fees were $30.2 million and $29.3 million at December 31, 2018 and 2017, respectively. Total net discount on the Company's loans was $136.8 million and $159.3 million at December 31, 2018 and 2017, respectively, of which $81.6 million and $94.7 million was related to non-impaired loans. In addition to loans issued in the normal course of business, the Company considers overdrafts on customer deposit accounts to be loans and reclassifies these overdrafts as loans in its consolidated balance sheets. At December 31, 2018 and 2017, overdrafts of $9.2 million and $7.4 million , respectively, have been reclassified to loans. Loans with carrying values of $7.6 billion and $6.6 billion were pledged as collateral for borrowings at December 31, 2018 and 2017, respectively. Aging Analysis The following tables provide an analysis of the aging of loans and leases as of December 31, 2018 and 2017. 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. December 31, 2018 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 Acquired Impaired Loans Total Real estate - construction $ 1,167,795 $ 1,054 $ — $ — $ 1,054 $ 1,094 $ 26,423 $ 1,196,366 Real estate - owner-occupied 2,305,743 7,167 — — 7,167 10,260 72,652 2,395,822 Real estate - non-owner-occupied 5,703,131 7,473 360 — 7,833 15,898 69,255 5,796,117 Commercial and industrial 5,645,304 5,139 1,320 553 7,012 57,860 26,841 5,737,017 Residential mortgage 4,218,146 2,768 13,063 1,575 17,406 30,396 93,208 4,359,156 Consumer - home equity 2,200,517 10,283 2,409 — 12,692 18,830 72,655 2,304,694 Consumer - other 719,122 4,695 1,601 — 6,296 2,846 2,379 730,643 Total $ 21,959,758 $ 38,579 $ 18,753 $ 2,128 $ 59,460 $ 137,184 $ 363,413 $ 22,519,815 December 31, 2017 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 Acquired Impaired Loans Total Real estate - construction $ 1,197,766 $ 269 $ — $ 458 $ 727 $ 2,635 $ 39,268 $ 1,240,396 Real estate - owner-occupied 2,243,923 1,631 659 74 2,364 24,457 104,577 2,375,321 Real estate - non-owner-occupied 5,220,648 2,086 6,405 887 9,378 6,811 85,676 5,322,513 Commercial and industrial 5,014,438 5,788 5,726 146 11,660 77,823 31,146 5,135,067 Residential mortgage 2,877,048 10,083 8,136 5,317 23,536 17,387 138,381 3,056,352 Consumer - home equity 2,186,554 11,675 2,947 18 14,640 12,365 78,716 2,292,275 Consumer - other 642,244 5,286 1,026 — 6,312 3,910 3,791 656,257 Total $ 19,382,621 $ 36,818 $ 24,899 $ 6,900 $ 68,617 $ 145,388 $ 481,555 $ 20,078,181 Acquired Loans As discussed in Note 3, during 2017, the Company acquired loans with fair values of $4.0 billion from Sabadell United. Certain loans that were acquired in the Sabadell United transaction were covered by loss share agreements between the FDIC and Sabadell United. These FDIC loss share agreements were assumed in connection with the Company's acquisition of Sabadell United, and afforded IBERIABANK loss protection. In 2018, the Company terminated its loss share agreements with the FDIC. As a result, there were no covered loans at December 31, 2018. Covered loans were $158.6 million at December 31, 2017. Certain acquired loans from Sabadell United were to customers with addresses outside of the United States. Foreign loans, denominated in U.S. dollars, totaled $202.6 million and $325.5 million at December 31, 2018 and 2017, respectively. During 2018, the Company acquired loans with fair values of $1.4 billion from Gibraltar. Of the total loans acquired, $1.4 billion were determined to have no evidence of deteriorated credit quality and are accounted for under ASC Topics 310-10 and 310-20. The remaining $20.7 million were determined to exhibit deteriorated credit quality since origination under ASC 310-30. The tables below show the fair value estimates of loans acquired from Gibraltar for these two subsections of the portfolio as of the acquisition date. (Dollars in thousands) Acquired Non-Impaired Loans Contractually required principal and interest at acquisition $ 1,593,408 Expected losses and foregone interest (25,029 ) Cash flows expected to be collected at acquisition 1,568,379 Fair value of acquired loans at acquisition $ 1,426,756 (Dollars in thousands) Acquired Impaired Loans Contractually required principal and interest at acquisition $ 29,929 Non-accretable difference (expected losses and foregone interest) (3,636 ) Cash flows expected to be collected at acquisition 26,293 Accretable yield (5,574 ) Basis in acquired loans at acquisition $ 20,719 The following is a summary of changes in the accretable difference for all loans accounted for under ASC 310-30 during the years ended December 31: (Dollars in thousands) 2018 2017 2016 Balance at beginning of period $ 152,623 $ 175,054 $ 227,502 Additions 5,574 32,937 — Transfers from non-accretable difference to accretable yield 3,623 4,912 5,490 Accretion (47,962 ) (56,337 ) (68,211 ) Changes in expected cash flows not affecting non-accretable differences (1) 19,484 (3,943 ) 10,273 Balance at end of period $ 133,342 $ 152,623 $ 175,054 (1) Includes changes in cash flows expected to be collected due to the impact of changes in actual or expected timing of liquidation events, modifications, changes in interest rates and changes in prepayment assumptions. Troubled Debt Restructurings Information about the Company’s TDRs 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 $53.2 million, $70.5 million , and $222.4 million occurred during the years ended December 31, 2018, 2017, and 2016, respectively, through modification of the original loan terms. The following table provides information on how the TDRs were modified during the years ended December 31: (Dollars in thousands) 2018 2017 2016 Extended maturities $ 23,262 $ 26,561 $ 75,315 Interest rate adjustment 99 24 193 Maturity and interest rate adjustment 554 4,932 2,470 Movement to or extension of interest-rate only payments 881 4,161 27,931 Forbearance 4,432 7,226 76,819 Other concession(s) (1) 23,943 27,555 39,708 Total $ 53,171 $ 70,459 $ 222,436 (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 $53.2 million of TDRs occurring during the year ended December 31, 2018, $31.5 million were on accrual status and $21.7 million were on non-accrual status. Of the $70.5 million of TDRs occurring during the year ended December 31, 2017, $46.3 million were on accrual status and $24.2 million were on non-accrual status. Of the $222.4 million of TDRs occuring during the year ended December 31, 2016, $85.9 million were on accrual status and $136.5 million were on non-accrual status. The following table presents the end of period balance for loans modified in a TDR during the years ended December 31: 2018 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 Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate - construction 3 $ 4,819 $ 3,830 4 $ 9,404 $ 9,628 3 $ 3,024 $ 3,035 Commercial real estate - owner-occupied 14 4,257 3,912 11 5,779 5,706 20 18,223 18,239 Commercial real estate - non-owner-occupied 20 3,719 3,428 19 11,974 13,738 25 16,644 10,093 Commercial and industrial 52 39,796 30,295 57 21,651 20,883 79 163,265 169,893 Residential mortgage 19 1,706 1,529 24 1,897 1,771 43 5,141 4,946 Consumer - home equity 65 10,607 8,951 123 16,346 15,862 158 13,273 12,568 Consumer - other 73 1,491 1,226 121 3,182 2,871 195 4,070 3,662 Total 246 $ 66,395 $ 53,171 359 $ 70,233 $ 70,459 523 $ 223,640 $ 222,436 Information detailing TDRs that defaulted during the years ended December 31, 2018, 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 table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days , or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter. 2018 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate - construction — $ — 2 $ 3,572 1 $ 116 Commercial real estate - owner-occupied 2 142 6 4,668 3 3,473 Commercial real estate - non-owner-occupied 5 1,039 13 8,060 6 201 Commercial and industrial 13 3,757 32 6,550 22 14,707 Residential mortgage 8 773 16 1,218 8 405 Consumer - home equity 15 1,354 32 3,285 25 1,379 Consumer - other 38 447 62 1,381 59 944 Total 81 $ 7,512 163 $ 28,734 124 $ 21,225 |
Allowance for Credit Losses and
Allowance for Credit Losses and Credit Quality | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Credit Quality | ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY Allowance for Credit Losses Activity A summary of changes in the allowance for credit losses for the years ended December 31 is as follows: (Dollars in thousands) 2018 2017 2016 Allowance for credit losses Allowance for loan and lease losses at beginning of period $ 140,891 $ 144,719 $ 138,378 Provision for loan and lease losses before adjustment attributable to FDIC loss share agreements 39,472 51,111 42,927 Adjustment attributable to FDIC loss share arrangements — — 1,497 Net provision for loan and lease losses 39,472 51,111 44,424 Adjustment attributable to FDIC loss share arrangements — — (1,497 ) Transfer of balance to OREO and other (7,172 ) 934 (2,781 ) Charge-offs (45,547 ) (62,466 ) (39,839 ) Recoveries 12,927 6,593 6,034 Allowance for loan and lease losses at end of period $ 140,571 $ 140,891 $ 144,719 Reserve for unfunded commitments at beginning of period $ 13,208 $ 11,241 $ 14,145 Balance created in acquisition accounting 709 1,370 — Provision for (Reversal of) unfunded lending commitments 913 597 (2,904 ) Reserve for unfunded commitments at end of period $ 14,830 $ 13,208 $ 11,241 Allowance for credit losses at end of period $ 155,401 $ 154,099 $ 155,960 A summary of changes in the allowance for credit losses, by loan portfolio type, for the years ended December 31 is as follows: 2018 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Provision for (Reversal of) loan and lease losses (829 ) 23,866 4,200 12,235 39,472 Transfer of balance to OREO and other (2,256 ) (812 ) (106 ) (3,998 ) (7,172 ) Charge-offs (1,611 ) (29,578 ) (334 ) (14,024 ) (45,547 ) Recoveries 2,301 6,704 121 3,801 12,927 Allowance for loan and lease losses at end of period $ 51,806 $ 54,096 $ 12,998 $ 21,671 $ 140,571 Reserve for unfunded commitments at beginning of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Balance created in acquisition accounting 118 40 551 — 709 Provision for (Reversal of) unfunded commitments 220 849 (240 ) 84 913 Reserve for unfunded commitments at end of period $ 4,869 $ 6,198 $ 866 $ 2,897 $ 14,830 Allowance on loans individually evaluated for impairment $ 636 $ 12,646 $ 145 $ 2,915 $ 16,342 Allowance on loans collectively evaluated for impairment 45,651 39,949 6,961 18,705 111,266 Allowance on loans acquired with deteriorated credit quality 5,519 1,501 5,892 51 12,963 Loans and leases, net of unearned income: Balance at end of period $ 9,388,305 $ 5,737,017 $ 4,359,156 $ 3,035,337 $ 22,519,815 Balance at end of period individually evaluated for impairment 53,905 71,801 6,579 37,440 169,725 Balance at end of period collectively evaluated for impairment 9,166,070 5,638,375 4,259,369 2,922,863 21,986,677 Balance at end of period acquired with deteriorated credit quality 168,330 26,841 93,208 75,034 363,413 2017 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 49,231 $ 60,939 $ 11,249 $ 23,300 $ 144,719 Provision for (Reversal of) loan and lease losses 10,433 31,891 (2,206 ) 10,993 51,111 Transfer of balance to OREO and other 853 (68 ) 2 147 934 Charge-offs (7,433 ) (40,015 ) (365 ) (14,653 ) (62,466 ) Recoveries 1,117 1,169 437 3,870 6,593 Allowance for loan and lease losses at end of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Reserve for unfunded commitments at beginning of period $ 3,207 $ 4,537 $ 657 $ 2,840 $ 11,241 Balance created in acquisition accounting 253 783 327 7 1,370 Provision for (Reversal of) unfunded commitments 1,071 (11 ) (429 ) (34 ) 597 Reserve for unfunded commitments at end of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Allowance on loans individually evaluated for impairment $ 1,588 $ 12,736 $ 172 $ 2,856 $ 17,352 Allowance on loans collectively evaluated for impairment 30,360 38,944 3,141 17,210 89,655 Allowance on loans acquired with deteriorated credit quality 22,253 2,236 5,804 3,591 33,884 Loans and leases, net of unearned income: Balance at end of period $ 8,938,230 $ 5,135,067 $ 3,056,352 $ 2,948,532 $ 20,078,181 Balance at end of period individually evaluated for impairment 91,785 102,416 6,749 37,177 238,127 Balance at end of period collectively evaluated for impairment 8,616,924 5,001,505 2,911,222 2,828,848 19,358,499 Balance at end of period acquired with deteriorated credit quality 229,521 31,146 138,381 82,507 481,555 2016 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 51,372 $ 49,355 $ 11,789 $ 25,862 $ 138,378 Provision for loan and lease losses 1,958 32,296 824 9,346 44,424 Decrease in FDIC loss share receivable (34 ) (50 ) (1,090 ) (323 ) (1,497 ) Transfer of balance to OREO and other (868 ) (519 ) (141 ) (1,253 ) (2,781 ) Charge-offs (4,338 ) (21,645 ) (313 ) (13,543 ) (39,839 ) Recoveries 1,141 1,502 180 3,211 6,034 Allowance for loan and lease losses at end of period $ 49,231 $ 60,939 $ 11,249 $ 23,300 $ 144,719 Reserve for unfunded commitments at beginning of period $ 4,167 $ 6,106 $ 830 $ 3,042 $ 14,145 Reversal of provision for unfunded commitments (960 ) (1,569 ) (173 ) (202 ) (2,904 ) Reserve for unfunded commitments at end of period $ 3,207 $ 4,537 $ 657 $ 2,840 $ 11,241 Allowance on loans individually evaluated for impairment $ 1,378 $ 21,413 $ 144 $ 1,358 $ 24,293 Allowance on loans collectively evaluated for impairment 25,248 37,206 4,223 17,537 84,214 Allowance on loans acquired with deteriorated credit quality 22,605 2,320 6,882 4,405 36,212 Loans and leases, net of unearned income: Balance at end of period $ 6,846,549 $ 4,060,032 $ 1,267,400 $ 2,890,990 $ 15,064,971 Balance at end of period individually evaluated for impairment 61,006 220,995 4,312 16,467 302,780 Balance at end of period collectively evaluated for impairment 6,504,875 3,806,305 1,140,136 2,780,689 14,232,005 Balance at end of period acquired with deteriorated credit quality 280,668 32,732 122,952 93,834 530,186 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 and which may result in future disclosure of these loans as non-performing. For assets with identified credit issues, the Company has two primary classifications for problem assets: “substandard” and “doubtful.” Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full satisfaction of the loan balance outstanding questionable, which makes probability of loss higher based on currently existing facts, conditions, and values. Loans classified as "Loss" have been identified as uncollectible and in most cases these loans will be charged off in the subsequent reporting period. Loans classified as substandard, doubtful, and loss are collectively referred to as classified loans. Criticized loans include all classified loans, as well as loans classified as special mention. Loans classified as “Pass” do not meet the criteria set forth for special mention, substandard, doubtful, or loss classification and are not considered criticized or classified. 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. Asset risk classifications for commercial loans reflect the classification as of December 31, 2018 and 2017, respectively. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums/discounts, at December 31, 2018 and 2017. Loan premiums/discounts 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. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. December 31, 2018 December 31, 2017 (Dollars in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Loss Total Commercial real estate - construction $ 1,182,554 $ 1,062 $ 12,740 $ 10 $ 1,196,366 $ 1,189,490 $ 20,351 $ 30,541 $ 14 $ — $ 1,240,396 Commercial real estate - owner-occupied 2,328,999 25,526 41,297 — 2,395,822 2,234,151 82,114 56,590 2,466 — 2,375,321 Commercial real estate - non-owner-occupied 5,687,963 78,009 26,512 3,633 5,796,117 5,258,638 19,311 42,702 1,744 118 5,322,513 Commercial and industrial 5,586,482 52,632 73,853 24,050 5,737,017 4,882,554 88,149 128,961 35,403 — 5,135,067 Total $ 14,785,998 $ 157,229 $ 154,402 $ 27,693 $ 15,125,322 $ 13,564,833 $ 209,925 $ 258,794 $ 39,627 $ 118 $ 14,073,297 December 31, 2018 December 31, 2017 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 4,290,152 $ 69,004 $ 4,359,156 $ 2,962,043 $ 94,309 $ 3,056,352 Consumer - home equity 2,258,659 46,035 2,304,694 2,250,205 42,070 2,292,275 Consumer - other 721,231 9,412 730,643 645,498 10,759 656,257 Total $ 7,270,042 $ 124,451 $ 7,394,493 $ 5,857,746 $ 147,138 $ 6,004,884 Impaired Loans Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated. December 31, 2018 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 10,261 $ 9,262 $ — $ 9,189 $ 496 Commercial real estate - owner-occupied 25,037 19,044 — 19,559 807 Commercial real estate - non-owner-occupied 15,265 14,288 — 14,873 590 Commercial and industrial 55,554 43,886 — 47,268 2,422 Residential mortgage 1,244 1,221 — 1,261 46 Consumer - home equity 4,183 4,176 — 2,867 39 With an allowance recorded: Commercial real estate - construction 228 140 (11 ) 148 1 Commercial real estate - owner-occupied 5,032 4,773 (520 ) 4,976 196 Commercial real estate - non-owner-occupied 6,445 6,398 (105 ) 6,229 294 Commercial and industrial 46,387 27,915 (12,646 ) 40,653 795 Residential mortgage 5,870 5,358 (145 ) 5,494 225 Consumer - home equity 29,284 28,818 (2,427 ) 27,911 1,202 Consumer - other 4,956 4,446 (488 ) 4,822 273 Total $ 209,746 $ 169,725 $ (16,342 ) $ 185,250 $ 7,386 Total commercial loans and leases $ 164,209 $ 125,706 $ (13,282 ) $ 142,895 $ 5,601 Total mortgage loans 7,114 6,579 (145 ) 6,755 271 Total consumer loans 38,423 37,440 (2,915 ) 35,600 1,514 December 31, 2017 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 13,763 $ 13,013 $ — $ 9,104 $ 441 Commercial real estate - owner-occupied 50,867 44,482 — 53,282 1,389 Commercial real estate - non-owner-occupied 15,370 14,975 — 15,127 692 Commercial and industrial 103,013 70,254 — 92,312 2,279 Residential mortgage 2,004 2,001 — 2,044 85 Consumer - home equity 5,906 5,634 — 5,747 231 Consumer - other 75 75 — 11 1 With an allowance recorded: Commercial real estate - construction 238 156 (19 ) 197 6 Commercial real estate - owner-occupied 13,314 13,287 (949 ) 13,498 414 Commercial real estate - non-owner-occupied 6,051 5,872 (620 ) 6,196 154 Commercial and industrial 35,306 32,162 (12,736 ) 42,874 1,220 Residential mortgage 5,179 4,748 (172 ) 4,861 180 Consumer - home equity 27,189 26,575 (2,358 ) 23,546 1,007 Consumer - other 5,354 4,893 (498 ) 4,455 269 Total $ 283,629 $ 238,127 $ (17,352 ) $ 273,254 $ 8,368 Total commercial loans and leases $ 237,922 $ 194,201 $ (14,324 ) $ 232,590 $ 6,595 Total mortgage loans 7,183 6,749 (172 ) 6,905 265 Total consumer loans 38,524 37,177 (2,856 ) 33,759 1,508 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 38 $ 38 $ — $ 28 $ — Commercial real estate - owner-occupied 25,180 25,074 — 25,890 647 Commercial real estate - non-owner-occupied 15,654 14,794 — 19,587 879 Commercial and industrial 148,311 138,202 — 111,261 3,418 With an allowance recorded: Commercial real estate - construction 1,946 1,946 (649 ) 1,839 54 Commercial real estate - owner-occupied 17,580 17,429 (640 ) 16,668 493 Commercial real estate - non-owner-occupied 1,743 1,725 (89 ) 1,782 95 Commercial and industrial 84,197 82,793 (21,413 ) 78,270 2,858 Residential mortgage 4,628 4,312 (144 ) 4,377 161 Consumer - home equity 13,916 13,267 (993 ) 10,237 435 Consumer - other 3,485 3,200 (365 ) 2,425 151 Total $ 316,678 $ 302,780 $ (24,293 ) $ 272,364 $ 9,191 Total commercial loans and leases $ 294,649 $ 282,001 $ (22,791 ) $ 255,325 $ 8,444 Total mortgage loans 4,628 4,312 (144 ) 4,377 161 Total consumer loans 17,401 16,467 (1,358 ) 12,662 586 |
Transfers and Servicing of Fina
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) | TRANSFERS AND SERVICING OF FINANCIAL ASSETS (INCLUDING MORTGAGE BANKING ACTIVITY) Commercial Banking Activity The unpaid principal balances of loans serviced for others were $1.6 billion and $1.3 billion at December 31, 2018 and 2017, respectively. Custodial escrow balances maintained in connection with the foregoing portfolio of loans serviced for others, and included in demand deposits, were not significant at December 31, 2018 and 2017. Mortgage Banking Activity IBERIABANK through one of its reportable segments, Mortgage, originates mortgage loans for sale into the secondary market. The loans originated primarily consist of residential first mortgages that conform to standards established by the GSEs, but can also consist of junior lien loans secured by residential property. These sales are primarily to private companies that are unaffiliated with the GSEs on a servicing-released basis. Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. (Dollars in thousands) 2018 2017 2016 Balance at beginning of period $ 134,916 $ 157,041 $ 166,247 Originations and purchases 1,469,847 1,844,358 2,460,033 Sales, net of gains (1,498,386 ) (1,859,565 ) (2,451,459 ) Mortgage loans transferred from (transferred to) held for investment 1,058 (6,918 ) (14,017 ) Other 299 — (3,763 ) Balance at end of period $ 107,734 $ 134,916 $ 157,041 The following table details the components of mortgage income for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Fair value changes of derivatives and mortgage loans held for sale: Mortgage loans held for sale and derivatives $ 6,490 $ (7,047 ) $ 1,361 Derivative settlements, net (4,039 ) 1,229 (6,640 ) Gains on sales 42,887 68,255 87,925 Servicing and other income, net 1,339 1,133 1,207 Other losses (253 ) — — $ 46,424 $ 63,570 $ 83,853 Servicing Rights Servicing rights are recorded at the lower of cost or market value in “other assets” on the Company's consolidated balance sheets and amortized over the remaining servicing life of the loans, with consideration given to prepayment assumptions. Mortgage servicing rights had the following carrying values as of the periods indicated: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 13,612 $ (4,806 ) $ 8,806 $ 9,588 $ (3,931 ) $ 5,657 In addition, there was an insignificant amount of non-mortgage servicing rights related to SBA loans as of December 31, 2018 and 2017. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Premises and equipment consisted of the following at December 31: (Dollars in thousands) 2018 2017 Land $ 81,194 $ 89,137 Buildings 241,284 261,994 Furniture, fixtures and equipment 137,469 129,866 Total premises and equipment 459,947 480,997 Accumulated depreciation (159,440 ) (149,584 ) Total premises and equipment, net $ 300,507 $ 331,413 Depreciation expense was $22.4 million , $21.0 million , and $20.8 million , for the years ended December 31, 2018, 2017, and 2016, respectively. The Company actively engages in leasing office space available in buildings it owns. Leases have various terms, generally ranging up to 5 years . Total lease income for the years ended December 31, 2018, 2017, and 2016 was $2.1 million , $2.4 million , and $2.8 million , respectively. Income from leases is reported as a reduction in occupancy and equipment expense. The total allocated cost of the portion of the buildings held for lease at December 31, 2018 and 2017 was $7.0 million and $6.9 million , respectively, with related accumulated depreciation of $2.7 million and $2.5 million , respectively. The Company leases certain branch and corporate offices, land and ATM facilities through operating leases with terms that range from less than one year to 50 years , some of which contain renewal options and escalation clauses under various terms. In addition, some have early termination clauses. Rent expense for the years ended December 31, 2018, 2017, and 2016 totaled $22.5 million , $19.1 million , and $16.6 million , respectively. Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: (Dollars in thousands) 2019 $ 21,750 2020 19,991 2021 16,921 2022 14,195 2023 9,182 2024 and thereafter 34,652 $ 116,691 |
Goodwill and Other Acquired Int
Goodwill and Other Acquired Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Acquired Intangible Assets | GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS Goodwill Changes to the carrying amount of goodwill by reporting unit for the years ended December 31, 2018 and 2017 are provided in the following table. (Dollars in thousands) IBERIABANK Mortgage LTC Total Balance, December 31, 2016 $ 698,513 $ 23,178 $ 5,165 $ 726,856 Goodwill acquired and adjustments during the year 462,046 — — 462,046 Balance, December 31, 2017 $ 1,160,559 $ 23,178 $ 5,165 $ 1,188,902 Goodwill acquired and adjustments during the year 43,251 — 3,380 46,631 Balance, December 31, 2018 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 On March 23, 2018, the Company completed its acquisition of Gibraltar. In connection with the acquisition, the Company recorded $64.3 million of goodwill based on fair value estimates of the assets acquired and liabilities assumed in the business combination as of December 31, 2018. On January 12, 2018, the Company's subsidiary, LTC, completed its acquisition of SolomonParks. In connection with the acquisition, LTC recorded $3.4 million of goodwill based on fair value estimates. In addition, measurement period adjustments to fair value estimates related to the acquisition of Sabadell United were updated during 2018, reducing goodwill by $21.0 million . The accounting for the acquisitions of Gibraltar, SolomonParks and Sabadell United was complete as of December 31, 2018. See Note 3 for additional information regarding these acquisitions. The Company performed the required annual goodwill impairment test as of October 1, 2018. 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 test was not necessary. Title Plant The Company held title plant assets recorded in “other intangible assets” on the Company's consolidated balance sheets totaling $6.8 million on December 31, 2018 and $6.7 million at December 31, 2017. The increase in title plant assets was the result of the SolomonParks acquisition during the first quarter of 2018. No events or changes in circumstances occurred during 2018 to suggest the carrying value of the title plant was not recoverable. Intangible assets subject to amortization In connection with the acquisition of Gibraltar, the Company recorded $18.5 million of core deposit intangible assets. Core deposit intangible assets are subject to amortization over a ten year period. In connection with the acquisition of SolomonParks, the Company recorded $156 thousand of non-compete agreement intangible assets. Non-compete agreement intangible assets are subject to amortization over a five year period. Definite-lived intangible assets had the following carrying values included in “other intangible assets” on the Company’s consolidated balance sheets as of December 31: 2018 2017 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible assets $ 136,183 $ (63,213 ) $ 72,970 $ 127,957 $ (51,971 ) $ 75,986 Customer relationship intangible asset 1,385 (1,323 ) 62 1,143 (996 ) 147 Non-compete agreement 206 (72 ) 134 63 (39 ) 24 Total $ 137,774 $ (64,608 ) $ 73,166 $ 129,163 $ (53,006 ) $ 76,157 The related amortization expense of intangible assets is as follows: (Dollars in thousands) Amount Aggregate amortization expense for the years ended December 31: 2016 $ 8,415 2017 12,590 2018 21,678 (Dollars in thousands) Estimated amortization expense for the years ended December 31: 2019 $ 18,363 2020 14,500 2021 10,208 2022 7,711 2023 6,410 2024 and thereafter 15,974 |
Derivative Instruments and Othe
Derivative Instruments and Other Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
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 utilized by the Company for its risk management strategies include interest rate swap agreements, interest rate collars, interest rate floors, 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, regardless of whether a right of offset exists. Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company enters into interest rate swap agreements in a cash flow hedge to convert forecasted variable interest payments to a fixed rate on its junior subordinated debt. In addition, the Company has entered into an interest rate collar and interest rate floors and designated the instruments as cash flow hedges of the risk of fluctuations in interest rates, thereby reducing the Company's exposure to variability in cash flows from variable-rate loans. For cash flow hedges, the effective and ineffective portions 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. Prior to January 1, 2018, the ineffective portion of gain or loss, if any, was reported in earnings immediately in either "other income" or "other expense," respectively. In applying hedge accounting for derivatives, the Company establishes and documents a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Information pertaining to outstanding derivative instruments is as follows: Balance Sheet Location Derivative Assets - Fair Value Balance Sheet Location Derivative Liabilities - Fair Value (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 3,469 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 3,469 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts: Customer swaps - upstream Other assets $ 474 $ 12,318 Other liabilities $ 191 $ 3,873 Customer swaps - downstream Other assets 16,946 8,128 Other liabilities 17,812 12,318 Foreign exchange contracts Other assets 18 7 Other liabilities 18 7 Forward sales contracts Other assets 630 136 Other liabilities 750 279 Written and purchased options Other assets 5,490 10,654 Other liabilities 3,310 8,656 Other contracts Other assets 21 22 Other liabilities 43 21 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 23,579 $ 31,265 $ 22,124 $ 25,154 Total $ 27,048 $ 31,265 $ 22,124 $ 25,154 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 408,500 $ — $ — $ 108,500 Total derivatives designated as hedging instruments under ASC Topic 815 $ 408,500 $ — $ — $ 108,500 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts: Customer swaps - upstream $ 919,653 $ 644,282 $ 701,257 $ 574,182 Customer swaps - downstream 701,257 574,182 919,653 644,282 Foreign exchange contracts 1,202 268 1,202 268 Forward sales contracts 1,140 82,347 143,179 142,578 Written and purchased options 229,333 278,638 140,645 165,198 Other contracts 50,527 29,755 85,623 86,744 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,903,112 $ 1,609,472 $ 1,991,559 $ 1,613,252 Total $ 2,311,612 $ 1,609,472 $ 1,991,559 $ 1,721,752 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 $85.6 million and $86.7 million at December 31, 2018 and 2017, respectively. Assuming all underlying third party customers referenced in the swap contracts defaulted at December 31, 2018 and December 31, 2017, 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 December 31, 2018, the Company was not required to post collateral due to the Company's derivative position at the balance sheet date. At December 31, 2017, the Company was required to post $552 thousand 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. In light of changes to the aforementioned rulebooks, the Board of Governors of the Federal Reserve System, the OCC and the FDIC issued guidance effective August 14, 2017, which is consistent with the SEC's accounting guidance, that allows institutions to treat centrally-cleared derivatives as settled for purposes of the capital rule. At December 31, 2018 and 2017, the Company was required to post $35.8 million and $5.1 million , respectively, in variation margin payments for its derivative transactions, which is required to be netted against the fair value of the derivatives in "other assets/other liabilities" on the consolidated balance sheets. The Company does not anticipate additional assets will be required to be posted as collateral, nor does it believe additional assets would be required to settle its derivative instruments immediately if contingent features were triggered at December 31, 2018. The Company’s master netting agreements represent written, legally enforceable bilateral agreements that (1) create a single legal obligation for all individual transactions covered by the master agreement and (2) in the event of default, provide the non-defaulting counterparty the right to accelerate, terminate, and close-out on a net basis all transactions under the agreement and to promptly liquidate or set-off collateral posted by the defaulting counterparty. As permitted by U.S. GAAP, the Company does not offset fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against recognized fair value amounts of derivatives executed with the same counterparty under a master netting agreement. The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 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 $ 20,446 $ (12,469 ) $ — $ 7,977 Written and purchased options 8,610 — — 8,610 Total derivative assets subject to master netting arrangements $ 29,056 $ (12,469 ) $ — $ 16,587 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 Total derivative liabilities subject to master netting arrangements $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. During the years ended December 31, 2018 and 2017, the Company has not reclassified into earnings any gain or loss as a result of the discontinuance of cash flow hedges because it was probable the original forecasted transaction would not occur by the end of the originally specified term. At December 31, 2018, 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 December 31, 2018, 2017, and 2016, and for the years then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (Dollars in thousands) For the Year Ended December 31, Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2018 2018 2018 Interest rate contracts $ 4,416 $ 4,835 $ (419 ) Interest expense $ (196 ) $ (150 ) $ (46 ) Interest expense $ — $ — $ — Total $ 4,416 $ 4,835 $ (419 ) $ (196 ) $ (150 ) $ (46 ) $ — $ — $ — Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income, net of taxes (Dollars in thousands) For the Years Ended December 31, Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (611 ) $ (328 ) Interest expense $ (390 ) $ 50 Interest expense $ — $ — Total $ (611 ) $ (328 ) $ (390 ) $ 50 $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of December 31, is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (Dollars in thousands) 2018 2017 2016 Interest rate contracts (1) Other income $ 6,962 $ 4,750 $ 8,830 Foreign exchange contracts Other income 29 43 15 Forward sales contracts Mortgage income 4,064 (4,115 ) (1,731 ) Written and purchased options Mortgage income 180 (2,028 ) (327 ) Other contracts Other income (24 ) 51 17 Total $ 11,211 $ (1,299 ) $ 6,804 (1) Includes fees associated with customer interest rate contracts. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposits | DEPOSITS Deposits at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Non-interest-bearing deposits $ 6,542,490 $ 6,209,925 Negotiable order of withdrawal ("NOW") 4,514,113 4,348,939 Money market deposits accounts ("MMDA") 8,237,291 7,674,291 Savings deposits 828,914 846,074 Time deposits 3,640,623 2,387,488 $ 23,763,431 $ 21,466,717 Total time deposits summarized by denomination at December 31 are as follows: (Dollars in thousands) 2018 2017 Time deposits less than or equal to $250,000 $ 2,522,660 $ 1,768,047 Time deposits greater than $250,000 1,117,963 619,441 $ 3,640,623 $ 2,387,488 A schedule of maturities of all time deposits as of December 31, 2018 is as follows: (Dollars in thousands) Years ending December 31, 2019 $ 2,504,515 2020 876,740 2021 159,877 2022 76,486 2023 12,684 2024 and thereafter 10,321 $ 3,640,623 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | SHORT-TERM BORROWINGS Short-term borrowings at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Federal Home Loan Bank advances $ 1,167,000 $ 475,000 Securities sold under agreements to repurchase 315,882 516,297 $ 1,482,882 $ 991,297 The levels of FHLB advances and securities sold under agreements to repurchase can fluctuate significantly on a day-to-day basis, depending on funding needs and which sources are used to satisfy those needs. All such arrangements are considered typical of the banking and brokerage industries and are accounted for as borrowings. Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Additional information on the Company’s short-term borrowings for the years indicated is as follows: (Dollars in thousands) 2018 2017 Outstanding at December 31 $ 1,482,882 $ 991,297 Maximum month-end outstanding balance 1,482,882 2,197,105 Average daily outstanding balance 1,052,088 905,755 Average rate during the year 1.40 % 0.83 % Average rate at year end 2.12 % 0.82 % |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt at December 31 is summarized as follows: (Dollars in thousands) 2018 2017 IBERIABANK: Federal Home Loan Bank advances, 0.864% to 7.040% $ 986,027 $ 1,331,579 Notes payable - Investment fund contribution, 7 to 35 year term, 1.28% to 6.82% fixed, 7 to 30 year term, 1.28% to 6.82% fixed, respectively 60,014 44,146 1,046,041 1,375,725 IBERIABANK Corporation (junior subordinated debt): Statutory Trust I, 3 month LIBOR (1) , plus 3.25%, issued November 2002 10,310 10,310 Statutory Trust II, 3 month LIBOR (1) , plus 3.15%, issued June 2003 10,310 10,310 Statutory Trust III, 3 month LIBOR (1) , plus 2.00%, issued September 2004 10,310 10,310 Statutory Trust IV, 3 month LIBOR (1) , plus 1.60%, issued October 2006 15,464 15,464 American Horizons Statutory Trust I, 3 month LIBOR (1) , plus 3.15%, assumed January 2005 6,186 6,186 Statutory Trust V, 3 month LIBOR (1) , plus 1.435%, issued June 2007 10,310 10,310 Statutory Trust VI, 3 month LIBOR (1) , plus 2.75%, issued November 2007 12,372 12,372 Statutory Trust VII, 3 month LIBOR (1) , plus 2.54%, issued November 2007 13,403 13,403 Statutory Trust VIII, 3 month LIBOR (1) , plus 3.50%, issued March 2008 7,217 7,217 OMNI Trust I, 3 month LIBOR (1) , plus 3.30%, assumed May 2011 8,248 8,248 OMNI Trust II, 3 month LIBOR (1) , plus 2.79%, assumed May 2011 7,732 7,732 GA Commerce Trust II, 3 month LIBOR (1) , plus 1.64%, assumed May 2015 8,248 8,248 120,110 120,110 $ 1,166,151 $ 1,495,835 (1) The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate w as 2.81% and 1.69% at December 31, 2018 and 2017, respectively. Outstanding FHLB advances are a mix of bullet and amortizing structures. Amortizing FHLB advances are amortized over periods ranging from 1.3 to 20.1 years , a nd have a balloon feature at maturity. Advances are collateralized by a blanket pledge of eligible loans, subject to contractual adjustments which reduce the borrowing base, as well as a secondary pledge of FHLB stock and FHLB demand deposits, the amount of which can exceed the amounts borrowed based on contractually required adjustments. Total additional FHLB advances for both short-term borrowings and long-term debt at December 31, 2018 w ere $7.0 billion und er the blanket floating lien including $1.9 billion from pledges of investment securities. The weighted average advance rate was 2.15% an d 1.48% at December 31, 2018 and 2017, respectively. Junior subordinated debt consists of a total of $120.1 million in Junior Subordinated Deferrable Interest Debentures of the Company issued to statutory trusts that were funded by the issuance of floating rate capital securities of the trusts. The terms of the junior subordinated debt are 30 years , and they are callable at par by the Company any time after 5 years . Interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During a deferral period, the Company is subject to certain restrictions, including being prohibited from declaring and paying dividends to its common shareholders. Advances and long-term debt at December 31, 2018 have maturities or call dates in future years as follows: (Dollars in thousands) 2019 $ 309,116 2020 233,465 2021 125,255 2022 10,581 2023 58,762 2024 and thereafter 428,972 $ 1,166,151 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income tax expense consists of the following for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Current expense (benefit) $ (115,195 ) $ 84,827 $ 103,335 Deferred expense (benefit) 153,518 71,257 (16,654 ) Tax credits (5,179 ) (10,845 ) (7,112 ) Amortization on qualified affordable housing tax credits — 5,227 4,185 Tax benefits attributable to items charged to equity and goodwill (866 ) — 1,439 $ 32,278 $ 150,466 $ 85,193 There was a balance receivable of $208.0 million and $4.5 million for federal and state income taxes at December 31, 2018 and 2017, respectively. The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 21 percent for the year ended December 31, 2018 and 35 percent for the years ended December 31, 2017 and 2016 on income before income tax expense as indicated in the following analysis for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Federal tax based on statutory rate $ 84,531 $ 102,508 $ 95,189 Increase (decrease) resulting from: Effect of tax-exempt income (5,801 ) (9,435 ) (8,203 ) Interest and other nondeductible expenses 6,464 9,605 3,250 State taxes, net of federal benefit 12,459 6,970 4,770 Tax credits (5,179 ) (10,845 ) (7,112 ) Amortization on qualified affordable housing tax credits — 5,227 4,185 Other (1) (60,196 ) 46,436 (6,886 ) $ 32,278 $ 150,466 $ 85,193 Effective tax rate 8.0 % 51.4 % 31.3 % (1) The composition of other items resulting in a net tax benefit of $60.2 million for the year ended December 31, 2018 included a $6.6 million expense related to the finalization of accounting for the Sabadell United acquisition and its net impact from the remeasurement of deferred tax assets as a result of the passage of the Tax Cuts and Jobs Act (the "Tax Act"). In connection with filing its 2017 income tax returns, the Company recorded a non-core, permanent net income tax benefit of $65.3 million as a result of deductions claimed on the 2017 income tax returns associated with unrealized losses on securities and loans and depreciation on real and personal property. The composition of other items resulting in a net tax expense of $46.4 million for the year ending December 31, 2017 included $51.0 million related to the estimated net impact from the remeasurement of deferred tax assets and liabilities as a result of the passage of the Tax Act in December 2017. This was partially offset by $3.0 million related to equity based compensation, $1.0 million resulting from the reversal of a prior year deferred tax asset impairment, and a $600 thousand benefit due to a deferred REIT distribution. The net deferred tax asset (liability) at December 31 is as follows: (Dollars in thousands) 2018 2017 Deferred tax asset: NOL and credit carryforward $ 42,837 $ 8,364 Allowance for credit losses 38,571 38,402 Deferred compensation 5,482 5,876 Basis difference in acquired assets and liabilities 9,228 43,391 Unrealized losses on loans and securities — 12,198 OREO 32 2,639 Other 19,395 22,719 115,545 133,589 Deferred tax liability: Unrealized gains on loans and securities (98,807 ) — FHLB stock — (300 ) Premises and equipment (10,626 ) (3,723 ) Acquisition intangibles (9,757 ) (8,151 ) Deferred loan costs (5,814 ) (3,114 ) Basis difference in acquired assets and liabilities (17,628 ) (31,309 ) Lease receivable (37,844 ) — Other (6,485 ) (4,885 ) (186,961 ) (51,482 ) Net deferred tax (liability) asset $ (71,416 ) $ 82,107 At December 31, 2018, the Company's cumulative net operating loss carryforwards were $45.0 million . These net operating loss carryforwards arising from acquisitions during 2015 expire over a 20 -year period and will be utilized subject to annual Internal Revenue Code Section 382 limitations. No benefit was recognized at acquisition for net operating losses that will expire unused due to the IRS limitations. At December 31, 2018, the Company had recorded a net deferred tax liability position. The Company determined that the net deferred tax asset at December 31, 2017 was more likely than not to be realized based on an assessment of all available positive and negative evidence, and therefore, no valuation allowance was recorded. The Company does not believe it has any unrecognized tax benefits included in its consolidated financial statements. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. During the years ended December 31, 2018 and 2017, an immaterial amount of interest and penalty expense associated with state filings was recorded. During the year ended December 31, 2016, the Company did not recognize any interest or penalties in its consolidated financial statements. On December 22, 2017, the Tax Act was signed into law. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). Among other provisions, the most significant to the Company is the reduction of the corporate income tax rate from 35% to 21% . With respect to the legislation, the Company recognized a provisional one-time increase in tax expense of $51.0 million as of December 31, 2017 due to a re-measurement of deferred tax assets and liabilities resulting from the decrease in the corporate income tax rate. During the year ended December 31, 2018, the Company recognized a total adjustment of $6.6 million in income tax expense due to the write-down of deferred tax assets associated with the finalization of the accounting for the Sabadell United acquisition and the related impact of the Tax Act on those adjustments. This adjustment increased the year-to-date effective tax rate by 1.6% from 6.4% to 8.0% . Consistent with the guidance provided under ASC 740, the Company recorded impacts from enactment of the Tax Act in the fourth quarter of 2017 subject to Staff Accounting Bulletin 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118"). SAB 118 provided a measurement period not to extend beyond one year of the enactment date to adjust the accounting for certain elements of the tax reform. The Company filed its 2017 federal and state tax returns in the fourth quarter of 2018, after which it was able to finalize deferred tax balances subject to the remeasurement under the Tax Act. The accounting for the tax effects of the Tax Act was complete as of December 22, 2018. |
Shareholders' Equity, Capital R
Shareholders' Equity, Capital Ratios and Other Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
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 at December 31: 2018 2017 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 Dividends will accrue and be payable on the Series B Preferred Stock, if declared by the Company's Board of Directors, and will be paid semi-annually, in arrears, at an annual rate equal to 6.625% for each period from the issuance date up to and including August 1, 2025 and will be paid quarterly, in arrears, at an annual rate equal to three-month LIBOR plus 4.262% for each period after August 1, 2025. The Company may redeem the Series B Preferred Stock at its option, subject to regulatory approval, as described in the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on August 5, 2015. Dividends will accrue and be payable on the Series C Preferred Stock, if declared by the Company's Board of Directors, and will be paid quarterly, in arrears, at an annual rate equal to (i) 6.600% for each period from the issuance date to May 1, 2026 and (ii) three-month LIBOR plus 4.920% for each period on or after May 1, 2026. The Company may redeem the Series C Preferred Stock at its option, subject to regulatory approval, as described in the Company’s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on May 9, 2016. Common Stock During the second quarter of 2018, the Company's Board of Directors authorized the repurchase of up to 1,137,500 shares of IBERIABANK Corporation's outstanding common stock, which was completed on November 5, 2018. On November 5, 2018, the Board of Directors authorized a new repurchase plan of up to 2,765,000 shares of the Company's 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 expires during the fourth quarter of 2020. The program may be extended, modified, suspended, or discontinued at any time. During 2018, the Company repurchased 1,972,500 common shares, at a weighted average price of $75.46 per common share, of which 1,472,500 were repurchased under previously completed plans. At December 31, 2018, there were approximately 2,265,000 remaining shares that may be repurchased under the current Board-approved plan. Subsequent to year-end and through February 21, 2019, the Company repurchased 226,921 common shares for approximately $17.5 million . The Company did not repurchase any common shares during 2017. On March 23, 2018, as part of the Gibraltar acquisition, the Company issued 2,787,773 shares of common stock. The aggregate value of the acquisition consideration paid by the Company at the time of closing was approximately $214.7 million based on the Company's closing common stock price of $77.00 per share on March 23, 2018. Gibraltar common shareholders received 1.9749 shares of IBERIABANK Corporation common stock for each outstanding share of Gibraltar common stock. Refer to Note 3, Acquisition Activity, for further detail regarding the Gibraltar acquisition. On December 7, 2016, the Company issued 3,593,750 shares of its common stock at a price of $81.50 per common share. On March 7, 2017, the Company issued 6,100,000 shares of its common stock at a price of $83.00 per common share. Net proceeds from the offerings, after deduction of underwriting discounts, commissions, and direct issuance costs, were $279.2 million and $485.2 million , respectively. The proceeds from these issuances were used to finance the cash portion of the purchase price for the acquisition of Sabadell United. The acquisition, which closed on July 31, 2017, provided for Banco de Sabadell, S.A. to receive 2,610,304 shares of the Company's common stock ( $211.0 million based on the Company's closing stock price of $80.85 on that date) and $809.2 million in cash from the two stock issuances. Banco de Sabadell, S.A. sold the 2.6 million shares received as part of acquisition proceeds early in the fourth quarter of 2017. Refer to Note 3, Acquisition Activity, for further detail regarding the Sabadell United acquisition. 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 December 31, 2018, the Company and IBERIABANK met all capital adequacy requirements to which they are subject. As of December 31, 2018, the most recent notification from the FRB categorized IBERIABANK as well-capitalized under the regulatory framework for prompt corrective action (the prompt corrective action requirements are not applicable to the Company). To be categorized as well-capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed that categorization. The Company’s and IBERIABANK’s actual capital amounts and ratios as of December 31 are presented in the following table. (Dollars in thousands) 2018 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,168,343 4.00 % N/A N/A $ 2,812,863 9.63 % IBERIABANK 1,165,537 4.00 $ 1,456,921 5.00 2,733,099 9.38 Common Equity Tier 1 (CET1) (1) Consolidated $ 1,125,405 4.50 % N/A N/A $ 2,680,766 10.72 % IBERIABANK 1,122,712 4.50 $ 1,621,695 6.50 2,733,099 10.95 Tier 1 Risk-Based Capital (1) Consolidated $ 1,500,540 6.00 % N/A N/A $ 2,812,863 11.25 % IBERIABANK 1,496,949 6.00 $ 1,995,932 8.00 2,733,099 10.95 Total Risk-Based Capital (1) Consolidated $ 2,000,720 8.00 % N/A N/A $ 3,084,764 12.33 % IBERIABANK 1,995,932 8.00 $ 2,494,915 10.00 2,888,500 11.58 2017 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,073,381 4.00 % N/A N/A $ 2,509,496 9.35 % IBERIABANK 1,070,789 4.00 $ 1,338,487 5.00 2,437,275 9.10 Common Equity Tier 1 (CET1) (1) Consolidated $ 1,011,732 4.50 % N/A N/A $ 2,377,398 10.57 % IBERIABANK 1,009,553 4.50 $ 1,458,243 6.50 2,437,275 10.86 Tier 1 Risk-Based Capital (1) Consolidated $ 1,348,977 6.00 % N/A N/A $ 2,509,496 11.16 % IBERIABANK 1,346,070 6.00 $ 1,794,760 8.00 2,437,275 10.86 Total Risk-Based Capital (1) Consolidated $ 1,798,635 8.00 % N/A N/A $ 2,780,095 12.37 % IBERIABANK 1,794,760 8.00 $ 2,243,450 10.00 2,591,374 11.55 (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. At December 31, 2018, the required minimum capital conservation buffer was 1.875% , and will increase by 0.625% and be fully phased in on January 1, 2019 at 2.50% . At December 31, 2018, the capital conservation buffers of the Company and IBERIABANK were 4.33% and 3.58% , respectively. Restrictions on Dividends, Loans and Advances IBERIABANK is restricted under applicable laws in the payment of dividends to an amount equal to current year earnings plus undistributed earnings for the immediately preceding year, unless prior permission is received from the Commissioner of Financial Institutions for the State of Louisiana. Dividends payable by IBERIABANK in 2019 without permission are limited to 2019 earnings plus an additional $130.0 million . Funds available for loans or advances by IBERIABANK to the Parent amounted to $288.9 million . In addition, any dividends that may be paid by IBERIABANK to the Parent would be restricted if IBERIABANK did not comply with the above-described capital conservation buffer requirements and would be prohibited if the effect thereof would cause IBERIABANK’s capital to be reduced below applicable minimum capital requirements. During any deferral period under the Company’s junior subordinated debt, the Company would be prohibited from declaring and paying dividends to preferred and common shareholders. See Note 13 to the consolidated financial statements for additional information. In addition, so long as any shares of Series B Preferred Stock or Series C Preferred Stock remain outstanding, the Company is prohibited from paying dividends on common stock if the required payments on the Series B Preferred Stock and Series C Preferred Stock have not been made. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends. The following table presents the calculation of basic and diluted earnings per share for the periods indicated. For the Years Ended December 31, (In thousands, except per share data) 2018 2017 2016 Earnings per common share - basic Net income $ 370,249 $ 142,413 $ 186,777 Preferred stock dividends (9,095 ) (9,095 ) (7,977 ) Dividends and undistributed earnings allocated to unvested restricted shares (3,583 ) (1,210 ) (1,872 ) Earnings allocated to common shareholders - basic $ 357,571 $ 132,108 $ 176,928 Weighted average common shares outstanding 55,008 50,640 40,948 Earnings per common share - basic 6.50 2.61 4.32 Earnings per common share - diluted Earnings allocated to common shareholders - basic $ 357,571 $ 132,108 $ 176,928 Dividends and undistributed earnings allocated to unvested restricted shares (49 ) (1 ) (37 ) Earnings allocated to common shareholders - diluted $ 357,522 $ 132,107 $ 176,891 Weighted average common shares outstanding 55,008 50,640 40,948 Dilutive potential common shares 352 352 158 Weighted average common shares outstanding - diluted 55,360 50,992 41,106 Earnings per common share - diluted $ 6.46 $ 2.59 $ 4.30 For the years ended December 31, 2018 , 2017 , and 2016 , the calculations for basic shares outstanding exclude the weighted average shares owned by the RRP of 564,973 , 467,601 , and 447,818 , respectively. The effects from the assumed exercises of 154,397 , 71,260 , and 155,969 stock options were not included in the computation of diluted earnings per share for the years ended December 31, 2018 , 2017 , and 2016 , respectively, because such amounts would have had an antidilutive effect on earnings per common share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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, and phantom stock. These plans are administered by the Compensation Committee of the Board of Directors, which selects persons eligible to receive awards and determines the terms, conditions and other provisions of the awards. At December 31, 2018, awards of 1,162,931 shares could be made under approved incentive compensation plans. The Company issues shares to fulfill stock option exercises and restricted share units and restricted stock awards vesting from available authorized common shares. At December 31, 2018, the Company believes there are adequate authorized shares to satisfy anticipated stock option exercises and restricted share unit and restricted stock award vesting. Stock option awards The Company issues stock options under various plans to directors, officers and other key employees. The option exercise price cannot be less than the fair value of the underlying common stock as of the date of the option grant and the maximum option term cannot exceed ten years . The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (Dollars in thousands) Weighted Average Remaining Contract Life (in years) Outstanding options, December 31, 2015 813,777 $ 56.99 Granted 160,624 48.65 Exercised (196,769 ) 55.39 $ 3,597 Forfeited or expired (56,094 ) 59.49 Outstanding options, December 31, 2016 721,538 $ 55.38 Granted 80,557 84.78 Exercised (85,221 ) 55.45 2,098 Forfeited or expired (30,508 ) 68.46 Outstanding options, December 31, 2017 686,366 $ 58.24 Granted 97,620 82.02 Exercised (42,047 ) 53.07 1,242 Forfeited or expired (27,519 ) 68.30 Outstanding options, December 31, 2018 714,420 $ 61.41 $ 5,148 5.2 Exercisable options, December 31, 2016 415,376 $ 56.66 Exercisable options, December 31, 2017 455,010 55.77 Exercisable options, December 31, 2018 501,815 56.75 $ 4,222 3.9 The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards. The following weighted-average assumptions were used for option awards issued during the years ended December 31: 2018 2017 2016 Expected dividends 1.8 % 1.7 % 2.8 % Expected volatility 24.3 % 25.0 % 29.0 % Risk-free interest rate 2.7 % 2.1 % 1.4 % Expected term (in years) 5.8 5.8 6.5 Weighted-average grant-date fair value $ 18.48 $ 18.86 $ 10.46 The assumptions above are based on multiple factors, including historical stock option exercise patterns and post-vesting employment termination behaviors, expected future exercise patterns and the expected volatility of the Company’s stock price. The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Compensation expense related to stock options $ 1,280 $ 1,470 $ 2,010 Income tax benefit related to stock options 93 124 331 At December 31, 2018, there was $2.0 million of unrecognized compensation expense 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 five years). As of December 31, 2018 and 2017, unrecognized share-based compensation expense associated with these awards totaled $27.1 million and $31.9 million , respectively. The unrecognized compensation expense related to restricted stock awards at December 31, 2018 is expected to be recognized over a weighted-average period of 1.3 years . Restricted share units The Company issues restricted share units to certain of its executive officers. Restricted share units vest after the end of a three year performance period, based on satisfaction of the market and performance conditions set forth in the restricted share unit agreements. Recipients do not possess voting or investment power over the common stock underlying such units until vesting. The grant date fair value of these restricted share units is the same as the value of the corresponding number of shares of common stock, adjusted for assumptions surrounding the market-based conditions contained in the respective agreements. See Note 1, Summary of Significant Accounting Policies, for further discussion of restricted share units with market or performance conditions. The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Compensation expense related to restricted stock awards and restricted share units $ 18,998 $ 14,966 $ 12,513 Income tax benefit related to restricted stock awards and restricted share units 3,990 2,809 4,380 The following table represents unvested restricted stock award and restricted share unit activity for the years ended December 31: 2018 2017 2016 Number of shares at beginning of period 738,187 543,261 507,130 Granted 231,064 421,198 254,276 Forfeited (72,217 ) (31,699 ) (28,855 ) Vested (196,406 ) (194,573 ) (189,290 ) Number of shares at end of period 700,628 738,187 543,261 The weighted average grant date fair value of restricted stock awards and restricted share units granted was $80.98 , $82.49 , and $48.84 for the years ended December 31, 2018, 2017, and 2016, respectively. The total fair value of restricted stock awards and restricted share units vested during the years ended December 31, 2018, 2017, and 2016 was $16.3 million , $16.4 million , and $10.7 million , respectively. 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 accumulated with a dividend equivalent is determined by dividing the aggregate of dividend equivalents paid on the unvested share equivalents by the closing price of a share of the Company’s common stock on the dividend payment date. The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at December 31 of the years indicated and the current market price of the Company’s stock at that time: (Dollars in thousands) 2018 2017 2016 Compensation expense related to phantom stock $ 8,141 $ 10,756 $ 12,933 The following table represents phantom stock award 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 215,745 18,069 Forfeited share equivalents (42,051 ) 3,522 Vested share equivalents (163,294 ) 8,509 Balance, December 31, 2016 472,830 $ 39,600 Granted 118,408 9,177 Forfeited share equivalents (34,968 ) 2,710 Vested share equivalents (162,426 ) 13,515 Balance, December 31, 2017 393,844 $ 30,523 Granted 157,044 10,095 Forfeited share equivalents (63,276 ) 4,067 Vested share equivalents (134,205 ) 11,156 Balance, December 31, 2018 353,407 $ 22,717 (1) Number of share equivalents includes all reinvested dividend equivalents for the years indicated. (2) Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $64.28 , $77.50 and $83.75 on December 31, 2018, 2017, and 2016, respectively. 401(k) defined contribution plan The Company has a 401(k) Profit Sharing Plan covering substantially all of its employees. Annual employer contributions to the Plan are set by the Board of Directors. The Company made contributions of $3.7 million , $3.5 million , and $1.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Plan provides, among other things, that participants in the Plan be able to direct the investment of their account balances within the Profit Sharing Plan into alternative investment funds. Participant deferrals under the salary reduction election may be matched by the employer based on a percentage to be determined annually by the employer. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Off-balance sheet commitments In the normal course of business, to meet the financing needs of its customers, the Company is a party to credit-related financial instruments, with risk not reflected in the consolidated financial statements. These financial instruments include commitments to extend credit, standby letters of credit, and commercial letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The credit policies used for these commitments are consistent with those used for on-balance sheet instruments. The Company’s exposure to credit loss in the event of non-performance by its customers under such commitments or letters of credit represents the contractual amount of the financial instruments as indicated in the table below. At December 31, 2018 and 2017, the fair value of guarantees under commercial and standby letters of credit was $2.4 million and $2.1 million , respectively. This fair value will decrease as the existing commercial and standby letters of credit approach their expiration dates. At December 31, 2018 and 2017, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) December 31, 2018 December 31, 2017 Commitments to extend credit $ 642,162 $ 342,305 Unfunded commitments under lines of credit 6,883,963 6,060,034 Commercial and standby letters of credit 240,436 210,002 Reserve for unfunded lending commitments 14,830 13,208 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 by the borrower. Since many of the commitments are expected to be drawn upon, the total commitment amounts generally represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, is based on management’s credit evaluation of the customer. Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. Many of these types of commitments do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. See Note 6, Allowance for Credit Losses and Credit Quality, for additional information related to the Company’s reserve for 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 claims 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. The HUD lawsuit was settled on December 11, 2017 in the amount of $11.7 million . On February 2, 2018, IBERIABANK filed a lawsuit in the United States District Court for the Eastern District of Louisiana (New Orleans) against Illinois Union Insurance Company and Travelers Casualty and Surety Company of America in an effort to recover the $11.7 million it paid to settle the HUD matter. IBERIABANK filed that lawsuit to recover the insurance proceeds to which it claims to be entitled under certain Bankers’ Professional Liability insurance policies issued by defendants Illinois Union and Travelers. More specifically, IBERIABANK alleges that the insurers have failed to honor their obligations under the policies to pay IBERIABANK’s losses in connection with the $11.7 million settlement of disputed allegations relating to IBERIABANK’s professional services in connection with certain mortgage loans insured by the FHA. The judge in the federal lawsuit granted a motion for summary judgment thereby dismissing the case. The Company is considering whether to appeal or not. 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 incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial position, consolidated results of operations, or consolidated cash flows. However, 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 and reported as of December 31, 2018 is not material. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring fair value measurements The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2018 and 2017 and their classification within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,783,579 $ — $ 4,783,579 Mortgage loans held for sale — 107,734 — 107,734 Mortgage loans held for investment, at fair value option — — 3,143 3,143 Derivative instruments — 27,048 — 27,048 Total $ — $ 4,918,361 $ 3,143 $ 4,921,504 Liabilities Derivative instruments $ — $ 22,124 $ — $ 22,124 Total $ — $ 22,124 $ — $ 22,124 December 31, 2017 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,590,062 $ — $ 4,590,062 Mortgage loans held for sale — 134,916 — 134,916 Mortgage loans held for investment, at fair value option — — 14,953 14,953 Derivative instruments — 31,265 — 31,265 Total $ — $ 4,756,243 $ 14,953 $ 4,771,196 Liabilities Derivative instruments $ — $ 25,154 $ — $ 25,154 Total $ — $ 25,154 $ — $ 25,154 During 2018 and 2017, there were no transfers between the Level 1 and Level 2 fair value categories. Non-recurring fair value measurements The Company holds certain assets that are measured at fair value, but only in certain circumstances, such as impairment. The following table presents information about the Company's assets that are measured at fair value and still held as of December 31, 2018 and 2017 for which a non-recurring fair value adjustment was recorded during the years then ended. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 65,914 $ 65,914 OREO, net — — 6,433 6,433 Total $ — $ — $ 72,347 $ 72,347 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 71,210 $ 71,210 OREO, net — — 7,748 7,748 Total $ — $ — $ 78,958 $ 78,958 The tables above exclude the initial measurement of assets and liabilities that were acquired as part of the business combinations disclosed in Note 3, Acquisition Activity. These assets and liabilities were recorded at their fair value upon acquisition in accordance with U.S. GAAP and were not re-measured during the periods presented unless specifically required by U.S. GAAP. Acquisition date fair values represent either Level 2 fair value measurements (investment securities, deposits, property, and equipment) or Level 3 fair value measurements (loans, core deposit intangible assets, and debt). Refer to Note 3, Acquisition Activity, for further detail. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis as of December 31, 2018 and 2017. Fair value option The Company has elected the fair value option for 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 also has a portion 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 December 31, 2018 and 2017, respectively. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale and mortgage loans held for investment measured at fair value: December 31, 2018 December 31, 2017 (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 $ 107,734 $ 104,345 $ 3,389 $ 134,916 $ 131,276 $ 3,640 Mortgage loans held for investment, at fair value 3,143 3,595 (452 ) 14,953 16,306 (1,353 ) Interest income on mortgage loans held for sale and mortgage loans held for investment at fair value option is recognized based on contractual rates and is reflected in interest income on loans held for sale in the consolidated statements of comprehensive income. The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the years ended December 31, 2018, 2017 and 2016. 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. Net Gains (Losses) Resulting From Changes in Fair Value For the Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Fair value option Mortgage loans held for sale, at fair value $ (251 ) $ 944 $ (2,512 ) Mortgage loans held for investment, at fair value (1,542 ) (204 ) (1,149 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. ASC Topic 825, Financial Instruments , excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined, except for loans, amended upon implementation of ASU 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 2, Recent Accounting Pronouncements, in this Report for a description of how the fair value measurement is determined for loans beginning January 1, 2018. December 31, 2018 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,783,579 $ 4,783,579 $ — $ 4,783,579 $ — Mortgage loans held for sale 107,734 107,734 — 107,734 — Mortgage loans held for investment, at fair value option 3,143 3,143 — — 3,143 Derivative instruments 27,048 27,048 — 27,048 — Financial Liabilities Derivative instruments 22,124 22,124 — 22,124 — Amortized Cost Financial Assets Cash and cash equivalents $ 690,453 $ 690,453 $ 690,453 $ — $ — Securities held to maturity 207,446 204,277 — 204,277 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 22,376,101 22,088,236 — — 22,088,236 Financial Liabilities Deposits 23,763,431 23,752,139 — 23,752,139 — Short-term borrowings 1,482,882 1,482,882 315,882 1,167,000 — Long-term debt 1,166,151 1,154,062 — — 1,154,062 December 31, 2017 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,590,062 $ 4,590,062 $ — $ 4,590,062 $ — Mortgage loans held for sale 134,916 134,916 — 134,916 — Mortgage loans held for investment, at fair value option 14,953 14,953 — — 14,953 Derivative instruments 31,265 31,265 — 31,265 — Financial Liabilities Derivative instruments 25,154 25,154 — 25,154 — Amortized Cost Financial Assets Cash and cash equivalents $ 625,724 $ 625,724 $ 625,724 $ — $ — Securities held to maturity 227,318 227,964 — 227,964 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 19,922,337 19,811,904 — — 19,811,904 Financial Liabilities Deposits 21,466,717 21,460,782 — 21,460,782 — Short-term borrowings 991,297 991,297 516,297 475,000 — Long-term debt 1,495,835 1,476,899 — — 1,476,899 The fair value estimates presented herein are based upon pertinent information available to management as of December 31, 2018 and 2017. 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 these dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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. 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 December 31, 2018 and 2017. There were no outstanding loans to such related parties classified as non-accrual, past due, or troubled debt restructurings at December 31, 2018. Deposits from related parties held by the Company were not material at December 31, 2018 and 2017. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
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, Mortgage, 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 Mortgage segment represents the Company’s origination, funding, and subsequent sale of one-to-four family residential mortgage loans. The LTC segment represents the Company’s title insurance and loan closing services. Certain expenses not directly attributable to a specific reportable segment are allocated to segments based on pre-determined methods that reflect utilization. Also within IBERIABANK are certain reconciling items that translate reportable segment results into consolidated results. The following tables present certain information regarding our operations by reportable segment, including a reconciliation of segment results to reported consolidated results for the periods presented. Reconciling items between segment results and reported results include: • Elimination of interest income and interest expense representing interest earned by IBERIABANK on interest-bearing checking accounts held by related companies, as well as the elimination of the related deposit balances at the IBERIABANK segment; • Elimination of investment in subsidiary balances on certain operating segments included in total and average segment assets; and • Elimination of intercompany due to and due from balances on certain operating segments that are included in total and average segment assets. Year Ended December 31, 2018 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 1,215,668 $ 5,958 $ 3 $ 1,221,629 Interest expense 208,381 — — 208,381 Net interest income 1,007,287 5,958 3 1,013,248 Provision for (reversal of) credit losses 40,429 (44 ) — 40,385 Mortgage income — 46,424 — 46,424 Title revenue — — 24,149 24,149 Other non-interest income (expense) 81,588 (95 ) 496 81,989 Allocated expenses (income) (13,437 ) 9,847 3,590 — Non-interest expense 660,804 43,021 19,073 722,898 Income (loss) before income tax expense 401,079 (537 ) 1,985 402,527 Income tax expense (benefit) 32,436 (52 ) (106 ) 32,278 Net income (loss) $ 368,643 $ (485 ) $ 2,091 $ 370,249 Total loans, leases, and loans held for sale, net of unearned income $ 22,493,809 $ 133,740 $ — $ 22,627,549 Total assets 30,645,000 162,599 25,416 30,833,015 Total deposits 23,754,512 8,919 — 23,763,431 Average assets 29,400,755 153,717 23,554 29,578,026 Year Ended December 31, 2017 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 906,521 $ 7,260 $ 2 $ 913,783 Interest expense 104,937 — — 104,937 Net interest income 801,584 7,260 2 808,846 Provision for (reversal of) credit losses 51,797 (89 ) — 51,708 Mortgage income — 63,570 — 63,570 Title revenue — — 21,972 21,972 Other non-interest income (expense) 116,659 (42 ) (12 ) 116,605 Allocated expenses (income) (13,293 ) 10,041 3,252 — Non-interest expense 575,865 73,587 16,954 666,406 Income (loss) before income tax expense 303,874 (12,751 ) 1,756 292,879 Income tax expense (benefit) 156,407 (5,771 ) (170 ) 150,466 Net income (loss) $ 147,467 $ (6,980 ) $ 1,926 $ 142,413 Total loans, leases, and loans held for sale, net of unearned income $ 20,028,840 $ 184,257 $ — $ 20,213,097 Total assets 27,672,906 208,710 22,513 27,904,129 Total deposits 21,462,776 3,941 — 21,466,717 Average assets 24,228,436 229,364 22,856 24,480,656 Year Ended December 31, 2016 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 707,676 $ 9,261 $ 2 $ 716,939 Interest expense 64,068 3,633 — 67,701 Net interest income 643,608 5,628 2 649,238 Provision for credit losses 41,433 88 — 41,521 Mortgage income 405 83,448 — 83,853 Title revenue — — 22,213 22,213 Other non-interest income 121,647 4 — 121,651 Allocated expenses (income) (13,972 ) 10,686 3,286 — Non-interest expense 480,898 65,133 17,433 563,464 Income before income tax expense 257,301 13,173 1,496 271,970 Income tax expense 79,565 5,023 605 85,193 Net income $ 177,736 $ 8,150 $ 891 $ 186,777 Total loans, leases, and loans held for sale, net of unearned income $ 15,004,360 $ 217,652 $ — $ 15,222,012 Total assets 21,319,267 315,057 24,866 21,659,190 Total deposits 17,402,742 5,541 — 17,408,283 Average assets 19,959,261 335,913 26,060 20,321,234 |
Condensed Parent Company Only F
Condensed Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Only Financial Statements | CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS Condensed financial statements of the Parent are shown below. The Parent has no significant operating activities. Condensed Balance Sheets (Dollars in thousands) December 31 2018 2017 Assets Cash in bank $ 179,545 $ 168,873 Investments in subsidiaries 4,008,802 3,661,808 Other assets 53,832 49,207 $ 4,242,179 $ 3,879,888 Liabilities and Shareholders’ Equity Liabilities $ 185,902 $ 183,097 Shareholders’ equity 4,056,277 3,696,791 $ 4,242,179 $ 3,879,888 Condensed Statements of Income Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Operating income Reimbursement of management expenses $ 83,262 $ 76,177 $ 65,104 Other income 245,213 146,796 829 Total operating income 328,475 222,973 65,933 Operating expenses Interest expense 6,008 5,168 3,948 Salaries and employee benefits expense 55,436 55,013 45,623 Other expenses 28,963 32,965 19,566 Total operating expenses 90,407 93,146 69,137 Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries 238,068 129,827 (3,204 ) Income tax expense 799 3,123 530 Income (loss) before equity in undistributed earnings of subsidiaries 237,269 126,704 (3,734 ) Equity in undistributed earnings of subsidiaries 132,980 15,709 190,511 Net Income 370,249 142,413 186,777 Less: Preferred stock dividends 9,095 9,095 7,977 Net Income Available to Common Shareholders $ 361,154 $ 133,318 $ 178,800 Condensed Statements of Cash Flows (Dollars in thousands) Year Ended December 31 2018 2017 2016 Cash Flow from Operating Activities Net income $ 370,249 $ 142,413 $ 186,777 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 145 62 98 Net income of subsidiaries (377,974 ) (160,206 ) (190,511 ) Share-based compensation cost 20,278 16,436 14,523 Other operating activities, net 491 (4,256 ) 12,417 Net Cash Provided by (Used in) Operating Activities 13,189 (5,551 ) 23,304 Cash Flow from Investing Activities Cash paid in excess of cash received for acquisitions (7 ) (809,159 ) — Purchases of premises and equipment (52 ) (105 ) — Return of capital from (Capital contributed to) subsidiary 245,000 144,500 (6,000 ) Other investing activities, net (1,500 ) — (749 ) Net Cash (Used in) Investing Activities 243,441 (664,764 ) (6,749 ) Cash Flow from Financing Activities Cash dividends paid on common stock (84,782 ) (72,772 ) (56,793 ) Cash dividends paid on preferred stock (9,095 ) (9,095 ) (7,028 ) Net share-based compensation stock transactions (3,226 ) (832 ) 6,899 Payments to repurchase common stock (148,855 ) — (11,666 ) Net proceeds from issuance of common stock — 485,151 279,242 Net proceeds from issuance of preferred stock — — 55,285 Other financing activities, net — (56 ) — Net Cash Provided by (Used In) Financing Activities (245,958 ) 402,396 265,939 Net Increase (Decrease) in Cash and Cash Equivalents 10,672 (267,919 ) 282,494 Cash and Cash Equivalents at Beginning of Period 168,873 436,792 154,298 Cash and Cash Equivalents at End of Period $ 179,545 $ 168,873 $ 436,792 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification Certain amounts reported in prior periods have been reclassified to conform to the current period presentation. These reclassifications did not have a material effect on previously reported consolidated financial statements. |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION All significant intercompany balances and transactions have been eliminated in 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 $230.2 million and $160.2 million at December 31, 2018 and 2017, 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, fair value, or proportional amortization method of accounting. Prior to January 1, 2018, investments in entities that were not consolidated were 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 at cost less impairment plus or minus changes resulting from observable price changes, which approximates fair value. Prior to January 1, 2018, investments for which the Company did not hold such ability were accounted for under the cost method. Investments in qualified affordable housing projects, which meet certain criteria, are accounted for under the proportional amortization method. |
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 accounting for acquired impaired loans, the allowance for credit losses, the valuation of goodwill and other intangible assets, and income taxes. |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISKS 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 within 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. The Company believes it does not have any excessive concentrations to any one industry, loan type, or customer. |
Business Combinations | BUSINESS COMBINATIONS Assets and liabilities acquired in business combinations are recorded at their acquisition date fair values. The Company generally records provisional amounts at the time of acquisition based on the information available to the Company. The provisional estimates of fair values may be adjusted for a period of up to one year (“measurement period”) from the date of acquisition if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Adjustments recorded during the measurement period are recognized in the current reporting period. Loans generally represent a significant portion of the assets acquired in the Company’s business acquisitions. If the Company discovers that it has materially underestimated the credit losses expected in the loan portfolio based on information available at the acquisition date within the measurement period, it will reduce or eliminate the gain and/or increase goodwill recorded on the acquisition in the period the adjustment is recorded. If the Company determines that losses arose subsequent to the acquisition date, such losses are reflected as a provision for credit losses. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS For purposes of presentation in the consolidated statements of cash flows, cash and cash equivalents are defined as cash on hand, interest-bearing deposits, and non-interest-bearing demand deposits at other financial institutions with original maturities less than three months . IBERIABANK may be required to maintain average cash balances on hand or with the Federal Reserve Bank to meet regulatory reserve and clearing requirements. At December 31, 2018 and 2017, IBERIABANK had sufficient cash deposited with the Federal Reserve Bank to cover the required reserve balance. |
Investment Securities | INVESTMENT SECURITIES Management determines the appropriate accounting classification of debt and equity securities at the time of acquisition and re-evaluates such designations at least quarterly. Debt securities that management has the ability and intent to hold to maturity are classified as HTM and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities acquired with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading securities and reported at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as HTM or trading are classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in OCI. Prior to January 1, 2018, equity securities with readily determinable fair values were also classified as AFS and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in OCI. Credit-related declines in the fair value of debt securities that are considered OTTI are recorded in earnings. Prior to January 1, 2018, credit-related declines in the fair value of marketable equity securities that were considered OTTI were recorded in earnings. The Company evaluates its investment securities portfolio on a quarterly basis for indicators of OTTI. Declines in the fair value of individual HTM and AFS securities below their amortized cost basis are reviewed to determine whether the declines are other than temporary. In estimating OTTI losses, management considers 1) the length of time and the extent to which the fair value has been less than the amortized cost basis, 2) the financial condition and near-term prospects of the issuer, 3) its intent to sell and whether it is more likely than not that the Company would be required to sell those securities before the anticipated recovery of the amortized cost basis, and 4) for debt securities, the recovery of contractual principal and interest. For securities that the Company does not expect to sell, or it is not more likely than not it will be required to sell prior to recovery of its amortized cost basis, the credit component of an OTTI is recognized in earnings and the non-credit component is recognized in OCI. For securities that the Company does expect to sell, or it is more likely than not that it will be required to sell prior to recovery of its amortized cost basis, both the credit and non-credit component of an OTTI are recognized in earnings. Subsequent to recognition of OTTI, an increase in expected cash flows is recognized as a yield adjustment over the remaining expected life of the security based on an evaluation of the nature of the increase. Other equity securities primarily consist of stock acquired for regulatory purposes, such as Federal Home Loan Bank stock and Federal Reserve Bank stock and are included in “other assets." Gains or losses on securities sold are recorded on the trade date, using the specific identification method. |
Loans Held for Sale | LOANS HELD FOR SALE Loans and loan commitments which the Company does not have the intent and ability to hold for the foreseeable future or until maturity or payoff are classified as loans held for sale at the time of origination or acquisition. Subsequent to origination or acquisition, if the Company no longer has the intent or ability to hold a loan for the foreseeable future, generally a decision has been made to sell the loan and it is classified within loans held for sale. Unless the fair value option has been elected at origination or acquisition, loans classified as held for sale are carried at the lower of cost or fair value. Amortization/accretion of remaining unamortized net deferred loan fees or costs and discounts or premiums (if applicable) ceases when a loan is classified as held for sale. Loans held for sale primarily consist of fixed rate single-family residential mortgage loans originated and committed to be sold in the secondary market. Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in mortgage income. For any other loans held for sale, net unrealized losses, if any, are recognized through a valuation allowance that is recorded as a charge to non-interest income. See Note 19 for further discussion of the determination of fair value for loans held for sale. In most cases, loans in this category are sold within thirty days and are generally sold with the mortgage servicing rights released. Buyers generally have recourse to return a purchased loan or request reimbursement for the loan premium or consideration transferred for servicing rights under limited circumstances. Recourse conditions may include prepayment, payment default, breach of representations or warranties, and documentation deficiencies. During 2018 and 2017, an insignificant number of loans were returned to the Company. At December 31, 2018 and 2017, the recorded repurchase liability associated with transferred loans was not material. |
Loans and Leases | LOANS Legacy (Loans originated or renewed and underwritten by the Company) The Company originates mortgage, commercial, and consumer loans for customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the unpaid principal balances, less the ALL, charge-offs, and unamortized net loan origination fees and direct costs, except for loans carried at fair value. Interest income is accrued as earned over the term of the loans based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield. Acquired (Loans acquired through Business Combinations) Acquired loans are recorded at fair value on the acquisition date. Credit risk assumptions and any resulting credit discounts are included in the determination of fair value. Therefore, an ALL is not recorded at the acquisition date. The determination of fair value includes estimates related to discount rates, expected prepayments, and the amount and timing of undiscounted expected principal, interest, and other cash flows. All acquired loans are evaluated for impairment at the time of acquisition. At the time of acquisition, acquired loans that reflect credit deterioration since origination to the extent that it is probable that the Company will be unable to collect all contractually required payments are classified as purchased impaired loans (“acquired impaired loans”). All other acquired loans are classified as purchased non-impaired loans (“acquired non-impaired loans”). At the time of acquisition, acquired impaired loans are accounted for individually or aggregated into loan pools with similar characteristics, which include: • whether the loan is performing according to contractual terms at the time of acquisition, • the loan type based on regulatory reporting guidelines, primarily whether the loan was a mortgage, consumer, or commercial loan, • the nature of the collateral, • the interest rate type, whether fixed or variable rate, and • the loan payment type, primarily whether the loan is amortizing or interest-only. From these pools, the Company uses certain loan information, including outstanding principal balance, estimated expected losses, weighted average maturity, weighted average term to re-price for a variable rate loan, weighted average margin and weighted average interest rate to estimate the expected cash flows for each loan pool. For acquired impaired loans, expected cash flows at the acquisition date in excess of the fair value of loans are recorded as interest income over the life of the loans using a level yield method if the timing and amount of future cash flows is reasonably estimable. For acquired non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at acquisition, referred to as a purchase premium or discount, is amortized or accreted to income over the estimated life of the loans as an adjustment to yield. Subsequent to acquisition, the Company performs cash flow re-estimations at least quarterly for each acquired impaired loan or loan pool. Increases in estimated cash flows above those expected at the time of acquisition are recognized on a prospective basis as interest income over the remaining life of the loan and/or pool. Decreases in expected cash flows subsequent to acquisition generally result in recognition of a provision for credit loss. The measurement of cash flows involves several assumptions and judgments, including prepayments, default rates and loss severity among other factors. All of these factors are inherently subjective and significant changes in the cash flow estimations can result over the life of the loan. Classification The Company’s loan portfolio is disaggregated into portfolio segments for purposes of determining the ACL. The Company’s portfolio segments include commercial, residential mortgage, and consumer and other loans, bifurcated between legacy and acquired non-impaired loans. The Company further disaggregates each commercial, residential mortgage, and consumer and other loans portfolio segment into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial loan portfolio segment include commercial real estate-construction, commercial real estate-owner-occupied, commercial real estate-non-owner occupied, and commercial and industrial. Classes within the consumer and other loans portfolio segment include home equity, indirect automobile, credit card and other. |
Troubled Debt Restructurings | Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize risk of loss. These concessions may include restructuring the terms of a loan to alleviate the burden of the customer’s near-term cash requirements. In order to be classified as a TDR, the Company must conclude that the restructuring constitutes a concession and the customer is experiencing financial difficulties. The Company defines a concession to the customer as a modification of existing terms for economic or legal reasons that it would otherwise not consider. The concession is either granted through an agreement with the customer or is imposed by a court of law. Concessions include modifying original loan terms to reduce or defer cash payments required as part of the loan agreement, including but not limited to: • a reduction of the stated interest rate for the remaining original life of the loan, • extension of the maturity date or dates at a stated interest rate lower than the current market rate for new loans with similar risk characteristics, • reduction of the face amount or maturity amount of the loan as stated in the agreement, or • reduction of accrued interest receivable on the loan. In its determination of whether the customer is experiencing financial difficulties, the Company considers numerous indicators, including, but not limited to: • whether the customer is currently in default on its existing loan(s), or is in an economic position where it is probable the customer will be in default on its loan(s) in the foreseeable future without a modification, • whether the customer has declared or is in the process of declaring bankruptcy, • whether there is substantial doubt about the customer’s ability to continue as a going concern, • whether, based on its projections of the customer’s current capabilities, the Company believes the customer’s future cash flows will be insufficient to service the loan, including interest, in accordance with the contractual terms of the existing agreement for the foreseeable future, and • whether the customer cannot obtain sufficient funds from other sources at an effective interest rate equal to the current market rate for a similar loan for a non-troubled debtor. If the Company concludes that both a concession has been granted and the customer is experiencing financial difficulties, the Company identifies the loan as a TDR. All TDRs are considered impaired loans. |
Non-accrual and Past Due Loans (Including Loan Charge-offs) | Non-accrual and Past Due Loans (Including Loan Charge-offs) Loans are generally considered past due when contractual payments of principal and interest have not been received within 30 days from the contractual due date. Residential mortgage loans are considered past due when contractual payments have not been received for two consecutive payment dates. Legacy and acquired non-impaired loans are placed on non-accrual status when any of the following occur: 1) the loan is maintained on a cash basis because of deterioration in the financial condition of the borrower; 2) collection of the full contractual amount of principal and interest is not expected even if the loan is currently paying as agreed; or 3) when principal or interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. Factors considered in determining the collection of the full contractual amount of principal and interest include assessment of the borrower’s cash flow, valuation of underlying collateral, and the ability and willingness of guarantors to provide credit support. Certain commercial loans are also placed on non-accrual status when payment is not past due and full payment of principal and interest is expected, but the Company has doubt about the borrower’s ability to comply with existing repayment terms. Consideration will be given to placing a loan on non-accrual due to the deterioration of the debtor’s repayment ability, the repayment of the loan becoming dependent on the liquidation of collateral, an existing collateral deficiency, the loan being classified as "Doubtful" or "Loss," the client filing for bankruptcy, and/or foreclosure being initiated. Regarding all classes within the C&I and CRE portfolios, the determination of a borrower’s ability to make the required principal and interest payments is based on an examination of the borrower’s current financial statements, industry, management capabilities, and other qualitative factors. Acquired impaired loans are placed on non-accrual status when the Company cannot reasonably estimate cash flows on a loan or loan pool. Legacy and acquired non-impaired loans are evaluated for potential charge-off in accordance with the parameters discussed in the following paragraph or when the loan is placed on non-accrual status, whichever is earlier. Loans within the commercial portfolio (except for acquired impaired loans) are generally evaluated for charge-off at 90 days past due, unless both well-secured and in the process of collection. Closed and open-end residential mortgage and consumer loans (except for acquired impaired loans) are evaluated for charge-off no later than 120 days past due. Any outstanding loan balance in excess of the fair value of the collateral less costs to sell is charged-off no later than 120 days days past due for loans secured by real estate. For non-real estate secured loans, in lieu of charging off the entire loan balance, loans may be written down to the fair value of the collateral less costs to sell if repossession of collateral is assured and in process. The accrual of interest, as well as the amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium, is discontinued at the time the loan is placed on non-accrual status. All accrued but uncollected interest for loans that are placed on non-accrual status is reversed through interest income. Cash receipts received on non-accrual loans are generally applied against principal until the loan has been collected in full, after which time any additional cash receipts are recognized as interest income (i.e., cost recovery method). However, interest may be accounted for under the cash-basis method as long as the remaining recorded investment in the loan is deemed fully collectible. Loans are returned to accrual status when the borrower has demonstrated a capacity to continue payment of the debt (generally a minimum of six months of sustained repayment performance) and collection of contractually required principal and interest associated with the debt is reasonably assured. Additionally, for a non-accrual TDR to be returned to accrual status, a current, well-documented credit analysis is required and the borrower must have complied with all terms of the modification. At such time, the accrual of interest and amortization/accretion of any remaining unamortized net deferred fees or costs and discount or premium shall resume. Any interest income which was applied to the principal balance shall not be reversed and subsequently will be recognized as an adjustment to yield over the remaining life of the loan. |
Impaired Loans | Impaired Loans For all classes within the commercial portfolio, all loans with an outstanding commitment balance above a specific threshold are evaluated on a quarterly basis for potential impairment. Generally, residential mortgage and consumer loans within any class are not individually evaluated on a regular basis for impairment. All TDRs, regardless of the outstanding balance amount or portfolio classification, and all acquired impaired loans are considered to be impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest in accordance with the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the likelihood of collecting scheduled principal and interest payments when contractually due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Impairment losses are measured on a loan-by-loan basis for commercial and certain residential mortgage or consumer loans, based on either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral-dependent. This measurement requires significant judgment and use of estimates, and the actual loss ultimately recognized by the Company may differ significantly from the estimates. |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES The Company maintains the ACL at a level that management believes appropriate to absorb estimated probable credit losses incurred in the loan portfolios, including unfunded commitments, as of the consolidated balance sheet date. The ACL consists of the allowance for loan losses (contra asset) and the reserve for unfunded commitments (liability). The manner in which the ACL is determined is based on 1) the accounting method applied to the underlying loans and 2) whether the loan is required to be measured for impairment. The Company delineates between loans accounted for under the contractual yield method, legacy and acquired non-impaired loans, and acquired impaired loans. Further, for legacy and acquired non-impaired loans, the Company attributes portions of the ACL to loans and loan commitments that it measures individually, and groups of homogeneous loans and loan commitments that it measures collectively for impairment. Determination of the appropriate ACL involves a high degree of complexity and requires significant judgment regarding the credit quality of the loan portfolio. Several factors are taken into consideration in the determination of the overall ACL, including a qualitative component. These factors include, but are not limited to, the overall risk profiles of the loan portfolios, net charge-off experience, the extent of impaired loans, the level of non-accrual loans, the level of 90 days past due loans, the value of collateral, the ability to monetize guarantor support, and the overall percentage level of the allowance relative to the loan portfolio, amongst other factors. The Company also considers overall asset quality trends, changes in lending practices and procedures, trends in the nature and volume of the loan portfolio, including the existence and effect of any portfolio concentrations, changes in experience and depth of lending staff, the Company’s legal, regulatory and competitive environment, national and regional economic trends, data availability and applicability that might impact the portfolio or the manner in which it estimates losses, and risk rating accuracy and risk identification. The allowance for loan losses for all impaired loans (excluding acquired impaired loans) is determined on an individual loan basis, considering the facts and circumstances specific to each borrower. The allowance is based on the difference between the recorded investment in the loan and generally either the estimated net present value of projected cash flows or the estimated value of the collateral associated with a collateral-dependent loan. The allowance for loan losses for all non-impaired loans (excluding acquired impaired loans) is calculated based on pools of loans with similar characteristics. The pool-level allowance is calculated through the application of PD (i.e., probability of default) and LGD (i.e., loss given default) factors for each individual loan. PDs and LGDs are determined based on historical default and loss information for similar loans. For purposes of establishing estimated loss percentages for pools of loans that share common risk characteristics, the Company’s loan portfolio is segmented by various loan characteristics including loan type, risk rating for commercial, Vantage or FICO score for residential mortgage and consumer, past due status for residential mortgage and consumer and call report code. The default and loss information is measured over an appropriate period for each loan pool and adjusted as deemed appropriate. Qualitative adjustments are incorporated into the pool-level analysis to accommodate for the imprecision of certain assumptions and uncertainties inherent in the calculation. See the "Loans" section of this footnote for discussion of the determination of the ACL for acquired impaired loans. Certain inherent, but unconfirmed losses are probable within the loan portfolio. The Company’s current methodology for determining the level of inherent losses is based on historical loss rates, current credit grades, specific allocation, and other qualitative adjustments. In a stable or deteriorating credit environment, heavy reliance on historical loss rates and the credit grade rating process results in model-derived reserves that tend to slightly lag behind portfolio deterioration. Similar lags can occur in an improving credit environment whereby required reserves can lag slightly behind portfolio improvement. Given these and other model limitations, qualitative adjustment factors may be incremental or decremental to the quantitative model results. The reserve for unfunded commitments is determined using similar methodologies described above for non-impaired loans. The loss factors used in the reserve for unfunded commitments are equivalent to the loss factors used in the allowance for loan losses, while also considering utilization of unused commitments. |
Premises and Equipment | PREMISES AND EQUIPMENT Land is carried at cost. Buildings, furniture, fixtures, and equipment are carried at cost, less accumulated depreciation computed on a straight-line basis over the estimated useful lives of 10 to 40 years for buildings and related improvements and generally 3 to 20 years for furniture, fixtures, and equipment. Leasehold improvements are amortized over the lease term, including any renewal periods that are reasonably assured, or the asset’s useful life, whichever is shorter. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the consideration paid in a business combination over the fair value of the identifiable net assets acquired. Goodwill is not amortized, but is assessed for potential impairment at a reporting unit level on an annual basis, as of October 1 st , or whenever events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than its respective carrying amount. For the annual October 1, 2018 impairment evaluation, management elected to bypass the qualitative assessment for each respective reporting unit (IBERIABANK, Mortgage, and LTC) and performed Step 1 of the goodwill impairment test. Step 1 of the goodwill impairment test requires the Company to compare the fair value of each reporting unit with its carrying amount, including goodwill. Accordingly, the Company determined the fair value of each reporting unit and compared the fair value to each respective reporting unit’s carrying amount. The Company determined that none of the reporting units’ fair values were below their respective carrying amounts. The Company concluded goodwill was not impaired as of October 1, 2018. Further, no events or changes in circumstances between October 1, 2018 and December 31, 2018 indicated that it was more likely than not the fair value of any reporting unit had been reduced below its carrying value. Based on the testing performed in 2018 and 2017, management concluded that for the IBERIABANK, Mortgage, and LTC reporting units, goodwill was not impaired at any time during those periods. Title Plant Costs incurred to construct a title plant, including the costs incurred to obtain, organize, and summarize historical information, are capitalized until the title plant can be used to perform title searches. A purchased title plant, including a purchased undivided interest in a title plant, is recorded at cost at the date of acquisition. For a title plant acquired separately or as part of a business acquisition, cost is measured as the fair value of the consideration paid. Capitalized costs of a title plant are not depreciated or charged to income unless circumstances indicate that the carrying amount of the title plant has been impaired. Impairment indicators include a change in legal requirements or statutory practices, identification of obsolescence, or abandonment of the title plant, among other indicators. Capitalized storage and retrieval costs (e.g., costs to convert from one storage retrieval system to another or to modernize the storage and retrieval systems) incurred after a title plant is operational are charged to expense in a systematic and rational manner. Title plant is recorded within "other assets" on the Company’s consolidated balance sheets. Intangible assets subject to amortization The Company’s acquired intangible assets that are subject to amortization primarily include core deposit intangibles, which are amortized on a straight-line or accelerated basis, and a customer relationship intangible asset, which is amortized on an accelerated basis, over average lives not to exceed 10 years. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is identified if the sum of the undiscounted estimated future cash flows is less than the carrying value of the asset. Intangible assets are recorded within "other assets" on the Company’s consolidated balance sheets. |
Other Real Estate Owned | OTHER REAL ESTATE OWNED Other real estate owned includes all real estate, other than bank premises used in bank operations, owned or controlled by the Company, including real estate acquired in settlement of loans. Properties are initially recognized at the lower of the recorded investment in the loan or its estimated fair value less costs to sell, generally when the Company has received physical possession. The amount by which the recorded investment of the loan exceeds the fair value less costs to sell of the property is charged to the ALL. Subsequent to foreclosure, the assets are carried at the lower of cost or fair value less costs to sell. Former bank properties transferred to OREO are recorded at the lower of cost or market. Subsequent declines in the fair value of other real estate are recorded as adjustments to the carrying amount through a valuation allowance. Revenue and expenses from operations, gain or loss on sale, and changes in the valuation allowance are included in net expenses from foreclosed assets. OREO is recorded within "other assets" on the Company’s consolidated balance sheets. |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company enters into various derivative financial instruments to manage interest rate risk, asset sensitivity and other exposures such as liquidity and credit risk, as well as to facilitate customer transactions. The primary types of derivatives utilized by the Company for its risk management strategies include interest rate swap agreements, interest rate collars, interest rate floors, 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, regardless of whether a right of offset exists. Changes in the fair value of a derivative instrument are recorded based on whether it has been designated and qualifies as part of a hedging relationship. Interest rate swap and foreign exchange contracts are entered into by the Company to allow its commercial customers to manage their exposure to market rate fluctuations. To mitigate the Company's exposure to the rate risk associated with customer contracts, offsetting derivative positions are entered into with reputable counterparties. The Company manages its credit risk, or potential risk of default, from the customer contracts through credit limit approval and monitoring procedures. These contracts are not designated for hedge accounting (i.e., treated as economic hedges). Derivatives Designated in Hedging Relationships For cash flow hedges, the effective and ineffective portions of the gain or loss related to the derivative instrument is initially reported as a component of OCI and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. Prior to January 1, 2018, the ineffective portion of the gain or loss, if any, was reported in earnings immediately in either "other income" or "other expense," respectively. 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. The Company has also designated interest rate collars and interest rate floors in a cash flow hedge to reduce the risk of fluctuations in interest rates and thereby reduce the Company’s exposure to variability in cash flows from variable-rate loans. The Company has concluded that the forecasted transactions are probable of occurring. Derivatives Not Designated in Hedging Relationships For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Common Types of Derivatives • Interest rate swap agreements Interest rate swaps are agreements to exchange interest payments based upon notional amounts. The exchange of payments typically involves paying a fixed rate and receiving a variable rate or vice versa. The Company primarily utilizes these instruments, which the Company designates as cash flow hedges, to manage interest rate risk by converting a portion of its variable-rate loans or debt to a fixed rate. • Interest rate collars Interest rate collars are agreements that create a range within which interest rates can fluctuate. The interest rate collar protects against significant decreases in interest rates but limits the benefits when interest rates increase. These instruments are designated as cash flow hedges and are used by the Company to manage interest rate risk by reducing the variability in cash flows that can occur with variable-rate loans. • Interest rate floors Interest rate floors are agreements that protect against significant decreases in interest rates if interest rates fall below a specified level over an agreed period of time. These instruments are designated as cash flow hedges and are used by the Company to manage interest rate risk by reducing the variability in cash flows that can occur with variable-rate loans. • Interest rate lock commitments The Company enters into commitments to originate mortgage loans intended for sale whereby the interest rate on the prospective loan is determined prior to funding (“rate lock”). A rate lock is provided to a borrower, subject to conditional performance obligations, for a specified period of time that typically does not exceed 60 days. Rate lock commitments on mortgage loans that are intended to be sold are recognized as derivatives. Accordingly, such commitments are recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. • Forward sales commitments The Company uses forward sales commitments to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and sale of these loans, as changes in interest rates have the potential to cause a decline in value of rate locks and mortgage loans included in the held for sale portfolio. These commitments are recognized as derivatives and recorded at fair value as derivative assets or liabilities, with changes in fair value recorded in mortgage income on the consolidated statements of comprehensive income. • Equity-indexed certificates of deposit IBERIABANK offers its customers a certificate of deposit that provides the purchaser a guaranteed return of principal at maturity plus a potential return, which allows IBERIABANK to identify a known cost of funds. The rate of return is based on the performance of a group of publicly traded stocks that represent a variety of industry segments. Because it is based on an equity index, the rate of return represents an embedded derivative that is not clearly and closely related to the host instrument and is to be accounted for separately. Accordingly, the certificate of deposit is separated into two components: a zero coupon certificate of deposit (the host instrument) and a written option purchased by the depositor (an embedded derivative). The discount on the zero coupon deposit is amortized over the life of the deposit, and the written option is carried at fair value on the Company’s consolidated balance sheets, with changes in fair value recorded through earnings. IBERIABANK offsets the risks of the written option by purchasing an option with terms that mirror the written option, which is also carried at fair value on the Company’s consolidated balance sheets. |
Off-balance-Sheet Credit-related Financial Instruments | OFF-BALANCE SHEET CREDIT-RELATED FINANCIAL INSTRUMENTS In the ordinary course of business, the Company executes various commitments to extend credit, including commitments under commercial construction arrangements, commercial and home equity lines of credit, credit card arrangements, commercial letters of credit, and standby letters of credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed. Such financial instruments are recorded on the funding date. At December 31, 2018 and 2017, the fair value of guarantees under commercial and standby letters of credit was not material. |
Transfers of Financial Assets | TRANSFERS OF FINANCIAL ASSETS Transfers of financial assets, or portions thereof which meet the definition of a participating interest, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when 1) the assets have been legally isolated from the Company, 2) the transferee has the right to pledge or exchange the assets with no conditions that constrain the transferee and provide more than a trivial benefit to the Company, and 3) the Company does not maintain effective control over the transferred assets. If the transfer does not satisfy all three criteria, the transaction is recorded as a secured borrowing. If the transfer is accounted for as a sale, the transferred assets are derecognized from the Company’s balance sheet and a gain or loss on sale is recognized. If the transfer is accounted for as a secured borrowing, the transferred assets remain on the Company’s balance sheet and the proceeds from the transaction are recognized as a liability. Servicing Rights The Company recognizes the rights to service mortgage and other loans as separate assets, which are recorded in "other assets" in the consolidated balance sheets, when purchased or when servicing is contractually separated from the underlying loans by sale with servicing rights retained. For loan sales with servicing retained, a servicing right, generally an asset, is recorded at fair value at the time of sale for the right to service the loans sold. All servicing rights are identified by class and amortized over the remaining service life of the loan. |
Income Taxes | INCOME TAXES The Company and all subsidiaries file a consolidated Federal income tax return on a calendar year basis. The Company files income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions through IBERIABANK Corporation (Parent), IBERIABANK, and their respective subsidiaries. In lieu of Louisiana state income tax, IBERIABANK is subject to the Louisiana bank shares tax, portions of which are included in both "non-interest expense" and "income tax expense" in the Company’s consolidated statements of comprehensive income. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations for years before 2014. Deferred income tax assets and liabilities are determined using the liability or balance sheet method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in "non-interest expense." Investments in qualified affordable housing projects that meet certain criteria are accounted for under the proportional amortization method. Under this method, the expense associated with the investments is recognized in income tax expense rather than non-interest expense. The Company has also elected to utilize the deferral method for investments that generate investment tax credits. Under this approach, the investment tax credits are recognized as a reduction of the related asset rather than income tax expense. |
Share-based Compensation Plans | SHARE-BASED COMPENSATION PLANS The Company issues stock options, restricted stock awards, restricted share units, and phantom stock awards under various plans to directors, officers, and other key employees. Compensation cost for all awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, taking into account retirement eligibility. The majority of the Company's share-based awards qualify for equity accounting and contain service conditions. The fair value of awards is measured at the grant date and not subsequently remeasured. The Company accounts for share-based forfeitures as they occur. For awards that contain a market condition, the Company includes the market condition in the determination of the grant date fair value of the award. Compensation cost for an award with a market condition is recognized regardless of whether the market condition is satisfied, assuming the requisite service is met. The Company does not include performance conditions in the determination of the grant date fair value of the award. Compensation cost for an award with a performance condition is not recognized if the performance condition is not satisfied. Phantom stock awards are accounted for as liability awards and are remeasured at each reporting period based on their fair value until the date of settlement. Compensation cost for each reporting period until settlement is based on the change (or a portion of the change, depending on the percentage of the requisite service that has been rendered at the reporting date) in the fair value of the phantom stock award for each reporting period. Compensation expense relating to share-based awards is recognized in net income as part of “salaries and employee benefits” on the consolidated statements of comprehensive income for employees and “professional services” for non-employee directors. The exercise price for the options granted by the Company is not less than the fair market value of the underlying stock at the grant date. |
Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares, in the form of stock options or restricted stock units, had been issued, as well as any adjustment to income that would result from the assumed issuance. Participating common shares issued by the Company relate to unvested outstanding restricted stock awards, the earnings allocated to which are used in determining income available to common shareholders under the two-class method. The two-class method allocates earnings for the period between common shareholders and other participating securities holders. The participating awards receiving dividends are allocated the same percentage of income as if they were outstanding shares. |
Share Repurchases | SHARE REPURCHASES The Company classifies repurchased shares as a reduction to issued shares of common stock and adjusts the stated value of common stock and paid-in-capital. |
Comprehensive Income | COMPREHENSIVE INCOME Accounting principles generally require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities and cash flow hedges, are reported as a separate component of the shareholders’ equity section of the consolidated balance sheets, such items along with net income are components of comprehensive income. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company estimates fair value based on the assumptions market participants would use when selling an asset or transferring a liability and characterizes such measurements within the fair value hierarchy based on the inputs used to develop those assumptions and measure fair value. The hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. Following is a description of the valuation methodologies used for financial instruments measured at fair value, as well as the classification of such instruments within the valuation hierarchy. The descriptions below are exclusive of assets or liabilities acquired in business combinations, as all such instruments are required to initially be measured at fair value. • Cash and cash equivalents The carrying amounts of cash and cash equivalents approximate their fair value and are classified within Level 1 of the fair value hierarchy. • Investment securities Securities are classified within Level 1 where quoted market prices are available in an active market. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics and the securities are classified within Level 2 of the fair value hierarchy. • Mortgage loans held for sale Mortgage loans originated and held for sale are recorded at fair value under the fair value option, unless otherwise noted. When determining the fair value of loans held for sale, the Company obtains quotes or bids on these loans directly from the purchasing financial institutions. Mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. • Mortgage loans held for investment at fair value option The fair value of mortgage loans held for investment at fair value option is determined by a third party using a discounted cash flow model using various assumptions about future loan performance and market discount rates. Mortgage loans held for investment at fair value option are classified within Level 3 of the fair value hierarchy. • Loans The fair values of mortgage loans are estimated using an exit price methodology that is based on present values using interest rate that would be charged for a similar loan to a borrower with similar risk at December 31, 2018, weighted for varying maturity dates and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. At December 31, 2017, the fair value of mortgage loans was estimated using an entry value methodology. Other loans and leases are valued based on present values using the interest rate that would be charged for a similar instrument to a borrower with similar risk at December 31, 2018, applicable to each category of instruments, and adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. At December 31, 2017, the fair value of other loans and leases was estimated using an entry value methodology. At December 31, 2018 and 2017, mortgage and other loans and leases are classified within Level 3 of the fair value hierarchy. • Impaired loans Fair value measurements for impaired loans are determined using either a present value of expected future cash flows discounted using the loan’s effective interest rate or the fair value of the collateral, if the loan is collateral-dependent (Level 3 of the fair value hierarchy). Fair value of the collateral is determined by appraisals or independent valuation less costs to sell. Impaired loans for which the fair value of the collateral is higher than the recorded investment in the loan are not adjusted to fair value and therefore not recorded in the Company’s non-recurring fair value measurements section of the Fair Value Measurements footnote. • Other real estate owned Fair values of OREO are determined by sales agreement or appraisal and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values on the properties or recent sales activity for similar assets in the property’s market. Updated appraisals are obtained on at least an annual basis. OREO measured at fair value is classified within Level 3 of the fair value hierarchy. • Derivative financial instruments Fair values of interest rate swaps, interest rate locks, interest rate collars, interest rate floors, foreign exchange contracts, forward sales contracts, and written and purchased options are estimated using prices of financial instruments with similar characteristics and thus are classified within Level 2 of the fair value hierarchy. • Deposits The fair value of non-interest-bearing deposits, NOW accounts, money market deposits and savings accounts are the amounts payable on demand at the reporting date. Certificates of deposit and other time deposits are valued using a discounted cash flow model based on the weighted-average rate at December 31, 2018 and 2017 for deposits with similar remaining maturities. The Company evaluated the inputs to the fair value estimate and based on our use of quoted prices for similar liabilities determined that the fair value of deposits should be classified within Level 2 of the fair value hierarchy. • Short-term borrowings Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily, are reflected at the amount of cash received in connection with the transaction, and are classified within Level 1 of the fair value hierarchy. The carrying amounts of other short-term borrowings maturing within ninety days approximate their fair values and are classified within Level 2 of the fair value hierarchy as similar instruments are traded in active markets. • Long-term debt The fair values of long-term debt are estimated using discounted cash flow analyses based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company’s long-term debt is classified within Level 3 of the fair value hierarchy. |
Recent Accounting Pronouncements | NOTE 2 - RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements adopted during the year ended December 31, 2018: 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 ASU clarifies 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. Revenue from Contracts with Customers The majority of the Company’s income streams (e.g., interest and dividend income and mortgage income) are accounted for in accordance with GAAP literature outside the scope of ASC 606, Revenue from Contracts with Customers . Details regarding income recognition for interest and non-interest streams can be found throughout Note 1 - Summary of Significant Accounting Policies. Impairment losses recognized against certain receivables (e.g., NSF fees) and capitalized costs (e.g., sales commissions) associated with contracts within the scope of ASC 606 are immaterial. Non-interest income from service charges on deposit accounts, broker commissions, ATM/debit card fee income, credit card and merchant-related income (e.g., interchange fees), and transactional income from traditional banking services (part of other non-interest income) are the significant income streams within the scope of ASC 606 associated with the IBERIABANK reportable segment. Non-interest income from title revenue is associated with the LTC reportable segment. Recognition of Revenue from Contracts with Customers The Company enters into various contracts with customers to provide traditional banking services, including asset management, on a routine basis. The Company’s performance obligations are generally service-related and provided on a daily or monthly basis. The Company does not typically have performance obligations which extend beyond a reporting period. The performance obligations are generally satisfied upon completion of service (i.e., as services are rendered) and the fees are collected at such time, or shortly thereafter. The fees are readily determinable and allocated individually to each service. It is not typical for contracts to require significant judgment to determine the transaction price. Some contracts contain variable consideration; however, the variable consideration is generally constrained (not estimable) as it is based on the occurrence or nonoccurence of a contingent event (or another constraint in some circumstances). The Company generally records the variable consideration when the contingent event occurs and the fee is determinable. The Company provides some services for customers in which it acts in an agent capacity, but generally acts in a principal capacity. Payment terms and conditions vary slightly amongst services; however, amounts are generally invoiced and due or collected by the Company within 30 days, although some fees may be prepaid. The Company bills the customer periodically as performance obligations are satisfied for most services. Therefore, revenue for services provided is generally recognized in the amount invoiced (except in circumstances of prepayment) as that amount corresponds directly to the value of the Company’s performance. In the normal course of business, the Company does not generally grant refunds for services provided. As such, the Company does not establish provisions for estimated returns. Title revenue associated with services provided by LTC, as well as broker commissions, ATM/debit card fee income, credit card and merchant-related income (e.g., interchange fees), and transactional fees from traditional banking services generated within IBERIABANK are generally recognized at the point-in-time the services are provided. The Company has determined this recognition to be appropriate as, upon completion of services, the Company has completed its performance obligations, has a present right to payment (or has collected the cash), and the customer is able to obtain (or has obtained) substantially all of the benefits from the performance obligation (i.e., the provided services). Revenues from service charges on deposit accounts are recognized at the end of the monthly service period (e.g., account service charges) or the date the performance obligation is satisfied (e.g., NSF, stop payment, wire transfer, etc.), except for deposit account services performed by Treasury Management which are recognized on a monthly basis, as these services are performed over that time. Asset management fees (e.g., trust fees) are generally recognized at the end of the monthly service period, but fees are not collected until the beginning of the subsequent month, although some contracts may have quarterly terms and/or be prepaid. NSF fees which are not initially paid are subsequently recorded as a loan (along with the overdraft balance) and remain classified as such until the amount is paid or charged-off (generally after 60 days). Adoption of ASC 606 The Company adopted ASC 606 as of January 1, 2018 for all contracts as of the effective date. Prior period amounts have been reclassified to conform to current guidance requirements related to the net presentation of certain costs associated with interchange fees and rewards programs. The reclassification of prior period amounts reduced non-interest income and non-interest expense by approximately $8.9 million for the year ended December 31, 2017 and had no impact on net income. There was no cumulative adjustment made to opening retained earnings as of January 1, 2018. 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 , which impacts how the Company measures certain equity investments and discloses and presents certain financial instruments through the application of the “exit price” methodology. The Company adopted this ASU as of January 1, 2018. Under the new guidance, equity investments can no longer be classified as trading or available for sale (AFS), and the related unrealized holding gains and losses can no longer be recognized in OCI. Per the ASU, such equity investments should be measured at fair value with adjustments recognized in earnings at the end of each reporting period. The Company’s portfolio of equity investments previously classified as AFS investment securities, which were not material at the date of adoption, were reclassified to “other assets.” As these equity investments were previously measured at fair value, the implementation of this ASU did not require any changes to the Company’s valuation method for these equity investments. As a result of adopting this ASU, the Company recorded an immaterial cumulative-effect adjustment to retained earnings for previously recorded fair value adjustments related to these equity investments. The Company elected the practical expedient measurement alternative to prospectively account for other equity investments that do not have readily determinable fair values at cost less impairment plus or minus observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company also modified its methodology for determining the estimated fair value for loans measured at amortized cost to the “exit price” methodology as required by this ASU. The fair value disclosure for loans measured at amortized cost had previously been determined using an “entry price” methodology. The Company’s “exit price” methodology estimates the fair value of these loans based on the present value of the future cash flows using the interest rate that would be charged for a similar loan to a borrower with similar risk at the indicated balance sheet date, adjusted for a liquidity discount based on the estimated time period to complete a sale transaction with a market participant. ASU No. 2016-15 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (ASC 230): Classification of Certain Cash Receipts and Cash Payments , in order to reduce current diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company retrospectively adopted this ASU effective January 1, 2018. The adoption of this ASU did not impact the Company’s consolidated statements of cash flows. ASU No. 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (ASC 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. The Company elected to early adopt this ASU prospectively effective September 30, 2018. The Company completed its annual impairment test as of October 1, 2018 in accordance with this ASU and concluded that goodwill was not impaired as of the testing date. ASU No. 2017-12 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (ASC 815): Targeted Improvements to Accounting for Hedging Activities, which amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The Company elected to early adopt this ASU effective January 1, 2018. The modified-retrospective adoption of this ASU did not impact the Company’s consolidated financial statements in the current or prior periods. ASU No. 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance requires customers in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. ASC 350-40 requires the capitalization of certain costs incurred only during the application development stage (e.g., costs of integration with on-premises software, coding, configuration, and customization). ASC 350-40 also requires entities to expense costs during the preliminary project and post-implementation stages (e.g., costs of project planning, training, maintenance after implementation, data conversion) as they are incurred. The accounting for the service element of the arrangement is not affected by the ASU. Capitalized implementation costs related to a hosting arrangement that is a service contract should be amortized over the term of the hosting arrangement. Capitalized implementation costs and the related expense should be presented in the same line item in the statement of financial position and income statement as the fees associated with the hosting element of the arrangement. Capitalized implementation cost payments should be classified in the statement of cash flows in the same manner as payments for the service component of the hosting arrangement (typically operating cash flows). The Company elected to early adopt the guidance prospectively effective August 31, 2018. The adoption of the guidance did not have a significant impact on the Company’s consolidated financial statements. Pronouncements issued but not yet adopted: ASU No. 2016-02, ASU No. 2018-11, and ASU No. 2018-20 In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) . This guidance requires lessees to recognize lease assets (i.e., right of use assets) and liabilities on the balance sheet for leases that are classified as operating leases. The lessor accounting model was relatively unchanged by this ASU. Additional guidance includes, but is not limited to, the elimination of leveraged leases; modification to the definition of a lease; guidance on sale and leaseback transactions; and disclosure of additional quantitative and qualitative information. ASU No. 2016-02 required lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842): Targeted Improvements. This ASU includes an optional transition method to apply ASU No. 2016-02 on a prospective basis as of the effective date, with a cumulative effect adjustment to retained earnings in the period of adoption, instead of applying the guidance using a modified retrospective approach as originally required under ASU No. 2016-02. ASU No. 2018-11 also provides lessors with a practical expedient by class of underlying asset to not separate nonlease components from the associated lease component under certain circumstances and clarifies which guidance (ASC 842 or ASC 606) to apply to combined lease and nonlease components. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors. This ASU permits lessors to elect to not evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs and instead, exclude these taxes from the measurement of lease revenue and expense and provide certain disclosures. The ASU adds further clarity regarding lessor recognition and measurement of (i) lessor costs paid directly by lessees to third parties on the lessor’s behalf and lessor costs that are paid by the lessor and reimbursed by the lessee, and (ii) certain variable payments that are allocated to the lease and non-lease components when changes in the facts and circumstances on which the variable payment is based occur. The Company elected the optional transition method and adopted ASU No. 2016-02, ASU No. 2018-11 and ASU No. 2018-20 effective January 1, 2019. The Company occupies certain banking offices and uses equipment under operating lease agreements, which were historically not recognized on the consolidated balance sheets. As a result of adopting this ASU, the Company anticipates recording a net increase to both assets and liabilities of approximately $100 million on January 1, 2019. The Company also elected the package of practical expedients that do not require the reassessment of expired or existing contracts’ lease classification, direct costs, or whether they are or contain leases. The Company did not elect the hindsight practical expedient. The Company did not elect to account for lease and nonlease components as a single lease component. The adjustment to retained earnings on January 1, 2019 as a result of adopting this ASU and the related impact on the Company’s regulatory capital ratios was not significant. ASU No. 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments . The guidance introduces 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 such as loans and held-to-maturity securities, including certain off-balance sheet financial instruments such as loan commitments. The measurement of 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 must be grouped together when estimating 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 guidance provides 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 ALLL with an offset (i.e., increase) to the cost basis of the related financial asset at acquisition. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods. The ASU 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 has established a cross-function implementation team and engaged third-party consultants who have jointly developed a project plan to provide implementation oversight. The Company is in the process of developing and implementing current expected credit loss models that satisfy the requirements of the ASU and continues to identify key interpretive issues. The Company expects that this ASU will result in an increase to ALLL given the change to estimate losses over the full remaining estimated life of the loan portfolio as well as the adoption of an allowance for debt securities. The extent of the increase in the ALLL is not yet known and will depend on the composition of our loan and securities portfolios, finalization of credit loss models, macroeconomic conditions and forecasts at the adoption date. ASU No. 2018-13 In August 2018, the FASB released ASU No. 2018-13, Fair Value Measurement (ASC 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements. The ASU No. 2018-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods, with early adoption permitted. The Company is currently evaluating the impact of the ASU. While adoption of this ASU will result in changes to existing disclosures, it will not have any impact on our financial position or results of operation. ASU No. 2018-16 In October 2018, the FASB released ASU No. 2018-16, Derivatives and Hedging (ASC 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes , which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 in addition to the interest rates on direct Treasury obligations of the U.S. government (UST), the London Interbank Offered Rate (LIBOR) swap rate, the OIS Rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. The required effective date of this ASU is dependent upon when an entity adopts the provisions of ASU No. 2017-12. The Company adopted ASU No. 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedging relations as ASU No. 2017-12 had previously been adopted on January 1, 2018. The implementation of this ASU will not have a significant impact on the Company’s consolidated financial statements. ASU No. 2018-17 In October 2018, the FASB released ASU No. 2018-17, Consolidation (ASC 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities, which improves the consistency of the application of the variable interest entity (VIE) related party guidance for common control arrangements. This ASU requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP) when determining whether a decision-making fee is a variable interest. ASU No. 2018-17 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The guidance should be applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Gibraltar Private Bank & Trust Company | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | (Dollars in thousands) Number of Shares Amount Equity consideration Common stock issued 2,787,773 $ 214,659 Total equity consideration 214,659 Non-equity consideration Cash 7 Total consideration paid 214,666 Fair value of net assets assumed including identifiable intangible assets 150,414 Goodwill $ 64,252 (Dollars in thousands) Gibraltar Fair Value Assets Cash and cash equivalents $ 102,575 Investment securities 19,169 Equity securities 27,519 Loans 1,447,475 Core deposit intangible assets 18,529 Other assets 12,005 Total assets acquired $ 1,627,272 Liabilities Deposit liabilities $ 1,064,803 Long-term borrowings 405,107 Deferred tax liability, net 1,761 Other liabilities 5,187 Total liabilities assumed $ 1,476,858 |
Sabadell United | |
Business Acquisition [Line Items] | |
Schedule of Pro Forma Information | The following table presents unaudited pro forma information as if the acquisition occurred on January 1, 2016. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company acquired Sabadell United on January 1, 2016. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts. Unaudited Pro Forma for Year Ended December 31, (Dollars in thousands) 2017 2016 Net interest income $ 924,348 $ 842,945 Non-interest income 219,021 255,022 Net income 174,246 246,799 |
Schedule of Business Acquisitions | (Dollars in thousands) Number of Shares Amount Equity consideration Common stock issued 2,610,304 $ 211,043 Total equity consideration 211,043 Non-equity consideration Cash 809,159 Total consideration paid 1,020,202 Fair value of net assets assumed including identifiable intangible assets 579,157 Goodwill $ 441,045 (Dollars in thousands) Sabadell United Fair Value Assets Cash and cash equivalents $ 318,819 Investment securities 964,123 Loans 4,030,777 Core deposit intangible assets 66,600 Deferred tax asset, net 44,480 Other assets 92,820 Total assets acquired $ 5,517,619 Liabilities Deposit liabilities $ 4,382,780 Short-term borrowings 520,539 Other liabilities 35,143 Total liabilities assumed $ 4,938,462 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: December 31, 2018 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 December 31, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 41,003 $ 18 $ (406 ) $ 40,615 Obligations of state and political subdivisions 271,451 4,246 (1,493 ) 274,204 Mortgage-backed securities: Residential agency 3,675,367 1,233 (52,090 ) 3,624,510 Commercial agency 546,105 228 (8,938 ) 537,395 Other securities 114,005 247 (914 ) 113,338 Total securities available for sale $ 4,647,931 $ 5,972 $ (63,841 ) $ 4,590,062 Securities held to maturity: Obligations of state and political subdivisions $ 206,736 $ 1,530 $ (275 ) $ 207,991 Mortgage-backed securities: Residential agency 20,582 41 (650 ) 19,973 Total securities held to maturity $ 227,318 $ 1,571 $ (925 ) $ 227,964 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows: December 31, 2018 Less Than Twelve Months Twelve Months or More 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: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 December 31, 2017 Less Than Twelve Months Twelve Months or More 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 $ (254 ) $ 29,744 $ (152 ) $ 9,848 $ (406 ) $ 39,592 Obligations of state and political subdivisions (326 ) 31,601 (1,167 ) 68,609 (1,493 ) 100,210 Mortgage-backed securities: Residential agency (22,760 ) 2,366,569 (29,330 ) 1,061,588 (52,090 ) 3,428,157 Commercial agency (3,503 ) 310,769 (5,435 ) 164,470 (8,938 ) 475,239 Other securities (914 ) 75,302 — — (914 ) 75,302 Total securities available for sale $ (27,757 ) $ 2,813,985 $ (36,084 ) $ 1,304,515 $ (63,841 ) $ 4,118,500 Securities held to maturity: Obligations of state and political subdivisions $ (263 ) $ 65,817 $ (12 ) $ 3,031 $ (275 ) $ 68,848 Mortgage-backed securities: Residential agency (2 ) 333 (648 ) 19,269 (650 ) 19,602 Total securities held to maturity $ (265 ) $ 66,150 $ (660 ) $ 22,300 $ (925 ) $ 88,450 |
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: December 31, 2018 Less Than Twelve Months Twelve Months or More 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: Obligations of state and political subdivisions $ (9 ) $ 4,112 $ (714 ) $ 30,268 $ (723 ) $ 34,380 Mortgage-backed securities: Residential agency (816 ) 197,057 (56,257 ) 2,193,862 (57,073 ) 2,390,919 Commercial agency (43 ) 18,190 (14,756 ) 483,565 (14,799 ) 501,755 Other securities (94 ) 18,025 (693 ) 32,577 (787 ) 50,602 Total securities available for sale $ (962 ) $ 237,384 $ (72,420 ) $ 2,740,272 $ (73,382 ) $ 2,977,656 Securities held to maturity: Obligations of state and political subdivisions $ (3 ) $ 2,059 $ (2,494 ) $ 151,699 $ (2,497 ) $ 153,758 Mortgage-backed securities: Residential agency — — (1,011 ) 17,478 (1,011 ) 17,478 Total securities held to maturity $ (3 ) $ 2,059 $ (3,505 ) $ 169,177 $ (3,508 ) $ 171,236 December 31, 2017 Less Than Twelve Months Twelve Months or More 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 $ (254 ) $ 29,744 $ (152 ) $ 9,848 $ (406 ) $ 39,592 Obligations of state and political subdivisions (326 ) 31,601 (1,167 ) 68,609 (1,493 ) 100,210 Mortgage-backed securities: Residential agency (22,760 ) 2,366,569 (29,330 ) 1,061,588 (52,090 ) 3,428,157 Commercial agency (3,503 ) 310,769 (5,435 ) 164,470 (8,938 ) 475,239 Other securities (914 ) 75,302 — — (914 ) 75,302 Total securities available for sale $ (27,757 ) $ 2,813,985 $ (36,084 ) $ 1,304,515 $ (63,841 ) $ 4,118,500 Securities held to maturity: Obligations of state and political subdivisions $ (263 ) $ 65,817 $ (12 ) $ 3,031 $ (275 ) $ 68,848 Mortgage-backed securities: Residential agency (2 ) 333 (648 ) 19,269 (650 ) 19,602 Total securities held to maturity $ (265 ) $ 66,150 $ (660 ) $ 22,300 $ (925 ) $ 88,450 The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following: December 31, 2018 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 995 $ 3 $ — $ 998 Obligations of state and political subdivisions 177,566 2,045 (723 ) 178,888 Mortgage-backed securities: Residential agency 3,837,584 8,886 (57,073 ) 3,789,397 Commercial agency 730,148 2,363 (14,799 ) 717,712 Other securities 97,020 351 (787 ) 96,584 Total securities available for sale $ 4,843,313 $ 13,648 $ (73,382 ) $ 4,783,579 Securities held to maturity: Obligations of state and political subdivisions $ 188,684 $ 309 $ (2,497 ) $ 186,496 Mortgage-backed securities: Residential agency 18,762 30 (1,011 ) 17,781 Total securities held to maturity $ 207,446 $ 339 $ (3,508 ) $ 204,277 December 31, 2017 (Dollars in thousands) Amortized Gross Gross Estimated Securities available for sale: U.S. Government-sponsored enterprise obligations $ 41,003 $ 18 $ (406 ) $ 40,615 Obligations of state and political subdivisions 271,451 4,246 (1,493 ) 274,204 Mortgage-backed securities: Residential agency 3,675,367 1,233 (52,090 ) 3,624,510 Commercial agency 546,105 228 (8,938 ) 537,395 Other securities 114,005 247 (914 ) 113,338 Total securities available for sale $ 4,647,931 $ 5,972 $ (63,841 ) $ 4,590,062 Securities held to maturity: Obligations of state and political subdivisions $ 206,736 $ 1,530 $ (275 ) $ 207,991 Mortgage-backed securities: Residential agency 20,582 41 (650 ) 19,973 Total securities held to maturity $ 227,318 $ 1,571 $ (925 ) $ 227,964 |
Additional Information on Securities in a Continuous Loss Position | Additional information on securities that have been in a continuous loss position for over twelve months at December 31 is presented in the following table. (Dollars in thousands) 2018 2017 Number of securities Mortgage-backed securities: Residential agency 302 153 Commercial agency 72 28 Obligations of state and political subdivisions 60 28 U.S. Government-sponsored enterprise obligations — 1 Other securities 7 — 441 210 Amortized Cost Basis Mortgage-backed securities: Residential agency $ 2,268,608 $ 1,110,834 Commercial agency 498,321 169,905 Obligations of state and political subdivisions 185,175 72,820 U.S. Government-sponsored enterprise obligations — 10,000 Other securities 33,270 — $ 2,985,374 $ 1,363,559 Unrealized Loss Mortgage-backed securities: Residential agency $ 57,268 $ 29,977 Commercial agency 14,756 5,435 Obligations of state and political subdivisions 3,208 1,180 U.S. Government-sponsored enterprise obligations — 152 Other securities 693 — $ 75,925 $ 36,744 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity | The amortized cost and estimated fair value of investment securities by maturity at December 31, 2018 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 3.84 % $ 2,958 $ 2,967 2.77 % $ 1,309 $ 1,313 One through five years 2.68 63,397 63,183 2.47 6,303 6,291 After five through ten years 2.67 829,027 819,056 2.56 42,827 42,571 Over ten years 2.94 3,947,931 3,898,373 2.62 157,007 154,102 2.89 % $ 4,843,313 $ 4,783,579 2.60 % $ 207,446 $ 204,277 |
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale | The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method. Years Ended December 31 (Dollars in thousands) 2018 2017 2016 Realized gains $ 40 $ 1,651 $ 2,949 Realized losses (49,940 ) (1,799 ) (948 ) $ (49,900 ) $ (148 ) $ 2,001 |
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets | The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other Equity Securities, which are presented in “other assets” on the consolidated balance sheets, are as follows: (Dollars in thousands) 2018 2017 Federal Home Loan Bank (FHLB) stock $ 95,213 $ 95,171 Federal Reserve Bank (FRB) stock 85,630 79,191 CRA and Community Development Investment Funds 1,884 — Other investments 9,709 3,008 $ 192,436 $ 177,370 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Non-Covered and Covered Loans | Loans and leases consist of the following at December 31: (Dollars in thousands) 2018 2017 Commercial loans and leases: Real estate - construction $ 1,196,366 $ 1,240,396 Real estate - owner-occupied 2,395,822 2,375,321 Real estate - non-owner-occupied 5,796,117 5,322,513 Commercial and industrial (1) 5,737,017 5,135,067 15,125,322 14,073,297 Residential mortgage loans 4,359,156 3,056,352 Consumer loans: Home equity 2,304,694 2,292,275 Other 730,643 656,257 3,035,337 2,948,532 Total $ 22,519,815 $ 20,078,181 |
Schedule of Aging of Loans | The following tables provide an analysis of the aging of loans and leases as of December 31, 2018 and 2017. 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. December 31, 2018 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 Acquired Impaired Loans Total Real estate - construction $ 1,167,795 $ 1,054 $ — $ — $ 1,054 $ 1,094 $ 26,423 $ 1,196,366 Real estate - owner-occupied 2,305,743 7,167 — — 7,167 10,260 72,652 2,395,822 Real estate - non-owner-occupied 5,703,131 7,473 360 — 7,833 15,898 69,255 5,796,117 Commercial and industrial 5,645,304 5,139 1,320 553 7,012 57,860 26,841 5,737,017 Residential mortgage 4,218,146 2,768 13,063 1,575 17,406 30,396 93,208 4,359,156 Consumer - home equity 2,200,517 10,283 2,409 — 12,692 18,830 72,655 2,304,694 Consumer - other 719,122 4,695 1,601 — 6,296 2,846 2,379 730,643 Total $ 21,959,758 $ 38,579 $ 18,753 $ 2,128 $ 59,460 $ 137,184 $ 363,413 $ 22,519,815 The following tables provide an analysis of the aging of loans and leases as of December 31, 2018 and 2017. 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. December 31, 2018 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 Acquired Impaired Loans Total Real estate - construction $ 1,167,795 $ 1,054 $ — $ — $ 1,054 $ 1,094 $ 26,423 $ 1,196,366 Real estate - owner-occupied 2,305,743 7,167 — — 7,167 10,260 72,652 2,395,822 Real estate - non-owner-occupied 5,703,131 7,473 360 — 7,833 15,898 69,255 5,796,117 Commercial and industrial 5,645,304 5,139 1,320 553 7,012 57,860 26,841 5,737,017 Residential mortgage 4,218,146 2,768 13,063 1,575 17,406 30,396 93,208 4,359,156 Consumer - home equity 2,200,517 10,283 2,409 — 12,692 18,830 72,655 2,304,694 Consumer - other 719,122 4,695 1,601 — 6,296 2,846 2,379 730,643 Total $ 21,959,758 $ 38,579 $ 18,753 $ 2,128 $ 59,460 $ 137,184 $ 363,413 $ 22,519,815 December 31, 2017 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 Acquired Impaired Loans Total Real estate - construction $ 1,197,766 $ 269 $ — $ 458 $ 727 $ 2,635 $ 39,268 $ 1,240,396 Real estate - owner-occupied 2,243,923 1,631 659 74 2,364 24,457 104,577 2,375,321 Real estate - non-owner-occupied 5,220,648 2,086 6,405 887 9,378 6,811 85,676 5,322,513 Commercial and industrial 5,014,438 5,788 5,726 146 11,660 77,823 31,146 5,135,067 Residential mortgage 2,877,048 10,083 8,136 5,317 23,536 17,387 138,381 3,056,352 Consumer - home equity 2,186,554 11,675 2,947 18 14,640 12,365 78,716 2,292,275 Consumer - other 642,244 5,286 1,026 — 6,312 3,910 3,791 656,257 Total $ 19,382,621 $ 36,818 $ 24,899 $ 6,900 $ 68,617 $ 145,388 $ 481,555 $ 20,078,181 |
Schedule of Carrying Amount of Loans Acquired | The tables below show the fair value estimates of loans acquired from Gibraltar for these two subsections of the portfolio as of the acquisition date. (Dollars in thousands) Acquired Non-Impaired Loans Contractually required principal and interest at acquisition $ 1,593,408 Expected losses and foregone interest (25,029 ) Cash flows expected to be collected at acquisition 1,568,379 Fair value of acquired loans at acquisition $ 1,426,756 (Dollars in thousands) Acquired Impaired Loans Contractually required principal and interest at acquisition $ 29,929 Non-accretable difference (expected losses and foregone interest) (3,636 ) Cash flows expected to be collected at acquisition 26,293 Accretable yield (5,574 ) Basis in acquired loans at acquisition $ 20,719 |
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 years ended December 31: (Dollars in thousands) 2018 2017 2016 Balance at beginning of period $ 152,623 $ 175,054 $ 227,502 Additions 5,574 32,937 — Transfers from non-accretable difference to accretable yield 3,623 4,912 5,490 Accretion (47,962 ) (56,337 ) (68,211 ) Changes in expected cash flows not affecting non-accretable differences (1) 19,484 (3,943 ) 10,273 Balance at end of period $ 133,342 $ 152,623 $ 175,054 (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 years ended December 31: (Dollars in thousands) 2018 2017 2016 Extended maturities $ 23,262 $ 26,561 $ 75,315 Interest rate adjustment 99 24 193 Maturity and interest rate adjustment 554 4,932 2,470 Movement to or extension of interest-rate only payments 881 4,161 27,931 Forbearance 4,432 7,226 76,819 Other concession(s) (1) 23,943 27,555 39,708 Total $ 53,171 $ 70,459 $ 222,436 (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 years ended December 31: 2018 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 Number of Loans Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment Commercial real estate - construction 3 $ 4,819 $ 3,830 4 $ 9,404 $ 9,628 3 $ 3,024 $ 3,035 Commercial real estate - owner-occupied 14 4,257 3,912 11 5,779 5,706 20 18,223 18,239 Commercial real estate - non-owner-occupied 20 3,719 3,428 19 11,974 13,738 25 16,644 10,093 Commercial and industrial 52 39,796 30,295 57 21,651 20,883 79 163,265 169,893 Residential mortgage 19 1,706 1,529 24 1,897 1,771 43 5,141 4,946 Consumer - home equity 65 10,607 8,951 123 16,346 15,862 158 13,273 12,568 Consumer - other 73 1,491 1,226 121 3,182 2,871 195 4,070 3,662 Total 246 $ 66,395 $ 53,171 359 $ 70,233 $ 70,459 523 $ 223,640 $ 222,436 Information detailing TDRs that defaulted during the years ended December 31, 2018, 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 table. The Company has defined a default as any loan with a loan payment that is currently past due greater than 30 days , or was past due greater than 30 days at any point during the previous twelve months, or since the date of modification, whichever is shorter. 2018 2017 2016 (In thousands, except number of loans) Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Commercial real estate - construction — $ — 2 $ 3,572 1 $ 116 Commercial real estate - owner-occupied 2 142 6 4,668 3 3,473 Commercial real estate - non-owner-occupied 5 1,039 13 8,060 6 201 Commercial and industrial 13 3,757 32 6,550 22 14,707 Residential mortgage 8 773 16 1,218 8 405 Consumer - home equity 15 1,354 32 3,285 25 1,379 Consumer - other 38 447 62 1,381 59 944 Total 81 $ 7,512 163 $ 28,734 124 $ 21,225 |
Allowance for Credit Losses a_2
Allowance for Credit Losses and Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios | A summary of changes in the allowance for credit losses for the years ended December 31 is as follows: (Dollars in thousands) 2018 2017 2016 Allowance for credit losses Allowance for loan and lease losses at beginning of period $ 140,891 $ 144,719 $ 138,378 Provision for loan and lease losses before adjustment attributable to FDIC loss share agreements 39,472 51,111 42,927 Adjustment attributable to FDIC loss share arrangements — — 1,497 Net provision for loan and lease losses 39,472 51,111 44,424 Adjustment attributable to FDIC loss share arrangements — — (1,497 ) Transfer of balance to OREO and other (7,172 ) 934 (2,781 ) Charge-offs (45,547 ) (62,466 ) (39,839 ) Recoveries 12,927 6,593 6,034 Allowance for loan and lease losses at end of period $ 140,571 $ 140,891 $ 144,719 Reserve for unfunded commitments at beginning of period $ 13,208 $ 11,241 $ 14,145 Balance created in acquisition accounting 709 1,370 — Provision for (Reversal of) unfunded lending commitments 913 597 (2,904 ) Reserve for unfunded commitments at end of period $ 14,830 $ 13,208 $ 11,241 Allowance for credit losses at end of period $ 155,401 $ 154,099 $ 155,960 A summary of changes in the allowance for credit losses, by loan portfolio type, for the years ended December 31 is as follows: 2018 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Provision for (Reversal of) loan and lease losses (829 ) 23,866 4,200 12,235 39,472 Transfer of balance to OREO and other (2,256 ) (812 ) (106 ) (3,998 ) (7,172 ) Charge-offs (1,611 ) (29,578 ) (334 ) (14,024 ) (45,547 ) Recoveries 2,301 6,704 121 3,801 12,927 Allowance for loan and lease losses at end of period $ 51,806 $ 54,096 $ 12,998 $ 21,671 $ 140,571 Reserve for unfunded commitments at beginning of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Balance created in acquisition accounting 118 40 551 — 709 Provision for (Reversal of) unfunded commitments 220 849 (240 ) 84 913 Reserve for unfunded commitments at end of period $ 4,869 $ 6,198 $ 866 $ 2,897 $ 14,830 Allowance on loans individually evaluated for impairment $ 636 $ 12,646 $ 145 $ 2,915 $ 16,342 Allowance on loans collectively evaluated for impairment 45,651 39,949 6,961 18,705 111,266 Allowance on loans acquired with deteriorated credit quality 5,519 1,501 5,892 51 12,963 Loans and leases, net of unearned income: Balance at end of period $ 9,388,305 $ 5,737,017 $ 4,359,156 $ 3,035,337 $ 22,519,815 Balance at end of period individually evaluated for impairment 53,905 71,801 6,579 37,440 169,725 Balance at end of period collectively evaluated for impairment 9,166,070 5,638,375 4,259,369 2,922,863 21,986,677 Balance at end of period acquired with deteriorated credit quality 168,330 26,841 93,208 75,034 363,413 2017 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 49,231 $ 60,939 $ 11,249 $ 23,300 $ 144,719 Provision for (Reversal of) loan and lease losses 10,433 31,891 (2,206 ) 10,993 51,111 Transfer of balance to OREO and other 853 (68 ) 2 147 934 Charge-offs (7,433 ) (40,015 ) (365 ) (14,653 ) (62,466 ) Recoveries 1,117 1,169 437 3,870 6,593 Allowance for loan and lease losses at end of period $ 54,201 $ 53,916 $ 9,117 $ 23,657 $ 140,891 Reserve for unfunded commitments at beginning of period $ 3,207 $ 4,537 $ 657 $ 2,840 $ 11,241 Balance created in acquisition accounting 253 783 327 7 1,370 Provision for (Reversal of) unfunded commitments 1,071 (11 ) (429 ) (34 ) 597 Reserve for unfunded commitments at end of period $ 4,531 $ 5,309 $ 555 $ 2,813 $ 13,208 Allowance on loans individually evaluated for impairment $ 1,588 $ 12,736 $ 172 $ 2,856 $ 17,352 Allowance on loans collectively evaluated for impairment 30,360 38,944 3,141 17,210 89,655 Allowance on loans acquired with deteriorated credit quality 22,253 2,236 5,804 3,591 33,884 Loans and leases, net of unearned income: Balance at end of period $ 8,938,230 $ 5,135,067 $ 3,056,352 $ 2,948,532 $ 20,078,181 Balance at end of period individually evaluated for impairment 91,785 102,416 6,749 37,177 238,127 Balance at end of period collectively evaluated for impairment 8,616,924 5,001,505 2,911,222 2,828,848 19,358,499 Balance at end of period acquired with deteriorated credit quality 229,521 31,146 138,381 82,507 481,555 2016 (Dollars in thousands) Commercial Commercial Residential Consumer Total Allowance for loan and lease losses at beginning of period $ 51,372 $ 49,355 $ 11,789 $ 25,862 $ 138,378 Provision for loan and lease losses 1,958 32,296 824 9,346 44,424 Decrease in FDIC loss share receivable (34 ) (50 ) (1,090 ) (323 ) (1,497 ) Transfer of balance to OREO and other (868 ) (519 ) (141 ) (1,253 ) (2,781 ) Charge-offs (4,338 ) (21,645 ) (313 ) (13,543 ) (39,839 ) Recoveries 1,141 1,502 180 3,211 6,034 Allowance for loan and lease losses at end of period $ 49,231 $ 60,939 $ 11,249 $ 23,300 $ 144,719 Reserve for unfunded commitments at beginning of period $ 4,167 $ 6,106 $ 830 $ 3,042 $ 14,145 Reversal of provision for unfunded commitments (960 ) (1,569 ) (173 ) (202 ) (2,904 ) Reserve for unfunded commitments at end of period $ 3,207 $ 4,537 $ 657 $ 2,840 $ 11,241 Allowance on loans individually evaluated for impairment $ 1,378 $ 21,413 $ 144 $ 1,358 $ 24,293 Allowance on loans collectively evaluated for impairment 25,248 37,206 4,223 17,537 84,214 Allowance on loans acquired with deteriorated credit quality 22,605 2,320 6,882 4,405 36,212 Loans and leases, net of unearned income: Balance at end of period $ 6,846,549 $ 4,060,032 $ 1,267,400 $ 2,890,990 $ 15,064,971 Balance at end of period individually evaluated for impairment 61,006 220,995 4,312 16,467 302,780 Balance at end of period collectively evaluated for impairment 6,504,875 3,806,305 1,140,136 2,780,689 14,232,005 Balance at end of period acquired with deteriorated credit quality 280,668 32,732 122,952 93,834 530,186 |
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. Asset risk classifications for commercial loans reflect the classification as of December 31, 2018 and 2017, respectively. Credit quality information in the tables below includes total loans acquired (including acquired impaired loans) at the net loan balance, after the application of premiums/discounts, at December 31, 2018 and 2017. Loan premiums/discounts 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. Loan delinquency is the primary credit quality indicator that the Company utilizes to monitor consumer asset quality. December 31, 2018 December 31, 2017 (Dollars in thousands) Pass Special Mention Sub- Doubtful Total Pass Special Mention Sub- Doubtful Loss Total Commercial real estate - construction $ 1,182,554 $ 1,062 $ 12,740 $ 10 $ 1,196,366 $ 1,189,490 $ 20,351 $ 30,541 $ 14 $ — $ 1,240,396 Commercial real estate - owner-occupied 2,328,999 25,526 41,297 — 2,395,822 2,234,151 82,114 56,590 2,466 — 2,375,321 Commercial real estate - non-owner-occupied 5,687,963 78,009 26,512 3,633 5,796,117 5,258,638 19,311 42,702 1,744 118 5,322,513 Commercial and industrial 5,586,482 52,632 73,853 24,050 5,737,017 4,882,554 88,149 128,961 35,403 — 5,135,067 Total $ 14,785,998 $ 157,229 $ 154,402 $ 27,693 $ 15,125,322 $ 13,564,833 $ 209,925 $ 258,794 $ 39,627 $ 118 $ 14,073,297 December 31, 2018 December 31, 2017 (Dollars in thousands) Current 30+ Days Past Due Total Current 30+ Days Past Due Total Residential mortgage $ 4,290,152 $ 69,004 $ 4,359,156 $ 2,962,043 $ 94,309 $ 3,056,352 Consumer - home equity 2,258,659 46,035 2,304,694 2,250,205 42,070 2,292,275 Consumer - other 721,231 9,412 730,643 645,498 10,759 656,257 Total $ 7,270,042 $ 124,451 $ 7,394,493 $ 5,857,746 $ 147,138 $ 6,004,884 |
Schedule of Investment in Legacy Impaired Loans | Information on the Company’s investment in impaired loans, which include all TDRs and all other non-accrual loans evaluated or measured individually for impairment for purposes of determining the ALLL, is presented in the following tables as of and for the periods indicated. December 31, 2018 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 10,261 $ 9,262 $ — $ 9,189 $ 496 Commercial real estate - owner-occupied 25,037 19,044 — 19,559 807 Commercial real estate - non-owner-occupied 15,265 14,288 — 14,873 590 Commercial and industrial 55,554 43,886 — 47,268 2,422 Residential mortgage 1,244 1,221 — 1,261 46 Consumer - home equity 4,183 4,176 — 2,867 39 With an allowance recorded: Commercial real estate - construction 228 140 (11 ) 148 1 Commercial real estate - owner-occupied 5,032 4,773 (520 ) 4,976 196 Commercial real estate - non-owner-occupied 6,445 6,398 (105 ) 6,229 294 Commercial and industrial 46,387 27,915 (12,646 ) 40,653 795 Residential mortgage 5,870 5,358 (145 ) 5,494 225 Consumer - home equity 29,284 28,818 (2,427 ) 27,911 1,202 Consumer - other 4,956 4,446 (488 ) 4,822 273 Total $ 209,746 $ 169,725 $ (16,342 ) $ 185,250 $ 7,386 Total commercial loans and leases $ 164,209 $ 125,706 $ (13,282 ) $ 142,895 $ 5,601 Total mortgage loans 7,114 6,579 (145 ) 6,755 271 Total consumer loans 38,423 37,440 (2,915 ) 35,600 1,514 December 31, 2017 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 13,763 $ 13,013 $ — $ 9,104 $ 441 Commercial real estate - owner-occupied 50,867 44,482 — 53,282 1,389 Commercial real estate - non-owner-occupied 15,370 14,975 — 15,127 692 Commercial and industrial 103,013 70,254 — 92,312 2,279 Residential mortgage 2,004 2,001 — 2,044 85 Consumer - home equity 5,906 5,634 — 5,747 231 Consumer - other 75 75 — 11 1 With an allowance recorded: Commercial real estate - construction 238 156 (19 ) 197 6 Commercial real estate - owner-occupied 13,314 13,287 (949 ) 13,498 414 Commercial real estate - non-owner-occupied 6,051 5,872 (620 ) 6,196 154 Commercial and industrial 35,306 32,162 (12,736 ) 42,874 1,220 Residential mortgage 5,179 4,748 (172 ) 4,861 180 Consumer - home equity 27,189 26,575 (2,358 ) 23,546 1,007 Consumer - other 5,354 4,893 (498 ) 4,455 269 Total $ 283,629 $ 238,127 $ (17,352 ) $ 273,254 $ 8,368 Total commercial loans and leases $ 237,922 $ 194,201 $ (14,324 ) $ 232,590 $ 6,595 Total mortgage loans 7,183 6,749 (172 ) 6,905 265 Total consumer loans 38,524 37,177 (2,856 ) 33,759 1,508 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Recorded Investment Related Average Interest With no related allowance recorded: Commercial real estate - construction $ 38 $ 38 $ — $ 28 $ — Commercial real estate - owner-occupied 25,180 25,074 — 25,890 647 Commercial real estate - non-owner-occupied 15,654 14,794 — 19,587 879 Commercial and industrial 148,311 138,202 — 111,261 3,418 With an allowance recorded: Commercial real estate - construction 1,946 1,946 (649 ) 1,839 54 Commercial real estate - owner-occupied 17,580 17,429 (640 ) 16,668 493 Commercial real estate - non-owner-occupied 1,743 1,725 (89 ) 1,782 95 Commercial and industrial 84,197 82,793 (21,413 ) 78,270 2,858 Residential mortgage 4,628 4,312 (144 ) 4,377 161 Consumer - home equity 13,916 13,267 (993 ) 10,237 435 Consumer - other 3,485 3,200 (365 ) 2,425 151 Total $ 316,678 $ 302,780 $ (24,293 ) $ 272,364 $ 9,191 Total commercial loans and leases $ 294,649 $ 282,001 $ (22,791 ) $ 255,325 $ 8,444 Total mortgage loans 4,628 4,312 (144 ) 4,377 161 Total consumer loans 17,401 16,467 (1,358 ) 12,662 586 |
Transfers and Servicing of Fi_2
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Changes in Carrying Amount of Mortgage Loans Held-for-sale | Changes to the carrying amount of mortgage loans held for sale at December 31 are presented in the following table. (Dollars in thousands) 2018 2017 2016 Balance at beginning of period $ 134,916 $ 157,041 $ 166,247 Originations and purchases 1,469,847 1,844,358 2,460,033 Sales, net of gains (1,498,386 ) (1,859,565 ) (2,451,459 ) Mortgage loans transferred from (transferred to) held for investment 1,058 (6,918 ) (14,017 ) Other 299 — (3,763 ) Balance at end of period $ 107,734 $ 134,916 $ 157,041 |
Components of Mortgage Income | The following table details the components of mortgage income for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Fair value changes of derivatives and mortgage loans held for sale: Mortgage loans held for sale and derivatives $ 6,490 $ (7,047 ) $ 1,361 Derivative settlements, net (4,039 ) 1,229 (6,640 ) Gains on sales 42,887 68,255 87,925 Servicing and other income, net 1,339 1,133 1,207 Other losses (253 ) — — $ 46,424 $ 63,570 $ 83,853 |
Schedule of Mortgage Servicing Rights at Carrying Value | Mortgage servicing rights had the following carrying values as of the periods indicated: December 31, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) Mortgage servicing rights $ 13,612 $ (4,806 ) $ 8,806 $ 9,588 $ (3,931 ) $ 5,657 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment consisted of the following at December 31: (Dollars in thousands) 2018 2017 Land $ 81,194 $ 89,137 Buildings 241,284 261,994 Furniture, fixtures and equipment 137,469 129,866 Total premises and equipment 459,947 480,997 Accumulated depreciation (159,440 ) (149,584 ) Total premises and equipment, net $ 300,507 $ 331,413 |
Schedule of Minimum Future Annual Rent Commitments | Minimum future annual rent commitments under lease agreements for the periods indicated are as follows: (Dollars in thousands) 2019 $ 21,750 2020 19,991 2021 16,921 2022 14,195 2023 9,182 2024 and thereafter 34,652 $ 116,691 |
Goodwill and Other Acquired I_2
Goodwill and Other Acquired Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | Changes to the carrying amount of goodwill by reporting unit for the years ended December 31, 2018 and 2017 are provided in the following table. (Dollars in thousands) IBERIABANK Mortgage LTC Total Balance, December 31, 2016 $ 698,513 $ 23,178 $ 5,165 $ 726,856 Goodwill acquired and adjustments during the year 462,046 — — 462,046 Balance, December 31, 2017 $ 1,160,559 $ 23,178 $ 5,165 $ 1,188,902 Goodwill acquired and adjustments during the year 43,251 — 3,380 46,631 Balance, December 31, 2018 $ 1,203,810 $ 23,178 $ 8,545 $ 1,235,533 |
Schedule of Definite-Lived Intangible Assets | 2018 2017 (Dollars in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangible assets $ 136,183 $ (63,213 ) $ 72,970 $ 127,957 $ (51,971 ) $ 75,986 Customer relationship intangible asset 1,385 (1,323 ) 62 1,143 (996 ) 147 Non-compete agreement 206 (72 ) 134 63 (39 ) 24 Total $ 137,774 $ (64,608 ) $ 73,166 $ 129,163 $ (53,006 ) $ 76,157 The related amortization expense of intangible assets is as follows: (Dollars in thousands) Amount Aggregate amortization expense for the years ended December 31: 2016 $ 8,415 2017 12,590 2018 21,678 |
Schedule of Amortization Expense of Intangible Assets | (Dollars in thousands) Estimated amortization expense for the years ended December 31: 2019 $ 18,363 2020 14,500 2021 10,208 2022 7,711 2023 6,410 2024 and thereafter 15,974 |
Derivative Instruments and Ot_2
Derivative Instruments and Other Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts Other assets $ 3,469 $ — Other liabilities $ — $ — Total derivatives designated as hedging instruments under ASC Topic 815 $ 3,469 $ — $ — $ — Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts: Customer swaps - upstream Other assets $ 474 $ 12,318 Other liabilities $ 191 $ 3,873 Customer swaps - downstream Other assets 16,946 8,128 Other liabilities 17,812 12,318 Foreign exchange contracts Other assets 18 7 Other liabilities 18 7 Forward sales contracts Other assets 630 136 Other liabilities 750 279 Written and purchased options Other assets 5,490 10,654 Other liabilities 3,310 8,656 Other contracts Other assets 21 22 Other liabilities 43 21 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 23,579 $ 31,265 $ 22,124 $ 25,154 Total $ 27,048 $ 31,265 $ 22,124 $ 25,154 Derivative Assets - Notional Amount Derivative Liabilities - Notional Amount (Dollars in thousands) December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Derivatives designated as hedging instruments under ASC Topic 815: Interest rate contracts $ 408,500 $ — $ — $ 108,500 Total derivatives designated as hedging instruments under ASC Topic 815 $ 408,500 $ — $ — $ 108,500 Derivatives not designated as hedging instruments under ASC Topic 815: Interest rate contracts: Customer swaps - upstream $ 919,653 $ 644,282 $ 701,257 $ 574,182 Customer swaps - downstream 701,257 574,182 919,653 644,282 Foreign exchange contracts 1,202 268 1,202 268 Forward sales contracts 1,140 82,347 143,179 142,578 Written and purchased options 229,333 278,638 140,645 165,198 Other contracts 50,527 29,755 85,623 86,744 Total derivatives not designated as hedging instruments under ASC Topic 815 $ 1,903,112 $ 1,609,472 $ 1,991,559 $ 1,613,252 Total $ 2,311,612 $ 1,609,472 $ 1,991,559 $ 1,721,752 |
Offsetting Assets | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 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 $ 20,446 $ (12,469 ) $ — $ 7,977 Written and purchased options 8,610 — — 8,610 Total derivative assets subject to master netting arrangements $ 29,056 $ (12,469 ) $ — $ 16,587 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 Total derivative liabilities subject to master netting arrangements $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Offsetting Liabilities | The following table reconciles the gross amounts presented in the consolidated balance sheets to the net amounts that would result in the event of offset. December 31, 2018 Gross Amounts Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Net (Dollars in thousands) Derivatives Collateral (1) Derivatives subject to master netting arrangements Derivative assets Interest rate contracts designated as hedging instruments $ 3,469 $ — $ — $ 3,469 Interest rate contracts not designated as hedging instruments 17,420 (619 ) — 16,801 Written and purchased options 3,285 — — 3,285 Total derivative assets subject to master netting arrangements $ 24,174 $ (619 ) $ — $ 23,555 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 18,003 $ (619 ) $ — $ 17,384 Written and purchased options 3,285 — — 3,285 Total derivative liabilities subject to master netting arrangements $ 21,288 $ (619 ) $ — $ 20,669 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities . December 31, 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 $ 20,446 $ (12,469 ) $ — $ 7,977 Written and purchased options 8,610 — — 8,610 Total derivative assets subject to master netting arrangements $ 29,056 $ (12,469 ) $ — $ 16,587 Derivative liabilities Interest rate contracts not designated as hedging instruments $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 Total derivative liabilities subject to master netting arrangements $ 16,191 $ (12,469 ) $ (552 ) $ 3,170 (1) Consists of cash collateral recorded at cost, which approximates fair value, and investment securities. |
Effect of Derivatives on the Consolidated Financial Statements | At December 31, 2018, 2017, and 2016, and for the years then ended, information pertaining to the effect of the hedging instruments on the consolidated financial statements is as follows: Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income, net of taxes Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Total Including Component Excluding Component Total Including Component Excluding Component Total Including Component Excluding Component (Dollars in thousands) For the Year Ended December 31, Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2018 2018 2018 Interest rate contracts $ 4,416 $ 4,835 $ (419 ) Interest expense $ (196 ) $ (150 ) $ (46 ) Interest expense $ — $ — $ — Total $ 4,416 $ 4,835 $ (419 ) $ (196 ) $ (150 ) $ (46 ) $ — $ — $ — Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in OCI, net of taxes Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income, net of taxes (Dollars in thousands) For the Years Ended December 31, Derivatives in ASC Topic 815 Cash Flow Hedging Relationships 2017 2016 2017 2016 2017 2016 Interest rate contracts $ (611 ) $ (328 ) Interest expense $ (390 ) $ 50 Interest expense $ — $ — Total $ (611 ) $ (328 ) $ (390 ) $ 50 $ — $ — Information pertaining to the effect of derivatives not designated as hedging instruments on the consolidated financial statements as of December 31, is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives (Dollars in thousands) 2018 2017 2016 Interest rate contracts (1) Other income $ 6,962 $ 4,750 $ 8,830 Foreign exchange contracts Other income 29 43 15 Forward sales contracts Mortgage income 4,064 (4,115 ) (1,731 ) Written and purchased options Mortgage income 180 (2,028 ) (327 ) Other contracts Other income (24 ) 51 17 Total $ 11,211 $ (1,299 ) $ 6,804 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits by Type | Deposits at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Non-interest-bearing deposits $ 6,542,490 $ 6,209,925 Negotiable order of withdrawal ("NOW") 4,514,113 4,348,939 Money market deposits accounts ("MMDA") 8,237,291 7,674,291 Savings deposits 828,914 846,074 Time deposits 3,640,623 2,387,488 $ 23,763,431 $ 21,466,717 |
Schedule of Time Deposits | Total time deposits summarized by denomination at December 31 are as follows: (Dollars in thousands) 2018 2017 Time deposits less than or equal to $250,000 $ 2,522,660 $ 1,768,047 Time deposits greater than $250,000 1,117,963 619,441 $ 3,640,623 $ 2,387,488 |
Schedule of Maturities of Certificates of Deposit | A schedule of maturities of all time deposits as of December 31, 2018 is as follows: (Dollars in thousands) Years ending December 31, 2019 $ 2,504,515 2020 876,740 2021 159,877 2022 76,486 2023 12,684 2024 and thereafter 10,321 $ 3,640,623 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | Short-term borrowings at December 31 are summarized as follows: (Dollars in thousands) 2018 2017 Federal Home Loan Bank advances $ 1,167,000 $ 475,000 Securities sold under agreements to repurchase 315,882 516,297 $ 1,482,882 $ 991,297 The levels of FHLB advances and securities sold under agreements to repurchase can fluctuate significantly on a day-to-day basis, depending on funding needs and which sources are used to satisfy those needs. All such arrangements are considered typical of the banking and brokerage industries and are accounted for as borrowings. Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Additional information on the Company’s short-term borrowings for the years indicated is as follows: (Dollars in thousands) 2018 2017 Outstanding at December 31 $ 1,482,882 $ 991,297 Maximum month-end outstanding balance 1,482,882 2,197,105 Average daily outstanding balance 1,052,088 905,755 Average rate during the year 1.40 % 0.83 % Average rate at year end 2.12 % 0.82 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31 is summarized as follows: (Dollars in thousands) 2018 2017 IBERIABANK: Federal Home Loan Bank advances, 0.864% to 7.040% $ 986,027 $ 1,331,579 Notes payable - Investment fund contribution, 7 to 35 year term, 1.28% to 6.82% fixed, 7 to 30 year term, 1.28% to 6.82% fixed, respectively 60,014 44,146 1,046,041 1,375,725 IBERIABANK Corporation (junior subordinated debt): Statutory Trust I, 3 month LIBOR (1) , plus 3.25%, issued November 2002 10,310 10,310 Statutory Trust II, 3 month LIBOR (1) , plus 3.15%, issued June 2003 10,310 10,310 Statutory Trust III, 3 month LIBOR (1) , plus 2.00%, issued September 2004 10,310 10,310 Statutory Trust IV, 3 month LIBOR (1) , plus 1.60%, issued October 2006 15,464 15,464 American Horizons Statutory Trust I, 3 month LIBOR (1) , plus 3.15%, assumed January 2005 6,186 6,186 Statutory Trust V, 3 month LIBOR (1) , plus 1.435%, issued June 2007 10,310 10,310 Statutory Trust VI, 3 month LIBOR (1) , plus 2.75%, issued November 2007 12,372 12,372 Statutory Trust VII, 3 month LIBOR (1) , plus 2.54%, issued November 2007 13,403 13,403 Statutory Trust VIII, 3 month LIBOR (1) , plus 3.50%, issued March 2008 7,217 7,217 OMNI Trust I, 3 month LIBOR (1) , plus 3.30%, assumed May 2011 8,248 8,248 OMNI Trust II, 3 month LIBOR (1) , plus 2.79%, assumed May 2011 7,732 7,732 GA Commerce Trust II, 3 month LIBOR (1) , plus 1.64%, assumed May 2015 8,248 8,248 120,110 120,110 $ 1,166,151 $ 1,495,835 (1) The interest rate on the Company’s long-term debt indexed to LIBOR is based on the 3-month LIBOR rate. The 3-month LIBOR rate w as 2.81% and 1.69% at December 31, 2018 and 2017, respectively. |
Maturities of Long-Term Debt | Advances and long-term debt at December 31, 2018 have maturities or call dates in future years as follows: (Dollars in thousands) 2019 $ 309,116 2020 233,465 2021 125,255 2022 10,581 2023 58,762 2024 and thereafter 428,972 $ 1,166,151 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax Expense | The provision for income tax expense consists of the following for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Current expense (benefit) $ (115,195 ) $ 84,827 $ 103,335 Deferred expense (benefit) 153,518 71,257 (16,654 ) Tax credits (5,179 ) (10,845 ) (7,112 ) Amortization on qualified affordable housing tax credits — 5,227 4,185 Tax benefits attributable to items charged to equity and goodwill (866 ) — 1,439 $ 32,278 $ 150,466 $ 85,193 |
Reconciliation of Effective Tax Rate | (Dollars in thousands) 2018 2017 2016 Federal tax based on statutory rate $ 84,531 $ 102,508 $ 95,189 Increase (decrease) resulting from: Effect of tax-exempt income (5,801 ) (9,435 ) (8,203 ) Interest and other nondeductible expenses 6,464 9,605 3,250 State taxes, net of federal benefit 12,459 6,970 4,770 Tax credits (5,179 ) (10,845 ) (7,112 ) Amortization on qualified affordable housing tax credits — 5,227 4,185 Other (1) (60,196 ) 46,436 (6,886 ) $ 32,278 $ 150,466 $ 85,193 Effective tax rate 8.0 % 51.4 % 31.3 % |
Deferred Tax Assets and Liabilities | The net deferred tax asset (liability) at December 31 is as follows: (Dollars in thousands) 2018 2017 Deferred tax asset: NOL and credit carryforward $ 42,837 $ 8,364 Allowance for credit losses 38,571 38,402 Deferred compensation 5,482 5,876 Basis difference in acquired assets and liabilities 9,228 43,391 Unrealized losses on loans and securities — 12,198 OREO 32 2,639 Other 19,395 22,719 115,545 133,589 Deferred tax liability: Unrealized gains on loans and securities (98,807 ) — FHLB stock — (300 ) Premises and equipment (10,626 ) (3,723 ) Acquisition intangibles (9,757 ) (8,151 ) Deferred loan costs (5,814 ) (3,114 ) Basis difference in acquired assets and liabilities (17,628 ) (31,309 ) Lease receivable (37,844 ) — Other (6,485 ) (4,885 ) (186,961 ) (51,482 ) Net deferred tax (liability) asset $ (71,416 ) $ 82,107 |
Shareholders' Equity, Capital_2
Shareholders' Equity, Capital Ratios and Other Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of Preferred Stock | The following table presents a summary of the Company's non-cumulative perpetual preferred stock at December 31: 2018 2017 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 December 31 are presented in the following table. (Dollars in thousands) 2018 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,168,343 4.00 % N/A N/A $ 2,812,863 9.63 % IBERIABANK 1,165,537 4.00 $ 1,456,921 5.00 2,733,099 9.38 Common Equity Tier 1 (CET1) (1) Consolidated $ 1,125,405 4.50 % N/A N/A $ 2,680,766 10.72 % IBERIABANK 1,122,712 4.50 $ 1,621,695 6.50 2,733,099 10.95 Tier 1 Risk-Based Capital (1) Consolidated $ 1,500,540 6.00 % N/A N/A $ 2,812,863 11.25 % IBERIABANK 1,496,949 6.00 $ 1,995,932 8.00 2,733,099 10.95 Total Risk-Based Capital (1) Consolidated $ 2,000,720 8.00 % N/A N/A $ 3,084,764 12.33 % IBERIABANK 1,995,932 8.00 $ 2,494,915 10.00 2,888,500 11.58 2017 Minimum Well-Capitalized Actual Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Consolidated $ 1,073,381 4.00 % N/A N/A $ 2,509,496 9.35 % IBERIABANK 1,070,789 4.00 $ 1,338,487 5.00 2,437,275 9.10 Common Equity Tier 1 (CET1) (1) Consolidated $ 1,011,732 4.50 % N/A N/A $ 2,377,398 10.57 % IBERIABANK 1,009,553 4.50 $ 1,458,243 6.50 2,437,275 10.86 Tier 1 Risk-Based Capital (1) Consolidated $ 1,348,977 6.00 % N/A N/A $ 2,509,496 11.16 % IBERIABANK 1,346,070 6.00 $ 1,794,760 8.00 2,437,275 10.86 Total Risk-Based Capital (1) Consolidated $ 1,798,635 8.00 % N/A N/A $ 2,780,095 12.37 % IBERIABANK 1,794,760 8.00 $ 2,243,450 10.00 2,591,374 11.55 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings Per Share | The following table presents the calculation of basic and diluted earnings per share for the periods indicated. For the Years Ended December 31, (In thousands, except per share data) 2018 2017 2016 Earnings per common share - basic Net income $ 370,249 $ 142,413 $ 186,777 Preferred stock dividends (9,095 ) (9,095 ) (7,977 ) Dividends and undistributed earnings allocated to unvested restricted shares (3,583 ) (1,210 ) (1,872 ) Earnings allocated to common shareholders - basic $ 357,571 $ 132,108 $ 176,928 Weighted average common shares outstanding 55,008 50,640 40,948 Earnings per common share - basic 6.50 2.61 4.32 Earnings per common share - diluted Earnings allocated to common shareholders - basic $ 357,571 $ 132,108 $ 176,928 Dividends and undistributed earnings allocated to unvested restricted shares (49 ) (1 ) (37 ) Earnings allocated to common shareholders - diluted $ 357,522 $ 132,107 $ 176,891 Weighted average common shares outstanding 55,008 50,640 40,948 Dilutive potential common shares 352 352 158 Weighted average common shares outstanding - diluted 55,360 50,992 41,106 Earnings per common share - diluted $ 6.46 $ 2.59 $ 4.30 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following table represents the activity related to stock options during the periods indicated: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (Dollars in thousands) Weighted Average Remaining Contract Life (in years) Outstanding options, December 31, 2015 813,777 $ 56.99 Granted 160,624 48.65 Exercised (196,769 ) 55.39 $ 3,597 Forfeited or expired (56,094 ) 59.49 Outstanding options, December 31, 2016 721,538 $ 55.38 Granted 80,557 84.78 Exercised (85,221 ) 55.45 2,098 Forfeited or expired (30,508 ) 68.46 Outstanding options, December 31, 2017 686,366 $ 58.24 Granted 97,620 82.02 Exercised (42,047 ) 53.07 1,242 Forfeited or expired (27,519 ) 68.30 Outstanding options, December 31, 2018 714,420 $ 61.41 $ 5,148 5.2 Exercisable options, December 31, 2016 415,376 $ 56.66 Exercisable options, December 31, 2017 455,010 55.77 Exercisable options, December 31, 2018 501,815 56.75 $ 4,222 3.9 The following table represents phantom stock award 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 215,745 18,069 Forfeited share equivalents (42,051 ) 3,522 Vested share equivalents (163,294 ) 8,509 Balance, December 31, 2016 472,830 $ 39,600 Granted 118,408 9,177 Forfeited share equivalents (34,968 ) 2,710 Vested share equivalents (162,426 ) 13,515 Balance, December 31, 2017 393,844 $ 30,523 Granted 157,044 10,095 Forfeited share equivalents (63,276 ) 4,067 Vested share equivalents (134,205 ) 11,156 Balance, December 31, 2018 353,407 $ 22,717 (1) Number of share equivalents includes all reinvested dividend equivalents for the years indicated. (2) Except for share equivalents at the beginning of each period, which are based on the value at that time, and vested share payments, which are based on the cash paid at the time of vesting, the value of share equivalents is calculated based on the market price of the Company’s stock at the end of the respective periods. The market price of the Company’s stock was $64.28 , $77.50 and $83.75 on December 31, 2018, 2017, and 2016, respectively. The following table represents unvested restricted stock award and restricted share unit activity for the years ended December 31: 2018 2017 2016 Number of shares at beginning of period 738,187 543,261 507,130 Granted 231,064 421,198 254,276 Forfeited (72,217 ) (31,699 ) (28,855 ) Vested (196,406 ) (194,573 ) (189,290 ) Number of shares at end of period 700,628 738,187 543,261 |
Schedule of Valuation Assumptions | The following weighted-average assumptions were used for option awards issued during the years ended December 31: 2018 2017 2016 Expected dividends 1.8 % 1.7 % 2.8 % Expected volatility 24.3 % 25.0 % 29.0 % Risk-free interest rate 2.7 % 2.1 % 1.4 % Expected term (in years) 5.8 5.8 6.5 Weighted-average grant-date fair value $ 18.48 $ 18.86 $ 10.46 |
Schedule of Allocation for Share-based Compensation Expense | The following table represents compensation expense recorded for phantom stock based on the number of share equivalents vested at December 31 of the years indicated and the current market price of the Company’s stock at that time: (Dollars in thousands) 2018 2017 2016 Compensation expense related to phantom stock $ 8,141 $ 10,756 $ 12,933 The following table represents the compensation expense that was included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to restricted stock awards and restricted share units for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Compensation expense related to restricted stock awards and restricted share units $ 18,998 $ 14,966 $ 12,513 Income tax benefit related to restricted stock awards and restricted share units 3,990 2,809 4,380 The following table represents the compensation expense that is included in non-interest expense and related income tax benefits in the accompanying consolidated statements of comprehensive income related to stock options for the years ended December 31: (Dollars in thousands) 2018 2017 2016 Compensation expense related to stock options $ 1,280 $ 1,470 $ 2,010 Income tax benefit related to stock options 93 124 331 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding | At December 31, 2018 and 2017, respectively, the Company had the following financial instruments outstanding and related reserves, whose contract amounts represent credit risk: (Dollars in thousands) December 31, 2018 December 31, 2017 Commitments to extend credit $ 642,162 $ 342,305 Unfunded commitments under lines of credit 6,883,963 6,060,034 Commercial and standby letters of credit 240,436 210,002 Reserve for unfunded lending commitments 14,830 13,208 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Asset and Liabilities Measured at Fair Value on Recurring Basis | See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,783,579 $ — $ 4,783,579 Mortgage loans held for sale — 107,734 — 107,734 Mortgage loans held for investment, at fair value option — — 3,143 3,143 Derivative instruments — 27,048 — 27,048 Total $ — $ 4,918,361 $ 3,143 $ 4,921,504 Liabilities Derivative instruments $ — $ 22,124 $ — $ 22,124 Total $ — $ 22,124 $ — $ 22,124 December 31, 2017 Level 1 Level 2 Level 3 Total Assets Securities available for sale $ — $ 4,590,062 $ — $ 4,590,062 Mortgage loans held for sale — 134,916 — 134,916 Mortgage loans held for investment, at fair value option — — 14,953 14,953 Derivative instruments — 31,265 — 31,265 Total $ — $ 4,756,243 $ 14,953 $ 4,771,196 Liabilities Derivative instruments $ — $ 25,154 $ — $ 25,154 Total $ — $ 25,154 $ — $ 25,154 |
Financial Asset and Liabilities Measured at Fair Value on Nonrecurring Basis | The following table presents information about the Company's assets that are measured at fair value and still held as of December 31, 2018 and 2017 for which a non-recurring fair value adjustment was recorded during the years then ended. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined. December 31, 2018 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 65,914 $ 65,914 OREO, net — — 6,433 6,433 Total $ — $ — $ 72,347 $ 72,347 December 31, 2017 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Impaired loans $ — $ — $ 71,210 $ 71,210 OREO, net — — 7,748 7,748 Total $ — $ — $ 78,958 $ 78,958 |
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 and mortgage loans held for investment measured at fair value: December 31, 2018 December 31, 2017 (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 $ 107,734 $ 104,345 $ 3,389 $ 134,916 $ 131,276 $ 3,640 Mortgage loans held for investment, at fair value 3,143 3,595 (452 ) 14,953 16,306 (1,353 ) |
Fair Value Option, Disclosures | The following table details net gains (losses) resulting from the change in fair value of loans that were recorded in mortgage income in the consolidated statements of comprehensive income for the years ended December 31, 2018, 2017 and 2016. 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. Net Gains (Losses) Resulting From Changes in Fair Value For the Years Ended December 31, (Dollars in thousands) 2018 2017 2016 Fair value option Mortgage loans held for sale, at fair value $ (251 ) $ 944 $ (2,512 ) Mortgage loans held for investment, at fair value (1,542 ) (204 ) (1,149 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values and Carrying Amounts of Financial Instruments | The carrying amount and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments are included in the tables below. See Note 1, Summary of Significant Accounting Policies, for a description of how fair value measurements are determined, except for loans, amended upon implementation of ASU 2016-01, Financial Statements - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 2, Recent Accounting Pronouncements, in this Report for a description of how the fair value measurement is determined for loans beginning January 1, 2018. December 31, 2018 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,783,579 $ 4,783,579 $ — $ 4,783,579 $ — Mortgage loans held for sale 107,734 107,734 — 107,734 — Mortgage loans held for investment, at fair value option 3,143 3,143 — — 3,143 Derivative instruments 27,048 27,048 — 27,048 — Financial Liabilities Derivative instruments 22,124 22,124 — 22,124 — Amortized Cost Financial Assets Cash and cash equivalents $ 690,453 $ 690,453 $ 690,453 $ — $ — Securities held to maturity 207,446 204,277 — 204,277 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 22,376,101 22,088,236 — — 22,088,236 Financial Liabilities Deposits 23,763,431 23,752,139 — 23,752,139 — Short-term borrowings 1,482,882 1,482,882 315,882 1,167,000 — Long-term debt 1,166,151 1,154,062 — — 1,154,062 December 31, 2017 (Dollars in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Measurement Category Fair Value Financial Assets Securities available for sale $ 4,590,062 $ 4,590,062 $ — $ 4,590,062 $ — Mortgage loans held for sale 134,916 134,916 — 134,916 — Mortgage loans held for investment, at fair value option 14,953 14,953 — — 14,953 Derivative instruments 31,265 31,265 — 31,265 — Financial Liabilities Derivative instruments 25,154 25,154 — 25,154 — Amortized Cost Financial Assets Cash and cash equivalents $ 625,724 $ 625,724 $ 625,724 $ — $ — Securities held to maturity 227,318 227,964 — 227,964 — Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses 19,922,337 19,811,904 — — 19,811,904 Financial Liabilities Deposits 21,466,717 21,460,782 — 21,460,782 — Short-term borrowings 991,297 991,297 516,297 475,000 — Long-term debt 1,495,835 1,476,899 — — 1,476,899 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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. Year Ended December 31, 2018 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 1,215,668 $ 5,958 $ 3 $ 1,221,629 Interest expense 208,381 — — 208,381 Net interest income 1,007,287 5,958 3 1,013,248 Provision for (reversal of) credit losses 40,429 (44 ) — 40,385 Mortgage income — 46,424 — 46,424 Title revenue — — 24,149 24,149 Other non-interest income (expense) 81,588 (95 ) 496 81,989 Allocated expenses (income) (13,437 ) 9,847 3,590 — Non-interest expense 660,804 43,021 19,073 722,898 Income (loss) before income tax expense 401,079 (537 ) 1,985 402,527 Income tax expense (benefit) 32,436 (52 ) (106 ) 32,278 Net income (loss) $ 368,643 $ (485 ) $ 2,091 $ 370,249 Total loans, leases, and loans held for sale, net of unearned income $ 22,493,809 $ 133,740 $ — $ 22,627,549 Total assets 30,645,000 162,599 25,416 30,833,015 Total deposits 23,754,512 8,919 — 23,763,431 Average assets 29,400,755 153,717 23,554 29,578,026 Year Ended December 31, 2017 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 906,521 $ 7,260 $ 2 $ 913,783 Interest expense 104,937 — — 104,937 Net interest income 801,584 7,260 2 808,846 Provision for (reversal of) credit losses 51,797 (89 ) — 51,708 Mortgage income — 63,570 — 63,570 Title revenue — — 21,972 21,972 Other non-interest income (expense) 116,659 (42 ) (12 ) 116,605 Allocated expenses (income) (13,293 ) 10,041 3,252 — Non-interest expense 575,865 73,587 16,954 666,406 Income (loss) before income tax expense 303,874 (12,751 ) 1,756 292,879 Income tax expense (benefit) 156,407 (5,771 ) (170 ) 150,466 Net income (loss) $ 147,467 $ (6,980 ) $ 1,926 $ 142,413 Total loans, leases, and loans held for sale, net of unearned income $ 20,028,840 $ 184,257 $ — $ 20,213,097 Total assets 27,672,906 208,710 22,513 27,904,129 Total deposits 21,462,776 3,941 — 21,466,717 Average assets 24,228,436 229,364 22,856 24,480,656 Year Ended December 31, 2016 (Dollars in thousands) IBERIABANK Mortgage LTC Consolidated Interest and dividend income $ 707,676 $ 9,261 $ 2 $ 716,939 Interest expense 64,068 3,633 — 67,701 Net interest income 643,608 5,628 2 649,238 Provision for credit losses 41,433 88 — 41,521 Mortgage income 405 83,448 — 83,853 Title revenue — — 22,213 22,213 Other non-interest income 121,647 4 — 121,651 Allocated expenses (income) (13,972 ) 10,686 3,286 — Non-interest expense 480,898 65,133 17,433 563,464 Income before income tax expense 257,301 13,173 1,496 271,970 Income tax expense 79,565 5,023 605 85,193 Net income $ 177,736 $ 8,150 $ 891 $ 186,777 Total loans, leases, and loans held for sale, net of unearned income $ 15,004,360 $ 217,652 $ — $ 15,222,012 Total assets 21,319,267 315,057 24,866 21,659,190 Total deposits 17,402,742 5,541 — 17,408,283 Average assets 19,959,261 335,913 26,060 20,321,234 |
Condensed Parent Company Only_2
Condensed Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets (Dollars in thousands) December 31 2018 2017 Assets Cash in bank $ 179,545 $ 168,873 Investments in subsidiaries 4,008,802 3,661,808 Other assets 53,832 49,207 $ 4,242,179 $ 3,879,888 Liabilities and Shareholders’ Equity Liabilities $ 185,902 $ 183,097 Shareholders’ equity 4,056,277 3,696,791 $ 4,242,179 $ 3,879,888 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (Dollars in thousands) 2018 2017 2016 Operating income Reimbursement of management expenses $ 83,262 $ 76,177 $ 65,104 Other income 245,213 146,796 829 Total operating income 328,475 222,973 65,933 Operating expenses Interest expense 6,008 5,168 3,948 Salaries and employee benefits expense 55,436 55,013 45,623 Other expenses 28,963 32,965 19,566 Total operating expenses 90,407 93,146 69,137 Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries 238,068 129,827 (3,204 ) Income tax expense 799 3,123 530 Income (loss) before equity in undistributed earnings of subsidiaries 237,269 126,704 (3,734 ) Equity in undistributed earnings of subsidiaries 132,980 15,709 190,511 Net Income 370,249 142,413 186,777 Less: Preferred stock dividends 9,095 9,095 7,977 Net Income Available to Common Shareholders $ 361,154 $ 133,318 $ 178,800 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows (Dollars in thousands) Year Ended December 31 2018 2017 2016 Cash Flow from Operating Activities Net income $ 370,249 $ 142,413 $ 186,777 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 145 62 98 Net income of subsidiaries (377,974 ) (160,206 ) (190,511 ) Share-based compensation cost 20,278 16,436 14,523 Other operating activities, net 491 (4,256 ) 12,417 Net Cash Provided by (Used in) Operating Activities 13,189 (5,551 ) 23,304 Cash Flow from Investing Activities Cash paid in excess of cash received for acquisitions (7 ) (809,159 ) — Purchases of premises and equipment (52 ) (105 ) — Return of capital from (Capital contributed to) subsidiary 245,000 144,500 (6,000 ) Other investing activities, net (1,500 ) — (749 ) Net Cash (Used in) Investing Activities 243,441 (664,764 ) (6,749 ) Cash Flow from Financing Activities Cash dividends paid on common stock (84,782 ) (72,772 ) (56,793 ) Cash dividends paid on preferred stock (9,095 ) (9,095 ) (7,028 ) Net share-based compensation stock transactions (3,226 ) (832 ) 6,899 Payments to repurchase common stock (148,855 ) — (11,666 ) Net proceeds from issuance of common stock — 485,151 279,242 Net proceeds from issuance of preferred stock — — 55,285 Other financing activities, net — (56 ) — Net Cash Provided by (Used In) Financing Activities (245,958 ) 402,396 265,939 Net Increase (Decrease) in Cash and Cash Equivalents 10,672 (267,919 ) 282,494 Cash and Cash Equivalents at Beginning of Period 168,873 436,792 154,298 Cash and Cash Equivalents at End of Period $ 179,545 $ 168,873 $ 436,792 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Maximum loss exposure | $ 230 | $ 160 |
Fair value adjustment period | 1 year | |
Maturity period for cash and cash equivalents | 3 months | |
Threshold period of past due status of financing receivable | 30 days | |
Threshold Period, Financing Receivable Evaluated for Non-accrual Status | 90 days | |
Period due to be considered for accrual of interest on loans Is discontinued | 90 days | |
Accounts, Notes, Loans and Financing Receivable | ||
Past due loans threshold period for write-off | 120 days | |
Rate lock period | 60 days | |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due loans threshold period for write-off | 90 days | |
Residential and Consumer Portfolio | ||
Accounts, Notes, Loans and Financing Receivable | ||
Past due loans threshold period evaluation for charge-off | 120 days | |
Buildings | Minimum | ||
Accounts, Notes, Loans and Financing Receivable | ||
Useful life of property and equipment | 10 years | |
Buildings | Maximum | ||
Accounts, Notes, Loans and Financing Receivable | ||
Useful life of property and equipment | 40 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 3 years |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 20 years |
Customer relationship intangible asset | Maximum | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Useful life of finite-lived intangible asset | 10 years |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Details (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounting Standards Update 2014-09 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 8.9 |
Acquisition Activity - Addition
Acquisition Activity - Additional Information (Details) $ / shares in Units, $ in Thousands | Mar. 23, 2018USD ($)$ / sharesshares | Jul. 31, 2017USD ($)bank$ / sharesshares | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,235,533 | $ 1,235,533 | $ 1,188,902 | $ 726,856 | ||||
Increase (decrease) in goodwill due to adjustments | 46,631 | |||||||
Amortization of acquisition intangibles | 21,678 | 12,590 | 8,415 | |||||
Gibraltar Private Bank & Trust Company | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid | $ 214,666 | |||||||
Loans acquired | 1,447,475 | |||||||
Interest-bearing deposits acquired | 1,064,803 | |||||||
Cash consideration | 7 | |||||||
Goodwill | $ 64,252 | 64,300 | 64,300 | |||||
Increase (decrease) in goodwill due to adjustments | 14,600 | |||||||
Gibraltar Private Bank & Trust Company | Common Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of shares issued per share acquired | $ / shares | $ 1.9749 | |||||||
Business Acquisition, Share Price | $ / shares | $ 77 | |||||||
Common stock issued (shares) | shares | 2,787,773 | |||||||
Solomon Parks Title & Escrow | ||||||||
Business Acquisition [Line Items] | ||||||||
Other Payments to Acquire Businesses | $ 750 | |||||||
Cash consideration | 3,300 | |||||||
Goodwill | 3,400 | 3,400 | ||||||
Increase (decrease) in goodwill due to adjustments | $ 3,400 | |||||||
Sabadell United | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid | $ 1,020,202 | |||||||
Loans acquired | 4,030,777 | 4,000,000 | 4,000,000 | |||||
Interest-bearing deposits acquired | $ 4,382,780 | |||||||
Number of offices acquired | bank | 25 | |||||||
Cash consideration | $ 809,159 | |||||||
Percentage of voting interests acquired | 100.00% | |||||||
Goodwill | $ 441,045 | $ 441,000 | ||||||
Increase (decrease) in goodwill due to adjustments | $ 21,000 | $ 21,000 | ||||||
Sabadell United | Fair Value Adjustments | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortization of premiums and accretion of discounts on acquired loans, securities, and deposits | 20,300 | 38,800 | ||||||
Elimination of amortization of premiums and accretion of discounts on previously acquired loans, securities, FDIC indemnification asset, and deposits | 1,300 | 4,100 | ||||||
Allowance for loan and lease losses acquired | 6,400 | 5,900 | ||||||
Amortization of acquisition intangibles | $ 5,900 | $ 10,100 | ||||||
Sabadell United | Common Stock | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Share Price | $ / shares | $ 80.85 | |||||||
Common stock issued (shares) | shares | 2,610,304 | |||||||
Loans | Gibraltar Private Bank & Trust Company | ||||||||
Business Acquisition [Line Items] | ||||||||
Increase (decrease) in goodwill due to adjustments | $ 17,800 |
Acquisition Activity - Consider
Acquisition Activity - Consideration (Details) - USD ($) $ in Thousands | Mar. 23, 2018 | Jul. 31, 2017 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 1,235,533 | $ 1,188,902 | $ 726,856 | |||
Gibraltar Private Bank & Trust Company | ||||||
Business Acquisition [Line Items] | ||||||
Total equity consideration | $ 214,659 | |||||
Cash | 7 | |||||
Total consideration paid | 214,666 | |||||
Fair value of net assets assumed including identifiable intangible assets | 150,414 | |||||
Goodwill | $ 64,252 | $ 64,300 | ||||
Gibraltar Private Bank & Trust Company | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,787,773 | |||||
Common stock issued | $ 214,659 | |||||
Sabadell United | ||||||
Business Acquisition [Line Items] | ||||||
Total equity consideration | $ 211,043 | |||||
Cash | 809,159 | |||||
Total consideration paid | 1,020,202 | |||||
Fair value of net assets assumed including identifiable intangible assets | 579,157 | |||||
Goodwill | $ 441,045 | $ 441,000 | ||||
Sabadell United | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,610,304 | |||||
Common stock issued | $ 211,043 |
Acquisition Activity - Assets A
Acquisition Activity - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 23, 2018 | Jul. 31, 2017 |
Gibraltar Private Bank & Trust Company | |||
Assets | |||
Cash and cash equivalents | $ 102,575 | ||
Investment securities | 19,169 | ||
Equity securities | 27,519 | ||
Loans | 1,447,475 | ||
Core deposit intangible assets | 18,529 | ||
Other assets | 12,005 | ||
Total assets acquired | 1,627,272 | ||
Liabilities | |||
Deposit liabilities | 1,064,803 | ||
Long-term borrowings | 405,107 | ||
Deferred tax liability, net | 1,761 | ||
Other liabilities | 5,187 | ||
Total liabilities assumed | $ 1,476,858 | ||
Sabadell United | |||
Assets | |||
Cash and cash equivalents | $ 318,819 | ||
Investment securities | 964,123 | ||
Loans | $ 4,000,000 | 4,030,777 | |
Core deposit intangible assets | 66,600 | ||
Deferred tax asset, net | 44,480 | ||
Other assets | 92,820 | ||
Total assets acquired | 5,517,619 | ||
Liabilities | |||
Deposit liabilities | 4,382,780 | ||
Short-term borrowings | 520,539 | ||
Other liabilities | 35,143 | ||
Total liabilities assumed | $ 4,938,462 |
Acquisition Activity - Pro Form
Acquisition Activity - Pro Forma Information (Details) - Sabadell United - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 924,348 | $ 842,945 |
Non-interest income | 219,021 | 255,022 |
Net income | $ 174,246 | $ 246,799 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Values of Investment Securities, with Gross Unrealized Gains and Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities | ||
Amortized Cost | $ 4,843,313 | $ 4,647,931 |
Gross Unrealized Gains | 13,648 | 5,972 |
Gross Unrealized Losses | (73,382) | (63,841) |
Estimated Fair Value | 4,783,579 | 4,590,062 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 207,446 | 227,318 |
Gross Unrealized Gains | 339 | 1,571 |
Gross Unrealized Losses | (3,508) | (925) |
Estimated Fair Value | 204,277 | 227,964 |
Fair value of securities held as collateral | 2,400,000 | 2,100,000 |
U.S. Government-sponsored enterprise obligations | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 995 | 41,003 |
Gross Unrealized Gains | 3 | 18 |
Gross Unrealized Losses | 0 | (406) |
Estimated Fair Value | 998 | 40,615 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 177,566 | 271,451 |
Gross Unrealized Gains | 2,045 | 4,246 |
Gross Unrealized Losses | (723) | (1,493) |
Estimated Fair Value | 178,888 | 274,204 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 188,684 | 206,736 |
Gross Unrealized Gains | 309 | 1,530 |
Gross Unrealized Losses | (2,497) | (275) |
Estimated Fair Value | 186,496 | 207,991 |
Mortgage-backed securities: Residential agency | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 3,837,584 | 3,675,367 |
Gross Unrealized Gains | 8,886 | 1,233 |
Gross Unrealized Losses | (57,073) | (52,090) |
Estimated Fair Value | 3,789,397 | 3,624,510 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 18,762 | 20,582 |
Gross Unrealized Gains | 30 | 41 |
Gross Unrealized Losses | (1,011) | (650) |
Estimated Fair Value | 17,781 | 19,973 |
Mortgage-backed securities: Commercial agency | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 730,148 | 546,105 |
Gross Unrealized Gains | 2,363 | 228 |
Gross Unrealized Losses | (14,799) | (8,938) |
Estimated Fair Value | 717,712 | 537,395 |
Other securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 97,020 | 114,005 |
Gross Unrealized Gains | 351 | 247 |
Gross Unrealized Losses | (787) | (914) |
Estimated Fair Value | $ 96,584 | $ 113,338 |
Investment Securities - Sched_2
Investment Securities - Schedule of Securities with Gross Unrealized Losses Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross Unrealized Losses | ||
Less Than Twelve Months | $ (962) | $ (27,757) |
Twelve Months or More | (72,420) | (36,084) |
Total | (73,382) | (63,841) |
Estimated Fair Value | ||
Less Than Twelve Months | 237,384 | 2,813,985 |
Twelve Months or More | 2,740,272 | 1,304,515 |
Total | 2,977,656 | 4,118,500 |
Gross Unrealized Losses | ||
Less than twelve months | (3) | (265) |
Over twelve months | (3,505) | (660) |
Total | (3,508) | (925) |
Estimated Fair Value | ||
Less than twelve months | 2,059 | 66,150 |
Over twelve months | 169,177 | 22,300 |
Total | 171,236 | 88,450 |
U.S. Government-sponsored enterprise obligations | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (254) | |
Twelve Months or More | (152) | |
Total | (406) | |
Estimated Fair Value | ||
Less Than Twelve Months | 29,744 | |
Twelve Months or More | 9,848 | |
Total | 39,592 | |
Obligations of state and political subdivisions | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (9) | (326) |
Twelve Months or More | (714) | (1,167) |
Total | (723) | (1,493) |
Estimated Fair Value | ||
Less Than Twelve Months | 4,112 | 31,601 |
Twelve Months or More | 30,268 | 68,609 |
Total | 34,380 | 100,210 |
Gross Unrealized Losses | ||
Less than twelve months | (3) | (263) |
Over twelve months | (2,494) | (12) |
Total | (2,497) | (275) |
Estimated Fair Value | ||
Less than twelve months | 2,059 | 65,817 |
Over twelve months | 151,699 | 3,031 |
Total | 153,758 | 68,848 |
Mortgage-backed securities: Residential agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (816) | (22,760) |
Twelve Months or More | (56,257) | (29,330) |
Total | (57,073) | (52,090) |
Estimated Fair Value | ||
Less Than Twelve Months | 197,057 | 2,366,569 |
Twelve Months or More | 2,193,862 | 1,061,588 |
Total | 2,390,919 | 3,428,157 |
Gross Unrealized Losses | ||
Less than twelve months | 0 | (2) |
Over twelve months | (1,011) | (648) |
Total | (1,011) | (650) |
Estimated Fair Value | ||
Less than twelve months | 0 | 333 |
Over twelve months | 17,478 | 19,269 |
Total | 17,478 | 19,602 |
Mortgage-backed securities: Commercial agency | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (43) | (3,503) |
Twelve Months or More | (14,756) | (5,435) |
Total | (14,799) | (8,938) |
Estimated Fair Value | ||
Less Than Twelve Months | 18,190 | 310,769 |
Twelve Months or More | 483,565 | 164,470 |
Total | 501,755 | 475,239 |
Other securities | ||
Gross Unrealized Losses | ||
Less Than Twelve Months | (94) | (914) |
Twelve Months or More | (693) | 0 |
Total | (787) | (914) |
Estimated Fair Value | ||
Less Than Twelve Months | 18,025 | 75,302 |
Twelve Months or More | 32,577 | 0 |
Total | $ 50,602 | $ 75,302 |
Investment Securities - Additio
Investment Securities - Additional Information on Securities in a Continuous Loss Position (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Security | Dec. 31, 2017USD ($)Security | |
Schedule of Available-for-sale Securities | ||
Number of debt securities with unrealized losses | Security | 488 | 544 |
Debt securities with unrealized losses (percentage of amortized cost) | 2.38% | 1.52% |
Number of securities | Security | 441 | 210 |
Amortized cost basis | $ 2,985,374 | $ 1,363,559 |
Unrealized loss | $ 75,925 | $ 36,744 |
Mortgage-backed securities: Residential agency | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 302 | 153 |
Amortized cost basis | $ 2,268,608 | $ 1,110,834 |
Unrealized loss | $ 57,268 | $ 29,977 |
Mortgage-backed securities: Commercial agency | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 72 | 28 |
Amortized cost basis | $ 498,321 | $ 169,905 |
Unrealized loss | $ 14,756 | $ 5,435 |
Obligations of state and political subdivisions | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 60 | 28 |
Amortized cost basis | $ 185,175 | $ 72,820 |
Unrealized loss | $ 3,208 | $ 1,180 |
U.S. Government-sponsored enterprise obligations | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 0 | 1 |
Amortized cost basis | $ 0 | $ 10,000 |
Unrealized loss | $ 0 | $ 152 |
Other securities | ||
Schedule of Available-for-sale Securities | ||
Number of securities | Security | 7 | 0 |
Amortized cost basis | $ 33,270 | $ 0 |
Unrealized loss | $ 693 | $ 0 |
Investment Securities - Sched_3
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Weighted Average Yield | ||
Within one year or less | 3.84% | |
One through five years | 2.68% | |
After five through ten years | 2.67% | |
Over ten years | 2.94% | |
Weighted average yield | 2.89% | |
Amortized Cost | ||
Within one year or less | $ 2,958 | |
One through five years | 63,397 | |
After five through ten years | 829,027 | |
Over ten years | 3,947,931 | |
Amortized Cost | 4,843,313 | $ 4,647,931 |
Estimated Fair Value | ||
Within one year or less | 2,967 | |
One through five years | 63,183 | |
After five through ten years | 819,056 | |
Over ten years | 3,898,373 | |
Estimated fair value | $ 4,783,579 | 4,590,062 |
Weighted Average Yield | ||
Within one year or less | 2.77% | |
One through five years | 2.47% | |
After five through ten years | 2.56% | |
Over ten years | 2.62% | |
Weighted average yield | 2.60% | |
Amortized Cost | ||
Within one year or less | $ 1,309 | |
One through five years | 6,303 | |
After five through ten years | 42,827 | |
Over ten years | 157,007 | |
Amortized Cost | 207,446 | 227,318 |
Estimated Fair Value | ||
Within one year or less | 1,313 | |
One through five years | 6,291 | |
After five through ten years | 42,571 | |
Over ten years | 154,102 | |
Estimated fair value | $ 204,277 | $ 227,964 |
Investment Securities - Sched_4
Investment Securities - Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains | $ 40 | $ 1,651 | $ 2,949 |
Realized losses | (49,940) | (1,799) | (948) |
Net realized gains (losses) | $ (49,900) | $ (148) | $ 2,001 |
Investment Securities - Sched_5
Investment Securities - Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank (FHLB) stock | $ 95,213 | $ 95,171 |
Federal Reserve Bank Stock | 85,630 | 79,191 |
CRA and Community Development Investment Funds | 1,884 | 0 |
Other Investments | 9,709 | 3,008 |
Marketable Securities | $ 192,436 | $ 177,370 |
Loans and Leases - Schedule of
Loans and Leases - Schedule of Non-Covered Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | $ 22,519,815 | $ 20,078,181 |
Commercial Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 15,125,322 | 14,073,297 |
Commercial Loans | Commercial real estate - Construction | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 1,196,366 | 1,240,396 |
Commercial Loans | Commercial real estate - owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 2,395,822 | 2,375,321 |
Commercial Loans | Commercial real estate - non-owner-occupied | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 5,796,117 | 5,322,513 |
Commercial Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 5,737,017 | 5,135,067 |
Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 4,359,156 | 3,056,352 |
Consumer and Other Loans | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 3,035,337 | 2,948,532 |
Consumer and Other Loans | Home Equity | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | 2,304,694 | 2,292,275 |
Consumer and Other Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable | ||
Loans and leases, net of unearned income | $ 730,643 | $ 656,257 |
Loans (Detail)
Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 23, 2018 | Jul. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable | |||||
Net deferred loan origination fees | $ 30,200 | $ 29,300 | |||
Net discount | 136,800 | 159,300 | |||
Deposit liabilities reclassified as loans receivable | 9,200 | 7,400 | |||
Loans with carrying value pledged to secure public deposits and other borrowings | 7,600,000 | 6,600,000 | |||
Loans acquired with no evidence of deteriorated credit quality | 3,143 | 14,953 | |||
Acquired Loans | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Net discount | 81,600 | 94,700 | |||
Sabadell United | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Loans acquired | 4,000,000 | $ 4,030,777 | |||
Covered loans acquired | 158,600 | ||||
Sabadell United | Non-US | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Covered loans acquired | 202,600 | 325,500 | |||
Gibraltar Private Bank & Trust Company | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Loans acquired | $ 1,447,475 | ||||
Loans acquired with no evidence of deteriorated credit quality | 1,426,756 | ||||
Loans acquired with deteriorated credit quality | 20,719 | ||||
TDRs Occurring during the Period | TDRs | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
TDRs during period | 53,171 | 70,459 | $ 222,436 | ||
TDRs during period on accrual status | 31,500 | 46,300 | 85,900 | ||
TDRs during period on non-accrual status | $ 21,700 | $ 24,200 | $ 136,500 |
Loans and Leases - Schedule o_2
Loans and Leases - Schedule of Aging of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | $ 59,460 | $ 68,617 | |
Non-accrual Loans | 137,184 | 145,388 | |
Acquired Impaired Loans | 169,725 | 238,127 | $ 302,780 |
Total Loans | 22,519,815 | 20,078,181 | |
Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 125,706 | 194,201 | 282,001 |
Total Loans | 15,125,322 | 14,073,297 | |
Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 1,054 | 727 | |
Non-accrual Loans | 1,094 | 2,635 | |
Total Loans | 1,196,366 | 1,240,396 | |
Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 7,167 | 2,364 | |
Non-accrual Loans | 10,260 | 24,457 | |
Total Loans | 2,395,822 | 2,375,321 | |
Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 7,833 | 9,378 | |
Non-accrual Loans | 15,898 | 6,811 | |
Total Loans | 5,796,117 | 5,322,513 | |
Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 7,012 | 11,660 | |
Non-accrual Loans | 57,860 | 77,823 | |
Total Loans | 5,737,017 | 5,135,067 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 6,579 | 6,749 | 4,312 |
Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 4,290,152 | 2,962,043 | |
Accruing | 17,406 | 23,536 | |
Non-accrual Loans | 30,396 | 17,387 | |
Total Loans | 4,359,156 | 3,056,352 | |
Consumer and Other Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 37,440 | 37,177 | $ 16,467 |
Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 2,258,659 | 2,250,205 | |
Accruing | 12,692 | 14,640 | |
Non-accrual Loans | 18,830 | 12,365 | |
Total Loans | 2,304,694 | 2,292,275 | |
Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 721,231 | 645,498 | |
Accruing | 6,296 | 6,312 | |
Non-accrual Loans | 2,846 | 3,910 | |
Total Loans | 730,643 | 656,257 | |
Current or Less Than 30 days past due | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 21,959,758 | 19,382,621 | |
Current or Less Than 30 days past due | Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 1,167,795 | 1,197,766 | |
Current or Less Than 30 days past due | Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 2,305,743 | 2,243,923 | |
Current or Less Than 30 days past due | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 5,703,131 | 5,220,648 | |
Current or Less Than 30 days past due | Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 5,645,304 | 5,014,438 | |
Current or Less Than 30 days past due | Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 4,218,146 | 2,877,048 | |
Current or Less Than 30 days past due | Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 2,200,517 | 2,186,554 | |
Current or Less Than 30 days past due | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Current | 719,122 | 642,244 | |
30-59 days | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 38,579 | 36,818 | |
30-59 days | Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 1,054 | 269 | |
30-59 days | Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 7,167 | 1,631 | |
30-59 days | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 7,473 | 2,086 | |
30-59 days | Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 5,139 | 5,788 | |
30-59 days | Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 2,768 | 10,083 | |
30-59 days | Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 10,283 | 11,675 | |
30-59 days | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 4,695 | 5,286 | |
60-89 days | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 18,753 | 24,899 | |
60-89 days | Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 0 | |
60-89 days | Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 659 | |
60-89 days | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 360 | 6,405 | |
60-89 days | Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 1,320 | 5,726 | |
60-89 days | Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 13,063 | 8,136 | |
60-89 days | Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 2,409 | 2,947 | |
60-89 days | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 1,601 | 1,026 | |
Greater than 90 days | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 2,128 | 6,900 | |
Greater than 90 days | Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 458 | |
Greater than 90 days | Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 74 | |
Greater than 90 days | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 887 | |
Greater than 90 days | Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 553 | 146 | |
Greater than 90 days | Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 1,575 | 5,317 | |
Greater than 90 days | Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 18 | |
Greater than 90 days | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Accruing | 0 | 0 | |
Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 363,413 | 481,555 | |
Acquired Loans | Commercial Loans | Commercial real estate - Construction | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 26,423 | 39,268 | |
Acquired Loans | Commercial Loans | Commercial real estate - owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 72,652 | 104,577 | |
Acquired Loans | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 69,255 | 85,676 | |
Acquired Loans | Commercial Loans | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 26,841 | 31,146 | |
Acquired Loans | Residential Mortgage | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 93,208 | 138,381 | |
Acquired Loans | Consumer and Other Loans | Consumer - Home equity | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | 72,655 | 78,716 | |
Acquired Loans | Consumer and Other Loans | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable | |||
Acquired Impaired Loans | $ 2,379 | $ 3,791 |
Loans and Leases - Schedule o_3
Loans and Leases - Schedule of Carrying Amount of Loans Acquired (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 23, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable | |||||
Expected losses and foregone interest | $ (155,401) | $ (154,099) | $ (155,960) | ||
Loans acquired with no evidence of deteriorated credit quality | 3,143 | 14,953 | |||
Related allowance | (16,342) | $ (17,352) | $ (24,293) | ||
Sabadell United | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Loans acquired | 4,000,000 | $ 4,030,777 | |||
Covered loans acquired | 158,600 | ||||
Gibraltar Private Bank & Trust Company | |||||
Accounts, Notes, Loans and Financing Receivable | |||||
Loans acquired | $ 1,447,475 | ||||
Contractually required principal and interest at acquisition | 1,593,408 | ||||
Expected losses and foregone interest | (25,029) | ||||
Cash flows expected to be collected at acquisition | 1,568,379 | ||||
Loans acquired with no evidence of deteriorated credit quality | 1,426,756 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 29,929 | ||||
Related allowance | (3,636) | ||||
Impaired Financing Receivable, Expected Cash Flow | 26,293 | ||||
Accretable yield | 5,574 | ||||
Loans acquired with deteriorated credit quality | $ 20,719 |
Loans and Leases - Summary of C
Loans and Leases - Summary of Changes in Accretable Yields of Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 152,623 | $ 175,054 | $ 227,502 |
Additions | 5,574 | 32,937 | 0 |
Transfers from non-accretable difference to accretable yield | 3,623 | 4,912 | 5,490 |
Accretion | (47,962) | (56,337) | (68,211) |
Changes in expected cash flows not affecting non-accretable differences | 19,484 | (3,943) | 10,273 |
Balance at end of period | $ 133,342 | $ 152,623 | $ 175,054 |
Loans and Leases - Schedule o_4
Loans and Leases - Schedule of Modified TDRs (Detail) - TDRs Occurring during the Period - TDRs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Modifications | |||
TDRs during period on accrual status | $ 31,500 | $ 46,300 | $ 85,900 |
TDRs during period on non-accrual status | 21,700 | 24,200 | 136,500 |
Extended maturities | 23,262 | 26,561 | 75,315 |
Interest rate adjustment | 99 | 24 | 193 |
Financing Receivable Modifications Maturity And Interest Rate Adjustment | 554 | 4,932 | 2,470 |
Financing Receivable Modifications Extension Of Interest Rate Only Payments | 881 | 4,161 | 27,931 |
Forbearance | 4,432 | 7,226 | 76,819 |
Other concession(s) | 23,943 | 27,555 | 39,708 |
TDRs during period | $ 53,171 | $ 70,459 | $ 222,436 |
Loans and Leases - Schedule o_5
Loans and Leases - Schedule of Subsequently Defaulted TDRs (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)SecurityLoan | Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($)SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable | |||
Threshold period for loans in default (in days) | 30 days | ||
TDRs | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 246 | 359 | 523 |
Pre-modification Outstanding Recorded Investment | $ 66,395 | $ 70,233 | $ 223,640 |
Post-modification Outstanding Recorded Investment | $ 70,459 | $ 222,436 | |
Number of loans | SecurityLoan | 81 | 163 | 124 |
Recorded investment | $ 7,512 | $ 28,734 | $ 21,225 |
TDRs | Commercial Loans | Commercial real estate - Construction | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 3 | 4 | 3 |
Pre-modification Outstanding Recorded Investment | $ 4,819 | $ 9,404 | $ 3,024 |
Post-modification Outstanding Recorded Investment | $ 3,830 | $ 9,628 | $ 3,035 |
Number of loans | SecurityLoan | 0 | 2 | 1 |
Recorded investment | $ 0 | $ 3,572 | $ 116 |
TDRs | Commercial Loans | Commercial real estate - owner-occupied | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 14 | 11 | 20 |
Pre-modification Outstanding Recorded Investment | $ 4,257 | $ 5,779 | $ 18,223 |
Post-modification Outstanding Recorded Investment | $ 3,912 | $ 5,706 | $ 18,239 |
Number of loans | SecurityLoan | 2 | 6 | 3 |
Recorded investment | $ 142 | $ 4,668 | $ 3,473 |
TDRs | Commercial Loans | Commercial real estate - non-owner-occupied | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 20 | 19 | 25 |
Pre-modification Outstanding Recorded Investment | $ 3,719 | $ 11,974 | $ 16,644 |
Post-modification Outstanding Recorded Investment | $ 3,428 | $ 13,738 | $ 10,093 |
Number of loans | SecurityLoan | 5 | 13 | 6 |
Recorded investment | $ 1,039 | $ 8,060 | $ 201 |
TDRs | Commercial Loans | Commercial and industrial | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 52 | 57 | 79 |
Pre-modification Outstanding Recorded Investment | $ 39,796 | $ 21,651 | $ 163,265 |
Post-modification Outstanding Recorded Investment | $ 30,295 | $ 20,883 | $ 169,893 |
Number of loans | SecurityLoan | 13 | 32 | 22 |
Recorded investment | $ 3,757 | $ 6,550 | $ 14,707 |
TDRs | Residential Mortgage | Residential mortgage | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 19 | 24 | 43 |
Pre-modification Outstanding Recorded Investment | $ 1,706 | $ 1,897 | $ 5,141 |
Post-modification Outstanding Recorded Investment | $ 1,529 | $ 1,771 | $ 4,946 |
Number of loans | SecurityLoan | 8 | 16 | 8 |
Recorded investment | $ 773 | $ 1,218 | $ 405 |
TDRs | Consumer and Other Loans | Consumer - Home equity | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 65 | 123 | 158 |
Pre-modification Outstanding Recorded Investment | $ 10,607 | $ 16,346 | $ 13,273 |
Post-modification Outstanding Recorded Investment | $ 8,951 | $ 15,862 | $ 12,568 |
Number of loans | SecurityLoan | 15 | 32 | 25 |
Recorded investment | $ 1,354 | $ 3,285 | $ 1,379 |
TDRs | Consumer and Other Loans | Consumer - Other | TDRs Occurring during the Period | |||
Accounts, Notes, Loans and Financing Receivable | |||
Number of Loans | SecurityLoan | 73 | 121 | 195 |
Pre-modification Outstanding Recorded Investment | $ 1,491 | $ 3,182 | $ 4,070 |
Post-modification Outstanding Recorded Investment | $ 1,226 | $ 2,871 | $ 3,662 |
Number of loans | SecurityLoan | 38 | 62 | 59 |
Recorded investment | $ 447 | $ 1,381 | $ 944 |
Allowance for Credit Losses a_3
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Covered and Non-Covered Loan Portfolios (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for credit losses | |||
Allowance for loan losses at beginning of period | $ 140,891 | $ 144,719 | $ 138,378 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 39,472 | 51,111 | 42,927 |
Adjustment attributable to FDIC loss share arrangements | 0 | 0 | (1,497) |
Net provision for loan losses | 39,472 | 51,111 | 44,424 |
Transfer of balance to OREO and other | (7,172) | 934 | (2,781) |
Loans charged-off | (45,547) | (62,466) | (39,839) |
Recoveries | 12,927 | 6,593 | 6,034 |
Allowance for loan losses at end of period | 140,571 | 140,891 | 144,719 |
Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 13,208 | 11,241 | 14,145 |
provision for unfunded commitment, acquired | 709 | 1,370 | 0 |
Provision For Unfunded Commitments | 913 | 597 | (2,904) |
Reserve for unfunded commitments at end of period | 14,830 | 13,208 | 11,241 |
Allowance for credit losses at end of period | $ 155,401 | $ 154,099 | $ 155,960 |
Allowance for Credit Losses a_4
Allowance for Credit Losses and Credit Quality - Schedule of Allowance for Loan Losses for Legacy and Acquired Loans, by Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses | |||
provision for unfunded commitment, acquired | $ 709 | $ 1,370 | |
Financing Receivable, Allowance for Credit Losses | |||
Allowance for loan losses at beginning of period | 140,891 | 144,719 | $ 138,378 |
Provision for (Reversal of) loan losses | 39,472 | 51,111 | 44,424 |
Decrease in FDIC loss share receivable | 1,497 | ||
Transfer of balance to OREO and other | (7,172) | 934 | (2,781) |
Loans charged-off | (45,547) | (62,466) | (39,839) |
Recoveries | 12,927 | 6,593 | 6,034 |
Allowance for loan losses at end of period | 140,571 | 140,891 | 144,719 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 13,208 | 11,241 | 14,145 |
Provision for (Reversal of) unfunded commitments | 913 | 597 | 2,904 |
Reserve for unfunded commitments at end of period | 14,830 | 13,208 | 11,241 |
Allowance on loans individually evaluated for impairment | 16,342 | 17,352 | 24,293 |
Allowance on loans collectively evaluated for impairment | 111,266 | 89,655 | 84,214 |
Allowance on loans acquired with deteriorated credit quality | 155,401 | 154,099 | 155,960 |
Loans, net of unearned income: | |||
Loans, net of unearned income | 22,519,815 | 20,078,181 | 15,064,971 |
Balance at end of period individually evaluated for impairment | 169,725 | 238,127 | 302,780 |
Balance at end of period collectively evaluated for impairment | 21,986,677 | 19,358,499 | 14,232,005 |
Commercial Loans | Real Estate | |||
Financing Receivable, Allowance for Credit Losses | |||
provision for unfunded commitment, acquired | 118 | 253 | |
Financing Receivable, Allowance for Credit Losses | |||
Allowance for loan losses at beginning of period | 54,201 | 49,231 | 51,372 |
Provision for (Reversal of) loan losses | (829) | 10,433 | 1,958 |
Decrease in FDIC loss share receivable | 34 | ||
Transfer of balance to OREO and other | (2,256) | 853 | (868) |
Loans charged-off | (1,611) | (7,433) | (4,338) |
Recoveries | 2,301 | 1,117 | 1,141 |
Allowance for loan losses at end of period | 51,806 | 54,201 | 49,231 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 4,531 | 3,207 | 4,167 |
Provision for (Reversal of) unfunded commitments | 220 | 1,071 | 960 |
Reserve for unfunded commitments at end of period | 4,869 | 4,531 | 3,207 |
Allowance on loans individually evaluated for impairment | 636 | 1,588 | 1,378 |
Allowance on loans collectively evaluated for impairment | 45,651 | 30,360 | 25,248 |
Loans, net of unearned income: | |||
Loans, net of unearned income | 9,388,305 | 8,938,230 | 6,846,549 |
Balance at end of period individually evaluated for impairment | 53,905 | 91,785 | 61,006 |
Balance at end of period collectively evaluated for impairment | 9,166,070 | 8,616,924 | 6,504,875 |
Commercial Loans | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses | |||
provision for unfunded commitment, acquired | 40 | 783 | |
Financing Receivable, Allowance for Credit Losses | |||
Allowance for loan losses at beginning of period | 53,916 | 60,939 | 49,355 |
Provision for (Reversal of) loan losses | 23,866 | 31,891 | 32,296 |
Decrease in FDIC loss share receivable | 50 | ||
Transfer of balance to OREO and other | (812) | (68) | (519) |
Loans charged-off | (29,578) | (40,015) | (21,645) |
Recoveries | 6,704 | 1,169 | 1,502 |
Allowance for loan losses at end of period | 54,096 | 53,916 | 60,939 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 5,309 | 4,537 | 6,106 |
Provision for (Reversal of) unfunded commitments | 849 | (11) | 1,569 |
Reserve for unfunded commitments at end of period | 6,198 | 5,309 | 4,537 |
Allowance on loans individually evaluated for impairment | 12,646 | 12,736 | 21,413 |
Allowance on loans collectively evaluated for impairment | 39,949 | 38,944 | 37,206 |
Loans, net of unearned income: | |||
Loans, net of unearned income | 5,737,017 | 5,135,067 | 4,060,032 |
Balance at end of period individually evaluated for impairment | 71,801 | 102,416 | 220,995 |
Balance at end of period collectively evaluated for impairment | 5,638,375 | 5,001,505 | 3,806,305 |
Residential Mortgage | |||
Financing Receivable, Allowance for Credit Losses | |||
provision for unfunded commitment, acquired | 551 | 327 | |
Financing Receivable, Allowance for Credit Losses | |||
Allowance for loan losses at beginning of period | 9,117 | 11,249 | 11,789 |
Provision for (Reversal of) loan losses | 4,200 | (2,206) | 824 |
Decrease in FDIC loss share receivable | 1,090 | ||
Transfer of balance to OREO and other | (106) | 2 | (141) |
Loans charged-off | (334) | (365) | (313) |
Recoveries | 121 | 437 | 180 |
Allowance for loan losses at end of period | 12,998 | 9,117 | 11,249 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 555 | 657 | 830 |
Provision for (Reversal of) unfunded commitments | (240) | (429) | 173 |
Reserve for unfunded commitments at end of period | 866 | 555 | 657 |
Allowance on loans individually evaluated for impairment | 145 | 172 | 144 |
Allowance on loans collectively evaluated for impairment | 6,961 | 3,141 | 4,223 |
Loans, net of unearned income: | |||
Loans, net of unearned income | 4,359,156 | 3,056,352 | 1,267,400 |
Balance at end of period individually evaluated for impairment | 6,579 | 6,749 | 4,312 |
Balance at end of period collectively evaluated for impairment | 4,259,369 | 2,911,222 | 1,140,136 |
Consumer and Other Loans | |||
Financing Receivable, Allowance for Credit Losses | |||
provision for unfunded commitment, acquired | 0 | 7 | |
Financing Receivable, Allowance for Credit Losses | |||
Allowance for loan losses at beginning of period | 23,657 | 23,300 | 25,862 |
Provision for (Reversal of) loan losses | 12,235 | 10,993 | 9,346 |
Decrease in FDIC loss share receivable | 323 | ||
Transfer of balance to OREO and other | (3,998) | 147 | (1,253) |
Loans charged-off | (14,024) | (14,653) | (13,543) |
Recoveries | 3,801 | 3,870 | 3,211 |
Allowance for loan losses at end of period | 21,671 | 23,657 | 23,300 |
Financing Receivable, Reserve For Unfunded Commitments | |||
Reserve for unfunded commitments at beginning of period | 2,813 | 2,840 | 3,042 |
Provision for (Reversal of) unfunded commitments | 84 | (34) | 202 |
Reserve for unfunded commitments at end of period | 2,897 | 2,813 | 2,840 |
Allowance on loans individually evaluated for impairment | 2,915 | 2,856 | 1,358 |
Allowance on loans collectively evaluated for impairment | 18,705 | 17,210 | 17,537 |
Loans, net of unearned income: | |||
Loans, net of unearned income | 3,035,337 | 2,948,532 | 2,890,990 |
Balance at end of period individually evaluated for impairment | 37,440 | 37,177 | 16,467 |
Balance at end of period collectively evaluated for impairment | 2,922,863 | 2,828,848 | 2,780,689 |
Receivables Acquired with Deteriorated Credit Quality | |||
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans acquired with deteriorated credit quality | 12,963 | 33,884 | 36,212 |
Loans, net of unearned income: | |||
Balance at end of period acquired with deteriorated credit quality | 363,413 | 481,555 | 530,186 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Loans | Real Estate | |||
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans acquired with deteriorated credit quality | 5,519 | 22,253 | 22,605 |
Loans, net of unearned income: | |||
Balance at end of period acquired with deteriorated credit quality | 168,330 | 229,521 | 280,668 |
Receivables Acquired with Deteriorated Credit Quality | Commercial Loans | Commercial and industrial | |||
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans acquired with deteriorated credit quality | 1,501 | 2,236 | 2,320 |
Loans, net of unearned income: | |||
Balance at end of period acquired with deteriorated credit quality | 26,841 | 31,146 | 32,732 |
Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage | |||
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans acquired with deteriorated credit quality | 5,892 | 5,804 | 6,882 |
Loans, net of unearned income: | |||
Balance at end of period acquired with deteriorated credit quality | 93,208 | 138,381 | 122,952 |
Receivables Acquired with Deteriorated Credit Quality | Consumer and Other Loans | |||
Financing Receivable, Reserve For Unfunded Commitments | |||
Allowance on loans acquired with deteriorated credit quality | 51 | 3,591 | 4,405 |
Loans, net of unearned income: | |||
Balance at end of period acquired with deteriorated credit quality | $ 75,034 | $ 82,507 | $ 93,834 |
Allowance for Credit Losses a_5
Allowance for Credit Losses and Credit Quality - Investment in Legacy and Acquired Loans by Credit Quality Indicator (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | $ 22,519,815 | $ 20,078,181 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 15,125,322 | 14,073,297 |
Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 1,196,366 | 1,240,396 |
Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 2,395,822 | 2,375,321 |
Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 5,796,117 | 5,322,513 |
Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Total Loans | 5,737,017 | 5,135,067 |
Residential and Consumer Portfolio | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 7,270,042 | 5,857,746 |
30 or more days past due | 124,451 | 147,138 |
Total Loans | 7,394,493 | 6,004,884 |
Residential Mortgage | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 4,290,152 | 2,962,043 |
30 or more days past due | 69,004 | 94,309 |
Total Loans | 4,359,156 | 3,056,352 |
Consumer and Other Loans | Consumer - Home equity | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 2,258,659 | 2,250,205 |
30 or more days past due | 46,035 | 42,070 |
Total Loans | 2,304,694 | 2,292,275 |
Consumer and Other Loans | Consumer - Other | ||
Financing Receivable, Allowance for Credit Losses | ||
Current | 721,231 | 645,498 |
30 or more days past due | 9,412 | 10,759 |
Total Loans | 730,643 | 656,257 |
Pass | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 14,785,998 | 13,564,833 |
Pass | Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 1,182,554 | 1,189,490 |
Pass | Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 2,328,999 | 2,234,151 |
Pass | Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 5,687,963 | 5,258,638 |
Pass | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 5,586,482 | 4,882,554 |
Special Mention | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 157,229 | 209,925 |
Special Mention | Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 1,062 | 20,351 |
Special Mention | Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 25,526 | 82,114 |
Special Mention | Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 78,009 | 19,311 |
Special Mention | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 52,632 | 88,149 |
Substandard | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 154,402 | 258,794 |
Substandard | Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 12,740 | 30,541 |
Substandard | Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 41,297 | 56,590 |
Substandard | Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 26,512 | 42,702 |
Substandard | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 73,853 | 128,961 |
Doubtful | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 27,693 | 39,627 |
Doubtful | Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 10 | 14 |
Doubtful | Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 0 | 2,466 |
Doubtful | Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 3,633 | 1,744 |
Doubtful | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | $ 24,050 | 35,403 |
Loss | Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 118 | |
Loss | Commercial Loans | Commercial real estate - Construction | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 0 | |
Loss | Commercial Loans | Commercial real estate - owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 0 | |
Loss | Commercial Loans | Commercial real estate - non-owner-occupied | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | 118 | |
Loss | Commercial Loans | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses | ||
Gross loans and leases receivable | $ 0 |
Allowance for Credit Losses a_6
Allowance for Credit Losses and Credit Quality - Schedule of Investment in Legacy Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired | |||
Unpaid Principal Balance | $ 209,746 | $ 283,629 | $ 316,678 |
Recorded Investment | 169,725 | 238,127 | 302,780 |
Related Allowance | (16,342) | (17,352) | (24,293) |
Average Recorded Investment | 4,822 | 273,254 | 272,364 |
Interest Income Recognized | 273 | 8,368 | 9,191 |
Commercial Loans | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 164,209 | 237,922 | 294,649 |
Recorded Investment | 125,706 | 194,201 | 282,001 |
Related Allowance | (13,282) | (14,324) | (22,791) |
Average Recorded Investment | 142,895 | 232,590 | 255,325 |
Interest Income Recognized | 5,601 | 6,595 | 8,444 |
Residential Mortgage | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 7,114 | 7,183 | 4,628 |
Recorded Investment | 6,579 | 6,749 | 4,312 |
Related Allowance | (145) | (172) | (144) |
Average Recorded Investment | 6,755 | 6,905 | 4,377 |
Interest Income Recognized | 271 | 265 | 161 |
Consumer and Other Loans | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 38,423 | 38,524 | 17,401 |
Recorded Investment | 37,440 | 37,177 | 16,467 |
Related Allowance | (2,915) | (2,856) | (1,358) |
Average Recorded Investment | 35,600 | 33,759 | 12,662 |
Interest Income Recognized | 1,514 | 1,508 | 586 |
With No Related Allowance Recorded | Commercial Loans | Commercial real estate - Construction | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 10,261 | 13,763 | 38 |
Recorded Investment | 9,262 | 13,013 | 38 |
Average Recorded Investment | 9,189 | 9,104 | 28 |
Interest Income Recognized | 496 | 441 | 0 |
With No Related Allowance Recorded | Commercial Loans | Commercial real estate - owner-occupied | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 25,037 | 50,867 | 25,180 |
Recorded Investment | 19,044 | 44,482 | 25,074 |
Average Recorded Investment | 19,559 | 53,282 | 25,890 |
Interest Income Recognized | 807 | 1,389 | 647 |
With No Related Allowance Recorded | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 15,265 | 15,370 | 15,654 |
Recorded Investment | 14,288 | 14,975 | 14,794 |
Average Recorded Investment | 14,873 | 15,127 | 19,587 |
Interest Income Recognized | 590 | 692 | 879 |
With No Related Allowance Recorded | Commercial Loans | Commercial and industrial | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 55,554 | 103,013 | 148,311 |
Recorded Investment | 43,886 | 70,254 | 138,202 |
Average Recorded Investment | 47,268 | 92,312 | 111,261 |
Interest Income Recognized | 2,422 | 2,279 | 3,418 |
With No Related Allowance Recorded | Commercial Loans | Residential mortgage | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 1,244 | 2,004 | |
Recorded Investment | 1,221 | 2,001 | |
Average Recorded Investment | 1,261 | 2,044 | |
Interest Income Recognized | 46 | 85 | |
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Home equity | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 4,183 | 5,906 | |
Recorded Investment | 4,176 | 5,634 | |
Average Recorded Investment | 2,867 | 5,747 | |
Interest Income Recognized | 39 | 231 | |
With No Related Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 75 | ||
Recorded Investment | 75 | ||
Average Recorded Investment | 11 | ||
Interest Income Recognized | 1 | ||
With An Allowance Recorded | Commercial Loans | Commercial real estate - Construction | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 228 | 238 | 1,946 |
Recorded Investment | 140 | 156 | 1,946 |
Related Allowance | (11) | (19) | (649) |
Average Recorded Investment | 185,250 | 197 | 1,839 |
Interest Income Recognized | 7,386 | 6 | 54 |
With An Allowance Recorded | Commercial Loans | Commercial real estate - owner-occupied | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 5,032 | 13,314 | 17,580 |
Recorded Investment | 4,773 | 13,287 | 17,429 |
Related Allowance | (520) | (949) | (640) |
Average Recorded Investment | 148 | 13,498 | 16,668 |
Interest Income Recognized | 1 | 414 | 493 |
With An Allowance Recorded | Commercial Loans | Commercial real estate - non-owner-occupied | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 6,445 | 6,051 | 1,743 |
Recorded Investment | 6,398 | 5,872 | 1,725 |
Related Allowance | (105) | (620) | (89) |
Average Recorded Investment | 4,976 | 6,196 | 1,782 |
Interest Income Recognized | 196 | 154 | 95 |
With An Allowance Recorded | Commercial Loans | Commercial and industrial | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 46,387 | 35,306 | 84,197 |
Recorded Investment | 27,915 | 32,162 | 82,793 |
Related Allowance | (12,646) | (12,736) | (21,413) |
Average Recorded Investment | 6,229 | 42,874 | 78,270 |
Interest Income Recognized | 294 | 1,220 | 2,858 |
With An Allowance Recorded | Residential Mortgage | Residential mortgage | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 5,870 | 5,179 | 4,628 |
Recorded Investment | 5,358 | 4,748 | 4,312 |
Related Allowance | (145) | (172) | (144) |
Average Recorded Investment | 40,653 | 4,861 | 4,377 |
Interest Income Recognized | 795 | 180 | 161 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Home equity | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 29,284 | 27,189 | 13,916 |
Recorded Investment | 28,818 | 26,575 | 13,267 |
Related Allowance | (2,427) | (2,358) | (993) |
Average Recorded Investment | 5,494 | 23,546 | 10,237 |
Interest Income Recognized | 225 | 1,007 | 435 |
With An Allowance Recorded | Consumer and Other Loans | Consumer - Other | |||
Financing Receivable, Impaired | |||
Unpaid Principal Balance | 4,956 | 5,354 | 3,485 |
Recorded Investment | 4,446 | 4,893 | 3,200 |
Related Allowance | (488) | (498) | (365) |
Average Recorded Investment | 27,911 | 4,455 | 2,425 |
Interest Income Recognized | $ 1,202 | $ 269 | $ 151 |
Transfers and Servicing of Fi_3
Transfers and Servicing of Financial Assets (Including Mortgage Banking Activity) (Detail) - USD ($) $ in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Transfers and Servicing [Abstract] | ||
Unpaid principal balances of loans serviced | $ 1.6 | $ 1.3 |
Transfers and Servicing of Fi_4
Transfers and Servicing of Financial Assets (including Mortgage Banking Activity) - Changes in Carrying Amount of Mortgage Loans Held-for-sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | |||
Balance at beginning of period | $ 134,916 | $ 157,041 | $ 166,247 |
Originations and purchases | 1,469,847 | 1,844,358 | 2,460,033 |
Sales, net of gains | (1,498,386) | (1,859,565) | (2,451,459) |
Mortgage loans transferred to held for investment | 1,058 | (6,918) | (14,017) |
Other | 299 | 0 | (3,763) |
Balance at end of period | $ 107,734 | $ 134,916 | $ 157,041 |
Transfers and Servicing of Fi_5
Transfers and Servicing of Financial Assets (including Mortgage Banking Activity) - Components of Mortgage Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Participating Mortgage Loans | |||
Gains on sales | $ 45,338 | $ 62,438 | $ 74,486 |
Mortgage income | |||
Participating Mortgage Loans | |||
Mortgage loans held for sale and derivatives | 6,490 | (7,047) | 1,361 |
Derivative settlements, net | (4,039) | 1,229 | (6,640) |
Gains on sales | 42,887 | 68,255 | 87,925 |
Servicing and other income, net | 1,339 | 1,133 | 1,207 |
Other losses | (253) | 0 | 0 |
Total mortgage income | $ 46,424 | $ 63,570 | $ 83,853 |
- Schedule of Mortgage Servicin
- Schedule of Mortgage Servicing Rights at Carrying Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 137,774 | $ 129,163 |
Accumulated Amortization | (64,608) | (53,006) |
Net Carrying Amount | 73,166 | 76,157 |
Mortgage servicing rights | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 13,612 | 9,588 |
Accumulated Amortization | (4,806) | (3,931) |
Net Carrying Amount | $ 8,806 | $ 5,657 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 81,194 | $ 89,137 |
Buildings | 241,284 | 261,994 |
Furniture, fixtures and equipment | 137,469 | 129,866 |
Total premises and equipment | 459,947 | 480,997 |
Accumulated depreciation | (159,440) | (149,584) |
Total premises and equipment, net | $ 300,507 | $ 331,413 |
Premises and Equipment (Detail)
Premises and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 22.4 | $ 21 | $ 20.8 |
Maximum lease term | 5 years | ||
Total lease income | $ 2.1 | 2.4 | 2.8 |
Rent expense | $ 22.5 | 19.1 | $ 16.6 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease term (in years) | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease term (in years) | 50 years | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total allocated cost of portion of buildings held for lease | $ 7 | 6.9 | |
Accumulated depreciation | $ 2.7 | $ 2.5 |
Premises and Equipment - Sche_2
Premises and Equipment - Schedule of Minimum Future Annual Rent Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Abstract] | |
2,019 | $ 21,750 |
2,020 | 19,991 |
2,021 | 16,921 |
2,022 | 14,195 |
2,023 | 9,182 |
2024 and thereafter | 34,652 |
Total | $ 116,691 |
Goodwill and Other Acquired I_3
Goodwill and Other Acquired Intangible Assets - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill | |||||
Balance at beginning of the period | $ 1,188,902 | $ 1,188,902 | $ 726,856 | ||
Goodwill acquired and adjustments during the year | 462,046 | ||||
Goodwill acquired and adjustments during the year | 46,631 | ||||
Balance at end of the period | $ 1,235,533 | 1,235,533 | 1,188,902 | ||
Operating Segments | IBERIABANK | |||||
Goodwill | |||||
Balance at beginning of the period | 1,160,559 | 1,160,559 | 698,513 | ||
Goodwill acquired and adjustments during the year | 462,046 | ||||
Goodwill acquired and adjustments during the year | 43,251 | ||||
Balance at end of the period | 1,203,810 | 1,203,810 | 1,160,559 | ||
Operating Segments | Mortgage | |||||
Goodwill | |||||
Balance at beginning of the period | 23,178 | 23,178 | 23,178 | ||
Goodwill acquired and adjustments during the year | 0 | ||||
Goodwill acquired and adjustments during the year | 0 | ||||
Balance at end of the period | 23,178 | 23,178 | 23,178 | ||
Operating Segments | LTC | |||||
Goodwill | |||||
Balance at beginning of the period | 5,165 | 5,165 | 5,165 | ||
Goodwill acquired and adjustments during the year | 0 | ||||
Goodwill acquired and adjustments during the year | 3,380 | ||||
Balance at end of the period | 8,545 | 8,545 | $ 5,165 | ||
Gibraltar Private Bank & Trust Company | |||||
Goodwill | |||||
Goodwill acquired and adjustments during the year | 14,600 | ||||
Balance at end of the period | 64,300 | 64,300 | |||
Solomon Parks Title & Escrow | |||||
Goodwill | |||||
Goodwill acquired and adjustments during the year | $ 3,400 | ||||
Balance at end of the period | $ 3,400 | 3,400 | |||
Sabadell United | |||||
Goodwill | |||||
Goodwill acquired and adjustments during the year | 21,000 | $ 21,000 | |||
Balance at end of the period | $ 441,000 |
Goodwill and Other Acquired I_4
Goodwill and Other Acquired Intangible Assets Goodwill and Other Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 23, 2018 | Jan. 12, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Title plant assets | $ 6,800 | $ 6,800 | $ 6,700 | |||||
Business Acquisition [Line Items] | ||||||||
Goodwill acquired and adjustments during the year | 46,631 | |||||||
Sabadell United | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill acquired and adjustments during the year | $ 21,000 | $ 21,000 | ||||||
Core deposit intangible assets | $ 66,600 | |||||||
Gibraltar Private Bank & Trust Company | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill acquired and adjustments during the year | $ 14,600 | |||||||
Core deposit intangible assets | $ 18,529 | |||||||
Solomon Parks Title & Escrow | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill acquired and adjustments during the year | $ 3,400 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Non-compete Agreement | $ 156 |
Goodwill and Other Acquired I_5
Goodwill and Other Acquired Intangible Assets - Schedule of Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 137,774 | $ 129,163 |
Accumulated Amortization | (64,608) | (53,006) |
Net Carrying Amount | 73,166 | 76,157 |
Core deposit intangible assets | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 136,183 | 127,957 |
Accumulated Amortization | (63,213) | (51,971) |
Net Carrying Amount | 72,970 | 75,986 |
Customer relationship intangible asset | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 1,385 | 1,143 |
Accumulated Amortization | (1,323) | (996) |
Net Carrying Amount | 62 | 147 |
Non-compete agreement | ||
Acquired Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 206 | 63 |
Accumulated Amortization | (72) | (39) |
Net Carrying Amount | $ 134 | $ 24 |
Goodwill and Other Acquired I_6
Goodwill and Other Acquired Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Aggregate amortization expense | $ 21,678 | $ 12,590 | $ 8,415 |
Estimated amortization expense for the years ended December 31: | |||
2,018 | 18,363 | ||
2,019 | 14,500 | ||
2,020 | 10,208 | ||
2,021 | 7,711 | ||
2,022 | 6,410 | ||
2024 and thereafter | $ 15,974 |
Derivative Instruments and Ot_3
Derivative Instruments and Other Hedging Activities - Schedule of Outstanding Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value of Derivatives | ||
Derivative Asset | $ 27,048 | $ 31,265 |
Derivative instruments | 22,124 | 25,154 |
Notional Amount of Derivatives | ||
Derivative assets | 2,311,612 | 1,609,472 |
Derivative liabilities | 1,991,559 | 1,721,752 |
Designated as Hedging Instruments | ||
Fair Value of Derivatives | ||
Derivative Asset | 3,469 | 0 |
Derivative instruments | 0 | 0 |
Notional Amount of Derivatives | ||
Derivative assets | 408,500 | 0 |
Derivative liabilities | 0 | 108,500 |
Designated as Hedging Instruments | Interest rate contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 408,500 | 0 |
Derivative liabilities | 0 | 108,500 |
Designated as Hedging Instruments | Interest rate contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 3,469 | 0 |
Designated as Hedging Instruments | Interest rate contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 0 | 0 |
Not Designated as Hedging Instruments | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,903,112 | 1,609,472 |
Derivative liabilities | 1,991,559 | 1,613,252 |
Not Designated as Hedging Instruments | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 23,579 | 31,265 |
Not Designated as Hedging Instruments | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 22,124 | 25,154 |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 701,257 | 574,182 |
Derivative liabilities | 919,653 | 644,282 |
Not Designated as Hedging Instruments | Interest rate contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 16,946 | 8,128 |
Not Designated as Hedging Instruments | Interest rate contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 17,812 | 12,318 |
Not Designated as Hedging Instruments | Customer swaps - upstream | ||
Notional Amount of Derivatives | ||
Derivative assets | 919,653 | 644,282 |
Derivative liabilities | 701,257 | 574,182 |
Not Designated as Hedging Instruments | Customer swaps - upstream | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 474 | 12,318 |
Not Designated as Hedging Instruments | Customer swaps - upstream | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 191 | 3,873 |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,202 | 268 |
Derivative liabilities | 1,202 | 268 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 18 | 7 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 18 | 7 |
Not Designated as Hedging Instruments | Forward sales contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 1,140 | 82,347 |
Derivative liabilities | 143,179 | 142,578 |
Not Designated as Hedging Instruments | Forward sales contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 630 | 136 |
Not Designated as Hedging Instruments | Forward sales contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 750 | 279 |
Not Designated as Hedging Instruments | Written and purchased options | ||
Notional Amount of Derivatives | ||
Derivative assets | 229,333 | 278,638 |
Derivative liabilities | 140,645 | 165,198 |
Not Designated as Hedging Instruments | Written and purchased options | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 5,490 | 10,654 |
Not Designated as Hedging Instruments | Written and purchased options | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | 3,310 | 8,656 |
Not Designated as Hedging Instruments | Other contracts | ||
Notional Amount of Derivatives | ||
Derivative assets | 50,527 | 29,755 |
Derivative liabilities | 85,623 | 86,744 |
Not Designated as Hedging Instruments | Other contracts | Other Assets | ||
Fair Value of Derivatives | ||
Derivative Asset | 21 | 22 |
Not Designated as Hedging Instruments | Other contracts | Other Liabilities | ||
Fair Value of Derivatives | ||
Derivative instruments | $ 43 | $ 21 |
Derivative Instruments and Ot_4
Derivative Instruments and Other Hedging Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 1,721,752 | $ 1,991,559 |
Cash as collateral for derivative transactions | 552 | |
Cash Posted As Variation Margin for Derivatives | 5,100 | 35,800 |
Not Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | 1,613,252 | 1,991,559 |
Not Designated as Hedging Instruments | Other contracts | ||
Derivative [Line Items] | ||
Notional amount of derivative liabilities | $ 86,744 | $ 85,623 |
Derivative Instruments and Ot_5
Derivative Instruments and Other Hedging Activities - Reconciliation of Gross Amounts in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Gross derivative assets | $ 24,174 | $ 29,056 |
Gross amounts not offset in the Balance Sheet, derivatives | (619) | (12,469) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 23,555 | 16,587 |
Derivative liabilities | ||
Gross derivative liabilities | 21,288 | 16,191 |
Gross amounts not offset in the Balance Sheet, derivatives | (619) | (12,469) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | (552) |
Net derivative liabilities | 20,669 | 3,170 |
Written and purchased options | ||
Derivative assets | ||
Gross derivative assets | 3,285 | 8,610 |
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 | 3,285 | 8,610 |
Derivative liabilities | ||
Gross derivative liabilities | 3,285 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | 0 | |
Net derivative liabilities | 3,285 | |
Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 3,469 | |
Gross amounts not offset in the Balance Sheet, derivatives | 0 | |
Gross amounts not offset in the Balance Sheet, collateral | 0 | |
Net derivative assets | 3,469 | |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative assets | ||
Gross derivative assets | 17,420 | 20,446 |
Gross amounts not offset in the Balance Sheet, derivatives | (619) | (12,469) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | 0 |
Net derivative assets | 16,801 | 7,977 |
Derivative liabilities | ||
Gross derivative liabilities | 18,003 | 16,191 |
Gross amounts not offset in the Balance Sheet, derivatives | (619) | (12,469) |
Gross amounts not offset in the Balance Sheet, collateral | 0 | (552) |
Net derivative liabilities | $ 17,384 | $ 3,170 |
Derivative Instruments and Ot_6
Derivative Instruments and Other Hedging Activities - Effect of Hedging Instruments on Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts | Interest expense | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | $ (196) | $ (390) | $ 50 |
Derivative, Included Component, Gain (Loss) Recognized in Earnings | (150) | ||
Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | (46) | 0 | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Included Component Net | 0 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Excluding Compnonent, Net | 0 | ||
Not Designated as Hedging Instruments | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 11,211 | (1,299) | 6,804 |
Not Designated as Hedging Instruments | Interest rate contracts | Other income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 6,962 | 4,750 | 8,830 |
Not Designated as Hedging Instruments | Foreign exchange contracts | Other income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 29 | 43 | 15 |
Not Designated as Hedging Instruments | Forward sales contracts | Mortgage income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 4,064 | (4,115) | (1,731) |
Not Designated as Hedging Instruments | Written and purchased options | Mortgage income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 180 | (2,028) | (327) |
Not Designated as Hedging Instruments | Other contracts | Other income | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | (24) | 51 | 17 |
OCI | Designated as Hedging Instruments | Cash Flow Hedging | Interest rate contracts | |||
Derivative Instruments and Hedging Activities Disclosures | |||
Amount of Gain (Loss) Recognized | 4,416 | $ (611) | $ (328) |
Derivative, Included Component, Gain (Loss) Recognized in Earnings | 4,835 | ||
Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing) | $ (419) |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits by Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | |||
Non-interest-bearing deposits | $ 6,542,490 | $ 6,209,925 | |
Negotiable order of withdrawal (NOW) | 4,514,113 | 4,348,939 | |
Money market deposits accounts (MMDA) | 8,237,291 | 7,674,291 | |
Savings deposits | 828,914 | 846,074 | |
Time deposits | 3,640,623 | 2,387,488 | |
Total deposits | $ 23,763,431 | $ 21,466,717 | $ 17,408,283 |
Deposits - Schedule of Time Dep
Deposits - Schedule of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Time Deposits, Less than or Equal to $250,000 | $ 2,522,660 | $ 1,768,047 |
Time Deposits, $250,000 or More | 1,117,963 | 619,441 |
Total time deposits | $ 3,640,623 | $ 2,387,488 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
2,019 | $ 2,504,515 | |
2,020 | 876,740 | |
2,021 | 159,877 | |
2,022 | 76,486 | |
2,023 | 12,684 | |
2024 and thereafter | 10,321 | |
Total time deposits | $ 3,640,623 | $ 2,387,488 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 1,167,000 | $ 475,000 |
Securities sold under agreements to repurchase | 315,882 | 516,297 |
Total short-term borrowings | 1,482,882 | 991,297 |
Short-term Debt, Other Disclosures | ||
Outstanding at December 31 | 1,482,882 | 991,297 |
Maximum month-end outstanding balance | 1,482,882 | 2,197,105 |
Average daily outstanding balance | $ 1,052,088 | $ 905,755 |
Average rate during the year | 1.40% | 0.83% |
Average rate at year end | 2.12% | 0.82% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument | ||
Long-term debt | $ 1,166,151 | $ 1,495,835 |
IBERIABANK | ||
Debt Instrument | ||
Long-term debt | 1,046,041 | 1,375,725 |
IBERIABANK | Federal Home Loan Bank Notes | ||
Debt Instrument | ||
Long-term debt | $ 986,027 | $ 1,331,579 |
IBERIABANK | Federal Home Loan Bank Notes | Minimum | ||
Debt Instrument | ||
Interest rate | 0.864% | 0.864% |
IBERIABANK | Federal Home Loan Bank Notes | Maximum | ||
Debt Instrument | ||
Interest rate | 7.04% | 7.04% |
IBERIABANK | Notes Payable | ||
Debt Instrument | ||
Long-term debt | $ 60,014 | $ 44,146 |
IBERIABANK | Notes Payable | Minimum | ||
Debt Instrument | ||
Interest rate | 1.28% | 1.28% |
Debt Instrument term | 7 years | 7 years |
IBERIABANK | Notes Payable | Maximum | ||
Debt Instrument | ||
Interest rate | 6.82% | 6.82% |
Debt Instrument term | 35 years | 30 years |
IBERIABANK Corporation | Junior Subordinated Debt | ||
Debt Instrument | ||
Long-term debt | $ 120,110 | $ 120,110 |
Debt Instrument term | 30 years | |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust I, 3 month LIBOR, plus 3.25% | ||
Debt Instrument | ||
Long-term debt | $ 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust II, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust III, 3 month LIBOR, plus 2.00% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust IV, 3 month LIBOR, plus 1.60% | ||
Debt Instrument | ||
Long-term debt | 15,464 | 15,464 |
IBERIABANK Corporation | Junior Subordinated Debt | American Horizons Statutory Trust I, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Long-term debt | 6,186 | 6,186 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust V, 3 month LIBOR, plus 1.435% | ||
Debt Instrument | ||
Long-term debt | 10,310 | 10,310 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VI, 3 month LIBOR, plus 2.75% | ||
Debt Instrument | ||
Long-term debt | 12,372 | 12,372 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VII, 3 month LIBOR, plus 2.54% | ||
Debt Instrument | ||
Long-term debt | 13,403 | 13,403 |
IBERIABANK Corporation | Junior Subordinated Debt | Statutory Trust VIII, 3 month LIBOR, plus 3.50% | ||
Debt Instrument | ||
Long-term debt | 7,217 | 7,217 |
IBERIABANK Corporation | Junior Subordinated Debt | OMNI Trust I, 3 month LIBOR, plus 3.30% | ||
Debt Instrument | ||
Long-term debt | 8,248 | 8,248 |
IBERIABANK Corporation | Junior Subordinated Debt | OMNI Trust II, 3 Month LIBOR, plus 2.79% | ||
Debt Instrument | ||
Long-term debt | 7,732 | 7,732 |
IBERIABANK Corporation | Junior Subordinated Debt | GA Commerce Trust II, 3 Month LIBOR, plus 1.64% | ||
Debt Instrument | ||
Long-term debt | $ 8,248 | $ 8,248 |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | ||
Debt Instrument | ||
Three month LIBOR rate during period | 2.81% | 1.69% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust I, 3 month LIBOR, plus 3.25% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.25% | 3.25% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust II, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.15% | 3.15% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust III, 3 month LIBOR, plus 2.00% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.00% | 2.00% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust IV, 3 month LIBOR, plus 1.60% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.60% | 1.60% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | American Horizons Statutory Trust I, 3 month LIBOR, plus 3.15% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.15% | 3.15% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust V, 3 month LIBOR, plus 1.435% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.435% | 1.435% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VI, 3 month LIBOR, plus 2.75% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.75% | 2.75% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VII, 3 month LIBOR, plus 2.54% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.54% | 2.54% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | Statutory Trust VIII, 3 month LIBOR, plus 3.50% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.50% | 3.50% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | OMNI Trust I, 3 month LIBOR, plus 3.30% | ||
Debt Instrument | ||
Basis spread on variable rate | 3.30% | 3.30% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | OMNI Trust II, 3 Month LIBOR, plus 2.79% | ||
Debt Instrument | ||
Basis spread on variable rate | 2.79% | 2.79% |
IBERIABANK Corporation | Junior Subordinated Debt | 3 Month LIBOR Rate | GA Commerce Trust II, 3 Month LIBOR, plus 1.64% | ||
Debt Instrument | ||
Basis spread on variable rate | 1.64% | 1.64% |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument | ||
Long-term debt | $ 1,166,151 | $ 1,495,835 |
IBERIABANK | ||
Debt Instrument | ||
Long-term debt | $ 1,046,041 | 1,375,725 |
IBERIABANK | Federal Home Loan Bank Notes | ||
Debt Instrument | ||
Minimum FHLB advance amortization period | 1 year 4 months | |
Maximum FHLB advance amortization period | 20 years 1 month | |
Long-term debt | $ 986,027 | 1,331,579 |
IBERIABANK | Federal Home Loan Bank Notes | Blanket Floating Lien | ||
Debt Instrument | ||
Additional advances available from FHLB | 7,000,000 | |
IBERIABANK | Federal Home Loan Bank Notes | Pledge of Investment Securities | ||
Debt Instrument | ||
Additional advances available from FHLB | 1,900,000 | |
IBERIABANK Corporation | Junior Subordinated Debt | ||
Debt Instrument | ||
Long-term debt | $ 120,110 | $ 120,110 |
Debt Instrument term | 30 years | |
Earliest call date after issue | 5 years | |
Earliest interest payment deferral date (in years or 20 consecutive quarters) | 5 years | |
Weighted Average | IBERIABANK | Federal Home Loan Bank Notes | ||
Debt Instrument | ||
Weighted average advance rate on FHLB advances | 2.15% | 1.48% |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 309,116 | |
2,020 | 233,465 | |
2,021 | 125,255 | |
2,022 | 10,581 | |
2,023 | 58,762 | |
2024 and thereafter | 428,972 | |
Total long-term debt | $ 1,166,151 | $ 1,495,835 |
- Schedule of Provision for Inc
- Schedule of Provision for Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current expense | $ (115,195) | $ 84,827 | $ 103,335 |
Deferred expense (benefit) | 153,518 | 71,257 | (16,654) |
Tax credits | (5,179) | (10,845) | (7,112) |
Amortization on qualified affordable housing tax credits | 0 | 5,227 | 4,185 |
Tax benefits attributable to items charged to equity and goodwill | (866) | 0 | 1,439 |
Total income tax expense | $ 32,278 | $ 150,466 | $ 85,193 |
Income Taxes (Detail)
Income Taxes (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income taxes receivable | $ 208,000,000 | $ 4,500,000 | ||
Operating Loss Carryforwards | $ 45,000,000 | |||
Operating loss carryforwards expiration period | 20 years | |||
Deferred tax assets valuation allowance | $ 0 | $ 0 | ||
TCJA one-time tax expense | $ 51,000,000 | |||
Discrete tax items | $ 6,600,000 | |||
Change in enacted tax rate | 1.60% | |||
Effective tax rate prior to impact of change | 6.40% | |||
Effective tax rate | 8.00% | 51.40% | 31.30% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Federal tax based on statutory rate | $ 84,531 | $ 102,508 | $ 95,189 | |
Effect of tax-exempt income | (5,801) | (9,435) | (8,203) | |
Interest and other nondeductible expenses | 6,464 | 9,605 | 3,250 | |
State taxes, net of federal benefit | 12,459 | 6,970 | 4,770 | |
Tax credits | (5,179) | (10,845) | (7,112) | |
Amortization on qualified affordable housing tax credits | 0 | 5,227 | 4,185 | |
Other | (60,196) | 46,436 | (6,886) | |
Total income tax expense | $ 32,278 | $ 150,466 | $ 85,193 | |
Effective tax rate | 8.00% | 51.40% | 31.30% | |
Discrete tax items | $ 6,600 | |||
Tax and Jobs Act of 2017, Income Tax Expense (Benefit) | $ 65,300 | |||
TCJA one-time tax expense | $ 51,000 | |||
Equity based compensation | 3,000 | |||
Reversal of prior year deferred tax asset impairment | 1,000 | |||
Deferred REIT distribution | $ 600 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax asset: | ||
NOL carryforward | $ 42,837 | $ 8,364 |
Allowance for credit losses | 38,571 | 38,402 |
Deferred compensation | 5,482 | 5,876 |
Basis difference in acquired assets and liabilities | 9,228 | 43,391 |
Unrealized losses on securities available for sale | 0 | 12,198 |
OREO | 32 | 2,639 |
Other | 19,395 | 22,719 |
Deferred tax assets | 115,545 | 133,589 |
Deferred tax liability: | ||
Unrealized gains on securities available for sale | 98,807 | 0 |
FHLB stock | 0 | (300) |
Premises and equipment | (10,626) | (3,723) |
Acquisition intangibles | (9,757) | (8,151) |
Deferred loan costs | (5,814) | (3,114) |
Basis difference in acquired assets and liabilities | (17,628) | (31,309) |
Deferred Tax Liabilities, Leasing Arrangements | (37,844) | 0 |
Other | (6,485) | (4,885) |
Deferred tax liabilities | (186,961) | (51,482) |
Net deferred tax liability | $ 71,416 | |
Net deferred tax asset | $ 82,107 |
Shareholders' Equity, Capital_3
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2019 | Mar. 23, 2018 | Jul. 31, 2017 | Mar. 07, 2017 | Dec. 07, 2016 | May 09, 2016 | Aug. 05, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 |
Class of Stock [Line Items] | |||||||||||
Liquidation preference value | $ 137,500 | ||||||||||
Carrying Amount | $ 132,097 | $ 132,097 | |||||||||
Number of shares authorized to be repurchased | 1,137,500 | ||||||||||
Shares authorized to be repurchased | 2,265,000 | ||||||||||
Proceeds from common stock issued | $ 0 | 485,151 | $ 279,242 | ||||||||
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 B Preferred Stock | 3 Month LIBOR Rate | |||||||||||
Class of Stock [Line Items] | |||||||||||
Variable dividend rate per share | 4.262% | ||||||||||
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 | |||||||||
Series C Preferred Stock | 3 Month LIBOR Rate | |||||||||||
Class of Stock [Line Items] | |||||||||||
Variable dividend rate per share | 4.92% | ||||||||||
Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued (in shares) | 6,100,000 | 3,593,750 | |||||||||
Price per share of stock of issued | $ 83 | $ 81.50 | |||||||||
Proceeds from common stock issued | $ 485,200 | $ 279,200 | |||||||||
Gibraltar Private Bank & Trust Company | |||||||||||
Class of Stock [Line Items] | |||||||||||
Consideration paid | $ 214,666 | ||||||||||
Cash consideration | $ 7 | ||||||||||
Gibraltar Private Bank & Trust Company | Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued (shares) | 2,787,773 | ||||||||||
Number of shares issued per share acquired | $ 1.9749 | ||||||||||
Common stock issued | $ 214,659 | ||||||||||
Price per share of common stock issued | $ 77 | ||||||||||
Sabadell United | |||||||||||
Class of Stock [Line Items] | |||||||||||
Consideration paid | $ 1,020,202 | ||||||||||
Cash consideration | $ 809,159 | ||||||||||
Sabadell United | Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued (shares) | 2,610,304 | ||||||||||
Common stock issued | $ 211,043 | ||||||||||
Price per share of common stock issued | $ 80.85 | ||||||||||
Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock repurchases (in shares) | 1,972,500 | 202,506 | |||||||||
Common stock issued (in shares) | 6,100,000 | 3,593,750 | |||||||||
4Q 2018 Share Repurchase Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Number of shares authorized to be repurchased | 2,765,000 | ||||||||||
2016 and 2018 Share Repurchase Program | |||||||||||
Class of Stock [Line Items] | |||||||||||
Average cost of common stock shares repurchased (in usd per share) | $ 75.46 | ||||||||||
2016 and 2018 Share Repurchase Program | Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock repurchases (in shares) | 1,972,500 | ||||||||||
2016 Share Repurchase Program | Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock repurchases (in shares) | 1,472,500 | ||||||||||
IBERIABANK | |||||||||||
Class of Stock [Line Items] | |||||||||||
Additional amount of dividends after annual earnings | $ 130,000 | ||||||||||
Funds available for loans or advances by parent | $ 288,900 | ||||||||||
Subsequent Event [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 17,500 | ||||||||||
Subsequent Event [Member] | Twenty Eighteen Share Repurchase Program [Member] [Domain] | Common Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock repurchases (in shares) | 226,921 |
Shareholders' Equity, Capital_4
Shareholders' Equity, Capital Ratios and Other Regulatory Matters - Actual Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,168,343 | $ 1,073,381 |
Minimum ratio | 4.00% | 4.00% |
Actual amount | $ 2,812,863 | $ 2,509,496 |
Actual ratio | 9.63% | 9.35% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,125,405 | $ 1,011,732 |
Minimum ratio | 4.50% | 4.50% |
Actual amount | $ 2,680,766 | $ 2,377,398 |
Actual ratio | 10.72% | 10.57% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,500,540 | $ 1,348,977 |
Minimum ratio | 6.00% | 6.00% |
Actual amount | $ 2,812,863 | $ 2,509,496 |
Actual ratio | 11.25% | 11.16% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 2,000,720 | $ 1,798,635 |
Minimum ratio | 8.00% | 8.00% |
Actual amount | $ 3,084,764 | $ 2,780,095 |
Actual ratio | 12.33% | 12.37% |
IBERIABANK | ||
Tier 1 Leverage | ||
Minimum amount | $ 1,165,537 | $ 1,070,789 |
Minimum ratio | 4.00% | 4.00% |
Well capitalized amount | $ 1,456,921 | $ 1,338,487 |
Well capitalized ratio | 5.00% | 5.00% |
Actual amount | $ 2,733,099 | $ 2,437,275 |
Actual ratio | 9.38% | 9.10% |
Common Equity Tier 1 (CET1) | ||
Minimum amount | $ 1,122,712 | $ 1,009,553 |
Minimum ratio | 4.50% | 4.50% |
Well capitalized amount | $ 1,621,695 | $ 1,458,243 |
Well capitalized ratio | 6.50% | 6.50% |
Actual amount | $ 2,733,099 | $ 2,437,275 |
Actual ratio | 10.95% | 10.86% |
Tier 1 Risk-Based Capital (1) | ||
Minimum amount | $ 1,496,949 | $ 1,346,070 |
Minimum ratio | 6.00% | 6.00% |
Well capitalized amount | $ 1,995,932 | $ 1,794,760 |
Well capitalized ratio | 8.00% | 8.00% |
Actual amount | $ 2,733,099 | $ 2,437,275 |
Actual ratio | 10.95% | 10.86% |
Total Risk-Based Capital (1) | ||
Minimum amount | $ 1,995,932 | $ 1,794,760 |
Minimum ratio | 8.00% | 8.00% |
Well capitalized amount | $ 2,494,915 | $ 2,243,450 |
Well capitalized ratio | 10.00% | 10.00% |
Actual amount | $ 2,888,500 | $ 2,591,374 |
Actual ratio | 11.58% | 11.55% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per common share - basic | |||
Net income | $ 370,249 | $ 142,413 | $ 186,777 |
Preferred stock dividends | (9,095) | (9,095) | (7,977) |
Dividends and undistributed earnings allocated to unvested restricted shares | (3,583) | (1,210) | (1,872) |
Net income allocated to common shareholders - basic | $ 357,571 | $ 132,108 | $ 176,928 |
Weighted average common shares outstanding | 55,008 | 50,640 | 40,948 |
Earnings per common share - basic (in usd per share) | $ 6.50 | $ 2.61 | $ 4.32 |
Earnings per common share - diluted | |||
Net income allocated to common shareholders - basic | $ 357,571 | $ 132,108 | $ 176,928 |
Dividends and undistributed earnings allocated to unvested restricted shares | (49) | (1) | (37) |
Net income allocated to common shareholders - diluted | $ 357,522 | $ 132,107 | $ 176,891 |
Weighted average common shares outstanding | 55,008 | 50,640 | 40,948 |
Dilutive potential common shares | 352 | 352 | 158 |
Weighted average common shares outstanding - diluted | 55,360 | 50,992 | 41,106 |
Earnings per common share - diluted (in usd per share) | $ 6.46 | $ 2.59 | $ 4.30 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 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 | 564,973 | 467,601 | 447,818 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Antidilutive securities excluded from the computation of earnings per share | 154,397 | 71,260 | 155,969 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Future awards shares under approved incentive compensation plans | 1,162,931 | ||
Share-based compensation maximum option term (in years) | 10 years | ||
Contributions made by the company to 401(k) plan | $ 3.7 | $ 3.5 | $ 1.9 |
Stock Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | $ 2 | ||
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 2 years 9 months | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unearned share-based compensation associated with awards | $ 27.1 | $ 31.9 | |
Unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period | 1 year 4 months | ||
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 - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of shares | |||
Balance at beginning of the period (in shares) | 686,366 | 721,538 | 813,777 |
Granted (in shares) | 97,620 | 80,557 | 160,624 |
Exercised (in shares) | (42,047) | (85,221) | (196,769) |
Forfeited or expired (in shares) | (27,519) | (30,508) | (56,094) |
Balance at end of the period (in shares) | 714,420 | 686,366 | 721,538 |
Exercisable at period end (in shares) | 501,815 | 455,010 | 415,376 |
Weighted Average Exercise Price | |||
Balance at beginning of the period (in usd per share) | $ 58.24 | $ 55.38 | $ 56.99 |
Granted (in usd per share) | 82.02 | 84.78 | 48.65 |
Exercised (in usd per share) | 53.07 | 55.45 | 55.39 |
Forfeited or expired (in usd per share) | 68.30 | 68.46 | 59.49 |
Balance at end of the period (in usd per share) | 61.41 | 58.24 | 55.38 |
Exercisable at period end (in usd per share) | $ 56.75 | $ 55.77 | $ 56.66 |
Aggregate Intrinsic Value (Dollars in thousands) | |||
Exercised | $ 1,242 | $ 2,098 | $ 3,597 |
Balance at end of period | 5,148 | ||
Exercisable at period end | $ 4,222 | ||
Weighted Average Remaining Contract Life (in years) | |||
Weighted average remaining contract life at period end | 5 years 1 month 29 days | ||
Exercisable at period end | 3 years 10 months 19 days |
Share-Based Compensation - Esti
Share-Based Compensation - Estimate Fair Value of Stock Option Awards with Weighted-Average Assumptions (Detail) - Stock Option Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividends | 1.80% | 1.70% | 2.80% |
Expected volatility | 24.30% | 25.00% | 29.00% |
Risk-free interest rate | 2.70% | 2.10% | 1.40% |
Expected term (in years) | 5 years 10 months 5 days | 5 years 10 months 5 days | 6 years 6 months |
Weighted-average grant-date fair value | $ 18.48 | $ 18.86 | $ 10.46 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense Included in Non-Interest Expense and Related Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Option Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 1,280 | $ 1,470 | $ 2,010 |
Income tax benefit | 93 | 124 | 331 |
Restricted Stock And Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 18,998 | 14,966 | 12,513 |
Income tax benefit | 3,990 | 2,809 | 4,380 |
Phantom Stock and Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 8,141 | $ 10,756 | $ 12,933 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Stock Award Activity (Detail) - Restricted Stock And Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at beginning of the period (in shares) | 738,187 | 543,261 | 507,130 |
Granted (in shares) | 231,064 | 421,198 | 254,276 |
Forfeited (in shares) | (72,217) | (31,699) | (28,855) |
Earned and issued (in shares) | (196,406) | (194,573) | (189,290) |
Balance at end of the period (in shares) | 700,628 | 738,187 | 543,261 |
Weighted average grant date fair value (in usd per share) | $ 80.98 | $ 82.49 | $ 48.84 |
Fair value of restricted stock and restricted share units vested during the period | $ 16.3 | $ 16.4 | $ 10.7 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share and Dividend Equivalent Share Award Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Value of share equivalents | |||
Market price of Company's stock | $ 64.28 | $ 77.50 | $ 83.75 |
Phantom Stock and Performance Stock Units | |||
Number of share equivalents | |||
Balance at beginning of the period (in shares) | 393,844 | 472,830 | 462,430 |
Granted (in shares) | 157,044 | 118,408 | 215,745 |
Forfeited share equivalents (in shares) | (63,276) | (34,968) | (42,051) |
Vested share equivalents (in shares) | (134,205) | (162,426) | (163,294) |
Balance at end of the period (in shares) | 353,407 | 393,844 | 472,830 |
Value of share equivalents | |||
Balance at beginning of the period (in shares) | $ 30,523 | $ 39,600 | $ 25,466 |
Granted (in shares) | 10,095 | 9,177 | 18,069 |
Forfeited share equivalents (in shares) | 4,067 | 2,710 | 3,522 |
Vested share equivalents (in shares) | 11,156 | 13,515 | 8,509 |
Balance at end of the period (in shares) | $ 22,717 | $ 30,523 | $ 39,600 |
Commitments and Contingencies_2
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Dec. 11, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Fair value of guarantees under commercial and standby letters of credit | $ 2.4 | $ 2.1 | ||
Settled Litigation | ||||
Loss Contingencies [Line Items] | ||||
Settlement amount | $ 11.7 | |||
Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Damages sought | $ 11.7 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments to extend credit | $ 642,162 | $ 342,305 | ||
Unfunded commitments under lines of credit | 6,883,963 | 6,060,034 | ||
Commercial and standby letters of credit | 240,436 | 210,002 | ||
Reserve for unfunded lending commitments | $ 14,830 | $ 13,208 | $ 11,241 | $ 14,145 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Securities available for sale, at fair value | $ 4,783,579,000 | $ 4,590,062,000 |
Mortgage loans held for sale | 107,734,000 | 134,916,000 |
Mortgage loans held for investment, at fair value option | 3,143,000 | 14,953,000 |
Derivative instruments | 24,174,000 | 29,056,000 |
Liabilities | ||
Derivative instruments | 21,288,000 | 16,191,000 |
Fair value assets transferred from Level 1 to Level 2 | 0 | |
Level 1 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Level 2 | ||
Assets | ||
Securities available for sale, at fair value | 4,783,579,000 | 4,590,062,000 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Level 3 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for investment, at fair value option | 3,143,000 | 14,953,000 |
Recurring | ||
Assets | ||
Securities available for sale, at fair value | 4,783,579,000 | 4,590,062,000 |
Mortgage loans held for sale | 107,734,000 | 134,916,000 |
Mortgage loans held for investment, at fair value option | 3,143,000 | 14,953,000 |
Derivative instruments | 27,048,000 | 31,265,000 |
Total, Assets | 4,921,504,000 | 4,771,196,000 |
Liabilities | ||
Derivative instruments | 22,124,000 | 25,154,000 |
Total | 22,124,000 | 25,154,000 |
Recurring | Level 1 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, at fair value option | 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 | 4,783,579,000 | 4,590,062,000 |
Mortgage loans held for sale | 107,734,000 | 134,916,000 |
Mortgage loans held for investment, at fair value option | 0 | 0 |
Derivative instruments | 27,048,000 | 31,265,000 |
Total, Assets | 4,918,361,000 | 4,756,243,000 |
Liabilities | ||
Derivative instruments | 22,124,000 | 25,154,000 |
Total | 22,124,000 | 25,154,000 |
Recurring | Level 3 | ||
Assets | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, at fair value option | 3,143,000 | 14,953,000 |
Derivative instruments | 0 | 0 |
Total, Assets | 3,143,000 | 14,953,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements - Fin_2
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Impaired loans | $ 65,914 | $ 71,210 |
OREO, net | 6,433 | 7,748 |
Total | 72,347 | 78,958 |
Level 1 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets | ||
Impaired loans | 0 | 0 |
OREO, net | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Assets | ||
Impaired loans | 65,914 | 71,210 |
OREO, net | 6,433 | 7,748 |
Total | $ 72,347 | $ 78,958 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Mortgage Loans Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage loans held for sale, at fair value | ||
Aggregate Fair Value | $ 107,734 | $ 134,916 |
Aggregate Unpaid Principal | 104,345 | 131,276 |
Aggregate Fair Value Less Unpaid Principal | 3,389 | 3,640 |
Mortgage loans held for investment, at fair value | ||
Aggregate Fair Value | 3,143 | 14,953 |
Aggregate Unpaid Principal | 3,595 | 16,306 |
Aggregate Fair Value Less Unpaid Principal | $ (452) | $ (1,353) |
Fair Value Measurements - Amoun
Fair Value Measurements - Amount of Net Gains (Losses) from Fair Value Changes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Net Gains (Losses) Resulting From Changes In Fair Value- Mortgage loans held for sale, at fair value | $ (251) | $ 944 | $ (2,512) |
Net Gains (Losses) Resulting From Changes In Fair Value- Mortgage loans held for investment, at fair value | $ (1,542) | $ (204) | $ (1,149) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Values and Carrying Amounts of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets | ||||
Securities available for sale, at fair value | $ 4,783,579 | $ 4,590,062 | ||
Mortgage loans held for sale, at fair value | 107,734 | 134,916 | $ 157,041 | $ 166,247 |
Mortgage loans held for investment, at fair value option | 3,143 | 14,953 | ||
Derivative instruments | 27,048 | 31,265 | ||
Cash and cash equivalents | 690,453 | 625,724 | 1,362,126 | $ 510,267 |
Securities held to maturity | 207,446 | 227,318 | ||
Financial Liabilities | ||||
Derivative instruments | 22,124 | 25,154 | ||
Deposits | 23,763,431 | 21,466,717 | $ 17,408,283 | |
Short-term borrowings | 1,482,882 | 991,297 | ||
Long-term debt | 1,166,151 | 1,495,835 | ||
Level 1 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Mortgage loans held for sale, at fair value | 0 | 0 | ||
Mortgage loans held for investment, at fair value option | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Cash and cash equivalents | 690,453 | 625,724 | ||
Securities held to maturity | 0 | 0 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 0 | 0 | ||
Financial Liabilities | ||||
Derivative instruments | 0 | 0 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 315,882 | 516,297 | ||
Long-term debt | 0 | 0 | ||
Level 2 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,783,579 | 4,590,062 | ||
Mortgage loans held for sale, at fair value | 107,734 | 134,916 | ||
Mortgage loans held for investment, at fair value option | 0 | 0 | ||
Derivative instruments | 27,048 | 31,265 | ||
Cash and cash equivalents | 0 | 0 | ||
Securities held to maturity | 204,277 | 227,964 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 0 | 0 | ||
Financial Liabilities | ||||
Derivative instruments | 22,124 | 25,154 | ||
Deposits | 23,752,139 | 21,460,782 | ||
Short-term borrowings | 1,167,000 | 475,000 | ||
Long-term debt | 0 | 0 | ||
Level 3 | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Mortgage loans held for sale, at fair value | 0 | 0 | ||
Mortgage loans held for investment, at fair value option | 3,143 | 14,953 | ||
Derivative instruments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Securities held to maturity | 0 | 0 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,088,236 | 19,811,904 | ||
Financial Liabilities | ||||
Derivative instruments | 0 | 0 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,154,062 | 1,476,899 | ||
Carrying Amount | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,783,579 | 4,590,062 | ||
Mortgage loans held for sale, at fair value | 107,734 | 134,916 | ||
Mortgage loans held for investment, at fair value option | 3,143 | 14,953 | ||
Derivative instruments | 27,048 | 31,265 | ||
Cash and cash equivalents | 690,453 | 625,724 | ||
Securities held to maturity | 207,446 | 227,318 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,376,101 | 19,922,337 | ||
Financial Liabilities | ||||
Derivative instruments | 22,124 | 25,154 | ||
Deposits | 23,763,431 | 21,466,717 | ||
Short-term borrowings | 1,482,882 | 991,297 | ||
Long-term debt | 1,166,151 | 1,495,835 | ||
Fair Value | ||||
Financial Assets | ||||
Securities available for sale, at fair value | 4,783,579 | 4,590,062 | ||
Mortgage loans held for sale, at fair value | 107,734 | 134,916 | ||
Mortgage loans held for investment, at fair value option | 3,143 | 14,953 | ||
Derivative instruments | 27,048 | 31,265 | ||
Cash and cash equivalents | 690,453 | 625,724 | ||
Securities held to maturity | 204,277 | 227,964 | ||
Loans and leases, carried at amortized cost, net of unearned income and allowance for loan and lease losses | 22,088,236 | 19,811,904 | ||
Financial Liabilities | ||||
Derivative instruments | 22,124 | 25,154 | ||
Deposits | 23,752,139 | 21,460,782 | ||
Short-term borrowings | 1,482,882 | 991,297 | ||
Long-term debt | $ 1,154,062 | $ 1,476,899 |
Business Segments (Detail)
Business Segments (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information | |||
Interest and dividend income | $ 1,221,629 | $ 913,783 | $ 716,939 |
Interest expense | 208,381 | 104,937 | 67,701 |
Net interest income | 1,013,248 | 808,846 | 649,238 |
Provision for credit losses | 40,385 | 51,708 | 41,521 |
Other non-interest income (expense) | 81,989 | 116,605 | 121,651 |
Allocated expenses (income) | 0 | 0 | 0 |
Non-interest expense | 722,898 | 666,406 | 563,464 |
Income before income tax expense | 402,527 | 292,879 | 271,970 |
Income tax expense | 32,278 | 150,466 | 85,193 |
Net income | 370,249 | 142,413 | 186,777 |
Total loans, leases, and loans held for sale, net of unearned income | 22,627,549 | 20,213,097 | 15,222,012 |
Total assets | 30,833,015 | 27,904,129 | 21,659,190 |
Total deposits | 23,763,431 | 21,466,717 | 17,408,283 |
Average assets | 29,578,026 | 24,480,656 | 20,321,234 |
Operating Segments | IBERIABANK | |||
Segment Reporting Information | |||
Interest and dividend income | 1,215,668 | 906,521 | 707,676 |
Interest expense | 208,381 | 104,937 | 64,068 |
Net interest income | 1,007,287 | 801,584 | 643,608 |
Provision for credit losses | 40,429 | 51,797 | 41,433 |
Other non-interest income (expense) | 81,588 | 116,659 | 121,647 |
Allocated expenses (income) | (13,437) | (13,293) | (13,972) |
Non-interest expense | 660,804 | 575,865 | 480,898 |
Income before income tax expense | 401,079 | 303,874 | 257,301 |
Income tax expense | 32,436 | 156,407 | 79,565 |
Net income | 368,643 | 147,467 | 177,736 |
Total loans, leases, and loans held for sale, net of unearned income | 22,493,809 | 20,028,840 | 15,004,360 |
Total assets | 30,645,000 | 27,672,906 | 21,319,267 |
Total deposits | 23,754,512 | 21,462,776 | 17,402,742 |
Average assets | 29,400,755 | 24,228,436 | 19,959,261 |
Operating Segments | IMC | |||
Segment Reporting Information | |||
Interest and dividend income | 5,958 | 7,260 | 9,261 |
Interest expense | 0 | 0 | 3,633 |
Net interest income | 5,958 | 7,260 | 5,628 |
Provision for credit losses | (44) | (89) | 88 |
Other non-interest income (expense) | (95) | (42) | 4 |
Allocated expenses (income) | 9,847 | 10,041 | 10,686 |
Non-interest expense | 43,021 | 73,587 | 65,133 |
Income before income tax expense | (537) | (12,751) | 13,173 |
Income tax expense | (52) | (5,771) | 5,023 |
Net income | (485) | (6,980) | 8,150 |
Total loans, leases, and loans held for sale, net of unearned income | 133,740 | 184,257 | 217,652 |
Total assets | 162,599 | 208,710 | 315,057 |
Total deposits | 8,919 | 3,941 | 5,541 |
Average assets | 153,717 | 229,364 | 335,913 |
Operating Segments | LTC | |||
Segment Reporting Information | |||
Interest and dividend income | 3 | 2 | 2 |
Interest expense | 0 | 0 | 0 |
Net interest income | 3 | 2 | 2 |
Provision for credit losses | 0 | 0 | 0 |
Other non-interest income (expense) | 496 | (12) | 0 |
Allocated expenses (income) | 3,590 | 3,252 | 3,286 |
Non-interest expense | 19,073 | 16,954 | 17,433 |
Income before income tax expense | 1,985 | 1,756 | 1,496 |
Income tax expense | (106) | (170) | 605 |
Net income | 2,091 | 1,926 | 891 |
Total loans, leases, and loans held for sale, net of unearned income | 0 | 0 | 0 |
Total assets | 25,416 | 22,513 | 24,866 |
Total deposits | 0 | 0 | 0 |
Average assets | 23,554 | 22,856 | 26,060 |
Mortgage income | |||
Segment Reporting Information | |||
Non-interest Income | 46,424 | 63,570 | 83,853 |
Mortgage income | Operating Segments | |||
Segment Reporting Information | |||
Non-interest Income | 46,424 | 63,570 | 83,853 |
Mortgage income | Operating Segments | IBERIABANK | |||
Segment Reporting Information | |||
Non-interest Income | 0 | 0 | 405 |
Mortgage income | Operating Segments | IMC | |||
Segment Reporting Information | |||
Non-interest Income | 46,424 | 63,570 | 83,448 |
Mortgage income | Operating Segments | LTC | |||
Segment Reporting Information | |||
Non-interest Income | 0 | 0 | 0 |
Title revenue | |||
Segment Reporting Information | |||
Non-interest Income | 24,149 | 21,972 | 22,213 |
Title revenue | Operating Segments | |||
Segment Reporting Information | |||
Non-interest Income | 24,149 | 21,972 | 22,213 |
Title revenue | Operating Segments | IBERIABANK | |||
Segment Reporting Information | |||
Non-interest Income | 0 | 0 | 0 |
Title revenue | Operating Segments | IMC | |||
Segment Reporting Information | |||
Non-interest Income | 0 | 0 | 0 |
Title revenue | Operating Segments | LTC | |||
Segment Reporting Information | |||
Non-interest Income | $ 24,149 | $ 21,972 | $ 22,213 |
Condensed Parent Company Only_3
Condensed Parent Company Only Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash in bank | $ 294,186 | $ 319,156 | ||
Other assets | 1,039,783 | 779,942 | ||
Total Assets | 30,833,015 | 27,904,129 | $ 21,659,190 | |
Liabilities and Shareholders’ Equity | ||||
Liabilities | 26,776,738 | 24,207,338 | ||
Shareholders’ equity | 4,056,277 | 3,696,791 | $ 2,939,694 | $ 2,498,835 |
Total Liabilities and Shareholders’ Equity | 30,833,015 | 27,904,129 | ||
IBERIABANK Corporation | ||||
Assets | ||||
Cash in bank | 179,545 | 168,873 | ||
Investments in subsidiaries | 4,008,802 | 3,661,808 | ||
Other assets | 53,832 | 49,207 | ||
Total Assets | 4,242,179 | 3,879,888 | ||
Liabilities and Shareholders’ Equity | ||||
Liabilities | 185,902 | 183,097 | ||
Shareholders’ equity | 4,056,277 | 3,696,791 | ||
Total Liabilities and Shareholders’ Equity | $ 4,242,179 | $ 3,879,888 |
Condensed Parent Company Only_4
Condensed Parent Company Only Financial Statements - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating income | |||
Other income | $ 31,075 | $ 29,106 | $ 32,697 |
Operating expenses | |||
Interest expense | 208,381 | 104,937 | 67,701 |
Salaries and employee benefits expense | 414,741 | 379,527 | 331,686 |
Other expenses | 27,064 | 26,281 | 25,107 |
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | 402,527 | 292,879 | 271,970 |
Income tax expense | 32,278 | 150,466 | 85,193 |
Net Income | 370,249 | 142,413 | 186,777 |
Less: Preferred stock dividends | (9,095) | (9,095) | (7,977) |
Net Income Available to Common Shareholders | 361,154 | 133,318 | 178,800 |
IBERIABANK Corporation | |||
Operating income | |||
Reimbursement of management expenses | 83,262 | 76,177 | 65,104 |
Other income | 245,213 | 146,796 | 829 |
Total operating income | 328,475 | 222,973 | 65,933 |
Operating expenses | |||
Interest expense | 6,008 | 5,168 | 3,948 |
Salaries and employee benefits expense | 55,436 | 55,013 | 45,623 |
Other expenses | 28,963 | 32,965 | 19,566 |
Total operating expenses | 90,407 | 93,146 | 69,137 |
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries | 238,068 | 129,827 | (3,204) |
Income tax expense | 799 | 3,123 | 530 |
Income (loss) before equity in undistributed earnings of subsidiaries | 237,269 | 126,704 | (3,734) |
Equity in undistributed earnings of subsidiaries | 132,980 | 15,709 | 190,511 |
Net Income | 370,249 | 142,413 | 186,777 |
Less: Preferred stock dividends | 9,095 | 9,095 | 7,977 |
Net Income Available to Common Shareholders | $ 361,154 | $ 133,318 | $ 178,800 |
Condensed Parent Company Only_5
Condensed Parent Company Only Financial Statements - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow from Operating Activities | |||
Net income | $ 370,249 | $ 142,413 | $ 186,777 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | (7,534) | (4,113) | 10,633 |
Other operating activities, net | (204,998) | (30,991) | 73,865 |
Net Cash Provided by Operating Activities | 446,421 | 263,646 | 308,088 |
Cash Flow from Investing Activities | |||
Purchases of premises and equipment, net of premises and equipment acquired | (13,730) | (37,763) | (12,840) |
Other investing activities, net | 343 | 636 | 25,950 |
Net Cash Used in Investing Activities | (1,125,806) | (1,908,581) | (1,424,397) |
Cash Flow from Financing Activities | |||
Cash dividends paid on common stock | (84,782) | (72,772) | (56,793) |
Cash dividends paid on preferred stock | (9,095) | (9,095) | (7,028) |
Payments to repurchase common stock | (148,855) | 0 | (11,666) |
Net proceeds from issuance of common stock | 0 | 485,151 | 279,242 |
Net proceeds from issuance of preferred stock | 0 | 0 | 55,285 |
Net Cash Provided by Financing Activities | 744,114 | 908,533 | 1,968,168 |
Net Increase (Decrease) In Cash and Cash Equivalents | 64,729 | (736,402) | 851,859 |
Cash and Cash Equivalents at Beginning of Period | 625,724 | 1,362,126 | 510,267 |
Cash and Cash Equivalents at End of Period | 690,453 | 625,724 | 1,362,126 |
IBERIABANK Corporation | |||
Cash Flow from Operating Activities | |||
Net income | 370,249 | 142,413 | 186,777 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 145 | 62 | 98 |
Net income of subsidiaries | (377,974) | (160,206) | (190,511) |
Share-based compensation cost | 20,278 | 16,436 | 14,523 |
Other operating activities, net | 491 | (4,256) | 12,417 |
Net Cash Provided by Operating Activities | 13,189 | (5,551) | 23,304 |
Cash Flow from Investing Activities | |||
Cash paid in excess of cash received for acquisitions | (7) | (809,159) | 0 |
Purchases of premises and equipment, net of premises and equipment acquired | (52) | (105) | 0 |
Return of capital from (Capital contributed to) subsidiary | 245,000 | 144,500 | (6,000) |
Other investing activities, net | (1,500) | 0 | (749) |
Net Cash Used in Investing Activities | 243,441 | (664,764) | (6,749) |
Cash Flow from Financing Activities | |||
Cash dividends paid on common stock | (84,782) | (72,772) | (56,793) |
Cash dividends paid on preferred stock | (9,095) | (9,095) | (7,028) |
Net share-based compensation stock transactions | (3,226) | (832) | 6,899 |
Payments to repurchase common stock | (148,855) | 0 | (11,666) |
Net proceeds from issuance of common stock | 0 | 485,151 | 279,242 |
Net proceeds from issuance of preferred stock | 0 | 0 | 55,285 |
Other financing activities, net | 0 | (56) | 0 |
Net Cash Provided by Financing Activities | (245,958) | 402,396 | 265,939 |
Net Increase (Decrease) In Cash and Cash Equivalents | 10,672 | (267,919) | 282,494 |
Cash and Cash Equivalents at Beginning of Period | 168,873 | 436,792 | 154,298 |
Cash and Cash Equivalents at End of Period | $ 179,545 | $ 168,873 | $ 436,792 |
Uncategorized Items - ibkc-2018
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (345,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (345,000) |