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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2015
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Wisconsin
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39-1098068
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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433 Main Street
Green Bay, Wisconsin
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54301
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common stock, par value $0.01 per share
Depositary Shares, each representing a 1/40
th
interest
in a share of 8.00% Perpetual Preferred Stock, Series B
Depositary Shares, each representing a 1/40
th
interest in a
share of 6.125% Non-Cumulative Perpetual Preferred Stock, Series C
Warrants to purchase shares of Common Stock of
Associated Banc-Corp
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The New York Stock Exchange
The New York Stock Exchange
The New York Stock Exchange
NYSE MKT
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Document:
Proxy Statement for Annual Meeting of
Shareholders on April 26, 2016
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Part of Form 10-K Into Which
Portions of Documents are Incorporated:
Part III
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Page
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•
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credit risks, including changes in economic conditions and risk relating to our allowance for credit losses;
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liquidity and interest rate risks, including the impact of capital market conditions and changes in monetary policy on our borrowings and net interest income;
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operational risks, including processing, information systems, cybersecurity, vendor problems, business interruption, and fraud risks;
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strategic and external risks, including economic, political, and competitive forces impacting our business;
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legal, compliance, and reputational risks, including regulatory and litigation risks; and
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the risk that our analyses of these risks and forces could be incorrect and / or that the strategies developed to address them could be unsuccessful.
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ITEM 1.
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BUSINESS
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revise minimum capital requirements and adjust prompt corrective action thresholds;
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revise the components of regulatory capital and create a new capital measure called “Common Equity Tier 1,” which must constitute at least 4.5% of risk-weighted assets;
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specify that Tier 1 capital consists only of Common Equity Tier 1 and certain “Additional Tier 1 Capital” instruments meeting specified requirements;
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apply most deductions / adjustments to regulatory capital measures to Common Equity Tier 1 and not to other components of capital, potentially requiring higher levels of Common Equity Tier 1 in order to meet minimum ratio requirements;
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increase the minimum Tier 1 capital ratio requirement from 4% to 6%;
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retain the existing risk-based capital treatment for 1-4 family residential mortgage exposures;
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permit most banking organizations, including the Parent Company, to retain, through a one-time permanent election, the existing capital treatment for accumulated other comprehensive income;
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implement a new capital conservation buffer of Common Equity Tier 1 capital equal to 2.5% of risk-weighted assets, which will be in addition to the 4.5% Common Equity Tier 1 capital ratio and be phased in over a three year period beginning January 1, 2016. This buffer is generally required to make capital distributions and pay executive bonuses.
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increase capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term loan commitments;
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require the deduction of mortgage servicing assets and deferred tax assets that exceed 10% of Common Equity Tier 1 capital in each category and 15% of Common Equity Tier 1 capital in the aggregate; and
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remove references to credit ratings consistent with the Dodd-Frank Act and establish due diligence requirements for securitization exposures.
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ITEM 1A.
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RISK FACTORS
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the ability to develop, maintain, and build upon long-term customer relationships based on top quality service, high ethical standards, and safe, sound assets;
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the ability to expand our market position;
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the scope, relevance, and pricing of products and services offered to meet customer needs and demands;
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the rate at which we introduce new products and services relative to our competitors;
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customer satisfaction with our level of service; and
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industry and general economic trends.
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incurring time and expense associated with identifying and evaluating potential acquisitions and negotiating potential transactions, and with integrating acquired businesses, resulting in the diversion of resources from the operation of our existing businesses;
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difficulty in estimating the value of target companies or assets and in evaluating credit, operations, management, and market risks associated with those companies or assets;
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payment of a premium over book and market values that may dilute our tangible book value and earnings per share in the short and long term;
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potential exposure to unknown or contingent liabilities of the target company, including, without limitation, liabilities for regulatory and compliance issues;
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exposure to potential asset quality issues of the target company;
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there may be volatility in reported income as goodwill impairment losses could occur irregularly and in varying amounts;
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difficulties, inefficiencies or cost overruns associated with the integration of the operations, personnel, technologies, services, and products of acquired companies with ours;
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inability to realize the expected revenue increases, cost savings, increases in geographic or product presence, and / or other projected benefits;
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potential disruption to our business;
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the possible loss of key employees and customers of the target company; and
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potential changes in banking or tax laws or regulations that may affect the target company.
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actual or anticipated variations in quarterly results of operations or financial condition;
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operating results and stock price performance of other companies that investors deem comparable to us;
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news reports relating to trends, concerns, and other issues in the financial services industry;
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perceptions in the marketplace regarding us and / or our competitors;
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new technology used or services offered by competitors;
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significant acquisitions or business combinations, strategic partnerships, joint ventures, or capital commitments by or involving us or our competitors;
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failure to integrate acquisitions or realize anticipated benefits from acquisitions;
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changes in government regulations;
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geopolitical conditions such as acts or threats of terrorism or military conflicts; and
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recommendations by securities analysts.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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(a)
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During the fourth quarter of 2015, the Corporation repurchased 4,445 shares for minimum tax withholding settlements on equity compensation. These purchases are not included in the monthly common stock purchases table above and do not count against the maximum number of shares that may yet be purchased under the Board of Directors’ authorization.
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(b)
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On April 21, 2015, the Board of Directors authorized the repurchase of up to $125 million of the Corporation’s common stock, of which, approximately $108 million remained available to repurchase as of December 31, 2015. Using the closing stock price on December 31, 2015 of $18.75, a total of approximately 6 million shares of common stock remained available to be repurchased under this plan.
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Series B Preferred Stock Depositary Share Purchases:
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Total Number of
Shares Purchased
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Average Price
Paid per Share
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Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
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Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs(a)
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Period
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October 1 — October 31, 2015
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—
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$
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—
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—
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—
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November 1 — November 30, 2015
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—
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—
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—
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—
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December 1 — December 31, 2015
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—
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—
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—
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—
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Total
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—
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$
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—
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—
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—
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(a)
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In 2011, the Corporation issued 2,600,000 depositary shares, each representing a 1/40th interest in a share of the Corporation’s 8.00% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”). During 2013, the Board of Directors authorized the repurchase of up to $10 million of the Series B Preferred Stock. As of December 31, 2015, approximately $5 million remained available under this repurchase authorization. Using the closing price on December 31, 2015 of $26.22, a total of approximately 175,000 shares remained available to be repurchased under the previously approved Board authorization as of December 31, 2015.
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Series C Preferred Stock Depositary Share Purchases:
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Total Number of
Shares Purchased
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Average Price
Paid per Share
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Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
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Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs(a)
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Period
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October 1 — October 31, 2015
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—
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$
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—
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—
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—
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November 1 — November 30, 2015
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—
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—
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—
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—
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December 1 — December 31, 2015
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—
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—
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—
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—
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Total
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—
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$
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—
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—
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—
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(a)
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In June 2015, the Corporation issued 2,600,000 depositary shares, each representing a 1/40th interest in a share of the Corporation’s 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”). On August 28, 2015, the Board of Directors authorized the repurchase of up to $10 million of the Series C Preferred Stock. As of December 31, 2015, $10 million remained available under this repurchase authorization as the Corporation has not yet repurchased any of the Series C Preferred Stock under this authorization. Using the closing price on December 31, 2015 of $26.00, a total of approximately 385,000 shares remained available to be repurchased under the previously approved Board authorization as of December 31, 2015.
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Market Price Range
Closing Sales Prices
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Dividends Paid
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Book Value
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High
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Low
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Close
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2015
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4th Quarter
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$
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0.11
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$
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18.62
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$
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20.61
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$
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17.98
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$
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18.75
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3rd Quarter
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0.10
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18.77
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20.55
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17.17
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17.97
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2nd Quarter
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0.10
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18.44
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20.84
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18.50
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20.27
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1st Quarter
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0.10
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18.38
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19.07
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16.62
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18.60
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2014
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4th Quarter
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$
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0.10
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$
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18.32
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$
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19.37
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$
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16.75
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$
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18.63
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3rd Quarter
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0.09
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18.15
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18.90
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17.42
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17.42
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2nd Quarter
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0.09
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17.99
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18.39
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16.82
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18.08
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1st Quarter
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0.09
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17.64
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18.35
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15.58
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18.06
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Source: Bloomberg
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2010
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2011
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2012
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2013
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2014
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2015
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||||||||||||
Associated Banc-Corp
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$
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100.0
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$
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74.0
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$
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88.4
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$
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119.5
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$
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130.5
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$
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134.2
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S&P 500 Index
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$
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100.0
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$
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102.1
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$
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118.3
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$
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156.2
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$
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177.3
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$
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179.8
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S&P 400 Regional Banks Sub-Industry Index
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$
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100.0
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$
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88.5
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$
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96.0
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$
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139.3
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$
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140.9
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$
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150.1
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ITEM 6.
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SELECTED FINANCIAL DATA
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Years Ended December 31,
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2015
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2014
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2013
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2012
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2011
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Interest income
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$
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753,662
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$
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736,745
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$
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708,983
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$
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718,284
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$
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741,622
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Interest expense
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77,384
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55,778
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63,440
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92,292
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128,791
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|||||
Net interest income
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676,278
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680,967
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645,543
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625,992
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612,831
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|||||
Provision for credit losses
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37,500
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16,000
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10,100
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10,100
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49,326
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|||||
Net interest income after provision for credit losses
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638,778
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664,967
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635,443
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615,892
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563,505
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|||||
Noninterest income
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328,409
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290,319
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313,099
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313,290
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273,119
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|||||
Noninterest expense
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697,399
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679,241
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680,649
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674,723
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653,197
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Income before income taxes
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269,788
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276,045
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267,893
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254,459
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183,427
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Income tax expense
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81,487
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85,536
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79,201
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75,486
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43,728
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|||||
Net income
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188,301
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190,509
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188,692
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178,973
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139,699
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Preferred stock dividends and discount accretion
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7,155
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5,002
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5,158
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5,200
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24,830
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Net income available to common equity
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$
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181,146
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$
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185,507
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$
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183,534
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$
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173,773
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$
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114,869
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Earnings per common share:
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Basic
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$
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1.20
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$
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1.17
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$
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1.10
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$
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1.00
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$
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0.66
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Diluted
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1.19
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1.16
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1.10
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1.00
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0.66
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|||||
Cash dividends per share
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0.41
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0.37
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0.33
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0.23
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0.04
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Weighted average common shares outstanding:
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||||||||||
Basic
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149,350
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157,286
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165,584
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172,255
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173,370
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Diluted
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150,603
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158,254
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165,802
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172,357
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173,372
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|||||
SELECTED FINANCIAL DATA
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Year-End Balances:
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Loans
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$
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18,714,343
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$
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17,593,846
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$
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15,896,261
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$
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15,411,022
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$
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14,031,071
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Allowance for loan losses
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274,264
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266,302
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268,315
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297,409
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378,151
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|||||
Investment securities
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6,135,644
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5,801,267
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5,425,795
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4,966,635
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4,937,483
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|
|||||
Total assets
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27,715,021
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|
26,821,774
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24,226,920
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23,487,735
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|
21,924,217
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|
|||||
Deposits
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21,007,665
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|
18,763,504
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|
17,267,167
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|
|
16,939,865
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|
|
15,090,655
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|
|||||
Short and long-term funding
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3,513,766
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4,998,405
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|
|
3,828,193
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|
3,342,285
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|
|
3,691,556
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|
|||||
Stockholders’ equity
|
2,937,246
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|
|
2,800,251
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|
|
2,891,290
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|
|
2,936,399
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|
|
2,865,794
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|
|||||
Book value per common share
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18.62
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|
18.32
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|
17.40
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|
|
16.97
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|
|
16.15
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|
|||||
Tangible book value per common share
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12.10
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|
12.06
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|
11.62
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|
|
11.39
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|
|
10.68
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|
|||||
Average Balances:
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|
||||||||||
Loans
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$
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18,252,264
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$
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16,838,994
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$
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15,663,145
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$
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14,741,785
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$
|
13,278,848
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Investment securities
|
5,912,849
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|
5,594,232
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|
|
4,995,331
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|
|
4,469,541
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|
|
5,497,297
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|
|||||
Earning assets
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24,571,087
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|
22,760,128
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|
|
20,980,128
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|
|
19,613,777
|
|
|
19,442,263
|
|
|||||
Total assets
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27,023,010
|
|
|
25,111,597
|
|
|
23,305,758
|
|
|
21,976,357
|
|
|
21,588,620
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|
|||||
Deposits
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19,903,087
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|
|
17,647,084
|
|
|
17,438,195
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|
|
15,582,369
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|
|
14,401,127
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|
|||||
Interest-bearing liabilities
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19,334,641
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|
17,826,386
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|
15,964,647
|
|
|
14,905,735
|
|
|
15,120,824
|
|
|||||
Stockholders’ equity
|
2,895,158
|
|
|
2,871,932
|
|
|
2,892,312
|
|
|
2,948,988
|
|
|
2,997,290
|
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Net income available to common equity for 2015 was $181 million (compared to net income available to common equity of $186 million for 2014) or diluted earnings per common share of $1.19 (versus diluted earnings per common share of $1.16 for 2014).
|
•
|
Total loans increased $1.1 billion (6%) between year-end 2015 and 2014, with growth in both commercial and residential mortgage loans. On average, loans increased $1.4 billion (8%). For 2016, the Corporation expects high single digit average loan growth.
|
•
|
Total deposits increased $2.2 billion (12%) between year-end 2015 and 2014, primarily in noninterest-bearing demand and money market deposits. On average, total deposits increased $2.3 billion (13%) from 2014. For 2016, the Corporation expects to maintain a loan to deposit ratio under 100%. At the end of the 2015, this ratio was 89%.
|
•
|
The provision for credit losses increased to
$38 million
in
2015
, compared to
$16 million
in
2014
. Net charge offs represented 0.16% of average loans for
2015
compared to 0.09% for
2014
. Potential problem loans increased to $302 million at December 31, 2015, compared to $190 million at December 31, 2014. Nonaccrual loans were modestly higher than 2014. For 2016, the Corporation expects the provision for loan losses will increase with loan growth and changes in risk grade or other indications of credit quality.
|
•
|
Net interest income was $676 million for 2015, a reduction of $5 million (1%) compared to 2014. The net interest margin for 2015 was 2.84%, 24 bp lower than 3.08% in 2014. For 2016, the Corporation anticipates a modest upward trend in the net interest margin, assuming additional Federal Reserve action to raise interest rates.
|
•
|
Noninterest income was $328 million for 2015, up $38 million (13%) from 2014. Core fee-based revenues were up $29 million in 2015, primarily attributable to higher insurance commissions (related to the Ahmann & Martin Co. acquisition) and higher mortgage banking revenues, up $11 million from 2014. For additional discussion concerning noninterest income see section, “Noninterest Income,” and for additional information on the Ahmann & Martin Co. acquisition see Note 2, "Acquisition," of the notes to consolidated financial statements. For 2016, the Corporation expects noninterest income will be flat to the prior year, excluding the net investment securities gains.
|
•
|
Noninterest expense of $697 million increased $18 million (3%) from 2014. The increase was substantially attributable to higher personnel expense related to the Ahmann & Martin Co. acquisition in the first quarter of 2015. For additional discussion regarding noninterest expense see section, “Noninterest Expense.” For 2016, the Corporation expects noninterest expense will be approximately flat to the prior year.
|
•
|
Income tax expense for 2015 was $81 million, compared to income tax expense of $86 million for 2014. The effective tax rate was 30.2% for 2015, compared to an effective tax rate of 31.0% for 2014. For additional discussion concerning income tax expense see section, “Income Taxes.”
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||||
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|||||||||||||||
|
($ in Thousands)
|
|||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans:(1)(2)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and business lending
|
$
|
7,035,449
|
|
|
$
|
223,639
|
|
|
3.18
|
%
|
|
$
|
6,495,338
|
|
|
$
|
219,386
|
|
|
3.38
|
%
|
|
$
|
5,809,578
|
|
|
$
|
208,039
|
|
|
3.58
|
%
|
Commercial real estate lending
|
4,222,218
|
|
|
146,372
|
|
|
3.47
|
%
|
|
3,990,675
|
|
|
146,802
|
|
|
3.68
|
%
|
|
3,705,526
|
|
|
149,539
|
|
|
4.04
|
|
||||||
Total commercial
|
11,257,667
|
|
|
370,011
|
|
|
3.29
|
%
|
|
10,486,013
|
|
|
366,188
|
|
|
3.49
|
%
|
|
9,515,104
|
|
|
357,578
|
|
|
3.76
|
|
||||||
Residential mortgage
|
5,538,690
|
|
|
182,228
|
|
|
3.29
|
%
|
|
4,864,054
|
|
|
168,830
|
|
|
3.47
|
%
|
|
4,582,241
|
|
|
163,966
|
|
|
3.58
|
|
||||||
Retail
|
1,455,907
|
|
|
67,524
|
|
|
4.64
|
%
|
|
1,488,927
|
|
|
67,382
|
|
|
4.53
|
%
|
|
1,565,800
|
|
|
69,647
|
|
|
4.45
|
|
||||||
Total loans
|
18,252,264
|
|
|
619,763
|
|
|
3.40
|
%
|
|
16,838,994
|
|
|
602,400
|
|
|
3.58
|
%
|
|
15,663,145
|
|
|
591,191
|
|
|
3.77
|
|
||||||
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
4,936,065
|
|
|
100,292
|
|
|
2.03
|
%
|
|
4,726,511
|
|
|
102,464
|
|
|
2.17
|
%
|
|
4,202,478
|
|
|
88,919
|
|
|
2.12
|
|
||||||
Tax-exempt(1)
|
976,784
|
|
|
47,663
|
|
|
4.88
|
%
|
|
867,721
|
|
|
44,467
|
|
|
5.12
|
%
|
|
792,853
|
|
|
43,752
|
|
|
5.52
|
|
||||||
Other short-term investments
|
405,974
|
|
|
6,591
|
|
|
1.62
|
%
|
|
326,902
|
|
|
6,635
|
|
|
2.03
|
%
|
|
321,652
|
|
|
5,193
|
|
|
1.61
|
|
||||||
Investments and other
|
6,318,823
|
|
|
154,546
|
|
|
2.45
|
%
|
|
5,921,134
|
|
|
153,566
|
|
|
2.59
|
%
|
|
5,316,983
|
|
|
137,864
|
|
|
2.59
|
|
||||||
Total earning assets
|
$
|
24,571,087
|
|
|
$
|
774,309
|
|
|
3.15
|
%
|
|
$
|
22,760,128
|
|
|
$
|
755,966
|
|
|
3.32
|
%
|
|
$
|
20,980,128
|
|
|
$
|
729,055
|
|
|
3.47
|
%
|
Other assets, net
|
2,451,923
|
|
|
|
|
|
|
2,351,469
|
|
|
|
|
|
|
2,325,630
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
27,023,010
|
|
|
|
|
|
|
$
|
25,111,597
|
|
|
|
|
|
|
$
|
23,305,758
|
|
|
|
|
|
|||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings deposits
|
$
|
1,336,755
|
|
|
$
|
1,000
|
|
|
0.07
|
%
|
|
$
|
1,249,452
|
|
|
$
|
968
|
|
|
0.08
|
%
|
|
$
|
1,188,910
|
|
|
$
|
942
|
|
|
0.08
|
%
|
Interest-bearing demand deposits
|
3,201,085
|
|
|
4,266
|
|
|
0.13
|
%
|
|
2,983,747
|
|
|
4,124
|
|
|
0.14
|
%
|
|
2,827,778
|
|
|
4,517
|
|
|
0.16
|
|
||||||
Money market deposits
|
9,210,179
|
|
|
16,574
|
|
|
0.18
|
%
|
|
7,614,042
|
|
|
12,452
|
|
|
0.16
|
%
|
|
7,322,476
|
|
|
13,702
|
|
|
0.19
|
|
||||||
Time deposits
|
1,613,547
|
|
|
11,285
|
|
|
0.70
|
%
|
|
1,587,641
|
|
|
8,750
|
|
|
0.55
|
%
|
|
1,849,718
|
|
|
12,106
|
|
|
0.65
|
|
||||||
Total interest-bearing deposits
|
15,361,566
|
|
|
33,125
|
|
|
0.22
|
%
|
|
13,434,882
|
|
|
26,294
|
|
|
0.20
|
%
|
|
13,188,882
|
|
|
31,267
|
|
|
0.24
|
|
||||||
Federal funds purchased and securities sold under agreements to repurchase
|
625,736
|
|
|
943
|
|
|
0.15
|
%
|
|
795,257
|
|
|
1,219
|
|
|
0.15
|
%
|
|
675,574
|
|
|
1,322
|
|
|
0.20
|
|
||||||
Other short-term funding
|
220,321
|
|
|
465
|
|
|
0.21
|
%
|
|
573,460
|
|
|
785
|
|
|
0.14
|
%
|
|
1,198,264
|
|
|
1,519
|
|
|
0.13
|
|
||||||
Total short-term funding
|
846,057
|
|
|
1,408
|
|
|
0.17
|
%
|
|
1,368,717
|
|
|
2,004
|
|
|
0.15
|
%
|
|
1,873,838
|
|
|
2,841
|
|
|
0.15
|
|
||||||
Long-term funding
|
3,127,018
|
|
|
42,851
|
|
|
1.37
|
%
|
|
3,022,787
|
|
|
27,480
|
|
|
0.91
|
%
|
|
901,927
|
|
|
29,332
|
|
|
3.25
|
|
||||||
Total short and long-term funding
|
3,973,075
|
|
|
44,259
|
|
|
1.11
|
%
|
|
4,391,504
|
|
|
29,484
|
|
|
0.67
|
%
|
|
2,775,765
|
|
|
32,173
|
|
|
1.16
|
|
||||||
Total interest-bearing liabilities
|
$
|
19,334,641
|
|
|
$
|
77,384
|
|
|
0.40
|
%
|
|
$
|
17,826,386
|
|
|
$
|
55,778
|
|
|
0.31
|
%
|
|
$
|
15,964,647
|
|
|
$
|
63,440
|
|
|
0.40
|
%
|
Noninterest-bearing demand deposits
|
4,541,521
|
|
|
|
|
|
|
4,212,202
|
|
|
|
|
|
|
4,249,313
|
|
|
|
|
|
||||||||||||
Other liabilities
|
251,690
|
|
|
|
|
|
|
201,077
|
|
|
|
|
|
|
199,486
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
2,895,158
|
|
|
|
|
|
|
2,871,932
|
|
|
|
|
|
|
2,892,312
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
27,023,010
|
|
|
|
|
|
|
$
|
25,111,597
|
|
|
|
|
|
|
$
|
23,305,758
|
|
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
2.75
|
%
|
|
|
|
|
|
3.01
|
%
|
|
|
|
|
|
3.07
|
%
|
||||||||||||
Net free funds
|
|
|
|
|
0.09
|
%
|
|
|
|
|
|
0.07
|
%
|
|
|
|
|
|
0.10
|
%
|
||||||||||||
Fully tax-equivalent net interest income and net interest margin
|
|
|
$
|
696,925
|
|
|
2.84
|
%
|
|
|
|
$
|
700,188
|
|
|
3.08
|
%
|
|
|
|
$
|
665,615
|
|
|
3.17
|
%
|
||||||
Fully tax-equivalent adjustment
|
|
|
$
|
20,647
|
|
|
|
|
|
|
$
|
19,221
|
|
|
|
|
|
|
$
|
20,072
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
676,278
|
|
|
|
|
|
|
$
|
680,967
|
|
|
|
|
|
|
$
|
645,543
|
|
|
|
(1)
|
The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 35% for all periods presented and is net of the effects of certain disallowed interest deductions.
|
(2)
|
Nonaccrual loans and loans held for sale have been included in the average balances.
|
(3)
|
Interest income includes net loan fees.
|
•
|
Net interest income in the consolidated statements of income (which excludes the fully tax-equivalent adjustment) was
$676 million
in 2015 compared to
$681 million
in 2014. See sections “Interest Rate Risk” and “Quantitative and Qualitative Disclosures about Market Risk,” for a discussion of interest rate risk and market risk.
|
•
|
Fully tax-equivalent net interest income of
$697 million
for 2015 was
$3 million
lower than 2014.
|
•
|
Average earning assets of
$24.6 billion
in 2015 were
$1.8 billion
, or
8%
higher than 2014. Average loans increased
$1.4 billion
, or
8%
, including a
$772 million
increase in commercial loans and a
$675 million
increase in residential mortgage loans. Average securities and short-term investments increased
$398 million
, primarily in mortgage-related securities, municipal securities, and interest-bearing deposits in other banks.
|
•
|
Average interest-bearing liabilities of
$19.3 billion
in 2015 were up
$1.5 billion
, or
8%
versus 2014. On average, interest-bearing deposits increased
$1.9 billion
and noninterest-bearing demand deposits (a principal component of net free funds) increased by
$329 million
. On average, short and long-term funding decreased
$418 million
from 2014, including a
$523 million
decrease in short-term funding, partially offset by an increase in long-term funding (also mainly due to the issuance of long-term senior and subordinated notes in late 2014).
|
•
|
The net interest margin for 2015 was
2.84%
, compared to
3.08%
in 2014. The 24 bp decline in net interest margin was attributable to a 26 bp decrease in interest rate spread (the net of a 17 bp decrease in the yield on earning assets and a 9 bp increase in the cost of interest-bearing liabilities), partially offset by a 2 bp higher contribution from net free funds.
|
•
|
For 2015, loan yields decreased 18 bp to
3.40%
, due to the re-pricing of adjustable rate loans and competitive pricing pressures in a low interest rate environment. The yield on investment securities and other short-term investments decreased 14 bp to
2.45%
, and was also impacted by the low interest rate environment and higher prepayment speeds of mortgage-related securities purchased at a premium.
|
•
|
The average cost of interest-bearing deposits was
0.22%
in 2015, 2 bp higher than 2014. The cost of short term funding was up slightly, while the cost of long-term funding increased 46 bp to
1.37%
in 2015, mainly due to the issuance of long-term senior and subordinated notes in late 2014.
|
•
|
The Federal Reserve increased the targeted Federal funds rate on December 17, 2015 to a range of 0.25%- 0.50% from 0.00%- 0.25%. In January 2016, the Federal Reserve indicated that it is likely to gradually increase short term rates during 2016. The timing and magnitude of any such increases are uncertain and will depend on domestic and global economic conditions.
|
|
Years Ended December 31,
|
|
Change From Prior Year
|
||||||||||||||||||||||
($ in Thousands)
|
2015
|
|
2014
|
|
2013
|
|
$ Change
2015
|
|
% Change
2015
|
|
$ Change
2014
|
|
% Change
2014
|
||||||||||||
Trust service fees
|
$
|
48,840
|
|
|
$
|
48,403
|
|
|
$
|
45,633
|
|
|
$
|
437
|
|
|
1
|
%
|
|
$
|
2,770
|
|
|
6
|
%
|
Service charges on deposit accounts
|
65,471
|
|
|
68,779
|
|
|
70,009
|
|
|
(3,308
|
)
|
|
(5
|
)%
|
|
(1,230
|
)
|
|
(2
|
)%
|
|||||
Card-based and other nondeposit fees
|
51,325
|
|
|
49,512
|
|
|
49,913
|
|
|
1,813
|
|
|
4
|
%
|
|
(401
|
)
|
|
(1
|
)%
|
|||||
Insurance commissions
|
75,363
|
|
|
44,421
|
|
|
44,024
|
|
|
30,942
|
|
|
70
|
%
|
|
397
|
|
|
1
|
%
|
|||||
Brokerage and annuity commissions
|
15,378
|
|
|
16,089
|
|
|
14,877
|
|
|
(711
|
)
|
|
(4
|
)%
|
|
1,212
|
|
|
8
|
%
|
|||||
Total core fee-based revenue
|
256,377
|
|
|
227,204
|
|
|
224,456
|
|
|
29,173
|
|
|
13
|
%
|
|
2,748
|
|
|
1
|
%
|
|||||
Mortgage banking income
|
43,439
|
|
|
32,708
|
|
|
49,772
|
|
|
10,731
|
|
|
33
|
%
|
|
(17,064
|
)
|
|
(34
|
)%
|
|||||
Mortgage servicing rights expense
|
11,176
|
|
|
11,388
|
|
|
925
|
|
|
(212
|
)
|
|
(2
|
)%
|
|
10,463
|
|
|
N/M
|
|
|||||
Mortgage banking, net
|
32,263
|
|
|
21,320
|
|
|
48,847
|
|
|
10,943
|
|
|
51
|
%
|
|
(27,527
|
)
|
|
(56
|
)%
|
|||||
Capital market fees, net
|
10,752
|
|
|
9,973
|
|
|
13,080
|
|
|
779
|
|
|
8
|
%
|
|
(3,107
|
)
|
|
(24
|
)%
|
|||||
Bank owned life insurance income
|
9,796
|
|
|
13,576
|
|
|
11,855
|
|
|
(3,780
|
)
|
|
(28
|
)%
|
|
1,721
|
|
|
15
|
%
|
|||||
Other
|
9,496
|
|
|
7,464
|
|
|
8,884
|
|
|
2,032
|
|
|
27
|
%
|
|
(1,420
|
)
|
|
(16
|
)%
|
|||||
Subtotal (“fee income”)
|
318,684
|
|
|
279,537
|
|
|
307,122
|
|
|
39,147
|
|
|
14
|
%
|
|
(27,585
|
)
|
|
(9
|
)%
|
|||||
Asset gains, net
|
1,592
|
|
|
10,288
|
|
|
5,413
|
|
|
(8,696
|
)
|
|
(85
|
)%
|
|
4,875
|
|
|
90
|
%
|
|||||
Investment securities gains, net
|
8,133
|
|
|
494
|
|
|
564
|
|
|
7,639
|
|
|
N/M
|
|
|
(70
|
)
|
|
(12
|
)%
|
|||||
Total noninterest income
|
$
|
328,409
|
|
|
$
|
290,319
|
|
|
$
|
313,099
|
|
|
$
|
38,090
|
|
|
13
|
%
|
|
$
|
(22,780
|
)
|
|
(7
|
)%
|
Mortgage loans originated for sale during period
|
$
|
1,228,106
|
|
|
$
|
1,069,852
|
|
|
$
|
2,304,006
|
|
|
$
|
158,254
|
|
|
15
|
%
|
|
$
|
(1,234,154
|
)
|
|
(54
|
)%
|
Trust assets under management, at market value
|
$
|
7,729,131
|
|
|
$
|
7,993,047
|
|
|
$
|
7,423,556
|
|
|
$
|
(263,916
|
)
|
|
(3
|
)%
|
|
$
|
569,491
|
|
|
8
|
%
|
Fee income ratio *
|
31
|
%
|
|
29
|
%
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|||||||||
N/M = Not Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
* Fee income ratio is fee income, per the above table, divided by total revenue (defined as fully tax-equivalent net interest income plus fee income).
|
•
|
Core fee-based revenue was
$256 million
, an increase of
$29 million
(
13%
) compared to
2014
. Insurance commissions were
$75 million
, an increase of
$31 million
(
70%
) compared to
2014
. The increase in insurance commissions was primarily due to the acquisition of Ahmann & Martin Co., which increased insurance commissions from property and casualty to 25% of total insurance commissions for 2015, compared to 15% for 2014. See Note 2, “Acquisition,” of the notes to consolidated financial statements for additional information on the Ahmann & Martin Co. acquisition.
|
•
|
Net mortgage banking income for
2015
was
$32 million
, up
$11 million
(
51%
) compared to
2014
. Net mortgage banking consists of gross mortgage banking income less mortgage servicing rights expense. Gross mortgage banking income includes servicing fees, the gain or loss on sales of mortgage loans to the secondary market, changes to the mortgage repurchase reserve, and the fair value adjustments on the mortgage derivatives. Gross mortgage banking income increased,
|
•
|
Net investment securities gains were $8 million for 2015, due to the restructuring of the investment securities portfolio. See Note 3, "Investment Securities" of the notes to consolidated financial statements for additional information on the investment securities portfolio restructuring.
|
•
|
Net asset gains of
$2 million
for
2015
were primarily attributable to gains of $3 million on the sale of real estate and miscellaneous assets, partially offset by net losses of $1 million on the sales and other write-downs of other real estate owned. Net asset gains of
$10 million
for
2014
were primarily attributable to gains of $11 million on the sale of real estate and miscellaneous assets, partially offset by net losses of $1 million on the sales and other write-downs of other real estate owned.
|
•
|
Bank owned life insurance income was
$10 million
for 2015, a decrease of
$4 million
(
28%
) compared to 2014, primarily due to death benefits received in 2014.
|
|
Years Ended December 31,
|
|
Change From Prior Year
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
$ Change
2015
|
|
% Change
2015
|
|
$ Change
2014
|
|
% Change
2014
|
||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||||
Personnel expense
|
$
|
404,741
|
|
|
$
|
390,399
|
|
|
$
|
397,015
|
|
|
$
|
14,342
|
|
|
4
|
%
|
|
$
|
(6,616
|
)
|
|
(2
|
)%
|
Occupancy
|
60,896
|
|
|
57,677
|
|
|
59,409
|
|
|
3,219
|
|
|
6
|
%
|
|
(1,732
|
)
|
|
(3
|
)%
|
|||||
Equipment
|
23,209
|
|
|
24,784
|
|
|
25,351
|
|
|
(1,575
|
)
|
|
(6
|
)%
|
|
(567
|
)
|
|
(2
|
)%
|
|||||
Technology
|
60,613
|
|
|
55,472
|
|
|
49,445
|
|
|
5,141
|
|
|
9
|
%
|
|
6,027
|
|
|
12
|
%
|
|||||
Business development and advertising
|
25,772
|
|
|
26,144
|
|
|
23,346
|
|
|
(372
|
)
|
|
(1
|
)%
|
|
2,798
|
|
|
12
|
%
|
|||||
Other intangible amortization
|
3,094
|
|
|
3,747
|
|
|
4,043
|
|
|
(653
|
)
|
|
(17
|
)%
|
|
(296
|
)
|
|
(7
|
)%
|
|||||
Loan expense
|
14,102
|
|
|
13,866
|
|
|
13,162
|
|
|
236
|
|
|
2
|
%
|
|
704
|
|
|
5
|
%
|
|||||
Legal and professional fees
|
17,052
|
|
|
17,485
|
|
|
20,226
|
|
|
(433
|
)
|
|
(2
|
)%
|
|
(2,741
|
)
|
|
(14
|
)%
|
|||||
Foreclosure / OREO expense
|
4,494
|
|
|
6,722
|
|
|
10,068
|
|
|
(2,228
|
)
|
|
(33
|
)%
|
|
(3,346
|
)
|
|
(33
|
)%
|
|||||
FDIC expense
|
26,000
|
|
|
23,761
|
|
|
19,461
|
|
|
2,239
|
|
|
9
|
%
|
|
4,300
|
|
|
22
|
%
|
|||||
Other
|
57,426
|
|
|
59,184
|
|
|
59,123
|
|
|
(1,758
|
)
|
|
(3
|
)%
|
|
61
|
|
|
—
|
%
|
|||||
Total noninterest expense
|
$
|
697,399
|
|
|
$
|
679,241
|
|
|
$
|
680,649
|
|
|
$
|
18,158
|
|
|
3
|
%
|
|
$
|
(1,408
|
)
|
|
—
|
%
|
Personnel expense to total noninterest expense
|
58
|
%
|
|
57
|
%
|
|
58
|
%
|
|
|
|
|
|
|
|
|
|||||||||
Average full-time equivalent employees
|
4,421
|
|
|
4,406
|
|
|
4,728
|
|
|
|
|
|
|
|
|
|
•
|
Personnel expense (which includes salary-related expenses and fringe benefit expenses) was
$405 million
for
2015
, up
$14 million
(
4%
) from
2014
. This increase was primarily attributable to the Ahmann and Martin Co. acquisition which added approximately 100 colleagues during 2015. See Note 2, “Acquisition,” of the notes to consolidated financial statements for additional information on the Ahmann & Martin Co. acquisition.
|
•
|
Nonpersonnel noninterest expenses on a combined basis were $293 million, up $4 million (1%) compared to
2014
. Technology was up
$5 million
(
9%
) as the Corporation continues to invest in solutions that will drive operational efficiency. Occupancy expense was up
$3 million
from
2014
, primarily attributable to the consolidation of ten branches during 2015. FDIC expense was
$2 million
(
9%
) higher compared to
2014
reflecting growth in risk-weighted assets. Foreclosure / OREO expenses decreased
$2 million
(
33%
), compared to 2014, as foreclosures trend down.
|
|
As of December 31,
|
|||||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|||||||||||||||
|
($ in Thousands)
|
|||||||||||||||||||||||||||||||||
Commercial and industrial
|
$
|
6,147,440
|
|
|
33
|
%
|
|
$
|
5,905,902
|
|
|
34
|
%
|
|
$
|
4,822,680
|
|
|
31
|
%
|
|
$
|
4,502,021
|
|
|
29
|
%
|
|
$
|
3,724,736
|
|
|
27
|
%
|
Commercial real estate — owner occupied
|
918,212
|
|
|
5
|
|
|
1,007,937
|
|
|
6
|
|
|
1,114,715
|
|
|
7
|
|
|
1,219,747
|
|
|
8
|
|
|
1,086,829
|
|
|
8
|
|
|||||
Lease financing
|
43,243
|
|
|
—
|
|
|
51,529
|
|
|
—
|
|
|
55,483
|
|
|
—
|
|
|
64,196
|
|
|
1
|
|
|
58,194
|
|
|
—
|
|
|||||
Commercial and business lending
|
7,108,895
|
|
|
38
|
|
|
6,965,368
|
|
|
40
|
|
|
5,992,878
|
|
|
38
|
|
|
5,785,964
|
|
|
38
|
|
|
4,869,759
|
|
|
35
|
|
|||||
Commercial real estate — investor
|
3,234,266
|
|
|
17
|
|
|
3,056,485
|
|
|
17
|
|
|
2,939,456
|
|
|
18
|
|
|
2,906,759
|
|
|
19
|
|
|
2,563,767
|
|
|
18
|
|
|||||
Real estate construction
|
1,162,145
|
|
|
6
|
|
|
1,008,956
|
|
|
6
|
|
|
896,248
|
|
|
6
|
|
|
655,381
|
|
|
4
|
|
|
584,046
|
|
|
4
|
|
|||||
Commercial real estate lending
|
4,396,411
|
|
|
23
|
|
|
4,065,441
|
|
|
23
|
|
|
3,835,704
|
|
|
24
|
|
|
3,562,140
|
|
|
23
|
|
|
3,147,813
|
|
|
22
|
|
|||||
Total commercial
|
11,505,306
|
|
|
61
|
|
|
11,030,809
|
|
|
63
|
|
|
9,828,582
|
|
|
62
|
|
|
9,348,104
|
|
|
61
|
|
|
8,017,572
|
|
|
57
|
|
|||||
Home equity revolving lines of credit
|
883,759
|
|
|
5
|
|
|
887,779
|
|
|
5
|
|
|
874,840
|
|
|
5
|
|
|
936,065
|
|
|
6
|
|
|
1,059,865
|
|
|
8
|
|
|||||
Home equity loans junior liens
|
122,043
|
|
|
1
|
|
|
164,148
|
|
|
1
|
|
|
208,054
|
|
|
1
|
|
|
269,672
|
|
|
2
|
|
|
340,165
|
|
|
2
|
|
|||||
Home equity
|
1,005,802
|
|
|
6
|
|
|
1,051,927
|
|
|
6
|
|
|
1,082,894
|
|
|
6
|
|
|
1,205,737
|
|
|
8
|
|
|
1,400,030
|
|
|
10
|
|
|||||
Installment and credit cards
|
419,968
|
|
|
2
|
|
|
454,219
|
|
|
3
|
|
|
407,074
|
|
|
3
|
|
|
466,727
|
|
|
3
|
|
|
557,782
|
|
|
4
|
|
|||||
Residential mortgage
|
5,783,267
|
|
|
31
|
|
|
5,056,891
|
|
|
28
|
|
|
4,577,711
|
|
|
29
|
|
|
4,390,454
|
|
|
28
|
|
|
4,055,687
|
|
|
29
|
|
|||||
Total consumer
|
7,209,037
|
|
|
39
|
|
|
6,563,037
|
|
|
37
|
|
|
6,067,679
|
|
|
38
|
|
|
6,062,918
|
|
|
39
|
|
|
6,013,499
|
|
|
43
|
|
|||||
Total loans
|
$
|
18,714,343
|
|
|
100
|
%
|
|
$
|
17,593,846
|
|
|
100
|
%
|
|
$
|
15,896,261
|
|
|
100
|
%
|
|
$
|
15,411,022
|
|
|
100
|
%
|
|
$
|
14,031,071
|
|
|
100
|
%
|
Commercial real estate and Real estate construction loan detail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Farmland
|
$
|
7,135
|
|
|
—
|
%
|
|
$
|
9,249
|
|
|
—
|
%
|
|
$
|
8,591
|
|
|
—
|
%
|
|
$
|
17,730
|
|
|
1
|
%
|
|
$
|
26,221
|
|
|
1
|
%
|
Multi-family
|
932,360
|
|
|
29
|
|
|
976,956
|
|
|
32
|
|
|
951,348
|
|
|
33
|
|
|
905,372
|
|
|
31
|
|
|
694,056
|
|
|
27
|
|
|||||
Non-owner occupied
|
2,294,771
|
|
|
71
|
|
|
2,070,280
|
|
|
68
|
|
|
1,979,517
|
|
|
67
|
|
|
1,983,657
|
|
|
68
|
|
|
1,843,490
|
|
|
72
|
|
|||||
Commercial real estate — investor
|
$
|
3,234,266
|
|
|
100
|
%
|
|
$
|
3,056,485
|
|
|
100
|
%
|
|
$
|
2,939,456
|
|
|
100
|
%
|
|
$
|
2,906,759
|
|
|
100
|
%
|
|
$
|
2,563,767
|
|
|
100
|
%
|
1-4 family construction
|
$
|
309,396
|
|
|
27
|
%
|
|
$
|
304,992
|
|
|
30
|
%
|
|
$
|
259,031
|
|
|
29
|
%
|
|
$
|
176,874
|
|
|
27
|
%
|
|
$
|
120,170
|
|
|
21
|
%
|
All other construction
|
852,749
|
|
|
73
|
|
|
703,964
|
|
|
70
|
|
|
637,217
|
|
|
71
|
|
|
478,507
|
|
|
73
|
|
|
463,876
|
|
|
79
|
|
|||||
Real estate construction
|
$
|
1,162,145
|
|
|
100
|
%
|
|
$
|
1,008,956
|
|
|
100
|
%
|
|
$
|
896,248
|
|
|
100
|
%
|
|
$
|
655,381
|
|
|
100
|
%
|
|
$
|
584,046
|
|
|
100
|
%
|
•
|
The commercial and business lending portfolio, which consists of commercial and business lending and owner occupied commercial real estate loans, was
$7.1 billion
at
December 31, 2015
up
$144 million
(
2%
) since year-end
2014
. At
December 31, 2015
, the largest industry group within the commercial and business lending category was the Manufacturing sector which represented
8%
of total loans and
20%
of the total commercial and business lending portfolio. The next largest industry groups within the commercial and business lending category included the Oil and Gas portfolio and the Finance and Insurance portfolio, which each represented
4%
of total loans and each represented
11%
of the total commercial and business lending portfolio at
December 31, 2015
. In addition, the Power and Utilities portfolio represented 4% of total loans and 10% of the total commercial and business lending portfolio at
December 31, 2015
. The remaining commercial and business lending portfolio is spread over a diverse range of industries, none of which exceed 4% of total loans.
|
•
|
The commercial real estate lending portfolio, which consists of investor commercial real estate and construction loans, totaled
$4.4 billion
at
December 31, 2015
, up
$331 million
(
8%
) from
December 31, 2014
. Within the commercial real estate lending portfolio, commercial real estate lending to investors totaled
$3.2 billion
at
December 31, 2015
, an increase of
$178 million
(
6%
) from
December 31, 2014
. Real estate construction loans were
$1.2 billion
, an increase of
$153 million
(
15%
) compared to
December 31, 2014
. The commercial real estate lending portfolio is focused primarily in our footprint (which includes our three state branch footprint as well as Missouri, Indiana, Ohio, Michigan, and Iowa), with 87% of the outstanding loan balances in our footprint at
December 31, 2015
.
|
•
|
Residential mortgage loans totaled
$5.8 billion
at
December 31, 2015
, up
$726 million
(
14%
) from
December 31, 2014
. At
December 31, 2015
, the residential mortgage portfolio was comprised of
$1.6 billion
of fixed-rate residential real estate mortgages and
$4.2 billion
of variable-rate residential real estate mortgages, compared to
$1.6 billion
of fixed-rate mortgages and
$3.5 billion
variable-rate mortgages at
December 31, 2014
. The residential mortgage portfolio is focused primarily in our footprint, with 99% of the outstanding loan balances in our footprint at
December 31, 2015
.
|
•
|
Home equity totaled
$1.0 billion
at
December 31, 2015
, down
$46 million
(
4%
) compared to
December 31, 2014
, and consists of both home equity lines of credit and closed-end home equity loans. Home equity loans and lines in a junior position at
December 31, 2015
included approximately
43%
for which the Corporation also owned or serviced the related first lien loan and approximately
57%
where the Corporation did not service the related first lien loan.
|
•
|
As of
December 31, 2015
, approximately
32%
of the home equity loan first liens have a remaining maturity of more than 10 years. Based upon outstanding balances at
December 31, 2015
, the following table presents the periods when home equity lines of credit revolving periods are scheduled to end.
|
|
$ in Thousands
|
|
% to Total
|
|||
Less than 1 year
|
$
|
3,814
|
|
|
<1%
|
|
1 — 3 years
|
4,988
|
|
|
1
|
%
|
|
3 — 5 years
|
28,567
|
|
|
3
|
%
|
|
5 — 10 years
|
198,260
|
|
|
22
|
%
|
|
Over 10 years
|
648,130
|
|
|
73
|
%
|
|
Total home equity revolving lines of credit
|
$
|
883,759
|
|
|
100
|
%
|
•
|
Installment and credit cards totaled
$420 million
at
December 31, 2015
down
$34 million
(
8%
) compared to
December 31, 2014
. Credit cards totaled
$96 million
at
December 31, 2015
compared to
$93 million
at
December 31, 2014
. The Corporation had
$249 million
and
$288 million
of student loans at
December 31, 2015
, and
December 31, 2014
, respectively, the majority of which are government guaranteed.
|
|
Maturity(1)
|
|||||||||||||||||
December 31, 2015
|
Within
1 Year(2)
|
|
1-5 Years
|
|
After
5 Years
|
|
Total
|
|
% of Total
|
|||||||||
|
($ in Thousands)
|
|||||||||||||||||
Commercial and industrial
|
$
|
5,054,203
|
|
|
$
|
833,737
|
|
|
$
|
259,500
|
|
|
$
|
6,147,440
|
|
|
54
|
%
|
Commercial real estate — investor
|
1,485,300
|
|
|
1,626,219
|
|
|
122,747
|
|
|
3,234,266
|
|
|
28
|
%
|
||||
Commercial real estate — owner occupied
|
276,799
|
|
|
508,828
|
|
|
132,585
|
|
|
918,212
|
|
|
8
|
%
|
||||
Real estate construction
|
776,448
|
|
|
352,772
|
|
|
32,925
|
|
|
1,162,145
|
|
|
10
|
%
|
||||
Total
|
$
|
7,592,750
|
|
|
$
|
3,321,556
|
|
|
$
|
547,757
|
|
|
$
|
11,462,063
|
|
|
100
|
%
|
Fixed rate
|
$
|
3,664,008
|
|
|
$
|
967,240
|
|
|
$
|
259,782
|
|
|
$
|
4,891,030
|
|
|
43
|
%
|
Floating or adjustable rate
|
3,928,742
|
|
|
2,354,316
|
|
|
287,975
|
|
|
6,571,033
|
|
|
57
|
%
|
||||
Total
|
$
|
7,592,750
|
|
|
$
|
3,321,556
|
|
|
$
|
547,757
|
|
|
$
|
11,462,063
|
|
|
100
|
%
|
Percent by maturity distribution
|
66
|
%
|
|
29
|
%
|
|
5
|
%
|
|
100
|
%
|
|
|
(1)
|
Based upon scheduled principal repayments.
|
(2)
|
Demand loans, past due loans, and overdrafts are reported in the “Within 1 Year” category.
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||
|
2015
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2011
|
|
|
||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||||||||
Allowance for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses, at beginning of year
|
$
|
266,302
|
|
|
|
|
$
|
268,315
|
|
|
|
|
$
|
297,409
|
|
|
|
|
$
|
378,151
|
|
|
|
|
$
|
476,813
|
|
|
|
Provision for loan losses
|
38,000
|
|
|
|
|
13,000
|
|
|
|
|
10,000
|
|
|
|
|
3,000
|
|
|
|
|
52,000
|
|
|
|
|||||
Loans charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
27,687
|
|
|
|
|
14,633
|
|
|
|
|
35,146
|
|
|
|
|
43,240
|
|
|
|
|
38,662
|
|
|
|
|||||
Commercial real estate — owner occupied
|
2,645
|
|
|
|
|
3,476
|
|
|
|
|
6,474
|
|
|
|
|
4,080
|
|
|
|
|
9,485
|
|
|
|
|||||
Lease financing
|
—
|
|
|
|
|
39
|
|
|
|
|
206
|
|
|
|
|
797
|
|
|
|
|
173
|
|
|
|
|||||
Commercial and business lending
|
30,332
|
|
|
|
|
18,148
|
|
|
|
|
41,826
|
|
|
|
|
48,117
|
|
|
|
|
48,320
|
|
|
|
|||||
Commercial real estate — investor
|
4,645
|
|
|
|
|
4,529
|
|
|
|
|
9,846
|
|
|
|
|
14,000
|
|
|
|
|
29,479
|
|
|
|
|||||
Real estate construction
|
750
|
|
|
|
|
1,958
|
|
|
|
|
3,375
|
|
|
|
|
3,588
|
|
|
|
|
38,222
|
|
|
|
|||||
Commercial real estate lending
|
5,395
|
|
|
|
|
6,487
|
|
|
|
|
13,221
|
|
|
|
|
17,588
|
|
|
|
|
67,701
|
|
|
|
|||||
Total commercial
|
35,727
|
|
|
|
|
24,635
|
|
|
|
|
55,047
|
|
|
|
|
65,705
|
|
|
|
|
116,021
|
|
|
|
|||||
Home equity revolving lines of credit
|
4,386
|
|
|
|
|
6,980
|
|
|
|
|
10,855
|
|
|
|
|
18,736
|
|
|
|
|
25,679
|
|
|
|
|||||
Home equity loans junior liens
|
2,662
|
|
|
|
|
3,966
|
|
|
|
|
7,015
|
|
|
|
|
11,631
|
|
|
|
|
15,341
|
|
|
|
|||||
Home equity
|
7,048
|
|
|
|
|
10,946
|
|
|
|
|
17,870
|
|
|
|
|
30,367
|
|
|
|
|
41,020
|
|
|
|
|||||
Installment and credit cards (1)
|
3,869
|
|
|
|
|
2,876
|
|
|
|
|
1,389
|
|
|
|
|
3,057
|
|
|
|
|
16,134
|
|
|
|
|||||
Residential mortgage
|
5,636
|
|
|
|
|
5,639
|
|
|
|
|
13,755
|
|
|
|
|
17,917
|
|
|
|
|
16,557
|
|
|
|
|||||
Total consumer
|
16,553
|
|
|
|
|
19,461
|
|
|
|
|
33,014
|
|
|
|
|
51,341
|
|
|
|
|
73,711
|
|
|
|
|||||
Total loans charged off
|
52,280
|
|
|
|
|
44,096
|
|
|
|
|
88,061
|
|
|
|
|
117,046
|
|
|
|
|
189,732
|
|
|
|
|||||
Recoveries of loans previously charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
9,795
|
|
|
|
|
11,390
|
|
|
|
|
28,865
|
|
|
|
|
18,363
|
|
|
|
|
16,350
|
|
|
|
|||||
Commercial real estate — owner occupied
|
921
|
|
|
|
|
1,806
|
|
|
|
|
339
|
|
|
|
|
453
|
|
|
|
|
2,509
|
|
|
|
|||||
Lease financing
|
26
|
|
|
|
|
7
|
|
|
|
|
218
|
|
|
|
|
1,899
|
|
|
|
|
1,955
|
|
|
|
|||||
Commercial and business lending
|
10,742
|
|
|
|
|
13,203
|
|
|
|
|
29,422
|
|
|
|
|
20,715
|
|
|
|
|
20,814
|
|
|
|
|||||
Commercial real estate — investor
|
4,157
|
|
|
|
|
9,996
|
|
|
|
|
6,961
|
|
|
|
|
4,796
|
|
|
|
|
5,666
|
|
|
|
|||||
Real estate construction
|
2,268
|
|
|
|
|
816
|
|
|
|
|
5,511
|
|
|
|
|
2,129
|
|
|
|
|
7,521
|
|
|
|
|||||
Commercial real estate lending
|
6,425
|
|
|
|
|
10,812
|
|
|
|
|
12,472
|
|
|
|
|
6,925
|
|
|
|
|
13,187
|
|
|
|
|||||
Total commercial
|
17,167
|
|
|
|
|
24,015
|
|
|
|
|
41,894
|
|
|
|
|
27,640
|
|
|
|
|
34,001
|
|
|
|
|||||
Home equity revolving lines of credit
|
2,093
|
|
|
|
|
2,226
|
|
|
|
|
2,995
|
|
|
|
|
2,725
|
|
|
|
|
1,867
|
|
|
|
|||||
Home equity loans junior liens
|
1,140
|
|
|
|
|
974
|
|
|
|
|
1,113
|
|
|
|
|
1,115
|
|
|
|
|
1,290
|
|
|
|
|||||
Home equity
|
3,233
|
|
|
|
|
3,200
|
|
|
|
|
4,108
|
|
|
|
|
3,840
|
|
|
|
|
3,157
|
|
|
|
|||||
Installment and credit cards
|
765
|
|
|
|
|
616
|
|
|
|
|
1,633
|
|
|
|
|
1,234
|
|
|
|
|
1,584
|
|
|
|
|||||
Residential mortgage
|
1,077
|
|
|
|
|
1,252
|
|
|
|
|
1,332
|
|
|
|
|
590
|
|
|
|
|
328
|
|
|
|
|||||
Total consumer
|
5,075
|
|
|
|
|
5,068
|
|
|
|
|
7,073
|
|
|
|
|
5,664
|
|
|
|
|
5,069
|
|
|
|
|||||
Total recoveries
|
22,242
|
|
|
|
|
29,083
|
|
|
|
|
48,967
|
|
|
|
|
33,304
|
|
|
|
|
39,070
|
|
|
|
|||||
Total net charge offs
|
30,038
|
|
|
|
|
15,013
|
|
|
|
|
39,094
|
|
|
|
|
83,742
|
|
|
|
|
150,662
|
|
|
|
|||||
Allowance for loan losses, at end of year
|
$
|
274,264
|
|
|
|
|
$
|
266,302
|
|
|
|
|
$
|
268,315
|
|
|
|
|
$
|
297,409
|
|
|
|
|
$
|
378,151
|
|
|
|
Allowance for Unfunded Commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
24,900
|
|
|
|
|
$
|
21,900
|
|
|
|
|
$
|
21,800
|
|
|
|
|
$
|
14,700
|
|
|
|
|
$
|
17,374
|
|
|
|
Provision for unfunded commitments
|
(500
|
)
|
|
|
|
3,000
|
|
|
|
|
100
|
|
|
|
|
7,100
|
|
|
|
|
(2,674
|
)
|
|
|
|||||
Balance at end of year
|
$
|
24,400
|
|
|
|
|
$
|
24,900
|
|
|
|
|
$
|
21,900
|
|
|
|
|
$
|
21,800
|
|
|
|
|
$
|
14,700
|
|
|
|
Allowance for credit losses (A)
|
$
|
298,664
|
|
|
|
|
$
|
291,202
|
|
|
|
|
$
|
290,215
|
|
|
|
|
$
|
319,209
|
|
|
|
|
$
|
392,851
|
|
|
|
Provision for credit losses (B)
|
$
|
37,500
|
|
|
|
|
$
|
16,000
|
|
|
|
|
$
|
10,100
|
|
|
|
|
$
|
10,100
|
|
|
|
|
$
|
49,326
|
|
|
|
Ratios at end of year:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses to total loans
|
1.47
|
%
|
|
|
|
1.51
|
%
|
|
|
|
1.69
|
%
|
|
|
|
1.93
|
%
|
|
|
|
2.70
|
%
|
|
|
|||||
Allowance for loan losses to net charge offs
|
9.1
|
x
|
|
|
|
17.7
|
x
|
|
|
|
6.9
|
x
|
|
|
|
3.6
|
x
|
|
|
|
2.5
|
x
|
|
|
|
Years Ended December 31,
|
|||||||||||||||||||||||||||||||||
|
2015
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
||||||||||||||
Net loan charge offs (recoveries):
|
|
|
(C)
|
|
|
|
|
(C)
|
|
|
|
|
(C)
|
|
|
|
|
(C)
|
|
|
|
|
(C)
|
|
||||||||||
Commercial and industrial
|
$
|
17,892
|
|
|
30
|
|
|
$
|
3,243
|
|
|
6
|
|
|
$
|
6,281
|
|
|
14
|
|
|
$
|
24,877
|
|
|
63
|
|
|
$
|
22,312
|
|
|
70
|
|
Commercial real estate — owner occupied
|
1,724
|
|
|
18
|
|
|
1,670
|
|
|
16
|
|
|
6,135
|
|
|
53
|
|
|
3,627
|
|
|
33
|
|
|
6,976
|
|
|
67
|
|
|||||
Lease financing
|
(26
|
)
|
|
(6
|
)
|
|
32
|
|
|
6
|
|
|
(12
|
)
|
|
(2
|
)
|
|
(1,102
|
)
|
|
N\M
|
|
|
(1,782
|
)
|
|
N\M
|
|
|||||
Commercial and business lending
|
19,590
|
|
|
28
|
|
|
4,945
|
|
|
8
|
|
|
12,404
|
|
|
21
|
|
|
27,402
|
|
|
53
|
|
|
27,506
|
|
|
64
|
|
|||||
Commercial real estate — investor
|
488
|
|
|
2
|
|
|
(5,467
|
)
|
|
(18
|
)
|
|
2,885
|
|
|
10
|
|
|
9,204
|
|
|
33
|
|
|
23,813
|
|
|
98
|
|
|||||
Real estate construction
|
(1,518
|
)
|
|
(14
|
)
|
|
1,142
|
|
|
12
|
|
|
(2,136
|
)
|
|
(27
|
)
|
|
1,459
|
|
|
25
|
|
|
30,701
|
|
|
N\M
|
|
|||||
Commercial real estate lending
|
(1,030
|
)
|
|
(2
|
)
|
|
(4,325
|
)
|
|
(11
|
)
|
|
749
|
|
|
2
|
|
|
10,663
|
|
|
32
|
|
|
54,514
|
|
|
183
|
|
|||||
Total commercial
|
18,560
|
|
|
16
|
|
|
620
|
|
|
1
|
|
|
13,153
|
|
|
14
|
|
|
38,065
|
|
|
45
|
|
|
82,020
|
|
|
113
|
|
|||||
Home equity revolving lines of credit
|
2,293
|
|
|
26
|
|
|
4,754
|
|
|
54
|
|
|
7,860
|
|
|
88
|
|
|
16,011
|
|
|
159
|
|
|
23,812
|
|
|
215
|
|
|||||
Home equity loans junior liens
|
1,522
|
|
|
107
|
|
|
2,992
|
|
|
160
|
|
|
5,902
|
|
|
250
|
|
|
10,516
|
|
|
344
|
|
|
14,051
|
|
|
374
|
|
|||||
Home equity
|
3,815
|
|
|
37
|
|
|
7,746
|
|
|
73
|
|
|
13,762
|
|
|
122
|
|
|
26,527
|
|
|
202
|
|
|
37,863
|
|
|
256
|
|
|||||
Installment and credit cards
|
3,104
|
|
|
72
|
|
|
2,260
|
|
|
53
|
|
|
(244
|
)
|
|
(6
|
)
|
|
1,823
|
|
|
36
|
|
|
14,550
|
|
|
237
|
|
|||||
Residential mortgage
|
4,559
|
|
|
8
|
|
|
4,387
|
|
|
9
|
|
|
12,423
|
|
|
27
|
|
|
17,327
|
|
|
39
|
|
|
16,229
|
|
|
42
|
|
|||||
Total consumer
|
11,478
|
|
|
16
|
|
|
14,393
|
|
|
23
|
|
|
25,941
|
|
|
42
|
|
|
45,677
|
|
|
73
|
|
|
68,642
|
|
|
114
|
|
|||||
Total net charge offs
|
$
|
30,038
|
|
|
16
|
|
|
$
|
15,013
|
|
|
9
|
|
|
$
|
39,094
|
|
|
25
|
|
|
$
|
83,742
|
|
|
57
|
|
|
$
|
150,662
|
|
|
113
|
|
Commercial real estate-investor and Real estate construction net charge off detail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Farmland
|
$
|
—
|
|
|
N\M
|
|
|
$
|
—
|
|
|
N\M
|
|
|
$
|
366
|
|
|
252
|
|
|
$
|
(47
|
)
|
|
(21
|
)
|
|
$
|
704
|
|
|
225
|
|
Multi-family
|
39
|
|
|
—
|
|
|
(6,170
|
)
|
|
(62
|
)
|
|
499
|
|
|
5
|
|
|
103
|
|
|
1
|
|
|
4,531
|
|
|
77
|
|
|||||
Non-owner occupied
|
$
|
449
|
|
|
2
|
|
|
$
|
703
|
|
|
3
|
|
|
$
|
2,020
|
|
|
10
|
|
|
$
|
9,148
|
|
|
47
|
|
|
$
|
18,578
|
|
|
103
|
|
Commercial real estate — investor
|
$
|
488
|
|
|
2
|
|
|
$
|
(5,467
|
)
|
|
(18
|
)
|
|
$
|
2,885
|
|
|
10
|
|
|
$
|
9,204
|
|
|
33
|
|
|
$
|
23,813
|
|
|
98
|
|
1-4 family construction
|
$
|
(750
|
)
|
|
(24
|
)
|
|
$
|
(369
|
)
|
|
(12
|
)
|
|
$
|
(3,796
|
)
|
|
(163
|
)
|
|
$
|
(1,541
|
)
|
|
N\M
|
|
|
$
|
11,888
|
|
|
N\M
|
|
All other construction
|
(768
|
)
|
|
(10
|
)
|
|
1,511
|
|
|
22
|
|
|
1,660
|
|
|
30
|
|
|
3,000
|
|
|
66
|
|
|
18,813
|
|
|
N\M
|
|
|||||
Real estate construction
|
$
|
(1,518
|
)
|
|
(14
|
)
|
|
$
|
1,142
|
|
|
12
|
|
|
$
|
(2,136
|
)
|
|
(27
|
)
|
|
$
|
1,459
|
|
|
25
|
|
|
$
|
30,701
|
|
|
N\M
|
|
(A)
|
Includes the allowance for loan losses and the allowance for unfunded commitments.
|
(B)
|
Includes the provision for loan losses and the provision for unfunded commitments.
|
(C)
|
Ratio of net charge offs to average loans by loan type in basis points.
|
(1)
|
Charge offs for the year ended December 31, 2011, include $10 million of write-downs related to installment loans transferred to held for sale.
|
|
|
As of December 31,
|
|||||||||||||||||||||||||||||||||
|
|
2015
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
||||||||||||||
|
|
($ in Thousands)
|
|||||||||||||||||||||||||||||||||
Allowance allocation:
|
|
|
|
(A)
|
|
|
|
|
(A)
|
|
|
|
|
(A)
|
|
|
|
|
(A)
|
|
|
|
|
(A)
|
|
||||||||||
Commercial and industrial
|
|
$
|
128,994
|
|
|
2.10
|
%
|
|
$
|
116,025
|
|
|
1.96
|
%
|
|
$
|
104,501
|
|
|
2.17
|
%
|
|
$
|
97,852
|
|
|
2.17
|
%
|
|
$
|
124,374
|
|
|
3.34
|
%
|
Commercial real estate — owner occupied
|
|
18,680
|
|
|
2.03
|
|
|
16,510
|
|
|
1.64
|
|
|
19,476
|
|
|
1.75
|
|
|
27,389
|
|
|
2.25
|
|
|
36,200
|
|
|
3.33
|
|
|||||
Lease financing
|
|
965
|
|
|
2.23
|
|
|
1,610
|
|
|
3.12
|
|
|
1,607
|
|
|
2.90
|
|
|
3,024
|
|
|
4.71
|
|
|
2,567
|
|
|
4.41
|
|
|||||
Commercial and business lending
|
|
148,639
|
|
|
2.09
|
|
|
134,145
|
|
|
1.93
|
|
|
125,584
|
|
|
2.10
|
|
|
128,265
|
|
|
2.22
|
|
|
163,141
|
|
|
3.35
|
|
|||||
Commercial real estate — investor
|
|
43,018
|
|
|
1.33
|
|
|
46,333
|
|
|
1.52
|
|
|
58,156
|
|
|
1.98
|
|
|
63,181
|
|
|
2.17
|
|
|
86,689
|
|
|
3.38
|
|
|||||
Real estate construction
|
|
25,266
|
|
|
2.17
|
|
|
20,999
|
|
|
2.08
|
|
|
23,418
|
|
|
2.61
|
|
|
20,741
|
|
|
3.16
|
|
|
21,327
|
|
|
3.65
|
|
|||||
Commercial real estate lending
|
|
68,284
|
|
|
1.55
|
|
|
67,332
|
|
|
1.66
|
|
|
81,574
|
|
|
2.13
|
|
|
83,922
|
|
|
2.36
|
|
|
108,016
|
|
|
3.43
|
|
|||||
Total commercial
|
|
216,923
|
|
|
1.89
|
|
|
201,477
|
|
|
1.83
|
|
|
207,158
|
|
|
2.11
|
|
|
212,187
|
|
|
2.27
|
|
|
271,157
|
|
|
3.38
|
|
|||||
Home equity
|
|
23,555
|
|
|
2.34
|
|
|
26,464
|
|
|
2.52
|
|
|
27,932
|
|
|
2.58
|
|
|
42,062
|
|
|
3.49
|
|
|
54,148
|
|
|
3.87
|
|
|||||
Installment and credit cards
|
|
5,525
|
|
|
1.32
|
|
|
6,435
|
|
|
1.42
|
|
|
2,416
|
|
|
0.59
|
|
|
4,299
|
|
|
0.92
|
|
|
6,623
|
|
|
1.19
|
|
|||||
Residential mortgage
|
|
28,261
|
|
|
0.49
|
|
|
31,926
|
|
|
0.63
|
|
|
30,809
|
|
|
0.67
|
|
|
38,861
|
|
|
0.89
|
|
|
46,223
|
|
|
1.14
|
|
|||||
Total consumer
|
|
57,341
|
|
|
0.80
|
|
|
64,825
|
|
|
0.99
|
|
|
61,157
|
|
|
1.01
|
|
|
85,222
|
|
|
1.41
|
|
|
106,994
|
|
|
1.78
|
|
|||||
Total allowance for loan losses
|
|
$
|
274,264
|
|
|
1.47
|
%
|
|
$
|
266,302
|
|
|
1.51
|
%
|
|
$
|
268,315
|
|
|
1.69
|
%
|
|
$
|
297,409
|
|
|
1.93
|
%
|
|
$
|
378,151
|
|
|
2.70
|
%
|
(A)
|
Allowance for loan losses category as a percentage of total loans by category.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Nonperforming assets by type:
|
|
||||||||||||||||||
Commercial and industrial
|
$
|
91,941
|
|
|
$
|
49,663
|
|
|
$
|
37,719
|
|
|
$
|
39,182
|
|
|
$
|
56,075
|
|
Commercial real estate — owner occupied
|
8,049
|
|
|
25,825
|
|
|
29,664
|
|
|
24,254
|
|
|
35,718
|
|
|||||
Lease financing
|
1,634
|
|
|
1,801
|
|
|
69
|
|
|
3,031
|
|
|
10,644
|
|
|||||
Commercial and business lending
|
101,624
|
|
|
77,289
|
|
|
67,452
|
|
|
66,467
|
|
|
102,437
|
|
|||||
Commercial real estate — investor
|
8,643
|
|
|
22,685
|
|
|
37,596
|
|
|
58,687
|
|
|
99,352
|
|
|||||
Real estate construction
|
940
|
|
|
5,399
|
|
|
6,467
|
|
|
27,302
|
|
|
41,806
|
|
|||||
Commercial real estate lending
|
9,583
|
|
|
28,084
|
|
|
44,063
|
|
|
85,989
|
|
|
141,158
|
|
|||||
Total commercial
|
111,207
|
|
|
105,373
|
|
|
111,515
|
|
|
152,456
|
|
|
243,595
|
|
|||||
Home equity revolving lines of credit
|
9,917
|
|
|
9,853
|
|
|
11,883
|
|
|
20,446
|
|
|
27,239
|
|
|||||
Home equity loans junior liens
|
5,327
|
|
|
6,598
|
|
|
7,149
|
|
|
10,052
|
|
|
12,216
|
|
|||||
Home equity
|
15,244
|
|
|
16,451
|
|
|
19,032
|
|
|
30,498
|
|
|
39,455
|
|
|||||
Installment and credit cards
|
325
|
|
|
613
|
|
|
1,114
|
|
|
1,838
|
|
|
2,715
|
|
|||||
Residential mortgage
|
51,482
|
|
|
54,976
|
|
|
53,767
|
|
|
68,076
|
|
|
71,007
|
|
|||||
Total consumer
|
67,051
|
|
|
72,040
|
|
|
73,913
|
|
|
100,412
|
|
|
113,177
|
|
|||||
Total nonaccrual loans (“NALs”)
|
178,258
|
|
|
177,413
|
|
|
185,428
|
|
|
252,868
|
|
|
356,772
|
|
|||||
Commercial real estate owned
|
7,942
|
|
|
11,699
|
|
|
8,359
|
|
|
16,664
|
|
|
24,795
|
|
|||||
Residential real estate owned
|
4,768
|
|
|
4,111
|
|
|
5,217
|
|
|
12,748
|
|
|
13,285
|
|
|||||
Bank properties real estate owned
|
1,859
|
|
|
922
|
|
|
4,542
|
|
|
5,488
|
|
|
3,491
|
|
|||||
Other real estate owned (“OREO”)
|
14,569
|
|
|
16,732
|
|
|
18,118
|
|
|
34,900
|
|
|
41,571
|
|
|||||
Total nonperforming assets (“NPAs”)
|
$
|
192,827
|
|
|
$
|
194,145
|
|
|
$
|
203,546
|
|
|
$
|
287,768
|
|
|
$
|
398,343
|
|
Commercial real estate-investor & Real estate construction nonaccrual loans detail:
|
|
|
|
|
|
|
|
|
|
||||||||||
Farmland
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
803
|
|
|
$
|
1,907
|
|
Multi-family
|
2
|
|
|
2,478
|
|
|
3,782
|
|
|
9,328
|
|
|
7,909
|
|
|||||
Non-owner occupied
|
8,641
|
|
|
20,207
|
|
|
33,814
|
|
|
48,556
|
|
|
89,536
|
|
|||||
Commercial real estate — investor
|
$
|
8,643
|
|
|
$
|
22,685
|
|
|
$
|
37,596
|
|
|
$
|
58,687
|
|
|
$
|
99,352
|
|
1-4 family construction
|
$
|
314
|
|
|
$
|
1,262
|
|
|
$
|
1,915
|
|
|
$
|
16,639
|
|
|
$
|
21,717
|
|
All other construction
|
626
|
|
|
4,137
|
|
|
4,552
|
|
|
10,663
|
|
|
20,089
|
|
|||||
Real estate construction
|
$
|
940
|
|
|
$
|
5,399
|
|
|
$
|
6,467
|
|
|
$
|
27,302
|
|
|
$
|
41,806
|
|
Accruing loans past due 90 days or more:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
249
|
|
|
$
|
254
|
|
|
$
|
1,199
|
|
|
$
|
1,036
|
|
|
$
|
4,236
|
|
Consumer
|
1,399
|
|
|
1,369
|
|
|
1,151
|
|
|
1,253
|
|
|
689
|
|
|||||
Total accruing loans past due 90 days or more
|
$
|
1,648
|
|
|
$
|
1,623
|
|
|
$
|
2,350
|
|
|
$
|
2,289
|
|
|
$
|
4,925
|
|
Restructured loans (accruing):
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
59,595
|
|
|
$
|
68,200
|
|
|
$
|
94,265
|
|
|
$
|
88,182
|
|
|
$
|
85,084
|
|
Consumer
|
27,768
|
|
|
30,016
|
|
|
29,720
|
|
|
32,905
|
|
|
28,080
|
|
|||||
Total restructured loans (accruing)
|
$
|
87,363
|
|
|
$
|
98,216
|
|
|
$
|
123,985
|
|
|
$
|
121,087
|
|
|
$
|
113,164
|
|
Nonaccrual restructured loans (included in nonaccrual loans)
|
$
|
37,684
|
|
|
$
|
57,656
|
|
|
$
|
59,585
|
|
|
$
|
80,590
|
|
|
$
|
87,493
|
|
Ratios at year end:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans to total loans
|
0.95
|
%
|
|
1.01
|
%
|
|
1.17
|
%
|
|
1.64
|
%
|
|
2.54
|
%
|
|||||
NPAs to total loans plus OREO
|
1.03
|
%
|
|
1.10
|
%
|
|
1.28
|
%
|
|
1.86
|
%
|
|
2.83
|
%
|
|||||
NPAs to total assets
|
0.70
|
%
|
|
0.72
|
%
|
|
0.84
|
%
|
|
1.23
|
%
|
|
1.82
|
%
|
|||||
Allowance for loan losses to nonaccrual loans
|
154
|
%
|
|
150
|
%
|
|
145
|
%
|
|
118
|
%
|
|
106
|
%
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Accruing loans 30-89 days past due by type:
|
|
|
|
||||||||||||||||
Commercial and industrial
|
$
|
1,011
|
|
|
$
|
14,747
|
|
|
$
|
6,826
|
|
|
$
|
11,339
|
|
|
$
|
8,743
|
|
Commercial real estate — owner occupied
|
7,142
|
|
|
10,628
|
|
|
3,106
|
|
|
11,053
|
|
|
7,092
|
|
|||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
104
|
|
|||||
Commercial and business lending
|
8,153
|
|
|
25,375
|
|
|
9,932
|
|
|
22,404
|
|
|
15,939
|
|
|||||
Commercial real estate — investor
|
291
|
|
|
1,208
|
|
|
23,215
|
|
|
13,472
|
|
|
4,970
|
|
|||||
Real estate construction
|
296
|
|
|
984
|
|
|
1,954
|
|
|
3,155
|
|
|
996
|
|
|||||
Commercial real estate lending
|
587
|
|
|
2,192
|
|
|
25,169
|
|
|
16,627
|
|
|
5,966
|
|
|||||
Total commercial
|
8,740
|
|
|
27,567
|
|
|
35,101
|
|
|
39,031
|
|
|
21,905
|
|
|||||
Home equity revolving lines of credit
|
5,559
|
|
|
6,725
|
|
|
6,728
|
|
|
7,829
|
|
|
5,059
|
|
|||||
Home equity loans junior liens
|
2,360
|
|
|
2,058
|
|
|
2,842
|
|
|
4,252
|
|
|
4,240
|
|
|||||
Home equity
|
7,919
|
|
|
8,783
|
|
|
9,570
|
|
|
12,081
|
|
|
9,299
|
|
|||||
Installment and credit cards
|
1,870
|
|
|
1,932
|
|
|
1,150
|
|
|
2,109
|
|
|
2,592
|
|
|||||
Residential mortgage
|
4,930
|
|
|
4,846
|
|
|
7,228
|
|
|
10,860
|
|
|
10,114
|
|
|||||
Total consumer
|
14,719
|
|
|
15,561
|
|
|
17,948
|
|
|
25,050
|
|
|
22,005
|
|
|||||
Total accruing loans 30-89 days past due
|
$
|
23,459
|
|
|
$
|
43,128
|
|
|
$
|
53,049
|
|
|
$
|
64,081
|
|
|
$
|
43,910
|
|
Commercial real estate-investor & Real estate construction accruing loans 30-89 days past due detail:
|
|
|
|
|
|
|
|
|
|
||||||||||
Farmland
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101
|
|
|
$
|
—
|
|
Multi-family
|
108
|
|
|
687
|
|
|
14,755
|
|
|
1,901
|
|
|
407
|
|
|||||
Non-owner occupied
|
183
|
|
|
521
|
|
|
8,460
|
|
|
11,470
|
|
|
4,563
|
|
|||||
Commercial real estate — investor
|
$
|
291
|
|
|
$
|
1,208
|
|
|
$
|
23,215
|
|
|
$
|
13,472
|
|
|
$
|
4,970
|
|
1-4 family construction
|
$
|
27
|
|
|
$
|
527
|
|
|
$
|
987
|
|
|
$
|
503
|
|
|
$
|
475
|
|
All other construction
|
269
|
|
|
457
|
|
|
967
|
|
|
2,652
|
|
|
521
|
|
|||||
Real estate construction
|
$
|
296
|
|
|
$
|
984
|
|
|
$
|
1,954
|
|
|
$
|
3,155
|
|
|
$
|
996
|
|
Potential problem loans by type:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
230,680
|
|
|
$
|
108,522
|
|
|
$
|
113,669
|
|
|
$
|
128,434
|
|
|
$
|
153,306
|
|
Commercial real estate — owner occupied
|
35,706
|
|
|
48,695
|
|
|
56,789
|
|
|
99,592
|
|
|
136,366
|
|
|||||
Lease financing
|
2,450
|
|
|
2,709
|
|
|
1,784
|
|
|
264
|
|
|
158
|
|
|||||
Commercial and business lending
|
268,836
|
|
|
159,926
|
|
|
172,242
|
|
|
228,290
|
|
|
289,830
|
|
|||||
Commercial real estate — investor
|
25,944
|
|
|
24,043
|
|
|
52,429
|
|
|
107,068
|
|
|
230,206
|
|
|||||
Real estate construction
|
3,919
|
|
|
1,776
|
|
|
5,263
|
|
|
13,092
|
|
|
27,649
|
|
|||||
Commercial real estate lending
|
29,863
|
|
|
25,819
|
|
|
57,692
|
|
|
120,160
|
|
|
257,855
|
|
|||||
Total commercial
|
298,699
|
|
|
185,745
|
|
|
229,934
|
|
|
348,450
|
|
|
547,685
|
|
|||||
Home equity revolving lines of credit
|
48
|
|
|
204
|
|
|
303
|
|
|
520
|
|
|
1,291
|
|
|||||
Home equity loans junior liens
|
174
|
|
|
676
|
|
|
1,810
|
|
|
3,150
|
|
|
4,160
|
|
|||||
Home equity
|
222
|
|
|
880
|
|
|
2,113
|
|
|
3,670
|
|
|
5,451
|
|
|||||
Installment and credit cards
|
—
|
|
|
2
|
|
|
50
|
|
|
111
|
|
|
233
|
|
|||||
Residential mortgage
|
2,796
|
|
|
3,781
|
|
|
3,312
|
|
|
8,762
|
|
|
13,037
|
|
|||||
Total consumer
|
3,018
|
|
|
4,663
|
|
|
5,475
|
|
|
12,543
|
|
|
18,721
|
|
|||||
Total potential problem loans
|
$
|
301,717
|
|
|
$
|
190,408
|
|
|
$
|
235,409
|
|
|
$
|
360,993
|
|
|
$
|
566,406
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Interest income in accordance with original terms
|
$
|
11,745
|
|
|
$
|
14,259
|
|
|
$
|
16,338
|
|
Interest income recognized
|
(8,716
|
)
|
|
(9,384
|
)
|
|
(10,137
|
)
|
|||
Reduction in interest income
|
$
|
3,029
|
|
|
$
|
4,875
|
|
|
$
|
6,201
|
|
|
At December 31,
|
|||||||||||||||||||
|
2015
|
|
% of Total
|
|
2014
|
|
% of Total
|
|
2013
|
|
% of Total
|
|||||||||
|
($ in Thousands)
|
|||||||||||||||||||
Investment Securities Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury securities
|
$
|
999
|
|
|
<1%
|
|
|
$
|
999
|
|
|
<1%
|
|
|
$
|
1,001
|
|
|
<1%
|
|
Obligations of state and political subdivisions (municipal securities)
|
—
|
|
|
—
|
|
|
560,839
|
|
|
10
|
|
|
653,758
|
|
|
12
|
|
|||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
1,388,995
|
|
|
28
|
|
|
3,534,240
|
|
|
66
|
|
|
3,813,927
|
|
|
72
|
|
|||
GNMA
|
1,605,956
|
|
|
32
|
|
|
165,863
|
|
|
3
|
|
|
41,540
|
|
|
<1
|
|
|||
Private-label
|
1,722
|
|
|
<1
|
|
|
2,297
|
|
|
<1
|
|
|
3,035
|
|
|
<1
|
|
|||
GNMA commercial mortgage-related securities
|
1,982,477
|
|
|
40
|
|
|
1,097,913
|
|
|
20
|
|
|
673,555
|
|
|
13
|
|
|||
Asset-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,049
|
|
|
<1
|
|
|||
Other securities (debt and equity)
|
4,718
|
|
|
<1
|
|
|
6,108
|
|
|
<1
|
|
|
60,711
|
|
|
1
|
|
|||
Total amortized cost
|
$
|
4,984,867
|
|
|
100
|
%
|
|
$
|
5,368,259
|
|
|
100
|
%
|
|
$
|
5,270,576
|
|
|
100
|
%
|
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury securities
|
$
|
997
|
|
|
<1%
|
|
|
$
|
998
|
|
|
<1%
|
|
|
$
|
1,002
|
|
|
<1%
|
|
Municipal securities
|
—
|
|
|
—
|
|
|
582,679
|
|
|
11
|
|
|
676,080
|
|
|
13
|
|
|||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
1,414,626
|
|
|
28
|
|
|
3,563,457
|
|
|
66
|
|
|
3,797,534
|
|
|
72
|
|
|||
GNMA
|
1,590,003
|
|
|
32
|
|
|
167,332
|
|
|
3
|
|
|
40,896
|
|
|
<1
|
|
|||
Private-label
|
1,709
|
|
|
<1
|
|
|
2,294
|
|
|
<1
|
|
|
3,014
|
|
|
<1
|
|
|||
GNMA commercial mortgage-related securities
|
1,955,310
|
|
|
39
|
|
|
1,073,893
|
|
|
20
|
|
|
647,477
|
|
|
12
|
|
|||
Asset-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,059
|
|
|
<1
|
|
|||
Other securities (debt and equity)
|
4,769
|
|
|
<1
|
|
|
6,159
|
|
|
<1
|
|
|
61,523
|
|
|
1
|
|
|||
Total fair value and carrying value
|
$
|
4,967,414
|
|
|
100
|
%
|
|
$
|
5,396,812
|
|
|
100
|
%
|
|
$
|
5,250,585
|
|
|
100
|
%
|
Net unrealized holding gains (losses)
|
$
|
(17,453
|
)
|
|
|
|
$
|
28,553
|
|
|
|
|
$
|
(19,991
|
)
|
|
|
|||
Investment Securities Held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Municipal securities
|
$
|
1,043,767
|
|
|
89
|
%
|
|
$
|
404,455
|
|
|
100
|
%
|
|
$
|
175,210
|
|
|
100
|
%
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
41,469
|
|
|
4
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
GNMA
|
82,994
|
|
|
7
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Total amortized cost and carrying value
|
$
|
1,168,230
|
|
|
100
|
%
|
|
$
|
404,455
|
|
|
100
|
%
|
|
$
|
175,210
|
|
|
100
|
%
|
Fair Value:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Municipal securities
|
$
|
1,060,231
|
|
|
90
|
%
|
|
$
|
413,067
|
|
|
100
|
%
|
|
$
|
169,889
|
|
|
100
|
%
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
41,337
|
|
|
3
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
GNMA
|
82,874
|
|
|
7
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Total fair value
|
$
|
1,184,442
|
|
|
100
|
%
|
|
$
|
413,067
|
|
|
100
|
%
|
|
$
|
169,889
|
|
|
100
|
%
|
Net unrealized holding gains (losses)
|
$
|
16,212
|
|
|
|
|
$
|
8,612
|
|
|
|
|
$
|
(5,321
|
)
|
|
|
($ in Thousands)
|
2015
|
2014
|
||||
Noninterest-bearing demand
|
$
|
5,562,466
|
|
$
|
4,505,272
|
|
Savings
|
1,334,420
|
|
1,235,277
|
|
||
Interest-bearing demand
|
3,445,000
|
|
3,126,854
|
|
||
Money market
|
9,102,977
|
|
8,324,646
|
|
||
Brokered CDs
|
42,443
|
|
42,556
|
|
||
Other time
|
1,520,359
|
|
1,528,899
|
|
||
Total deposits
|
21,007,665
|
|
18,763,504
|
|
||
Customer repo sweeps
|
383,568
|
|
384,221
|
|
||
Total deposits and customer funding
|
$
|
21,391,233
|
|
$
|
19,147,725
|
|
Network transaction deposits included above in interest-bearing demand & money market
|
$
|
3,174,911
|
|
$
|
2,852,943
|
|
Brokered CDs
|
42,443
|
|
42,556
|
|
||
Total network and brokered funding
|
3,217,354
|
|
2,895,499
|
|
||
Net customer deposits and funding (1)
|
$
|
18,173,879
|
|
$
|
16,252,226
|
|
(1) Total deposits and customer funding excluding total network and brokered funding.
|
|
|
•
|
Non-maturity deposit accounts, comprised of savings, money market, and demand (both interest and non-interest bearing demand) accounts accounted for 93% of our total deposits at December 31, 2015.
|
•
|
Included in the above amounts were $3.2 billion of network deposits, primarily sourced from other financial institutions and intermediaries. At year-end these represented 15% of our deposits at December 31, 2015.
|
|
December 31, 2015
|
||||||||||
|
Certificates
of Deposit
|
|
Other
Time Deposits
|
|
Total Certificates
of Deposits and Other
Time Deposits
|
||||||
|
($ in Thousands)
|
||||||||||
Three months or less
|
$
|
102,348
|
|
|
$
|
12,954
|
|
|
$
|
115,302
|
|
Over three months through six months
|
41,169
|
|
|
13,963
|
|
|
55,132
|
|
|||
Over six months through twelve months
|
46,851
|
|
|
30,623
|
|
|
77,474
|
|
|||
Over twelve months
|
185,332
|
|
|
32,710
|
|
|
218,042
|
|
|||
Total
|
$
|
375,700
|
|
|
$
|
90,250
|
|
|
$
|
465,950
|
|
•
|
Short-term funding sources at December 31, 2015 were approximately $834 million, a decrease of $234 million from December 31, 2014. The decrease in short-term funding was primarily due to decreases in FHLB advances and federal funds purchased.
|
•
|
Long-term funding at December 31, 2015, was approximately $2.7 billion, a decrease of $1.3 billion from December 31, 2014 which was attributable to early payoffs of FHLB advances.
|
|
Moody’s
|
|
S&P*
|
Bank short-term deposits
|
P1
|
|
-
|
Bank long-term
|
A1
|
|
BBB+
|
Corporation short-term
|
P2
|
|
-
|
Corporation long-term
|
Baa1
|
|
BBB
|
Outlook
|
Stable
|
|
Stable
|
* - Standard and Poor's
|
|
|
|
|
Estimated % Change in Rate Sensitive Earnings at Risk (EAR) Over 12 Months
|
||||||||||
|
Dynamic Forecast
December 31, 2015
|
|
Static Forecast
December 31, 2015
|
|
Dynamic Forecast
December 31, 2014
|
|
Static Forecast
December 31, 2014
|
||||
Instantaneous Rate Change
|
|
|
|
|
|
|
|
||||
100 bp increase in interest rates
|
1.6
|
%
|
|
2.1
|
%
|
|
1.6
|
%
|
|
2.8
|
%
|
200 bp increase in interest rates
|
3.0
|
%
|
|
4.4
|
%
|
|
3.4
|
%
|
|
5.3
|
%
|
|
December 31, 2015
|
|
December 31, 2014
|
||
Instantaneous Rate Change
|
|
|
|
||
100 bp increase in interest rates
|
(1.7
|
)%
|
|
(1.0
|
)%
|
200 bp increase in interest rates
|
(3.7
|
)%
|
|
(2.5
|
)%
|
December 31, 2015
|
Note
Reference
|
|
One Year
or Less
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
Over
Five Years
|
|
Total
|
|||||||||||
|
($ in Thousands)
|
|||||||||||||||||||||
Time deposits
|
7
|
|
|
$
|
885,249
|
|
|
$
|
399,712
|
|
|
$
|
274,183
|
|
|
$
|
3,658
|
|
|
$
|
1,562,802
|
|
Short-term funding
|
8
|
|
|
834,416
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
834,416
|
|
|||||
Long-term funding
|
9
|
|
|
430,317
|
|
|
1,500,027
|
|
|
499,789
|
|
|
249,217
|
|
|
2,679,350
|
|
|||||
Operating leases
|
6
|
|
|
10,417
|
|
|
18,635
|
|
|
15,931
|
|
|
17,968
|
|
|
62,951
|
|
|||||
Commitments to extend credit
|
16
|
|
|
3,829,665
|
|
|
2,192,927
|
|
|
1,570,872
|
|
|
80,584
|
|
|
7,674,048
|
|
|||||
Total
|
|
|
$
|
5,990,064
|
|
|
$
|
4,111,301
|
|
|
$
|
2,360,775
|
|
|
$
|
351,427
|
|
|
$
|
12,813,567
|
|
|
At or for the Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In Thousands, except per share data)
|
||||||||||
Total stockholders’ equity
|
$
|
2,937,246
|
|
|
$
|
2,800,251
|
|
|
$
|
2,891,290
|
|
Tangible stockholders’ equity (1)
|
1,951,944
|
|
|
1,863,646
|
|
|
1,950,938
|
|
|||
Tier 1 capital (2)
|
2,016,861
|
|
|
1,868,059
|
|
|
1,975,182
|
|
|||
Common equity Tier 1 (2)
|
1,897,944
|
|
|
1,808,332
|
|
|
1,913,320
|
|
|||
Tangible common equity (1)
|
1,830,565
|
|
|
1,803,919
|
|
|
1,889,076
|
|
|||
Total risk-based capital (2)
|
2,515,861
|
|
|
2,350,898
|
|
|
2,184,884
|
|
|||
Tangible assets (1)
|
26,729,719
|
|
|
25,885,169
|
|
|
23,286,568
|
|
|||
Risk weighted assets (2)
|
19,929,963
|
|
|
18,567,646
|
|
|
16,694,148
|
|
|||
Market capitalization
|
2,835,731
|
|
|
2,786,303
|
|
|
2,829,640
|
|
|||
Book value per common share
|
$18.62
|
|
$18.32
|
|
$17.40
|
||||||
Tangible book value per common share
|
12.10
|
|
|
12.06
|
|
|
11.62
|
|
|||
Cash dividends per common share
|
0.41
|
|
|
0.37
|
|
|
0.33
|
|
|||
Stock price at end of period
|
18.75
|
|
|
18.63
|
|
|
17.40
|
|
|||
Low closing price for the period
|
16.62
|
|
|
15.58
|
|
|
13.46
|
|
|||
High closing price for the period
|
20.84
|
|
|
19.37
|
|
|
17.60
|
|
|||
Total stockholders’ equity / assets
|
10.60
|
%
|
|
10.44
|
%
|
|
11.93
|
%
|
|||
Tangible common equity / tangible assets (1)
|
6.85
|
|
|
6.97
|
|
|
8.11
|
|
|||
Tangible stockholders’ equity / tangible assets (1)
|
7.30
|
|
|
7.20
|
|
|
8.38
|
|
|||
Common equity Tier 1 / risk-weighted assets (2)
|
9.52
|
|
|
9.74
|
|
|
11.46
|
|
|||
Tier 1 leverage ratio (2)
|
7.60
|
|
|
7.48
|
|
|
8.70
|
|
|||
Tier 1 risk-based capital ratio (2)
|
10.12
|
|
|
10.06
|
|
|
11.83
|
|
|||
Total risk-based capital ratio (2)
|
12.62
|
|
|
12.66
|
|
|
13.09
|
|
|||
Return on average equity
|
6.50
|
%
|
|
6.63
|
%
|
|
6.52
|
%
|
|||
Return on average tangible common equity (1)
|
9.97
|
|
|
9.91
|
|
|
9.73
|
|
|||
Return on average Common equity Tier 1 (2)
|
9.88
|
|
|
9.92
|
|
|
9.77
|
|
|||
Return on average assets
|
0.70
|
|
|
0.76
|
|
|
0.81
|
|
|||
Dividend payout ratio (3)
|
34.17
|
|
|
31.62
|
|
|
30.00
|
|
|||
Common shares outstanding (period end)
|
151,239
|
|
|
151,542
|
|
|
164,139
|
|
|||
Basic common shares outstanding (average)
|
149,350
|
|
|
157,286
|
|
|
165,584
|
|
|||
Diluted common shares outstanding (average)
|
150,603
|
|
|
158,254
|
|
|
165,802
|
|
|||
Tangible Common Equity and Common Equity Tier 1 Reconciliation (1) (2)
|
|
|
|
|
|
||||||
Common equity
|
$
|
2,815,867
|
|
|
$
|
2,740,524
|
|
|
$
|
2,829,428
|
|
Goodwill and other intangible assets
|
(985,302
|
)
|
|
(936,605
|
)
|
|
(940,352
|
)
|
|||
Tangible common equity
|
1,830,565
|
|
|
1,803,919
|
|
|
1,889,076
|
|
|||
Accumulated other comprehensive income
|
32,616
|
|
|
4,850
|
|
|
24,244
|
|
|||
Deferred tax assets/deferred tax liabilities, net
|
34,763
|
|
|
(437
|
)
|
|
—
|
|
|||
Common equity Tier 1
|
$
|
1,897,944
|
|
|
$
|
1,808,332
|
|
|
$
|
1,913,320
|
|
Average Tangible Common Equity and Common Equity Tier 1 Reconciliation (1) (2)
|
|
|
|
|
|
||||||
Common equity
|
$
|
2,799,150
|
|
|
$
|
2,810,872
|
|
|
$
|
2,829,300
|
|
Goodwill and other intangible assets
|
(982,454
|
)
|
|
(938,472
|
)
|
|
(942,472
|
)
|
|||
Tangible common equity
|
1,816,696
|
|
|
1,872,400
|
|
|
1,886,828
|
|
|||
Accumulated other comprehensive income
|
(9,059
|
)
|
|
(1,651
|
)
|
|
(2,712
|
)
|
|||
Deferred tax assets/deferred tax liabilities, net
|
25,960
|
|
|
(140
|
)
|
|
(5,745
|
)
|
|||
Average common equity Tier 1
|
$
|
1,833,597
|
|
|
$
|
1,870,609
|
|
|
$
|
1,878,371
|
|
(1)
|
The ratios tangible common equity to tangible assets and tangible equity to tangible assets exclude goodwill and other intangible assets, which is a non-GAAP financial measure. These financial measures have been included as they are considered to be critical metrics with which to analyze and evaluate financial condition and capital strength. See Note 5 for additional information on goodwill, core deposit intangibles, and other intangibles.
|
(2)
|
The Federal Reserve establishes regulatory capital adequacy requirements, including well-capitalized standards for the Corporation. Prior to 2015, the regulatory capital requirements effective for the Corporation followed the Capital Accord of the Basel Committee on Banking Supervision ("Basel I"). Beginning January 1, 2015, the regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions. These non-GAAP regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.
|
(3)
|
Ratio is based upon basic earnings per common share.
|
|
2015 Quarter Ended
|
||||||||||||||
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
||||||||
|
(In Thousands, except per share data)
|
||||||||||||||
Net interest income
|
$
|
171,468
|
|
|
$
|
170,509
|
|
|
$
|
166,488
|
|
|
$
|
167,813
|
|
Provision for credit losses
|
20,000
|
|
|
8,000
|
|
|
5,000
|
|
|
4,500
|
|
||||
Income before income taxes
|
58,472
|
|
|
70,989
|
|
|
71,193
|
|
|
69,134
|
|
||||
Net income available to common equity
|
40,593
|
|
|
47,254
|
|
|
47,855
|
|
|
45,444
|
|
||||
Basic earnings per common share
|
$
|
0.27
|
|
|
$
|
0.31
|
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
Diluted earnings per common share
|
$
|
0.27
|
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
2014 Quarter Ended
|
||||||||||||||
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
||||||||
|
(In Thousands, except per share data)
|
||||||||||||||
Net interest income
|
$
|
174,661
|
|
|
$
|
172,630
|
|
|
$
|
168,703
|
|
|
$
|
164,973
|
|
Provision for credit losses
|
5,000
|
|
|
1,000
|
|
|
5,000
|
|
|
5,000
|
|
||||
Income before income taxes
|
67,499
|
|
|
74,685
|
|
|
68,025
|
|
|
65,836
|
|
||||
Net income available to common equity
|
47,513
|
|
|
48,952
|
|
|
45,087
|
|
|
43,955
|
|
||||
Basic earnings per common share
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
$
|
0.27
|
|
Diluted earnings per common share
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
$
|
0.27
|
|
•
|
Credit quality continued to improve during 2014, with net charge offs to average loans declining to 0.09%, compared to a net charge off ratio of 0.25% for 2013. Nonaccrual loans were $177 million at December 31, 2014, a decrease of $8 million (4%) from December 31, 2013. Potential problem loans declined to $190 million, a decrease of $45 million (19%) from December 31, 2013. At December 31, 2014, the allowance for loan losses to total loans ratio was 1.51%, covering 150% of nonaccrual loans, compared to 1.69% at December 31, 2013, covering 145% of nonaccrual loans.
|
•
|
At December 31, 2014, total loans were $17.6 billion, up $1.7 billion (11%) from December 31, 2013, with growth in most loan categories. Total deposits at December 31, 2014 were $18.8 billion, up $1.5 billion (9%) from December 31, 2013 (primarily due to an increase in money market deposits).
|
•
|
Fully tax-equivalent net interest income was $700 million for 2014, $35 million (5%) higher than 2013, including favorable volume variances (increasing fully tax-equivalent net interest income by $40 million), partially offset by unfavorable rate variances (decreasing fully tax-equivalent net interest income by $5 million). The net interest margin for 2014 was 3.08%, 9 bp lower than 3.17% in 2013, attributable to an 6 bp decrease in interest rate spread, and a 3 bp decrease in contribution from net free funds.
|
•
|
Average earning assets of $22.8 billion in 2014 were $1.8 billion (8%) higher than 2013. Average loans increased $1.2 billion (8%), while average securities and short-term investments increased $604 million. Average interest-bearing liabilities of $17.8 billion in 2014 were up $1.9 billion (12%) versus 2013. On average, interest-bearing deposits increased $246 million, while average noninterest-bearing demand deposits decreased by $37 million. Average short and long-term funding increased $1.6 billion, consisting of a $2.1 billion increase in long-term funding, partially offset by a $505 million decrease in short-term funding.
|
•
|
Noninterest income was $290 million for 2014, down $23 million (7%) from 2013. Net mortgage banking income was $21 million for 2014, down $28 million (56%) from 2013. Collectively, all remaining noninterest income categories were up modestly (2%) compared to 2013.
|
•
|
Noninterest expense for 2014 was $679 million, down $1 million from 2013. Personnel expense was $390 million, down $7 million (2%) versus 2013, while nonpersonnel noninterest expense on an aggregate basis was up modestly (2%) compared to 2013.
|
•
|
Income tax expense for 2014 was $86 million, compared to income tax expense of $79 million for 2013. The effective tax rate was 31.0% for 2014, compared to an effective rate of 29.6% for 2013.
|
ITEM 7A.
|
QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In Thousands,
except share and
per share data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
374,921
|
|
|
$
|
444,113
|
|
Interest-bearing deposits in other financial institutions
|
79,764
|
|
|
571,924
|
|
||
Federal funds sold and securities purchased under agreements to resell
|
19,000
|
|
|
16,030
|
|
||
Investment securities held to maturity, at amortized cost
|
1,168,230
|
|
|
404,455
|
|
||
Investment securities available for sale, at fair value
|
4,967,414
|
|
|
5,396,812
|
|
||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost
|
147,240
|
|
|
189,107
|
|
||
Loans held for sale
|
124,915
|
|
|
154,935
|
|
||
Loans
|
18,714,343
|
|
|
17,593,846
|
|
||
Allowance for loan losses
|
(274,264
|
)
|
|
(266,302
|
)
|
||
Loans, net
|
18,440,079
|
|
|
17,327,544
|
|
||
Premises and equipment, net
|
267,606
|
|
|
274,688
|
|
||
Goodwill
|
968,844
|
|
|
929,168
|
|
||
Mortgage servicing rights
|
61,341
|
|
|
60,145
|
|
||
Other intangible assets
|
16,458
|
|
|
7,437
|
|
||
Trading assets
|
32,192
|
|
|
35,163
|
|
||
Other assets
|
1,047,017
|
|
|
1,010,253
|
|
||
Total assets
|
$
|
27,715,021
|
|
|
$
|
26,821,774
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Noninterest-bearing demand deposits
|
$
|
5,562,466
|
|
|
$
|
4,505,272
|
|
Interest-bearing deposits
|
15,445,199
|
|
|
14,258,232
|
|
||
Total deposits
|
21,007,665
|
|
|
18,763,504
|
|
||
Federal funds purchased and securities sold under agreements to repurchase
|
431,438
|
|
|
493,991
|
|
||
Other short-term funding
|
402,978
|
|
|
574,297
|
|
||
Long-term funding
|
2,679,350
|
|
|
3,930,117
|
|
||
Trading liabilities
|
33,430
|
|
|
37,329
|
|
||
Accrued expenses and other liabilities
|
222,914
|
|
|
222,285
|
|
||
Total liabilities
|
24,777,775
|
|
|
24,021,523
|
|
||
Stockholders’ equity
|
|
|
|
||||
Preferred equity
|
121,379
|
|
|
59,727
|
|
||
Common stock
|
1,642
|
|
|
1,665
|
|
||
Surplus
|
1,458,522
|
|
|
1,484,933
|
|
||
Retained earnings
|
1,593,239
|
|
|
1,497,818
|
|
||
Accumulated other comprehensive loss
|
(32,616
|
)
|
|
(4,850
|
)
|
||
Treasury stock, at cost
|
(204,920
|
)
|
|
(239,042
|
)
|
||
Total stockholders’ equity
|
2,937,246
|
|
|
2,800,251
|
|
||
Total liabilities and stockholders’ equity
|
$
|
27,715,021
|
|
|
$
|
26,821,774
|
|
Preferred shares issued
|
125,114
|
|
|
61,356
|
|
||
Preferred shares authorized (par value $1.00 per share)
|
750,000
|
|
|
750,000
|
|
||
Common shares issued
|
164,200,068
|
|
|
166,544,252
|
|
||
Common shares authorized (par value $0.01 per share)
|
250,000,000
|
|
|
250,000,000
|
|
||
Treasury shares of common stock
|
12,960,636
|
|
|
15,002,318
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In Thousands,
except per share data)
|
||||||||||
INTEREST INCOME
|
|
||||||||||
Interest and fees on loans
|
$
|
615,627
|
|
|
$
|
598,582
|
|
|
$
|
587,526
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
||||||
Taxable
|
100,292
|
|
|
102,464
|
|
|
88,919
|
|
|||
Tax exempt
|
31,152
|
|
|
29,064
|
|
|
27,345
|
|
|||
Other interest
|
6,591
|
|
|
6,635
|
|
|
5,193
|
|
|||
Total interest income
|
753,662
|
|
|
736,745
|
|
|
708,983
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|
||||||
Interest on deposits
|
33,125
|
|
|
26,294
|
|
|
31,267
|
|
|||
Interest on Federal funds purchased and securities sold under agreements to repurchase
|
943
|
|
|
1,219
|
|
|
1,322
|
|
|||
Interest on other short-term funding
|
465
|
|
|
785
|
|
|
1,519
|
|
|||
Interest on long-term funding
|
42,851
|
|
|
27,480
|
|
|
29,332
|
|
|||
Total interest expense
|
77,384
|
|
|
55,778
|
|
|
63,440
|
|
|||
NET INTEREST INCOME
|
676,278
|
|
|
680,967
|
|
|
645,543
|
|
|||
Provision for credit losses
|
37,500
|
|
|
16,000
|
|
|
10,100
|
|
|||
Net interest income after provision for credit losses
|
638,778
|
|
|
664,967
|
|
|
635,443
|
|
|||
NONINTEREST INCOME
|
|
|
|
|
|
||||||
Trust service fees
|
48,840
|
|
|
48,403
|
|
|
45,633
|
|
|||
Service charges on deposit accounts
|
65,471
|
|
|
68,779
|
|
|
70,009
|
|
|||
Card-based and other nondeposit fees
|
51,325
|
|
|
49,512
|
|
|
49,913
|
|
|||
Insurance commissions
|
75,363
|
|
|
44,421
|
|
|
44,024
|
|
|||
Brokerage and annuity commissions
|
15,378
|
|
|
16,089
|
|
|
14,877
|
|
|||
Total core fee-based revenue
|
256,377
|
|
|
227,204
|
|
|
224,456
|
|
|||
Mortgage banking, net
|
32,263
|
|
|
21,320
|
|
|
48,847
|
|
|||
Capital market fees, net
|
10,752
|
|
|
9,973
|
|
|
13,080
|
|
|||
Bank owned life insurance income
|
9,796
|
|
|
13,576
|
|
|
11,855
|
|
|||
Asset gains, net
|
1,592
|
|
|
10,288
|
|
|
5,413
|
|
|||
Investment securities gains, net
|
8,133
|
|
|
494
|
|
|
564
|
|
|||
Other
|
9,496
|
|
|
7,464
|
|
|
8,884
|
|
|||
Total noninterest income
|
328,409
|
|
|
290,319
|
|
|
313,099
|
|
|||
NONINTEREST EXPENSE
|
|
|
|
|
|
||||||
Personnel expense
|
404,741
|
|
|
390,399
|
|
|
397,015
|
|
|||
Occupancy
|
60,896
|
|
|
57,677
|
|
|
59,409
|
|
|||
Equipment
|
23,209
|
|
|
24,784
|
|
|
25,351
|
|
|||
Technology
|
60,613
|
|
|
55,472
|
|
|
49,445
|
|
|||
Business development and advertising
|
25,772
|
|
|
26,144
|
|
|
23,346
|
|
|||
Other intangible amortization
|
3,094
|
|
|
3,747
|
|
|
4,043
|
|
|||
Loan expense
|
14,102
|
|
|
13,866
|
|
|
13,162
|
|
|||
Legal and professional fees
|
17,052
|
|
|
17,485
|
|
|
20,226
|
|
|||
Foreclosure / OREO expense
|
4,494
|
|
|
6,722
|
|
|
10,068
|
|
|||
FDIC expense
|
26,000
|
|
|
23,761
|
|
|
19,461
|
|
|||
Other
|
57,426
|
|
|
59,184
|
|
|
59,123
|
|
|||
Total noninterest expense
|
697,399
|
|
|
679,241
|
|
|
680,649
|
|
|||
Income before income taxes
|
269,788
|
|
|
276,045
|
|
|
267,893
|
|
|||
Income tax expense
|
81,487
|
|
|
85,536
|
|
|
79,201
|
|
|||
Net income
|
188,301
|
|
|
190,509
|
|
|
188,692
|
|
|||
Preferred stock dividends
|
7,155
|
|
|
5,002
|
|
|
5,158
|
|
|||
Net income available to common equity
|
$
|
181,146
|
|
|
$
|
185,507
|
|
|
$
|
183,534
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.20
|
|
|
$
|
1.17
|
|
|
$
|
1.10
|
|
Diluted
|
$
|
1.19
|
|
|
$
|
1.16
|
|
|
$
|
1.10
|
|
Average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
149,350
|
|
|
157,286
|
|
|
165,584
|
|
|||
Diluted
|
150,603
|
|
|
158,254
|
|
|
165,802
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Net income
|
$
|
188,301
|
|
|
$
|
190,509
|
|
|
$
|
188,692
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Investment securities available for sale:
|
|
|
|
|
|
||||||
Net unrealized gains (losses)
|
(37,873
|
)
|
|
49,038
|
|
|
(158,207
|
)
|
|||
Net unrealized gains on available for sale securities transferred to held to maturity securities
|
16,879
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustment for net gains realized in net income
|
(8,133
|
)
|
|
(494
|
)
|
|
(564
|
)
|
|||
Income tax (expense) benefit
|
11,074
|
|
|
(18,636
|
)
|
|
61,266
|
|
|||
Other comprehensive income (loss) on investment securities available for sale
|
(18,053
|
)
|
|
29,908
|
|
|
(97,505
|
)
|
|||
Defined benefit pension and postretirement obligations:
|
|
|
|
|
|
||||||
Prior service cost, net of amortization
|
50
|
|
|
58
|
|
|
72
|
|
|||
Net gain (loss), net of amortization
|
(15,636
|
)
|
|
(17,079
|
)
|
|
40,148
|
|
|||
Income tax (expense) benefit
|
5,873
|
|
|
6,507
|
|
|
(15,562
|
)
|
|||
Other comprehensive income (loss) on pension and postretirement obligations
|
(9,713
|
)
|
|
(10,514
|
)
|
|
24,658
|
|
|||
Total other comprehensive income (loss)
|
(27,766
|
)
|
|
19,394
|
|
|
(72,847
|
)
|
|||
Comprehensive income
|
$
|
160,535
|
|
|
$
|
209,903
|
|
|
$
|
115,845
|
|
|
Preferred Equity
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Surplus
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury Stock
|
|
Total
|
|||||||||||||||||
|
(In Thousands, except per share data)
|
||||||||||||||||||||||||||||||||
Balance, December 31, 2012
|
65
|
|
|
$
|
63,272
|
|
|
175,013
|
|
|
$
|
1,750
|
|
|
$
|
1,602,136
|
|
|
$
|
1,281,811
|
|
|
$
|
48,603
|
|
|
$
|
(61,173
|
)
|
|
$
|
2,936,399
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,692
|
|
|
—
|
|
|
—
|
|
|
188,692
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72,847
|
)
|
|
—
|
|
|
(72,847
|
)
|
|||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,845
|
|
|||||||||||||||
Common stock issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Stock-based compensation plans, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
989
|
|
|
(17,630
|
)
|
|
—
|
|
|
25,946
|
|
|
9,305
|
|
|||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(123,349
|
)
|
|
(123,349
|
)
|
|||||||
Cash dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock, $0.33 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54,991
|
)
|
|
—
|
|
|
—
|
|
|
(54,991
|
)
|
|||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,158
|
)
|
|
—
|
|
|
—
|
|
|
(5,158
|
)
|
|||||||
Purchase of preferred stock
|
(1
|
)
|
|
(1,410
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(216
|
)
|
|
—
|
|
|
—
|
|
|
(1,626
|
)
|
|||||||
Stock-based compensation expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,840
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,840
|
|
|||||||
Tax impact of stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||||
Balance, December 31, 2013
|
64
|
|
|
$
|
61,862
|
|
|
175,013
|
|
|
$
|
1,750
|
|
|
$
|
1,617,990
|
|
|
$
|
1,392,508
|
|
|
$
|
(24,244
|
)
|
|
$
|
(158,576
|
)
|
|
$
|
2,891,290
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190,509
|
|
|
—
|
|
|
—
|
|
|
190,509
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,394
|
|
|
—
|
|
|
19,394
|
|
|||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,903
|
|
|||||||||||||||
Common stock issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Stock-based compensation plans, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,553
|
|
|
(21,171
|
)
|
|
—
|
|
|
31,846
|
|
|
13,228
|
|
|||||||
Purchase of common stock returned to authorized but unissued
|
—
|
|
|
—
|
|
|
(8,469
|
)
|
|
(85
|
)
|
|
(150,413
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(150,498
|
)
|
|||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(112,312
|
)
|
|
(112,312
|
)
|
|||||||
Cash dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock, $0.37 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58,710
|
)
|
|
—
|
|
|
—
|
|
|
(58,710
|
)
|
|||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,002
|
)
|
|
—
|
|
|
—
|
|
|
(5,002
|
)
|
|||||||
Purchase of preferred stock
|
(2
|
)
|
|
(2,135
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316
|
)
|
|
—
|
|
|
—
|
|
|
(2,451
|
)
|
|||||||
Stock-based compensation expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,091
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,091
|
|
|||||||
Tax impact of stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,288
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,288
|
)
|
|||||||
Balance, December 31, 2014
|
62
|
|
|
$
|
59,727
|
|
|
166,544
|
|
|
$
|
1,665
|
|
|
$
|
1,484,933
|
|
|
$
|
1,497,818
|
|
|
$
|
(4,850
|
)
|
|
$
|
(239,042
|
)
|
|
$
|
2,800,251
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
188,301
|
|
|
—
|
|
|
—
|
|
|
188,301
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,766
|
)
|
|
—
|
|
|
(27,766
|
)
|
|||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160,535
|
|
|||||||||||||||
Common stock issued:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Stock-based compensation plans, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,316
|
|
|
(22,538
|
)
|
|
—
|
|
|
39,276
|
|
|
20,054
|
|
|||||||
Acquisition of Ahmann & Martin Co.
|
—
|
|
|
—
|
|
|
2,621
|
|
|
26
|
|
|
43,504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,530
|
|
|||||||
Purchase of common stock returned to authorized but unissued
|
—
|
|
|
—
|
|
|
(4,965
|
)
|
|
(49
|
)
|
|
(92,951
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93,000
|
)
|
|||||||
Purchase of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,154
|
)
|
|
(5,154
|
)
|
|||||||
Cash dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock, $0.41 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62,400
|
)
|
|
—
|
|
|
—
|
|
|
(62,400
|
)
|
|||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,155
|
)
|
|
—
|
|
|
—
|
|
|
(7,155
|
)
|
|||||||
Issuance of preferred stock
|
65
|
|
|
62,966
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,966
|
|
|||||||
Purchase of preferred stock
|
(2
|
)
|
|
(1,209
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
—
|
|
|
(1,335
|
)
|
|||||||
Other
|
—
|
|
|
(105
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(661
|
)
|
|
—
|
|
|
—
|
|
|
(766
|
)
|
|||||||
Stock-based compensation expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,202
|
|
|||||||
Tax benefit of stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,518
|
|
|||||||
Balance, December 31, 2015
|
125
|
|
|
$
|
121,379
|
|
|
164,200
|
|
|
$
|
1,642
|
|
|
$
|
1,458,522
|
|
|
$
|
1,593,239
|
|
|
$
|
(32,616
|
)
|
|
$
|
(204,920
|
)
|
|
$
|
2,937,246
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
188,301
|
|
|
$
|
190,509
|
|
|
$
|
188,692
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Provision for credit losses
|
37,500
|
|
|
16,000
|
|
|
10,100
|
|
|||
Depreciation and amortization
|
47,168
|
|
|
50,281
|
|
|
49,711
|
|
|||
(Recovery of) addition to valuation allowance on mortgage servicing rights, net
|
(425
|
)
|
|
321
|
|
|
(14,563
|
)
|
|||
Amortization of mortgage servicing rights
|
11,601
|
|
|
11,067
|
|
|
15,488
|
|
|||
Amortization of other intangible assets
|
3,094
|
|
|
3,747
|
|
|
4,043
|
|
|||
Amortization and accretion on earning assets, funding, and other, net
|
39,806
|
|
|
28,145
|
|
|
44,965
|
|
|||
Deferred income taxes
|
(3,522
|
)
|
|
9,890
|
|
|
25,920
|
|
|||
Tax impact of stock based compensation
|
1,518
|
|
|
(1,288
|
)
|
|
25
|
|
|||
Gain on sales of investment securities, net
|
(8,133
|
)
|
|
(494
|
)
|
|
(564
|
)
|
|||
Gain on sales of assets and impairment write-downs, net
|
(1,592
|
)
|
|
(10,288
|
)
|
|
(5,413
|
)
|
|||
Gain on mortgage banking activities, net
|
(20,258
|
)
|
|
(13,765
|
)
|
|
(34,268
|
)
|
|||
Mortgage loans originated and acquired for sale
|
(1,228,106
|
)
|
|
(1,069,852
|
)
|
|
(2,304,006
|
)
|
|||
Proceeds from sales of mortgage loans held for sale
|
1,241,012
|
|
|
1,010,167
|
|
|
2,516,690
|
|
|||
Pension contributions
|
—
|
|
|
(21,000
|
)
|
|
(28,000
|
)
|
|||
(Increase) decrease in interest receivable
|
395
|
|
|
(1,264
|
)
|
|
2,078
|
|
|||
Increase (decrease) in interest payable
|
3,898
|
|
|
1,536
|
|
|
(2,214
|
)
|
|||
Other, net
|
(10,513
|
)
|
|
(4,203
|
)
|
|
9,274
|
|
|||
Net cash provided by operating activities
|
301,744
|
|
|
199,509
|
|
|
477,958
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in loans
|
(1,136,793
|
)
|
|
(1,736,571
|
)
|
|
(593,591
|
)
|
|||
Purchases of:
|
|
|
|
|
|
||||||
Available for sale securities
|
(2,859,793
|
)
|
|
(1,096,410
|
)
|
|
(1,954,936
|
)
|
|||
Held to maturity securities
|
(250,767
|
)
|
|
(229,795
|
)
|
|
(135,785
|
)
|
|||
Federal Home Loan Bank and Federal Reserve Bank stocks
|
(35,647
|
)
|
|
(7,857
|
)
|
|
(28,399
|
)
|
|||
Premises, equipment, and software, net of disposals
|
(54,636
|
)
|
|
(50,396
|
)
|
|
(67,723
|
)
|
|||
Other assets
|
(15,187
|
)
|
|
(4,496
|
)
|
|
(2,098
|
)
|
|||
Proceeds from:
|
|
|
|
|
|
||||||
Sales of available for sale securities
|
1,601,947
|
|
|
102,011
|
|
|
136,152
|
|
|||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks
|
77,514
|
|
|
—
|
|
|
14,399
|
|
|||
Prepayments, calls, and maturities of available for sale securities
|
1,099,625
|
|
|
862,037
|
|
|
1,298,077
|
|
|||
Prepayments, calls, and maturities of held to maturity securities
|
17,013
|
|
|
6,420
|
|
|
—
|
|
|||
Prepayments, calls and maturities of other assets
|
21,236
|
|
|
36,452
|
|
|
41,668
|
|
|||
Sales of loans originated for investment
|
—
|
|
|
—
|
|
|
39,002
|
|
|||
Net cash received in acquisition
|
1,132
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(1,534,356
|
)
|
|
(2,118,605
|
)
|
|
(1,253,234
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in deposits
|
2,244,161
|
|
|
1,496,337
|
|
|
394,340
|
|
|||
Net decrease in deposits due to branch sales
|
—
|
|
|
—
|
|
|
(65,430
|
)
|
|||
Net increase (decrease) in short-term funding
|
(233,872
|
)
|
|
327,362
|
|
|
(1,586,013
|
)
|
|||
Repayment of long-term funding
|
(1,500,035
|
)
|
|
(155,066
|
)
|
|
(427,430
|
)
|
|||
Proceeds from issuance of long-term funding
|
250,000
|
|
|
996,030
|
|
|
2,500,000
|
|
|||
Proceeds from issuance of preferred shares
|
62,966
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of common stock for stock-based compensation plans
|
20,054
|
|
|
13,228
|
|
|
9,305
|
|
|||
Purchase of preferred stock
|
(1,335
|
)
|
|
(2,451
|
)
|
|
(1,626
|
)
|
|||
Purchase of common stock returned to authorized but unissued
|
(93,000
|
)
|
|
(150,498
|
)
|
|
—
|
|
|||
Purchase of treasury stock
|
(5,154
|
)
|
|
(112,312
|
)
|
|
(123,349
|
)
|
|||
Cash dividends on common stock
|
(62,400
|
)
|
|
(58,710
|
)
|
|
(54,991
|
)
|
|||
Cash dividends on preferred stock
|
(7,155
|
)
|
|
(5,002
|
)
|
|
(5,158
|
)
|
|||
Net cash provided by financing activities
|
674,230
|
|
|
2,348,918
|
|
|
639,648
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(558,382
|
)
|
|
429,822
|
|
|
(135,628
|
)
|
|||
Cash and cash equivalents at beginning of period
|
1,032,067
|
|
|
602,245
|
|
|
737,873
|
|
|||
Cash and cash equivalents at end of period
|
$
|
473,685
|
|
|
$
|
1,032,067
|
|
|
$
|
602,245
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest
|
$
|
73,054
|
|
|
$
|
54,330
|
|
|
$
|
65,552
|
|
Cash paid for income taxes
|
84,407
|
|
|
72,431
|
|
|
49,200
|
|
|||
Loans and bank premises transferred to other real estate owned
|
10,988
|
|
|
21,413
|
|
|
26,151
|
|
|||
Capitalized mortgage servicing rights
|
12,372
|
|
|
8,253
|
|
|
18,256
|
|
|||
Acquisition:
|
|
|
|
|
|
||||||
Fair value of assets acquired, including cash and cash equivalents
|
4,590
|
|
|
—
|
|
|
—
|
|
|||
Fair value ascribed to goodwill and intangible assets
|
51,791
|
|
|
—
|
|
|
—
|
|
|||
Fair value of liabilities assumed
|
12,851
|
|
|
—
|
|
|
—
|
|
|||
Common stock issued in acquisition
|
43,530
|
|
|
—
|
|
|
—
|
|
December 31, 2015
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|||||||||
|
($ in Thousands)
|
|||||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|||||||||
U. S. Treasury securities
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
997
|
|
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
1,388,995
|
|
|
33,791
|
|
|
(8,160
|
)
|
|
1,414,626
|
|
|||||
GNMA
|
1,605,956
|
|
|
507
|
|
|
(16,460
|
)
|
|
1,590,003
|
|
|||||
Private-label
|
1,722
|
|
|
1
|
|
|
(14
|
)
|
|
1,709
|
|
|||||
GNMA commercial mortgage-related securities
|
1,982,477
|
|
|
1,334
|
|
|
(28,501
|
)
|
|
1,955,310
|
|
|||||
Other securities (debt and equity)
|
4,718
|
|
|
51
|
|
|
—
|
|
|
4,769
|
|
|||||
Total investment securities available for sale
|
$
|
4,984,867
|
|
|
$
|
35,684
|
|
|
$
|
(53,137
|
)
|
|
$
|
4,967,414
|
|
|
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|||||||||
Obligations of state and political subdivisions (municipal securities)
|
$
|
1,043,767
|
|
|
$
|
16,803
|
|
|
$
|
(339
|
)
|
|
$
|
1,060,231
|
|
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
41,469
|
|
|
513
|
|
|
(645
|
)
|
|
41,337
|
|
|||||
GNMA
|
82,994
|
|
|
189
|
|
|
(309
|
)
|
|
82,874
|
|
|||||
Total investment securities held to maturity
|
$
|
1,168,230
|
|
|
$
|
17,505
|
|
|
$
|
(1,293
|
)
|
|
$
|
1,184,442
|
|
December 31, 2014
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
|||||||||
|
($ in Thousands)
|
|||||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|||||||||
U. S. Treasury securities
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
998
|
|
|
Municipal securities
|
560,839
|
|
|
21,869
|
|
|
(29
|
)
|
|
582,679
|
|
|||||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|||||||||
FNMA / FHLMC
|
3,534,240
|
|
|
59,640
|
|
|
(30,423
|
)
|
|
3,563,457
|
|
|||||
GNMA
|
165,863
|
|
|
1,596
|
|
|
(127
|
)
|
|
167,332
|
|
|||||
Private-label
|
2,297
|
|
|
7
|
|
|
(10
|
)
|
|
2,294
|
|
|||||
GNMA commercial mortgage-related securities
|
1,097,913
|
|
|
1,922
|
|
|
(25,942
|
)
|
|
1,073,893
|
|
|||||
Other securities (debt and equity)
|
6,108
|
|
|
51
|
|
|
—
|
|
|
6,159
|
|
|||||
Total investment securities available for sale
|
$
|
5,368,259
|
|
|
$
|
85,085
|
|
|
$
|
(56,532
|
)
|
|
$
|
5,396,812
|
|
|
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|||||||||
Municipal securities
|
$
|
404,455
|
|
|
$
|
9,444
|
|
|
$
|
(832
|
)
|
|
$
|
413,067
|
|
|
Total investment securities held to maturity
|
$
|
404,455
|
|
|
$
|
9,444
|
|
|
$
|
(832
|
)
|
|
$
|
413,067
|
|
|
Available for Sale
|
|
Held to Maturity
|
||||||||||||
($ in Thousands)
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due in one year or less
|
$
|
1,500
|
|
|
$
|
1,515
|
|
|
$
|
42,841
|
|
|
$
|
26,761
|
|
Due after one year through five years
|
4,199
|
|
|
4,197
|
|
|
244,257
|
|
|
255,899
|
|
||||
Due after five years through ten years
|
—
|
|
|
—
|
|
|
253,429
|
|
|
261,934
|
|
||||
Due after ten years
|
—
|
|
|
—
|
|
|
503,240
|
|
|
515,637
|
|
||||
Total debt securities
|
5,699
|
|
|
5,712
|
|
|
1,043,767
|
|
|
1,060,231
|
|
||||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
||||||||
FNMA / FHLMC
|
1,388,995
|
|
|
1,414,626
|
|
|
41,469
|
|
|
41,337
|
|
||||
GNMA
|
1,605,956
|
|
|
1,590,003
|
|
|
82,994
|
|
|
82,874
|
|
||||
Private-label
|
1,722
|
|
|
1,709
|
|
|
—
|
|
|
—
|
|
||||
GNMA commercial mortgage-related securities
|
1,982,477
|
|
|
1,955,310
|
|
|
—
|
|
|
—
|
|
||||
Equity securities
|
18
|
|
|
54
|
|
|
—
|
|
|
—
|
|
||||
Total investment securities
|
$
|
4,984,867
|
|
|
$
|
4,967,414
|
|
|
$
|
1,168,230
|
|
|
$
|
1,184,442
|
|
Ratio of Fair Value to Amortized Cost
|
|
|
99.6
|
%
|
|
|
|
101.4
|
%
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Gross gains
|
$
|
12,270
|
|
|
$
|
1,184
|
|
|
$
|
637
|
|
Gross losses
|
(4,137
|
)
|
|
(690
|
)
|
|
(73
|
)
|
|||
Investment securities gains, net
|
$
|
8,133
|
|
|
$
|
494
|
|
|
$
|
564
|
|
Proceeds from sales of investment securities
|
$
|
1,601,947
|
|
|
$
|
102,011
|
|
|
$
|
136,152
|
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||||||||
December 31, 2015
|
Number
of
Securities
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Number
of
Securities
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Treasury securities
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
997
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
997
|
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FNMA / FHLMC
|
17
|
|
|
(1,548
|
)
|
|
220,852
|
|
|
14
|
|
|
(6,612
|
)
|
|
338,186
|
|
|
(8,160
|
)
|
|
559,038
|
|
||||||
GNMA
|
46
|
|
|
(16,460
|
)
|
|
1,434,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,460
|
)
|
|
1,434,484
|
|
||||||
Private-label
|
1
|
|
|
(1
|
)
|
|
83
|
|
|
3
|
|
|
(13
|
)
|
|
1,565
|
|
|
(14
|
)
|
|
1,648
|
|
||||||
GNMA commercial mortgage-related securities
|
40
|
|
|
(9,610
|
)
|
|
1,132,844
|
|
|
21
|
|
|
(18,891
|
)
|
|
448,218
|
|
|
(28,501
|
)
|
|
1,581,062
|
|
||||||
Total
|
105
|
|
|
$
|
(27,621
|
)
|
|
$
|
2,789,260
|
|
|
38
|
|
|
$
|
(25,516
|
)
|
|
$
|
787,969
|
|
|
$
|
(53,137
|
)
|
|
$
|
3,577,229
|
|
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Municipal securities
|
53
|
|
|
$
|
(146
|
)
|
|
$
|
23,137
|
|
|
24
|
|
|
$
|
(193
|
)
|
|
$
|
9,254
|
|
|
$
|
(339
|
)
|
|
$
|
32,391
|
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FNMA / FHLMC
|
10
|
|
|
(177
|
)
|
|
12,754
|
|
|
3
|
|
|
(468
|
)
|
|
11,106
|
|
|
(645
|
)
|
|
23,860
|
|
||||||
GNMA
|
21
|
|
|
(201
|
)
|
|
45,499
|
|
|
3
|
|
|
(108
|
)
|
|
6,797
|
|
|
(309
|
)
|
|
52,296
|
|
||||||
Total
|
84
|
|
|
$
|
(524
|
)
|
|
$
|
81,390
|
|
|
30
|
|
|
$
|
(769
|
)
|
|
$
|
27,157
|
|
|
$
|
(1,293
|
)
|
|
$
|
108,547
|
|
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||||||||
December 31, 2014
|
Number
of Securities |
|
Unrealized
Losses |
|
Fair
Value |
|
Number
of Securities |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
||||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Treasury securities
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
998
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
998
|
|
Municipal securities
|
6
|
|
|
(9
|
)
|
|
3,374
|
|
|
6
|
|
|
(20
|
)
|
|
2,133
|
|
|
(29
|
)
|
|
5,507
|
|
||||||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FNMA / FHLMC
|
15
|
|
|
(1,395
|
)
|
|
330,839
|
|
|
52
|
|
|
(29,028
|
)
|
|
1,246,093
|
|
|
(30,423
|
)
|
|
1,576,932
|
|
||||||
GNMA
|
1
|
|
|
(9
|
)
|
|
2,874
|
|
|
4
|
|
|
(118
|
)
|
|
10,440
|
|
|
(127
|
)
|
|
13,314
|
|
||||||
Private-label
|
1
|
|
|
(9
|
)
|
|
1,772
|
|
|
2
|
|
|
(1
|
)
|
|
27
|
|
|
(10
|
)
|
|
1,799
|
|
||||||
GNMA commercial mortgage-related securities
|
9
|
|
|
(1,766
|
)
|
|
329,982
|
|
|
20
|
|
|
(24,176
|
)
|
|
460,425
|
|
|
(25,942
|
)
|
|
790,407
|
|
||||||
Total
|
33
|
|
|
$
|
(3,189
|
)
|
|
$
|
669,839
|
|
|
84
|
|
|
$
|
(53,343
|
)
|
|
$
|
1,719,118
|
|
|
$
|
(56,532
|
)
|
|
$
|
2,388,957
|
|
Investment securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Municipal securities
|
74
|
|
|
$
|
(216
|
)
|
|
$
|
31,924
|
|
|
85
|
|
|
$
|
(616
|
)
|
|
$
|
38,915
|
|
|
$
|
(832
|
)
|
|
$
|
70,839
|
|
Total
|
74
|
|
|
$
|
(216
|
)
|
|
$
|
31,924
|
|
|
85
|
|
|
$
|
(616
|
)
|
|
$
|
38,915
|
|
|
$
|
(832
|
)
|
|
$
|
70,839
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Commercial and industrial
|
$
|
6,147,440
|
|
|
$
|
5,905,902
|
|
Commercial real estate — owner occupied
|
918,212
|
|
|
1,007,937
|
|
||
Lease financing
|
43,243
|
|
|
51,529
|
|
||
Commercial and business lending
|
7,108,895
|
|
|
6,965,368
|
|
||
Commercial real estate — investor
|
3,234,266
|
|
|
3,056,485
|
|
||
Real estate construction
|
1,162,145
|
|
|
1,008,956
|
|
||
Commercial real estate lending
|
4,396,411
|
|
|
4,065,441
|
|
||
Total commercial
|
11,505,306
|
|
|
11,030,809
|
|
||
Home equity
|
1,005,802
|
|
|
1,051,927
|
|
||
Installment and credit cards
|
419,968
|
|
|
454,219
|
|
||
Residential mortgage
|
5,783,267
|
|
|
5,056,891
|
|
||
Total consumer
|
7,209,037
|
|
|
6,563,037
|
|
||
Total loans
|
$
|
18,714,343
|
|
|
$
|
17,593,846
|
|
|
2015
|
||
|
($ in Thousands)
|
||
Balance at beginning of year
|
$
|
74,420
|
|
New loans
|
14,840
|
|
|
Repayments
|
(19,990
|
)
|
|
Changes due to status of executive officers and directors
|
(32,673
|
)
|
|
Balance at end of year
|
$
|
36,597
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Allowance for Loan Losses:
|
|
|
|
|
|
||||||
Balance at beginning of year
|
$
|
266,302
|
|
|
$
|
268,315
|
|
|
$
|
297,409
|
|
Provision for loan losses
|
38,000
|
|
|
13,000
|
|
|
10,000
|
|
|||
Charge offs
|
(52,280
|
)
|
|
(44,096
|
)
|
|
(88,061
|
)
|
|||
Recoveries
|
22,242
|
|
|
29,083
|
|
|
48,967
|
|
|||
Net charge offs
|
(30,038
|
)
|
|
(15,013
|
)
|
|
(39,094
|
)
|
|||
Balance at end of year
|
$
|
274,264
|
|
|
$
|
266,302
|
|
|
$
|
268,315
|
|
Allowance for Unfunded Commitments:
|
|
|
|
|
|
||||||
Balance at beginning of year
|
$
|
24,900
|
|
|
$
|
21,900
|
|
|
$
|
21,800
|
|
Provision for unfunded commitments
|
(500
|
)
|
|
3,000
|
|
|
100
|
|
|||
Balance at end of year
|
$
|
24,400
|
|
|
$
|
24,900
|
|
|
$
|
21,900
|
|
Allowance for Credit Losses
|
$
|
298,664
|
|
|
$
|
291,202
|
|
|
$
|
290,215
|
|
$ in Thousands
|
Commercial
and
industrial
|
|
Commercial
real estate
— owner
occupied
|
|
Lease
financing
|
|
Commercial
real
estate —
investor
|
|
Real estate
construction
|
|
Home
equity
|
|
Installment
and credit
cards
|
|
Residential
mortgage
|
|
Total
|
||||||||||||||||||
Balance at Dec 31, 2014
|
$
|
116,025
|
|
|
$
|
16,510
|
|
|
$
|
1,610
|
|
|
$
|
46,333
|
|
|
$
|
20,999
|
|
|
$
|
26,464
|
|
|
$
|
6,435
|
|
|
$
|
31,926
|
|
|
$
|
266,302
|
|
Provision for loan losses
|
30,861
|
|
|
3,894
|
|
|
(671
|
)
|
|
(2,827
|
)
|
|
2,749
|
|
|
906
|
|
|
2,194
|
|
|
894
|
|
|
38,000
|
|
|||||||||
Charge offs
|
(27,687
|
)
|
|
(2,645
|
)
|
|
—
|
|
|
(4,645
|
)
|
|
(750
|
)
|
|
(7,048
|
)
|
|
(3,869
|
)
|
|
(5,636
|
)
|
|
(52,280
|
)
|
|||||||||
Recoveries
|
9,795
|
|
|
921
|
|
|
26
|
|
|
4,157
|
|
|
2,268
|
|
|
3,233
|
|
|
765
|
|
|
1,077
|
|
|
22,242
|
|
|||||||||
Balance at Dec 31, 2015
|
$
|
128,994
|
|
|
$
|
18,680
|
|
|
$
|
965
|
|
|
$
|
43,018
|
|
|
$
|
25,266
|
|
|
$
|
23,555
|
|
|
$
|
5,525
|
|
|
$
|
28,261
|
|
|
$
|
274,264
|
|
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance impaired loans individually evaluated for impairment
|
$
|
7,522
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
229
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
166
|
|
|
$
|
7,963
|
|
Ending balance impaired loans collectively evaluated for impairment
|
$
|
640
|
|
|
$
|
448
|
|
|
$
|
—
|
|
|
$
|
1,602
|
|
|
$
|
453
|
|
|
$
|
10,072
|
|
|
$
|
195
|
|
|
$
|
12,296
|
|
|
$
|
25,706
|
|
Total impaired loans
|
$
|
8,162
|
|
|
$
|
448
|
|
|
$
|
—
|
|
|
$
|
1,831
|
|
|
$
|
453
|
|
|
$
|
10,118
|
|
|
$
|
195
|
|
|
$
|
12,462
|
|
|
$
|
33,669
|
|
Ending balance all other loans collectively evaluated for impairment
|
$
|
120,832
|
|
|
$
|
18,232
|
|
|
$
|
965
|
|
|
$
|
41,187
|
|
|
$
|
24,813
|
|
|
$
|
13,437
|
|
|
$
|
5,330
|
|
|
$
|
15,799
|
|
|
$
|
240,595
|
|
Total
|
$
|
128,994
|
|
|
$
|
18,680
|
|
|
$
|
965
|
|
|
$
|
43,018
|
|
|
$
|
25,266
|
|
|
$
|
23,555
|
|
|
$
|
5,525
|
|
|
$
|
28,261
|
|
|
$
|
274,264
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance impaired loans individually evaluated for impairment
|
$
|
89,935
|
|
|
$
|
6,221
|
|
|
$
|
1,634
|
|
|
$
|
5,460
|
|
|
$
|
—
|
|
|
$
|
1,281
|
|
|
$
|
—
|
|
|
$
|
6,956
|
|
|
$
|
111,487
|
|
Ending balance impaired loans collectively evaluated for impairment
|
$
|
31,299
|
|
|
$
|
9,705
|
|
|
$
|
—
|
|
|
$
|
25,098
|
|
|
$
|
1,450
|
|
|
$
|
21,032
|
|
|
$
|
1,154
|
|
|
$
|
64,396
|
|
|
$
|
154,134
|
|
Total impaired loans
|
$
|
121,234
|
|
|
$
|
15,926
|
|
|
$
|
1,634
|
|
|
$
|
30,558
|
|
|
$
|
1,450
|
|
|
$
|
22,313
|
|
|
$
|
1,154
|
|
|
$
|
71,352
|
|
|
$
|
265,621
|
|
Ending balance all other loans collectively evaluated for impairment
|
$
|
6,026,206
|
|
|
$
|
902,286
|
|
|
$
|
41,609
|
|
|
$
|
3,203,708
|
|
|
$
|
1,160,695
|
|
|
$
|
983,489
|
|
|
$
|
418,814
|
|
|
$
|
5,711,915
|
|
|
$
|
18,448,722
|
|
Total
|
$
|
6,147,440
|
|
|
$
|
918,212
|
|
|
$
|
43,243
|
|
|
$
|
3,234,266
|
|
|
$
|
1,162,145
|
|
|
$
|
1,005,802
|
|
|
$
|
419,968
|
|
|
$
|
5,783,267
|
|
|
$
|
18,714,343
|
|
$ in Thousands
|
Commercial
and
industrial
|
|
Commercial
real estate
— owner
occupied
|
|
Lease
financing
|
|
Commercial
real estate
— investor
|
|
Real estate
construction
|
|
Home
equity
|
|
Installment and credit cards
|
|
Residential
mortgage
|
|
Total
|
||||||||||||||||||
Balance at Dec 31, 2013
|
$
|
104,501
|
|
|
$
|
19,476
|
|
|
$
|
1,607
|
|
|
$
|
58,156
|
|
|
$
|
23,418
|
|
|
$
|
27,932
|
|
|
$
|
2,416
|
|
|
$
|
30,809
|
|
|
$
|
268,315
|
|
Provision for loan losses
|
14,767
|
|
|
(1,296
|
)
|
|
35
|
|
|
(17,290
|
)
|
|
(1,277
|
)
|
|
6,278
|
|
|
6,279
|
|
|
5,504
|
|
|
13,000
|
|
|||||||||
Charge offs
|
(14,633
|
)
|
|
(3,476
|
)
|
|
(39
|
)
|
|
(4,529
|
)
|
|
(1,958
|
)
|
|
(10,946
|
)
|
|
(2,876
|
)
|
|
(5,639
|
)
|
|
(44,096
|
)
|
|||||||||
Recoveries
|
11,390
|
|
|
1,806
|
|
|
7
|
|
|
9,996
|
|
|
816
|
|
|
3,200
|
|
|
616
|
|
|
1,252
|
|
|
29,083
|
|
|||||||||
Balance at Dec 31, 2014
|
$
|
116,025
|
|
|
$
|
16,510
|
|
|
$
|
1,610
|
|
|
$
|
46,333
|
|
|
$
|
20,999
|
|
|
$
|
26,464
|
|
|
$
|
6,435
|
|
|
$
|
31,926
|
|
|
$
|
266,302
|
|
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance impaired loans individually evaluated for impairment
|
$
|
13,615
|
|
|
$
|
1,490
|
|
|
$
|
574
|
|
|
$
|
1,649
|
|
|
$
|
328
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
199
|
|
|
$
|
17,866
|
|
Ending balance impaired loans collectively evaluated for impairment
|
$
|
2,852
|
|
|
$
|
1,731
|
|
|
$
|
—
|
|
|
$
|
1,938
|
|
|
$
|
767
|
|
|
$
|
11,371
|
|
|
$
|
308
|
|
|
$
|
13,598
|
|
|
$
|
32,565
|
|
Total impaired loans
|
$
|
16,467
|
|
|
$
|
3,221
|
|
|
$
|
574
|
|
|
$
|
3,587
|
|
|
$
|
1,095
|
|
|
$
|
11,382
|
|
|
$
|
308
|
|
|
$
|
13,797
|
|
|
$
|
50,431
|
|
Ending balance all other loans collectively evaluated for impairment
|
$
|
99,558
|
|
|
$
|
13,289
|
|
|
$
|
1,036
|
|
|
$
|
42,746
|
|
|
$
|
19,904
|
|
|
$
|
15,082
|
|
|
$
|
6,127
|
|
|
$
|
18,129
|
|
|
$
|
215,871
|
|
Total
|
$
|
116,025
|
|
|
$
|
16,510
|
|
|
$
|
1,610
|
|
|
$
|
46,333
|
|
|
$
|
20,999
|
|
|
$
|
26,464
|
|
|
$
|
6,435
|
|
|
$
|
31,926
|
|
|
$
|
266,302
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending balance impaired loans individually evaluated for impairment
|
$
|
45,118
|
|
|
$
|
20,731
|
|
|
$
|
1,801
|
|
|
$
|
19,683
|
|
|
$
|
3,776
|
|
|
$
|
962
|
|
|
$
|
—
|
|
|
$
|
9,751
|
|
|
$
|
101,822
|
|
Ending balance impaired loans collectively evaluated for impairment
|
$
|
38,437
|
|
|
$
|
15,548
|
|
|
$
|
—
|
|
|
$
|
26,129
|
|
|
$
|
2,350
|
|
|
$
|
23,698
|
|
|
$
|
1,587
|
|
|
$
|
66,058
|
|
|
$
|
173,807
|
|
Total impaired loans
|
$
|
83,555
|
|
|
$
|
36,279
|
|
|
$
|
1,801
|
|
|
$
|
45,812
|
|
|
$
|
6,126
|
|
|
$
|
24,660
|
|
|
$
|
1,587
|
|
|
$
|
75,809
|
|
|
$
|
275,629
|
|
Ending balance all other loans collectively evaluated for impairment
|
$
|
5,822,347
|
|
|
$
|
971,658
|
|
|
$
|
49,728
|
|
|
$
|
3,010,673
|
|
|
$
|
1,002,830
|
|
|
$
|
1,027,267
|
|
|
$
|
452,632
|
|
|
$
|
4,981,082
|
|
|
$
|
17,318,217
|
|
Total
|
$
|
5,905,902
|
|
|
$
|
1,007,937
|
|
|
$
|
51,529
|
|
|
$
|
3,056,485
|
|
|
$
|
1,008,956
|
|
|
$
|
1,051,927
|
|
|
$
|
454,219
|
|
|
$
|
5,056,891
|
|
|
$
|
17,593,846
|
|
|
Pass
|
|
Special
Mention
|
|
Potential
Problem
|
|
Impaired
|
|
Total
|
||||||||||
|
($ Thousands)
|
||||||||||||||||||
Commercial and industrial
|
$
|
5,455,573
|
|
|
$
|
339,953
|
|
|
$
|
230,680
|
|
|
$
|
121,234
|
|
|
$
|
6,147,440
|
|
Commercial real estate — owner occupied
|
827,694
|
|
|
38,886
|
|
|
35,706
|
|
|
15,926
|
|
|
918,212
|
|
|||||
Lease financing
|
37,969
|
|
|
1,190
|
|
|
2,450
|
|
|
1,634
|
|
|
43,243
|
|
|||||
Commercial and business lending
|
6,321,236
|
|
|
380,029
|
|
|
268,836
|
|
|
138,794
|
|
|
7,108,895
|
|
|||||
Commercial real estate — investor
|
3,150,134
|
|
|
27,630
|
|
|
25,944
|
|
|
30,558
|
|
|
3,234,266
|
|
|||||
Real estate construction
|
1,156,524
|
|
|
252
|
|
|
3,919
|
|
|
1,450
|
|
|
1,162,145
|
|
|||||
Commercial real estate lending
|
4,306,658
|
|
|
27,882
|
|
|
29,863
|
|
|
32,008
|
|
|
4,396,411
|
|
|||||
Total commercial
|
$
|
10,627,894
|
|
|
$
|
407,911
|
|
|
$
|
298,699
|
|
|
$
|
170,802
|
|
|
$
|
11,505,306
|
|
|
Pass
|
|
Special
Mention
|
|
Potential
Problem
|
|
Impaired
|
|
Total
|
||||||||||
|
($ Thousands)
|
||||||||||||||||||
Commercial and industrial
|
$
|
5,594,497
|
|
|
$
|
119,328
|
|
|
$
|
108,522
|
|
|
$
|
83,555
|
|
|
$
|
5,905,902
|
|
Commercial real estate — owner occupied
|
904,526
|
|
|
18,437
|
|
|
48,695
|
|
|
36,279
|
|
|
1,007,937
|
|
|||||
Lease financing
|
46,931
|
|
|
88
|
|
|
2,709
|
|
|
1,801
|
|
|
51,529
|
|
|||||
Commercial and business lending
|
6,545,954
|
|
|
137,853
|
|
|
159,926
|
|
|
121,635
|
|
|
6,965,368
|
|
|||||
Commercial real estate — investor
|
2,974,493
|
|
|
12,137
|
|
|
24,043
|
|
|
45,812
|
|
|
3,056,485
|
|
|||||
Real estate construction
|
998,972
|
|
|
2,082
|
|
|
1,776
|
|
|
6,126
|
|
|
1,008,956
|
|
|||||
Commercial real estate lending
|
3,973,465
|
|
|
14,219
|
|
|
25,819
|
|
|
51,938
|
|
|
4,065,441
|
|
|||||
Total commercial
|
$
|
10,519,419
|
|
|
$
|
152,072
|
|
|
$
|
185,745
|
|
|
$
|
173,573
|
|
|
$
|
11,030,809
|
|
|
Performing
|
|
30-89 Days
Past Due
|
|
Potential
Problem
|
|
Impaired
|
|
Total
|
||||||||||
|
($ Thousands)
|
||||||||||||||||||
Home equity
|
$
|
975,348
|
|
|
$
|
7,919
|
|
|
$
|
222
|
|
|
$
|
22,313
|
|
|
$
|
1,005,802
|
|
Installment and credit cards
|
416,944
|
|
|
1,870
|
|
|
—
|
|
|
1,154
|
|
|
419,968
|
|
|||||
Residential mortgage
|
5,704,189
|
|
|
4,930
|
|
|
2,796
|
|
|
71,352
|
|
|
5,783,267
|
|
|||||
Total consumer
|
$
|
7,096,481
|
|
|
$
|
14,719
|
|
|
$
|
3,018
|
|
|
$
|
94,819
|
|
|
$
|
7,209,037
|
|
|
Performing
|
|
30-89 Days
Past Due
|
|
Potential
Problem
|
|
Impaired
|
|
Total
|
||||||||||
|
($ Thousands)
|
||||||||||||||||||
Home equity
|
$
|
1,017,604
|
|
|
$
|
8,783
|
|
|
$
|
880
|
|
|
$
|
24,660
|
|
|
$
|
1,051,927
|
|
Installment and credit cards
|
450,698
|
|
|
1,932
|
|
|
2
|
|
|
1,587
|
|
|
454,219
|
|
|||||
Residential mortgage
|
4,972,455
|
|
|
4,846
|
|
|
3,781
|
|
|
75,809
|
|
|
5,056,891
|
|
|||||
Total consumer
|
$
|
6,440,757
|
|
|
$
|
15,561
|
|
|
$
|
4,663
|
|
|
$
|
102,056
|
|
|
$
|
6,563,037
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or More
Past Due*
|
|
Total Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||
Accruing loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
602
|
|
|
$
|
409
|
|
|
$
|
249
|
|
|
$
|
1,260
|
|
|
$
|
6,054,239
|
|
|
$
|
6,055,499
|
|
Commercial real estate — owner occupied
|
7,142
|
|
|
—
|
|
|
—
|
|
|
7,142
|
|
|
903,021
|
|
|
910,163
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,609
|
|
|
41,609
|
|
||||||
Commercial and business lending
|
7,744
|
|
|
409
|
|
|
249
|
|
|
8,402
|
|
|
6,998,869
|
|
|
7,007,271
|
|
||||||
Commercial real estate — investor
|
291
|
|
|
—
|
|
|
—
|
|
|
291
|
|
|
3,225,332
|
|
|
3,225,623
|
|
||||||
Real estate construction
|
270
|
|
|
26
|
|
|
—
|
|
|
296
|
|
|
1,160,909
|
|
|
1,161,205
|
|
||||||
Commercial real estate lending
|
561
|
|
|
26
|
|
|
—
|
|
|
587
|
|
|
4,386,241
|
|
|
4,386,828
|
|
||||||
Total commercial
|
8,305
|
|
|
435
|
|
|
249
|
|
|
8,989
|
|
|
11,385,110
|
|
|
11,394,099
|
|
||||||
Home equity
|
6,190
|
|
|
1,729
|
|
|
—
|
|
|
7,919
|
|
|
982,639
|
|
|
990,558
|
|
||||||
Installment and credit cards
|
1,195
|
|
|
675
|
|
|
1,399
|
|
|
3,269
|
|
|
416,374
|
|
|
419,643
|
|
||||||
Residential mortgage
|
4,491
|
|
|
439
|
|
|
—
|
|
|
4,930
|
|
|
5,726,855
|
|
|
5,731,785
|
|
||||||
Total consumer
|
11,876
|
|
|
2,843
|
|
|
1,399
|
|
|
16,118
|
|
|
7,125,868
|
|
|
7,141,986
|
|
||||||
Total accruing loans
|
$
|
20,181
|
|
|
$
|
3,278
|
|
|
$
|
1,648
|
|
|
$
|
25,107
|
|
|
$
|
18,510,978
|
|
|
$
|
18,536,085
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
895
|
|
|
$
|
16
|
|
|
$
|
4,848
|
|
|
$
|
5,759
|
|
|
$
|
86,182
|
|
|
$
|
91,941
|
|
Commercial real estate — owner occupied
|
—
|
|
|
2,572
|
|
|
1,301
|
|
|
3,873
|
|
|
4,176
|
|
|
8,049
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,634
|
|
|
1,634
|
|
||||||
Commercial and business lending
|
895
|
|
|
2,588
|
|
|
6,149
|
|
|
9,632
|
|
|
91,992
|
|
|
101,624
|
|
||||||
Commercial real estate — investor
|
3,174
|
|
|
1,158
|
|
|
3,480
|
|
|
7,812
|
|
|
831
|
|
|
8,643
|
|
||||||
Real estate construction
|
133
|
|
|
61
|
|
|
427
|
|
|
621
|
|
|
319
|
|
|
940
|
|
||||||
Commercial real estate lending
|
3,307
|
|
|
1,219
|
|
|
3,907
|
|
|
8,433
|
|
|
1,150
|
|
|
9,583
|
|
||||||
Total commercial
|
4,202
|
|
|
3,807
|
|
|
10,056
|
|
|
18,065
|
|
|
93,142
|
|
|
111,207
|
|
||||||
Home equity
|
1,922
|
|
|
1,330
|
|
|
5,833
|
|
|
9,085
|
|
|
6,159
|
|
|
15,244
|
|
||||||
Installment and credit cards
|
47
|
|
|
39
|
|
|
151
|
|
|
237
|
|
|
88
|
|
|
325
|
|
||||||
Residential mortgage
|
3,984
|
|
|
5,251
|
|
|
17,950
|
|
|
27,185
|
|
|
24,297
|
|
|
51,482
|
|
||||||
Total consumer
|
5,953
|
|
|
6,620
|
|
|
23,934
|
|
|
36,507
|
|
|
30,544
|
|
|
67,051
|
|
||||||
Total nonaccrual loans**
|
$
|
10,155
|
|
|
$
|
10,427
|
|
|
$
|
33,990
|
|
|
$
|
54,572
|
|
|
$
|
123,686
|
|
|
$
|
178,258
|
|
Total loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
1,497
|
|
|
$
|
425
|
|
|
$
|
5,097
|
|
|
$
|
7,019
|
|
|
$
|
6,140,421
|
|
|
$
|
6,147,440
|
|
Commercial real estate — owner occupied
|
7,142
|
|
|
2,572
|
|
|
1,301
|
|
|
11,015
|
|
|
907,197
|
|
|
918,212
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,243
|
|
|
43,243
|
|
||||||
Commercial and business lending
|
8,639
|
|
|
2,997
|
|
|
6,398
|
|
|
18,034
|
|
|
7,090,861
|
|
|
7,108,895
|
|
||||||
Commercial real estate — investor
|
3,465
|
|
|
1,158
|
|
|
3,480
|
|
|
8,103
|
|
|
3,226,163
|
|
|
3,234,266
|
|
||||||
Real estate construction
|
403
|
|
|
87
|
|
|
427
|
|
|
917
|
|
|
1,161,228
|
|
|
1,162,145
|
|
||||||
Commercial real estate lending
|
3,868
|
|
|
1,245
|
|
|
3,907
|
|
|
9,020
|
|
|
4,387,391
|
|
|
4,396,411
|
|
||||||
Total commercial
|
12,507
|
|
|
4,242
|
|
|
10,305
|
|
|
27,054
|
|
|
11,478,252
|
|
|
11,505,306
|
|
||||||
Home equity
|
8,112
|
|
|
3,059
|
|
|
5,833
|
|
|
17,004
|
|
|
988,798
|
|
|
1,005,802
|
|
||||||
Installment and credit cards
|
1,242
|
|
|
714
|
|
|
1,550
|
|
|
3,506
|
|
|
416,462
|
|
|
419,968
|
|
||||||
Residential mortgage
|
8,475
|
|
|
5,690
|
|
|
17,950
|
|
|
32,115
|
|
|
5,751,152
|
|
|
5,783,267
|
|
||||||
Total consumer
|
17,829
|
|
|
9,463
|
|
|
25,333
|
|
|
52,625
|
|
|
7,156,412
|
|
|
7,209,037
|
|
||||||
Total loans
|
$
|
30,336
|
|
|
$
|
13,705
|
|
|
$
|
35,638
|
|
|
$
|
79,679
|
|
|
$
|
18,634,664
|
|
|
$
|
18,714,343
|
|
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
90 Days or More
Past Due*
|
|
Total Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||
Accruing loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
4,466
|
|
|
$
|
10,281
|
|
|
$
|
254
|
|
|
$
|
15,001
|
|
|
$
|
5,841,238
|
|
|
$
|
5,856,239
|
|
Commercial real estate — owner occupied
|
8,429
|
|
|
2,199
|
|
|
—
|
|
|
10,628
|
|
|
971,484
|
|
|
982,112
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,728
|
|
|
49,728
|
|
||||||
Commercial and business lending
|
12,895
|
|
|
12,480
|
|
|
254
|
|
|
25,629
|
|
|
6,862,450
|
|
|
6,888,079
|
|
||||||
Commercial real estate — investor
|
712
|
|
|
496
|
|
|
—
|
|
|
1,208
|
|
|
3,032,592
|
|
|
3,033,800
|
|
||||||
Real estate construction
|
951
|
|
|
33
|
|
|
—
|
|
|
984
|
|
|
1,002,573
|
|
|
1,003,557
|
|
||||||
Commercial real estate lending
|
1,663
|
|
|
529
|
|
|
—
|
|
|
2,192
|
|
|
4,035,165
|
|
|
4,037,357
|
|
||||||
Total commercial
|
14,558
|
|
|
13,009
|
|
|
254
|
|
|
27,821
|
|
|
10,897,615
|
|
|
10,925,436
|
|
||||||
Home equity
|
6,988
|
|
|
1,795
|
|
|
52
|
|
|
8,835
|
|
|
1,026,641
|
|
|
1,035,476
|
|
||||||
Installment and credit cards
|
1,186
|
|
|
746
|
|
|
1,317
|
|
|
3,249
|
|
|
450,357
|
|
|
453,606
|
|
||||||
Residential mortgage
|
3,889
|
|
|
957
|
|
|
—
|
|
|
4,846
|
|
|
4,997,069
|
|
|
5,001,915
|
|
||||||
Total consumer
|
12,063
|
|
|
3,498
|
|
|
1,369
|
|
|
16,930
|
|
|
6,474,067
|
|
|
6,490,997
|
|
||||||
Total accruing loans
|
$
|
26,621
|
|
|
$
|
16,507
|
|
|
$
|
1,623
|
|
|
$
|
44,751
|
|
|
$
|
17,371,682
|
|
|
$
|
17,416,433
|
|
Nonaccrual loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
872
|
|
|
$
|
627
|
|
|
$
|
10,154
|
|
|
$
|
11,653
|
|
|
$
|
38,010
|
|
|
$
|
49,663
|
|
Commercial real estate — owner occupied
|
3,197
|
|
|
41
|
|
|
8,596
|
|
|
11,834
|
|
|
13,991
|
|
|
25,825
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
513
|
|
|
513
|
|
|
1,288
|
|
|
1,801
|
|
||||||
Commercial and business lending
|
4,069
|
|
|
668
|
|
|
19,263
|
|
|
24,000
|
|
|
53,289
|
|
|
77,289
|
|
||||||
Commercial real estate — investor
|
1,857
|
|
|
459
|
|
|
12,765
|
|
|
15,081
|
|
|
7,604
|
|
|
22,685
|
|
||||||
Real estate construction
|
87
|
|
|
73
|
|
|
798
|
|
|
958
|
|
|
4,441
|
|
|
5,399
|
|
||||||
Commercial real estate lending
|
1,944
|
|
|
532
|
|
|
13,563
|
|
|
16,039
|
|
|
12,045
|
|
|
28,084
|
|
||||||
Total commercial
|
6,013
|
|
|
1,200
|
|
|
32,826
|
|
|
40,039
|
|
|
65,334
|
|
|
105,373
|
|
||||||
Home equity
|
1,471
|
|
|
1,766
|
|
|
6,840
|
|
|
10,077
|
|
|
6,374
|
|
|
16,451
|
|
||||||
Installment and credit cards
|
96
|
|
|
39
|
|
|
141
|
|
|
276
|
|
|
337
|
|
|
613
|
|
||||||
Residential mortgage
|
5,172
|
|
|
3,193
|
|
|
23,492
|
|
|
31,857
|
|
|
23,119
|
|
|
54,976
|
|
||||||
Total consumer
|
6,739
|
|
|
4,998
|
|
|
30,473
|
|
|
42,210
|
|
|
29,830
|
|
|
72,040
|
|
||||||
Total nonaccrual loans**
|
$
|
12,752
|
|
|
$
|
6,198
|
|
|
$
|
63,299
|
|
|
$
|
82,249
|
|
|
$
|
95,164
|
|
|
$
|
177,413
|
|
Total loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
5,338
|
|
|
$
|
10,908
|
|
|
$
|
10,408
|
|
|
$
|
26,654
|
|
|
$
|
5,879,248
|
|
|
$
|
5,905,902
|
|
Commercial real estate — owner occupied
|
11,626
|
|
|
2,240
|
|
|
8,596
|
|
|
22,462
|
|
|
985,475
|
|
|
1,007,937
|
|
||||||
Lease financing
|
—
|
|
|
—
|
|
|
513
|
|
|
513
|
|
|
51,016
|
|
|
51,529
|
|
||||||
Commercial and business lending
|
16,964
|
|
|
13,148
|
|
|
19,517
|
|
|
49,629
|
|
|
6,915,739
|
|
|
6,965,368
|
|
||||||
Commercial real estate — investor
|
2,569
|
|
|
955
|
|
|
12,765
|
|
|
16,289
|
|
|
3,040,196
|
|
|
3,056,485
|
|
||||||
Real estate construction
|
1,038
|
|
|
106
|
|
|
798
|
|
|
1,942
|
|
|
1,007,014
|
|
|
1,008,956
|
|
||||||
Commercial real estate lending
|
3,607
|
|
|
1,061
|
|
|
13,563
|
|
|
18,231
|
|
|
4,047,210
|
|
|
4,065,441
|
|
||||||
Total commercial
|
20,571
|
|
|
14,209
|
|
|
33,080
|
|
|
67,860
|
|
|
10,962,949
|
|
|
11,030,809
|
|
||||||
Home equity
|
8,459
|
|
|
3,561
|
|
|
6,892
|
|
|
18,912
|
|
|
1,033,015
|
|
|
1,051,927
|
|
||||||
Installment and credit cards
|
1,282
|
|
|
785
|
|
|
1,458
|
|
|
3,525
|
|
|
450,694
|
|
|
454,219
|
|
||||||
Residential mortgage
|
9,061
|
|
|
4,150
|
|
|
23,492
|
|
|
36,703
|
|
|
5,020,188
|
|
|
5,056,891
|
|
||||||
Total consumer
|
18,802
|
|
|
8,496
|
|
|
31,842
|
|
|
59,140
|
|
|
6,503,897
|
|
|
6,563,037
|
|
||||||
Total loans
|
$
|
39,373
|
|
|
$
|
22,705
|
|
|
$
|
64,922
|
|
|
$
|
127,000
|
|
|
$
|
17,466,846
|
|
|
$
|
17,593,846
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized*
|
||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Loans with a related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
57,785
|
|
|
$
|
59,409
|
|
|
$
|
8,162
|
|
|
$
|
46,833
|
|
|
$
|
855
|
|
Commercial real estate — owner occupied
|
9,705
|
|
|
9,804
|
|
|
448
|
|
|
10,087
|
|
|
412
|
|
|||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and business lending
|
67,490
|
|
|
69,213
|
|
|
8,610
|
|
|
56,920
|
|
|
1,267
|
|
|||||
Commercial real estate — investor
|
27,822
|
|
|
29,444
|
|
|
1,831
|
|
|
28,278
|
|
|
1,914
|
|
|||||
Real estate construction
|
1,450
|
|
|
2,154
|
|
|
453
|
|
|
1,667
|
|
|
66
|
|
|||||
Commercial real estate lending
|
29,272
|
|
|
31,598
|
|
|
2,284
|
|
|
29,945
|
|
|
1,980
|
|
|||||
Total commercial
|
96,762
|
|
|
100,811
|
|
|
10,894
|
|
|
86,865
|
|
|
3,247
|
|
|||||
Home equity
|
21,769
|
|
|
23,989
|
|
|
10,118
|
|
|
22,624
|
|
|
1,147
|
|
|||||
Installment and credit cards
|
1,154
|
|
|
1,225
|
|
|
195
|
|
|
1,199
|
|
|
30
|
|
|||||
Residential mortgage
|
66,590
|
|
|
71,084
|
|
|
12,462
|
|
|
68,183
|
|
|
2,374
|
|
|||||
Total consumer
|
89,513
|
|
|
96,298
|
|
|
22,775
|
|
|
92,006
|
|
|
3,551
|
|
|||||
Total loans
|
$
|
186,275
|
|
|
$
|
197,109
|
|
|
$
|
33,669
|
|
|
$
|
178,871
|
|
|
$
|
6,798
|
|
Loans with no related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
63,449
|
|
|
$
|
70,625
|
|
|
$
|
—
|
|
|
$
|
77,666
|
|
|
$
|
1,657
|
|
Commercial real estate — owner occupied
|
6,221
|
|
|
6,648
|
|
|
—
|
|
|
6,534
|
|
|
15
|
|
|||||
Lease financing
|
1,634
|
|
|
1,634
|
|
|
—
|
|
|
1,907
|
|
|
—
|
|
|||||
Commercial and business lending
|
71,304
|
|
|
78,907
|
|
|
—
|
|
|
86,107
|
|
|
1,672
|
|
|||||
Commercial real estate — investor
|
2,736
|
|
|
2,840
|
|
|
—
|
|
|
2,763
|
|
|
90
|
|
|||||
Real estate construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate lending
|
2,736
|
|
|
2,840
|
|
|
—
|
|
|
2,763
|
|
|
90
|
|
|||||
Total commercial
|
74,040
|
|
|
81,747
|
|
|
—
|
|
|
88,870
|
|
|
1,762
|
|
|||||
Home equity
|
544
|
|
|
544
|
|
|
—
|
|
|
544
|
|
|
30
|
|
|||||
Installment and credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
4,762
|
|
|
5,033
|
|
|
—
|
|
|
4,726
|
|
|
126
|
|
|||||
Total consumer
|
5,306
|
|
|
5,577
|
|
|
—
|
|
|
5,270
|
|
|
156
|
|
|||||
Total loans
|
$
|
79,346
|
|
|
$
|
87,324
|
|
|
$
|
—
|
|
|
$
|
94,140
|
|
|
$
|
1,918
|
|
Total
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
121,234
|
|
|
$
|
130,034
|
|
|
$
|
8,162
|
|
|
$
|
124,499
|
|
|
$
|
2,512
|
|
Commercial real estate — owner occupied
|
15,926
|
|
|
16,452
|
|
|
448
|
|
|
16,621
|
|
|
427
|
|
|||||
Lease financing
|
1,634
|
|
|
1,634
|
|
|
—
|
|
|
1,907
|
|
|
—
|
|
|||||
Commercial and business lending
|
138,794
|
|
|
148,120
|
|
|
8,610
|
|
|
143,027
|
|
|
2,939
|
|
|||||
Commercial real estate — investor
|
30,558
|
|
|
32,284
|
|
|
1,831
|
|
|
31,041
|
|
|
2,004
|
|
|||||
Real estate construction
|
1,450
|
|
|
2,154
|
|
|
453
|
|
|
1,667
|
|
|
66
|
|
|||||
Commercial real estate lending
|
32,008
|
|
|
34,438
|
|
|
2,284
|
|
|
32,708
|
|
|
2,070
|
|
|||||
Total commercial
|
170,802
|
|
|
182,558
|
|
|
10,894
|
|
|
175,735
|
|
|
5,009
|
|
|||||
Home equity
|
22,313
|
|
|
24,533
|
|
|
10,118
|
|
|
23,168
|
|
|
1,177
|
|
|||||
Installment and credit cards
|
1,154
|
|
|
1,225
|
|
|
195
|
|
|
1,199
|
|
|
30
|
|
|||||
Residential mortgage
|
71,352
|
|
|
76,117
|
|
|
12,462
|
|
|
72,909
|
|
|
2,500
|
|
|||||
Total consumer
|
94,819
|
|
|
101,875
|
|
|
22,775
|
|
|
97,276
|
|
|
3,707
|
|
|||||
Total loans**
|
$
|
265,621
|
|
|
$
|
284,433
|
|
|
$
|
33,669
|
|
|
$
|
273,011
|
|
|
$
|
8,716
|
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized*
|
||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Loans with a related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
76,433
|
|
|
$
|
80,414
|
|
|
$
|
16,467
|
|
|
$
|
80,004
|
|
|
$
|
3,139
|
|
Commercial real estate — owner occupied
|
19,839
|
|
|
21,807
|
|
|
3,221
|
|
|
20,878
|
|
|
681
|
|
|||||
Lease financing
|
1,801
|
|
|
1,801
|
|
|
574
|
|
|
2,009
|
|
|
—
|
|
|||||
Commercial and business lending
|
98,073
|
|
|
104,022
|
|
|
20,262
|
|
|
102,891
|
|
|
3,820
|
|
|||||
Commercial real estate — investor
|
36,841
|
|
|
40,869
|
|
|
3,587
|
|
|
38,657
|
|
|
1,250
|
|
|||||
Real estate construction
|
3,043
|
|
|
5,910
|
|
|
1,095
|
|
|
3,818
|
|
|
105
|
|
|||||
Commercial real estate lending
|
39,884
|
|
|
46,779
|
|
|
4,682
|
|
|
42,475
|
|
|
1,355
|
|
|||||
Total commercial
|
137,957
|
|
|
150,801
|
|
|
24,944
|
|
|
145,366
|
|
|
5,175
|
|
|||||
Home equity
|
23,874
|
|
|
26,585
|
|
|
11,382
|
|
|
25,087
|
|
|
1,257
|
|
|||||
Installment and credit cards
|
1,587
|
|
|
1,795
|
|
|
308
|
|
|
1,736
|
|
|
58
|
|
|||||
Residential mortgage
|
68,748
|
|
|
74,005
|
|
|
13,797
|
|
|
70,030
|
|
|
2,307
|
|
|||||
Total consumer
|
94,209
|
|
|
102,385
|
|
|
25,487
|
|
|
96,853
|
|
|
3,622
|
|
|||||
Total loans
|
$
|
232,166
|
|
|
$
|
253,186
|
|
|
$
|
50,431
|
|
|
$
|
242,219
|
|
|
$
|
8,797
|
|
Loans with no related allowance
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
7,122
|
|
|
$
|
12,634
|
|
|
$
|
—
|
|
|
$
|
8,851
|
|
|
$
|
82
|
|
Commercial real estate — owner occupied
|
16,440
|
|
|
19,019
|
|
|
—
|
|
|
17,970
|
|
|
219
|
|
|||||
Commercial and business lending
|
23,562
|
|
|
31,653
|
|
|
—
|
|
|
26,821
|
|
|
301
|
|
|||||
Commercial real estate — investor
|
8,971
|
|
|
14,036
|
|
|
—
|
|
|
10,014
|
|
|
133
|
|
|||||
Real estate construction
|
3,083
|
|
|
3,815
|
|
|
—
|
|
|
3,241
|
|
|
—
|
|
|||||
Commercial real estate lending
|
12,054
|
|
|
17,851
|
|
|
—
|
|
|
13,255
|
|
|
133
|
|
|||||
Total commercial
|
35,616
|
|
|
49,504
|
|
|
—
|
|
|
40,076
|
|
|
434
|
|
|||||
Home equity
|
786
|
|
|
806
|
|
|
—
|
|
|
851
|
|
|
18
|
|
|||||
Installment and credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
7,061
|
|
|
7,315
|
|
|
—
|
|
|
7,224
|
|
|
135
|
|
|||||
Total consumer
|
7,847
|
|
|
8,121
|
|
|
—
|
|
|
8,075
|
|
|
153
|
|
|||||
Total loans
|
$
|
43,463
|
|
|
$
|
57,625
|
|
|
$
|
—
|
|
|
$
|
48,151
|
|
|
$
|
587
|
|
Total
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
83,555
|
|
|
$
|
93,048
|
|
|
$
|
16,467
|
|
|
$
|
88,855
|
|
|
$
|
3,221
|
|
Commercial real estate — owner occupied
|
36,279
|
|
|
40,826
|
|
|
3,221
|
|
|
38,848
|
|
|
900
|
|
|||||
Lease financing
|
1,801
|
|
|
1,801
|
|
|
574
|
|
|
2,009
|
|
|
—
|
|
|||||
Commercial and business lending
|
121,635
|
|
|
135,675
|
|
|
20,262
|
|
|
129,712
|
|
|
4,121
|
|
|||||
Commercial real estate — investor
|
45,812
|
|
|
54,905
|
|
|
3,587
|
|
|
48,671
|
|
|
1,383
|
|
|||||
Real estate construction
|
6,126
|
|
|
9,725
|
|
|
1,095
|
|
|
7,059
|
|
|
105
|
|
|||||
Commercial real estate lending
|
51,938
|
|
|
64,630
|
|
|
4,682
|
|
|
55,730
|
|
|
1,488
|
|
|||||
Total commercial
|
173,573
|
|
|
200,305
|
|
|
24,944
|
|
|
185,442
|
|
|
5,609
|
|
|||||
Home equity
|
24,660
|
|
|
27,391
|
|
|
11,382
|
|
|
25,938
|
|
|
1,275
|
|
|||||
Installment and credit cards
|
1,587
|
|
|
1,795
|
|
|
308
|
|
|
1,736
|
|
|
58
|
|
|||||
Residential mortgage
|
75,809
|
|
|
81,320
|
|
|
13,797
|
|
|
77,254
|
|
|
2,442
|
|
|||||
Total consumer
|
102,056
|
|
|
110,506
|
|
|
25,487
|
|
|
104,928
|
|
|
3,775
|
|
|||||
Total loans**
|
$
|
275,629
|
|
|
$
|
310,811
|
|
|
$
|
50,431
|
|
|
$
|
290,370
|
|
|
$
|
9,384
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||
|
Performing
Restructured
Loans
|
|
Nonaccrual
Restructured
Loans*
|
|
Performing
Restructured
Loans
|
|
Nonaccrual
Restructured
Loans*
|
|
Performing
Restructured
Loans
|
|
Nonaccrual
Restructured
Loans*
|
||||||||||||
|
($ in Thousands)
|
||||||||||||||||||||||
Commercial and industrial
|
$
|
29,293
|
|
|
$
|
1,714
|
|
|
$
|
33,892
|
|
|
$
|
3,260
|
|
|
$
|
32,517
|
|
|
$
|
6,900
|
|
Commercial real estate — owner occupied
|
7,877
|
|
|
2,703
|
|
|
10,454
|
|
|
5,656
|
|
|
13,009
|
|
|
10,999
|
|
||||||
Commercial real estate — investor
|
21,915
|
|
|
3,936
|
|
|
23,127
|
|
|
15,216
|
|
|
44,946
|
|
|
18,069
|
|
||||||
Real estate construction
|
510
|
|
|
177
|
|
|
727
|
|
|
2,438
|
|
|
3,793
|
|
|
2,065
|
|
||||||
Home equity
|
7,069
|
|
|
4,522
|
|
|
8,209
|
|
|
4,838
|
|
|
8,197
|
|
|
4,441
|
|
||||||
Installment and credit cards
|
829
|
|
|
40
|
|
|
974
|
|
|
199
|
|
|
246
|
|
|
451
|
|
||||||
Residential mortgage
|
19,870
|
|
|
24,592
|
|
|
20,833
|
|
|
26,049
|
|
|
21,277
|
|
|
16,660
|
|
||||||
|
$
|
87,363
|
|
|
$
|
37,684
|
|
|
$
|
98,216
|
|
|
$
|
57,656
|
|
|
$
|
123,985
|
|
|
$
|
59,585
|
|
|
Year Ended December 31, 2015
|
|
Year Ended December 31, 2014
|
|
Year Ended December 31, 2013
|
|||||||||||||||||||||||||||
|
Number
of
Loans
|
|
Recorded
Investment(1)
|
|
Unpaid
Principal
Balance(2)
|
|
Number
of
Loans
|
|
Recorded
Investment(1)
|
|
Unpaid
Principal
Balance(2)
|
|
Number
of
Loans
|
|
Recorded
Investment(1)
|
|
Unpaid
Principal
Balance(2)
|
|||||||||||||||
|
($ in Thousands)
|
|||||||||||||||||||||||||||||||
Commercial and industrial
|
12
|
|
|
$
|
2,219
|
|
|
$
|
2,900
|
|
|
15
|
|
|
$
|
7,681
|
|
|
$
|
7,711
|
|
|
48
|
|
|
$
|
11,833
|
|
|
$
|
14,543
|
|
Commercial real estate — owner occupied
|
5
|
|
|
3,694
|
|
|
3,901
|
|
|
4
|
|
|
1,465
|
|
|
1,625
|
|
|
12
|
|
|
8,823
|
|
|
9,035
|
|
||||||
Commercial real estate — investor
|
5
|
|
|
21,573
|
|
|
21,640
|
|
|
6
|
|
|
6,097
|
|
|
6,521
|
|
|
25
|
|
|
26,480
|
|
|
28,516
|
|
||||||
Real estate construction
|
4
|
|
|
78
|
|
|
79
|
|
|
2
|
|
|
15
|
|
|
15
|
|
|
9
|
|
|
1,822
|
|
|
1,961
|
|
||||||
Home equity
|
88
|
|
|
3,103
|
|
|
3,249
|
|
|
117
|
|
|
3,913
|
|
|
4,308
|
|
|
82
|
|
|
3,991
|
|
|
4,242
|
|
||||||
Installment and credit cards
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
24
|
|
|
26
|
|
|
3
|
|
|
193
|
|
|
200
|
|
||||||
Residential mortgage
|
97
|
|
|
10,464
|
|
|
10,996
|
|
|
163
|
|
|
19,675
|
|
|
20,454
|
|
|
99
|
|
|
10,910
|
|
|
12,822
|
|
||||||
|
211
|
|
|
$
|
41,131
|
|
|
$
|
42,765
|
|
|
309
|
|
|
$
|
38,870
|
|
|
$
|
40,660
|
|
|
278
|
|
|
$
|
64,052
|
|
|
$
|
71,319
|
|
(1)
|
Represents post-modification outstanding recorded investment.
|
(2)
|
Represents pre-modification outstanding recorded investment.
|
|
Year Ended December 31, 2015
|
|
Year Ended December 31, 2014
|
|
Year Ended December 31, 2013
|
|||||||||||||||
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||||||||
|
($ in Thousands)
|
|||||||||||||||||||
Commercial and industrial
|
2
|
|
|
$
|
197
|
|
|
1
|
|
|
$
|
52
|
|
|
15
|
|
|
$
|
1,493
|
|
Commercial real estate — owner occupied
|
—
|
|
|
—
|
|
|
3
|
|
|
785
|
|
|
4
|
|
|
542
|
|
|||
Commercial real estate — investor
|
—
|
|
|
—
|
|
|
13
|
|
|
6,200
|
|
|
4
|
|
|
1,784
|
|
|||
Real estate construction
|
—
|
|
|
—
|
|
|
1
|
|
|
160
|
|
|
4
|
|
|
80
|
|
|||
Home equity
|
28
|
|
|
1,220
|
|
|
54
|
|
|
1,802
|
|
|
11
|
|
|
829
|
|
|||
Installment and credit cards
|
—
|
|
|
—
|
|
|
3
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|||
Residential mortgage
|
61
|
|
|
6,815
|
|
|
80
|
|
|
10,032
|
|
|
26
|
|
|
4,528
|
|
|||
|
91
|
|
|
$
|
8,232
|
|
|
155
|
|
|
$
|
19,065
|
|
|
64
|
|
|
$
|
9,256
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Core deposit intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
19,545
|
|
|
$
|
36,230
|
|
|
$
|
36,230
|
|
Accumulated amortization
|
(19,152
|
)
|
|
(34,433
|
)
|
|
(31,565
|
)
|
|||
Net book value
|
$
|
393
|
|
|
$
|
1,797
|
|
|
$
|
4,665
|
|
Amortization during the year
|
$
|
1,404
|
|
|
$
|
2,868
|
|
|
$
|
3,122
|
|
Other intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
31,398
|
|
|
$
|
19,283
|
|
|
$
|
19,283
|
|
Accumulated amortization
|
(15,333
|
)
|
|
(13,643
|
)
|
|
(12,764
|
)
|
|||
Net book value
|
$
|
16,065
|
|
|
$
|
5,640
|
|
|
$
|
6,519
|
|
Additions during the period
|
$
|
12,115
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Amortization during the year
|
$
|
1,690
|
|
|
$
|
879
|
|
|
$
|
921
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Mortgage servicing rights
|
|
|
|||||||||
Mortgage servicing rights at beginning of year
|
$
|
61,379
|
|
|
$
|
64,193
|
|
|
$
|
61,425
|
|
Additions
|
12,372
|
|
|
8,253
|
|
|
18,256
|
|
|||
Amortization
|
(11,601
|
)
|
|
(11,067
|
)
|
|
(15,488
|
)
|
|||
Mortgage servicing rights at end of year
|
$
|
62,150
|
|
|
$
|
61,379
|
|
|
$
|
64,193
|
|
Valuation allowance at beginning of year
|
(1,234
|
)
|
|
(913
|
)
|
|
(15,476
|
)
|
|||
(Additions) recoveries, net
|
425
|
|
|
(321
|
)
|
|
14,563
|
|
|||
Valuation allowance at end of year
|
(809
|
)
|
|
(1,234
|
)
|
|
(913
|
)
|
|||
Mortgage servicing rights, net
|
$
|
61,341
|
|
|
$
|
60,145
|
|
|
$
|
63,280
|
|
Fair value of mortgage servicing rights
|
$
|
70,686
|
|
|
$
|
66,342
|
|
|
$
|
74,444
|
|
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)
|
$
|
7,915,224
|
|
|
$
|
7,999,294
|
|
|
$
|
8,084,000
|
|
Mortgage servicing rights, net to servicing portfolio
|
0.77
|
%
|
|
0.75
|
%
|
|
0.78
|
%
|
|||
Mortgage servicing rights expense (1)
|
$
|
11,176
|
|
|
$
|
11,388
|
|
|
$
|
925
|
|
(1)
|
Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net in the consolidated statements of income.
|
Estimated Amortization Expense
|
Core Deposit Intangibles
|
|
Other Intangibles
|
|
Mortgage Servicing Rights
|
||||||
|
($ in Thousands)
|
||||||||||
Year ending December 31,
|
|
|
|
|
|
||||||
2016
|
$
|
281
|
|
|
$
|
1,735
|
|
|
$
|
10,109
|
|
2017
|
112
|
|
|
1,702
|
|
|
8,415
|
|
|||
2018
|
—
|
|
|
1,672
|
|
|
7,010
|
|
|||
2019
|
—
|
|
|
1,373
|
|
|
5,894
|
|
|||
2020
|
—
|
|
|
1,256
|
|
|
4,978
|
|
|||
Beyond 2020
|
—
|
|
|
8,327
|
|
|
25,744
|
|
|||
Total Estimated Amortization Expense
|
$
|
393
|
|
|
$
|
16,065
|
|
|
$
|
62,150
|
|
|
|
|
2015
|
|
2014
|
|||||||||||||
|
Estimated
Useful Lives
|
Cost
|
|
Accumulated
Depreciation
|
|
Net Book
Value
|
|
Net Book
Value
|
||||||||||
|
|
|
($ in Thousands)
|
|
|
|||||||||||||
Land
|
—
|
|
|
$
|
52,104
|
|
|
$
|
—
|
|
|
$
|
52,104
|
|
|
$
|
52,790
|
|
Land improvements
|
3 – 15 years
|
|
|
11,570
|
|
|
4,909
|
|
|
6,661
|
|
|
6,608
|
|
||||
Buildings
|
5 – 39 years
|
|
|
261,418
|
|
|
119,986
|
|
|
141,432
|
|
|
139,702
|
|
||||
Computers
|
3 – 5 years
|
|
|
37,875
|
|
|
31,503
|
|
|
6,372
|
|
|
7,518
|
|
||||
Furniture, fixtures and other equipment
|
3 – 15 years
|
|
|
159,094
|
|
|
109,300
|
|
|
49,794
|
|
|
55,747
|
|
||||
Leasehold improvements
|
3 – 15 years
|
|
|
31,769
|
|
|
20,526
|
|
|
11,243
|
|
|
12,323
|
|
||||
Total premises and equipment
|
|
|
$
|
553,830
|
|
|
$
|
286,224
|
|
|
$
|
267,606
|
|
|
$
|
274,688
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Noninterest-bearing demand deposits
|
$
|
5,562,466
|
|
|
$
|
4,505,272
|
|
Savings deposits
|
1,334,420
|
|
|
1,235,277
|
|
||
Interest-bearing demand deposits
|
3,445,000
|
|
|
3,126,854
|
|
||
Money market deposits
|
9,102,977
|
|
|
8,324,646
|
|
||
Brokered certificates of deposit
|
42,443
|
|
|
42,556
|
|
||
Other time deposits
|
1,520,359
|
|
|
1,528,899
|
|
||
Total deposits
|
$
|
21,007,665
|
|
|
$
|
18,763,504
|
|
Maturities During Year Ending December 31,
|
($ in Thousands)
|
||
2016
|
$
|
885,249
|
|
2017
|
161,528
|
|
|
2018
|
238,184
|
|
|
2019
|
151,161
|
|
|
2020
|
123,022
|
|
|
Thereafter
|
3,658
|
|
|
Total
|
$
|
1,562,802
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Federal funds purchased
|
$
|
47,870
|
|
|
$
|
109,770
|
|
Securities sold under agreements to repurchase
|
383,568
|
|
|
384,221
|
|
||
Federal funds purchased and securities sold under agreements to repurchase
|
431,438
|
|
|
493,991
|
|
||
FHLB advances
|
335,000
|
|
|
500,000
|
|
||
Commercial paper
|
67,978
|
|
|
74,297
|
|
||
Other short-term funding
|
402,978
|
|
|
574,297
|
|
||
Total short-term funding
|
$
|
834,416
|
|
|
$
|
1,068,288
|
|
|
Remaining Contractual Maturity of the Agreements
|
||||||||||||||
December 31, 2015
|
Overnight and Continuous
|
Up to 30 days
|
30-90 days
|
Greater than 90 days
|
Total
|
||||||||||
|
|
|
($ in Thousands)
|
|
|
||||||||||
Repurchase agreements
|
|
|
|
|
|
||||||||||
GSE securities
|
$
|
383,568
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
383,568
|
|
Total
|
$
|
383,568
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
383,568
|
|
Gross amounts of recognized liabilities for repurchase agreements
|
|
|
|
|
$
|
383,568
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
FHLB advances
|
$
|
1,750,225
|
|
|
$
|
3,000,260
|
|
Senior notes, at par
|
680,000
|
|
|
680,000
|
|
||
Subordinated notes, at par
|
250,000
|
|
|
250,000
|
|
||
Other long-term funding and capitalized costs
|
(875
|
)
|
|
(143
|
)
|
||
Total long-term funding
|
$
|
2,679,350
|
|
|
$
|
3,930,117
|
|
Year
|
($ in Thousands)
|
||
2016
|
$
|
430,317
|
|
2017
|
27
|
|
|
2018
|
1,500,000
|
|
|
2019
|
499,617
|
|
|
2020
|
172
|
|
|
Thereafter
|
249,217
|
|
|
Total long-term funding
|
$
|
2,679,350
|
|
|
2015
|
|
2014
|
|
2013
|
|||
Dividend yield
|
2.00
|
%
|
|
2.00
|
%
|
|
2.00
|
%
|
Risk-free interest rate
|
2.00
|
%
|
|
2.00
|
%
|
|
0.99
|
%
|
Weighted average expected volatility
|
20.00
|
%
|
|
20.00
|
%
|
|
34.35
|
%
|
Weighted average expected life
|
6 years
|
|
|
6 years
|
|
|
6 years
|
|
Weighted average per share fair value of options
|
$3.08
|
|
$3.00
|
|
$3.80
|
Stock Options
|
Shares
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value (000s)
|
|||||
Outstanding at December 31, 2012
|
8,640,558
|
|
|
$
|
18.88
|
|
|
|
|
|
||
Granted
|
1,020,979
|
|
|
14.02
|
|
|
|
|
|
|||
Exercised
|
(642,202
|
)
|
|
13.43
|
|
|
|
|
|
|||
Forfeited or expired
|
(985,092
|
)
|
|
21.49
|
|
|
|
|
|
|||
Outstanding at December 31, 2013
|
8,034,243
|
|
|
$
|
18.37
|
|
|
6.03
|
|
$
|
20,838
|
|
Options Exercisable at December 31, 2013
|
4,923,720
|
|
|
$
|
21.48
|
|
|
4.62
|
|
$
|
8,580
|
|
Granted
|
1,389,452
|
|
|
$
|
17.45
|
|
|
|
|
|
||
Exercised
|
(933,143
|
)
|
|
13.77
|
|
|
|
|
|
|||
Forfeited or expired
|
(643,214
|
)
|
|
23.50
|
|
|
|
|
|
|||
Outstanding at December 31, 2014
|
7,847,338
|
|
|
$
|
18.34
|
|
|
5.79
|
|
$
|
23,986
|
|
Options Exercisable at December 31, 2014
|
5,076,676
|
|
|
$
|
19.96
|
|
|
4.41
|
|
$
|
14,953
|
|
Granted
|
1,348,504
|
|
|
$
|
17.95
|
|
|
|
|
|
||
Exercised
|
(1,351,646
|
)
|
|
13.90
|
|
|
|
|
|
|||
Forfeited or expired
|
(1,215,053
|
)
|
|
29.13
|
|
|
|
|
|
|||
Outstanding at December 31, 2015
|
6,629,143
|
|
|
$
|
17.22
|
|
|
6.24
|
|
$
|
18,730
|
|
Options Exercisable at December 31, 2015
|
4,190,245
|
|
|
$
|
17.25
|
|
|
4.93
|
|
$
|
14,873
|
|
Stock Options
|
Shares
|
|
Weighted Average
Grant Date Fair Value
|
|||
Nonvested at December 31, 2012
|
4,036,595
|
|
|
$
|
5.11
|
|
Granted
|
1,020,979
|
|
|
3.80
|
|
|
Vested
|
(1,680,981
|
)
|
|
5.10
|
|
|
Forfeited
|
(266,070
|
)
|
|
5.05
|
|
|
Nonvested at December 31, 2013
|
3,110,523
|
|
|
$
|
4.69
|
|
Granted
|
1,389,452
|
|
|
3.00
|
|
|
Vested
|
(1,522,152
|
)
|
|
4.92
|
|
|
Forfeited
|
(207,161
|
)
|
|
4.38
|
|
|
Nonvested at December 31, 2014
|
2,770,662
|
|
|
$
|
3.74
|
|
Granted
|
1,348,504
|
|
|
3.08
|
|
|
Vested
|
(1,459,709
|
)
|
|
4.19
|
|
|
Forfeited
|
(220,559
|
)
|
|
3.28
|
|
|
Nonvested at December 31, 2015
|
2,438,898
|
|
|
$
|
3.15
|
|
|
Pension
Plan
|
|
Postretirement
Plan
|
|
Pension
Plan
|
|
Postretirement
Plan
|
||||||||
|
2015
|
|
2015
|
|
2014
|
|
2014
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Change in Fair Value of Plan Assets
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
303,496
|
|
|
$
|
—
|
|
|
$
|
282,000
|
|
|
$
|
—
|
|
Actual return on plan assets
|
495
|
|
|
—
|
|
|
15,255
|
|
|
—
|
|
||||
Employer contributions
|
—
|
|
|
264
|
|
|
21,000
|
|
|
343
|
|
||||
Gross benefits paid
|
(14,392
|
)
|
|
(264
|
)
|
|
(14,759
|
)
|
|
(343
|
)
|
||||
Fair value of plan assets at end of year*
|
$
|
289,599
|
|
|
$
|
—
|
|
|
$
|
303,496
|
|
|
$
|
—
|
|
Change in Benefit Obligation
|
|
|
|
|
|
|
|
||||||||
Net benefit obligation at beginning of year
|
$
|
171,333
|
|
|
$
|
3,578
|
|
|
$
|
154,624
|
|
|
$
|
3,288
|
|
Service cost
|
11,257
|
|
|
—
|
|
|
11,058
|
|
|
—
|
|
||||
Interest cost
|
6,617
|
|
|
141
|
|
|
7,132
|
|
|
150
|
|
||||
Actuarial (gain) loss
|
(3,032
|
)
|
|
(19
|
)
|
|
13,278
|
|
|
483
|
|
||||
Gross benefits paid
|
(14,392
|
)
|
|
(264
|
)
|
|
(14,759
|
)
|
|
(343
|
)
|
||||
Net benefit obligation at end of year*
|
$
|
171,783
|
|
|
$
|
3,436
|
|
|
$
|
171,333
|
|
|
$
|
3,578
|
|
Funded (unfunded) status
|
$
|
117,816
|
|
|
$
|
(3,436
|
)
|
|
$
|
132,163
|
|
|
$
|
(3,578
|
)
|
Noncurrent assets
|
117,816
|
|
|
—
|
|
|
132,163
|
|
|
—
|
|
||||
Current liabilities
|
—
|
|
|
(274
|
)
|
|
—
|
|
|
(330
|
)
|
||||
Noncurrent liabilities
|
—
|
|
|
(3,162
|
)
|
|
—
|
|
|
(3,248
|
)
|
||||
Asset (Liability) Recognized in the Consolidated Balance Sheets
|
$
|
117,816
|
|
|
$
|
(3,436
|
)
|
|
$
|
132,163
|
|
|
$
|
(3,578
|
)
|
*
|
The fair value of the plan assets represented
169%
and
177%
of the net benefit obligation of the pension plan at
December 31, 2015
and
2014
, respectively.
|
|
Pension
Plan
|
|
Postretirement
Plan
|
|
Pension
Plan
|
|
Postretirement
Plan
|
||||||||
|
2015
|
|
2015
|
|
2014
|
|
2014
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Prior service cost
|
$
|
122
|
|
|
$
|
—
|
|
|
$
|
153
|
|
|
$
|
—
|
|
Net actuarial loss
|
32,879
|
|
|
73
|
|
|
23,124
|
|
|
84
|
|
||||
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive loss
|
$
|
33,001
|
|
|
$
|
73
|
|
|
$
|
23,277
|
|
|
$
|
84
|
|
|
Pension Plan 2015
|
|
Postretirement Plan 2015
|
|
Pension Plan 2014
|
|
Postretirement Plan 2014
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Net gain (loss)
|
$
|
(17,911
|
)
|
|
$
|
19
|
|
|
$
|
(17,945
|
)
|
|
$
|
(483
|
)
|
Amortization of prior service cost
|
50
|
|
|
—
|
|
|
58
|
|
|
—
|
|
||||
Amortization of actuarial gain (loss)
|
2,256
|
|
|
—
|
|
|
1,384
|
|
|
(35
|
)
|
||||
Income tax (expense) benefit
|
5,880
|
|
|
(7
|
)
|
|
6,308
|
|
|
199
|
|
||||
Total Recognized in OCI
|
$
|
(9,725
|
)
|
|
$
|
12
|
|
|
$
|
(10,195
|
)
|
|
$
|
(319
|
)
|
|
Pension Plan 2015
|
|
Postretirement Plan 2015
|
|
Pension Plan 2014
|
|
Postretirement Plan 2014
|
|
Pension Plan 2013
|
|
Postretirement Plan 2013
|
||||||||||||
|
|
|
|
|
($ in Thousands)
|
|
|
|
|
||||||||||||||
Service cost
|
$
|
11,257
|
|
|
$
|
—
|
|
|
$
|
11,058
|
|
|
$
|
—
|
|
|
$
|
12,078
|
|
|
$
|
—
|
|
Interest cost
|
6,617
|
|
|
141
|
|
|
7,132
|
|
|
150
|
|
|
6,237
|
|
|
142
|
|
||||||
Expected return on plan assets
|
(21,438
|
)
|
|
—
|
|
|
(19,922
|
)
|
|
—
|
|
|
(17,647
|
)
|
|
—
|
|
||||||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Prior service cost
|
50
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
72
|
|
|
—
|
|
||||||
Actuarial (gain) loss
|
2,256
|
|
|
—
|
|
|
1,384
|
|
|
(35
|
)
|
|
4,344
|
|
|
—
|
|
||||||
Total net pension cost
|
$
|
(1,258
|
)
|
|
$
|
141
|
|
|
$
|
(290
|
)
|
|
$
|
115
|
|
|
$
|
5,084
|
|
|
$
|
142
|
|
|
Pension Plan 2015
|
|
Postretirement Plan 2015
|
|
Pension Plan 2014
|
|
Postretirement Plan 2014
|
||||
Weighted average assumptions used to determine benefit obligations:
|
|
|
|
|
|
|
|
||||
Discount rate
|
4.30
|
%
|
|
4.30
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Rate of increase in compensation levels
|
4.00
|
|
|
NA
|
|
|
4.00
|
|
|
NA
|
|
Weighted average assumptions used to determine net periodic benefit costs:
|
|
|
|
|
|
|
|
||||
Discount rate
|
4.00
|
%
|
|
4.00
|
%
|
|
4.80
|
%
|
|
4.80
|
%
|
Rate of increase in compensation levels
|
4.00
|
|
|
NA
|
|
|
4.00
|
|
|
NA
|
|
Expected long-term rate of return on plan assets
|
7.50
|
|
|
NA
|
|
|
7.50
|
|
|
NA
|
|
Asset Category
|
2015
|
|
2014
|
||
Equity securities
|
60
|
%
|
|
64
|
%
|
Fixed income securities
|
40
|
%
|
|
35
|
%
|
Other
|
—
|
%
|
|
1
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Pension Plan Investments:
|
|
|
|
|
|
|
|
||||||||
Money market account
|
$
|
481
|
|
|
$
|
481
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
168,982
|
|
|
168,982
|
|
|
—
|
|
|
—
|
|
||||
Common /collective trust funds
|
120,136
|
|
|
—
|
|
|
120,136
|
|
|
—
|
|
||||
Total Pension Plan Investments
|
$
|
289,599
|
|
|
$
|
169,463
|
|
|
$
|
120,136
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
December 31, 2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Pension Plan Investments:
|
|
|
|
|
|
|
|
||||||||
Money market account
|
$
|
2,868
|
|
|
$
|
2,868
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mutual funds
|
185,483
|
|
|
185,483
|
|
|
—
|
|
|
—
|
|
||||
Common /collective trust funds
|
115,145
|
|
|
—
|
|
|
115,145
|
|
|
—
|
|
||||
Total Pension Plan Investments
|
$
|
303,496
|
|
|
$
|
188,351
|
|
|
$
|
115,145
|
|
|
$
|
—
|
|
|
Pension Plan
|
|
Postretirement Plan
|
||||
|
($ in Thousands)
|
||||||
Estimated future benefit payments:
|
|
|
|
||||
2016
|
$
|
14,218
|
|
|
$
|
274
|
|
2017
|
13,885
|
|
|
257
|
|
||
2018
|
12,825
|
|
|
263
|
|
||
2019
|
12,580
|
|
|
250
|
|
||
2020
|
12,767
|
|
|
247
|
|
||
2021-2025
|
66,722
|
|
|
1,189
|
|
|
2015
|
|
2014
|
||||||||||||
|
100 bp Increase
|
|
100 bp Decrease
|
|
100 bp Increase
|
|
100 bp Decrease
|
||||||||
|
($ in Thousands)
|
||||||||||||||
Effect on total of service and interest cost
|
$
|
15
|
|
|
$
|
(13
|
)
|
|
$
|
13
|
|
|
$
|
(11
|
)
|
Effect on postretirement benefit obligation
|
$
|
357
|
|
|
$
|
(310
|
)
|
|
$
|
316
|
|
|
$
|
(277
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
82,449
|
|
|
$
|
74,646
|
|
|
$
|
50,628
|
|
State
|
2,560
|
|
|
1,000
|
|
|
2,653
|
|
|||
Total current
|
85,009
|
|
|
75,646
|
|
|
53,281
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(10,606
|
)
|
|
(805
|
)
|
|
16,409
|
|
|||
State
|
7,084
|
|
|
10,695
|
|
|
9,511
|
|
|||
Total deferred
|
(3,522
|
)
|
|
9,890
|
|
|
25,920
|
|
|||
Total income tax expense
|
$
|
81,487
|
|
|
$
|
85,536
|
|
|
$
|
79,201
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan losses
|
$
|
106,258
|
|
|
$
|
99,219
|
|
Allowance for other losses
|
10,906
|
|
|
11,609
|
|
||
Accrued liabilities
|
6,802
|
|
|
5,773
|
|
||
Deferred compensation
|
31,677
|
|
|
31,392
|
|
||
State net operating losses
|
14,154
|
|
|
22,640
|
|
||
Nonaccrual interest
|
1,901
|
|
|
2,383
|
|
||
Other
|
5,811
|
|
|
7,929
|
|
||
Total deferred tax assets
|
177,509
|
|
|
180,945
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
FHLB stock dividends
|
2,165
|
|
|
6,367
|
|
||
Prepaid expenses
|
69,396
|
|
|
68,955
|
|
||
Goodwill
|
25,770
|
|
|
24,049
|
|
||
Mortgage banking activities
|
15,704
|
|
|
13,147
|
|
||
Deferred loan fee income
|
17,770
|
|
|
21,199
|
|
||
State deferred taxes
|
6,366
|
|
|
9,011
|
|
||
Lease financing
|
3,042
|
|
|
2,313
|
|
||
Bank premises and equipment
|
7,491
|
|
|
9,532
|
|
||
Other
|
9,062
|
|
|
5,501
|
|
||
Total deferred tax liabilities
|
156,766
|
|
|
160,074
|
|
||
Net deferred tax assets
|
20,743
|
|
|
20,871
|
|
||
Tax effect of unrealized (gain) loss related to available for sale securities
|
219
|
|
|
(10,902
|
)
|
||
Tax effect of unrealized loss related to pension and postretirement benefits
|
20,404
|
|
|
14,468
|
|
||
|
20,623
|
|
|
3,566
|
|
||
Net deferred tax assets including items with tax effect recorded directly to OCI
|
$
|
41,366
|
|
|
$
|
24,437
|
|
|
2015
|
|
2014
|
|
2013
|
|||
Federal income tax rate at statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increases (decreases) resulting from:
|
|
|
|
|
|
|||
Tax-exempt interest and dividends
|
(5.0
|
)%
|
|
(4.6
|
)%
|
|
(4.5
|
)%
|
State income taxes (net of federal benefit)
|
2.3
|
%
|
|
2.8
|
%
|
|
2.9
|
%
|
Bank owned life insurance
|
(1.2
|
)%
|
|
(1.7
|
)%
|
|
(1.5
|
)%
|
Federal tax credits
|
(0.5
|
)%
|
|
(1.4
|
)%
|
|
(1.0
|
)%
|
Tax reserve adjustments
|
(0.6
|
)%
|
|
0.7
|
%
|
|
(1.9
|
)%
|
Other
|
0.2
|
%
|
|
0.2
|
%
|
|
0.6
|
%
|
Effective income tax rate
|
30.2
|
%
|
|
31.0
|
%
|
|
29.6
|
%
|
|
2015
|
|
2014
|
||||
|
($ in Millions)
|
||||||
Balance at beginning of year
|
$
|
9
|
|
|
$
|
6
|
|
Additions (subtractions) for tax positions related to prior years
|
(2
|
)
|
|
1
|
|
||
Additions for tax positions related to current year
|
2
|
|
|
2
|
|
||
Balance at end of year
|
$
|
9
|
|
|
$
|
9
|
|
($ in Thousands)
|
Income Statement Category of
Gain / (Loss) Recognized in Income
|
Gain / (Loss)
Recognized in Income
|
||
Year ended December 31, 2015
|
|
|
||
Interest rate-related instruments — customer and mirror, net
|
Capital market fees, net
|
$
|
854
|
|
Interest rate lock commitments (mortgage)
|
Mortgage banking, net
|
(989
|
)
|
|
Forward commitments (mortgage)
|
Mortgage banking, net
|
2,838
|
|
|
Foreign currency exchange forwards
|
Capital market fees, net
|
(49
|
)
|
|
Commodity contracts
|
Capital market fees, net
|
123
|
|
|
Year ended December 31, 2014
|
|
|
||
Interest rate-related instruments — customer and mirror, net
|
Capital market fees, net
|
$
|
486
|
|
Interest rate lock commitments (mortgage)
|
Mortgage banking, net
|
1,531
|
|
|
Forward commitments (mortgage)
|
Mortgage banking, net
|
(3,736
|
)
|
|
Foreign currency exchange forwards
|
Capital market fees, net
|
90
|
|
|
Gross
amounts
recognized
|
|
|
|
Gross amounts not offset
in the balance sheet
|
|
|
||||||||||||||||
|
Gross amounts
offset in the
balance sheet
|
|
Net amounts
presented in
the balance sheet
|
|
Financial
instruments
|
|
Collateral
|
|
Net amount
|
||||||||||||||
|
($ in Thousands)
|
|
|
||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest and commodity agreements
|
$
|
1,466
|
|
|
$
|
—
|
|
|
$
|
1,466
|
|
|
$
|
(1,466
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest and commodity agreements
|
$
|
30,200
|
|
|
$
|
—
|
|
|
$
|
30,200
|
|
|
$
|
(1,466
|
)
|
|
$
|
(28,734
|
)
|
|
$
|
—
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate-related instruments
|
$
|
558
|
|
|
$
|
—
|
|
|
$
|
558
|
|
|
$
|
(558
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate-related instruments
|
$
|
34,087
|
|
|
$
|
—
|
|
|
$
|
34,087
|
|
|
$
|
(558
|
)
|
|
$
|
(26,105
|
)
|
|
$
|
7,424
|
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(1)(2)
|
$
|
7,402,518
|
|
|
$
|
6,884,411
|
|
Commercial letters of credit(1)
|
9,945
|
|
|
9,179
|
|
||
Standby letters of credit(3)
|
296,508
|
|
|
353,292
|
|
1)
|
These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have
no
current fair value, or the fair value is based on fees currently charged to enter into similar agreements and is not material at
December 31, 2015
or
2014
.
|
2)
|
Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note
14
.
|
3)
|
The Corporation has established a liability of
$3 million
at
December 31, 2015
compared to
$4 million
at
December 31, 2014
, as an estimate of the fair value of these financial instruments.
|
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
Balance at beginning of year
|
$
|
3,258
|
|
|
$
|
5,737
|
|
Repurchase provision expense
|
428
|
|
|
505
|
|
||
Adjustments to provision expense
|
(2,450
|
)
|
|
(2,250
|
)
|
||
Charge offs, net
|
(39
|
)
|
|
(734
|
)
|
||
Balance at end of year
|
$
|
1,197
|
|
|
$
|
3,258
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
($ in Thousands)
|
||||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
610,862
|
|
|
$
|
523,103
|
|
Investment securities available for sale, at fair value
|
61,847
|
|
|
76,159
|
|
||
Investment in subsidiaries
|
3,211,685
|
|
|
3,166,080
|
|
||
Other assets
|
73,781
|
|
|
94,332
|
|
||
Total assets
|
$
|
3,958,175
|
|
|
$
|
3,859,674
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Commercial paper
|
$
|
67,978
|
|
|
$
|
74,297
|
|
Senior notes, at par
|
680,000
|
|
|
680,000
|
|
||
Subordinated notes, at par
|
250,000
|
|
|
250,000
|
|
||
Long-term funding capitalized costs
|
(875
|
)
|
|
(143
|
)
|
||
Total long-term funding
|
929,125
|
|
|
929,857
|
|
||
Accrued expenses and other liabilities
|
23,826
|
|
|
55,269
|
|
||
Total liabilities
|
1,020,929
|
|
|
1,059,423
|
|
||
Preferred equity
|
121,379
|
|
|
59,727
|
|
||
Common equity
|
2,815,867
|
|
|
2,740,524
|
|
||
Total stockholders’ equity
|
2,937,246
|
|
|
2,800,251
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,958,175
|
|
|
$
|
3,859,674
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
INCOME
|
|
|
|
|
|
||||||
Dividends from subsidiaries
|
$
|
205,000
|
|
|
$
|
223,000
|
|
|
$
|
262,000
|
|
Interest income on notes receivable
|
—
|
|
|
1,264
|
|
|
1,988
|
|
|||
Other income
|
8,441
|
|
|
9,682
|
|
|
7,742
|
|
|||
Total income
|
213,441
|
|
|
233,946
|
|
|
271,730
|
|
|||
EXPENSE
|
|
|
|
|
|
||||||
Interest expense on short and long-term funding
|
39,576
|
|
|
24,847
|
|
|
27,167
|
|
|||
Other expense
|
4,684
|
|
|
745
|
|
|
8,029
|
|
|||
Total expense
|
44,260
|
|
|
25,592
|
|
|
35,196
|
|
|||
Income before income tax benefit and equity in undistributed net income (loss) of subsidiaries
|
169,181
|
|
|
208,354
|
|
|
236,534
|
|
|||
Income tax benefit
|
(1,665
|
)
|
|
(5,801
|
)
|
|
(7,086
|
)
|
|||
Income before equity in undistributed net income (loss) of subsidiaries
|
170,846
|
|
|
214,155
|
|
|
243,620
|
|
|||
Equity in undistributed net income (loss) of subsidiaries
|
17,455
|
|
|
(23,646
|
)
|
|
(54,928
|
)
|
|||
Net income
|
188,301
|
|
|
190,509
|
|
|
188,692
|
|
|||
Preferred stock dividends
|
7,155
|
|
|
5,002
|
|
|
5,158
|
|
|||
Net income available to common equity
|
$
|
181,146
|
|
|
$
|
185,507
|
|
|
$
|
183,534
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
($ in Thousands)
|
||||||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
188,301
|
|
|
$
|
190,509
|
|
|
$
|
188,692
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
(Increase) decrease in equity in undistributed net income of subsidiaries
|
(17,455
|
)
|
|
23,646
|
|
|
54,928
|
|
|||
Gain on sales of investment securities, net
|
—
|
|
|
(214
|
)
|
|
(456
|
)
|
|||
Gain on sales of assets and impairment write-downs, net
|
(5,673
|
)
|
|
(5,609
|
)
|
|
(1,007
|
)
|
|||
Net change in other assets and other liabilities
|
(10,997
|
)
|
|
(14,022
|
)
|
|
(103,954
|
)
|
|||
Net cash provided by operating activities
|
154,176
|
|
|
194,310
|
|
|
138,203
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Proceeds from sales of investment securities
|
13,962
|
|
|
88,844
|
|
|
55,445
|
|
|||
Purchase of investment securities
|
—
|
|
|
—
|
|
|
(23,101
|
)
|
|||
Net decrease in notes receivable
|
—
|
|
|
46,594
|
|
|
3,049
|
|
|||
Purchase of other assets, net of disposals
|
11,964
|
|
|
10,930
|
|
|
2,407
|
|
|||
Net cash provided by investing activities
|
25,926
|
|
|
146,368
|
|
|
37,800
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase (decrease) in short-term funding
|
(6,319
|
)
|
|
8,813
|
|
|
14,239
|
|
|||
Proceeds from issuance of long-term funding
|
—
|
|
|
496,030
|
|
|
—
|
|
|||
Repayment of long-term funding
|
—
|
|
|
(155,000
|
)
|
|
(25,821
|
)
|
|||
Proceeds from issuance of preferred stock
|
62,966
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of common stock for stock-based compensation plans
|
20,054
|
|
|
13,228
|
|
|
9,305
|
|
|||
Purchase of preferred stock
|
(1,335
|
)
|
|
(2,451
|
)
|
|
(1,626
|
)
|
|||
Cash dividends
|
(69,555
|
)
|
|
(63,712
|
)
|
|
(60,149
|
)
|
|||
Purchase of common stock returned to authorized but unissued
|
(93,000
|
)
|
|
(150,498
|
)
|
|
—
|
|
|||
Purchase of treasury stock
|
(5,154
|
)
|
|
(112,312
|
)
|
|
(123,349
|
)
|
|||
Net cash provided by (used in) financing activities
|
(92,343
|
)
|
|
34,098
|
|
|
(187,401
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
87,759
|
|
|
374,776
|
|
|
(11,398
|
)
|
|||
Cash and cash equivalents at beginning of year
|
523,103
|
|
|
148,327
|
|
|
159,725
|
|
|||
Cash and cash equivalents at end of year
|
$
|
610,862
|
|
|
$
|
523,103
|
|
|
$
|
148,327
|
|
|
December 31, 2015
|
|
Fair Value Measurements Using
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
($ in Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
997
|
|
|
$
|
997
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
||||||||
FNMA / FHLMC
|
1,414,626
|
|
|
—
|
|
|
1,414,626
|
|
|
—
|
|
||||
GNMA
|
1,590,003
|
|
|
—
|
|
|
1,590,003
|
|
|
—
|
|
||||
Private-label
|
1,709
|
|
|
—
|
|
|
1,709
|
|
|
—
|
|
||||
GNMA commercial mortgage-related securities
|
1,955,310
|
|
|
—
|
|
|
1,955,310
|
|
|
—
|
|
||||
Other securities (debt and equity)
|
4,769
|
|
|
1,569
|
|
|
3,000
|
|
|
200
|
|
||||
Total investment securities available for sale
|
$
|
4,967,414
|
|
|
$
|
2,566
|
|
|
$
|
4,964,648
|
|
|
$
|
200
|
|
Derivatives (trading and other assets)
|
$
|
36,268
|
|
|
$
|
—
|
|
|
$
|
34,907
|
|
|
$
|
1,361
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives (trading and other liabilities)
|
$
|
36,145
|
|
|
$
|
—
|
|
|
$
|
36,145
|
|
|
$
|
—
|
|
|
December 31, 2014
|
|
Fair Value Measurements Using
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
($ in Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
998
|
|
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Municipal securities
|
582,679
|
|
|
—
|
|
|
582,679
|
|
|
—
|
|
||||
Residential mortgage-related securities:
|
|
|
|
|
|
|
|
||||||||
FNMA / FHLMC
|
3,563,457
|
|
|
—
|
|
|
3,563,457
|
|
|
—
|
|
||||
GNMA
|
167,332
|
|
|
—
|
|
|
167,332
|
|
|
—
|
|
||||
Private-label
|
2,294
|
|
|
—
|
|
|
2,294
|
|
|
—
|
|
||||
GNMA commercial mortgage-related securities
|
1,073,893
|
|
|
—
|
|
|
1,073,893
|
|
|
—
|
|
||||
Other securities (debt and equity)
|
6,159
|
|
|
2,959
|
|
|
3,000
|
|
|
200
|
|
||||
Total investment securities available for sale
|
$
|
5,396,812
|
|
|
$
|
3,957
|
|
|
$
|
5,392,655
|
|
|
$
|
200
|
|
Derivatives (trading and other assets)
|
$
|
43,164
|
|
|
$
|
—
|
|
|
$
|
41,217
|
|
|
$
|
1,947
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivatives (trading and other liabilities)
|
$
|
45,818
|
|
|
$
|
—
|
|
|
$
|
43,383
|
|
|
$
|
2,435
|
|
|
Investment Securities
Available for Sale
|
|
Derivative Financial
Instruments
|
||||
|
($ in Thousands)
|
||||||
Balance December 31, 2013
|
$
|
299
|
|
|
$
|
1,717
|
|
Total net losses included in income:
|
|
|
|
||||
Mortgage derivative loss
|
—
|
|
|
(2,205
|
)
|
||
Sale of investment securities
|
(99
|
)
|
|
—
|
|
||
Balance December 31, 2014
|
$
|
200
|
|
|
$
|
(488
|
)
|
Total net gains included in income:
|
|
|
|
||||
Mortgage derivative gain
|
—
|
|
|
1,849
|
|
||
Balance December 31, 2015
|
$
|
200
|
|
|
$
|
1,361
|
|
|
December 31, 2015
|
|
Fair Value Measurements Using
|
Income Statement Category of
Adjustment Recognized in Income |
Adjustment Recognized in Income
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
($ in Thousands)
|
|
|
||||||||||||||||
Assets:
|
|
|
|
||||||||||||||||
Loans held for sale
|
$
|
124,915
|
|
|
$
|
—
|
|
|
$
|
124,915
|
|
|
$
|
—
|
|
Mortgage banking, net
|
$
|
(155
|
)
|
Impaired loans(1)
|
41,891
|
|
|
—
|
|
|
—
|
|
|
41,891
|
|
Provision for credit losses
|
(7,796
|
)
|
|||||
Mortgage servicing rights
|
70,686
|
|
|
—
|
|
|
—
|
|
|
70,686
|
|
Mortgage banking, net
|
425
|
|
|
December 31, 2014
|
|
Fair Value Measurements Using
|
Income Statement Category of
Adjustment Recognized in Income |
Adjustment Recognized in Income
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
($ in Thousands)
|
|
|
||||||||||||||||
Assets:
|
|
|
|
||||||||||||||||
Loans held for sale
|
$
|
156,423
|
|
|
$
|
—
|
|
|
$
|
156,423
|
|
|
$
|
—
|
|
Mortgage banking, net
|
$
|
—
|
|
Impaired loans(1)
|
53,832
|
|
|
—
|
|
|
—
|
|
|
53,832
|
|
Provision for credit losses
|
(17,272
|
)
|
|||||
Mortgage servicing rights
|
66,342
|
|
|
—
|
|
|
—
|
|
|
66,342
|
|
Mortgage banking, net
|
(321
|
)
|
(1)
|
Represents individually evaluated impaired loans, net of the related allowance for loan losses.
|
|
December 31, 2015
|
||||||||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Fair Value Measurements Using
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
$
|
374,921
|
|
|
$
|
374,921
|
|
|
$
|
374,921
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing deposits in other financial institutions
|
79,764
|
|
|
79,764
|
|
|
79,764
|
|
|
—
|
|
|
—
|
|
|||||
Federal funds sold and securities purchased under agreements to resell
|
19,000
|
|
|
19,000
|
|
|
19,000
|
|
|
—
|
|
|
—
|
|
|||||
Investment securities held to maturity
|
1,168,230
|
|
|
1,184,442
|
|
|
—
|
|
|
1,184,442
|
|
|
—
|
|
|||||
Investment securities available for sale
|
4,967,414
|
|
|
4,967,414
|
|
|
2,566
|
|
|
4,964,648
|
|
|
200
|
|
|||||
FHLB and Federal Reserve Bank stocks
|
147,240
|
|
|
147,240
|
|
|
—
|
|
|
147,240
|
|
|
—
|
|
|||||
Loans held for sale
|
124,915
|
|
|
124,915
|
|
|
—
|
|
|
124,915
|
|
|
—
|
|
|||||
Loans, net
|
18,440,079
|
|
|
18,389,832
|
|
|
—
|
|
|
—
|
|
|
18,389,832
|
|
|||||
Bank owned life insurance
|
583,019
|
|
|
583,019
|
|
|
—
|
|
|
583,019
|
|
|
—
|
|
|||||
Interest rate-related instruments
|
29,391
|
|
|
29,391
|
|
|
—
|
|
|
29,391
|
|
|
—
|
|
|||||
Foreign currency exchange forwards
|
1,532
|
|
|
1,532
|
|
|
—
|
|
|
1,532
|
|
|
—
|
|
|||||
Interest rate lock commitments to originate residential mortgage loans held for sale
|
958
|
|
|
958
|
|
|
—
|
|
|
—
|
|
|
958
|
|
|||||
Forward commitments to sell residential mortgage loans
|
403
|
|
|
403
|
|
|
—
|
|
|
—
|
|
|
403
|
|
|||||
Purchased options (time deposit)
|
2,715
|
|
|
2,715
|
|
|
—
|
|
|
2,715
|
|
|
—
|
|
|||||
Commodity contracts
|
1,269
|
|
|
1,269
|
|
|
—
|
|
|
1,269
|
|
|
—
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts
|
$
|
19,444,863
|
|
|
$
|
19,444,863
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,444,863
|
|
Brokered CDs and other time deposits
|
1,562,802
|
|
|
1,564,464
|
|
|
—
|
|
|
1,564,464
|
|
|
—
|
|
|||||
Short-term funding
|
834,416
|
|
|
834,416
|
|
|
—
|
|
|
834,416
|
|
|
—
|
|
|||||
Long-term funding
|
2,679,350
|
|
|
2,728,112
|
|
|
—
|
|
|
2,728,112
|
|
|
—
|
|
|||||
Interest rate-related instruments
|
30,886
|
|
|
30,886
|
|
|
—
|
|
|
30,886
|
|
|
—
|
|
|||||
Foreign currency exchange forwards
|
1,398
|
|
|
1,398
|
|
|
—
|
|
|
1,398
|
|
|
—
|
|
|||||
Commodity contracts
|
1,146
|
|
|
1,146
|
|
|
—
|
|
|
1,146
|
|
|
—
|
|
|||||
Standby letters of credit (1)
|
2,954
|
|
|
2,954
|
|
|
—
|
|
|
2,954
|
|
|
—
|
|
|||||
Written options (time deposit)
|
2,715
|
|
|
2,715
|
|
|
—
|
|
|
2,715
|
|
|
—
|
|
|
December 31, 2014
|
||||||||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
|
Fair Value Measurements Using
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
($ in Thousands)
|
||||||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
$
|
444,113
|
|
|
$
|
444,113
|
|
|
$
|
444,113
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-bearing deposits in other financial institutions
|
571,924
|
|
|
571,924
|
|
|
571,924
|
|
|
—
|
|
|
—
|
|
|||||
Federal funds sold and securities purchased under agreements to resell
|
16,030
|
|
|
16,030
|
|
|
16,030
|
|
|
—
|
|
|
—
|
|
|||||
Investment securities held to maturity
|
404,455
|
|
|
413,067
|
|
|
—
|
|
|
413,067
|
|
|
—
|
|
|||||
Investment securities available for sale
|
5,396,812
|
|
|
5,396,812
|
|
|
3,957
|
|
|
5,392,655
|
|
|
200
|
|
|||||
FHLB and Federal Reserve Bank stocks
|
189,107
|
|
|
189,107
|
|
|
—
|
|
|
189,107
|
|
|
—
|
|
|||||
Loans held for sale
|
154,935
|
|
|
156,423
|
|
|
—
|
|
|
156,423
|
|
|
—
|
|
|||||
Loans, net
|
17,327,544
|
|
|
17,427,647
|
|
|
—
|
|
|
—
|
|
|
17,427,647
|
|
|||||
Bank owned life insurance
|
574,154
|
|
|
574,154
|
|
|
—
|
|
|
574,154
|
|
|
—
|
|
|||||
Interest rate-related instruments
|
33,023
|
|
|
33,023
|
|
|
—
|
|
|
33,023
|
|
|
—
|
|
|||||
Foreign currency exchange forwards
|
2,140
|
|
|
2,140
|
|
|
—
|
|
|
2,140
|
|
|
—
|
|
|||||
Interest rate lock commitments to originate residential mortgage loans held for sale
|
1,947
|
|
|
1,947
|
|
|
—
|
|
|
—
|
|
|
1,947
|
|
|||||
Purchased options (time deposit)
|
6,054
|
|
|
6,054
|
|
|
—
|
|
|
6,054
|
|
|
—
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts
|
$
|
17,192,049
|
|
|
$
|
17,192,049
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,192,049
|
|
Brokered CDs and other time deposits
|
1,571,455
|
|
|
1,571,455
|
|
|
—
|
|
|
1,571,455
|
|
|
—
|
|
|||||
Short-term funding
|
1,068,288
|
|
|
1,068,288
|
|
|
—
|
|
|
1,068,288
|
|
|
—
|
|
|||||
Long-term funding
|
3,930,117
|
|
|
3,975,605
|
|
|
—
|
|
|
3,975,605
|
|
|
—
|
|
|||||
Interest rate-related instruments
|
35,372
|
|
|
35,372
|
|
|
—
|
|
|
35,372
|
|
|
—
|
|
|||||
Foreign currency exchange forwards
|
1,957
|
|
|
1,957
|
|
|
—
|
|
|
1,957
|
|
|
—
|
|
|||||
Standby letters of credit(1)
|
3,542
|
|
|
3,542
|
|
|
—
|
|
|
3,542
|
|
|
—
|
|
|||||
Forward commitments to sell residential mortgage loans
|
2,435
|
|
|
2,435
|
|
|
|
|
|
—
|
|
|
2,435
|
|
|||||
Written options (time deposit)
|
6,054
|
|
|
6,054
|
|
|
—
|
|
|
6,054
|
|
|
—
|
|
(1)
|
The commitment on standby letters of credit was
$297 million
and
$353 million
at
December 31, 2015
and
2014
, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
|
|
Actual
|
|
For Capital Adequacy
Purposes
|
|
To Be Well Capitalized
Under Prompt Corrective
Action Provisions:(2)
|
|||||||||||||||||||
($ in Thousands)
|
Amount
|
|
Ratio(1)
|
|
Amount
|
|
Ratio(1)
|
|
Amount
|
|
Ratio(1)
|
|||||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Associated Banc-Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital
|
$
|
2,515,861
|
|
|
12.62
|
%
|
|
$
|
1,594,397
|
|
|
≥
|
|
8.00
|
%
|
|
|
|
|
|
|
|||
Tier 1 capital
|
2,016,861
|
|
|
10.12
|
|
|
797,199
|
|
|
≥
|
|
4.00
|
%
|
|
|
|
|
|
|
|||||
Common equity Tier 1 capital
|
1,897,944
|
|
|
9.52
|
|
|
896,848
|
|
|
≥
|
|
4.50
|
%
|
|
|
|
|
|
|
|||||
Leverage
|
2,016,861
|
|
|
7.60
|
|
|
1,061,325
|
|
|
≥
|
|
4.00
|
%
|
|
|
|
|
|
|
|||||
Associated Bank, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital
|
$
|
2,532,563
|
|
|
12.76
|
%
|
|
$
|
1,588,070
|
|
|
≥
|
|
8.00
|
%
|
|
$
|
1,985,088
|
|
|
≥
|
|
10.00
|
%
|
Tier 1 capital
|
2,283,785
|
|
|
11.50
|
|
|
794,035
|
|
|
≥
|
|
4.00
|
%
|
|
1,191,053
|
|
|
≥
|
|
6.00
|
%
|
|||
Common equity Tier 1 capital
|
2,084,589
|
|
|
10.50
|
|
|
893,289
|
|
|
≥
|
|
4.50
|
%
|
|
1,290,307
|
|
|
≥
|
|
6.50
|
%
|
|||
Leverage
|
2,283,785
|
|
|
8.64
|
|
|
1,057,228
|
|
|
≥
|
|
4.00
|
%
|
|
1,321,535
|
|
|
≥
|
|
5.00
|
%
|
|||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Associated Banc-Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital
|
$
|
2,350,898
|
|
|
12.66
|
%
|
|
$
|
1,485,412
|
|
|
≥
|
|
8.00
|
%
|
|
|
|
|
|
|
|||
Tier 1 capital
|
1,868,059
|
|
|
10.06
|
|
|
742,706
|
|
|
≥
|
|
4.00
|
%
|
|
|
|
|
|
|
|||||
Common equity Tier 1 capital
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
≥
|
|
N/A
|
|
|
|
|
|
|
|
|||||
Leverage
|
1,868,059
|
|
|
7.48
|
|
|
998,967
|
|
|
≥
|
|
4.00
|
%
|
|
|
|
|
|
|
|||||
Associated Bank, N.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital
|
$
|
2,449,514
|
|
|
13.26
|
%
|
|
$
|
1,477,785
|
|
|
≥
|
|
8.00
|
%
|
|
$
|
1,847,231
|
|
|
≥
|
|
10.00
|
%
|
Tier 1 capital
|
2,217,861
|
|
|
12.01
|
|
|
738,892
|
|
|
≥
|
|
4.00
|
%
|
|
1,108,339
|
|
|
≥
|
|
6.00
|
%
|
|||
Common equity Tier 1 capital
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
≥
|
|
N/A
|
|
|
N/A
|
|
|
≥
|
|
N/A
|
|
|||
Leverage
|
2,217,861
|
|
|
8.92
|
|
|
994,103
|
|
|
≥
|
|
4.00
|
|
|
1,242,628
|
|
|
≥
|
|
5.00
|
%
|
1)
|
Total capital ratio is defined as Tier 1 capital plus Tier 2 capital divided by total risk-weighted assets. The Tier 1 Capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. Common equity Tier 1 is defined as Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by total risk weighted assets. The leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets.
|
2)
|
Prompt corrective action provisions are not applicable at the bank holding company level.
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Net income
|
$
|
188,301
|
|
|
$
|
190,509
|
|
|
$
|
188,692
|
|
Preferred stock dividends
|
(7,155
|
)
|
|
(5,002
|
)
|
|
(5,158
|
)
|
|||
Net income available to common equity
|
$
|
181,146
|
|
|
$
|
185,507
|
|
|
$
|
183,534
|
|
Common shareholder dividends
|
(61,774
|
)
|
|
(58,123
|
)
|
|
(54,505
|
)
|
|||
Unvested share-based payment awards
|
(626
|
)
|
|
(587
|
)
|
|
(486
|
)
|
|||
Undistributed earnings
|
$
|
118,746
|
|
|
$
|
126,797
|
|
|
$
|
128,543
|
|
Undistributed earnings allocated to common shareholders
|
117,498
|
|
|
125,646
|
|
|
127,592
|
|
|||
Undistributed earnings allocated to unvested share-based payment awards
|
1,248
|
|
|
1,151
|
|
|
951
|
|
|||
Undistributed earnings
|
$
|
118,746
|
|
|
$
|
126,797
|
|
|
$
|
128,543
|
|
Basic
|
|
|
|
|
|
||||||
Distributed earnings to common shareholders
|
$
|
61,774
|
|
|
$
|
58,123
|
|
|
$
|
54,505
|
|
Undistributed earnings allocated to common shareholders
|
117,498
|
|
|
125,646
|
|
|
127,592
|
|
|||
Total common shareholders earnings, basic
|
$
|
179,272
|
|
|
$
|
183,769
|
|
|
$
|
182,097
|
|
Diluted
|
|
|
|
|
|
||||||
Distributed earnings to common shareholders
|
$
|
61,774
|
|
|
$
|
58,123
|
|
|
$
|
54,505
|
|
Undistributed earnings allocated to common shareholders
|
117,498
|
|
|
125,646
|
|
|
127,592
|
|
|||
Total common shareholders earnings, diluted
|
$
|
179,272
|
|
|
$
|
183,769
|
|
|
$
|
182,097
|
|
Weighted average common shares outstanding
|
149,350
|
|
|
157,286
|
|
|
165,584
|
|
|||
Effect of dilutive common stock awards
|
1,253
|
|
|
968
|
|
|
218
|
|
|||
Diluted weighted average common shares outstanding
|
150,603
|
|
|
158,254
|
|
|
165,802
|
|
|||
Basic earnings per common share
|
$
|
1.20
|
|
|
$
|
1.17
|
|
|
$
|
1.10
|
|
Diluted earnings per common share
|
$
|
1.19
|
|
|
$
|
1.16
|
|
|
$
|
1.10
|
|
|
Investments
Securities
Available
For Sale
|
|
Defined Benefit
Pension and
Post Retirement
Obligations
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||
Balance December 31, 2012
|
$
|
86,109
|
|
|
$
|
(37,506
|
)
|
|
$
|
48,603
|
|
Other comprehensive income (loss) before reclassifications
|
(158,207
|
)
|
|
35,804
|
|
|
(122,403
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Investment securities gain, net
|
(564
|
)
|
|
—
|
|
|
(564
|
)
|
|||
Personnel expense
|
—
|
|
|
4,416
|
|
|
4,416
|
|
|||
Income tax (expense) benefit
|
61,266
|
|
|
(15,562
|
)
|
|
45,704
|
|
|||
Net other comprehensive income (loss) during period
|
(97,505
|
)
|
|
24,658
|
|
|
(72,847
|
)
|
|||
Balance December 31, 2013
|
$
|
(11,396
|
)
|
|
$
|
(12,848
|
)
|
|
$
|
(24,244
|
)
|
Other comprehensive income (loss) before reclassifications
|
49,038
|
|
|
(18,428
|
)
|
|
30,610
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Investment securities gain, net
|
(494
|
)
|
|
—
|
|
|
(494
|
)
|
|||
Personnel expense
|
—
|
|
|
1,407
|
|
|
1,407
|
|
|||
Income tax (expense) benefit
|
(18,636
|
)
|
|
6,507
|
|
|
(12,129
|
)
|
|||
Net other comprehensive income (loss) during period
|
29,908
|
|
|
(10,514
|
)
|
|
19,394
|
|
|||
Balance December 31, 2014
|
$
|
18,512
|
|
|
$
|
(23,362
|
)
|
|
$
|
(4,850
|
)
|
Other comprehensive loss before reclassifications
|
(20,439
|
)
|
|
(17,892
|
)
|
|
(38,331
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income (loss):
|
|
|
|
|
|
||||||
Investment securities gain, net
|
(8,133
|
)
|
|
—
|
|
|
(8,133
|
)
|
|||
Personnel expense
|
—
|
|
|
2,306
|
|
|
2,306
|
|
|||
Interest income
|
(555
|
)
|
|
—
|
|
|
(555
|
)
|
|||
Income tax benefit
|
11,074
|
|
|
5,873
|
|
|
16,947
|
|
|||
Net other comprehensive loss during period
|
(18,053
|
)
|
|
(9,713
|
)
|
|
(27,766
|
)
|
|||
Balance December 31, 2015
|
$
|
459
|
|
|
$
|
(33,075
|
)
|
|
$
|
(32,616
|
)
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Plan Category
|
(a)
Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights
|
|
(b)
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
|
|
(c)
Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(excluding securities
reflected in column (a))
|
||||
Equity compensation plans approved by security holders
|
6,629,143
|
|
|
$
|
17.22
|
|
|
11,184,971
|
|
Equity compensation plans not approved by security holders
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
6,629,143
|
|
|
$
|
17.22
|
|
|
11,184,971
|
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
||
(3)(a)
|
|
Amended and Restated Articles of Incorporation
|
|
Exhibit (3) to Report on Form 10-Q filed on May 8, 2006
|
|
|
|
||
(3)(b)
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 8.00% Perpetual Preferred Stock, Series B, dated September 12, 2011
|
|
Exhibit (3.1) to Report on Form 8-K filed on September 15, 2011
|
|
|
|
||
(3)(c)
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp with respect to its 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, dated June 4, 2015
|
|
Exhibit (3.1) to Report on Form 8-K filed on June 8, 2015
|
|
|
|
|
|
(3)(d)
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of Associated Banc-Corp regarding the rights and preferences of preferred stock, effective April 25, 2012
|
|
Exhibit (3.1 and 4.1) to Report on Form 8-K filed on April 25, 2012
|
|
|
|
||
(3)(e)
|
|
Amended and Restated Bylaws
|
|
Exhibit (3) to Report on Form 10-Q filed on November 1, 2013
|
|
|
|
||
(4)(a)
|
|
Instruments Defining the Rights of Security Holders, Including Indentures
|
|
|
|
|
|
||
|
|
The Parent Company, by signing this report, agrees to furnish the SEC, upon its request, a copy of any instrument that defines the rights of holders of long-term debt of the Corporation and its consolidated and unconsolidated subsidiaries for which consolidated or unconsolidated financial statements are required to be filed and that authorizes a total amount of securities not in excess of 10% of the total assets of the Corporation on a consolidated basis
|
|
|
|
|
|
||
(4)(b)
|
|
Indenture, dated as of March 14, 2011, between Associated Banc-Corp and The Bank of New York Mellon Trust Company, N.A.
|
|
Exhibit (4.1) to Report on Form 8-K filed on March 28, 2011
|
|
|
|
||
(4)(c)
|
|
Global Note dated as of March 28, 2011 representing $300,000,000 5.125% Senior Notes due 2016
|
|
Exhibit (4.2) to Report on Form 8-K filed on March 28, 2011
|
|
|
|
||
(4)(d)
|
|
Global Note dated as of September 13, 2011 representing $130,000,000 5.125% Senior Notes due 2016
|
|
Exhibit (4.4) to Report on Form 8-K filed on September 15, 2011
|
|
|
|
||
(4)(e)
|
|
Deposit Agreement, dated September 14, 2011, among Associated Banc-Corp, Wells Fargo Bank, N.A. and the holders from time to time of the Depositary Receipts described therein, and Form of Depositary Receipt
|
|
Exhibit (4.2) to Report on Form 8-K filed on September 15, 2011
|
|
|
|
||
(4)(f)
|
|
Warrant Agreement for 3,983,308 Warrants, dated as of November 30, 2011, between Associated Banc-Corp and Wells Fargo Bank, N.A.
|
|
Exhibit (4.1) to Report on Form 8-A filed on December 1, 2011
|
|
|
|
|
|
(4)(g)
|
|
Specimen Warrant for 3,983,308 Warrants
|
|
Exhibit (4.2) to Report on Form 8-A filed on December 1, 2011
|
|
|
|
|
|
(4)(h)
|
|
Subordinated Indenture, dated as of November 13, 2014, between Associated Banc-Corp and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
Exhibit (4.1) to Report on Form 8-K filed on November 18, 2014
|
|
|
|
|
|
(4)(i)
|
|
Global Note dated as of November 13, 2014 representing $250,000,000 2.750% Senior Notes due 2019
|
|
Exhibit (4.2) to Report on Form 8-K filed on November 18, 2014
|
|
|
|
|
|
(4)(j)
|
|
Global Note dated as of November 13, 2014 representing $250,000,000 4.250% Subordinated Note due 2025
|
|
Exhibit (4.3) to Report on Form 8-K filed on November 18, 2014
|
|
|
|
|
|
(4)(k)
|
|
Deposit Agreement, dated June 8, 2015, among Associated Banc-Corp, Wells Fargo Bank, N.A. and the holders from time to time of the Depositary Receipts described therein, and form of Depositary Receipt
|
|
Exhibit (4.2) to Report on Form 8-K filed on June 8, 2015
|
|
|
|
|
|
*(10)(a)
|
|
Associated Banc-Corp 1987 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008
|
|
Exhibit (10)(a) to Report on Form 10-K filed on February 26, 2009
|
|
|
|
|
|
*(10)(b)
|
|
Associated Banc-Corp 1999 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008
|
|
Exhibit (10)(b) to Report on Form 10-K filed on February 26, 2009
|
|
|
|
|
|
*(10)(c)
|
|
Associated Banc-Corp 2003 Long-Term Incentive Stock Plan, Amended and Restated Effective January 1, 2008
|
|
Exhibit (10)(c) to Report on Form 10-K filed on February 26, 2009
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
||
*(10)(d)
|
|
Associated Banc-Corp Deferred Compensation Plan
|
|
Exhibit (10)(h) to Report on Form 10-K filed on February 26, 2009
|
|
|
|
||
*(10)(e)
|
|
Associated Banc-Corp Directors’ Deferred Compensation Plan, Restated Effective January 1, 2008
|
|
Exhibit (10)(i) to Report on Form 10-K filed on February 26, 2009
|
|
|
|
||
*(10)(f)
|
|
Associated Banc-Corp Deferred Compensation Plan, Restated Effective November 16, 2015
|
|
Filed herewith
|
|
|
|
|
|
*(10)(g)
|
|
Amendment to Associated Banc-Corp 2003 Long-Term Incentive Stock Plan effective November 15, 2009
|
|
Exhibit (99.2) to Report on Form 8-K filed on November 16, 2009
|
|
|
|
||
*(10)(h)
|
|
Associated Banc-Corp 2010 Incentive Compensation Plan
|
|
Exhibit (99.1) to Report on Form 8-K filed on April 29, 2010
|
|
|
|
||
*(10)(i)
|
|
Associated Banc-Corp 2013 Incentive Compensation Plan
|
|
Appendix A to Definitive Proxy Statement filed on March 14, 2013
|
|
|
|
||
*(10)(j)
|
|
Form of Restricted Stock Agreement
|
|
Exhibit (10.1) to Report on Form 10-Q filed on August 4, 2014
|
|
|
|
||
*(10)(k)
|
|
Form of Non-Qualified Stock Option Agreement
|
|
Exhibit (99.3) to Report on Form 8-K filed on January 27, 2012
|
|
|
|
||
*(10)(l)
|
|
Associated Banc-Corp Change of Control Plan, Restated Effective September 28, 2011
|
|
Exhibit (10.1) to Report on Form 8-K filed on September 30, 2011
|
|
|
|
||
*(10)(m)
|
|
Associated Banc-Corp Supplemental Executive Retirement Plan for Philip B. Flynn
|
|
Exhibit (99.2) to Report on Form 8-K filed on December 23, 2011
|
|
|
|
||
*(10)(n)
|
|
Form of Performance-Based Restricted Stock Unit Agreement
|
|
Exhibit (10.2) to Report on Form 10-Q filed on August 4, 2014
|
|
|
|
|
|
*(10)(o)
|
|
Supplemental Executive Retirement Plan, Restated Effective January 22, 2013
|
|
Exhibit (99.1) to Report on Form 8-K filed on January 22, 2013
|
|
|
|
|
|
*(10)(p)
|
|
Supplemental Executive Retirement Plan, Restated Effective November 16, 2015
|
|
Filed herewith
|
|
|
|
|
|
(11)
|
|
Statement Re Computation of Per Share Earnings
|
|
See Note 20 in Part II Item 8
|
|
|
|
|
|
(21)
|
|
Subsidiaries of Associated Banc-Corp
|
|
Filed herewith
|
|
|
|
|
|
(23)
|
|
Consent of Independent Registered Public Accounting Firm
|
|
Filed herewith
|
|
|
|
|
|
(24)
|
|
Powers of Attorney
|
|
Filed herewith
|
|
|
|
|
|
(31.1)
|
|
Certification Under Section 302 of Sarbanes-Oxley by Philip B. Flynn, Chief Executive Officer
|
|
Filed herewith
|
|
|
|
|
|
(31.2)
|
|
Certification Under Section 302 of Sarbanes-Oxley by Christopher J. Del Moral-Niles, Chief Financial Officer
|
|
Filed herewith
|
|
|
|
|
|
(32)
|
|
Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
|
|
Filed herewith
|
|
|
|
|
|
(101)
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
|
|
Filed herewith
|
*
|
Management contracts and arrangements.
|
|
|
ASSOCIATED BANC-CORP
|
|
|
|
|
|
Date: February 5, 2016
|
|
By:
|
/s/ Philip B. Flynn
|
|
|
|
Philip B. Flynn
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ Philip B. Flynn
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
February 5, 2016
|
Philip B. Flynn
|
|
|
||
|
|
|
||
/s/ Christopher J. Del Moral-Niles
|
|
Chief Financial Officer and Principal Accounting Officer
|
|
February 5, 2016
|
Christopher J. Del Moral-Niles
|
|
|
By:
|
|
/s/ Randall J. Erickson
|
|
|
Randall J. Erickson
|
|
|
As Attorney-In-Fact*
|
*
|
Pursuant to authority granted by powers of attorney, copies of which are filed herewith.
|
#2-77435
|
#333-121012
|
#2-99096
|
#333-121011
|
#33-16952
|
#333-121010
|
#33-24822
|
#333-120711
|
#33-35560
|
#333-120714
|
#33-54658
|
#333-120713
|
#33-63545
|
#333-120710
|
#33-67436
|
#333-120709
|
#33-86790
|
#333-166392
|
#333-46467
|
#333-188233
|
#333-74307
|
#333-208104
|
#2-98922
|
#33-67434
|
#33-28081
|
#333-202836
|
#33-63557
|
#333-208103
|
#333-195049
|
|
|
|
|
Date: February 5, 2016
|
|
/s/ Philip B. Flynn
|
|
|
Philip B. Flynn
|
|
|
President and Chief Executive Officer
|
|
|
|
Date: February 5, 2016
|
|
/s/ Christopher J. Del Moral-Niles
|
|
|
Christopher J. Del Moral-Niles
|
|
|
Chief Financial Officer
|
|
|
|
/s/ Philip B. Flynn
|
|
Philip B. Flynn
|
|
Chief Executive Officer
|
|
February 5, 2016
|
|
|
|
/s/ Christopher J. Del Moral-Niles
|
|
Christopher J. Del Moral-Niles
|
|
Chief Financial Officer
|
|
February 5, 2016
|