|
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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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Illinois
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36-3873352
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(State of incorporation or organization)
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(I.R.S. Employer Identification No.)
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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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¨
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(Do not check if a smaller reporting company)
|
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Smaller reporting company
|
|
¨
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|
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Page
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|
PART I. — FINANCIAL INFORMATION
|
|
ITEM 1.
|
||
ITEM 2.
|
||
ITEM 3.
|
||
ITEM 4.
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||
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PART II. — OTHER INFORMATION
|
|
ITEM 1.
|
Legal Proceedings
|
NA
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ITEM 1A.
|
||
ITEM 2.
|
||
ITEM 3.
|
Defaults Upon Senior Securities
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NA
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ITEM 4.
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Mine Safety Disclosures
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NA
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ITEM 5.
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Other Information
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NA
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ITEM 6.
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||
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
|
|||||||||||
|
(Unaudited)
|
|
|
|
(Unaudited)
|
||||||
(In thousands, except share data)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
224,286
|
|
|
$
|
284,731
|
|
|
$
|
176,529
|
|
Federal funds sold and securities purchased under resale agreements
|
9,013
|
|
|
30,297
|
|
|
15,227
|
|
|||
Interest-bearing deposits with other banks (no balance restricted for securitization investors at June 30, 2013 and December 31, 2012, and a balance restricted for securitization investors of $658,983 at June 30, 2012)
|
440,656
|
|
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1,035,743
|
|
|
1,117,888
|
|
|||
Available-for-sale securities, at fair value
|
1,843,824
|
|
|
1,796,076
|
|
|
1,196,702
|
|
|||
Trading account securities
|
659
|
|
|
583
|
|
|
608
|
|
|||
Federal Home Loan Bank and Federal Reserve Bank stock
|
79,354
|
|
|
79,564
|
|
|
92,792
|
|
|||
Brokerage customer receivables
|
26,214
|
|
|
24,864
|
|
|
31,448
|
|
|||
Mortgage loans held-for-sale, at fair value
|
525,027
|
|
|
385,033
|
|
|
511,566
|
|
|||
Mortgage loans held-for-sale, at lower of cost or market
|
12,964
|
|
|
27,167
|
|
|
14,538
|
|
|||
Loans, net of unearned income, excluding covered loans
|
12,516,892
|
|
|
11,828,943
|
|
|
11,202,842
|
|
|||
Covered loans
|
454,602
|
|
|
560,087
|
|
|
614,062
|
|
|||
Total loans
|
12,971,494
|
|
|
12,389,030
|
|
|
11,816,904
|
|
|||
Less: Allowance for loan losses
|
106,842
|
|
|
107,351
|
|
|
111,920
|
|
|||
Less: Allowance for covered loan losses
|
14,429
|
|
|
13,454
|
|
|
20,560
|
|
|||
Net loans (no balance restricted for securitization investors at June 30, 2013 and December 31, 2012, and a balance restricted for securitization investors of $29,840 at June 30, 2012)
|
12,850,223
|
|
|
12,268,225
|
|
|
11,684,424
|
|
|||
Premises and equipment, net
|
512,928
|
|
|
501,205
|
|
|
449,608
|
|
|||
FDIC indemnification asset
|
137,681
|
|
|
208,160
|
|
|
222,568
|
|
|||
Accrued interest receivable and other assets
|
573,709
|
|
|
511,617
|
|
|
710,275
|
|
|||
Goodwill
|
356,871
|
|
|
345,401
|
|
|
330,896
|
|
|||
Other intangible assets
|
20,137
|
|
|
20,947
|
|
|
21,213
|
|
|||
Total assets
|
$
|
17,613,546
|
|
|
$
|
17,519,613
|
|
|
$
|
16,576,282
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
2,450,659
|
|
|
$
|
2,396,264
|
|
|
$
|
2,047,715
|
|
Interest bearing
|
11,915,195
|
|
|
12,032,280
|
|
|
11,009,866
|
|
|||
Total deposits
|
14,365,854
|
|
|
14,428,544
|
|
|
13,057,581
|
|
|||
Notes payable
|
1,729
|
|
|
2,093
|
|
|
2,457
|
|
|||
Federal Home Loan Bank advances
|
585,942
|
|
|
414,122
|
|
|
564,301
|
|
|||
Other borrowings
|
252,776
|
|
|
274,411
|
|
|
375,523
|
|
|||
Secured borrowings—owed to securitization investors
|
—
|
|
|
—
|
|
|
360,825
|
|
|||
Subordinated notes
|
10,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
Junior subordinated debentures
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|||
Trade date securities payable
|
577
|
|
|
—
|
|
|
19,025
|
|
|||
Accrued interest payable and other liabilities
|
310,515
|
|
|
331,245
|
|
|
210,003
|
|
|||
Total liabilities
|
15,776,886
|
|
|
15,714,908
|
|
|
14,854,208
|
|
|||
Shareholders’ Equity:
|
|
|
|
|
|
||||||
Preferred stock, no par value; 20,000,000 shares authorized:
|
|
|
|
|
|
||||||
Series A - $1,000 liquidation value; 50,000 shares issued and outstanding at June 30, 2013, December 31, 2012 and June 30, 2012
|
49,976
|
|
|
49,906
|
|
|
49,837
|
|
|||
Series C - $1,000 liquidation value; 126,500 shares issued and outstanding at June 30, 2013, December 31, 2012 and June 30, 2012
|
126,500
|
|
|
126,500
|
|
|
126,500
|
|
|||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at June 30, 2013, December 31, 2012, and June 30, 2012; 37,984,485 shares issued at June 30, 2013, 37,107,684 shares issued at December 31, 2012, and 36,573,468 shares issued at June 30, 2012
|
37,985
|
|
|
37,108
|
|
|
36,573
|
|
|||
Surplus
|
1,066,796
|
|
|
1,036,295
|
|
|
1,013,428
|
|
|||
Treasury stock, at cost, 259,342 shares at June 30, 2013, 249,329 shares at December 31, 2012, and 236,226 shares at June 30, 2012
|
(8,214
|
)
|
|
(7,838
|
)
|
|
(7,374
|
)
|
|||
Retained earnings
|
612,821
|
|
|
555,023
|
|
|
501,139
|
|
|||
Accumulated other comprehensive (loss) income
|
(49,204
|
)
|
|
7,711
|
|
|
1,971
|
|
|||
Total shareholders’ equity
|
1,836,660
|
|
|
1,804,705
|
|
|
1,722,074
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
17,613,546
|
|
|
$
|
17,519,613
|
|
|
$
|
16,576,282
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
(In thousands, except per share data)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Interest income
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans
|
$
|
145,983
|
|
|
$
|
144,100
|
|
|
$
|
288,097
|
|
|
$
|
287,655
|
|
Interest bearing deposits with banks
|
411
|
|
|
203
|
|
|
980
|
|
|
451
|
|
||||
Federal funds sold and securities purchased under resale agreements
|
4
|
|
|
6
|
|
|
19
|
|
|
18
|
|
||||
Securities
|
9,359
|
|
|
10,510
|
|
|
18,111
|
|
|
22,357
|
|
||||
Trading account securities
|
8
|
|
|
10
|
|
|
13
|
|
|
19
|
|
||||
Federal Home Loan Bank and Federal Reserve Bank stock
|
693
|
|
|
641
|
|
|
1,377
|
|
|
1,245
|
|
||||
Brokerage customer receivables
|
188
|
|
|
221
|
|
|
362
|
|
|
432
|
|
||||
Total interest income
|
156,646
|
|
|
155,691
|
|
|
308,959
|
|
|
312,177
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
13,675
|
|
|
17,273
|
|
|
28,179
|
|
|
35,303
|
|
||||
Interest on Federal Home Loan Bank advances
|
2,821
|
|
|
2,867
|
|
|
5,585
|
|
|
6,451
|
|
||||
Interest on notes payable and other borrowings
|
1,132
|
|
|
2,274
|
|
|
2,286
|
|
|
5,376
|
|
||||
Interest on secured borrowings—owed to securitization investors
|
—
|
|
|
1,743
|
|
|
—
|
|
|
4,292
|
|
||||
Interest on subordinated notes
|
52
|
|
|
126
|
|
|
111
|
|
|
295
|
|
||||
Interest on junior subordinated debentures
|
3,142
|
|
|
3,138
|
|
|
6,261
|
|
|
6,295
|
|
||||
Total interest expense
|
20,822
|
|
|
27,421
|
|
|
42,422
|
|
|
58,012
|
|
||||
Net interest income
|
135,824
|
|
|
128,270
|
|
|
266,537
|
|
|
254,165
|
|
||||
Provision for credit losses
|
15,382
|
|
|
20,691
|
|
|
31,069
|
|
|
38,091
|
|
||||
Net interest income after provision for credit losses
|
120,442
|
|
|
107,579
|
|
|
235,468
|
|
|
216,074
|
|
||||
Non-interest income
|
|
|
|
|
|
|
|
||||||||
Wealth management
|
15,892
|
|
|
13,393
|
|
|
30,720
|
|
|
25,794
|
|
||||
Mortgage banking
|
31,734
|
|
|
25,607
|
|
|
61,879
|
|
|
44,141
|
|
||||
Service charges on deposit accounts
|
5,035
|
|
|
3,994
|
|
|
9,828
|
|
|
8,202
|
|
||||
Gains on available-for-sale securities, net
|
2
|
|
|
1,109
|
|
|
253
|
|
|
1,925
|
|
||||
Fees from covered call options
|
993
|
|
|
3,114
|
|
|
2,632
|
|
|
6,237
|
|
||||
Gain on bargain purchases, net
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
785
|
|
||||
Trading gains (losses), net
|
3,260
|
|
|
(928
|
)
|
|
2,825
|
|
|
(782
|
)
|
||||
Other
|
7,079
|
|
|
4,701
|
|
|
13,237
|
|
|
11,656
|
|
||||
Total non-interest income
|
63,995
|
|
|
50,935
|
|
|
121,374
|
|
|
97,958
|
|
||||
Non-interest expense
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
79,225
|
|
|
68,139
|
|
|
156,738
|
|
|
137,169
|
|
||||
Equipment
|
6,413
|
|
|
5,466
|
|
|
12,597
|
|
|
10,866
|
|
||||
Occupancy, net
|
8,707
|
|
|
7,728
|
|
|
17,560
|
|
|
15,790
|
|
||||
Data processing
|
4,358
|
|
|
3,840
|
|
|
8,957
|
|
|
7,458
|
|
||||
Advertising and marketing
|
2,722
|
|
|
2,179
|
|
|
4,762
|
|
|
4,185
|
|
||||
Professional fees
|
4,191
|
|
|
3,847
|
|
|
7,412
|
|
|
7,451
|
|
||||
Amortization of other intangible assets
|
1,164
|
|
|
1,089
|
|
|
2,284
|
|
|
2,138
|
|
||||
FDIC insurance
|
3,003
|
|
|
3,477
|
|
|
6,447
|
|
|
6,834
|
|
||||
OREO expense, net
|
2,284
|
|
|
5,848
|
|
|
664
|
|
|
13,026
|
|
||||
Other
|
16,120
|
|
|
15,572
|
|
|
30,885
|
|
|
30,027
|
|
||||
Total non-interest expense
|
128,187
|
|
|
117,185
|
|
|
248,306
|
|
|
234,944
|
|
||||
Income before taxes
|
56,250
|
|
|
41,329
|
|
|
108,536
|
|
|
79,088
|
|
||||
Income tax expense
|
21,943
|
|
|
15,734
|
|
|
42,177
|
|
|
30,283
|
|
||||
Net income
|
$
|
34,307
|
|
|
$
|
25,595
|
|
|
$
|
66,359
|
|
|
$
|
48,805
|
|
Preferred stock dividends and discount accretion
|
$
|
2,617
|
|
|
$
|
2,644
|
|
|
$
|
5,233
|
|
|
$
|
3,890
|
|
Net income applicable to common shares
|
$
|
31,690
|
|
|
$
|
22,951
|
|
|
$
|
61,126
|
|
|
$
|
44,915
|
|
Net income per common share—Basic
|
$
|
0.85
|
|
|
$
|
0.63
|
|
|
$
|
1.64
|
|
|
$
|
1.24
|
|
Net income per common share—Diluted
|
$
|
0.69
|
|
|
$
|
0.52
|
|
|
$
|
1.34
|
|
|
$
|
1.02
|
|
Cash dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
Weighted average common shares outstanding
|
37,486
|
|
|
36,329
|
|
|
37,231
|
|
|
36,266
|
|
||||
Dilutive potential common shares
|
12,354
|
|
|
7,770
|
|
|
12,363
|
|
|
7,723
|
|
||||
Average common shares and dilutive common shares
|
49,840
|
|
|
44,099
|
|
|
49,594
|
|
|
43,989
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
(In thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income
|
$
|
34,307
|
|
|
$
|
25,595
|
|
|
$
|
66,359
|
|
|
$
|
48,805
|
|
Unrealized (losses) gains on securities
|
|
|
|
|
|
|
|
||||||||
Before tax
|
(71,463
|
)
|
|
7,959
|
|
|
(78,918
|
)
|
|
4,740
|
|
||||
Tax effect
|
28,341
|
|
|
(3,160
|
)
|
|
31,147
|
|
|
(1,884
|
)
|
||||
Net of tax
|
(43,122
|
)
|
|
4,799
|
|
|
(47,771
|
)
|
|
2,856
|
|
||||
Less: Reclassification of net gains included in net income
|
|
|
|
|
|
|
|
||||||||
Before tax
|
2
|
|
|
1,109
|
|
|
253
|
|
|
1,925
|
|
||||
Tax effect
|
(1
|
)
|
|
(445
|
)
|
|
(101
|
)
|
|
(772
|
)
|
||||
Net of tax
|
1
|
|
|
664
|
|
|
152
|
|
|
1,153
|
|
||||
Net unrealized (losses) gains on securities
|
(43,123
|
)
|
|
4,135
|
|
|
(47,923
|
)
|
|
1,703
|
|
||||
Unrealized gains on derivative instruments
|
|
|
|
|
|
|
|
||||||||
Before tax
|
2,169
|
|
|
936
|
|
|
3,643
|
|
|
1,732
|
|
||||
Tax effect
|
(865
|
)
|
|
(371
|
)
|
|
(1,451
|
)
|
|
(687
|
)
|
||||
Net unrealized gains on derivative instruments
|
1,304
|
|
|
565
|
|
|
2,192
|
|
|
1,045
|
|
||||
Foreign currency translation adjustment
|
|
|
|
|
|
|
|
||||||||
Before tax
|
(8,241
|
)
|
|
2,701
|
|
|
(14,545
|
)
|
|
2,701
|
|
||||
Tax effect
|
1,923
|
|
|
(600
|
)
|
|
3,361
|
|
|
(600
|
)
|
||||
Net foreign currency translation adjustment
|
(6,318
|
)
|
|
2,101
|
|
|
(11,184
|
)
|
|
2,101
|
|
||||
Total other comprehensive (loss) income
|
(48,137
|
)
|
|
6,801
|
|
|
(56,915
|
)
|
|
4,849
|
|
||||
Comprehensive (loss) income
|
$
|
(13,830
|
)
|
|
$
|
32,396
|
|
|
$
|
9,444
|
|
|
$
|
53,654
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
|||||||||||||||||||||||||||
(In thousands)
|
Preferred
stock
|
|
Common
stock
|
|
Surplus
|
|
Treasury
stock
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
shareholders’
equity
|
||||||||||||||
Balance at December 31, 2011
|
$
|
49,768
|
|
|
$
|
35,982
|
|
|
$
|
1,001,316
|
|
|
$
|
(112
|
)
|
|
$
|
459,457
|
|
|
$
|
(2,878
|
)
|
|
$
|
1,543,533
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,805
|
|
|
—
|
|
|
48,805
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,849
|
|
|
4,849
|
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,261
|
)
|
|
—
|
|
|
(3,261
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,793
|
)
|
|
—
|
|
|
(3,793
|
)
|
|||||||
Accretion on preferred stock
|
69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,639
|
|
|||||||
Issuance of Series C preferred stock
|
126,500
|
|
|
—
|
|
|
(3,810
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,690
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options and warrants
|
—
|
|
|
420
|
|
|
7,676
|
|
|
(6,391
|
)
|
|
—
|
|
|
—
|
|
|
1,705
|
|
|||||||
Restricted stock awards
|
—
|
|
|
110
|
|
|
1,692
|
|
|
(871
|
)
|
|
—
|
|
|
—
|
|
|
931
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
39
|
|
|
1,223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|||||||
Director compensation plan
|
—
|
|
|
22
|
|
|
692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
714
|
|
|||||||
Balance at June 30, 2012
|
$
|
176,337
|
|
|
$
|
36,573
|
|
|
$
|
1,013,428
|
|
|
$
|
(7,374
|
)
|
|
$
|
501,139
|
|
|
$
|
1,971
|
|
|
$
|
1,722,074
|
|
Balance at December 31, 2012
|
$
|
176,406
|
|
|
$
|
37,108
|
|
|
$
|
1,036,295
|
|
|
$
|
(7,838
|
)
|
|
$
|
555,023
|
|
|
$
|
7,711
|
|
|
$
|
1,804,705
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,359
|
|
|
—
|
|
|
66,359
|
|
|||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,915
|
)
|
|
(56,915
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,328
|
)
|
|
—
|
|
|
(3,328
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,163
|
)
|
|
—
|
|
|
(5,163
|
)
|
|||||||
Accretion on preferred stock
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,628
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisitions
|
—
|
|
|
648
|
|
|
22,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,070
|
|
|||||||
Exercise of stock options and warrants
|
—
|
|
|
46
|
|
|
1,301
|
|
|
(214
|
)
|
|
—
|
|
|
—
|
|
|
1,133
|
|
|||||||
Restricted stock awards
|
—
|
|
|
121
|
|
|
140
|
|
|
(162
|
)
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
31
|
|
|
1,287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,318
|
|
|||||||
Director compensation plan
|
—
|
|
|
31
|
|
|
723
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
754
|
|
|||||||
Balance at June 30, 2013
|
$
|
176,476
|
|
|
$
|
37,985
|
|
|
$
|
1,066,796
|
|
|
$
|
(8,214
|
)
|
|
$
|
612,821
|
|
|
$
|
(49,204
|
)
|
|
$
|
1,836,660
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
(In thousands)
|
2013
|
|
2012
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
66,359
|
|
|
$
|
48,805
|
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities
|
|
|
|
||||
Provision for credit losses
|
31,069
|
|
|
38,091
|
|
||
Depreciation and amortization
|
13,874
|
|
|
11,442
|
|
||
Stock-based compensation expense
|
4,628
|
|
|
4,639
|
|
||
Tax benefit from stock-based compensation arrangements
|
223
|
|
|
1,228
|
|
||
Excess tax benefits from stock-based compensation arrangements
|
(326
|
)
|
|
(800
|
)
|
||
Net amortization of premium on securities
|
155
|
|
|
4,830
|
|
||
Mortgage servicing rights fair value change and amortization, net
|
(1,456
|
)
|
|
(1,920
|
)
|
||
Originations and purchases of mortgage loans held-for-sale
|
(2,025,231
|
)
|
|
(1,568,240
|
)
|
||
Proceeds from sales of mortgage loans held-for-sale
|
1,954,766
|
|
|
1,392,580
|
|
||
Bank owned life insurance income, net of claims
|
(1,748
|
)
|
|
(1,424
|
)
|
||
(Increase) decrease in trading securities, net
|
(76
|
)
|
|
1,882
|
|
||
Net increase in brokerage customer receivables
|
(1,350
|
)
|
|
(3,523
|
)
|
||
Gains on mortgage loans sold
|
(55,326
|
)
|
|
(29,920
|
)
|
||
Gains on available-for-sale securities, net
|
(253
|
)
|
|
(1,925
|
)
|
||
Gain on bargain purchases, net
|
—
|
|
|
(785
|
)
|
||
Loss on sales of premises and equipment, net
|
—
|
|
|
471
|
|
||
Net (gain) loss on sales and fair value adjustments of other real estate owned
|
(1,926
|
)
|
|
10,302
|
|
||
Decrease (increase) in accrued interest receivable and other assets, net
|
35,279
|
|
|
(245,123
|
)
|
||
(Decrease) increase in accrued interest payable and other liabilities, net
|
(12,930
|
)
|
|
10,600
|
|
||
Net Cash Provided by (Used for) Operating Activities
|
5,731
|
|
|
(328,790
|
)
|
||
Investing Activities:
|
|
|
|
||||
Proceeds from maturities of available-for-sale securities
|
120,803
|
|
|
410,640
|
|
||
Proceeds from sales of available-for-sale securities
|
84,459
|
|
|
1,364,546
|
|
||
Purchases of available-for-sale securities
|
(205,372
|
)
|
|
(1,036,877
|
)
|
||
Net cash paid for acquisitions
|
(9,350
|
)
|
|
(129,742
|
)
|
||
Divestiture of operations
|
(149,100
|
)
|
|
—
|
|
||
Proceeds from sales of other real estate owned
|
40,127
|
|
|
49,773
|
|
||
Proceeds received from the FDIC related to reimbursements on covered assets
|
21,483
|
|
|
115,280
|
|
||
Net decrease (increase) in interest-bearing deposits with banks
|
653,816
|
|
|
(368,166
|
)
|
||
Net increase in loans
|
(530,412
|
)
|
|
(487,135
|
)
|
||
Purchases of premises and equipment, net
|
(13,097
|
)
|
|
(27,296
|
)
|
||
Net Cash Provided by (Used for) Investing Activities
|
13,357
|
|
|
(108,977
|
)
|
||
Financing Activities:
|
|
|
|
||||
(Decrease) increase in deposit accounts
|
(242,433
|
)
|
|
609,317
|
|
||
Decrease in other borrowings, net
|
(22,881
|
)
|
|
(341,111
|
)
|
||
Increase in Federal Home Loan Bank advances, net
|
172,000
|
|
|
90,000
|
|
||
Repayment of subordinated notes
|
(5,000
|
)
|
|
(20,000
|
)
|
||
Excess tax benefits from stock-based compensation arrangements
|
326
|
|
|
800
|
|
||
Net proceeds from issuance of Series C preferred stock
|
—
|
|
|
122,690
|
|
||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants
|
3,457
|
|
|
10,646
|
|
||
Common stock repurchases
|
(376
|
)
|
|
(7,262
|
)
|
||
Dividends paid
|
(5,910
|
)
|
|
(5,261
|
)
|
||
Net Cash (Used for) Provided by Financing Activities
|
(100,817
|
)
|
|
459,819
|
|
||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(81,729
|
)
|
|
22,052
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
315,028
|
|
|
169,704
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
233,299
|
|
|
$
|
191,756
|
|
(Dollars in thousands)
|
Charter
National
|
|
Second Federal
|
|
First United Bank
|
||||||
Date of acquisition
|
February 10, 2012
|
|
July 20, 2012
|
|
September 28, 2012
|
||||||
Fair value of assets acquired, at the acquisition date
|
$
|
92,355
|
|
|
$
|
171,625
|
|
|
$
|
328,408
|
|
Fair value of loans acquired, at the acquisition date
|
45,555
|
|
|
—
|
|
|
77,964
|
|
|||
Fair value of liabilities assumed, at the acquisition date
|
91,570
|
|
|
171,582
|
|
|
321,734
|
|
|||
Fair value of reimbursable losses, at the acquisition date
(1)
|
13,164
|
|
|
—
|
|
|
67,190
|
|
|||
Gain on bargain purchase recognized
|
785
|
|
|
43
|
|
|
6,675
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30, 2013
|
|
June 30, 2012
|
|
June 30, 2013
|
|
June 30, 2012
|
||||||||
Balance at beginning of period
|
$
|
170,696
|
|
|
$
|
263,212
|
|
|
$
|
208,160
|
|
|
$
|
344,251
|
|
Additions from acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
13,164
|
|
||||
Additions from reimbursable expenses
|
2,827
|
|
|
6,113
|
|
|
7,860
|
|
|
12,977
|
|
||||
Amortization
|
(1,653
|
)
|
|
(1,204
|
)
|
|
(4,121
|
)
|
|
(2,780
|
)
|
||||
Changes in expected reimbursements from the FDIC for changes in expected credit losses
|
(26,638
|
)
|
|
(12,551
|
)
|
|
(52,735
|
)
|
|
(29,764
|
)
|
||||
Payments received from the FDIC
|
(7,551
|
)
|
|
(33,002
|
)
|
|
(21,483
|
)
|
|
(115,280
|
)
|
||||
Balance at end of period
|
$
|
137,681
|
|
|
$
|
222,568
|
|
|
$
|
137,681
|
|
|
$
|
222,568
|
|
|
June 30, 2013
|
||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Treasury
|
$
|
225,200
|
|
|
$
|
134
|
|
|
$
|
(14,359
|
)
|
|
$
|
210,975
|
|
U.S. Government agencies
|
996,137
|
|
|
1,976
|
|
|
(39,655
|
)
|
|
958,458
|
|
||||
Municipal
|
152,208
|
|
|
1,281
|
|
|
(3,362
|
)
|
|
150,127
|
|
||||
Corporate notes and other:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
133,453
|
|
|
2,290
|
|
|
(2,783
|
)
|
|
132,960
|
|
||||
Other
|
8,838
|
|
|
135
|
|
|
—
|
|
|
8,973
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
279,925
|
|
|
3,971
|
|
|
(14,866
|
)
|
|
269,030
|
|
||||
Collateralized mortgage obligations
|
63,833
|
|
|
434
|
|
|
(530
|
)
|
|
63,737
|
|
||||
Other equity securities
|
52,437
|
|
|
746
|
|
|
(3,619
|
)
|
|
49,564
|
|
||||
Total available-for-sale securities
|
$
|
1,912,031
|
|
|
$
|
10,967
|
|
|
$
|
(79,174
|
)
|
|
$
|
1,843,824
|
|
|
December 31, 2012
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
220,226
|
|
|
$
|
198
|
|
|
$
|
(937
|
)
|
|
$
|
219,487
|
|
U.S. Government agencies
|
986,186
|
|
|
4,839
|
|
|
(986
|
)
|
|
990,039
|
|
||||
Municipal
|
107,868
|
|
|
2,899
|
|
|
(296
|
)
|
|
110,471
|
|
||||
Corporate notes and other:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
142,205
|
|
|
2,452
|
|
|
(3,982
|
)
|
|
140,675
|
|
||||
Other
|
13,911
|
|
|
220
|
|
|
—
|
|
|
14,131
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
188,485
|
|
|
8,805
|
|
|
(30
|
)
|
|
197,260
|
|
||||
Collateralized mortgage obligations
|
73,386
|
|
|
928
|
|
|
—
|
|
|
74,314
|
|
||||
Other equity securities
|
52,846
|
|
|
215
|
|
|
(3,362
|
)
|
|
49,699
|
|
||||
Total available-for-sale securities
|
$
|
1,785,113
|
|
|
$
|
20,556
|
|
|
$
|
(9,593
|
)
|
|
$
|
1,796,076
|
|
|
June 30, 2012
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
25,054
|
|
|
$
|
191
|
|
|
$
|
(2
|
)
|
|
$
|
25,243
|
|
U.S. Government agencies
|
636,117
|
|
|
4,262
|
|
|
(167
|
)
|
|
640,212
|
|
||||
Municipal
|
77,397
|
|
|
2,414
|
|
|
(83
|
)
|
|
79,728
|
|
||||
Corporate notes and other:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
143,892
|
|
|
2,434
|
|
|
(7,663
|
)
|
|
138,663
|
|
||||
Other
|
19,311
|
|
|
253
|
|
|
—
|
|
|
19,564
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
205,689
|
|
|
12,889
|
|
|
—
|
|
|
218,578
|
|
||||
Collateralized mortgage obligations
|
36,636
|
|
|
528
|
|
|
—
|
|
|
37,164
|
|
||||
Other equity securities
|
42,726
|
|
|
122
|
|
|
(5,298
|
)
|
|
37,550
|
|
||||
Total available-for-sale securities
|
$
|
1,186,822
|
|
|
$
|
23,093
|
|
|
$
|
(13,213
|
)
|
|
$
|
1,196,702
|
|
(1)
|
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
|
|
Continuous unrealized
losses existing for
less than 12 months
|
|
Continuous unrealized
losses existing for
greater than 12 months
|
|
Total
|
||||||||||||||||||
(Dollars in thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
U.S. Treasury
|
$
|
190,813
|
|
|
$
|
(14,359
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
190,813
|
|
|
$
|
(14,359
|
)
|
U.S. Government agencies
|
625,955
|
|
|
(39,654
|
)
|
|
6,024
|
|
|
(1
|
)
|
|
631,979
|
|
|
(39,655
|
)
|
||||||
Municipal
|
85,166
|
|
|
(3,360
|
)
|
|
618
|
|
|
(2
|
)
|
|
85,784
|
|
|
(3,362
|
)
|
||||||
Corporate notes and other:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial issuers
|
16,491
|
|
|
(301
|
)
|
|
63,459
|
|
|
(2,482
|
)
|
|
79,950
|
|
|
(2,783
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
179,965
|
|
|
(14,866
|
)
|
|
—
|
|
|
—
|
|
|
179,965
|
|
|
(14,866
|
)
|
||||||
Collateralized mortgage obligations
|
32,504
|
|
|
(530
|
)
|
|
—
|
|
|
—
|
|
|
32,504
|
|
|
(530
|
)
|
||||||
Other equity securities
|
13,171
|
|
|
(555
|
)
|
|
22,337
|
|
|
(3,064
|
)
|
|
35,508
|
|
|
(3,619
|
)
|
||||||
Total
|
$
|
1,144,065
|
|
|
$
|
(73,625
|
)
|
|
$
|
92,438
|
|
|
$
|
(5,549
|
)
|
|
$
|
1,236,503
|
|
|
$
|
(79,174
|
)
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Realized gains
|
$
|
3
|
|
|
$
|
1,109
|
|
|
$
|
316
|
|
|
$
|
1,937
|
|
Realized losses
|
(1
|
)
|
|
—
|
|
|
(63
|
)
|
|
(12
|
)
|
||||
Net realized gains
|
$
|
2
|
|
|
$
|
1,109
|
|
|
$
|
253
|
|
|
$
|
1,925
|
|
Other than temporary impairment charges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Gains on available-for-sale securities, net
|
$
|
2
|
|
|
$
|
1,109
|
|
|
$
|
253
|
|
|
$
|
1,925
|
|
Proceeds from sales of available-for-sale securities
|
$
|
43,403
|
|
|
$
|
627,177
|
|
|
$
|
84,459
|
|
|
$
|
1,364,546
|
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Due in one year or less
|
$
|
284,334
|
|
|
$
|
284,734
|
|
|
$
|
188,594
|
|
|
$
|
189,015
|
|
|
$
|
67,163
|
|
|
$
|
67,488
|
|
Due in one to five years
|
320,175
|
|
|
320,189
|
|
|
419,588
|
|
|
419,654
|
|
|
467,468
|
|
|
466,553
|
|
||||||
Due in five to ten years
|
382,837
|
|
|
366,341
|
|
|
361,037
|
|
|
362,135
|
|
|
110,465
|
|
|
109,780
|
|
||||||
Due after ten years
|
528,490
|
|
|
490,229
|
|
|
501,177
|
|
|
503,999
|
|
|
256,675
|
|
|
259,589
|
|
||||||
Mortgage-backed
|
343,758
|
|
|
332,767
|
|
|
261,871
|
|
|
271,574
|
|
|
242,325
|
|
|
255,742
|
|
||||||
Other equity securities
|
52,437
|
|
|
49,564
|
|
|
52,846
|
|
|
49,699
|
|
|
42,726
|
|
|
37,550
|
|
||||||
Total available-for-sale securities
|
$
|
1,912,031
|
|
|
$
|
1,843,824
|
|
|
$
|
1,785,113
|
|
|
$
|
1,796,076
|
|
|
$
|
1,186,822
|
|
|
$
|
1,196,702
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2012
|
||||||
Balance:
|
|
|
|
|
|
||||||
Commercial
|
$
|
3,120,576
|
|
|
$
|
2,914,798
|
|
|
$
|
2,673,181
|
|
Commercial real-estate
|
4,093,983
|
|
|
3,864,118
|
|
|
3,666,519
|
|
|||
Home equity
|
758,260
|
|
|
788,474
|
|
|
820,991
|
|
|||
Residential real-estate
|
384,961
|
|
|
367,213
|
|
|
375,494
|
|
|||
Premium finance receivables—commercial
|
2,165,734
|
|
|
1,987,856
|
|
|
1,830,044
|
|
|||
Premium finance receivables—life insurance
|
1,821,147
|
|
|
1,725,166
|
|
|
1,656,200
|
|
|||
Indirect consumer
|
64,521
|
|
|
77,333
|
|
|
72,482
|
|
|||
Consumer and other
|
107,710
|
|
|
103,985
|
|
|
107,931
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
12,516,892
|
|
|
$
|
11,828,943
|
|
|
$
|
11,202,842
|
|
Covered loans
|
454,602
|
|
|
560,087
|
|
|
614,062
|
|
|||
Total loans
|
$
|
12,971,494
|
|
|
$
|
12,389,030
|
|
|
$
|
11,816,904
|
|
Mix:
|
|
|
|
|
|
||||||
Commercial
|
24
|
%
|
|
24
|
%
|
|
23
|
%
|
|||
Commercial real-estate
|
31
|
|
|
31
|
|
|
31
|
|
|||
Home equity
|
6
|
|
|
6
|
|
|
7
|
|
|||
Residential real-estate
|
3
|
|
|
3
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
16
|
|
|
16
|
|
|
15
|
|
|||
Premium finance receivables—life insurance
|
14
|
|
|
14
|
|
|
14
|
|
|||
Indirect consumer
|
1
|
|
|
1
|
|
|
1
|
|
|||
Consumer and other
|
1
|
|
|
1
|
|
|
1
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
96
|
%
|
|
96
|
%
|
|
95
|
%
|
|||
Covered loans
|
4
|
|
|
4
|
|
|
5
|
|
|||
Total loans
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
June 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Unpaid
Principal
|
|
Carrying
|
|
Unpaid
Principal
|
|
Carrying
|
||||||||
(Dollars in thousands)
|
Balance
|
|
Value
|
|
Balance
|
|
Value
|
||||||||
Bank acquisitions
|
$
|
549,781
|
|
|
$
|
416,733
|
|
|
$
|
674,868
|
|
|
$
|
503,837
|
|
Life insurance premium finance loans acquisition
|
492,221
|
|
|
474,450
|
|
|
536,503
|
|
|
514,459
|
|
(Dollars in thousands)
|
FNBI
|
||
Contractually required payments including interest
|
$
|
32,022
|
|
Less: Nonaccretable difference
|
8,890
|
|
|
Cash flows expected to be collected
(1)
|
23,132
|
|
|
Less: Accretable yield
|
2,055
|
|
|
Fair value of loans acquired with evidence of credit quality deterioration since origination
|
$
|
21,077
|
|
(1)
|
Represents undiscounted expected principal and interest cash flows at acquisition.
|
|
Three Months Ended
June 30, 2013
|
|
Three Months Ended
June 30, 2012
|
||||||||||||
(Dollars in thousands)
|
Bank Acquisitions
|
|
Life Insurance
Premium Finance Loans
|
|
Bank
Acquisitions
|
|
Life Insurance
Premium
Finance Loans
|
||||||||
Accretable yield, beginning balance
|
$
|
121,725
|
|
|
$
|
11,218
|
|
|
$
|
182,222
|
|
|
$
|
15,848
|
|
Acquisitions
|
2,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Accretable yield amortized to interest income
|
(9,347
|
)
|
|
(2,254
|
)
|
|
(13,387
|
)
|
|
(2,749
|
)
|
||||
Accretable yield amortized to indemnification asset
(1)
|
(11,906
|
)
|
|
—
|
|
|
(18,063
|
)
|
|
—
|
|
||||
Reclassification from non-accretable difference
(2)
|
30,792
|
|
|
1,007
|
|
|
7,590
|
|
|
1,145
|
|
||||
(Decreases) increases in interest cash flows due to payments and changes in interest rates
|
(2,463
|
)
|
|
316
|
|
|
13,439
|
|
|
382
|
|
||||
Accretable yield, ending balance
(3)
|
$
|
130,856
|
|
|
$
|
10,287
|
|
|
$
|
171,801
|
|
|
$
|
14,626
|
|
|
Six Months Ended
June 30, 2013
|
|
Six Months Ended
June 30, 2012
|
||||||||||||
(Dollars in thousands)
|
Bank Acquisitions
|
|
Life Insurance
Premium Finance Loans
|
|
Bank
Acquisitions
|
|
Life Insurance
Premium
Finance Loans
|
||||||||
Accretable yield, beginning balance
|
$
|
143,224
|
|
|
$
|
13,055
|
|
|
$
|
173,120
|
|
|
$
|
18,861
|
|
Acquisitions
|
1,977
|
|
|
—
|
|
|
2,288
|
|
|
—
|
|
||||
Accretable yield amortized to interest income
|
(18,924
|
)
|
|
(4,273
|
)
|
|
(28,279
|
)
|
|
(6,486
|
)
|
||||
Accretable yield amortized to indemnification asset
(1)
|
(20,612
|
)
|
|
—
|
|
|
(39,440
|
)
|
|
—
|
|
||||
Reclassification from non-accretable difference
(2)
|
36,204
|
|
|
1,007
|
|
|
49,191
|
|
|
1,145
|
|
||||
(Decreases) increases in interest cash flows due to payments and changes in interest rates
|
(11,013
|
)
|
|
498
|
|
|
14,921
|
|
|
1,106
|
|
||||
Accretable yield, ending balance
(3)
|
$
|
130,856
|
|
|
$
|
10,287
|
|
|
$
|
171,801
|
|
|
$
|
14,626
|
|
(1)
|
Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset.
|
(2)
|
Reclassification is the result of subsequent increases in expected principal cash flows.
|
(3)
|
As of June 30, 2013, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank
acquisitions is
$52.2 million
. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income.
|
As of June 30, 2013
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
15,432
|
|
|
$
|
—
|
|
|
$
|
2,940
|
|
|
$
|
9,933
|
|
|
$
|
1,423,823
|
|
|
$
|
1,452,128
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|
201,790
|
|
|
202,240
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,422
|
|
|
174,422
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,003
|
|
|
83,003
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,174
|
|
|
13,174
|
|
||||||
Asset-based lending
|
1,816
|
|
|
100
|
|
|
2,305
|
|
|
7,127
|
|
|
919,106
|
|
|
930,454
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151,492
|
|
|
151,492
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,409
|
|
|
102,409
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
||||||
Purchased non-covered commercial
(1)
|
—
|
|
|
190
|
|
|
—
|
|
|
1,632
|
|
|
9,334
|
|
|
11,156
|
|
||||||
Total commercial
|
17,248
|
|
|
290
|
|
|
5,245
|
|
|
19,142
|
|
|
3,078,651
|
|
|
3,120,576
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
2,659
|
|
|
3,263
|
|
|
379
|
|
|
—
|
|
|
32,998
|
|
|
39,299
|
|
||||||
Commercial construction
|
7,857
|
|
|
—
|
|
|
1,271
|
|
|
70
|
|
|
128,845
|
|
|
138,043
|
|
||||||
Land
|
5,742
|
|
|
—
|
|
|
330
|
|
|
4,141
|
|
|
106,640
|
|
|
116,853
|
|
||||||
Office
|
6,324
|
|
|
—
|
|
|
4,210
|
|
|
2,720
|
|
|
584,503
|
|
|
597,757
|
|
||||||
Industrial
|
5,773
|
|
|
—
|
|
|
4,597
|
|
|
4,984
|
|
|
600,147
|
|
|
615,501
|
|
||||||
Retail
|
7,471
|
|
|
—
|
|
|
1,760
|
|
|
2,031
|
|
|
596,129
|
|
|
607,391
|
|
||||||
Multi-family
|
3,337
|
|
|
—
|
|
|
401
|
|
|
3,149
|
|
|
526,681
|
|
|
533,568
|
|
||||||
Mixed use and other
|
15,662
|
|
|
—
|
|
|
2,183
|
|
|
10,379
|
|
|
1,349,936
|
|
|
1,378,160
|
|
||||||
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
6,466
|
|
|
3,430
|
|
|
6,226
|
|
|
51,289
|
|
|
67,411
|
|
||||||
Total commercial real-estate
|
54,825
|
|
|
9,729
|
|
|
18,561
|
|
|
33,700
|
|
|
3,977,168
|
|
|
4,093,983
|
|
||||||
Home equity
|
12,322
|
|
|
25
|
|
|
2,085
|
|
|
5,821
|
|
|
738,007
|
|
|
758,260
|
|
||||||
Residential real estate
|
10,213
|
|
|
—
|
|
|
1,896
|
|
|
1,836
|
|
|
368,696
|
|
|
382,641
|
|
||||||
Purchased non-covered residential real estate
(1)
|
—
|
|
|
—
|
|
|
46
|
|
|
260
|
|
|
2,014
|
|
|
2,320
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
13,605
|
|
|
6,671
|
|
|
6,592
|
|
|
11,386
|
|
|
2,127,480
|
|
|
2,165,734
|
|
||||||
Life insurance loans
|
16
|
|
|
1,212
|
|
|
7,896
|
|
|
—
|
|
|
1,337,573
|
|
|
1,346,697
|
|
||||||
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
474,450
|
|
|
474,450
|
|
||||||
Indirect consumer
|
91
|
|
|
217
|
|
|
28
|
|
|
428
|
|
|
63,757
|
|
|
64,521
|
|
||||||
Consumer and other
|
1,677
|
|
|
—
|
|
|
484
|
|
|
156
|
|
|
105,055
|
|
|
107,372
|
|
||||||
Purchased non-covered consumer and other
(1)
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
338
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
109,997
|
|
|
$
|
18,172
|
|
|
$
|
42,833
|
|
|
$
|
72,729
|
|
|
$
|
12,273,161
|
|
|
$
|
12,516,892
|
|
Covered loans
|
3,982
|
|
|
97,000
|
|
|
10,568
|
|
|
4,852
|
|
|
338,200
|
|
|
454,602
|
|
||||||
Total loans, net of unearned income
|
$
|
113,979
|
|
|
$
|
115,172
|
|
|
$
|
53,401
|
|
|
$
|
77,581
|
|
|
$
|
12,611,361
|
|
|
$
|
12,971,494
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
As of December 31, 2012
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
19,409
|
|
|
$
|
—
|
|
|
$
|
5,520
|
|
|
$
|
15,410
|
|
|
$
|
1,587,864
|
|
|
$
|
1,628,203
|
|
Franchise
|
1,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194,603
|
|
|
196,395
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215,076
|
|
|
215,076
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,496
|
|
|
81,496
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
17,216
|
|
|
17,364
|
|
||||||
Asset-based lending
|
536
|
|
|
—
|
|
|
1,126
|
|
|
6,622
|
|
|
564,154
|
|
|
572,438
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,824
|
|
|
91,824
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
896
|
|
|
89,547
|
|
|
90,443
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,549
|
|
|
16,549
|
|
||||||
Purchased non-covered commercial
(1)
|
—
|
|
|
496
|
|
|
432
|
|
|
7
|
|
|
4,075
|
|
|
5,010
|
|
||||||
Total commercial
|
21,737
|
|
|
496
|
|
|
7,226
|
|
|
22,935
|
|
|
2,862,404
|
|
|
2,914,798
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
3,110
|
|
|
—
|
|
|
4
|
|
|
41
|
|
|
37,246
|
|
|
40,401
|
|
||||||
Commercial construction
|
2,159
|
|
|
—
|
|
|
885
|
|
|
386
|
|
|
167,525
|
|
|
170,955
|
|
||||||
Land
|
11,299
|
|
|
—
|
|
|
632
|
|
|
9,014
|
|
|
113,252
|
|
|
134,197
|
|
||||||
Office
|
4,196
|
|
|
—
|
|
|
1,889
|
|
|
3,280
|
|
|
560,346
|
|
|
569,711
|
|
||||||
Industrial
|
2,089
|
|
|
—
|
|
|
6,042
|
|
|
4,512
|
|
|
565,294
|
|
|
577,937
|
|
||||||
Retail
|
7,792
|
|
|
—
|
|
|
1,372
|
|
|
998
|
|
|
558,734
|
|
|
568,896
|
|
||||||
Multi-family
|
2,586
|
|
|
—
|
|
|
3,949
|
|
|
1,040
|
|
|
389,116
|
|
|
396,691
|
|
||||||
Mixed use and other
|
16,742
|
|
|
—
|
|
|
6,660
|
|
|
13,349
|
|
|
1,312,503
|
|
|
1,349,254
|
|
||||||
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
749
|
|
|
2,663
|
|
|
2,508
|
|
|
50,156
|
|
|
56,076
|
|
||||||
Total commercial real-estate
|
49,973
|
|
|
749
|
|
|
24,096
|
|
|
35,128
|
|
|
3,754,172
|
|
|
3,864,118
|
|
||||||
Home equity
|
13,423
|
|
|
100
|
|
|
1,592
|
|
|
5,043
|
|
|
768,316
|
|
|
788,474
|
|
||||||
Residential real-estate
|
11,728
|
|
|
—
|
|
|
2,763
|
|
|
8,250
|
|
|
343,616
|
|
|
366,357
|
|
||||||
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
656
|
|
|
856
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
9,302
|
|
|
10,008
|
|
|
6,729
|
|
|
19,597
|
|
|
1,942,220
|
|
|
1,987,856
|
|
||||||
Life insurance loans
|
25
|
|
|
—
|
|
|
—
|
|
|
5,531
|
|
|
1,205,151
|
|
|
1,210,707
|
|
||||||
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
514,459
|
|
|
514,459
|
|
||||||
Indirect consumer
|
55
|
|
|
189
|
|
|
51
|
|
|
442
|
|
|
76,596
|
|
|
77,333
|
|
||||||
Consumer and other
|
1,511
|
|
|
32
|
|
|
167
|
|
|
433
|
|
|
99,010
|
|
|
101,153
|
|
||||||
Purchased non-covered consumer and other
(1)
|
—
|
|
|
66
|
|
|
32
|
|
|
101
|
|
|
2,633
|
|
|
2,832
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
107,754
|
|
|
$
|
11,640
|
|
|
$
|
42,856
|
|
|
$
|
97,460
|
|
|
$
|
11,569,233
|
|
|
$
|
11,828,943
|
|
Covered loans
|
1,988
|
|
|
122,350
|
|
|
16,108
|
|
|
7,999
|
|
|
411,642
|
|
|
560,087
|
|
||||||
Total loans, net of unearned income
|
$
|
109,742
|
|
|
$
|
133,990
|
|
|
$
|
58,964
|
|
|
$
|
105,459
|
|
|
$
|
11,980,875
|
|
|
$
|
12,389,030
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
As of June 30, 2012
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
27,911
|
|
|
$
|
—
|
|
|
$
|
5,557
|
|
|
$
|
17,227
|
|
|
$
|
1,570,366
|
|
|
$
|
1,621,061
|
|
Franchise
|
1,792
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
176,827
|
|
|
178,619
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123,804
|
|
|
123,804
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,289
|
|
|
73,289
|
|
||||||
Aircraft
|
428
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
22,205
|
|
|
22,803
|
|
||||||
Asset-based lending
|
342
|
|
|
—
|
|
|
172
|
|
|
1,074
|
|
|
487,619
|
|
|
489,207
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,708
|
|
|
79,708
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
77,805
|
|
|
77,806
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,842
|
|
|
1,842
|
|
||||||
Purchased non-covered commercial
(1)
|
—
|
|
|
486
|
|
|
—
|
|
|
57
|
|
|
4,499
|
|
|
5,042
|
|
||||||
Total commercial
|
30,473
|
|
|
486
|
|
|
5,729
|
|
|
18,529
|
|
|
2,617,964
|
|
|
2,673,181
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
892
|
|
|
—
|
|
|
6,041
|
|
|
5,773
|
|
|
32,020
|
|
|
44,726
|
|
||||||
Commercial construction
|
3,011
|
|
|
—
|
|
|
13,131
|
|
|
330
|
|
|
140,223
|
|
|
156,695
|
|
||||||
Land
|
13,459
|
|
|
—
|
|
|
3,276
|
|
|
6,044
|
|
|
142,490
|
|
|
165,269
|
|
||||||
Office
|
4,796
|
|
|
—
|
|
|
891
|
|
|
1,868
|
|
|
562,879
|
|
|
570,434
|
|
||||||
Industrial
|
1,820
|
|
|
—
|
|
|
3,158
|
|
|
1,320
|
|
|
591,919
|
|
|
598,217
|
|
||||||
Retail
|
8,158
|
|
|
—
|
|
|
1,351
|
|
|
6,657
|
|
|
546,617
|
|
|
562,783
|
|
||||||
Multi-family
|
3,312
|
|
|
—
|
|
|
151
|
|
|
1,447
|
|
|
332,871
|
|
|
337,781
|
|
||||||
Mixed use and other
|
20,629
|
|
|
—
|
|
|
15,530
|
|
|
16,063
|
|
|
1,126,930
|
|
|
1,179,152
|
|
||||||
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
2,232
|
|
|
2,352
|
|
|
1,057
|
|
|
45,821
|
|
|
51,462
|
|
||||||
Total commercial real-estate
|
56,077
|
|
|
2,232
|
|
|
45,881
|
|
|
40,559
|
|
|
3,521,770
|
|
|
3,666,519
|
|
||||||
Home equity
|
10,583
|
|
|
—
|
|
|
2,182
|
|
|
3,195
|
|
|
805,031
|
|
|
820,991
|
|
||||||
Residential real estate
|
9,387
|
|
|
—
|
|
|
3,765
|
|
|
1,558
|
|
|
360,128
|
|
|
374,838
|
|
||||||
Purchased non-covered residential real estate
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
656
|
|
|
656
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
7,404
|
|
|
5,184
|
|
|
4,796
|
|
|
7,965
|
|
|
1,804,695
|
|
|
1,830,044
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
1,111,207
|
|
|
1,111,237
|
|
||||||
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
544,963
|
|
|
544,963
|
|
||||||
Indirect consumer
|
132
|
|
|
234
|
|
|
51
|
|
|
312
|
|
|
71,753
|
|
|
72,482
|
|
||||||
Consumer and other
|
1,446
|
|
|
—
|
|
|
483
|
|
|
265
|
|
|
105,669
|
|
|
107,863
|
|
||||||
Purchased non-covered consumer and other
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
68
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
115,502
|
|
|
$
|
8,136
|
|
|
$
|
62,887
|
|
|
$
|
72,413
|
|
|
$
|
10,943,904
|
|
|
$
|
11,202,842
|
|
Covered loans
|
—
|
|
|
145,115
|
|
|
14,658
|
|
|
7,503
|
|
|
446,786
|
|
|
614,062
|
|
||||||
Total loans, net of unearned income
|
$
|
115,502
|
|
|
$
|
153,251
|
|
|
$
|
77,545
|
|
|
$
|
79,916
|
|
|
$
|
11,390,690
|
|
|
$
|
11,816,904
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
|
Performing
|
|
Non-performing
|
|
Total
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
$
|
1,436,696
|
|
|
$
|
1,608,794
|
|
|
$
|
1,593,150
|
|
|
$
|
15,432
|
|
|
$
|
19,409
|
|
|
$
|
27,911
|
|
|
$
|
1,452,128
|
|
|
$
|
1,628,203
|
|
|
$
|
1,621,061
|
|
Franchise
|
202,240
|
|
|
194,603
|
|
|
176,827
|
|
|
—
|
|
|
1,792
|
|
|
1,792
|
|
|
202,240
|
|
|
196,395
|
|
|
178,619
|
|
|||||||||
Mortgage warehouse lines of credit
|
174,422
|
|
|
215,076
|
|
|
123,804
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,422
|
|
|
215,076
|
|
|
123,804
|
|
|||||||||
Community Advantage—homeowners association
|
83,003
|
|
|
81,496
|
|
|
73,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,003
|
|
|
81,496
|
|
|
73,289
|
|
|||||||||
Aircraft
|
13,174
|
|
|
17,364
|
|
|
22,375
|
|
|
—
|
|
|
—
|
|
|
428
|
|
|
13,174
|
|
|
17,364
|
|
|
22,803
|
|
|||||||||
Asset-based lending
|
928,538
|
|
|
571,902
|
|
|
488,865
|
|
|
1,916
|
|
|
536
|
|
|
342
|
|
|
930,454
|
|
|
572,438
|
|
|
489,207
|
|
|||||||||
Tax exempt
|
151,492
|
|
|
91,824
|
|
|
79,708
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151,492
|
|
|
91,824
|
|
|
79,708
|
|
|||||||||
Leases
|
102,409
|
|
|
90,443
|
|
|
77,806
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,409
|
|
|
90,443
|
|
|
77,806
|
|
|||||||||
Other
|
98
|
|
|
16,549
|
|
|
1,842
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
16,549
|
|
|
1,842
|
|
|||||||||
Purchased non-covered commercial
(1)
|
11,156
|
|
|
5,010
|
|
|
5,042
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,156
|
|
|
5,010
|
|
|
5,042
|
|
|||||||||
Total commercial
|
3,103,228
|
|
|
2,893,061
|
|
|
2,642,708
|
|
|
17,348
|
|
|
21,737
|
|
|
30,473
|
|
|
3,120,576
|
|
|
2,914,798
|
|
|
2,673,181
|
|
|||||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential construction
|
33,377
|
|
|
37,291
|
|
|
43,834
|
|
|
5,922
|
|
|
3,110
|
|
|
892
|
|
|
39,299
|
|
|
40,401
|
|
|
44,726
|
|
|||||||||
Commercial construction
|
130,186
|
|
|
168,796
|
|
|
153,684
|
|
|
7,857
|
|
|
2,159
|
|
|
3,011
|
|
|
138,043
|
|
|
170,955
|
|
|
156,695
|
|
|||||||||
Land
|
111,111
|
|
|
122,898
|
|
|
151,810
|
|
|
5,742
|
|
|
11,299
|
|
|
13,459
|
|
|
116,853
|
|
|
134,197
|
|
|
165,269
|
|
|||||||||
Office
|
591,433
|
|
|
565,515
|
|
|
565,638
|
|
|
6,324
|
|
|
4,196
|
|
|
4,796
|
|
|
597,757
|
|
|
569,711
|
|
|
570,434
|
|
|||||||||
Industrial
|
609,728
|
|
|
575,848
|
|
|
596,397
|
|
|
5,773
|
|
|
2,089
|
|
|
1,820
|
|
|
615,501
|
|
|
577,937
|
|
|
598,217
|
|
|||||||||
Retail
|
599,920
|
|
|
561,104
|
|
|
554,625
|
|
|
7,471
|
|
|
7,792
|
|
|
8,158
|
|
|
607,391
|
|
|
568,896
|
|
|
562,783
|
|
|||||||||
Multi-family
|
530,231
|
|
|
394,105
|
|
|
334,469
|
|
|
3,337
|
|
|
2,586
|
|
|
3,312
|
|
|
533,568
|
|
|
396,691
|
|
|
337,781
|
|
|||||||||
Mixed use and other
|
1,362,498
|
|
|
1,332,512
|
|
|
1,158,523
|
|
|
15,662
|
|
|
16,742
|
|
|
20,629
|
|
|
1,378,160
|
|
|
1,349,254
|
|
|
1,179,152
|
|
|||||||||
Purchased non-covered commercial real-estate
(1)
|
67,411
|
|
|
56,076
|
|
|
51,462
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,411
|
|
|
56,076
|
|
|
51,462
|
|
|||||||||
Total commercial real-estate
|
4,035,895
|
|
|
3,814,145
|
|
|
3,610,442
|
|
|
58,088
|
|
|
49,973
|
|
|
56,077
|
|
|
4,093,983
|
|
|
3,864,118
|
|
|
3,666,519
|
|
|||||||||
Home equity
|
745,913
|
|
|
774,951
|
|
|
810,408
|
|
|
12,347
|
|
|
13,523
|
|
|
10,583
|
|
|
758,260
|
|
|
788,474
|
|
|
820,991
|
|
|||||||||
Residential real-estate
|
372,428
|
|
|
354,629
|
|
|
365,451
|
|
|
10,213
|
|
|
11,728
|
|
|
9,387
|
|
|
382,641
|
|
|
366,357
|
|
|
374,838
|
|
|||||||||
Purchased non-covered residential real-estate
(1)
|
2,320
|
|
|
856
|
|
|
656
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,320
|
|
|
856
|
|
|
656
|
|
|||||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial insurance loans
|
2,145,458
|
|
|
1,968,546
|
|
|
1,817,456
|
|
|
20,276
|
|
|
19,310
|
|
|
12,588
|
|
|
2,165,734
|
|
|
1,987,856
|
|
|
1,830,044
|
|
|||||||||
Life insurance loans
|
1,345,469
|
|
|
1,210,682
|
|
|
1,111,237
|
|
|
1,228
|
|
|
25
|
|
|
—
|
|
|
1,346,697
|
|
|
1,210,707
|
|
|
1,111,237
|
|
|||||||||
Purchased life insurance loans
(1)
|
474,450
|
|
|
514,459
|
|
|
544,963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
474,450
|
|
|
514,459
|
|
|
544,963
|
|
|||||||||
Indirect consumer
|
64,213
|
|
|
77,089
|
|
|
72,116
|
|
|
308
|
|
|
244
|
|
|
366
|
|
|
64,521
|
|
|
77,333
|
|
|
72,482
|
|
|||||||||
Consumer and other
|
105,695
|
|
|
99,610
|
|
|
106,417
|
|
|
1,677
|
|
|
1,543
|
|
|
1,446
|
|
|
107,372
|
|
|
101,153
|
|
|
107,863
|
|
|||||||||
Purchased non-covered consumer and other
(1)
|
338
|
|
|
2,832
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
338
|
|
|
2,832
|
|
|
68
|
|
|||||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
12,395,407
|
|
|
$
|
11,710,860
|
|
|
$
|
11,081,922
|
|
|
$
|
121,485
|
|
|
$
|
118,083
|
|
|
$
|
120,920
|
|
|
$
|
12,516,892
|
|
|
$
|
11,828,943
|
|
|
$
|
11,202,842
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans.
|
Six months ended June 30, 2013
|
|
Commercial
Real-estate
|
|
Home
Equity
|
|
Residential
Real-estate
|
|
Premium
Finance
Receivable
|
|
Indirect
Consumer
|
|
Consumer
and Other
|
|
Total,
Excluding
Covered
Loans
|
|||||||||||||||||
(Dollars in thousands)
|
Commercial
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
28,794
|
|
|
$
|
52,135
|
|
|
$
|
12,734
|
|
|
$
|
5,560
|
|
|
$
|
6,096
|
|
|
$
|
267
|
|
|
$
|
1,765
|
|
|
$
|
107,351
|
|
Other adjustments
|
(4
|
)
|
|
(428
|
)
|
|
—
|
|
|
(94
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
(538
|
)
|
||||||||
Reclassification to/from allowance for unfunded lending-related commitments
|
—
|
|
|
(148
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148
|
)
|
||||||||
Charge-offs
|
(5,633
|
)
|
|
(18,246
|
)
|
|
(4,182
|
)
|
|
(2,245
|
)
|
|
(2,374
|
)
|
|
(48
|
)
|
|
(209
|
)
|
|
(32,937
|
)
|
||||||||
Recoveries
|
563
|
|
|
952
|
|
|
333
|
|
|
23
|
|
|
573
|
|
|
32
|
|
|
138
|
|
|
2,614
|
|
||||||||
Provision for credit losses
|
5,017
|
|
|
17,685
|
|
|
5,320
|
|
|
1,581
|
|
|
985
|
|
|
12
|
|
|
(100
|
)
|
|
30,500
|
|
||||||||
Allowance for loan losses at period end
|
$
|
28,737
|
|
|
$
|
51,950
|
|
|
$
|
14,205
|
|
|
$
|
4,825
|
|
|
$
|
5,268
|
|
|
$
|
263
|
|
|
$
|
1,594
|
|
|
$
|
106,842
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
3,563
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,563
|
|
Allowance for credit losses at period end
|
$
|
28,737
|
|
|
$
|
55,513
|
|
|
$
|
14,205
|
|
|
$
|
4,825
|
|
|
$
|
5,268
|
|
|
$
|
263
|
|
|
$
|
1,594
|
|
|
$
|
110,405
|
|
Six months ended June 30, 2012
|
|
Commercial
Real-estate
|
|
Home
Equity
|
|
Residential
Real-estate
|
|
Premium
Finance
Receivable
|
|
Indirect
Consumer
|
|
Consumer
and Other
|
|
Total,
Excluding
Covered
Loans
|
|||||||||||||||||
(Dollars in thousands)
|
Commercial
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
31,237
|
|
|
$
|
56,405
|
|
|
$
|
7,712
|
|
|
$
|
5,028
|
|
|
$
|
7,214
|
|
|
$
|
645
|
|
|
$
|
2,140
|
|
|
$
|
110,381
|
|
Other adjustments
|
(4
|
)
|
|
(483
|
)
|
|
(2
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(510
|
)
|
||||||||
Reclassification to/from allowance for unfunded lending-related commitments
|
45
|
|
|
282
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
||||||||
Charge-offs
|
(9,308
|
)
|
|
(17,455
|
)
|
|
(4,322
|
)
|
|
(563
|
)
|
|
(1,597
|
)
|
|
(84
|
)
|
|
(361
|
)
|
|
(33,690
|
)
|
||||||||
Recoveries
|
503
|
|
|
305
|
|
|
333
|
|
|
5
|
|
|
469
|
|
|
51
|
|
|
198
|
|
|
1,864
|
|
||||||||
Provision for credit losses
|
4,510
|
|
|
14,747
|
|
|
10,157
|
|
|
2,275
|
|
|
2,436
|
|
|
28
|
|
|
(605
|
)
|
|
33,548
|
|
||||||||
Allowance for loan losses at period end
|
$
|
26,983
|
|
|
$
|
53,801
|
|
|
$
|
13,878
|
|
|
$
|
6,724
|
|
|
$
|
8,522
|
|
|
$
|
640
|
|
|
$
|
1,372
|
|
|
$
|
111,920
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
12,903
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,903
|
|
Allowance for credit losses at period end
|
$
|
26,983
|
|
|
$
|
66,704
|
|
|
$
|
13,878
|
|
|
$
|
6,724
|
|
|
$
|
8,522
|
|
|
$
|
640
|
|
|
$
|
1,372
|
|
|
$
|
124,823
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance at beginning of period
|
$
|
12,272
|
|
|
$
|
17,735
|
|
|
$
|
13,454
|
|
|
$
|
12,977
|
|
Provision for covered loan losses before benefit attributable to FDIC loss share agreements
|
1,246
|
|
|
11,591
|
|
|
2,846
|
|
|
22,820
|
|
||||
Benefit attributable to FDIC loss share agreements
|
(997
|
)
|
|
(9,294
|
)
|
|
(2,277
|
)
|
|
(18,277
|
)
|
||||
Net provision for covered loan losses
|
249
|
|
|
2,297
|
|
|
569
|
|
|
4,543
|
|
||||
Increase in FDIC indemnification asset
|
997
|
|
|
9,294
|
|
|
2,277
|
|
|
18,277
|
|
||||
Loans charged-off
|
(2,266
|
)
|
|
(8,793
|
)
|
|
(5,057
|
)
|
|
(15,316
|
)
|
||||
Recoveries of loans charged-off
|
3,177
|
|
|
27
|
|
|
3,186
|
|
|
79
|
|
||||
Net charge-offs
|
911
|
|
|
(8,766
|
)
|
|
(1,871
|
)
|
|
(15,237
|
)
|
||||
Balance at end of period
|
$
|
14,429
|
|
|
$
|
20,560
|
|
|
$
|
14,429
|
|
|
$
|
20,560
|
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2012
|
||||||
Impaired loans (included in non-performing and restructured loans):
|
|
|
|
|
|
||||||
Impaired loans with an allowance for loan loss required
(1)
|
$
|
96,519
|
|
|
$
|
89,983
|
|
|
$
|
161,297
|
|
Impaired loans with no allowance for loan loss required
|
93,629
|
|
|
114,562
|
|
|
103,367
|
|
|||
Total impaired loans
(2)
|
$
|
190,148
|
|
|
$
|
204,545
|
|
|
$
|
264,664
|
|
Allowance for loan losses related to impaired loans
|
$
|
11,839
|
|
|
$
|
13,575
|
|
|
$
|
19,127
|
|
Troubled debt restructurings
|
$
|
126,196
|
|
|
$
|
126,473
|
|
|
$
|
172,306
|
|
(1)
|
These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans.
|
(2)
|
Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the
loan is current with all payments of principal and interest.
|
|
|
|
|
|
|
|
For the Six Months Ended
|
||||||||||||
|
As of June 30, 2013
|
|
June 30, 2013
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
11,720
|
|
|
$
|
13,429
|
|
|
$
|
4,561
|
|
|
$
|
12,131
|
|
|
$
|
434
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
1,803
|
|
|
1,810
|
|
|
988
|
|
|
1,721
|
|
|
46
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
1,528
|
|
|
1,615
|
|
|
403
|
|
|
1,547
|
|
|
33
|
|
|||||
Commercial construction
|
10,591
|
|
|
10,591
|
|
|
67
|
|
|
10,853
|
|
|
207
|
|
|||||
Land
|
8,713
|
|
|
8,894
|
|
|
173
|
|
|
7,281
|
|
|
117
|
|
|||||
Office
|
9,306
|
|
|
9,411
|
|
|
685
|
|
|
9,385
|
|
|
170
|
|
|||||
Industrial
|
4,165
|
|
|
5,226
|
|
|
203
|
|
|
5,047
|
|
|
159
|
|
|||||
Retail
|
12,730
|
|
|
12,730
|
|
|
152
|
|
|
12,675
|
|
|
254
|
|
|||||
Multi-family
|
4,712
|
|
|
5,173
|
|
|
1,068
|
|
|
4,824
|
|
|
112
|
|
|||||
Mixed use and other
|
23,996
|
|
|
24,940
|
|
|
1,686
|
|
|
21,742
|
|
|
499
|
|
|||||
Home equity
|
3,454
|
|
|
4,857
|
|
|
1,060
|
|
|
4,183
|
|
|
87
|
|
|||||
Residential real-estate
|
3,155
|
|
|
3,666
|
|
|
575
|
|
|
2,905
|
|
|
62
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
11
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
1
|
|
|||||
Consumer and other
|
635
|
|
|
636
|
|
|
218
|
|
|
638
|
|
|
16
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
11,028
|
|
|
$
|
14,384
|
|
|
$
|
—
|
|
|
$
|
12,155
|
|
|
$
|
393
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
12
|
|
|
1,352
|
|
|
—
|
|
|
19
|
|
|
36
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
4,100
|
|
|
4,481
|
|
|
—
|
|
|
3,782
|
|
|
81
|
|
|||||
Commercial construction
|
8,377
|
|
|
13,410
|
|
|
—
|
|
|
11,508
|
|
|
357
|
|
|||||
Land
|
8,195
|
|
|
13,910
|
|
|
—
|
|
|
9,791
|
|
|
331
|
|
|||||
Office
|
7,442
|
|
|
9,171
|
|
|
—
|
|
|
8,581
|
|
|
237
|
|
|||||
Industrial
|
5,178
|
|
|
5,321
|
|
|
—
|
|
|
5,234
|
|
|
141
|
|
|||||
Retail
|
16,114
|
|
|
17,374
|
|
|
—
|
|
|
15,512
|
|
|
406
|
|
|||||
Multi-family
|
894
|
|
|
3,009
|
|
|
—
|
|
|
1,235
|
|
|
74
|
|
|||||
Mixed use and other
|
10,856
|
|
|
13,464
|
|
|
—
|
|
|
9,623
|
|
|
293
|
|
|||||
Home equity
|
10,034
|
|
|
11,734
|
|
|
—
|
|
|
10,012
|
|
|
235
|
|
|||||
Residential real-estate
|
10,207
|
|
|
10,860
|
|
|
—
|
|
|
10,632
|
|
|
211
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
43
|
|
|
53
|
|
|
—
|
|
|
49
|
|
|
2
|
|
|||||
Consumer and other
|
1,149
|
|
|
1,683
|
|
|
—
|
|
|
1,172
|
|
|
50
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
190,148
|
|
|
$
|
223,196
|
|
|
$
|
11,839
|
|
|
$
|
194,249
|
|
|
$
|
5,044
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
||||||||||||
|
As of December 31, 2012
|
|
December 31, 2012
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
11,010
|
|
|
$
|
12,562
|
|
|
$
|
1,982
|
|
|
$
|
13,312
|
|
|
$
|
881
|
|
Franchise
|
1,792
|
|
|
1,792
|
|
|
1,259
|
|
|
1,792
|
|
|
122
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
511
|
|
|
511
|
|
|
55
|
|
|
484
|
|
|
26
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
2,007
|
|
|
2,007
|
|
|
389
|
|
|
2,007
|
|
|
98
|
|
|||||
Commercial construction
|
1,865
|
|
|
1,865
|
|
|
70
|
|
|
1,865
|
|
|
78
|
|
|||||
Land
|
12,184
|
|
|
12,860
|
|
|
1,414
|
|
|
12,673
|
|
|
483
|
|
|||||
Office
|
5,829
|
|
|
5,887
|
|
|
622
|
|
|
5,936
|
|
|
246
|
|
|||||
Industrial
|
1,150
|
|
|
1,200
|
|
|
224
|
|
|
1,208
|
|
|
75
|
|
|||||
Retail
|
13,240
|
|
|
13,314
|
|
|
343
|
|
|
13,230
|
|
|
584
|
|
|||||
Multi-family
|
3,954
|
|
|
3,954
|
|
|
348
|
|
|
3,972
|
|
|
157
|
|
|||||
Mixed use and other
|
22,249
|
|
|
23,166
|
|
|
2,989
|
|
|
23,185
|
|
|
1,165
|
|
|||||
Home equity
|
7,270
|
|
|
7,313
|
|
|
2,569
|
|
|
7,282
|
|
|
271
|
|
|||||
Residential real-estate
|
6,420
|
|
|
6,931
|
|
|
1,169
|
|
|
6,424
|
|
|
226
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
502
|
|
|
502
|
|
|
142
|
|
|
502
|
|
|
26
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
20,270
|
|
|
$
|
27,574
|
|
|
$
|
—
|
|
|
$
|
23,877
|
|
|
$
|
1,259
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
25
|
|
|
1,362
|
|
|
—
|
|
|
252
|
|
|
76
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
4,085
|
|
|
4,440
|
|
|
—
|
|
|
4,507
|
|
|
143
|
|
|||||
Commercial construction
|
12,263
|
|
|
13,395
|
|
|
—
|
|
|
13,635
|
|
|
540
|
|
|||||
Land
|
12,163
|
|
|
17,141
|
|
|
—
|
|
|
14,646
|
|
|
906
|
|
|||||
Office
|
8,939
|
|
|
9,521
|
|
|
—
|
|
|
9,432
|
|
|
437
|
|
|||||
Industrial
|
3,598
|
|
|
3,776
|
|
|
—
|
|
|
3,741
|
|
|
181
|
|
|||||
Retail
|
18,073
|
|
|
18,997
|
|
|
—
|
|
|
19,067
|
|
|
892
|
|
|||||
Multi-family
|
2,817
|
|
|
4,494
|
|
|
—
|
|
|
4,120
|
|
|
222
|
|
|||||
Mixed use and other
|
15,462
|
|
|
17,210
|
|
|
—
|
|
|
16,122
|
|
|
912
|
|
|||||
Home equity
|
7,320
|
|
|
8,758
|
|
|
—
|
|
|
8,164
|
|
|
376
|
|
|||||
Residential real-estate
|
8,390
|
|
|
9,189
|
|
|
—
|
|
|
9,069
|
|
|
337
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
53
|
|
|
61
|
|
|
—
|
|
|
65
|
|
|
6
|
|
|||||
Consumer and other
|
1,104
|
|
|
1,558
|
|
|
—
|
|
|
1,507
|
|
|
94
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
204,545
|
|
|
$
|
231,340
|
|
|
$
|
13,575
|
|
|
$
|
222,076
|
|
|
$
|
10,819
|
|
|
|
|
|
|
|
|
For the Six Months Ended
|
||||||||||||
|
As of June 30, 2012
|
|
June 30, 2012
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
31,284
|
|
|
$
|
32,240
|
|
|
$
|
2,704
|
|
|
$
|
25,357
|
|
|
$
|
822
|
|
Franchise
|
1,792
|
|
|
1,792
|
|
|
394
|
|
|
1,792
|
|
|
61
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
428
|
|
|
428
|
|
|
95
|
|
|
428
|
|
|
15
|
|
|||||
Asset-based lending
|
243
|
|
|
243
|
|
|
66
|
|
|
258
|
|
|
6
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
1,007
|
|
|
1,082
|
|
|
149
|
|
|
1,005
|
|
|
26
|
|
|||||
Commercial construction
|
2,389
|
|
|
2,389
|
|
|
1,051
|
|
|
2,355
|
|
|
66
|
|
|||||
Land
|
41,411
|
|
|
43,203
|
|
|
2,344
|
|
|
41,497
|
|
|
894
|
|
|||||
Office
|
6,660
|
|
|
7,203
|
|
|
1,415
|
|
|
6,712
|
|
|
165
|
|
|||||
Industrial
|
434
|
|
|
475
|
|
|
87
|
|
|
448
|
|
|
13
|
|
|||||
Retail
|
24,420
|
|
|
24,502
|
|
|
1,251
|
|
|
24,000
|
|
|
555
|
|
|||||
Multi-family
|
5,226
|
|
|
5,226
|
|
|
783
|
|
|
5,219
|
|
|
134
|
|
|||||
Mixed use and other
|
26,381
|
|
|
27,102
|
|
|
2,759
|
|
|
27,057
|
|
|
692
|
|
|||||
Home equity
|
8,666
|
|
|
9,103
|
|
|
3,305
|
|
|
8,687
|
|
|
238
|
|
|||||
Residential real-estate
|
9,660
|
|
|
10,132
|
|
|
2,273
|
|
|
9,603
|
|
|
200
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
1,296
|
|
|
1,296
|
|
|
451
|
|
|
1,297
|
|
|
43
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
18,106
|
|
|
$
|
25,417
|
|
|
$
|
—
|
|
|
$
|
21,530
|
|
|
$
|
584
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
98
|
|
|
1,417
|
|
|
—
|
|
|
398
|
|
|
38
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
4,485
|
|
|
4,715
|
|
|
—
|
|
|
4,823
|
|
|
103
|
|
|||||
Commercial construction
|
9,859
|
|
|
9,976
|
|
|
—
|
|
|
11,066
|
|
|
219
|
|
|||||
Land
|
13,063
|
|
|
16,083
|
|
|
—
|
|
|
14,274
|
|
|
393
|
|
|||||
Office
|
7,974
|
|
|
9,673
|
|
|
—
|
|
|
8,440
|
|
|
236
|
|
|||||
Industrial
|
3,796
|
|
|
4,251
|
|
|
—
|
|
|
3,993
|
|
|
103
|
|
|||||
Retail
|
11,548
|
|
|
11,590
|
|
|
—
|
|
|
11,897
|
|
|
299
|
|
|||||
Multi-family
|
1,925
|
|
|
2,671
|
|
|
—
|
|
|
2,562
|
|
|
58
|
|
|||||
Mixed use and other
|
24,161
|
|
|
27,637
|
|
|
—
|
|
|
25,465
|
|
|
680
|
|
|||||
Home equity
|
3,531
|
|
|
4,287
|
|
|
—
|
|
|
3,651
|
|
|
67
|
|
|||||
Residential real-estate
|
4,465
|
|
|
5,189
|
|
|
—
|
|
|
4,688
|
|
|
97
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Indirect consumer
|
107
|
|
|
121
|
|
|
—
|
|
|
113
|
|
|
5
|
|
|||||
Consumer and other
|
249
|
|
|
253
|
|
|
—
|
|
|
253
|
|
|
8
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
264,664
|
|
|
$
|
289,696
|
|
|
$
|
19,127
|
|
|
$
|
268,868
|
|
|
$
|
6,820
|
|
Three months ended
June 30, 2013
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms (2) |
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
3
|
|
|
6,120
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Office
|
|
3
|
|
|
3,465
|
|
|
3
|
|
|
3,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
1
|
|
|
949
|
|
|
1
|
|
|
949
|
|
|
1
|
|
|
949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
2
|
|
|
3,533
|
|
|
2
|
|
|
3,533
|
|
|
2
|
|
|
3,533
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
3
|
|
|
401
|
|
|
1
|
|
|
25
|
|
|
3
|
|
|
401
|
|
|
1
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
12
|
|
|
$
|
14,468
|
|
|
10
|
|
|
$
|
14,092
|
|
|
6
|
|
|
$
|
4,883
|
|
|
4
|
|
|
$
|
6,231
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
Three months ended
June 30, 2012
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
10
|
|
|
$
|
12,765
|
|
|
6
|
|
|
$
|
2,328
|
|
|
8
|
|
|
$
|
12,480
|
|
|
4
|
|
|
$
|
10,308
|
|
|
2
|
|
|
$
|
1,486
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
2
|
|
|
1,651
|
|
|
2
|
|
|
1,651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
3
|
|
|
3,844
|
|
|
3
|
|
|
3,844
|
|
|
2
|
|
|
3,557
|
|
|
2
|
|
|
3,557
|
|
|
—
|
|
|
—
|
|
|||||
Office
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
3
|
|
|
2,365
|
|
|
3
|
|
|
2,365
|
|
|
2
|
|
|
2,219
|
|
|
1
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
1
|
|
|
29
|
|
|
1
|
|
|
29
|
|
|
1
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
29
|
|
|||||
Total loans
|
|
19
|
|
|
$
|
20,654
|
|
|
15
|
|
|
$
|
10,217
|
|
|
13
|
|
|
$
|
18,285
|
|
|
7
|
|
|
$
|
14,011
|
|
|
3
|
|
|
$
|
1,515
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
Six months ended
June 30, 2013
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms (2) |
|
Reduction of Interest
Rate (2) |
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
6
|
|
|
$
|
708
|
|
|
5
|
|
|
$
|
573
|
|
|
4
|
|
|
$
|
553
|
|
|
2
|
|
|
$
|
185
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
3
|
|
|
6,120
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
2
|
|
|
287
|
|
|
2
|
|
|
287
|
|
|
2
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
73
|
|
|||||
Office
|
|
3
|
|
|
3,465
|
|
|
3
|
|
|
3,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
1
|
|
|
949
|
|
|
1
|
|
|
949
|
|
|
1
|
|
|
949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
1
|
|
|
200
|
|
|
1
|
|
|
200
|
|
|
1
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
2
|
|
|
3,533
|
|
|
2
|
|
|
3,533
|
|
|
2
|
|
|
3,533
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
7
|
|
|
778
|
|
|
3
|
|
|
95
|
|
|
6
|
|
|
762
|
|
|
2
|
|
|
234
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
26
|
|
|
$
|
16,745
|
|
|
21
|
|
|
$
|
15,927
|
|
|
17
|
|
|
$
|
6,989
|
|
|
7
|
|
|
$
|
6,539
|
|
|
1
|
|
|
$
|
73
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
Six months ended
June 30, 2012
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms (2) |
|
Reduction of Interest
Rate (2) |
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
13
|
|
|
$
|
12,883
|
|
|
7
|
|
|
$
|
2,342
|
|
|
8
|
|
|
$
|
12,480
|
|
|
6
|
|
|
$
|
10,412
|
|
|
2
|
|
|
$
|
1,486
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
2
|
|
|
1,651
|
|
|
2
|
|
|
1,651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
2
|
|
|
622
|
|
|
2
|
|
|
622
|
|
|
2
|
|
|
622
|
|
|
2
|
|
|
622
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
17
|
|
|
31,836
|
|
|
17
|
|
|
31,836
|
|
|
14
|
|
|
30,561
|
|
|
13
|
|
|
26,511
|
|
|
—
|
|
|
—
|
|
|||||
Office
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
5
|
|
|
8,633
|
|
|
5
|
|
|
8,633
|
|
|
5
|
|
|
8,633
|
|
|
4
|
|
|
8,243
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
6
|
|
|
3,637
|
|
|
6
|
|
|
3,637
|
|
|
4
|
|
|
3,430
|
|
|
3
|
|
|
1,275
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
5
|
|
|
1,075
|
|
|
4
|
|
|
956
|
|
|
2
|
|
|
147
|
|
|
2
|
|
|
845
|
|
|
1
|
|
|
29
|
|
|||||
Total loans
|
|
50
|
|
|
$
|
60,337
|
|
|
43
|
|
|
$
|
49,677
|
|
|
35
|
|
|
$
|
55,873
|
|
|
30
|
|
|
$
|
47,908
|
|
|
3
|
|
|
$
|
1,515
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
As of June 30, 2013
|
|
Three Months Ended
June 30, 2013
|
|
Six Months Ended
June 30, 2013
|
|||||||||||||||
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
|
Payments in Default
(2)(3)
|
||||||||||||||||
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
11
|
|
|
$
|
2,136
|
|
|
3
|
|
|
$
|
236
|
|
|
3
|
|
|
$
|
236
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
1
|
|
|
496
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial construction
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Land
|
2
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Office
|
3
|
|
|
3,465
|
|
|
1
|
|
|
1,648
|
|
|
1
|
|
|
1,648
|
|
|||
Industrial
|
2
|
|
|
1,676
|
|
|
1
|
|
|
727
|
|
|
1
|
|
|
727
|
|
|||
Retail
|
4
|
|
|
5,085
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Multi-family
|
2
|
|
|
1,085
|
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|||
Mixed use and other
|
11
|
|
|
7,230
|
|
|
3
|
|
|
683
|
|
|
3
|
|
|
683
|
|
|||
Residential real estate and other
|
12
|
|
|
1,341
|
|
|
5
|
|
|
563
|
|
|
5
|
|
|
563
|
|
|||
Total loans
|
51
|
|
|
$
|
28,921
|
|
|
14
|
|
|
$
|
4,562
|
|
|
14
|
|
|
$
|
4,562
|
|
(1)
|
Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated.
|
(2)
|
TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring.
|
(3)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
As of June 30, 2012
|
|
Three Months Ended
June 30, 2012
|
|
Six Months Ended
June 30, 2012
|
|||||||||||||||
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
|
Payments in Default
(2)(3)
|
||||||||||||||||
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
26
|
|
|
$
|
17,876
|
|
|
4
|
|
|
$
|
531
|
|
|
4
|
|
|
$
|
531
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
3
|
|
|
2,756
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial construction
|
8
|
|
|
3,827
|
|
|
5
|
|
|
2,227
|
|
|
5
|
|
|
2,227
|
|
|||
Land
|
23
|
|
|
38,296
|
|
|
3
|
|
|
2,081
|
|
|
3
|
|
|
2,081
|
|
|||
Office
|
2
|
|
|
4,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Industrial
|
3
|
|
|
2,110
|
|
|
2
|
|
|
1,786
|
|
|
2
|
|
|
1,786
|
|
|||
Retail
|
15
|
|
|
26,460
|
|
|
1
|
|
|
1,605
|
|
|
2
|
|
|
3,840
|
|
|||
Multi-family
|
6
|
|
|
4,414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Mixed use and other
|
25
|
|
|
11,429
|
|
|
3
|
|
|
1,158
|
|
|
6
|
|
|
3,441
|
|
|||
Residential real estate and other
|
18
|
|
|
6,397
|
|
|
7
|
|
|
2,273
|
|
|
8
|
|
|
2,722
|
|
|||
Total loans
|
129
|
|
|
$
|
118,360
|
|
|
25
|
|
|
$
|
11,661
|
|
|
30
|
|
|
$
|
16,628
|
|
(1)
|
Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated.
|
(2)
|
TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring.
|
(3)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||
Cash collateral accounts
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
3,362
|
|
Collections and interest funding accounts
|
—
|
|
|
—
|
|
|
655,621
|
|
|||
Interest-bearing deposits with banks
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
658,983
|
|
Loans, net of unearned income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,080
|
|
Allowance for loan losses
|
—
|
|
|
—
|
|
|
(240
|
)
|
|||
Net loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,840
|
|
Other assets
|
—
|
|
|
—
|
|
|
1,607
|
|
|||
Total assets
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
690,430
|
|
Secured borrowings—owed to securitization investors
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
600,000
|
|
Other liabilities
|
—
|
|
|
—
|
|
|
560
|
|
|||
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
600,560
|
|
(Dollars in thousands)
|
January 1,
2013
|
|
Goodwill
Acquired
|
|
Impairment
Loss
|
|
Goodwill Adjustments
|
|
June 30,
2013
|
||||||||||
Community banking
|
$
|
274,963
|
|
|
$
|
13,960
|
|
|
$
|
—
|
|
|
$
|
(1,496
|
)
|
|
$
|
287,427
|
|
Specialty finance
|
38,574
|
|
|
—
|
|
|
—
|
|
|
(994
|
)
|
|
37,580
|
|
|||||
Wealth management
|
31,864
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,864
|
|
|||||
Total
|
$
|
345,401
|
|
|
$
|
13,960
|
|
|
$
|
—
|
|
|
$
|
(2,490
|
)
|
|
$
|
356,871
|
|
(Dollars in thousands)
|
June 30,
2013
|
|
December 31, 2012
|
|
June 30,
2012
|
||||||
Community banking segment:
|
|
|
|
|
|
||||||
Core deposit intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
39,350
|
|
|
$
|
38,176
|
|
|
$
|
36,253
|
|
Accumulated amortization
|
(27,132
|
)
|
|
(25,159
|
)
|
|
(23,276
|
)
|
|||
Net carrying amount
|
$
|
12,218
|
|
|
$
|
13,017
|
|
|
$
|
12,977
|
|
Specialty finance segment:
|
|
|
|
|
|
||||||
Customer list intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
1,800
|
|
|
$
|
1,800
|
|
|
$
|
1,800
|
|
Accumulated amortization
|
(731
|
)
|
|
(645
|
)
|
|
(559
|
)
|
|||
Net carrying amount
|
$
|
1,069
|
|
|
$
|
1,155
|
|
|
$
|
1,241
|
|
Wealth management segment:
|
|
|
|
|
|
||||||
Customer list and other intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
7,690
|
|
|
$
|
7,390
|
|
|
$
|
7,390
|
|
Accumulated amortization
|
(840
|
)
|
|
(615
|
)
|
|
(395
|
)
|
|||
Net carrying amount
|
$
|
6,850
|
|
|
$
|
6,775
|
|
|
$
|
6,995
|
|
Total other intangible assets, net
|
$
|
20,137
|
|
|
$
|
20,947
|
|
|
$
|
21,213
|
|
Estimated amortization
|
|
||
Actual in six months ended June 30, 2013
|
$
|
2,284
|
|
Estimated remaining in 2013
|
2,277
|
|
|
Estimated—2014
|
4,117
|
|
|
Estimated—2015
|
2,565
|
|
|
Estimated—2016
|
1,981
|
|
|
Estimated—2017
|
1,589
|
|
(Dollars in thousands)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||
Balance:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
2,450,659
|
|
|
$
|
2,396,264
|
|
|
$
|
2,047,715
|
|
NOW
|
2,147,004
|
|
|
2,022,957
|
|
|
1,780,872
|
|
|||
Wealth management deposits
|
1,083,897
|
|
|
991,902
|
|
|
954,319
|
|
|||
Money market
|
3,037,354
|
|
|
2,761,498
|
|
|
2,335,238
|
|
|||
Savings
|
1,304,619
|
|
|
1,275,012
|
|
|
958,295
|
|
|||
Time certificates of deposit
|
4,342,321
|
|
|
4,980,911
|
|
|
4,981,142
|
|
|||
Total deposits
|
$
|
14,365,854
|
|
|
$
|
14,428,544
|
|
|
$
|
13,057,581
|
|
Mix:
|
|
|
|
|
|
||||||
Non-interest bearing
|
17
|
%
|
|
17
|
%
|
|
16
|
%
|
|||
NOW
|
15
|
|
|
14
|
|
|
14
|
|
|||
Wealth management deposits
|
8
|
|
|
7
|
|
|
7
|
|
|||
Money market
|
21
|
|
|
19
|
|
|
18
|
|
|||
Savings
|
9
|
|
|
9
|
|
|
7
|
|
|||
Time certificates of deposit
|
30
|
|
|
34
|
|
|
38
|
|
|||
Total deposits
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(Dollars in thousands)
|
June 30,
2013
|
|
December 31, 2012
|
|
June 30,
2012
|
||||||
Notes payable
|
$
|
1,729
|
|
|
$
|
2,093
|
|
|
$
|
2,457
|
|
Federal Home Loan Bank advances
|
585,942
|
|
|
414,122
|
|
|
564,301
|
|
|||
Other borrowings:
|
|
|
|
|
|
||||||
Securities sold under repurchase agreements
|
224,915
|
|
|
238,401
|
|
|
352,064
|
|
|||
Other
|
27,861
|
|
|
36,010
|
|
|
23,459
|
|
|||
Total other borrowings
|
252,776
|
|
|
274,411
|
|
|
375,523
|
|
|||
Secured borrowings—owed to securitization investors
|
—
|
|
|
—
|
|
|
360,825
|
|
|||
Subordinated notes
|
10,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
Total notes payable, Federal Home Loan Bank advances, other borrowings, secured borrowings, and subordinated notes
|
$
|
850,447
|
|
|
$
|
705,626
|
|
|
$
|
1,318,106
|
|
(Dollars in thousands)
|
Common
Securities
|
|
Trust Preferred
Securities
|
|
Junior
Subordinated
Debentures
|
|
Rate
Structure
|
|
Contractual rate
at 6/30/2013
|
|
Issue
Date
|
|
Maturity
Date
|
|
Earliest
Redemption
Date
|
|||||||
Wintrust Capital Trust III
|
$
|
774
|
|
|
$
|
25,000
|
|
|
$
|
25,774
|
|
|
L+3.25
|
|
3.53
|
%
|
|
04/2003
|
|
04/2033
|
|
04/2008
|
Wintrust Statutory Trust IV
|
619
|
|
|
20,000
|
|
|
20,619
|
|
|
L+2.80
|
|
3.07
|
%
|
|
12/2003
|
|
12/2033
|
|
12/2008
|
|||
Wintrust Statutory Trust V
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
L+2.60
|
|
2.87
|
%
|
|
05/2004
|
|
05/2034
|
|
06/2009
|
|||
Wintrust Capital Trust VII
|
1,550
|
|
|
50,000
|
|
|
51,550
|
|
|
L+1.95
|
|
2.22
|
%
|
|
12/2004
|
|
03/2035
|
|
03/2010
|
|||
Wintrust Capital Trust VIII
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
L+1.45
|
|
1.72
|
%
|
|
08/2005
|
|
09/2035
|
|
09/2010
|
|||
Wintrust Captial Trust IX
|
1,547
|
|
|
50,000
|
|
|
51,547
|
|
|
L+1.63
|
|
1.90
|
%
|
|
09/2006
|
|
09/2036
|
|
09/2011
|
|||
Northview Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.27
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
Town Bankshares Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.27
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
First Northwest Capital Trust I
|
155
|
|
|
5,000
|
|
|
5,155
|
|
|
L+3.00
|
|
3.27
|
%
|
|
05/2004
|
|
05/2034
|
|
05/2009
|
|||
Total
|
|
|
|
|
$
|
249,493
|
|
|
|
|
2.46
|
%
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
$ Change in
Contribution
|
|
% Change in
Contribution
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
127,515
|
|
|
$
|
123,016
|
|
|
$
|
4,499
|
|
|
4
|
%
|
Specialty finance
|
31,460
|
|
|
28,694
|
|
|
2,766
|
|
|
10
|
|
|||
Wealth management
|
2,396
|
|
|
2,692
|
|
|
(296
|
)
|
|
(11
|
)
|
|||
Parent and inter-segment eliminations
|
(25,547
|
)
|
|
(26,132
|
)
|
|
585
|
|
|
2
|
|
|||
Total net interest income
|
$
|
135,824
|
|
|
$
|
128,270
|
|
|
$
|
7,554
|
|
|
6
|
%
|
Non-interest income:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
42,602
|
|
|
$
|
37,019
|
|
|
$
|
5,583
|
|
|
15
|
%
|
Specialty finance
|
1,789
|
|
|
1,567
|
|
|
222
|
|
|
14
|
|
|||
Wealth management
|
19,071
|
|
|
15,964
|
|
|
3,107
|
|
|
19
|
|
|||
Parent and inter-segment eliminations
|
533
|
|
|
(3,615
|
)
|
|
4,148
|
|
|
NM
|
|
|||
Total non-interest income
|
$
|
63,995
|
|
|
$
|
50,935
|
|
|
$
|
13,060
|
|
|
26
|
%
|
Net revenue:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
170,117
|
|
|
$
|
160,035
|
|
|
$
|
10,082
|
|
|
6
|
%
|
Specialty finance
|
33,249
|
|
|
30,261
|
|
|
2,988
|
|
|
10
|
|
|||
Wealth management
|
21,467
|
|
|
18,656
|
|
|
2,811
|
|
|
15
|
|
|||
Parent and inter-segment eliminations
|
(25,014
|
)
|
|
(29,747
|
)
|
|
4,733
|
|
|
16
|
|
|||
Total net revenue
|
$
|
199,819
|
|
|
$
|
179,205
|
|
|
$
|
20,614
|
|
|
12
|
%
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
34,227
|
|
|
$
|
29,414
|
|
|
$
|
4,813
|
|
|
16
|
%
|
Specialty finance
|
13,838
|
|
|
10,969
|
|
|
2,869
|
|
|
26
|
|
|||
Wealth management
|
3,154
|
|
|
2,484
|
|
|
670
|
|
|
27
|
|
|||
Parent and inter-segment eliminations
|
(16,912
|
)
|
|
(17,272
|
)
|
|
360
|
|
|
2
|
|
|||
Total segment profit
|
$
|
34,307
|
|
|
$
|
25,595
|
|
|
$
|
8,712
|
|
|
34
|
%
|
Segment assets:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
17,339,140
|
|
|
$
|
16,234,511
|
|
|
$
|
1,104,629
|
|
|
7
|
%
|
Specialty finance
|
4,163,795
|
|
|
3,711,459
|
|
|
452,336
|
|
|
12
|
|
|||
Wealth management
|
98,016
|
|
|
96,125
|
|
|
1,891
|
|
|
2
|
|
|||
Parent and inter-segment eliminations
|
(3,987,405
|
)
|
|
(3,465,813
|
)
|
|
(521,592
|
)
|
|
(15
|
)
|
|||
Total segment assets
|
$
|
17,613,546
|
|
|
$
|
16,576,282
|
|
|
$
|
1,037,264
|
|
|
6
|
%
|
|
Six months ended June 30,
|
|
$ Change in
Contribution
|
|
% Change in
Contribution
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
250,949
|
|
|
$
|
244,150
|
|
|
$
|
6,799
|
|
|
3
|
%
|
Specialty finance
|
62,550
|
|
|
56,280
|
|
|
6,270
|
|
|
11
|
|
|||
Wealth management
|
3,660
|
|
|
4,416
|
|
|
(756
|
)
|
|
(17
|
)
|
|||
Parent and inter-segment eliminations
|
(50,622
|
)
|
|
(50,681
|
)
|
|
59
|
|
|
—
|
|
|||
Total net interest income
|
$
|
266,537
|
|
|
$
|
254,165
|
|
|
$
|
12,372
|
|
|
5
|
%
|
Non-interest income:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
82,484
|
|
|
$
|
68,805
|
|
|
$
|
13,679
|
|
|
20
|
%
|
Specialty finance
|
3,482
|
|
|
2,938
|
|
|
544
|
|
|
19
|
|
|||
Wealth management
|
36,927
|
|
|
31,201
|
|
|
5,726
|
|
|
18
|
|
|||
Parent and inter-segment eliminations
|
(1,519
|
)
|
|
(4,986
|
)
|
|
3,467
|
|
|
70
|
|
|||
Total non-interest income
|
$
|
121,374
|
|
|
$
|
97,958
|
|
|
$
|
23,416
|
|
|
24
|
%
|
Net revenue:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
333,433
|
|
|
$
|
312,955
|
|
|
$
|
20,478
|
|
|
7
|
%
|
Specialty finance
|
66,032
|
|
|
59,218
|
|
|
6,814
|
|
|
12
|
|
|||
Wealth management
|
40,587
|
|
|
35,617
|
|
|
4,970
|
|
|
14
|
|
|||
Parent and inter-segment eliminations
|
(52,141
|
)
|
|
(55,667
|
)
|
|
3,526
|
|
|
6
|
|
|||
Total net revenue
|
$
|
387,911
|
|
|
$
|
352,123
|
|
|
$
|
35,788
|
|
|
10
|
%
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
Community banking
|
$
|
67,874
|
|
|
$
|
56,389
|
|
|
$
|
11,485
|
|
|
20
|
%
|
Specialty finance
|
27,612
|
|
|
23,434
|
|
|
4,178
|
|
|
18
|
|
|||
Wealth management
|
5,391
|
|
|
3,980
|
|
|
1,411
|
|
|
35
|
|
|||
Parent and inter-segment eliminations
|
(34,518
|
)
|
|
(34,998
|
)
|
|
480
|
|
|
1
|
|
|||
Total segment profit
|
$
|
66,359
|
|
|
$
|
48,805
|
|
|
$
|
17,554
|
|
|
36
|
%
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||||||||
Derivatives designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives designated as Cash Flow Hedges
|
$
|
2,146
|
|
|
$
|
2
|
|
|
$
|
17
|
|
|
$
|
4,416
|
|
|
$
|
7,988
|
|
|
$
|
9,918
|
|
Interest rate derivatives designated as Fair Value Hedges
|
$
|
94
|
|
|
$
|
104
|
|
|
$
|
392
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments under ASC 815
|
$
|
2,240
|
|
|
$
|
106
|
|
|
$
|
409
|
|
|
$
|
4,416
|
|
|
$
|
7,988
|
|
|
$
|
9,918
|
|
Derivatives not designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives
|
35,878
|
|
|
47,440
|
|
|
45,021
|
|
|
29,372
|
|
|
45,767
|
|
|
43,537
|
|
||||||
Interest rate lock commitments
|
14,579
|
|
|
6,069
|
|
|
8,062
|
|
|
3,208
|
|
|
937
|
|
|
3,847
|
|
||||||
Forward commitments to sell mortgage loans
|
7,835
|
|
|
277
|
|
|
111
|
|
|
583
|
|
|
3,057
|
|
|
4,072
|
|
||||||
Foreign exchange contracts
|
22
|
|
|
14
|
|
|
63
|
|
|
75
|
|
|
2
|
|
|
6
|
|
||||||
Total derivatives not designated as hedging instruments under ASC 815
|
$
|
58,314
|
|
|
$
|
53,800
|
|
|
$
|
53,257
|
|
|
$
|
33,238
|
|
|
$
|
49,763
|
|
|
$
|
51,462
|
|
Total derivatives
|
$
|
60,554
|
|
|
$
|
53,906
|
|
|
$
|
53,666
|
|
|
$
|
37,654
|
|
|
$
|
57,751
|
|
|
$
|
61,380
|
|
|
June 30, 2013
|
||||||
(Dollars in thousands)
|
Notional
|
|
Fair Value
|
||||
Maturity Date
|
Amount
|
|
Asset (Liability)
|
||||
Interest Rate Swaps:
|
|
|
|
||||
September 2013
|
50,000
|
|
|
(530
|
)
|
||
September 2013
|
40,000
|
|
|
(508
|
)
|
||
September 2016
|
50,000
|
|
|
(2,227
|
)
|
||
October 2016
|
25,000
|
|
|
(1,151
|
)
|
||
Total Interest Rate Swaps
|
165,000
|
|
|
(4,416
|
)
|
||
Interest Rate Caps:
|
|
|
|
||||
September 2014
|
20,000
|
|
|
1
|
|
||
September 2014
|
40,000
|
|
|
1
|
|
||
September 2017
(1)
|
50,000
|
|
|
1,175
|
|
||
September 2017
(1)
|
40,000
|
|
|
969
|
|
||
Total Interest Rate Caps
|
150,000
|
|
|
2,146
|
|
||
Total Cash Flow Hedges
|
$
|
315,000
|
|
|
$
|
(2,270
|
)
|
(1)
|
These cap derivatives are forward starting with effective dates in the third quarter of 2013.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Unrealized loss at beginning of period
|
$
|
(7,199
|
)
|
|
$
|
(10,837
|
)
|
|
$
|
(8,673
|
)
|
|
$
|
(11,633
|
)
|
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated debentures
|
1,583
|
|
|
1,443
|
|
|
3,122
|
|
|
2,853
|
|
||||
Amount of gain/(loss) recognized in other comprehensive income
|
586
|
|
|
(507
|
)
|
|
521
|
|
|
(1,121
|
)
|
||||
Unrealized loss at end of period
|
$
|
(5,030
|
)
|
|
$
|
(9,901
|
)
|
|
$
|
(5,030
|
)
|
|
$
|
(9,901
|
)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(Dollars in thousands)
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
Derivative
|
Location in income statement
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Interest rate swaps and caps
|
Other income
|
|
$
|
3,217
|
|
|
$
|
(1,005
|
)
|
|
$
|
2,920
|
|
|
$
|
(854
|
)
|
Mortgage banking derivatives
|
Mortgage banking revenue
|
|
(2,368
|
)
|
|
1,016
|
|
|
(3,038
|
)
|
|
2,363
|
|
||||
Covered call options
|
Fees from covered call options
|
|
993
|
|
|
3,114
|
|
|
2,632
|
|
|
6,237
|
|
||||
Foreign exchange contracts
|
Other income
|
|
79
|
|
|
57
|
|
|
(67
|
)
|
|
57
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||||||||
Gross Amounts Recognized
|
$
|
38,118
|
|
|
$
|
47,546
|
|
|
$
|
45,430
|
|
|
$
|
33,788
|
|
|
$
|
53,755
|
|
|
$
|
53,455
|
|
Less: Amounts offset in the Statements of Financial Condition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net amount presented in the Statements of Financial Condition
|
$
|
38,118
|
|
|
$
|
47,546
|
|
|
$
|
45,430
|
|
|
$
|
33,788
|
|
|
$
|
53,755
|
|
|
$
|
53,455
|
|
Gross amounts not offset in the Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offsetting Derivative Positions
|
(8,192
|
)
|
|
(339
|
)
|
|
(448
|
)
|
|
(8,192
|
)
|
|
(339
|
)
|
|
(448
|
)
|
||||||
Securities Collateral Posted
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,027
|
)
|
|
(46,811
|
)
|
|
(43,020
|
)
|
||||||
Cash Collateral Posted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,605
|
)
|
|
(7,315
|
)
|
||||||
Net Credit Exposure
|
$
|
29,926
|
|
|
$
|
47,207
|
|
|
$
|
44,982
|
|
|
$
|
569
|
|
|
$
|
—
|
|
|
$
|
2,672
|
|
•
|
Level 1—unadjusted quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2
—
inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
•
|
Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
|
June 30, 2013
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
210,975
|
|
|
$
|
—
|
|
|
$
|
210,975
|
|
|
$
|
—
|
|
U.S. Government agencies
|
958,458
|
|
|
—
|
|
|
958,458
|
|
|
—
|
|
||||
Municipal
|
150,127
|
|
|
—
|
|
|
117,695
|
|
|
32,432
|
|
||||
Corporate notes and other
|
141,933
|
|
|
—
|
|
|
141,933
|
|
|
—
|
|
||||
Mortgage-backed
|
332,767
|
|
|
—
|
|
|
332,767
|
|
|
—
|
|
||||
Equity securities
|
49,564
|
|
|
—
|
|
|
27,136
|
|
|
22,428
|
|
||||
Trading account securities
|
659
|
|
|
—
|
|
|
659
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
525,027
|
|
|
—
|
|
|
525,027
|
|
|
—
|
|
||||
Mortgage servicing rights
|
8,636
|
|
|
—
|
|
|
—
|
|
|
8,636
|
|
||||
Nonqualified deferred compensations assets
|
6,793
|
|
|
—
|
|
|
6,793
|
|
|
—
|
|
||||
Derivative assets
|
60,554
|
|
|
—
|
|
|
60,554
|
|
|
—
|
|
||||
Total
|
$
|
2,445,493
|
|
|
$
|
—
|
|
|
$
|
2,381,997
|
|
|
$
|
63,496
|
|
Derivative liabilities
|
$
|
37,654
|
|
|
$
|
—
|
|
|
$
|
37,654
|
|
|
$
|
—
|
|
|
|
December 31, 2012
|
||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
219,487
|
|
|
$
|
—
|
|
|
$
|
219,487
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
990,039
|
|
|
—
|
|
|
990,039
|
|
|
—
|
|
||||
Municipal
|
|
110,471
|
|
|
—
|
|
|
79,701
|
|
|
30,770
|
|
||||
Corporate notes and other
|
|
154,806
|
|
|
—
|
|
|
154,806
|
|
|
—
|
|
||||
Mortgage-backed
|
|
271,574
|
|
|
—
|
|
|
271,574
|
|
|
—
|
|
||||
Equity securities
|
|
49,699
|
|
|
—
|
|
|
27,530
|
|
|
22,169
|
|
||||
Trading account securities
|
|
583
|
|
|
—
|
|
|
583
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
|
385,033
|
|
|
—
|
|
|
385,033
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
6,750
|
|
|
—
|
|
|
—
|
|
|
6,750
|
|
||||
Nonqualified deferred compensations assets
|
|
5,532
|
|
|
—
|
|
|
5,532
|
|
|
—
|
|
||||
Derivative assets
|
|
53,906
|
|
|
—
|
|
|
53,906
|
|
|
—
|
|
||||
Total
|
|
$
|
2,247,880
|
|
|
$
|
—
|
|
|
$
|
2,188,191
|
|
|
$
|
59,689
|
|
Derivative liabilities
|
|
$
|
57,751
|
|
|
$
|
—
|
|
|
$
|
57,751
|
|
|
$
|
—
|
|
|
June 30, 2012
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
25,243
|
|
|
$
|
—
|
|
|
$
|
25,243
|
|
|
$
|
—
|
|
U.S. Government agencies
|
640,212
|
|
|
—
|
|
|
640,212
|
|
|
—
|
|
||||
Municipal
|
79,728
|
|
|
—
|
|
|
54,191
|
|
|
25,537
|
|
||||
Corporate notes and other
|
158,227
|
|
|
—
|
|
|
158,227
|
|
|
—
|
|
||||
Mortgage-backed
|
255,742
|
|
|
—
|
|
|
255,742
|
|
|
—
|
|
||||
Equity securities
|
37,550
|
|
|
—
|
|
|
17,332
|
|
|
20,218
|
|
||||
Trading account securities
|
608
|
|
|
—
|
|
|
608
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
511,566
|
|
|
—
|
|
|
511,566
|
|
|
—
|
|
||||
Mortgage servicing rights
|
6,647
|
|
|
—
|
|
|
—
|
|
|
6,647
|
|
||||
Nonqualified deferred compensations assets
|
5,207
|
|
|
—
|
|
|
5,207
|
|
|
—
|
|
||||
Derivative assets
|
53,666
|
|
|
—
|
|
|
53,666
|
|
|
—
|
|
||||
Total
|
$
|
1,774,396
|
|
|
$
|
—
|
|
|
$
|
1,721,994
|
|
|
$
|
52,402
|
|
Derivative liabilities
|
$
|
61,380
|
|
|
$
|
—
|
|
|
$
|
61,380
|
|
|
$
|
—
|
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at March 31, 2013
|
$
|
32,324
|
|
|
$
|
24,470
|
|
|
$
|
7,344
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
1,292
|
|
|||
Other comprehensive income
|
(302
|
)
|
|
(2,042
|
)
|
|
—
|
|
|||
Purchases
|
660
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(250
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at June 30, 2013
|
$
|
32,432
|
|
|
$
|
22,428
|
|
|
$
|
8,636
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2013
|
$
|
30,770
|
|
|
$
|
22,169
|
|
|
$
|
6,750
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
1,886
|
|
|||
Other comprehensive income
|
(314
|
)
|
|
259
|
|
|
—
|
|
|||
Purchases
|
2,347
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(371
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at June 30, 2013
|
$
|
32,432
|
|
|
$
|
22,428
|
|
|
$
|
8,636
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at March 31, 2012
|
$
|
25,535
|
|
|
$
|
21,224
|
|
|
$
|
7,201
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
(554
|
)
|
|||
Other comprehensive income
|
34
|
|
|
(1,006
|
)
|
|
—
|
|
|||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(32
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at June 30, 2012
|
$
|
25,537
|
|
|
$
|
20,218
|
|
|
$
|
6,647
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2012
|
$
|
24,211
|
|
|
$
|
18,971
|
|
|
$
|
6,700
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||
Other comprehensive income
|
36
|
|
|
1,247
|
|
|
—
|
|
|||
Purchases
|
3,840
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(148
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers out of Level 3
(2)
|
(2,402
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at June 30, 2012
|
$
|
25,537
|
|
|
$
|
20,218
|
|
|
$
|
6,647
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
(2)
|
During the first quarter of 2012, one municipal security was transferred out of Level 3 into Level 2 as observable market information was available that market participants would use in pricing these securities. Transfers out of Level 3 are recognized at the end of the reporting period.
|
|
June 30, 2013
|
|
Three Months
Ended June 30, 2013
Fair Value Losses Recognized
|
|
Six Months
Ended
June 30,
2013
Fair Value
Losses
Recognized
|
||||||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||||||
Impaired loans—collateral based
|
$
|
104,050
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104,050
|
|
|
$
|
10,678
|
|
|
$
|
16,050
|
|
Other real estate owned
(1)
|
57,025
|
|
|
—
|
|
|
—
|
|
|
57,025
|
|
|
5,379
|
|
|
8,338
|
|
||||||
Mortgage loans held-for-sale, at lower of cost or market
|
12,964
|
|
|
—
|
|
|
12,964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
174,039
|
|
|
$
|
—
|
|
|
$
|
12,964
|
|
|
$
|
161,075
|
|
|
$
|
16,057
|
|
|
$
|
24,388
|
|
(1)
|
Fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.
|
|
At June 30, 2013
|
|
At December 31, 2012
|
|
At June 30, 2012
|
||||||||||||||||||
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||||||
(Dollars in thousands)
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
233,299
|
|
|
$
|
233,299
|
|
|
$
|
315,028
|
|
|
$
|
315,028
|
|
|
$
|
191,756
|
|
|
$
|
191,756
|
|
Interest bearing deposits with banks
|
440,656
|
|
|
440,656
|
|
|
1,035,743
|
|
|
1,035,743
|
|
|
1,117,888
|
|
|
1,117,888
|
|
||||||
Available-for-sale securities
|
1,843,824
|
|
|
1,843,824
|
|
|
1,796,076
|
|
|
1,796,076
|
|
|
1,196,702
|
|
|
1,196,702
|
|
||||||
Trading account securities
|
659
|
|
|
659
|
|
|
583
|
|
|
583
|
|
|
608
|
|
|
608
|
|
||||||
Brokerage customer receivables
|
26,214
|
|
|
26,214
|
|
|
24,864
|
|
|
24,864
|
|
|
31,448
|
|
|
31,448
|
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
79,354
|
|
|
79,354
|
|
|
79,564
|
|
|
79,564
|
|
|
92,792
|
|
|
92,792
|
|
||||||
Mortgage loans held-for-sale, at fair value
|
525,027
|
|
|
525,027
|
|
|
385,033
|
|
|
385,033
|
|
|
511,566
|
|
|
511,566
|
|
||||||
Mortgage loans held-for-sale, at lower of cost or market
|
12,964
|
|
|
13,113
|
|
|
27,167
|
|
|
27,568
|
|
|
14,538
|
|
|
14,752
|
|
||||||
Total loans
|
12,971,494
|
|
|
13,613,298
|
|
|
12,389,030
|
|
|
13,053,101
|
|
|
11,816,904
|
|
|
12,510,167
|
|
||||||
Mortgage servicing rights
|
8,636
|
|
|
8,636
|
|
|
6,750
|
|
|
6,750
|
|
|
6,647
|
|
|
6,647
|
|
||||||
Nonqualified deferred compensation assets
|
6,793
|
|
|
6,793
|
|
|
5,532
|
|
|
5,532
|
|
|
5,207
|
|
|
5,207
|
|
||||||
Derivative assets
|
60,554
|
|
|
60,554
|
|
|
53,906
|
|
|
53,906
|
|
|
53,666
|
|
|
53,666
|
|
||||||
FDIC indemnification asset
|
137,681
|
|
|
137,681
|
|
|
208,160
|
|
|
208,160
|
|
|
222,568
|
|
|
222,568
|
|
||||||
Accrued interest receivable and other
|
163,703
|
|
|
163,703
|
|
|
157,157
|
|
|
157,157
|
|
|
146,360
|
|
|
146,360
|
|
||||||
Total financial assets
|
$
|
16,510,858
|
|
|
$
|
17,152,811
|
|
|
$
|
16,484,593
|
|
|
$
|
17,149,065
|
|
|
$
|
15,408,650
|
|
|
$
|
16,102,127
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-maturity deposits
|
$
|
10,023,533
|
|
|
10,023,533
|
|
|
$
|
9,447,633
|
|
|
$
|
9,447,633
|
|
|
$
|
8,076,439
|
|
|
$
|
8,076,439
|
|
|
Deposits with stated maturities
|
4,342,321
|
|
|
4,359,361
|
|
|
4,980,911
|
|
|
5,013,757
|
|
|
4,981,142
|
|
|
5,010,700
|
|
||||||
Notes payable
|
1,729
|
|
|
1,729
|
|
|
2,093
|
|
|
2,093
|
|
|
2,457
|
|
|
2,457
|
|
||||||
Federal Home Loan Bank advances
|
585,942
|
|
|
591,183
|
|
|
414,122
|
|
|
425,431
|
|
|
564,301
|
|
|
574,231
|
|
||||||
Subordinated notes
|
10,000
|
|
|
10,000
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
||||||
Other borrowings
|
252,776
|
|
|
252,776
|
|
|
274,411
|
|
|
274,411
|
|
|
375,523
|
|
|
375,523
|
|
||||||
Secured borrowings - owed to securitization investors
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
360,825
|
|
|
361,918
|
|
||||||
Junior subordinated debentures
|
249,493
|
|
|
250,597
|
|
|
249,493
|
|
|
250,428
|
|
|
249,493
|
|
|
250,402
|
|
||||||
Derivative liabilities
|
37,654
|
|
|
37,654
|
|
|
57,751
|
|
|
57,751
|
|
|
61,380
|
|
|
61,380
|
|
||||||
Accrued interest payable and other
|
11,293
|
|
|
11,293
|
|
|
11,589
|
|
|
11,589
|
|
|
12,398
|
|
|
12,398
|
|
||||||
Total financial liabilities
|
$
|
15,514,741
|
|
|
$
|
15,538,126
|
|
|
$
|
15,453,003
|
|
|
$
|
15,498,093
|
|
|
$
|
14,698,958
|
|
|
$
|
14,740,448
|
|
|
Six Months Ended
|
Six Months Ended
|
||
|
June 30,
|
June 30,
|
||
|
2013
|
2012
|
||
Expected dividend yield
|
0.5
|
%
|
0.6
|
%
|
Expected volatility
|
59.6
|
%
|
62.6
|
%
|
Risk-free rate
|
0.7
|
%
|
0.7
|
%
|
Expected option life (in years)
|
4.5
|
|
4.5
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2013
|
1,745,427
|
|
|
$
|
42.31
|
|
|
|
|
|
||
Granted
|
223,995
|
|
|
37.81
|
|
|
|
|
|
|||
Exercised
|
(44,658
|
)
|
|
28.27
|
|
|
|
|
|
|||
Forfeited or canceled
|
(16,765
|
)
|
|
38.64
|
|
|
|
|
|
|||
Outstanding at June 30, 2013
|
1,907,999
|
|
|
$
|
42.15
|
|
|
3.1
|
|
$
|
4,634
|
|
Exercisable at June 30, 2013
|
1,399,796
|
|
|
$
|
45.04
|
|
|
2.1
|
|
$
|
2,552
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2012
|
2,064,534
|
|
|
$
|
38.83
|
|
|
|
|
|
||
Granted
|
244,654
|
|
|
31.01
|
|
|
|
|
|
|||
Exercised
|
(402,557
|
)
|
|
19.94
|
|
|
|
|
|
|||
Forfeited or canceled
|
(33,561
|
)
|
|
40.79
|
|
|
|
|
|
|||
Outstanding at June 30, 2012
|
1,873,070
|
|
|
$
|
41.83
|
|
|
3.4
|
|
$
|
3,679
|
|
Exercisable at June 30, 2012
|
1,378,377
|
|
|
$
|
45.53
|
|
|
2.4
|
|
$
|
1,677
|
|
(1)
|
Represents the remaining weighted average contractual life in years.
|
(2)
|
Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's average of the high and low stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the average of the high and low stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock.
|
|
Six months ended June 30, 2013
|
|
Six months ended June 30, 2012
|
||||||||||
Restricted Shares
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
||||||
Outstanding at January 1
|
314,226
|
|
|
$
|
37.99
|
|
|
336,709
|
|
|
$
|
38.29
|
|
Granted
|
686
|
|
|
35.92
|
|
|
85,057
|
|
|
30.99
|
|
||
Vested and issued
|
(121,472
|
)
|
|
32.06
|
|
|
(109,758
|
)
|
|
34.61
|
|
||
Forfeited
|
(872
|
)
|
|
32.42
|
|
|
(959
|
)
|
|
30.98
|
|
||
Outstanding at June 30
|
192,568
|
|
|
$
|
41.74
|
|
|
311,049
|
|
|
$
|
37.62
|
|
Vested, but not issuable at June 30
|
85,000
|
|
|
$
|
51.88
|
|
|
85,069
|
|
|
$
|
51.86
|
|
|
|
|
|
|
|
|
|
||||||
Performance-based Shares
|
|
|
|
|
|
|
|
||||||
Outstanding at January 1
|
153,915
|
|
|
$
|
31.78
|
|
|
72,158
|
|
|
$
|
33.25
|
|
Granted
|
103,987
|
|
|
37.81
|
|
|
117,662
|
|
|
31.01
|
|
||
Vested and issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Net change due to estimated performance
|
(9,998
|
)
|
|
38.57
|
|
|
(6,887
|
)
|
|
33.25
|
|
||
Forfeited
|
(5,124
|
)
|
|
33.84
|
|
|
(3,390
|
)
|
|
31.87
|
|
||
Outstanding at June 30
|
242,780
|
|
|
$
|
34.04
|
|
|
179,543
|
|
|
$
|
31.81
|
|
(Dollars in thousands, except per unit amounts)
|
Equity
Component
|
|
Debt
Component
|
|
TEU Total
|
||||||
Units issued
(1)
|
4,600
|
|
|
4,600
|
|
|
4,600
|
|
|||
Unit price
|
$
|
40.271818
|
|
|
$
|
9.728182
|
|
|
$
|
50.00
|
|
Gross proceeds
|
185,250
|
|
|
44,750
|
|
|
230,000
|
|
|||
Issuance costs, including discount
|
5,934
|
|
|
1,419
|
|
|
7,353
|
|
|||
Net proceeds
|
$
|
179,316
|
|
|
$
|
43,331
|
|
|
$
|
222,647
|
|
Balance sheet impact
|
|
|
|
|
|
||||||
Other borrowings
|
—
|
|
|
43,331
|
|
|
43,331
|
|
|||
Surplus
|
179,316
|
|
|
—
|
|
|
179,316
|
|
(1)
|
TEUs consist of two components: one unit of the equity component and one unit of the debt component.
|
Applicable market value of
Company common stock
|
Settlement Rate
|
Less than or equal to $30.00
|
1.6666
|
Greater than $30.00 but less than $37.50
|
$50.00, divided by the applicable market value
|
Greater than or equal to $37.50
|
1.3333
|
|
Accumulated
Unrealized
Gains (Losses) on
Securities
|
|
Accumulated
Unrealized
Losses on
Derivative
Instruments
|
|
Accumulated
Foreign
Currency
Translation
Adjustments
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
Balance at April 1, 2013
|
$
|
1,910
|
|
|
$
|
(4,404
|
)
|
|
$
|
1,427
|
|
|
$
|
(1,067
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
(43,122
|
)
|
|
351
|
|
|
(6,318
|
)
|
|
(49,089
|
)
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
(1
|
)
|
|
953
|
|
|
—
|
|
|
952
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
(43,123
|
)
|
|
$
|
1,304
|
|
|
$
|
(6,318
|
)
|
|
$
|
(48,137
|
)
|
Balance at June 30, 2013
|
$
|
(41,213
|
)
|
|
$
|
(3,100
|
)
|
|
$
|
(4,891
|
)
|
|
$
|
(49,204
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2013
|
$
|
6,710
|
|
|
$
|
(5,292
|
)
|
|
$
|
6,293
|
|
|
$
|
7,711
|
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
(47,771
|
)
|
|
312
|
|
|
(11,184
|
)
|
|
(58,643
|
)
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
(152
|
)
|
|
1,880
|
|
|
—
|
|
|
1,728
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
(47,923
|
)
|
|
$
|
2,192
|
|
|
$
|
(11,184
|
)
|
|
$
|
(56,915
|
)
|
Balance at June 30, 2013
|
$
|
(41,213
|
)
|
|
$
|
(3,100
|
)
|
|
$
|
(4,891
|
)
|
|
$
|
(49,204
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at April 1, 2012
|
$
|
1,772
|
|
|
$
|
(6,602
|
)
|
|
$
|
—
|
|
|
$
|
(4,830
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
4,799
|
|
|
(299
|
)
|
|
2,101
|
|
|
6,601
|
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
(664
|
)
|
|
864
|
|
|
—
|
|
|
200
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
4,135
|
|
|
$
|
565
|
|
|
$
|
2,101
|
|
|
$
|
6,801
|
|
Balance at June 30, 2012
|
$
|
5,907
|
|
|
$
|
(6,037
|
)
|
|
$
|
2,101
|
|
|
$
|
1,971
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2012
|
$
|
4,204
|
|
|
$
|
(7,082
|
)
|
|
$
|
—
|
|
|
$
|
(2,878
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
2,856
|
|
|
(663
|
)
|
|
2,101
|
|
|
4,294
|
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
(1,153
|
)
|
|
1,708
|
|
|
—
|
|
|
555
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
1,703
|
|
|
$
|
1,045
|
|
|
$
|
2,101
|
|
|
$
|
4,849
|
|
Balance at June 30, 2012
|
$
|
5,907
|
|
|
$
|
(6,037
|
)
|
|
$
|
2,101
|
|
|
$
|
1,971
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(In thousands, except per share data)
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income
|
|
|
$
|
34,307
|
|
|
$
|
25,595
|
|
|
$
|
66,359
|
|
|
$
|
48,805
|
|
Less: Preferred stock dividends and discount accretion
|
|
|
2,617
|
|
|
2,644
|
|
|
5,233
|
|
|
3,890
|
|
||||
Net income applicable to common shares—Basic
|
(A)
|
|
31,690
|
|
|
22,951
|
|
|
61,126
|
|
|
44,915
|
|
||||
Add: Dividends on convertible preferred stock, if dilutive
|
|
|
2,581
|
|
|
—
|
|
|
5,162
|
|
|
—
|
|
||||
Net income applicable to common shares—Diluted
|
(B)
|
|
34,271
|
|
|
22,951
|
|
|
66,288
|
|
|
44,915
|
|
||||
Weighted average common shares outstanding
|
(C)
|
|
37,486
|
|
|
36,329
|
|
|
37,231
|
|
|
36,266
|
|
||||
Effect of dilutive potential common shares
|
|
|
|
|
|
|
|
|
|
||||||||
Common stock equivalents
|
|
|
7,334
|
|
|
7,770
|
|
|
7,343
|
|
|
7,723
|
|
||||
Convertible preferred stock, if dilutive
|
|
|
5,020
|
|
|
—
|
|
|
5,020
|
|
|
—
|
|
||||
Total dilutive potential common shares
|
|
|
12,354
|
|
|
7,770
|
|
|
12,363
|
|
|
7,723
|
|
||||
Weighted average common shares and effect of dilutive potential common shares
|
(D)
|
|
49,840
|
|
|
44,099
|
|
|
49,594
|
|
|
43,989
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
(A/C)
|
|
$
|
0.85
|
|
|
$
|
0.63
|
|
|
$
|
1.64
|
|
|
$
|
1.24
|
|
Diluted
|
(B/D)
|
|
$
|
0.69
|
|
|
$
|
0.52
|
|
|
$
|
1.34
|
|
|
$
|
1.02
|
|
•
|
The Company’s provision for credit losses, excluding covered loans, in the
second quarter of 2013
totaled $15.1 million, a decrease of $3.3 million when compared to the
second quarter of 2012
. Net charge-offs increased to $18.4 million in the
second quarter of 2013
(of which $14.4 million related to commercial real-estate loans) compared to $17.4 million for the same period in
2012
(of which $9.1 million related to commercial real-estate loans).
|
•
|
The Company’s allowance for loan losses, excluding covered loans, totaled
$106.8 million
at
June 30, 2013
, reflecting a decrease of $5.1 million, or 5%, when compared to the same period in
2012
and a slight decrease of $509,000, when compared to
December 31, 2012
. At
June 30, 2013
, approximately $52.0 million, or 49%, of the allowance for loan losses was associated with commercial real-estate loans and another $28.7 million, or 27%, was associated with commercial loans.
|
•
|
The Company has significant exposure to commercial real-estate. At
June 30, 2013
,
$4.1 billion
, or 33%, of our loan portfolio, excluding covered loans, was commercial real-estate, with approximately 93% located in the greater Chicago metropolitan and southeastern Wisconsin market areas. As of
June 30, 2013
, the commercial real-estate loan portfolio was comprised of $294.2 million related to land, residential and commercial construction, $597.8 million related to office buildings, $607.4 million related to retail, $615.5 million related to industrial use, $533.6 million related to multi-family and $1.4 billion related to mixed use and other use types. In analyzing the commercial real-estate market, the Company does not rely upon the assessment of broad market statistical data, in large part because the Company’s market area is diverse and covers many communities, each of which is impacted differently by economic forces affecting the Company’s general market area. As such, the extent of the decline in real estate valuations can vary meaningfully among the different types of commercial and other real estate loans made by the Company. The Company uses its multi-chartered structure and local management knowledge to analyze and manage the local market conditions at each of its banks. As of
June 30, 2013
, the Company had approximately
$58.1 million
of non-performing commercial real-estate loans representing approximately
1.4
% of the total commercial real-estate loan portfolio. $16.3 million, or 28%, of the total non-performing commercial real-estate loan portfolio related to the land, residential and commercial construction sector.
|
•
|
Total non-performing loans (loans on non-accrual status and loans more than 90 days past due and still accruing interest), excluding covered loans, was
$121.5 million
(of which
$58.1 million
, or 48%, was related to commercial real-estate) at
June 30, 2013
, an increase of approximately $565,000 compared to
June 30, 2012
.
|
•
|
The Company’s other real estate owned, excluding covered other real estate owned, decreased by $15.6 million, to
$57.0 million
during the
second quarter of 2013
, from $72.6 million at
June 30, 2012
. The decrease in other
|
(Dollars in thousands, except per share data)
|
Three months ended June 30, 2013
|
|
Three months ended June 30, 2012
|
|
Percentage (%) or
Basis Point (bp)Change |
|||||
Net income
|
$
|
34,307
|
|
|
$
|
25,595
|
|
|
34
|
%
|
Net income per common share—Diluted
|
0.69
|
|
|
0.52
|
|
|
33
|
|
||
Pre-tax adjusted earnings
(2) (6)
|
70,920
|
|
|
68,928
|
|
|
3
|
|
||
Net revenue
(1)
|
199,819
|
|
|
179,205
|
|
|
12
|
|
||
Net interest income
|
135,824
|
|
|
128,270
|
|
|
6
|
|
||
Net interest margin
(2)
|
3.50
|
%
|
|
3.51
|
%
|
|
(1) bp
|
|
||
Net overhead ratio
(2)
(3)
|
1.49
|
|
|
1.63
|
|
|
(14
|
)
|
||
Net overhead ratio, based on pre-tax adjusted earnings
(2) (3)
|
1.51
|
|
|
1.46
|
|
|
5
|
|
||
Efficiency ratio
(2) (4)
|
63.97
|
|
|
65.63
|
|
|
(166
|
)
|
||
Efficiency ratio, based on pre-tax adjusted earnings
(2) (4)
|
63.78
|
|
|
61.35
|
|
|
243
|
|
||
Return on average assets
|
0.80
|
|
|
0.63
|
|
|
17
|
|
||
Return on average common equity
|
7.55
|
|
|
6.08
|
|
|
147
|
|
||
Return on average tangible common equity
|
9.70
|
|
|
7.80
|
|
|
190
|
|
(Dollars in thousands, except per share data)
|
Six months ended June 30, 2013
|
|
Six months ended June 30, 2012
|
|
Percentage (%) or
Basis Point (bp)
Change
|
|||||
Net income
|
$
|
66,359
|
|
|
$
|
48,805
|
|
|
36
|
%
|
Net income per common share—Diluted
|
1.34
|
|
|
1.02
|
|
|
31
|
|
||
Net revenue
(1)
|
387,911
|
|
|
352,123
|
|
|
10
|
|
||
Net interest income
|
226,537
|
|
|
254,165
|
|
|
(11
|
)
|
||
Pre-tax adjusted earnings
(2) (6)
|
139,183
|
|
|
132,995
|
|
|
5
|
|
||
Net interest margin
(2)
|
3.46
|
%
|
|
3.53
|
%
|
|
(7) bp
|
|
||
Net overhead ratio
(2)
(3)
|
1.48
|
|
|
1.71
|
|
|
(23
|
)
|
||
Net overhead ratio, based on pre-tax adjusted earnings
(2) (3)
|
1.49
|
|
|
1.52
|
|
|
(3
|
)
|
||
Efficiency ratio
(2) (4)
|
63.88
|
|
|
66.91
|
|
|
(303
|
)
|
||
Efficiency ratio, based on pre-tax adjusted earnings
(2) (4)
|
63.63
|
|
|
61.75
|
|
|
188
|
|
||
Return on average assets
|
0.77
|
|
|
0.61
|
|
|
16
|
|
||
Return on average common equity
|
7.42
|
|
|
5.99
|
|
|
143
|
|
||
Return on average tangible common equity
|
9.53
|
|
|
7.68
|
|
|
185
|
|
||
At end of period
|
|
|
|
|
|
|||||
Total assets
|
$
|
17,613,546
|
|
|
$
|
16,576,282
|
|
|
6
|
%
|
Total loans, excluding loans held-for-sale, excluding covered loans
|
12,516,892
|
|
|
11,202,842
|
|
|
12
|
|
||
Total loans, including loans held-for-sale, excluding covered loans
|
13,054,883
|
|
|
11,728,946
|
|
|
11
|
|
||
Total deposits
|
14,365,854
|
|
|
13,057,581
|
|
|
10
|
|
||
Total shareholders’ equity
|
1,836,660
|
|
|
1,722,074
|
|
|
7
|
|
||
Tangible common equity ratio (TCE)
(2)
|
7.4
|
%
|
|
7.4
|
%
|
|
0 bp
|
|
||
Tangible common equity ratio, assuming full conversion of preferred stock
(2)
|
8.5
|
|
|
8.4
|
|
|
10
|
|
||
Book value per common share
(2)
|
$
|
37.84
|
|
|
$
|
35.86
|
|
|
6
|
%
|
Tangible common book value per share
(2)
|
29.25
|
|
|
27.69
|
|
|
6
|
|
||
Market price per common share
|
38.28
|
|
|
35.50
|
|
|
8
|
|
||
Excluding covered loans:
|
|
|
|
|
|
|||||
Allowance for credit losses to total loans
(5)
|
0.88
|
|
|
1.11
|
|
|
(23) bp
|
|
||
Non-performing loans to total loans
|
0.97
|
|
|
1.08
|
|
|
(11) bp
|
|
(1)
|
Net revenue is net interest income plus non-interest income.
|
(2)
|
See following section titled, “Supplementary Financial Measures/Ratios” for additional information on this performance measure/ratio.
|
(3)
|
The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.
|
(4)
|
The efficiency ratio is calculated by dividing total non-interest expense by tax-equivalent net revenues (less securities gains or losses). A lower ratio indicates more efficient revenue generation.
|
(5)
|
The allowance for credit losses includes both the allowance for loan losses and the allowance for lending-related commitments.
|
(6)
|
Pre-tax adjusted earnings excludes the provision for credit losses and certain significant items.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars and shares in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Calculation of Net Interest Margin and Efficiency Ratio
|
|
|
|
|
|
|
|
||||||||
(A) Interest Income (GAAP)
|
$
|
156,646
|
|
|
$
|
155,691
|
|
|
$
|
308,959
|
|
|
$
|
312,177
|
|
Taxable-equivalent adjustment:
|
|
|
|
|
|
|
|
||||||||
—Loans
|
225
|
|
|
135
|
|
|
375
|
|
|
269
|
|
||||
—Liquidity management assets
|
356
|
|
|
333
|
|
|
699
|
|
|
662
|
|
||||
—Other earning assets
|
4
|
|
|
3
|
|
|
5
|
|
|
6
|
|
||||
Interest Income—FTE
|
$
|
157,231
|
|
|
$
|
156,162
|
|
|
$
|
310,038
|
|
|
$
|
313,114
|
|
(B) Interest Expense (GAAP)
|
20,822
|
|
|
27,421
|
|
|
42,422
|
|
|
58,012
|
|
||||
Net interest income—FTE
|
136,409
|
|
|
128,741
|
|
|
267,616
|
|
|
255,102
|
|
||||
(C) Net Interest Income (GAAP) (A minus B)
|
$
|
135,824
|
|
|
$
|
128,270
|
|
|
$
|
266,537
|
|
|
$
|
254,165
|
|
(D) Net interest margin (GAAP)
|
3.49
|
%
|
|
3.49
|
%
|
|
3.44
|
%
|
|
3.52
|
%
|
||||
Net interest margin—FTE
|
3.50
|
%
|
|
3.51
|
%
|
|
3.46
|
%
|
|
3.53
|
%
|
||||
(E) Efficiency ratio (GAAP)
|
64.15
|
%
|
|
65.80
|
%
|
|
64.05
|
%
|
|
67.09
|
%
|
||||
Efficiency ratio—FTE
|
63.97
|
%
|
|
65.63
|
%
|
|
63.88
|
%
|
|
66.91
|
%
|
||||
Efficiency ratio—Based on pre-tax adjusted earnings
|
63.78
|
%
|
|
61.35
|
%
|
|
63.63
|
%
|
|
61.75
|
%
|
||||
(F) Net Overhead ratio (GAAP)
|
1.49
|
%
|
|
1.63
|
%
|
|
1.48
|
%
|
|
1.71
|
%
|
||||
Net Overhead ratio—Based on pre-tax adjusted earnings
|
1.51
|
%
|
|
1.46
|
%
|
|
1.49
|
%
|
|
1.52
|
%
|
||||
Calculation of Tangible Common Equity ratio (at period end)
|
|
|
|
|
|
|
|
||||||||
Total shareholders’ equity
|
$
|
1,836,660
|
|
|
$
|
1,722,074
|
|
|
|
|
|
||||
(G) Less: Preferred stock
|
(176,476
|
)
|
|
(176,337
|
)
|
|
|
|
|
||||||
Less: Intangible assets
|
(377,008
|
)
|
|
(352,109
|
)
|
|
|
|
|
||||||
(H) Total tangible common shareholders’ equity
|
$
|
1,283,176
|
|
|
$
|
1,193,628
|
|
|
|
|
|
||||
Total assets
|
$
|
17,613,546
|
|
|
$
|
16,576,282
|
|
|
|
|
|
||||
Less: Intangible assets
|
(377,008
|
)
|
|
(352,109
|
)
|
|
|
|
|
||||||
(I) Total tangible assets
|
$
|
17,236,538
|
|
|
$
|
16,224,173
|
|
|
|
|
|
||||
Tangible common equity ratio (H/I)
|
7.4
|
%
|
|
7.4
|
%
|
|
|
|
|
||||||
Tangible common equity ratio, assuming full conversion of preferred stock ((H-G)/I)
|
8.5
|
%
|
|
8.4
|
%
|
|
|
|
|
||||||
Calculation of Pre-Tax Adjusted Earnings
|
|
|
|
|
|
|
|
||||||||
Income before taxes
|
$
|
56,250
|
|
|
$
|
41,329
|
|
|
$
|
108,536
|
|
|
$
|
79,088
|
|
Add: Provision for credit losses
|
15,382
|
|
|
20,691
|
|
|
31,069
|
|
|
38,091
|
|
||||
Add: OREO expense, net
|
2,284
|
|
|
5,848
|
|
|
664
|
|
|
13,026
|
|
||||
Add: Recourse obligation on loans previously sold
|
815
|
|
|
(36
|
)
|
|
60
|
|
|
—
|
|
||||
Add: Covered loan collection expense
|
276
|
|
|
1,323
|
|
|
975
|
|
|
2,722
|
|
||||
Add: Defeasance cost
|
—
|
|
|
148
|
|
|
—
|
|
|
996
|
|
||||
Add: Seasonal payroll tax fluctuation
|
(312
|
)
|
|
(271
|
)
|
|
1,298
|
|
|
1,994
|
|
||||
Add: FDIC indemnification asset amortization
|
16
|
|
|
87
|
|
|
1,224
|
|
|
466
|
|
||||
Add: Loss on foreign currency remeasurement
|
33
|
|
|
—
|
|
|
55
|
|
|
—
|
|
||||
Add: Fees for termination of repurchase agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Less: Gain from investment partnerships
|
(562
|
)
|
|
(65
|
)
|
|
(1,620
|
)
|
|
(1,460
|
)
|
||||
Less: Gain on bargain purchases, net
|
—
|
|
|
55
|
|
|
—
|
|
|
(785
|
)
|
||||
Less: Trading (gains) losses, net
|
(3,260
|
)
|
|
928
|
|
|
(2,825
|
)
|
|
782
|
|
||||
Less: Gains on available-for-sale securities, net
|
(2
|
)
|
|
(1,109
|
)
|
|
(253
|
)
|
|
(1,925
|
)
|
||||
Pre-tax adjusted earnings
|
$
|
70,920
|
|
|
$
|
68,928
|
|
|
$
|
139,183
|
|
|
$
|
132,995
|
|
Calculation of book value per share
|
|
|
|
|
|
|
|
||||||||
Total shareholders’ equity
|
$
|
1,836,660
|
|
|
$
|
1,722,074
|
|
|
|
|
|
||||
Less: Preferred stock
|
(176,476
|
)
|
|
(176,337
|
)
|
|
|
|
|
||||||
(J) Total common equity
|
$
|
1,660,184
|
|
|
$
|
1,545,737
|
|
|
|
|
|
||||
Actual common shares outstanding
|
37,725
|
|
|
36,341
|
|
|
|
|
|
||||||
Add: TEU conversion shares
|
6,145
|
|
|
6,760
|
|
|
|
|
|
||||||
(K) Common shares used for book value calculation
|
43,870
|
|
|
43,101
|
|
|
|
|
|
||||||
Book value per share (J/K)
|
$
|
37.84
|
|
|
$
|
35.86
|
|
|
|
|
|
||||
Tangible common book value per share (H/K)
|
$
|
29.25
|
|
|
$
|
27.69
|
|
|
|
|
|
||||
Calculation of return on average common equity
|
|
|
|
|
|
|
|
||||||||
(L) Net income applicable to common shares
|
$
|
31,690
|
|
|
$
|
22,951
|
|
|
61,126
|
|
|
44,915
|
|
||
Total average shareholders' equity
|
1,859,265
|
|
|
1,695,440
|
|
|
1,838,810
|
|
|
1,630,051
|
|
||||
Less: Average preferred stock
|
(176,454
|
)
|
|
(176,314
|
)
|
|
(176,438
|
)
|
|
(122,083
|
)
|
||||
(M) Total average common shareholders' equity
|
1,682,811
|
|
|
1,519,126
|
|
|
1,662,372
|
|
|
1,507,968
|
|
||||
Less: Average intangible assets
|
(372,796
|
)
|
|
(335,327
|
)
|
|
(369,171
|
)
|
|
(331,261
|
)
|
||||
(N) Total average tangible common shareholders’ equity
|
1,310,015
|
|
|
1,183,799
|
|
|
1,293,201
|
|
|
1,176,707
|
|
||||
Return on average common equity, annualized (L/M)
|
7.55
|
%
|
|
6.08
|
%
|
|
7.42
|
%
|
|
5.99
|
%
|
||||
Return on average tangible common equity, annualized (L/N)
|
9.70
|
%
|
|
7.80
|
%
|
|
9.53
|
%
|
|
7.68
|
%
|
|
For the three months ended June 30, 2013
|
|
For the three months ended June 30, 2012
|
||||||||||||||||||
(Dollars in thousands)
|
Average
|
|
Interest
|
|
Rate
|
|
Average
|
|
Interest
|
|
Rate
|
||||||||||
Liquidity management assets
(1) (2) (7)
|
$
|
2,560,118
|
|
|
$
|
10,823
|
|
|
1.70
|
%
|
|
$
|
2,781,730
|
|
|
$
|
11,693
|
|
|
1.69
|
%
|
Other earning assets
(2) (3) (7)
|
25,775
|
|
|
201
|
|
|
3.13
|
|
|
30,761
|
|
|
233
|
|
|
3.04
|
|
||||
Loans, net of unearned income
(2) (4) (7)
|
12,546,676
|
|
|
137,139
|
|
|
4.38
|
|
|
11,300,395
|
|
|
130,293
|
|
|
4.64
|
|
||||
Covered loans
|
491,603
|
|
|
9,068
|
|
|
7.40
|
|
|
659,783
|
|
|
13,943
|
|
|
8.50
|
|
||||
Total earning assets
(7)
|
$
|
15,624,172
|
|
|
$
|
157,231
|
|
|
4.04
|
%
|
|
$
|
14,772,669
|
|
|
$
|
156,162
|
|
|
4.25
|
%
|
Allowance for loan and covered loan losses
|
(126,455
|
)
|
|
|
|
|
|
(134,077
|
)
|
|
|
|
|
||||||||
Cash and due from banks
|
225,712
|
|
|
|
|
|
|
152,118
|
|
|
|
|
|
||||||||
Other assets
|
1,560,556
|
|
|
|
|
|
|
1,528,497
|
|
|
|
|
|
||||||||
Total assets
|
$
|
17,283,985
|
|
|
|
|
|
|
$
|
16,319,207
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
11,766,422
|
|
|
$
|
13,675
|
|
|
0.47
|
%
|
|
$
|
10,815,018
|
|
|
$
|
17,273
|
|
|
0.64
|
%
|
Federal Home Loan Bank advances
|
434,572
|
|
|
2,821
|
|
|
2.60
|
|
|
514,513
|
|
|
2,867
|
|
|
2.24
|
|
||||
Notes payable and other borrowings
|
273,255
|
|
|
1,132
|
|
|
1.66
|
|
|
422,146
|
|
|
2,274
|
|
|
2.17
|
|
||||
Secured borrowings—owed to securitization investors
|
—
|
|
|
—
|
|
|
—
|
|
|
407,259
|
|
|
1,743
|
|
|
1.72
|
|
||||
Subordinated notes
|
13,187
|
|
|
52
|
|
|
1.58
|
|
|
23,791
|
|
|
126
|
|
|
2.10
|
|
||||
Junior subordinated notes
|
249,493
|
|
|
3,142
|
|
|
4.98
|
|
|
249,493
|
|
|
3,138
|
|
|
4.97
|
|
||||
Total interest-bearing liabilities
|
$
|
12,736,929
|
|
|
$
|
20,822
|
|
|
0.65
|
%
|
|
$
|
12,432,220
|
|
|
$
|
27,421
|
|
|
0.89
|
%
|
Non-interest bearing deposits
|
2,379,315
|
|
|
|
|
|
|
1,993,880
|
|
|
|
|
|
||||||||
Other liabilities
|
308,476
|
|
|
|
|
|
|
197,667
|
|
|
|
|
|
||||||||
Equity
|
1,859,265
|
|
|
|
|
|
|
1,695,440
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
17,283,985
|
|
|
|
|
|
|
$
|
16,319,207
|
|
|
|
|
|
||||||
Interest rate spread
(5) (7)
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
3.36
|
%
|
||||||||
Net free funds/contribution
(6)
|
$
|
2,887,243
|
|
|
|
|
0.11
|
%
|
|
$
|
2,340,449
|
|
|
|
|
0.15
|
%
|
||||
Net interest income/Net interest margin
(7)
|
|
|
$
|
136,409
|
|
|
3.50
|
%
|
|
|
|
$
|
128,741
|
|
|
3.51
|
%
|
(1)
|
Liquidity management assets include available-for-sale securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the three months ended
June 30, 2013
and
2012
were $585,000 and $471,000, respectively.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(5)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(6)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
For the three months ended June 30, 2013
|
|
For the three months ended March 31, 2013
|
||||||||||||||||||
(Dollars in thousands)
|
Average
|
|
Interest
|
|
Rate
|
|
Average
|
|
Interest
|
|
Rate
|
||||||||||
Liquidity management assets
(1) (2) (7)
|
$
|
2,560,118
|
|
|
$
|
10,823
|
|
|
1.70
|
%
|
|
$
|
2,797,310
|
|
|
$
|
10,363
|
|
|
1.50
|
%
|
Other earning assets
(2) (3) (7)
|
25,775
|
|
|
201
|
|
|
3.13
|
|
|
24,205
|
|
|
180
|
|
|
3.02
|
|
||||
Loans, net of unearned income
(2) (4) (7)
|
12,546,676
|
|
|
137,139
|
|
|
4.38
|
|
|
12,252,558
|
|
|
131,740
|
|
|
4.36
|
|
||||
Covered loans
|
491,603
|
|
|
9,068
|
|
|
7.40
|
|
|
536,284
|
|
|
10,524
|
|
|
7.96
|
|
||||
Total earning assets
(7)
|
$
|
15,624,172
|
|
|
$
|
157,231
|
|
|
4.04
|
%
|
|
$
|
15,610,357
|
|
|
$
|
152,807
|
|
|
3.97
|
%
|
Allowance for loan and covered loan losses
|
(126,455
|
)
|
|
|
|
|
|
(125,221
|
)
|
|
|
|
|
||||||||
Cash and due from banks
|
225,712
|
|
|
|
|
|
|
217,345
|
|
|
|
|
|
||||||||
Other assets
|
1,560,556
|
|
|
|
|
|
|
1,554,362
|
|
|
|
|
|
||||||||
Total assets
|
$
|
17,283,985
|
|
|
|
|
|
|
$
|
17,256,843
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
11,766,422
|
|
|
$
|
13,675
|
|
|
0.47
|
%
|
|
$
|
11,857,400
|
|
|
$
|
14,504
|
|
|
0.50
|
%
|
Federal Home Loan Bank advances
|
434,572
|
|
|
2,821
|
|
|
2.60
|
|
|
414,092
|
|
|
2,764
|
|
|
2.71
|
|
||||
Notes payable and other borrowings
|
273,255
|
|
|
1,132
|
|
|
1.66
|
|
|
297,151
|
|
|
1,154
|
|
|
1.57
|
|
||||
Subordinated notes
|
13,187
|
|
|
52
|
|
|
1.58
|
|
|
15,000
|
|
|
59
|
|
|
1.56
|
|
||||
Junior subordinated notes
|
249,493
|
|
|
3,142
|
|
|
4.98
|
|
|
249,493
|
|
|
3,119
|
|
|
5.00
|
|
||||
Total interest-bearing liabilities
|
$
|
12,736,929
|
|
|
$
|
20,822
|
|
|
0.65
|
%
|
|
$
|
12,833,136
|
|
|
$
|
21,600
|
|
|
0.68
|
%
|
Non-interest bearing deposits
|
2,379,315
|
|
|
|
|
|
|
2,290,725
|
|
|
|
|
|
||||||||
Other liabilities
|
308,476
|
|
|
|
|
|
|
314,855
|
|
|
|
|
|
||||||||
Equity
|
1,859,265
|
|
|
|
|
|
|
1,818,127
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
17,283,985
|
|
|
|
|
|
|
$
|
17,256,843
|
|
|
|
|
|
||||||
Interest rate spread
(5) (7)
|
|
|
|
|
3.39
|
%
|
|
|
|
|
|
3.29
|
%
|
||||||||
Net free funds/contribution
(6)
|
$
|
2,887,243
|
|
|
|
|
0.11
|
%
|
|
$
|
2,777,221
|
|
|
|
|
0.12
|
%
|
||||
Net interest income/Net interest margin
(7)
|
|
|
$
|
136,409
|
|
|
3.50
|
%
|
|
|
|
$
|
131,207
|
|
|
3.41
|
%
|
(1)
|
Liquidity management assets include available-for-sale securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the three months ended
June 30, 2013
and
March 31, 2013
were $585,000 and $494,000, respectively.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(5)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(6)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
For the six months ended June 30, 2013
|
|
For the six months ended June 30, 2012
|
||||||||||||||||||
(Dollars in thousands)
|
Average
|
|
Interest
|
|
Rate
|
|
Average
|
|
Interest
|
|
Rate
|
||||||||||
Liquidity management assets
(1) (2) (7)
|
$
|
2,678,059
|
|
|
$
|
21,186
|
|
|
1.60
|
%
|
|
$
|
2,769,282
|
|
|
$
|
24,733
|
|
|
1.80
|
%
|
Other earning assets
(2) (3) (7)
|
24,995
|
|
|
381
|
|
|
3.07
|
|
|
30,631
|
|
|
457
|
|
|
3.00
|
|
||||
Loans, net of unearned income
(2) (4) (7)
|
12,400,429
|
|
|
268,879
|
|
|
4.37
|
|
|
11,074,205
|
|
|
259,077
|
|
|
4.70
|
|
||||
Covered loans
|
513,820
|
|
|
19,592
|
|
|
7.69
|
|
|
663,512
|
|
|
28,847
|
|
|
8.74
|
|
||||
Total earning assets
(7)
|
$
|
15,617,303
|
|
|
$
|
310,038
|
|
|
4.00
|
%
|
|
$
|
14,537,630
|
|
|
$
|
313,114
|
|
|
4.33
|
%
|
Allowance for loan and covered loan losses
|
(125,841
|
)
|
|
|
|
|
|
(132,923
|
)
|
|
|
|
|
||||||||
Cash and due from banks
|
221,552
|
|
|
|
|
|
|
147,993
|
|
|
|
|
|
||||||||
Other assets
|
1,557,475
|
|
|
|
|
|
|
1,524,579
|
|
|
|
|
|
||||||||
Total assets
|
$
|
17,270,489
|
|
|
|
|
|
|
$
|
16,077,279
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
$
|
11,811,659
|
|
|
$
|
28,179
|
|
|
0.48
|
%
|
|
$
|
10,648,420
|
|
|
$
|
35,303
|
|
|
0.67
|
%
|
Federal Home Loan Bank advances
|
424,389
|
|
|
5,585
|
|
|
2.65
|
|
|
492,429
|
|
|
6,451
|
|
|
2.63
|
|
||||
Notes payable and other borrowings
|
285,137
|
|
|
2,286
|
|
|
1.62
|
|
|
463,980
|
|
|
5,376
|
|
|
2.33
|
|
||||
Secured borrowings—owed to securitization investors
|
—
|
|
|
—
|
|
|
—
|
|
|
461,091
|
|
|
4,292
|
|
|
1.87
|
|
||||
Subordinated notes
|
14,088
|
|
|
111
|
|
|
1.57
|
|
|
29,396
|
|
|
295
|
|
|
1.98
|
|
||||
Junior subordinated notes
|
249,493
|
|
|
6,261
|
|
|
4.99
|
|
|
249,493
|
|
|
6,295
|
|
|
4.99
|
|
||||
Total interest-bearing liabilities
|
$
|
12,784,766
|
|
|
$
|
42,422
|
|
|
0.67
|
%
|
|
$
|
12,344,809
|
|
|
$
|
58,012
|
|
|
0.94
|
%
|
Non-interest bearing deposits
|
2,335,265
|
|
|
|
|
|
|
1,913,253
|
|
|
|
|
|
||||||||
Other liabilities
|
311,648
|
|
|
|
|
|
|
189,166
|
|
|
|
|
|
||||||||
Equity
|
1,838,810
|
|
|
|
|
|
|
1,630,051
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
17,270,489
|
|
|
|
|
|
|
$
|
16,077,279
|
|
|
|
|
|
||||||
Interest rate spread
(5) (7)
|
|
|
|
|
3.33
|
%
|
|
|
|
|
|
3.39
|
%
|
||||||||
Net free funds/contribution
(6)
|
$
|
2,832,537
|
|
|
|
|
0.13
|
%
|
|
$
|
2,192,821
|
|
|
|
|
0.14
|
%
|
||||
Net interest income/Net interest margin
(7)
|
|
|
$
|
267,616
|
|
|
3.46
|
%
|
|
|
|
$
|
255,102
|
|
|
3.53
|
%
|
(1)
|
Liquidity management assets include available-for-sale securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the six months ended
June 30, 2013
and June 30, 2012 were $1.1 million and $937,000, respectively.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(5)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(6)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
Second Quarter of 2013
Compared to
First Quarter of 2013
|
|
First Six Months
of 2013
Compared to
First Six Months of 2012
|
|
Second Quarter of 2013
Compared to
Second Quarter of 2012
|
||||||
(Dollars in thousands)
|
|
|
|||||||||
Tax-equivalent net interest income for comparative period
|
$
|
131,207
|
|
|
$
|
255,102
|
|
|
$
|
128,741
|
|
Change due to mix and growth of earning assets and interest-bearing liabilities (volume)
|
1,684
|
|
|
29,739
|
|
|
13,153
|
|
|||
Change due to interest rate fluctuations (rate)
|
2,076
|
|
|
(15,816
|
)
|
|
(5,485
|
)
|
|||
Change due to number of days in each period
|
1,442
|
|
|
(1,409
|
)
|
|
—
|
|
|||
Tax-equivalent net interest income for the period ended June 30, 2013
|
$
|
136,409
|
|
|
$
|
267,616
|
|
|
$
|
136,409
|
|
|
Three months ended June 30,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Brokerage
|
$
|
7,426
|
|
|
$
|
6,396
|
|
|
$
|
1,030
|
|
|
16
|
|
Trust and asset management
|
8,466
|
|
|
6,997
|
|
|
1,469
|
|
|
21
|
|
|||
Total wealth management
|
15,892
|
|
|
13,393
|
|
|
2,499
|
|
|
19
|
|
|||
Mortgage banking
|
31,734
|
|
|
25,607
|
|
|
6,127
|
|
|
24
|
|
|||
Service charges on deposit accounts
|
5,035
|
|
|
3,994
|
|
|
1,041
|
|
|
26
|
|
|||
Gains on available-for-sale securities, net
|
2
|
|
|
1,109
|
|
|
(1,107
|
)
|
|
(100
|
)
|
|||
Fees from covered call options
|
993
|
|
|
3,114
|
|
|
(2,121
|
)
|
|
(68
|
)
|
|||
Gain on bargain purchases, net
|
—
|
|
|
(55
|
)
|
|
55
|
|
|
(100
|
)
|
|||
Trading gains (losses), net
|
3,260
|
|
|
(928
|
)
|
|
4,188
|
|
|
NM
|
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Interest rate swap fees
|
1,638
|
|
|
2,337
|
|
|
(699
|
)
|
|
(30
|
)
|
|||
Bank Owned Life Insurance
|
902
|
|
|
505
|
|
|
397
|
|
|
79
|
|
|||
Administrative services
|
832
|
|
|
823
|
|
|
9
|
|
|
1
|
|
|||
Miscellaneous
|
3,707
|
|
|
1,036
|
|
|
2,671
|
|
|
NM
|
|
|||
Total Other
|
7,079
|
|
|
4,701
|
|
|
2,378
|
|
|
51
|
|
|||
Total Non-Interest Income
|
$
|
63,995
|
|
|
$
|
50,935
|
|
|
$
|
13,060
|
|
|
26
|
|
|
Six months ended June 30,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Brokerage
|
$
|
14,692
|
|
|
$
|
12,718
|
|
|
$
|
1,974
|
|
|
16
|
|
Trust and asset management
|
16,028
|
|
|
13,076
|
|
|
2,952
|
|
|
23
|
|
|||
Total wealth management
|
30,720
|
|
|
25,794
|
|
|
4,926
|
|
|
19
|
|
|||
Mortgage banking
|
61,879
|
|
|
44,141
|
|
|
17,738
|
|
|
40
|
|
|||
Service charges on deposit accounts
|
9,828
|
|
|
8,202
|
|
|
1,626
|
|
|
20
|
|
|||
Gains on available-for-sale securities, net
|
253
|
|
|
1,925
|
|
|
(1,672
|
)
|
|
(87
|
)
|
|||
Fees from covered call options
|
2,632
|
|
|
6,237
|
|
|
(3,605
|
)
|
|
(58
|
)
|
|||
Gain on bargain purchases, net
|
—
|
|
|
785
|
|
|
(785
|
)
|
|
(100
|
)
|
|||
Trading gains (losses), net
|
2,825
|
|
|
(782
|
)
|
|
3,607
|
|
|
NM
|
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Interest rate swap fees
|
3,909
|
|
|
4,848
|
|
|
(939
|
)
|
|
(19
|
)
|
|||
Bank Owned Life Insurance
|
1,747
|
|
|
1,424
|
|
|
323
|
|
|
23
|
|
|||
Administrative services
|
1,569
|
|
|
1,589
|
|
|
(20
|
)
|
|
(1
|
)
|
|||
Miscellaneous
|
6,012
|
|
|
3,795
|
|
|
2,217
|
|
|
58
|
|
|||
Total Other
|
13,237
|
|
|
$
|
11,656
|
|
|
$
|
1,581
|
|
|
14
|
|
|
Total Non-Interest Income
|
$
|
121,374
|
|
|
$
|
97,958
|
|
|
$
|
23,416
|
|
|
24
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Mortgage loans originated and sold
|
$
|
1,050,799
|
|
|
$
|
853,585
|
|
|
$
|
2,025,231
|
|
|
$
|
1,568,240
|
|
Mortgage loans serviced for others
|
996,621
|
|
|
980,534
|
|
|
|
|
|
||||||
Fair value of mortgage servicing rights (MSRs)
|
8,636
|
|
|
6,647
|
|
|
|
|
|
||||||
MSRs as a percentage of loans serviced
|
0.87
|
%
|
|
0.68
|
%
|
|
|
|
|
|
Three months ended June 30,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|||||||
Salaries
|
$
|
41,671
|
|
|
$
|
37,237
|
|
|
$
|
4,434
|
|
|
12
|
|
Commissions and bonus
|
25,143
|
|
|
19,388
|
|
|
5,755
|
|
|
30
|
|
|||
Benefits
|
12,411
|
|
|
11,514
|
|
|
897
|
|
|
8
|
|
|||
Total salaries and employee benefits
|
79,225
|
|
|
68,139
|
|
|
11,086
|
|
|
16
|
|
|||
Equipment
|
6,413
|
|
|
5,466
|
|
|
947
|
|
|
17
|
|
|||
Occupancy, net
|
8,707
|
|
|
7,728
|
|
|
979
|
|
|
13
|
|
|||
Data processing
|
4,358
|
|
|
3,840
|
|
|
518
|
|
|
13
|
|
|||
Advertising and marketing
|
2,722
|
|
|
2,179
|
|
|
543
|
|
|
25
|
|
|||
Professional fees
|
4,191
|
|
|
3,847
|
|
|
344
|
|
|
9
|
|
|||
Amortization of other intangible assets
|
1,164
|
|
|
1,089
|
|
|
75
|
|
|
7
|
|
|||
FDIC insurance
|
3,003
|
|
|
3,477
|
|
|
(474
|
)
|
|
(14
|
)
|
|||
OREO expenses, net
|
2,284
|
|
|
5,848
|
|
|
(3,564
|
)
|
|
(61
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Commissions—3rd party brokers
|
1,128
|
|
|
1,069
|
|
|
59
|
|
|
6
|
|
|||
Postage
|
1,464
|
|
|
1,330
|
|
|
134
|
|
|
10
|
|
|||
Stationery and supplies
|
887
|
|
|
1,035
|
|
|
(148
|
)
|
|
(14
|
)
|
|||
Miscellaneous
|
12,641
|
|
|
12,138
|
|
|
503
|
|
|
4
|
|
|||
Total other
|
16,120
|
|
|
15,572
|
|
|
548
|
|
|
4
|
|
|||
Total Non-Interest Expense
|
$
|
128,187
|
|
|
$
|
117,185
|
|
|
$
|
11,002
|
|
|
9
|
|
|
Six months ended June 30,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|||||||
Salaries
|
$
|
83,502
|
|
|
$
|
75,170
|
|
|
$
|
8,332
|
|
|
11
|
|
Commissions and bonus
|
46,419
|
|
|
36,190
|
|
|
10,229
|
|
|
28
|
|
|||
Benefits
|
26,817
|
|
|
25,809
|
|
|
1,008
|
|
|
4
|
|
|||
Total salaries and employee benefits
|
156,738
|
|
|
137,169
|
|
|
19,569
|
|
|
14
|
|
|||
Equipment
|
12,597
|
|
|
10,866
|
|
|
1,731
|
|
|
16
|
|
|||
Occupancy, net
|
17,560
|
|
|
15,790
|
|
|
1,770
|
|
|
11
|
|
|||
Data processing
|
8,957
|
|
|
7,458
|
|
|
1,499
|
|
|
20
|
|
|||
Advertising and marketing
|
4,762
|
|
|
4,185
|
|
|
577
|
|
|
14
|
|
|||
Professional fees
|
7,412
|
|
|
7,451
|
|
|
(39
|
)
|
|
(1
|
)
|
|||
Amortization of other intangible assets
|
2,284
|
|
|
2,138
|
|
|
146
|
|
|
7
|
|
|||
FDIC insurance
|
6,447
|
|
|
6,834
|
|
|
(387
|
)
|
|
(6
|
)
|
|||
OREO expenses, net
|
664
|
|
|
13,026
|
|
|
(12,362
|
)
|
|
(95
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Commissions—3rd party brokers
|
2,362
|
|
|
2,090
|
|
|
272
|
|
|
13
|
|
|||
Postage
|
2,713
|
|
|
2,753
|
|
|
(40
|
)
|
|
(1
|
)
|
|||
Stationery and supplies
|
1,821
|
|
|
1,954
|
|
|
(133
|
)
|
|
(7
|
)
|
|||
Miscellaneous
|
23,989
|
|
|
23,230
|
|
|
759
|
|
|
3
|
|
|||
Total other
|
30,885
|
|
|
30,027
|
|
|
858
|
|
|
3
|
|
|||
Total Non-Interest Expense
|
$
|
248,306
|
|
|
$
|
234,944
|
|
|
$
|
13,362
|
|
|
6
|
|
|
Three Months Ended
|
|||||||||||||||||||
|
June 30, 2013
|
|
March 31, 2013
|
|
June 30, 2012
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
$
|
2,937,443
|
|
|
19
|
%
|
|
$
|
2,841,360
|
|
|
18
|
%
|
|
$
|
2,573,103
|
|
|
17
|
%
|
Commercial real-estate
|
4,061,849
|
|
|
26
|
|
|
3,916,871
|
|
|
25
|
|
|
3,608,218
|
|
|
24
|
|
|||
Home equity
|
762,772
|
|
|
5
|
|
|
774,772
|
|
|
5
|
|
|
830,936
|
|
|
6
|
|
|||
Residential real-estate
(1)
|
756,703
|
|
|
5
|
|
|
751,473
|
|
|
5
|
|
|
785,304
|
|
|
5
|
|
|||
Premium finance receivables
|
3,844,482
|
|
|
25
|
|
|
3,777,563
|
|
|
24
|
|
|
3,315,378
|
|
|
22
|
|
|||
Indirect consumer loans
|
67,059
|
|
|
—
|
|
|
73,238
|
|
|
1
|
|
|
70,420
|
|
|
1
|
|
|||
Other loans
|
116,368
|
|
|
1
|
|
|
117,281
|
|
|
1
|
|
|
117,036
|
|
|
1
|
|
|||
Total loans, net of unearned income excluding covered loans
(2)
|
$
|
12,546,676
|
|
|
81
|
%
|
|
$
|
12,252,558
|
|
|
79
|
%
|
|
$
|
11,300,395
|
|
|
76
|
%
|
Covered loans
|
491,603
|
|
|
3
|
|
|
536,284
|
|
|
3
|
|
|
659,783
|
|
|
4
|
|
|||
Total average loans
(2)
|
$
|
13,038,279
|
|
|
84
|
%
|
|
$
|
12,788,842
|
|
|
82
|
%
|
|
$
|
11,960,178
|
|
|
80
|
%
|
Liquidity management assets
(3)
|
$
|
2,560,118
|
|
|
16
|
%
|
|
$
|
2,797,310
|
|
|
18
|
%
|
|
2,781,730
|
|
|
19
|
%
|
|
Other earning assets
(4)
|
25,775
|
|
|
—
|
|
|
24,205
|
|
|
|
|
|
30,761
|
|
|
1
|
|
|||
Total average earning assets
|
$
|
15,624,172
|
|
|
100
|
%
|
|
$
|
15,610,357
|
|
|
100
|
%
|
|
$
|
14,772,669
|
|
|
100
|
%
|
Total average assets
|
$
|
17,283,985
|
|
|
|
|
$
|
17,256,843
|
|
|
|
|
$
|
16,319,207
|
|
|
|
|||
Total average earning assets to total average assets
|
|
|
90
|
%
|
|
|
|
90
|
%
|
|
|
|
91
|
%
|
(1)
|
Includes mortgage loans held-for-sale
|
(2)
|
Includes loans held-for-sale and non-accrual loans
|
(3)
|
Liquidity management assets include available-for-sale securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements
|
(4)
|
Other earning assets include brokerage customer receivables and trading account securities
|
|
Average Balances for the
Six Months Ended
|
||||||||||||
|
June 30, 2013
|
|
June 30, 2012
|
||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
||||||
Loans:
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
2,889,667
|
|
|
19
|
%
|
|
$
|
2,508,349
|
|
|
17
|
%
|
Commercial real estate
|
3,989,761
|
|
|
26
|
%
|
|
3,573,477
|
|
|
25
|
%
|
||
Home equity
|
768,739
|
|
|
5
|
%
|
|
841,216
|
|
|
6
|
%
|
||
Residential real estate
(1)
|
754,102
|
|
|
5
|
%
|
|
705,963
|
|
|
5
|
%
|
||
Premium finance receivables
|
3,811,207
|
|
|
24
|
%
|
|
3,257,203
|
|
|
22
|
%
|
||
Indirect consumer loans
|
70,131
|
|
|
—
|
%
|
|
68,003
|
|
|
1
|
%
|
||
Other loans
|
116,822
|
|
|
1
|
%
|
|
119,994
|
|
|
1
|
%
|
||
Total loans, net of unearned income excluding covered loans
(2)
|
$
|
12,400,429
|
|
|
80
|
%
|
|
$
|
11,074,205
|
|
|
77
|
%
|
Covered loans
|
513,820
|
|
|
3
|
%
|
|
663,512
|
|
|
5
|
%
|
||
Total average loans
(2)
|
$
|
12,914,249
|
|
|
83
|
%
|
|
$
|
11,737,717
|
|
|
82
|
%
|
Liquidity management assets
(3)
|
$
|
2,678,059
|
|
|
17
|
%
|
|
2,769,282
|
|
|
18
|
%
|
|
Other earning assets
(4)
|
24,995
|
|
|
—
|
%
|
|
30,631
|
|
|
—
|
%
|
||
Total average earning assets
|
$
|
15,617,303
|
|
|
100
|
%
|
|
$
|
14,537,630
|
|
|
100
|
%
|
Total average assets
|
$
|
17,270,489
|
|
|
|
|
$
|
16,077,279
|
|
|
|
||
Total average earning assets to total average assets
|
|
|
90
|
%
|
|
|
|
90
|
%
|
(1)
|
Includes mortgage loans held-for-sale
|
(2)
|
Includes loans held-for-sale and non-accrual loans
|
(3)
|
Liquidity management assets include available-for-sale securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements
|
(4)
|
Other earning assets include brokerage customer receivables and trading account securities
|
Time Certificates of Deposit
Maturity/Re-pricing Analysis As of June 30, 2013
(Dollars in thousands)
|
|
CDARs &
Brokered
Certificates
of Deposit
(1)
|
|
MaxSafe
Certificates
of Deposit
(1)
|
|
Variable Rate
Certificates
of Deposit
(2)
|
|
Other Fixed
Rate Certificates
of Deposit
(1)
|
|
Total Time
Certificates of
Deposits
|
|
Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
(3)
|
|||||||||||
1-3 months
|
|
$
|
105,323
|
|
|
$
|
68,812
|
|
|
$
|
159,196
|
|
|
$
|
714,055
|
|
|
$
|
1,047,386
|
|
|
0.67
|
%
|
4-6 months
|
|
4,667
|
|
|
60,954
|
|
|
—
|
|
|
611,410
|
|
|
677,031
|
|
|
0.67
|
%
|
|||||
7-9 months
|
|
40,000
|
|
|
53,837
|
|
|
—
|
|
|
613,219
|
|
|
707,056
|
|
|
0.80
|
%
|
|||||
10-12 months
|
|
4,952
|
|
|
24,894
|
|
|
—
|
|
|
514,234
|
|
|
544,080
|
|
|
0.70
|
%
|
|||||
13-18 months
|
|
16,444
|
|
|
32,638
|
|
|
—
|
|
|
428,685
|
|
|
477,767
|
|
|
1.03
|
%
|
|||||
19-24 months
|
|
131,649
|
|
|
9,973
|
|
|
—
|
|
|
226,145
|
|
|
367,767
|
|
|
1.69
|
%
|
|||||
24+ months
|
|
20,000
|
|
|
24,974
|
|
|
—
|
|
|
476,260
|
|
|
521,234
|
|
|
1.49
|
%
|
|||||
Total
|
|
$
|
323,035
|
|
|
$
|
276,082
|
|
|
$
|
159,196
|
|
|
$
|
3,584,008
|
|
|
$
|
4,342,321
|
|
|
0.92
|
%
|
(1)
|
This category of certificates of deposit is shown by contractual maturity date.
|
(2)
|
This category includes variable rate certificates of deposit and savings certificates with the majority repricing on at least a monthly basis.
|
(3)
|
Weighted-average rate excludes the impact of purchase accounting fair value adjustments.
|
|
Three Months Ended
|
|||||||||||||||||||
|
June 30, 2013
|
|
March 31, 2013
|
|
June 30, 2012
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Non-interest bearing
|
$
|
2,379,315
|
|
|
17
|
%
|
|
$
|
2,290,725
|
|
|
16
|
%
|
|
$
|
1,993,880
|
|
|
16
|
%
|
NOW
|
2,115,414
|
|
|
15
|
|
|
2,005,668
|
|
|
14
|
|
|
1,762,463
|
|
|
14
|
|
|||
Wealth management deposits
|
874,101
|
|
|
6
|
|
|
966,219
|
|
|
7
|
|
|
941,509
|
|
|
7
|
|
|||
Money market
|
2,923,602
|
|
|
21
|
|
|
2,804,256
|
|
|
20
|
|
|
2,288,148
|
|
|
18
|
|
|||
Savings
|
1,284,411
|
|
|
9
|
|
|
1,251,759
|
|
|
9
|
|
|
944,924
|
|
|
7
|
|
|||
Time certificates of deposit
|
4,568,894
|
|
|
32
|
|
|
4,829,498
|
|
|
34
|
|
|
4,877,974
|
|
|
38
|
|
|||
Total average deposits
|
$
|
14,145,737
|
|
|
100
|
%
|
|
$
|
14,148,125
|
|
|
100
|
%
|
|
$
|
12,808,898
|
|
|
100
|
%
|
|
June 30,
|
|
December 31,
|
||||||||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Total deposits
|
$
|
14,365,854
|
|
|
$
|
13,057,581
|
|
|
$
|
14,428,544
|
|
|
$
|
12,307,267
|
|
|
$
|
10,803,673
|
|
Brokered deposits
|
623,955
|
|
|
870,617
|
|
|
787,812
|
|
|
674,013
|
|
|
639,687
|
|
|||||
Brokered deposits as a percentage of total deposits
|
4.3
|
%
|
|
6.7
|
%
|
|
5.5
|
%
|
|
5.5
|
%
|
|
5.9
|
%
|
|
Three Months Ended
|
||||||||||
|
June 30,
|
|
March 31,
|
|
June 30,
|
||||||
(Dollars in thousands)
|
2013
|
|
2013
|
|
2012
|
||||||
Notes payable
|
$
|
18,104
|
|
|
$
|
3,424
|
|
|
$
|
22,418
|
|
Federal Home Loan Bank advances
|
434,572
|
|
|
414,092
|
|
|
514,513
|
|
|||
Other borrowings:
|
|
|
|
|
|
||||||
Federal funds purchased
|
997
|
|
|
108
|
|
|
8,621
|
|
|||
Securities sold under repurchase agreements
|
222,851
|
|
|
258,360
|
|
|
364,715
|
|
|||
Other
|
31,303
|
|
|
35,259
|
|
|
26,392
|
|
|||
Total other borrowings
|
$
|
255,151
|
|
|
$
|
293,727
|
|
|
$
|
399,728
|
|
Secured borrowings—owed to securitization investors
|
—
|
|
|
—
|
|
|
407,259
|
|
|||
Subordinated notes
|
13,187
|
|
|
15,000
|
|
|
23,791
|
|
|||
Junior subordinated debentures
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|||
Total other borrowings
|
$
|
970,507
|
|
|
$
|
975,736
|
|
|
$
|
1,617,202
|
|
|
June 30,
2013
|
|
March 31, 2013
|
|
June 30,
2012
|
|||
Leverage ratio
|
10.4
|
%
|
|
10.2
|
%
|
|
10.2
|
%
|
Tier 1 capital to risk-weighted assets
|
12.0
|
|
|
12.4
|
|
|
12.2
|
|
Total capital to risk-weighted assets
|
12.9
|
|
|
13.5
|
|
|
13.4
|
|
Total average equity-to-total average assets
(1)
|
10.8
|
|
|
10.5
|
|
|
10.4
|
|
(1)
|
Based on quarterly average balances.
|
|
Minimum
Capital
Requirements
|
|
Well
Capitalized
|
||
Leverage ratio
|
4.0
|
%
|
|
5.0
|
%
|
Tier 1 capital to risk-weighted assets
|
4.0
|
|
|
6.0
|
|
Total capital to risk-weighted assets
|
8.0
|
|
|
10.0
|
|
•
|
Revises regulatory capital definitions and minimum ratios
|
•
|
Redefines Tier 1 Capital as two components
|
◦
|
Common Equity Tier 1 Capital
|
◦
|
Additional Tier 1 Capital
|
•
|
Creates a new capital ratio - Common Equity Tier 1 Risk-based Capital Ratio
|
•
|
Implements a capital conservation buffer
|
•
|
Revises prompt corrective action (“PCA”) thresholds and adds the new ratio to the PCA framework
|
•
|
Changes risk weights for certain assets and off-balance sheet exposures
|
|
June 30, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
|||||||||||||||
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|||||||||
(Dollars in thousands)
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|||||||||
Commercial
|
$
|
3,120,576
|
|
|
24
|
%
|
|
$
|
2,914,798
|
|
|
24
|
%
|
|
$
|
2,673,181
|
|
|
23
|
%
|
Commercial real-estate
|
4,093,983
|
|
|
31
|
|
|
3,864,118
|
|
|
31
|
|
|
3,666,519
|
|
|
31
|
|
|||
Home equity
|
758,260
|
|
|
6
|
|
|
788,474
|
|
|
6
|
|
|
820,991
|
|
|
7
|
|
|||
Residential real-estate
|
384,961
|
|
|
3
|
|
|
367,213
|
|
|
3
|
|
|
375,494
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
2,165,734
|
|
|
16
|
|
|
1,987,856
|
|
|
16
|
|
|
1,830,044
|
|
|
15
|
|
|||
Premium finance receivables—life insurance
|
1,821,147
|
|
|
14
|
|
|
1,725,166
|
|
|
14
|
|
|
1,656,200
|
|
|
14
|
|
|||
Indirect consumer
|
64,521
|
|
|
1
|
|
|
77,333
|
|
|
1
|
|
|
72,482
|
|
|
1
|
|
|||
Other loans
|
107,710
|
|
|
1
|
|
|
103,985
|
|
|
1
|
|
|
107,931
|
|
|
1
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
12,516,892
|
|
|
96
|
%
|
|
$
|
11,828,943
|
|
|
96
|
%
|
|
$
|
11,202,842
|
|
|
95
|
%
|
Covered loans
|
454,602
|
|
|
4
|
|
|
560,087
|
|
|
4
|
|
|
614,062
|
|
|
5
|
|
|||
Total loans
|
$
|
12,971,494
|
|
|
100
|
%
|
|
$
|
12,389,030
|
|
|
100
|
%
|
|
$
|
11,816,904
|
|
|
100
|
%
|
As of June 30, 2013
|
|
|
% of
|
|
|
|
> 90 Days
Past Due
|
|
Allowance
For Loan
|
|||||||||
|
|
Total
|
|
|
|
and Still
|
|
Losses
|
||||||||||
(Dollars in thousands)
|
Balance
|
|
Balance
|
|
Nonaccrual
|
|
Accruing
|
|
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
1,452,128
|
|
|
20.1
|
%
|
|
$
|
15,432
|
|
|
$
|
—
|
|
|
$
|
15,955
|
|
Franchise
|
202,240
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
1,647
|
|
||||
Mortgage warehouse lines of credit
|
174,422
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
1,571
|
|
||||
Community Advantage—homeowner associations
|
83,003
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
208
|
|
||||
Aircraft
|
13,174
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||
Asset-based lending
|
930,454
|
|
|
12.9
|
|
|
1,816
|
|
|
100
|
|
|
7,834
|
|
||||
Tax exempt
|
151,492
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
1,233
|
|
||||
Leases
|
102,409
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
255
|
|
||||
Other
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Purchased non-covered commercial loans
(1)
|
11,156
|
|
|
0.2
|
|
|
—
|
|
|
190
|
|
|
—
|
|
||||
Total commercial
|
$
|
3,120,576
|
|
|
43.3
|
%
|
|
$
|
17,248
|
|
|
$
|
290
|
|
|
$
|
28,737
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
$
|
39,299
|
|
|
0.5
|
%
|
|
$
|
2,659
|
|
|
$
|
3,263
|
|
|
$
|
1,220
|
|
Commercial construction
|
138,043
|
|
|
1.9
|
|
|
7,857
|
|
|
—
|
|
|
2,053
|
|
||||
Land
|
116,853
|
|
|
1.6
|
|
|
5,742
|
|
|
—
|
|
|
3,525
|
|
||||
Office
|
597,757
|
|
|
8.3
|
|
|
6,324
|
|
|
—
|
|
|
6,030
|
|
||||
Industrial
|
615,501
|
|
|
8.5
|
|
|
5,773
|
|
|
—
|
|
|
6,064
|
|
||||
Retail
|
607,391
|
|
|
8.4
|
|
|
7,471
|
|
|
—
|
|
|
5,418
|
|
||||
Multi-family
|
533,568
|
|
|
7.4
|
|
|
3,337
|
|
|
—
|
|
|
11,738
|
|
||||
Mixed use and other
|
1,378,160
|
|
|
19.2
|
|
|
15,662
|
|
|
—
|
|
|
15,701
|
|
||||
Purchased non-covered commercial real-estate
(1)
|
67,411
|
|
|
0.9
|
|
|
—
|
|
|
6,466
|
|
|
201
|
|
||||
Total commercial real-estate
|
$
|
4,093,983
|
|
|
56.7
|
%
|
|
$
|
54,825
|
|
|
$
|
9,729
|
|
|
$
|
51,950
|
|
Total commercial and commercial real-estate
|
$
|
7,214,559
|
|
|
100.0
|
%
|
|
$
|
72,073
|
|
|
$
|
10,019
|
|
|
$
|
80,687
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
$
|
3,460,398
|
|
|
84.5
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
346,230
|
|
|
8.5
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
$
|
3,806,628
|
|
|
93.0
|
%
|
|
|
|
|
|
|
||||||
Florida
|
65,928
|
|
|
1.6
|
|
|
|
|
|
|
|
|||||||
Arizona
|
17,927
|
|
|
0.4
|
|
|
|
|
|
|
|
|||||||
Indiana
|
78,871
|
|
|
1.9
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
124,629
|
|
|
3.1
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
4,093,983
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
|
|
% of
|
|
|
|
> 90 Days
Past Due
|
|
Allowance
For Loan
|
|||||||||
As of June 30, 2012
|
|
|
Total
|
|
|
|
and Still
|
|
Losses
|
|||||||||
(Dollars in thousands)
|
Balance
|
|
Balance
|
|
Nonaccrual
|
|
Accruing
|
|
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
1,621,061
|
|
|
25.6
|
%
|
|
$
|
27,911
|
|
|
$
|
—
|
|
|
$
|
17,477
|
|
Franchise
|
178,619
|
|
|
2.8
|
|
|
1,792
|
|
|
—
|
|
|
1,764
|
|
||||
Mortgage warehouse lines of credit
|
123,804
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
913
|
|
||||
Community Advantage—homeowner associations
|
73,289
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
183
|
|
||||
Aircraft
|
22,803
|
|
|
0.4
|
|
|
428
|
|
|
—
|
|
|
151
|
|
||||
Asset-based lending
|
489,207
|
|
|
7.7
|
|
|
342
|
|
|
—
|
|
|
5,457
|
|
||||
Tax exempt
|
79,708
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
784
|
|
||||
Leases
|
77,806
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
241
|
|
||||
Other
|
1,842
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
Purchased non-covered commercial loans
(1)
|
5,042
|
|
|
0.1
|
|
|
—
|
|
|
486
|
|
|
—
|
|
||||
Total commercial
|
$
|
2,673,181
|
|
|
42.3
|
%
|
|
$
|
30,473
|
|
|
$
|
486
|
|
|
$
|
26,983
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
$
|
44,726
|
|
|
0.7
|
%
|
|
$
|
892
|
|
|
$
|
—
|
|
|
$
|
1,215
|
|
Commercial construction
|
156,695
|
|
|
2.5
|
|
|
3,011
|
|
|
—
|
|
|
3,666
|
|
||||
Land
|
165,269
|
|
|
2.6
|
|
|
13,459
|
|
|
—
|
|
|
6,848
|
|
||||
Office
|
570,434
|
|
|
9.0
|
|
|
4,796
|
|
|
—
|
|
|
6,176
|
|
||||
Industrial
|
598,217
|
|
|
9.4
|
|
|
1,820
|
|
|
—
|
|
|
5,721
|
|
||||
Retail
|
562,783
|
|
|
8.9
|
|
|
8,158
|
|
|
—
|
|
|
5,940
|
|
||||
Multi-family
|
337,781
|
|
|
5.3
|
|
|
3,312
|
|
|
—
|
|
|
9,624
|
|
||||
Mixed use and other
|
1,179,152
|
|
|
18.5
|
|
|
20,629
|
|
|
—
|
|
|
14,611
|
|
||||
Purchased non-covered commercial real-estate
(1)
|
51,462
|
|
|
0.8
|
|
|
—
|
|
|
2,232
|
|
|
—
|
|
||||
Total commercial real-estate
|
$
|
3,666,519
|
|
|
57.7
|
%
|
|
$
|
56,077
|
|
|
$
|
2,232
|
|
|
$
|
53,801
|
|
Total commercial and commercial real-estate
|
$
|
6,339,700
|
|
|
100.0
|
%
|
|
$
|
86,550
|
|
|
$
|
2,718
|
|
|
$
|
80,784
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
$
|
3,015,007
|
|
|
82.2
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
337,186
|
|
|
9.2
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
$
|
3,352,193
|
|
|
91.4
|
%
|
|
|
|
|
|
|
||||||
Florida
|
56,479
|
|
|
1.5
|
|
|
|
|
|
|
|
|||||||
Arizona
|
39,219
|
|
|
1.1
|
|
|
|
|
|
|
|
|||||||
Indiana
|
48,682
|
|
|
1.3
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
169,946
|
|
|
4.7
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
3,666,519
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
As of June 30, 2013
|
One year or less
|
|
From one to five years
|
|
Over five years
|
|
|
||||||||
(Dollars in thousands)
|
|
|
|
Total
|
|||||||||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
75,998
|
|
|
$
|
346,566
|
|
|
$
|
138,859
|
|
|
$
|
561,423
|
|
Variable rate
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
707,380
|
|
|
—
|
|
|
—
|
|
|
707,380
|
|
||||
Without floor feature
|
1,850,708
|
|
|
1,065
|
|
|
—
|
|
|
1,851,773
|
|
||||
Total commercial
|
2,634,086
|
|
|
347,631
|
|
|
138,859
|
|
|
3,120,576
|
|
||||
Commercial real-estate
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
409,772
|
|
|
$
|
1,231,417
|
|
|
$
|
140,158
|
|
|
$
|
1,781,347
|
|
Variable rate
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
649,545
|
|
|
7,466
|
|
|
—
|
|
|
657,011
|
|
||||
Without floor feature
|
1,630,526
|
|
|
25,099
|
|
|
—
|
|
|
1,655,625
|
|
||||
Total commercial real-estate
|
2,689,843
|
|
|
1,263,982
|
|
|
140,158
|
|
|
4,093,983
|
|
1 Rating —
|
|
Minimal Risk (Loss Potential – none or extremely low) (Superior asset quality, excellent liquidity, minimal leverage)
|
|
|
|
2 Rating —
|
|
Modest Risk (Loss Potential demonstrably low) (Very good asset quality and liquidity, strong leverage capacity)
|
|
|
|
3 Rating —
|
|
Average Risk (Loss Potential low but no longer refutable) (Mostly satisfactory asset quality and liquidity, good leverage capacity)
|
|
|
|
4 Rating —
|
|
Above Average Risk (Loss Potential variable, but some potential for deterioration) (Acceptable asset quality, little excess liquidity, modest leverage capacity)
|
|
|
|
5 Rating —
|
|
Management Attention Risk (Loss Potential moderate if corrective action not taken) (Generally acceptable asset quality, somewhat strained liquidity, minimal leverage capacity)
|
|
|
|
6 Rating —
|
|
Special Mention (Loss Potential moderate if corrective action not taken) (Assets in this category are currently protected, potentially weak, but not to the point of substandard classification)
|
|
|
|
7 Rating —
|
|
Substandard Accrual (Loss Potential distinct possibility that the bank may sustain some loss, but no discernable impairment) (Must have well defined weaknesses that jeopardize the liquidation of the debt)
|
|
|
|
8 Rating —
|
|
Substandard Non-accrual (Loss Potential well documented probability of loss, including potential impairment) (Must have well defined weaknesses that jeopardize the liquidation of the debt)
|
|
|
|
9 Rating —
|
|
Doubtful (Loss Potential extremely high) (These assets have all the weaknesses in those classified “substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly improbable)
|
|
|
|
10 Rating —
|
|
Loss (fully charged-off) (Loans in this category are considered fully uncollectible.)
|
(Dollars in thousands)
|
June 30, 2013
|
|
March 31, 2013
|
|
December 31, 2012
|
|
June 30, 2012
|
||||||||
Loans past due greater than 90 days and still accruing
(1)
:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
3,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Home equity
|
25
|
|
|
—
|
|
|
100
|
|
|
—
|
|
||||
Residential real-estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Premium finance receivables—commercial
|
6,671
|
|
|
7,677
|
|
|
10,008
|
|
|
5,184
|
|
||||
Premium finance receivables—life insurance
|
1,212
|
|
|
2,256
|
|
|
—
|
|
|
—
|
|
||||
Indirect consumer
|
217
|
|
|
145
|
|
|
189
|
|
|
234
|
|
||||
Consumer and other
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
||||
Total loans past due greater than 90 days and still accruing
|
11,488
|
|
|
10,078
|
|
|
10,329
|
|
|
5,418
|
|
||||
Non-accrual loans
(2)
:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
17,248
|
|
|
18,373
|
|
|
21,737
|
|
|
30,473
|
|
||||
Commercial real-estate
|
54,825
|
|
|
61,807
|
|
|
49,973
|
|
|
56,077
|
|
||||
Home equity
|
12,322
|
|
|
14,891
|
|
|
13,423
|
|
|
10,583
|
|
||||
Residential real-estate
|
10,213
|
|
|
9,606
|
|
|
11,728
|
|
|
9,387
|
|
||||
Premium finance receivables—commercial
|
13,605
|
|
|
12,068
|
|
|
9,302
|
|
|
7,404
|
|
||||
Premium finance receivables—life insurance
|
16
|
|
|
20
|
|
|
25
|
|
|
—
|
|
||||
Indirect consumer
|
91
|
|
|
95
|
|
|
55
|
|
|
132
|
|
||||
Consumer and other
|
1,677
|
|
|
1,695
|
|
|
1,511
|
|
|
1,446
|
|
||||
Total non-accrual loans
|
109,997
|
|
|
118,555
|
|
|
107,754
|
|
|
115,502
|
|
||||
Total non-performing loans:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
17,348
|
|
|
18,373
|
|
|
21,737
|
|
|
30,473
|
|
||||
Commercial real-estate
|
58,088
|
|
|
61,807
|
|
|
49,973
|
|
|
56,077
|
|
||||
Home equity
|
12,347
|
|
|
14,891
|
|
|
13,523
|
|
|
10,583
|
|
||||
Residential real-estate
|
10,213
|
|
|
9,606
|
|
|
11,728
|
|
|
9,387
|
|
||||
Premium finance receivables—commercial
|
20,276
|
|
|
19,745
|
|
|
19,310
|
|
|
12,588
|
|
||||
Premium finance receivables—life insurance
|
1,228
|
|
|
2,276
|
|
|
25
|
|
|
—
|
|
||||
Indirect consumer
|
308
|
|
|
240
|
|
|
244
|
|
|
366
|
|
||||
Consumer and other
|
1,677
|
|
|
1,695
|
|
|
1,543
|
|
|
1,446
|
|
||||
Total non-performing loans
|
$
|
121,485
|
|
|
$
|
128,633
|
|
|
$
|
118,083
|
|
|
$
|
120,920
|
|
Other real estate owned
|
46,169
|
|
|
50,593
|
|
|
56,174
|
|
|
66,532
|
|
||||
Other real estate owned—obtained in acquisition
|
10,856
|
|
|
5,584
|
|
|
6,717
|
|
|
6,021
|
|
||||
Other repossessed assets
|
1,032
|
|
|
4,315
|
|
|
—
|
|
|
—
|
|
||||
Total non-performing assets
|
$
|
179,542
|
|
|
$
|
189,125
|
|
|
$
|
180,974
|
|
|
$
|
193,473
|
|
TDRs performing under the contractual terms of the loan agreement
|
93,810
|
|
|
97,122
|
|
|
106,119
|
|
|
156,590
|
|
||||
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
0.56
|
%
|
|
0.64
|
%
|
|
0.75
|
%
|
|
1.14
|
%
|
||||
Commercial real-estate
|
1.42
|
|
|
1.55
|
|
|
1.29
|
|
|
1.53
|
|
||||
Home equity
|
1.63
|
|
|
1.96
|
|
|
1.72
|
|
|
1.29
|
|
||||
Residential real-estate
|
2.65
|
|
|
2.66
|
|
|
3.19
|
|
|
2.50
|
|
||||
Premium finance receivables—commercial
|
0.94
|
|
|
0.99
|
|
|
0.97
|
|
|
0.69
|
|
||||
Premium finance receivables—life insurance
|
0.07
|
|
|
0.13
|
|
|
—
|
|
|
—
|
|
||||
Indirect consumer
|
0.48
|
|
|
0.35
|
|
|
0.32
|
|
|
0.51
|
|
||||
Consumer and other
|
1.56
|
|
|
1.74
|
|
|
1.48
|
|
|
1.34
|
|
||||
Total non-performing loans
|
0.97
|
%
|
|
1.08
|
%
|
|
1.00
|
%
|
|
1.08
|
%
|
||||
Total non-performing assets, as a percentage of total assets
|
1.02
|
%
|
|
1.11
|
%
|
|
1.03
|
%
|
|
1.17
|
%
|
||||
Allowance for loan losses as a percentage of total non-performing loans
|
87.95
|
%
|
|
85.79
|
%
|
|
90.91
|
%
|
|
92.56
|
%
|
(Dollars in thousands)
|
June 30, 2013
|
|
June 30, 2012
|
||||
Non-performing premium finance receivables—commercial
|
$
|
20,276
|
|
|
$
|
12,588
|
|
- as a percent of premium finance receivables—commercial outstanding
|
0.94
|
%
|
|
0.69
|
%
|
||
Net charge-offs of premium finance receivables—commercial
|
$
|
1,027
|
|
|
$
|
591
|
|
- annualized as a percent of average premium finance receivables—commercial
|
0.20
|
%
|
|
0.15
|
%
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of June 30, 2013
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
15,432
|
|
|
$
|
—
|
|
|
$
|
2,940
|
|
|
$
|
9,933
|
|
|
$
|
1,423,823
|
|
|
$
|
1,452,128
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|
201,790
|
|
|
202,240
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
174,422
|
|
|
174,422
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,003
|
|
|
83,003
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,174
|
|
|
13,174
|
|
||||||
Asset-based lending
|
1,816
|
|
|
100
|
|
|
2,305
|
|
|
7,127
|
|
|
919,106
|
|
|
930,454
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151,492
|
|
|
151,492
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,409
|
|
|
102,409
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
||||||
Purchased non-covered commercial
(1)
|
—
|
|
|
190
|
|
|
—
|
|
|
1,632
|
|
|
9,334
|
|
|
11,156
|
|
||||||
Total commercial
|
17,248
|
|
|
290
|
|
|
5,245
|
|
|
19,142
|
|
|
3,078,651
|
|
|
3,120,576
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
2,659
|
|
|
3,263
|
|
|
379
|
|
|
—
|
|
|
32,998
|
|
|
39,299
|
|
||||||
Commercial construction
|
7,857
|
|
|
—
|
|
|
1,271
|
|
|
70
|
|
|
128,845
|
|
|
138,043
|
|
||||||
Land
|
5,742
|
|
|
—
|
|
|
330
|
|
|
4,141
|
|
|
106,640
|
|
|
116,853
|
|
||||||
Office
|
6,324
|
|
|
—
|
|
|
4,210
|
|
|
2,720
|
|
|
584,503
|
|
|
597,757
|
|
||||||
Industrial
|
5,773
|
|
|
—
|
|
|
4,597
|
|
|
4,984
|
|
|
600,147
|
|
|
615,501
|
|
||||||
Retail
|
7,471
|
|
|
—
|
|
|
1,760
|
|
|
2,031
|
|
|
596,129
|
|
|
607,391
|
|
||||||
Multi-family
|
3,337
|
|
|
—
|
|
|
401
|
|
|
3,149
|
|
|
526,681
|
|
|
533,568
|
|
||||||
Mixed use and other
|
15,662
|
|
|
—
|
|
|
2,183
|
|
|
10,379
|
|
|
1,349,936
|
|
|
1,378,160
|
|
||||||
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
6,466
|
|
|
3,430
|
|
|
6,226
|
|
|
51,289
|
|
|
67,411
|
|
||||||
Total commercial real-estate
|
54,825
|
|
|
9,729
|
|
|
18,561
|
|
|
33,700
|
|
|
3,977,168
|
|
|
4,093,983
|
|
||||||
Home equity
|
12,322
|
|
|
25
|
|
|
2,085
|
|
|
5,821
|
|
|
738,007
|
|
|
758,260
|
|
||||||
Residential real-estate
|
10,213
|
|
|
—
|
|
|
1,896
|
|
|
1,836
|
|
|
368,696
|
|
|
382,641
|
|
||||||
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
—
|
|
|
46
|
|
|
260
|
|
|
2,014
|
|
|
2,320
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
13,605
|
|
|
6,671
|
|
|
6,592
|
|
|
11,386
|
|
|
2,127,480
|
|
|
2,165,734
|
|
||||||
Life insurance loans
|
16
|
|
|
1,212
|
|
|
7,896
|
|
|
—
|
|
|
1,337,573
|
|
|
1,346,697
|
|
||||||
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
474,450
|
|
|
474,450
|
|
||||||
Indirect consumer
|
91
|
|
|
217
|
|
|
28
|
|
|
428
|
|
|
63,757
|
|
|
64,521
|
|
||||||
Consumer and other
|
1,677
|
|
|
—
|
|
|
484
|
|
|
156
|
|
|
105,055
|
|
|
107,372
|
|
||||||
Purchased non-covered consumer and other
(1)
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
338
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
109,997
|
|
|
$
|
18,172
|
|
|
$
|
42,833
|
|
|
$
|
72,729
|
|
|
$
|
12,273,161
|
|
|
$
|
12,516,892
|
|
Covered loans
|
3,982
|
|
|
97,000
|
|
|
10,568
|
|
|
4,852
|
|
|
338,200
|
|
|
454,602
|
|
||||||
Total loans, net of unearned income
|
$
|
113,979
|
|
|
$
|
115,172
|
|
|
$
|
53,401
|
|
|
$
|
77,581
|
|
|
$
|
12,611,361
|
|
|
$
|
12,971,494
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
Aging as a % of Loan Balance:
As of June 30, 2013 |
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
1.1
|
%
|
|
—
|
|
|
0.2
|
%
|
|
0.7
|
%
|
|
98.0
|
%
|
|
100.0
|
%
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
99.8
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Asset-based lending
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
0.8
|
|
|
98.8
|
|
|
100.0
|
|
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Purchased non-covered commercial
(1)
|
—
|
|
|
1.7
|
|
|
—
|
|
|
14.6
|
|
|
83.7
|
|
|
100.0
|
|
Total commercial
|
0.6
|
|
|
—
|
|
|
0.2
|
|
|
0.6
|
|
|
98.6
|
|
|
100.0
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
6.8
|
|
|
8.3
|
|
|
1.0
|
|
|
—
|
|
|
83.9
|
|
|
100.0
|
|
Commercial construction
|
5.7
|
|
|
—
|
|
|
0.9
|
|
|
0.1
|
|
|
93.3
|
|
|
100.0
|
|
Land
|
4.9
|
|
|
—
|
|
|
0.3
|
|
|
3.5
|
|
|
91.3
|
|
|
100.0
|
|
Office
|
1.1
|
|
|
—
|
|
|
0.7
|
|
|
0.5
|
|
|
97.7
|
|
|
100.0
|
|
Industrial
|
0.9
|
|
|
—
|
|
|
0.7
|
|
|
0.8
|
|
|
97.6
|
|
|
100.0
|
|
Retail
|
1.2
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|
98.2
|
|
|
100.0
|
|
Multi-family
|
0.6
|
|
|
—
|
|
|
0.1
|
|
|
0.6
|
|
|
98.7
|
|
|
100.0
|
|
Mixed use and other
|
1.1
|
|
|
—
|
|
|
0.2
|
|
|
0.8
|
|
|
97.9
|
|
|
100.0
|
|
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
9.6
|
|
|
5.1
|
|
|
9.2
|
|
|
76.1
|
|
|
100.0
|
|
Total commercial real-estate
|
1.3
|
|
|
0.2
|
|
|
0.5
|
|
|
0.8
|
|
|
97.2
|
|
|
100.0
|
|
Home equity
|
1.6
|
|
|
—
|
|
|
0.3
|
|
|
0.8
|
|
|
97.3
|
|
|
100.0
|
|
Residential real-estate
|
2.7
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|
96.3
|
|
|
100.0
|
|
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
—
|
|
|
2.0
|
|
|
11.2
|
|
|
86.8
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
0.6
|
|
|
0.3
|
|
|
0.3
|
|
|
0.5
|
|
|
98.3
|
|
|
100.0
|
|
Life insurance loans
|
—
|
|
|
0.1
|
|
|
0.6
|
|
|
—
|
|
|
99.3
|
|
|
100.0
|
|
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Indirect consumer
|
0.1
|
|
|
0.3
|
|
|
—
|
|
|
0.7
|
|
|
98.9
|
|
|
100.0
|
|
Consumer and other
|
1.6
|
|
|
—
|
|
|
0.5
|
|
|
0.1
|
|
|
97.8
|
|
|
100.0
|
|
Purchased non-covered consumer and other
(1)
|
—
|
|
|
8.3
|
|
|
—
|
|
|
—
|
|
|
91.7
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
0.9
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
98.1
|
%
|
|
100.0
|
%
|
Covered loans
|
0.9
|
|
|
21.3
|
|
|
2.3
|
|
|
1.1
|
|
|
74.4
|
|
|
100.0
|
|
Total loans, net of unearned income
|
0.9
|
%
|
|
0.9
|
%
|
|
0.4
|
%
|
|
0.6
|
%
|
|
97.2
|
%
|
|
100.0
|
%
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
As of March 31, 2013
(Dollars in thousands)
|
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
17,717
|
|
|
$
|
—
|
|
|
$
|
1,150
|
|
|
$
|
16,710
|
|
|
$
|
1,533,999
|
|
|
$
|
1,569,576
|
|
Franchise
|
125
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
194,310
|
|
|
194,511
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131,970
|
|
|
131,970
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,763
|
|
|
82,763
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,112
|
|
|
14,112
|
|
||||||
Asset-based lending
|
531
|
|
|
—
|
|
|
483
|
|
|
5,518
|
|
|
680,723
|
|
|
687,255
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,508
|
|
|
89,508
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
97,186
|
|
|
98,030
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127
|
|
|
127
|
|
||||||
Purchased non-covered commercial
(1)
|
—
|
|
|
449
|
|
|
—
|
|
|
—
|
|
|
4,394
|
|
|
4,843
|
|
||||||
Total commercial
|
18,373
|
|
|
449
|
|
|
1,633
|
|
|
23,148
|
|
|
2,829,092
|
|
|
2,872,695
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
3,094
|
|
|
—
|
|
|
945
|
|
|
—
|
|
|
33,044
|
|
|
37,083
|
|
||||||
Commercial construction
|
1,086
|
|
|
—
|
|
|
9,521
|
|
|
—
|
|
|
151,751
|
|
|
162,358
|
|
||||||
Land
|
17,976
|
|
|
—
|
|
|
—
|
|
|
11,563
|
|
|
104,039
|
|
|
133,578
|
|
||||||
Office
|
3,564
|
|
|
—
|
|
|
8,990
|
|
|
4,797
|
|
|
567,333
|
|
|
584,684
|
|
||||||
Industrial
|
7,137
|
|
|
—
|
|
|
—
|
|
|
986
|
|
|
587,402
|
|
|
595,525
|
|
||||||
Retail
|
7,915
|
|
|
—
|
|
|
6,970
|
|
|
5,953
|
|
|
565,963
|
|
|
586,801
|
|
||||||
Multi-family
|
2,088
|
|
|
—
|
|
|
1,036
|
|
|
4,315
|
|
|
505,346
|
|
|
512,785
|
|
||||||
Mixed use and other
|
18,947
|
|
|
—
|
|
|
1,573
|
|
|
13,560
|
|
|
1,288,754
|
|
|
1,322,834
|
|
||||||
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
1,866
|
|
|
251
|
|
|
3,333
|
|
|
49,367
|
|
|
54,817
|
|
||||||
Total commercial real-estate
|
61,807
|
|
|
1,866
|
|
|
29,286
|
|
|
44,507
|
|
|
3,852,999
|
|
|
3,990,465
|
|
||||||
Home equity
|
14,891
|
|
|
—
|
|
|
1,370
|
|
|
4,324
|
|
|
738,633
|
|
|
759,218
|
|
||||||
Residential real-estate
|
9,606
|
|
|
—
|
|
|
782
|
|
|
8,680
|
|
|
340,751
|
|
|
359,819
|
|
||||||
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
—
|
|
|
198
|
|
|
—
|
|
|
635
|
|
|
833
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
12,068
|
|
|
7,677
|
|
|
4,647
|
|
|
19,323
|
|
|
1,953,445
|
|
|
1,997,160
|
|
||||||
Life insurance loans
|
20
|
|
|
2,256
|
|
|
—
|
|
|
1,340
|
|
|
1,250,165
|
|
|
1,253,781
|
|
||||||
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
499,731
|
|
|
499,731
|
|
||||||
Indirect consumer
|
95
|
|
|
145
|
|
|
127
|
|
|
221
|
|
|
68,657
|
|
|
69,245
|
|
||||||
Consumer and other
|
1,695
|
|
|
—
|
|
|
160
|
|
|
493
|
|
|
92,379
|
|
|
94,727
|
|
||||||
Purchased non-covered consumer and other
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
2,618
|
|
|
2,638
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
118,555
|
|
|
$
|
12,393
|
|
|
$
|
38,203
|
|
|
$
|
102,056
|
|
|
$
|
11,629,105
|
|
|
$
|
11,900,312
|
|
Covered loans
|
1,820
|
|
|
115,482
|
|
|
1,454
|
|
|
12,268
|
|
|
387,637
|
|
|
518,661
|
|
||||||
Total loans, net of unearned income
|
$
|
120,375
|
|
|
$
|
127,875
|
|
|
$
|
39,657
|
|
|
$
|
114,324
|
|
|
$
|
12,016,742
|
|
|
$
|
12,418,973
|
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
Aging as a % of Loan Balance:
As of March 31, 2013 |
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
1.1
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
1.1
|
%
|
|
97.7
|
%
|
|
100.0
|
%
|
Franchise
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99.9
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Asset-based lending
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.8
|
|
|
99.0
|
|
|
100.0
|
|
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
99.1
|
|
|
100.0
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Purchased non-covered commercial
(1)
|
—
|
|
|
9.3
|
|
|
—
|
|
|
—
|
|
|
90.7
|
|
|
100.0
|
|
Total commercial
|
0.6
|
|
|
—
|
|
|
0.1
|
|
|
0.8
|
|
|
98.5
|
|
|
100.0
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
8.3
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
89.1
|
|
|
100.0
|
|
Commercial construction
|
0.7
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
93.4
|
|
|
100.0
|
|
Land
|
13.5
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
77.8
|
|
|
100.0
|
|
Office
|
0.6
|
|
|
—
|
|
|
1.5
|
|
|
0.8
|
|
|
97.1
|
|
|
100.0
|
|
Industrial
|
1.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
98.6
|
|
|
100.0
|
|
Retail
|
1.4
|
|
|
—
|
|
|
1.2
|
|
|
1.0
|
|
|
96.4
|
|
|
100.0
|
|
Multi-family
|
0.4
|
|
|
—
|
|
|
0.2
|
|
|
0.8
|
|
|
98.6
|
|
|
100.0
|
|
Mixed use and other
|
1.4
|
|
|
—
|
|
|
0.1
|
|
|
1.0
|
|
|
97.5
|
|
|
100.0
|
|
Purchased non-covered commercial real-estate
(1)
|
—
|
|
|
3.4
|
|
|
0.5
|
|
|
6.1
|
|
|
90.0
|
|
|
100.0
|
|
Total commercial real-estate
|
1.6
|
|
|
0.1
|
|
|
0.7
|
|
|
1.1
|
|
|
96.5
|
|
|
100.0
|
|
Home equity
|
2.0
|
|
|
—
|
|
|
0.2
|
|
|
0.6
|
|
|
97.2
|
|
|
100.0
|
|
Residential real-estate
|
2.7
|
|
|
—
|
|
|
0.2
|
|
|
2.4
|
|
|
94.7
|
|
|
100.0
|
|
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
—
|
|
|
23.8
|
|
|
—
|
|
|
76.2
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
0.6
|
|
|
0.4
|
|
|
0.2
|
|
|
1.0
|
|
|
97.8
|
|
|
100.0
|
|
Life insurance loans
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.1
|
|
|
99.7
|
|
|
100.0
|
|
Purchased life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Indirect consumer
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
99.2
|
|
|
100.0
|
|
Consumer and other
|
1.8
|
|
|
—
|
|
|
0.2
|
|
|
0.5
|
|
|
97.5
|
|
|
100.0
|
|
Purchased non-covered consumer and other
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
99.2
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
1.0
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
0.9
|
%
|
|
97.7
|
%
|
|
100.0
|
%
|
Covered loans
|
0.4
|
|
|
22.3
|
|
|
0.3
|
|
|
2.4
|
|
|
74.6
|
|
|
100.0
|
|
Total loans, net of unearned income
|
1.0
|
%
|
|
1.0
|
%
|
|
0.3
|
%
|
|
0.9
|
%
|
|
96.8
|
%
|
|
100.0
|
%
|
(1)
|
Purchased loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance at beginning of period
|
$
|
128,633
|
|
|
$
|
113,621
|
|
|
$
|
118,083
|
|
|
$
|
120,084
|
|
Additions, net
|
21,348
|
|
|
35,860
|
|
|
49,378
|
|
|
53,727
|
|
||||
Return to performing status
|
(817
|
)
|
|
(1,116
|
)
|
|
(817
|
)
|
|
(2,038
|
)
|
||||
Payments received
|
(10,552
|
)
|
|
(9,823
|
)
|
|
(14,673
|
)
|
|
(14,463
|
)
|
||||
Transfer to OREO
|
(5,271
|
)
|
|
(6,555
|
)
|
|
(12,161
|
)
|
|
(13,156
|
)
|
||||
Charge-offs
|
(11,325
|
)
|
|
(11,637
|
)
|
|
(20,473
|
)
|
|
(22,944
|
)
|
||||
Net change for niche loans
(1)
|
(531
|
)
|
|
570
|
|
|
2,148
|
|
|
(290
|
)
|
||||
Balance at end of period
|
$
|
121,485
|
|
|
$
|
120,920
|
|
|
$
|
121,485
|
|
|
$
|
120,920
|
|
(1)
|
This includes activity for premium finance receivables and indirect consumer loans.
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Allowance for loan losses at beginning of period
|
$
|
110,348
|
|
|
$
|
111,023
|
|
|
$
|
107,351
|
|
|
$
|
110,381
|
|
Provision for credit losses
|
15,133
|
|
|
18,394
|
|
|
30,500
|
|
|
33,548
|
|
||||
Other adjustments
|
(309
|
)
|
|
(272
|
)
|
|
(538
|
)
|
|
(510
|
)
|
||||
Reclassification from/(to) allowance for unfunded lending-related commitments
|
65
|
|
|
175
|
|
|
(148
|
)
|
|
327
|
|
||||
Charge-offs:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
1,093
|
|
|
6,046
|
|
|
5,633
|
|
|
9,308
|
|
||||
Commercial real-estate
|
14,947
|
|
|
9,226
|
|
|
18,246
|
|
|
17,455
|
|
||||
Home equity
|
1,785
|
|
|
1,732
|
|
|
4,182
|
|
|
4,322
|
|
||||
Residential real-estate
|
517
|
|
|
388
|
|
|
2,245
|
|
|
563
|
|
||||
Premium finance receivables—commercial
|
1,306
|
|
|
744
|
|
|
2,374
|
|
|
1,581
|
|
||||
Premium finance receivables—life insurance
|
—
|
|
|
3
|
|
|
—
|
|
|
16
|
|
||||
Indirect consumer
|
16
|
|
|
33
|
|
|
48
|
|
|
84
|
|
||||
Consumer and other
|
112
|
|
|
51
|
|
|
209
|
|
|
361
|
|
||||
Total charge-offs
|
19,776
|
|
|
18,223
|
|
|
32,937
|
|
|
33,690
|
|
||||
Recoveries:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
268
|
|
|
246
|
|
|
563
|
|
|
503
|
|
||||
Commercial real-estate
|
584
|
|
|
174
|
|
|
952
|
|
|
305
|
|
||||
Home equity
|
171
|
|
|
171
|
|
|
333
|
|
|
333
|
|
||||
Residential real-estate
|
18
|
|
|
3
|
|
|
23
|
|
|
5
|
|
||||
Premium finance receivables—commercial
|
279
|
|
|
153
|
|
|
564
|
|
|
430
|
|
||||
Premium finance receivables—life insurance
|
—
|
|
|
18
|
|
|
9
|
|
|
39
|
|
||||
Indirect consumer
|
17
|
|
|
21
|
|
|
32
|
|
|
51
|
|
||||
Consumer and other
|
44
|
|
|
37
|
|
|
138
|
|
|
198
|
|
||||
Total recoveries
|
1,381
|
|
|
823
|
|
|
2,614
|
|
|
1,864
|
|
||||
Net charge-offs
|
(18,395
|
)
|
|
(17,400
|
)
|
|
(30,323
|
)
|
|
(31,826
|
)
|
||||
Allowance for loan losses at period end
|
$
|
106,842
|
|
|
$
|
111,920
|
|
|
$
|
106,842
|
|
|
$
|
111,920
|
|
Allowance for unfunded lending-related commitments at period end
|
3,563
|
|
|
12,903
|
|
|
3,563
|
|
|
12,903
|
|
||||
Allowance for credit losses at period end
|
$
|
110,405
|
|
|
$
|
124,823
|
|
|
$
|
110,405
|
|
|
$
|
124,823
|
|
Annualized net charge-offs by category as a percentage of its own respective category’s average:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
0.11
|
%
|
|
0.91
|
%
|
|
0.35
|
%
|
|
0.71
|
%
|
||||
Commercial real-estate
|
1.42
|
|
|
1.01
|
|
|
0.87
|
|
|
0.97
|
|
||||
Home equity
|
0.85
|
|
|
0.76
|
|
|
1.01
|
|
|
0.95
|
|
||||
Residential real-estate
|
0.26
|
|
|
0.20
|
|
|
0.59
|
|
|
0.16
|
|
||||
Premium finance receivables—commercial
|
0.20
|
|
|
0.14
|
|
|
0.18
|
|
|
0.15
|
|
||||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Indirect consumer
|
(0.01
|
)
|
|
0.07
|
|
|
0.05
|
|
|
0.10
|
|
||||
Consumer and other
|
0.24
|
|
|
0.05
|
|
|
0.12
|
|
|
0.27
|
|
||||
Total loans, net of unearned income, excluding covered loans
|
0.59
|
%
|
|
0.62
|
%
|
|
0.49
|
%
|
|
0.58
|
%
|
||||
Net charge-offs as a percentage of the provision for credit losses
|
121.57
|
%
|
|
94.60
|
%
|
|
99.42
|
%
|
|
94.87
|
%
|
||||
Loans at period-end, excluding covered loans
|
|
|
|
|
$
|
12,516,892
|
|
|
$
|
11,202,842
|
|
||||
Allowance for loan losses as a percentage of loans at period end
|
|
|
|
|
0.85
|
%
|
|
1.00
|
%
|
||||||
Allowance for credit losses as a percentage of loans at period end
|
|
|
|
|
0.88
|
%
|
|
1.11
|
%
|
•
|
historical underwriting loss factor;
|
•
|
changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses;
|
•
|
changes in national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio;
|
•
|
changes in the nature and volume of the portfolio and in the terms of the loans;
|
•
|
changes in the experience, ability, and depth of lending management and other relevant staff;
|
•
|
changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans;
|
•
|
changes in the quality of the bank’s loan review system;
|
•
|
changes in the underlying collateral for collateral dependent loans;
|
•
|
the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
|
•
|
the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the bank’s existing portfolio.
|
•
|
The three-year average is more relevant to the inherent losses in the core bank loan portfolio as the charge-off rates from earlier periods are no longer as relevant in comparison to the more recent periods. Earlier periods had historically low credit losses which then built up to a peak in credit losses as a result of the stressed economic environment and depressed real estate valuations that affected both the U.S. economy, generally, and the Company’s local markets, specifically during that time. Since the end of 2009 there has been no evidence in the Company’s loan portfolio of a return to the level of charge-offs experienced at the height of the credit crisis.
|
•
|
Migrating to a three-year historical average loss rate reduces the need for management judgment factors related to national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio as the three year average is now more closely aligned with the credit risk in our portfolio today.
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
||||||
(Dollars in thousands)
|
2013
|
|
2013
|
|
2012
|
||||||
Accruing TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
7,316
|
|
|
$
|
9,073
|
|
|
$
|
21,478
|
|
Commercial real-estate
|
82,072
|
|
|
83,396
|
|
|
128,662
|
|
|||
Residential real-estate and other
|
4,422
|
|
|
4,653
|
|
|
6,450
|
|
|||
Total accruing TDRs
|
$
|
93,810
|
|
|
$
|
97,122
|
|
|
$
|
156,590
|
|
Non-accrual TDRs:
(1)
|
|
|
|
|
|
||||||
Commercial
|
$
|
1,904
|
|
|
$
|
2,764
|
|
|
$
|
1,562
|
|
Commercial real-estate
|
28,552
|
|
|
14,907
|
|
|
13,215
|
|
|||
Residential real-estate and other
|
1,930
|
|
|
1,552
|
|
|
939
|
|
|||
Total non-accrual TDRs
|
$
|
32,386
|
|
|
$
|
19,223
|
|
|
$
|
15,716
|
|
Total TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
9,220
|
|
|
$
|
11,837
|
|
|
$
|
23,040
|
|
Commercial real-estate
|
110,624
|
|
|
98,303
|
|
|
141,877
|
|
|||
Residential real-estate and other
|
6,352
|
|
|
6,205
|
|
|
7,389
|
|
|||
Total TDRs
|
$
|
126,196
|
|
|
$
|
116,345
|
|
|
$
|
172,306
|
|
Weighted-average contractual interest rate of TDRs
|
4.06
|
%
|
|
4.14
|
%
|
|
4.19
|
%
|
(1)
|
Included in total non-performing loans.
|
Three Months Ended June 30, 2013
(Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
11,837
|
|
|
$
|
98,303
|
|
|
$
|
6,205
|
|
|
$
|
116,345
|
|
Additions during the period
|
—
|
|
|
14,067
|
|
|
401
|
|
|
14,468
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(27
|
)
|
|
(371
|
)
|
|
(240
|
)
|
|
(638
|
)
|
||||
Transferred to OREO and other repossessed assets
|
—
|
|
|
(670
|
)
|
|
—
|
|
|
(670
|
)
|
||||
Removal of TDR loan status
(1)
|
(2,231
|
)
|
|
—
|
|
|
—
|
|
|
(2,231
|
)
|
||||
Payments received
|
(359
|
)
|
|
(705
|
)
|
|
(14
|
)
|
|
(1,078
|
)
|
||||
Balance at period end
|
$
|
9,220
|
|
|
$
|
110,624
|
|
|
$
|
6,352
|
|
|
$
|
126,196
|
|
Three Months Ended June 30, 2012
(
Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
10,789
|
|
|
$
|
146,321
|
|
|
$
|
7,936
|
|
|
$
|
165,046
|
|
Additions during the period
|
12,765
|
|
|
7,860
|
|
|
29
|
|
|
20,654
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(161
|
)
|
|
(1,316
|
)
|
|
(294
|
)
|
|
(1,771
|
)
|
||||
Transferred to OREO and other repossessed assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Removal of TDR loan status
(1)
|
(200
|
)
|
|
(1,414
|
)
|
|
(273
|
)
|
|
(1,887
|
)
|
||||
Payments received
|
(153
|
)
|
|
(9,574
|
)
|
|
(9
|
)
|
|
(9,736
|
)
|
||||
Balance at period end
|
$
|
23,040
|
|
|
$
|
141,877
|
|
|
$
|
7,389
|
|
|
$
|
172,306
|
|
(1)
|
Loan was previously classified as a TDR and subsequently performed in compliance with the loan's modified
terms for a period of six months (including over a calendar year-end) at a modified interest rate which represented a market rate at the time of restructuring. Per our TDR policy, the TDR classification is removed.
|
Six Months Ended June 30, 2013
(Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
17,995
|
|
|
$
|
102,415
|
|
|
$
|
6,063
|
|
|
$
|
126,473
|
|
Additions during the period
|
708
|
|
|
15,259
|
|
|
778
|
|
|
16,745
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(2,169
|
)
|
|
(1,743
|
)
|
|
(257
|
)
|
|
(4,169
|
)
|
||||
Transferred to OREO and other repossessed assets
|
(3,800
|
)
|
|
(837
|
)
|
|
(103
|
)
|
|
(4,740
|
)
|
||||
Removal of TDR loan status
(1)
|
(2,840
|
)
|
|
—
|
|
|
—
|
|
|
(2,840
|
)
|
||||
Payments received
|
(674
|
)
|
|
(4,470
|
)
|
|
(129
|
)
|
|
(5,273
|
)
|
||||
Balance at period end
|
$
|
9,220
|
|
|
$
|
110,624
|
|
|
$
|
6,352
|
|
|
$
|
126,196
|
|
Six Months Ended June 30, 2012
(
Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
10,834
|
|
|
$
|
112,796
|
|
|
$
|
6,888
|
|
|
$
|
130,518
|
|
Additions during the period
|
12,883
|
|
|
46,379
|
|
|
1,089
|
|
|
60,351
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(161
|
)
|
|
(2,658
|
)
|
|
(294
|
)
|
|
(3,113
|
)
|
||||
Transferred to OREO and other repossessed assets
|
—
|
|
|
(2,129
|
)
|
|
—
|
|
|
(2,129
|
)
|
||||
Removal of TDR loan status
(1)
|
(200
|
)
|
|
(1,877
|
)
|
|
(273
|
)
|
|
(2,350
|
)
|
||||
Payments received
|
(316
|
)
|
|
(10,634
|
)
|
|
(21
|
)
|
|
(10,971
|
)
|
||||
Balance at period end
|
$
|
23,040
|
|
|
$
|
141,877
|
|
|
$
|
7,389
|
|
|
$
|
172,306
|
|
(1)
|
Loan was previously classified as a TDR and subsequently performed in compliance with the loan's modified
terms for a period of six months (including over a calendar year-end) at a modified interest rate which represented a market rate at the time of restructuring. Per our TDR policy, the TDR classification is removed.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(Dollars in thousands)
|
June 30,
2013 |
|
June 30,
2012 |
|
June 30,
2013 |
|
June 30,
2012 |
||||||||
Balance at beginning of period
|
$
|
56,177
|
|
|
$
|
76,236
|
|
|
$
|
62,891
|
|
|
$
|
86,523
|
|
Disposal/resolved
|
(9,488
|
)
|
|
(7,523
|
)
|
|
(16,986
|
)
|
|
(19,204
|
)
|
||||
Transfers in at fair value, less costs to sell
|
7,262
|
|
|
8,850
|
|
|
9,390
|
|
|
15,726
|
|
||||
Additions from acquisition
|
6,818
|
|
|
—
|
|
|
6,818
|
|
|
—
|
|
||||
Fair value adjustments
|
(3,744
|
)
|
|
(5,010
|
)
|
|
(5,088
|
)
|
|
(10,492
|
)
|
||||
Balance at end of period
|
$
|
57,025
|
|
|
$
|
72,553
|
|
|
$
|
57,025
|
|
|
$
|
72,553
|
|
|
Period End
|
||||||||||
(Dollars in thousands)
|
June 30,
2013 |
|
March 31,
2013 |
|
June 30,
2012 |
||||||
Residential real-estate
|
$
|
7,327
|
|
|
$
|
7,312
|
|
|
$
|
7,830
|
|
Residential real-estate development
|
6,950
|
|
|
10,133
|
|
|
13,464
|
|
|||
Commercial real-estate
|
42,748
|
|
|
38,732
|
|
|
51,259
|
|
|||
Total
|
$
|
57,025
|
|
|
$
|
56,177
|
|
|
$
|
72,553
|
|
•
|
negative economic conditions that adversely affect the economy, housing prices, the job market and other factors that may affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;
|
•
|
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
|
•
|
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
|
•
|
the financial success and economic viability of the borrowers of our commercial loans;
|
•
|
market conditions in the commercial real-estate market in the Chicago metropolitan area;
|
•
|
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for loan and lease losses;
|
•
|
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
|
•
|
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services);
|
•
|
failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;
|
•
|
unexpected difficulties and losses related to FDIC-assisted acquisitions, including those resulting from our loss- sharing arrangements with the FDIC;
|
•
|
any negative perception of the Company’s reputation or financial strength;
|
•
|
ability to raise additional capital on acceptable terms when needed;
|
•
|
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
|
•
|
ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations;
|
•
|
adverse effects on our information technology systems resulting from failures, human error or tampering;
|
•
|
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
|
•
|
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
|
•
|
environmental liability risk associated with lending activities;
|
•
|
the impact of any claims or legal actions, including any effect on our reputation;
|
•
|
losses incurred in connection with repurchases and indemnification payments related to mortgages;
|
•
|
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
|
•
|
the soundness of other financial institutions;
|
•
|
the possibility that certain European Union member states will default on their debt obligations, which may affect the Company’s liquidity, financial conditions and results of operations;
|
•
|
examinations and challenges by tax authorities;
|
•
|
changes in accounting standards, rules and interpretations and the impact on the Company’s financial statements;
|
•
|
the ability of the Company to receive dividends from its subsidiaries;
|
•
|
a decrease in the Company’s regulatory capital ratios, including as a result of further declines in the value of its loan portfolios, or otherwise;
|
•
|
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those resulting from the Dodd-Frank Act;
|
•
|
restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business resulting from the Dodd-Frank Act;
|
•
|
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the current regulatory environment, including the Dodd-Frank Act;
|
•
|
changes in capital requirements;
|
•
|
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
|
•
|
delinquencies or fraud with respect to the Company’s premium finance business;
|
•
|
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
|
•
|
the Company’s ability to comply with covenants under its credit facility; and
|
•
|
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.
|
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|
-200
Basis Points |
||||
Percentage change in net interest income due to a ramped 100 and 200 basis point shift in the yield curve:
|
|
|
|
|
|
|
|
||||
June 30, 2013
|
5.8
|
%
|
|
2.4
|
%
|
|
(3.8
|
)%
|
|
(8.1
|
)%
|
December 31, 2012
|
5.1
|
%
|
|
2.4
|
%
|
|
(3.5
|
)%
|
|
(7.6
|
)%
|
June 30, 2012
|
3.4
|
%
|
|
1.6
|
%
|
|
(2.2
|
)%
|
|
(4.9
|
)%
|
(a)
|
Exhibits
|
10.1
|
|
Form of Performance Share Unit Award - Stock Settled under the Company's 2007 Stock Incentive Plan.
|
|
|
|
10.2
|
|
Form of Performance Share Unit Award - Cash Settled under the Company's 2007 Stock Incentive Plan.
|
|
|
|
10.3
|
|
Form of Performance Cash Award under the Company's 2007 Stock Incentive Plan.
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of President and Chief Executive Officer and Executive Vice President and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document *
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
•
|
Includes the following financial information included in the Company’s Quarterly Report on Form 10-Q for the quarter ended
June 30, 2013
, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements
|
|
|
WINTRUST FINANCIAL CORPORATION
(Registrant)
|
||
Date:
|
August 8, 2013
|
/s/ DAVID L. STOEHR
|
||
|
|
David L. Stoehr
|
||
|
|
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Wintrust Financial Corporation by:
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
|
Date
|
|
|
|
|
|
|
|
|
Participant:
|
|
|
|
|
|
|
|
|
|
|
|
NAME
|
|
|
Date
|
|
|
|
|
|
|
|
|
Attest
|
|
|
|
|
|
|
|
|
|
|
|
David A. Dykstra
|
|
|
Date
|
|
|
Wintrust Financial Corporation by:
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
|
Date
|
|
|
|
|
|
|
|
|
Participant:
|
|
|
|
|
|
|
|
|
|
|
|
NAME
|
|
|
Date
|
|
|
|
|
|
|
|
|
Attest
|
|
|
|
|
|
|
|
|
|
|
|
David A. Dykstra
|
|
|
Date
|
|
|
Wintrust Financial Corporation by:
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
|
Date
|
|
|
|
|
|
|
|
|
Participant:
|
|
|
|
|
|
|
|
|
|
|
|
NAME
|
|
|
Date
|
|
|
|
|
|
|
|
|
Attest
|
|
|
|
|
|
|
|
|
|
|
|
David A. Dykstra
|
|
|
Date
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounted principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ EDWARD J. WEHMER
|
Name: Edward J. Wehmer
|
Title: President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounted principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ DAVID L. STOEHR
|
Name: David L. Stoehr
|
Title: Executive Vice President and
Chief Financial Officer
|
(1)
|
The Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2013, as filed with the Securities and Exchange Commission on August 8, 2013, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ EDWARD J. WEHMER
|
Name: Edward J. Wehmer
|
Title: President and Chief Executive Officer
|
Date: August 8, 2013
|
/s/ DAVID L. STOEHR
|
Name: David L. Stoehr
|
Title: Executive Vice President and
Chief Financial Officer
|
Date: August 8, 2013
|