þ
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Illinois
|
|
36-3873352
|
(State of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Common Stock, no par value
Warrants (expiring December 19, 2018)
|
|
The NASDAQ Global Select Market
The NASDAQ Global Select Market
|
Large accelerated filer
þ
|
|
Accelerated filer
¨
|
|
Non-Accelerated filer
¨
|
|
Smaller reporting company
¨
|
|
|
|
|
|
Page
|
|
PART I
|
|
ITEM 1
|
Business
|
|
ITEM 1A.
|
Risk Factors
|
|
ITEM 1B.
|
Unresolved Staff Comments
|
|
ITEM 2.
|
Properties
|
|
ITEM 3.
|
Legal Proceedings
|
|
ITEM 4.
|
Mine Safety Disclosures
|
|
|
PART II
|
|
|
|
|
ITEM 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
ITEM 6.
|
Selected Financial Data
|
|
ITEM 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operation
|
|
ITEM 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
ITEM 8.
|
Financial Statements and Supplementary Data
|
|
ITEM 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
|
ITEM 9A.
|
Controls and Procedures
|
|
ITEM 9B.
|
Other Information
|
|
|
|
|
|
PART III
|
|
|
|
|
ITEM 10.
|
Directors, Executive Officers and Corporate Governance
|
|
ITEM 11.
|
Executive Compensation
|
|
ITEM 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
ITEM 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
|
ITEM 14.
|
Principal Accountant Fees and Services
|
|
|
|
|
|
PART IV
|
|
|
|
|
ITEM 15.
|
Exhibits and Financial Statement Schedules
|
|
|
Signatures
|
•
|
Increasing our lending as other financial institutions pulled back;
|
•
|
Hiring quality lenders and other staff away from larger and smaller institutions that may have substantially deviated from a customer-focused approach or who may have substantially limited the ability of their staff to provide credit or other services to their customers;
|
•
|
Investing in dislocated assets such as the purchased life insurance premium finance portfolio, the Canadian commercial premium finance portfolio, trust and investment management companies and certain collateralized mortgage obligations;
|
•
|
Purchasing banks and banking assets either directly or through the FDIC-assisted process in areas key to our geographic expansion.
|
•
|
Leveraged its internal loan pipeline and external growth opportunities to grow earnings assets to increase net interest income;
|
•
|
Continued efforts to reduce interest costs by improving our funding mix;
|
•
|
Written call option contracts on certain securities as an economic hedge to enhance the securities' overall return by using fees generated from these options and mitigate overall interest rate risk;
|
•
|
Entered into mirror-image swap transactions to both satisfy customer preferences and maintain variable rate exposure;
|
•
|
Purchased interest rate cap derivatives to offset margin compression caused by the repricing of variable rate liabilities and lack of repricing of fixed rate loans and securities in a potential rising rate environment;
|
•
|
Completed strategic acquisitions to expand presence in existing and complimentary markets;
|
•
|
Focused on cost control and leveraging our current infrastructure to grow without a commensurate increase in operating expenses.
|
•
|
revise minimum capital requirements and adjust prompt corrective action thresholds;
|
•
|
revise the components of regulatory capital and create a new capital measure called “Tier 1 Common Equity,” which must constitute at least 4.5% of risk-weighted assets;
|
•
|
specify that Tier 1 capital consists only of Tier 1 Common Equity and certain “Additional Tier 1 Capital” instruments meeting specified requirements;
|
•
|
increase the minimum Tier 1 capital ratio requirement from 4% to 6%;
|
•
|
retain the existing risk-based capital treatment for 1-4 family residential mortgage exposures;
|
•
|
permit most banking organizations, including the Company, to retain, through a one-time permanent election, the existing capital treatment for accumulated other comprehensive income;
|
•
|
implement a new capital conservation buffer of common equity Tier 1 capital equal to 2.5% of risk-weighted assets, which will be in addition to the 4.5% common equity Tier 1 capital ratio and be phased in over a three-year period beginning January 1, 2016, which buffer is generally required to make capital distributions and pay executive bonuses;
|
•
|
increase capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term loan commitments;
|
•
|
require the deduction of mortgage servicing assets and deferred tax assets that exceed 10% of common equity Tier 1 capital in each category and 15% of common equity Tier 1 capital in the aggregate; and
|
•
|
remove references to credit ratings consistent with the Dodd-Frank Act and establish due diligence requirements for securitization exposures.
|
•
|
require specific disclosures of the terms of credit, and regulate underwriting and other practices for mortgage loans and other types of credit;
|
•
|
require specific disclosures about deposit account terms, and the electronic transfers that can be made to or from accounts at the banks;
|
•
|
provide limited consumer liability for unauthorized transactions;
|
•
|
prohibit discrimination against an applicant in any consumer or business credit transaction;
|
•
|
require notifications about the approval or decline of credit applications, the reasons for a decline, and the credit scores used to make credit decisions;
|
•
|
prohibit unfair, deceptive or abusive acts or practices;
|
•
|
require mortgage lenders to collect and report applicant and borrower data regarding loans for home purchases or improvement projects;
|
•
|
require lenders to provide borrowers with information regarding the nature and cost of real estate settlements;
|
•
|
forbid the payment of referral fees for any settlement service as part of a real estate transaction;
|
•
|
prohibit certain lending practices and limit escrow amounts with respect to real estate transactions;
|
•
|
provide interest rate reductions and other protections for servicemembers called to active duty; and
|
•
|
prescribe possible penalties for violations of the requirements of consumer protection statutes and regulations.
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
U.S. Treasury
|
|
$
|
381,805
|
|
|
$
|
336,095
|
|
|
$
|
219,487
|
|
U.S. Government agencies
|
|
668,316
|
|
|
895,688
|
|
|
990,039
|
|
|||
Municipal
|
|
238,529
|
|
|
152,716
|
|
|
110,471
|
|
|||
Corporate notes:
|
|
|
|
|
|
|
||||||
Financial issuers
|
|
129,758
|
|
|
128,944
|
|
|
140,675
|
|
|||
Other
|
|
3,821
|
|
|
6,094
|
|
|
14,131
|
|
|||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
||||||
Mortgage-backed securities
|
|
271,649
|
|
|
548,198
|
|
|
197,260
|
|
|||
Collateralized mortgage obligations
|
|
47,061
|
|
|
57,027
|
|
|
74,314
|
|
|||
Equity securities
|
|
51,139
|
|
|
51,528
|
|
|
49,699
|
|
|||
Total available-for-sale securities
|
|
$
|
1,792,078
|
|
|
$
|
2,176,290
|
|
|
$
|
1,796,076
|
|
(Dollars in thousands)
|
|
Within 1
year
|
|
From 1 to
5 years
|
|
From 5 to
10 years
|
|
After 10
years
|
|
Mortgage-
backed
|
|
Equity Securities
|
|
Total
|
||||||||
U.S. Treasury
|
|
$
|
141,582
|
|
|
47,036
|
|
|
193,187
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
381,805
|
|
U.S. Government agencies
|
|
63,977
|
|
|
26,778
|
|
|
61,579
|
|
|
515,982
|
|
|
—
|
|
|
—
|
|
|
668,316
|
|
|
Municipal
|
|
34,089
|
|
|
48,433
|
|
|
47,715
|
|
|
108,292
|
|
|
—
|
|
|
—
|
|
|
238,529
|
|
|
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
|
45,004
|
|
|
48,054
|
|
|
23,163
|
|
|
13,537
|
|
|
—
|
|
|
—
|
|
|
129,758
|
|
|
Other
|
|
1,237
|
|
|
2,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,821
|
|
|
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
271,649
|
|
|
—
|
|
|
271,649
|
|
|
Collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,061
|
|
|
—
|
|
|
47,061
|
|
|
Equity securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,139
|
|
|
51,139
|
|
|
Total available-for-sale securities
|
|
$
|
285,889
|
|
|
172,885
|
|
|
325,644
|
|
|
637,811
|
|
|
318,710
|
|
|
51,139
|
|
|
1,792,078
|
|
|
|
Within
1 year
|
|
From 1
to 5 years
|
|
From 5 to
10 years
|
|
After
10 years
|
|
Mortgage-
backed
|
|
Equity Securities
|
|
Total
|
|||||||
U.S. Treasury
|
|
0.38
|
%
|
|
0.52
|
%
|
|
1.62
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.02
|
%
|
U.S. Government agencies
|
|
0.37
|
%
|
|
0.80
|
%
|
|
3.41
|
%
|
|
3.18
|
%
|
|
—
|
|
|
—
|
|
|
2.84
|
%
|
Municipal
|
|
1.95
|
%
|
|
2.78
|
%
|
|
4.49
|
%
|
|
5.25
|
%
|
|
—
|
|
|
—
|
|
|
4.12
|
%
|
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Financial issuers
|
|
1.27
|
%
|
|
1.72
|
%
|
|
1.66
|
%
|
|
5.43
|
%
|
|
—
|
|
|
—
|
|
|
1.94
|
%
|
Other
|
|
1.93
|
%
|
|
2.63
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.40
|
%
|
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage-backed securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.68
|
%
|
|
—
|
|
|
2.68
|
%
|
Collateralized mortgage obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.12
|
%
|
|
—
|
|
|
2.12
|
%
|
Equity securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
4.57
|
%
|
|
4.57
|
%
|
Total available-for-sale securities
|
|
0.71
|
%
|
|
1.56
|
%
|
|
2.38
|
%
|
|
3.58
|
%
|
|
2.60
|
%
|
|
4.57
|
%
|
|
2.56
|
%
|
ITEM 1A.
|
RISK FACTORS
|
•
|
if our banking subsidiaries report net losses or their earnings are weak relative to our cash flow needs;
|
•
|
if it is necessary for us to make capital injections to our banking subsidiaries;
|
•
|
if changes in regulations require us to maintain a greater level of capital, as more fully described below;
|
•
|
if we are unable to access our revolving credit facility due to a failure to satisfy financial and other covenants; or
|
•
|
if we are unable to raise additional capital on terms that are satisfactory to us.
|
•
|
the ability to develop, maintain and build upon long-term customer relationships based on top quality service and high ethical standards;
|
•
|
the scope, relevance and pricing of products and services offered to meet customer needs and demands;
|
•
|
the ability to expand our market position;
|
•
|
the ability to uphold our reputation in the marketplace;
|
•
|
the rate at which we introduce new products and services relative to our competitors;
|
•
|
customer satisfaction with our level of service; and
|
•
|
industry and general economic trends.
|
•
|
potential exposure to unknown or contingent liabilities or asset quality issues of the target company;
|
•
|
failure to adequately estimate the level of loan losses at the target company;
|
•
|
difficulty and expense of integrating the operations and personnel of the target company;
|
•
|
potential disruption to our business, including diversion of our management's time and attention;
|
•
|
the possible loss of key employees and customers of the target company;
|
•
|
difficulty in estimating the value of the target company; and
|
•
|
potential changes in banking or tax laws or regulations that may affect the target company.
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
2014
|
|
2013
|
||||||||||||
High
|
|
Low
|
|
High
|
|
Low
|
||||||||||
Fourth Quarter
|
|
$
|
47.78
|
|
|
$
|
41.99
|
|
|
$
|
47.80
|
|
|
$
|
40.61
|
|
Third Quarter
|
|
48.53
|
|
|
44.34
|
|
|
42.28
|
|
|
38.38
|
|
||||
Second Quarter
|
|
49.46
|
|
|
42.53
|
|
|
38.70
|
|
|
34.63
|
|
||||
First Quarter
|
|
49.99
|
|
|
42.14
|
|
|
38.66
|
|
|
35.90
|
|
|
|
2009
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
||||||
Wintrust Financial Corporation
|
|
100.00
|
|
|
107.86
|
|
|
92.27
|
|
|
120.95
|
|
|
152.13
|
|
|
155.51
|
|
NASDAQ — Total US
|
|
100.00
|
|
|
117.55
|
|
|
117.91
|
|
|
137.29
|
|
|
183.26
|
|
|
206.09
|
|
NASDAQ — Bank Index
|
|
100.00
|
|
|
111.35
|
|
|
83.04
|
|
|
111.88
|
|
|
152.85
|
|
|
170.93
|
|
Record Date
|
|
Payable Date
|
|
Dividend per Share
(1)
|
November 6, 2014
|
|
November 20, 2014
|
|
$0.10
|
August 7, 2014
|
|
August 21, 2014
|
|
$0.10
|
May 8, 2014
|
|
May 22, 2014
|
|
$0.10
|
February 6, 2014
|
|
February 20, 2014
|
|
$0.10
|
August 8, 2013
|
|
August 22, 2013
|
|
$0.09
|
February 7, 2013
|
|
February 21, 2013
|
|
$0.09
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(Dollars in thousands, except per share data)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Selected Financial Condition Data (at end of year):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
20,010,727
|
|
|
$
|
18,097,783
|
|
|
$
|
17,519,613
|
|
|
$
|
15,893,808
|
|
|
$
|
13,980,156
|
|
Total loans, excluding loans held-for-sale and covered loans
|
|
14,409,398
|
|
|
12,896,602
|
|
|
11,828,943
|
|
|
10,521,377
|
|
|
9,599,886
|
|
|||||
Total deposits
|
|
16,281,844
|
|
|
14,668,789
|
|
|
14,428,544
|
|
|
12,307,267
|
|
|
10,803,673
|
|
|||||
Junior subordinated debentures
|
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|||||
Total shareholders’ equity
|
|
2,069,822
|
|
|
1,900,589
|
|
|
1,804,705
|
|
|
1,543,533
|
|
|
1,436,549
|
|
|||||
Selected Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
$
|
598,575
|
|
|
$
|
550,627
|
|
|
$
|
519,516
|
|
|
$
|
461,377
|
|
|
$
|
415,836
|
|
Net revenue
(1)
|
|
813,815
|
|
|
773,024
|
|
|
745,608
|
|
|
651,075
|
|
|
607,996
|
|
|||||
Net income
|
|
151,398
|
|
|
137,210
|
|
|
111,196
|
|
|
77,575
|
|
|
63,329
|
|
|||||
Net income per common share – Basic
|
|
3.12
|
|
|
3.33
|
|
|
2.81
|
|
|
2.08
|
|
|
1.08
|
|
|||||
Net income per common share – Diluted
|
|
2.98
|
|
|
2.75
|
|
|
2.31
|
|
|
1.67
|
|
|
1.02
|
|
|||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin
(2)
|
|
3.53
|
%
|
|
3.50
|
%
|
|
3.49
|
%
|
|
3.42
|
%
|
|
3.37
|
%
|
|||||
Non-interest income to average assets
|
|
1.15
|
|
|
1.27
|
|
|
1.37
|
|
|
1.27
|
|
|
1.42
|
|
|||||
Non-interest expense to average assets
|
|
2.92
|
|
|
2.88
|
|
|
2.96
|
|
|
2.82
|
|
|
2.82
|
|
|||||
Net overhead ratio
(2) (3)
|
|
1.77
|
|
|
1.60
|
|
|
1.59
|
|
|
1.55
|
|
|
1.40
|
|
|||||
Efficiency ratio
(2) (4)
|
|
66.89
|
|
|
64.57
|
|
|
65.85
|
|
|
64.58
|
|
|
63.77
|
|
|||||
Return on average assets
|
|
0.81
|
|
|
0.79
|
|
|
0.67
|
|
|
0.52
|
|
|
0.47
|
|
|||||
Return on average common equity
(2)
|
|
7.77
|
|
|
7.56
|
|
|
6.60
|
|
|
5.12
|
|
|
3.01
|
|
|||||
Return on average tangible common equity
(2)
|
|
10.14
|
|
|
9.93
|
|
|
8.70
|
|
|
6.70
|
|
|
4.36
|
|
|||||
Average total assets
|
|
$
|
18,699,458
|
|
|
$
|
17,468,249
|
|
|
$
|
16,529,617
|
|
|
$
|
14,920,160
|
|
|
$
|
13,556,612
|
|
Average total shareholders’ equity
|
|
1,993,959
|
|
|
1,856,706
|
|
|
1,696,276
|
|
|
1,484,720
|
|
|
1,352,135
|
|
|||||
Average loans to average deposits ratio (excluding covered loans)
|
|
89.9
|
%
|
|
88.9
|
%
|
|
87.8
|
%
|
|
88.3
|
%
|
|
91.1
|
%
|
|||||
Average loans to average deposits ratio (including covered loans)
|
|
91.7
|
|
|
92.1
|
|
|
92.6
|
|
|
92.8
|
|
|
93.4
|
|
|||||
Common Share Data at end of year:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Market price per common share
|
|
$
|
46.76
|
|
|
$
|
46.12
|
|
|
$
|
36.70
|
|
|
$
|
28.05
|
|
|
$
|
33.03
|
|
Book value per common share
(2)
|
|
$
|
41.52
|
|
|
$
|
38.47
|
|
|
$
|
37.78
|
|
|
$
|
34.23
|
|
|
$
|
32.73
|
|
Tangible common book value per share
(2)
|
|
$
|
32.45
|
|
|
$
|
29.93
|
|
|
$
|
29.28
|
|
|
$
|
26.72
|
|
|
$
|
25.80
|
|
Common shares outstanding
|
|
46,805,055
|
|
|
46,116,583
|
|
|
36,858,355
|
|
|
35,978,349
|
|
|
34,864,068
|
|
|||||
Other Data at end of year:
(7)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leverage Ratio
|
|
10.2
|
%
|
|
10.5
|
%
|
|
10.0
|
%
|
|
9.4
|
%
|
|
10.1
|
%
|
|||||
Tier 1 Capital to risk-weighted assets
|
|
11.6
|
|
|
12.2
|
|
|
12.1
|
|
|
11.8
|
|
|
12.5
|
|
|||||
Total Capital to risk-weighted assets
|
|
13.0
|
|
|
12.9
|
|
|
13.1
|
|
|
13.0
|
|
|
13.8
|
|
|||||
Tangible Common Equity ratio (TCE)
(2) (6)
|
|
7.8
|
|
|
7.8
|
|
|
7.4
|
|
|
7.5
|
|
|
8.0
|
|
|||||
Tangible Common Equity ratio, assuming full conversion of preferred stock
(2) (6)
|
|
8.4
|
|
|
8.5
|
|
|
8.4
|
|
|
7.8
|
|
|
8.3
|
|
|||||
Allowance for credit losses
(5)
|
|
$
|
92,480
|
|
|
$
|
97,641
|
|
|
$
|
121,988
|
|
|
$
|
123,612
|
|
|
$
|
118,037
|
|
Non-performing loans
|
|
78,677
|
|
|
103,334
|
|
|
118,083
|
|
|
120,084
|
|
|
141,958
|
|
|||||
Allowance for credit losses
(5)
to total loans, excluding covered loans
|
|
0.64
|
%
|
|
0.76
|
%
|
|
1.03
|
%
|
|
1.17
|
%
|
|
1.23
|
%
|
|||||
Non-performing loans to total loans, excluding covered loans
|
|
0.55
|
|
|
0.80
|
|
|
1.00
|
|
|
1.14
|
|
|
1.48
|
|
|||||
Number of:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank subsidiaries
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|||||
Banking offices
|
|
140
|
|
|
124
|
|
|
111
|
|
|
99
|
|
|
86
|
|
(1)
|
Net revenue includes net interest income and non-interest income
|
(2)
|
See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures/Ratios,” for a reconciliation of this performance measure/ratio to GAAP.
|
(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 revenue (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 unfunded lending-related commitments, but excludes the allowance for covered loan losses.
|
(6)
|
Total shareholders’ equity minus preferred stock and total intangible assets divided by total assets minus total intangible assets.
|
(7)
|
Asset quality ratios exclude covered loans.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
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 and southern Wisconsin;
|
•
|
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;
|
•
|
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
|
•
|
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;
|
•
|
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
|
•
|
increased costs as a result of protecting our customers from the impact of stolen debit card information;
|
•
|
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 expenses and delayed returns inherent in opening new branches and de novo banks;
|
•
|
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;
|
•
|
a lowering of our credit rating;
|
•
|
changes in U.S. monetary policy;
|
•
|
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;
|
•
|
the impact of heightened 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.
|
|
|
Years Ended
December 31,
|
|
% or
Basis Point
(bp)change
|
|
% or
Basis Point
(bp)change
|
||||||||||
(Dollars in thousands, except per share data)
|
|
2014
|
|
2013
|
|
2012
|
|
2013 to 2014
|
|
2012 to 2013
|
||||||
Net income
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
|
10%
|
|
23%
|
Net income per common share — Diluted
|
|
2.98
|
|
|
2.75
|
|
|
2.31
|
|
|
8
|
|
19
|
|||
Net revenue
(1)
|
|
813,815
|
|
|
773,024
|
|
|
745,608
|
|
|
5
|
|
4
|
|||
Net interest income
|
|
598,575
|
|
|
550,627
|
|
|
519,516
|
|
|
9
|
|
6
|
|||
Net interest margin
(2)
|
|
3.53
|
%
|
|
3.50
|
%
|
|
3.49
|
%
|
|
3 bp
|
|
1 bp
|
|||
Net overhead ratio
(2) (3)
|
|
1.77
|
|
|
1.60
|
|
|
1.59
|
|
|
17
|
|
1
|
|||
Efficiency ratio
(2) (4)
|
|
66.89
|
|
|
64.57
|
|
|
65.85
|
|
|
232
|
|
(128)
|
|||
Return on average assets
|
|
0.81
|
|
|
0.79
|
|
|
0.67
|
|
|
2
|
|
12
|
|||
Return on average common equity
(2)
|
|
7.77
|
|
|
7.56
|
|
|
6.60
|
|
|
21
|
|
96
|
|||
Return on average tangible common equity
(2)
|
|
10.14
|
|
|
9.93
|
|
|
8.70
|
|
|
21
|
|
123
|
|||
At end of period
|
|
|
|
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
20,010,727
|
|
|
$
|
18,097,783
|
|
|
$
|
17,519,613
|
|
|
11%
|
|
3%
|
Total loans, excluding loans held-for-sale, excluding covered loans
|
|
14,409,398
|
|
|
12,896,602
|
|
|
11,828,943
|
|
|
12
|
|
9
|
|||
Total loans, including loans held-for-sale, excluding covered loans
|
|
14,760,688
|
|
|
13,230,929
|
|
|
12,241,143
|
|
|
12
|
|
8
|
|||
Total deposits
|
|
16,281,844
|
|
|
14,668,789
|
|
|
14,428,544
|
|
|
11
|
|
2
|
|||
Total shareholders’ equity
|
|
2,069,822
|
|
|
1,900,589
|
|
|
1,804,705
|
|
|
9
|
|
5
|
|||
Tangible common equity ratio (TCE)
(2)
|
|
7.8
|
%
|
|
7.8
|
%
|
|
7.4
|
%
|
|
0 bp
|
|
40 bp
|
|||
Tangible common equity ratio, assuming full conversion of preferred stock
(2)
|
|
8.4
|
|
|
8.5
|
|
|
8.4
|
|
|
(10) bp
|
|
10 bp
|
|||
Book value per common share
(2)
|
|
$
|
41.52
|
|
|
$
|
38.47
|
|
|
$
|
37.78
|
|
|
8%
|
|
2%
|
Tangible common book value per common share
(2)
|
|
32.45
|
|
|
29.93
|
|
|
29.28
|
|
|
8
|
|
2
|
|||
Market price per common share
|
|
46.76
|
|
|
46.12
|
|
|
36.70
|
|
|
1
|
|
26
|
|||
Excluding covered loans:
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for credit losses to total loans
(5)
|
|
0.64
|
%
|
|
0.76
|
%
|
|
1.03
|
%
|
|
(12) bp
|
|
(27) bp
|
|||
Non-performing loans to total loans
|
|
0.55
|
|
|
0.80
|
|
|
1.00
|
|
|
(25) bp
|
|
(20) bp
|
(1)
|
Net revenue is net interest income plus non-interest income.
|
(2)
|
See “Non-GAAP 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, but excludes the allowance for covered loan losses.
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(Dollars and shares in thousands, except per share data)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Calculation of Net Interest Margin and Efficiency Ratio
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(A) Interest Income (GAAP)
|
|
$
|
671,267
|
|
|
$
|
630,709
|
|
|
$
|
627,021
|
|
|
$
|
605,793
|
|
|
$
|
593,107
|
|
Taxable-equivalent adjustment:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
-Loans
|
|
1,128
|
|
|
842
|
|
|
576
|
|
|
458
|
|
|
334
|
|
|||||
-Liquidity management assets
|
|
2,000
|
|
|
1,407
|
|
|
1,363
|
|
|
1,224
|
|
|
1,377
|
|
|||||
-Other earning assets
|
|
41
|
|
|
11
|
|
|
8
|
|
|
12
|
|
|
17
|
|
|||||
Interest Income — FTE
|
|
$
|
674,436
|
|
|
$
|
632,969
|
|
|
$
|
628,968
|
|
|
$
|
607,487
|
|
|
$
|
594,835
|
|
(B) Interest Expense (GAAP)
|
|
72,692
|
|
|
80,082
|
|
|
107,505
|
|
|
144,416
|
|
|
177,271
|
|
|||||
Net interest income — FTE
|
|
$
|
601,744
|
|
|
$
|
552,887
|
|
|
$
|
521,463
|
|
|
$
|
463,071
|
|
|
$
|
417,564
|
|
(C) Net Interest Income (GAAP) (A minus B)
|
|
$
|
598,575
|
|
|
$
|
550,627
|
|
|
$
|
519,516
|
|
|
$
|
461,377
|
|
|
$
|
415,836
|
|
(D) Net interest margin (GAAP)
|
|
3.51
|
%
|
|
3.49
|
%
|
|
3.47
|
%
|
|
3.41
|
%
|
|
3.35
|
%
|
|||||
Net interest margin — FTE
|
|
3.53
|
|
|
3.50
|
|
|
3.49
|
|
|
3.42
|
|
|
3.37
|
|
|||||
(E) Efficiency ratio (GAAP)
|
|
67.15
|
|
|
64.76
|
|
|
66.02
|
|
|
64.75
|
|
|
63.95
|
|
|||||
Efficiency ratio — FTE
|
|
66.89
|
|
|
64.57
|
|
|
65.85
|
|
|
64.58
|
|
|
63.77
|
|
|||||
(F) Net overhead ratio (GAAP)
|
|
1.77
|
|
|
1.60
|
|
|
1.59
|
|
|
1.55
|
|
|
1.40
|
|
|||||
Calculation of Tangible Common Equity ratio (at period end)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders' equity
|
|
$
|
2,069,822
|
|
|
$
|
1,900,589
|
|
|
$
|
1,804,705
|
|
|
$
|
1,543,533
|
|
|
$
|
1,436,549
|
|
(G)
Less: Preferred stock
|
|
(126,467
|
)
|
|
(126,477
|
)
|
|
(176,406
|
)
|
|
(49,768
|
)
|
|
(49,640
|
)
|
|||||
Less: Intangible assets
|
|
(424,445
|
)
|
|
(393,760
|
)
|
|
(366,348
|
)
|
|
(327,538
|
)
|
|
(293,765
|
)
|
|||||
(H) Total tangible common shareholders’ equity
|
|
$
|
1,518,910
|
|
|
$
|
1,380,352
|
|
|
$
|
1,261,951
|
|
|
$
|
1,166,227
|
|
|
$
|
1,093,144
|
|
Total assets
|
|
$
|
20,010,727
|
|
|
$
|
18,097,783
|
|
|
$
|
17,519,613
|
|
|
$
|
15,893,808
|
|
|
$
|
13,980,156
|
|
Less: Intangible assets
|
|
(424,445
|
)
|
|
(393,760
|
)
|
|
(366,348
|
)
|
|
(327,538
|
)
|
|
(293,765
|
)
|
|||||
(I) Total tangible assets
|
|
$
|
19,586,282
|
|
|
$
|
17,704,023
|
|
|
$
|
17,153,265
|
|
|
$
|
15,566,270
|
|
|
$
|
13,686,391
|
|
Tangible common equity ratio (H/I)
|
|
7.8
|
%
|
|
7.8
|
%
|
|
7.4
|
%
|
|
7.5
|
%
|
|
8.0
|
%
|
|||||
Tangible common equity ratio, assuming full conversion of preferred stock ((H-G)/I)
|
|
8.4
|
|
|
8.5
|
|
|
8.4
|
|
|
7.8
|
|
|
8.3
|
|
|||||
Calculation of book value per common share
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders’ equity
|
|
$
|
2,069,822
|
|
|
$
|
1,900,589
|
|
|
$
|
1,804,705
|
|
|
$
|
1,543,533
|
|
|
$
|
1,436,549
|
|
Less: Preferred stock
|
|
(126,467
|
)
|
|
(126,477
|
)
|
|
(176,406
|
)
|
|
(49,768
|
)
|
|
(49,640
|
)
|
|||||
(J) Total common equity
|
|
$
|
1,943,355
|
|
|
$
|
1,774,112
|
|
|
$
|
1,628,299
|
|
|
$
|
1,493,765
|
|
|
$
|
1,386,909
|
|
Actual common shares outstanding
|
|
46,805
|
|
|
46,117
|
|
|
36,858
|
|
|
35,978
|
|
|
34,864
|
|
|||||
Add: TEU conversion shares
|
|
—
|
|
|
—
|
|
|
6,241
|
|
|
7,666
|
|
|
7,512
|
|
|||||
(K) Common shares used for book value calculation
|
|
46,805
|
|
|
46,117
|
|
|
43,099
|
|
|
43,644
|
|
|
42,376
|
|
|||||
Book value per common share (J/K)
|
|
$
|
41.52
|
|
|
$
|
38.47
|
|
|
$
|
37.78
|
|
|
$
|
34.23
|
|
|
$
|
32.73
|
|
Tangible common book value per share (H/K)
|
|
32.45
|
|
|
29.93
|
|
|
29.28
|
|
|
26.72
|
|
|
25.80
|
|
|||||
Calculation of return on average common equ
ity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(L) Net income applicable to common shares
|
|
$
|
145,075
|
|
|
$
|
128,815
|
|
|
$
|
102,103
|
|
|
$
|
73,447
|
|
|
$
|
32,325
|
|
Add: After-tax intangible asset amortization
|
|
2,881
|
|
|
2,827
|
|
|
2,668
|
|
|
2,076
|
|
|
1,720
|
|
|||||
(M) Tangible net income applicable to common shares
|
|
$
|
147,956
|
|
|
$
|
131,642
|
|
|
$
|
104,771
|
|
|
$
|
75,523
|
|
|
$
|
34,045
|
|
Total average shareholders' equity
|
|
$
|
1,993,959
|
|
|
$
|
1,856,706
|
|
|
$
|
1,696,276
|
|
|
$
|
1,484,720
|
|
|
$
|
1,352,135
|
|
Less: Average preferred stock
|
|
(126,471
|
)
|
|
(153,724
|
)
|
|
(149,373
|
)
|
|
(49,701
|
)
|
|
(279,865
|
)
|
|||||
(N) Total average common shareholders' equity
|
|
$
|
1,867,488
|
|
|
$
|
1,702,982
|
|
|
$
|
1,546,903
|
|
|
$
|
1,435,019
|
|
|
$
|
1,072,270
|
|
Less: Average intangible assets
|
|
(408,642
|
)
|
|
(376,762
|
)
|
|
(342,969
|
)
|
|
(307,298
|
)
|
|
(291,375
|
)
|
|||||
(O) Total average tangible common shareholders' equity
|
|
$
|
1,458,846
|
|
|
$
|
1,326,220
|
|
|
$
|
1,203,934
|
|
|
$
|
1,127,721
|
|
|
$
|
780,895
|
|
Return on average common equity (L/N)
|
|
7.77
|
%
|
|
7.56
|
%
|
|
6.60
|
%
|
|
5.12
|
%
|
|
3.01
|
%
|
|||||
Return on average tangible common equity (M/O)
|
|
10.14
|
|
|
9.93
|
|
|
8.70
|
|
|
6.70
|
|
|
4.36
|
|
•
|
The Company’s
2014
provision for credit losses, excluding covered loans, totaled $22.9 million, compared to $46.0 million in 2013 and $72.4 million in
2012
. Net charge-offs, excluding covered loans, decreased to $27.2 million in
2014
(of which $17.4 million related to commercial and commercial real estate loans), compared to $56.1 million in
2013
(of which $42.7 million related to commercial and commercial real estate loans) and $74.8 million in
2012
(of which $58.1 million related to commercial and commercial real estate loans).
|
•
|
The Company decreased its allowance for loan losses, excluding covered loans, to
$91.7 million
at
December 31, 2014
, reflecting a decrease of $5.2 million, or 5%, when compared to
2013
. At
December 31, 2014
, approximately $35.5 million, or 39%, of the allowance for loan losses, excluding covered loans, was associated with commercial real estate loans and another $31.7 million, or 35%, was associated with commercial loans.
|
•
|
The Company has significant exposure to commercial real estate. At
December 31, 2014
, $4.5 billion, or 31%, of our loan portfolio, excluding covered loans, was commercial real estate, with more than 92% located in our market area. The commercial real estate loan portfolio, excluding purchased credit impaired ("PCI") loans, was comprised of
$318.3 million
related to land, residential and commercial construction,
$705.4 million
related to office buildings loans,
$731.5 million
related to retail loans,
$624.0 million
related to industrial use loans,
$605.7 million
related to multi-family loans and
$1.5 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
December 31, 2014
, the Company had approximately
$26.6 million
of non-performing commercial real estate loans representing approximately 1% of the total commercial real estate loan portfolio.
|
•
|
Total non-performing loans (loans on non-accrual status and loans more than 90 days past due and still accruing interest), excluding covered loans, were
$78.7 million
(of which
$26.6 million
, or 34%
,
was related to commercial real estate) at
December 31, 2014
, a decrease of $24.7 million compared to
December 31, 2013
. Non-performing loans decreased due to both a decline in the volume of new non-performing loans as well as the continued reduction in existing non-performing loans through the efforts of our credit workout teams.
|
•
|
The Company’s other real estate owned, excluding covered other real estate owned, decreased by $4.9 million, to
$45.6 million
during
2014
, from
$50.5 million
at
December 31, 2013
. The decrease in other real estate owned is primarily a result of disposals during 2014. The
$45.6 million
of other real estate owned as of
December 31, 2014
was comprised of
$34.6 million
of commercial real estate property,
$7.8 million
of residential real estate property and
$3.2 million
of residential real estate development property.
|
•
|
A new minimum ratio of Common Equity Tier 1 Capital to risk-weighted assets of 4.5%;
|
•
|
An increase in the minimum required amount of Additional Tier 1 Capital to 6% of risk-weighted assets;
|
•
|
A continuation of the current minimum required amount of Total Capital (Tier 1 plus Tier 2) at 8% of risk-weighted assets; and
|
•
|
A minimum leverage ratio of Tier 1 Capital to total assets equal to 4% in all circumstances.
|
|
Average Balance
for the year ended December 31,
|
|
Interest
for the year ended December 31,
|
|
Yield/Rate
for the year ended December 31,
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest bearing deposits with banks
|
$
|
523,660
|
|
|
$
|
612,205
|
|
|
$
|
971,978
|
|
|
$
|
1,472
|
|
|
$
|
1,644
|
|
|
$
|
1,552
|
|
|
0.28
|
%
|
|
0.27
|
%
|
|
0.16
|
%
|
Available-for-sale securities
|
2,142,619
|
|
|
1,846,988
|
|
|
1,678,135
|
|
|
54,951
|
|
|
38,432
|
|
|
39,497
|
|
|
2.56
|
|
|
2.08
|
|
|
2.35
|
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock
|
81,000
|
|
|
78,532
|
|
|
86,541
|
|
|
2,920
|
|
|
2,773
|
|
|
2,550
|
|
|
3.60
|
|
|
3.53
|
|
|
2.95
|
|
||||||
Federal funds sold and securities purchased under resale agreements
|
14,171
|
|
|
19,498
|
|
|
26,500
|
|
|
25
|
|
|
27
|
|
|
39
|
|
|
0.17
|
|
|
0.14
|
|
|
0.14
|
|
||||||
Total liquidity management assets
(1) (7)
|
2,761,450
|
|
|
2,557,223
|
|
|
2,763,154
|
|
|
59,368
|
|
|
42,876
|
|
|
43,638
|
|
|
2.15
|
%
|
|
1.68
|
%
|
|
1.58
|
%
|
||||||
Other earning assets
(1) (2) (7)
|
28,699
|
|
|
26,554
|
|
|
29,967
|
|
|
916
|
|
|
816
|
|
|
882
|
|
|
3.19
|
|
|
3.07
|
|
|
2.94
|
|
||||||
Loans, net of unearned income
(1) (3) (6) (7)
|
13,958,842
|
|
|
12,742,202
|
|
|
11,520,499
|
|
|
590,620
|
|
|
553,035
|
|
|
530,446
|
|
|
4.23
|
|
|
4.34
|
|
|
4.60
|
|
||||||
Covered loans
(6)
|
280,946
|
|
|
462,518
|
|
|
637,607
|
|
|
23,532
|
|
|
36,242
|
|
|
54,002
|
|
|
8.38
|
|
|
7.84
|
|
|
8.47
|
|
||||||
Total earning assets
(7)
|
17,029,937
|
|
|
15,788,497
|
|
|
14,951,227
|
|
|
674,436
|
|
|
632,969
|
|
|
628,968
|
|
|
3.96
|
%
|
|
4.01
|
%
|
|
4.21
|
%
|
||||||
Allowance for loan and covered loan losses
|
(100,586
|
)
|
|
(124,970
|
)
|
|
(134,946
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks
|
234,194
|
|
|
222,453
|
|
|
172,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other assets
|
1,535,913
|
|
|
1,582,269
|
|
|
1,541,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
18,699,458
|
|
|
$
|
17,468,249
|
|
|
$
|
16,529,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits — interest bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW and interest bearing demand deposits
|
$
|
2,028,485
|
|
|
$
|
2,049,573
|
|
|
$
|
1,787,001
|
|
|
$
|
2,472
|
|
|
$
|
3,009
|
|
|
$
|
3,996
|
|
|
0.12
|
%
|
|
0.15
|
%
|
|
0.22
|
%
|
Wealth management deposits
|
1,227,072
|
|
|
987,885
|
|
|
923,974
|
|
|
1,836
|
|
|
706
|
|
|
974
|
|
|
0.15
|
|
|
0.07
|
|
|
0.11
|
|
||||||
Money market accounts
|
3,575,605
|
|
|
3,048,045
|
|
|
2,381,731
|
|
|
7,400
|
|
|
7,199
|
|
|
7,358
|
|
|
0.21
|
|
|
0.24
|
|
|
0.31
|
|
||||||
Savings accounts
|
1,453,559
|
|
|
1,300,681
|
|
|
1,036,350
|
|
|
2,430
|
|
|
2,744
|
|
|
2,221
|
|
|
0.17
|
|
|
0.21
|
|
|
0.21
|
|
||||||
Time deposits
|
4,185,876
|
|
|
4,460,670
|
|
|
4,940,000
|
|
|
34,273
|
|
|
39,533
|
|
|
53,756
|
|
|
0.82
|
|
|
0.89
|
|
|
1.09
|
|
||||||
Total interest bearing deposits
|
12,470,597
|
|
|
11,846,854
|
|
|
11,069,056
|
|
|
48,411
|
|
|
53,191
|
|
|
68,305
|
|
|
0.39
|
%
|
|
0.45
|
%
|
|
0.62
|
%
|
||||||
Federal Home Loan Bank advances
|
387,591
|
|
|
423,221
|
|
|
459,972
|
|
|
10,523
|
|
|
11,013
|
|
|
12,104
|
|
|
2.71
|
|
|
2.60
|
|
|
2.63
|
|
||||||
Other borrowings
|
132,479
|
|
|
269,311
|
|
|
711,723
|
|
|
1,773
|
|
|
4,341
|
|
|
14,052
|
|
|
1.34
|
|
|
1.61
|
|
|
1.97
|
|
||||||
Subordinated notes
|
77,479
|
|
|
10,521
|
|
|
22,158
|
|
|
3,906
|
|
|
168
|
|
|
428
|
|
|
5.04
|
|
|
1.57
|
|
|
1.90
|
|
||||||
Junior subordinated notes
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|
8,079
|
|
|
11,369
|
|
|
12,616
|
|
|
3.19
|
|
|
4.49
|
|
|
4.97
|
|
||||||
Total interest-bearing liabilities
|
$
|
13,317,639
|
|
|
$
|
12,799,400
|
|
|
$
|
12,512,402
|
|
|
$
|
72,692
|
|
|
$
|
80,082
|
|
|
$
|
107,505
|
|
|
0.55
|
%
|
|
0.62
|
%
|
|
0.86
|
%
|
Non-interest bearing deposits
|
3,062,338
|
|
|
2,487,761
|
|
|
2,059,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other liabilities
|
325,522
|
|
|
324,382
|
|
|
261,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
1,993,959
|
|
|
1,856,706
|
|
|
1,696,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
18,699,458
|
|
|
$
|
17,468,249
|
|
|
$
|
16,529,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate spread
(4) (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
3.41
|
%
|
|
3.39
|
%
|
|
3.35
|
%
|
||||||||||||
Net free funds/contribution
(5)
|
$
|
3,712,298
|
|
|
$
|
2,989,097
|
|
|
$
|
2,438,825
|
|
|
|
|
|
|
|
|
0.12
|
%
|
|
0.11
|
%
|
|
0.14
|
%
|
||||||
Net interest income/margin
(7)
|
|
|
|
|
|
|
$
|
601,744
|
|
|
$
|
552,887
|
|
|
$
|
521,463
|
|
|
3.53
|
%
|
|
3.50
|
%
|
|
3.49
|
%
|
(1)
|
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 years ended
December 31, 2014
,
2013
and
2012
were
$3.2 million
,
$2.3 million
and
$1.9 million
, respectively.
|
(2)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(3)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(4)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(5)
|
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.
|
(6)
|
Interest income includes the amortization of the accretable yield related to purchased loans acquired with evidence of credit quality deterioration since origination as well as any coupon interest received on these loans. See Note 4 to the Consolidated Financial Statements for further discussion of the amortization of the accretable yield to interest income.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2014 Compared to 2013
|
|
2013 Compared to 2012
|
||||||||||||||||
(Dollars in thousands)
|
|
Change
Due to
Rate
|
|
Change
Due to
Volume
|
|
Total
Change
|
|
Change
Due to
Rate
|
|
Change
Due to
Volume
|
|
Total
Change
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest bearing deposits with banks
|
|
$
|
62
|
|
|
(234
|
)
|
|
(172
|
)
|
|
$
|
808
|
|
|
(716
|
)
|
|
92
|
|
Available-for-sale securities
|
|
9,752
|
|
|
6,767
|
|
|
16,519
|
|
|
(4,732
|
)
|
|
3,667
|
|
|
(1,065
|
)
|
||
Federal Home Loan Bank and Federal Reserve Bank stock
|
|
57
|
|
|
90
|
|
|
147
|
|
|
476
|
|
|
(253
|
)
|
|
223
|
|
||
Federal funds sold and securities
purchased under resale agreements
|
|
6
|
|
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
||
Total liquidity management assets
|
|
9,877
|
|
|
6,615
|
|
|
16,492
|
|
|
(3,448
|
)
|
|
2,686
|
|
|
(762
|
)
|
||
Other earning assets
|
|
33
|
|
|
67
|
|
|
100
|
|
|
38
|
|
|
(104
|
)
|
|
(66
|
)
|
||
Loans, net of unearned income
|
|
(14,269
|
)
|
|
51,854
|
|
|
37,585
|
|
|
(30,630
|
)
|
|
53,219
|
|
|
22,589
|
|
||
Covered loans
|
|
2,351
|
|
|
(15,061
|
)
|
|
(12,710
|
)
|
|
(3,754
|
)
|
|
(14,006
|
)
|
|
(17,760
|
)
|
||
Total interest income
|
|
(2,008
|
)
|
|
43,475
|
|
|
41,467
|
|
|
(37,794
|
)
|
|
41,795
|
|
|
4,001
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits — interest bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NOW and interest bearing demand deposits
|
|
(482
|
)
|
|
(55
|
)
|
|
(537
|
)
|
|
(1,384
|
)
|
|
397
|
|
|
(987
|
)
|
||
Wealth management deposits
|
|
575
|
|
|
555
|
|
|
1,130
|
|
|
(261
|
)
|
|
(7
|
)
|
|
(268
|
)
|
||
Money market accounts
|
|
(914
|
)
|
|
1,115
|
|
|
201
|
|
|
(1,863
|
)
|
|
1,704
|
|
|
(159
|
)
|
||
Savings accounts
|
|
(592
|
)
|
|
278
|
|
|
(314
|
)
|
|
—
|
|
|
523
|
|
|
523
|
|
||
Time deposits
|
|
(3,478
|
)
|
|
(1,782
|
)
|
|
(5,260
|
)
|
|
(8,161
|
)
|
|
(6,062
|
)
|
|
(14,223
|
)
|
||
Total interest expense — deposits
|
|
(4,891
|
)
|
|
111
|
|
|
(4,780
|
)
|
|
(11,669
|
)
|
|
(3,445
|
)
|
|
(15,114
|
)
|
||
Federal Home Loan Bank advances
|
|
456
|
|
|
(946
|
)
|
|
(490
|
)
|
|
(133
|
)
|
|
(958
|
)
|
|
(1,091
|
)
|
||
Other borrowings
|
|
(637
|
)
|
|
(1,931
|
)
|
|
(2,568
|
)
|
|
(4,185
|
)
|
|
(5,526
|
)
|
|
(9,711
|
)
|
||
Subordinated notes
|
|
950
|
|
|
2,788
|
|
|
3,738
|
|
|
(64
|
)
|
|
(196
|
)
|
|
(260
|
)
|
||
Junior subordinated notes
|
|
(3,290
|
)
|
|
—
|
|
|
(3,290
|
)
|
|
(1,212
|
)
|
|
(35
|
)
|
|
(1,247
|
)
|
||
Total interest expense
|
|
(7,412
|
)
|
|
22
|
|
|
(7,390
|
)
|
|
(17,263
|
)
|
|
(10,160
|
)
|
|
(27,423
|
)
|
||
Net interest income
|
|
$
|
5,404
|
|
|
43,453
|
|
|
48,857
|
|
|
$
|
(20,531
|
)
|
|
51,955
|
|
|
31,424
|
|
|
|
Years ended December 31,
|
|
2014 compared to 2013
|
|
2013 compared to 2012
|
||||||||||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
||||||||||
Brokerage
|
|
$
|
30,438
|
|
|
29,281
|
|
|
25,477
|
|
|
$
|
1,157
|
|
|
4
|
%
|
|
$
|
3,804
|
|
|
15
|
%
|
Trust and asset management
|
|
40,905
|
|
|
33,761
|
|
|
27,203
|
|
|
7,144
|
|
|
21
|
|
|
6,558
|
|
|
24
|
|
|||
Total wealth management
|
|
71,343
|
|
|
63,042
|
|
|
52,680
|
|
|
8,301
|
|
|
13
|
|
|
10,362
|
|
|
20
|
|
|||
Mortgage banking
|
|
91,617
|
|
|
106,857
|
|
|
109,970
|
|
|
(15,240
|
)
|
|
(14
|
)
|
|
(3,113
|
)
|
|
(3
|
)
|
|||
Service charges on deposit accounts
|
|
23,307
|
|
|
20,366
|
|
|
16,971
|
|
|
2,941
|
|
|
14
|
|
|
3,395
|
|
|
20
|
|
|||
(Losses) gains on available-for-sale securities
|
|
(504
|
)
|
|
(3,000
|
)
|
|
4,895
|
|
|
2,496
|
|
|
83
|
|
|
(7,895
|
)
|
|
NM
|
|
|||
Fees from covered call options
|
|
7,859
|
|
|
4,773
|
|
|
10,476
|
|
|
3,086
|
|
|
65
|
|
|
(5,703
|
)
|
|
(54
|
)
|
|||
Gain on bargain purchases, net
|
|
—
|
|
|
—
|
|
|
7,503
|
|
|
—
|
|
|
NM
|
|
|
(7,503
|
)
|
|
NM
|
|
|||
Trading (losses) gains, net
|
|
(1,609
|
)
|
|
892
|
|
|
(1,900
|
)
|
|
(2,501
|
)
|
|
NM
|
|
|
2,792
|
|
|
NM
|
|
|||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate swap fees
|
|
4,469
|
|
|
7,629
|
|
|
9,381
|
|
|
(3,160
|
)
|
|
(41
|
)
|
|
(1,752
|
)
|
|
(19
|
)
|
|||
Bank Owned Life Insurance
|
|
2,700
|
|
|
3,446
|
|
|
2,920
|
|
|
(746
|
)
|
|
(22
|
)
|
|
526
|
|
|
18
|
|
|||
Administrative services
|
|
3,893
|
|
|
3,390
|
|
|
3,281
|
|
|
503
|
|
|
15
|
|
|
109
|
|
|
3
|
|
|||
Miscellaneous
|
|
12,165
|
|
|
15,002
|
|
|
9,915
|
|
|
(2,837
|
)
|
|
(19
|
)
|
|
5,087
|
|
|
51
|
|
|||
Total Other
|
|
23,227
|
|
|
29,467
|
|
|
25,497
|
|
|
(6,240
|
)
|
|
(21
|
)
|
|
3,970
|
|
|
16
|
|
|||
Total Non-Interest Income
|
|
$
|
215,240
|
|
|
222,397
|
|
|
226,092
|
|
|
$
|
(7,157
|
)
|
|
(3
|
)%
|
|
$
|
(3,695
|
)
|
|
(2
|
)%
|
|
|
Years ended December 31,
|
|
2014 compared to 2013
|
|
2013 compared to 2012
|
||||||||||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
|
$ Change
|
|
% Change
|
|
$ Change
|
|
% Change
|
||||||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries
|
|
$
|
177,811
|
|
|
170,123
|
|
|
155,800
|
|
|
$
|
7,688
|
|
|
5
|
%
|
|
$
|
14,323
|
|
|
9
|
%
|
Commissions and incentive compensation
|
|
103,185
|
|
|
87,837
|
|
|
84,199
|
|
|
15,348
|
|
|
17
|
|
|
3,638
|
|
|
4
|
|
|||
Benefits
|
|
54,510
|
|
|
50,834
|
|
|
48,590
|
|
|
3,676
|
|
|
7
|
|
|
2,244
|
|
|
5
|
|
|||
Total salaries and employee benefits
|
|
335,506
|
|
|
308,794
|
|
|
288,589
|
|
|
26,712
|
|
|
9
|
|
|
20,205
|
|
|
7
|
|
|||
Equipment
|
|
29,751
|
|
|
26,450
|
|
|
23,222
|
|
|
3,301
|
|
|
12
|
|
|
3,228
|
|
|
14
|
|
|||
Occupancy, net
|
|
42,889
|
|
|
36,633
|
|
|
32,294
|
|
|
6,256
|
|
|
17
|
|
|
4,339
|
|
|
13
|
|
|||
Data processing
|
|
19,336
|
|
|
18,672
|
|
|
15,739
|
|
|
664
|
|
|
4
|
|
|
2,933
|
|
|
19
|
|
|||
Advertising and marketing
|
|
13,571
|
|
|
11,051
|
|
|
9,438
|
|
|
2,520
|
|
|
23
|
|
|
1,613
|
|
|
17
|
|
|||
Professional fees
|
|
15,574
|
|
|
14,922
|
|
|
15,262
|
|
|
652
|
|
|
4
|
|
|
(340
|
)
|
|
(2
|
)
|
|||
Amortization of other intangible assets
|
|
4,692
|
|
|
4,627
|
|
|
4,324
|
|
|
65
|
|
|
1
|
|
|
303
|
|
|
7
|
|
|||
FDIC insurance
|
|
12,168
|
|
|
12,728
|
|
|
13,422
|
|
|
(560
|
)
|
|
(4
|
)
|
|
(694
|
)
|
|
(5
|
)
|
|||
OREO expenses, net
|
|
9,367
|
|
|
5,834
|
|
|
22,103
|
|
|
3,533
|
|
|
61
|
|
|
(16,269
|
)
|
|
(74
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commissions — 3rd party brokers
|
|
6,381
|
|
|
5,078
|
|
|
4,140
|
|
|
1,303
|
|
|
26
|
|
|
938
|
|
|
23
|
|
|||
Postage
|
|
6,045
|
|
|
5,591
|
|
|
5,729
|
|
|
454
|
|
|
8
|
|
|
(138
|
)
|
|
(2
|
)
|
|||
Miscellaneous
|
|
51,567
|
|
|
52,171
|
|
|
54,778
|
|
|
(604
|
)
|
|
(1
|
)
|
|
(2,607
|
)
|
|
(5
|
)
|
|||
Total other
|
|
63,993
|
|
|
62,840
|
|
|
64,647
|
|
|
1,153
|
|
|
2
|
|
|
(1,807
|
)
|
|
(3
|
)
|
|||
Total Non-Interest Expense
|
|
$
|
546,847
|
|
|
502,551
|
|
|
489,040
|
|
|
$
|
44,296
|
|
|
9
|
%
|
|
$
|
13,511
|
|
|
3
|
%
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
(Dollars in thousands)
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
|
$
|
3,559,368
|
|
|
21
|
%
|
|
$
|
3,005,880
|
|
|
19
|
%
|
|
$
|
2,618,117
|
|
|
18
|
%
|
Commercial real estate
|
|
4,368,326
|
|
|
26
|
|
|
4,076,844
|
|
|
26
|
|
|
3,634,205
|
|
|
24
|
|
|||
Home equity
|
|
715,174
|
|
|
4
|
|
|
753,181
|
|
|
5
|
|
|
824,107
|
|
|
6
|
|
|||
Residential real estate
(1)
|
|
745,637
|
|
|
4
|
|
|
772,753
|
|
|
5
|
|
|
789,190
|
|
|
5
|
|
|||
Premium finance receivables
|
|
4,401,525
|
|
|
26
|
|
|
3,946,647
|
|
|
25
|
|
|
3,463,918
|
|
|
23
|
|
|||
Other loans
|
|
168,812
|
|
|
1
|
|
|
186,897
|
|
|
1
|
|
|
190,962
|
|
|
1
|
|
|||
Total loans, net of unearned income
(2)
excluding covered loans
|
|
$
|
13,958,842
|
|
|
82
|
%
|
|
$
|
12,742,202
|
|
|
81
|
%
|
|
$
|
11,520,499
|
|
|
77
|
%
|
Covered loans
|
|
280,946
|
|
|
2
|
|
|
462,518
|
|
|
3
|
|
|
637,607
|
|
|
4
|
|
|||
Total average loans
(2)
|
|
$
|
14,239,788
|
|
|
84
|
%
|
|
$
|
13,204,720
|
|
|
84
|
%
|
|
$
|
12,158,106
|
|
|
81
|
%
|
Liquidity management assets
(3)
|
|
$
|
2,761,450
|
|
|
16
|
%
|
|
$
|
2,557,223
|
|
|
16
|
%
|
|
$
|
2,763,154
|
|
|
19
|
%
|
Other earning assets
(4)
|
|
28,699
|
|
|
—
|
|
|
26,554
|
|
|
—
|
|
|
29,967
|
|
|
—
|
|
|||
Total average earning assets
|
|
$
|
17,029,937
|
|
|
100
|
%
|
|
$
|
15,788,497
|
|
|
100
|
%
|
|
$
|
14,951,227
|
|
|
100
|
%
|
Total average assets
|
|
$
|
18,699,458
|
|
|
|
|
$
|
17,468,249
|
|
|
|
|
$
|
16,529,617
|
|
|
|
|||
Total average earning assets to total average assets
|
|
|
|
91
|
%
|
|
|
|
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, Federal Home Loan Bank and Federal Reserve Bank stock, 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
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
(Dollars in thousands)
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Non-interest bearing deposits
|
|
$
|
3,062,338
|
|
|
20
|
%
|
|
$
|
2,487,761
|
|
|
17
|
%
|
|
$
|
2,059,160
|
|
|
16
|
%
|
NOW and interest bearing demand deposits
|
|
2,028,485
|
|
|
13
|
|
|
2,049,573
|
|
|
14
|
|
|
1,787,001
|
|
|
13
|
|
|||
Wealth management deposits
|
|
1,227,072
|
|
|
8
|
|
|
987,885
|
|
|
7
|
|
|
923,974
|
|
|
7
|
|
|||
Money market accounts
|
|
3,575,605
|
|
|
23
|
|
|
3,048,045
|
|
|
21
|
|
|
2,381,731
|
|
|
18
|
|
|||
Savings accounts
|
|
1,453,559
|
|
|
9
|
|
|
1,300,681
|
|
|
9
|
|
|
1,036,350
|
|
|
8
|
|
|||
Time certificates of deposit
|
|
4,185,876
|
|
|
27
|
|
|
4,460,670
|
|
|
32
|
|
|
4,940,000
|
|
|
38
|
|
|||
Total average deposits
|
|
$
|
15,532,935
|
|
|
100
|
%
|
|
$
|
14,334,615
|
|
|
100
|
%
|
|
$
|
13,128,216
|
|
|
100
|
%
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
(Dollars in thousands)
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Wintrust Bank
|
|
$
|
2,350,644
|
|
|
16
|
%
|
|
$
|
1,816,775
|
|
|
13
|
%
|
|
$
|
1,613,126
|
|
|
12
|
%
|
Lake Forest Bank
|
|
1,819,033
|
|
|
12
|
|
|
1,721,068
|
|
|
12
|
|
|
1,623,683
|
|
|
12
|
|
|||
Hinsdale Bank
|
|
1,294,351
|
|
|
9
|
|
|
1,265,361
|
|
|
9
|
|
|
1,275,591
|
|
|
10
|
|
|||
Northbrook Bank
|
|
1,198,678
|
|
|
8
|
|
|
1,380,842
|
|
|
11
|
|
|
1,446,483
|
|
|
11
|
|
|||
Barrington Bank
|
|
1,106,884
|
|
|
7
|
|
|
1,061,249
|
|
|
7
|
|
|
1,023,330
|
|
|
8
|
|
|||
Old Plank Trail Bank
|
|
1,002,729
|
|
|
6
|
|
|
873,408
|
|
|
6
|
|
|
414,873
|
|
|
3
|
|
|||
Libertyville Bank
|
|
996,416
|
|
|
6
|
|
|
988,953
|
|
|
7
|
|
|
986,780
|
|
|
7
|
|
|||
Town Bank
|
|
924,163
|
|
|
6
|
|
|
732,828
|
|
|
5
|
|
|
696,806
|
|
|
5
|
|
|||
Village Bank
|
|
879,896
|
|
|
6
|
|
|
833,258
|
|
|
6
|
|
|
769,100
|
|
|
6
|
|
|||
Beverly Bank
|
|
687,499
|
|
|
4
|
|
|
642,836
|
|
|
4
|
|
|
378,234
|
|
|
3
|
|
|||
Wheaton Bank
|
|
678,292
|
|
|
4
|
|
|
598,263
|
|
|
4
|
|
|
609,606
|
|
|
5
|
|
|||
Crystal Lake Bank
|
|
674,941
|
|
|
4
|
|
|
620,385
|
|
|
4
|
|
|
598,540
|
|
|
5
|
|
|||
State Bank of the Lakes
|
|
672,995
|
|
|
4
|
|
|
604,301
|
|
|
4
|
|
|
606,061
|
|
|
5
|
|
|||
Schaumburg Bank
|
|
636,988
|
|
|
4
|
|
|
617,328
|
|
|
4
|
|
|
555,355
|
|
|
4
|
|
|||
St. Charles Bank
|
|
609,426
|
|
|
4
|
|
|
577,760
|
|
|
4
|
|
|
530,648
|
|
|
4
|
|
|||
Total deposits
|
|
$
|
15,532,935
|
|
|
100
|
%
|
|
$
|
14,334,615
|
|
|
100
|
%
|
|
$
|
13,128,216
|
|
|
100
|
%
|
Percentage increase from prior year
|
|
|
|
8
|
%
|
|
|
|
9
|
%
|
|
|
|
14
|
%
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
|
Average
|
|
Percent
|
|
Average
|
|
Percent
|
|
Average
|
|
Percent
|
|||||||||
(Dollars in thousands)
|
|
Balance
|
|
of Total
|
|
Balance
|
|
of Total
|
|
Balance
|
|
of Total
|
|||||||||
Notes payable
|
|
$
|
134
|
|
|
—
|
%
|
|
$
|
6,032
|
|
|
1
|
%
|
|
$
|
19,895
|
|
|
1
|
%
|
Federal Home Loan Bank advances
|
|
387,591
|
|
|
46
|
|
|
423,221
|
|
|
44
|
|
|
459,972
|
|
|
32
|
|
|||
Secured borrowings
|
|
5,656
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
273,753
|
|
|
19
|
|
|||
Subordinated notes
|
|
77,479
|
|
|
9
|
|
|
10,521
|
|
|
1
|
|
|
22,158
|
|
|
2
|
|
|||
Short-term borrowings
|
|
107,588
|
|
|
13
|
|
|
234,153
|
|
|
25
|
|
|
385,299
|
|
|
27
|
|
|||
Junior subordinated debentures
|
|
249,493
|
|
|
29
|
|
|
249,493
|
|
|
26
|
|
|
249,493
|
|
|
17
|
|
|||
Other
|
|
19,101
|
|
|
2
|
|
|
29,126
|
|
|
3
|
|
|
32,776
|
|
|
2
|
|
|||
Total other funding sources
|
|
$
|
847,042
|
|
|
100
|
%
|
|
$
|
952,546
|
|
|
100
|
%
|
|
$
|
1,443,346
|
|
|
100
|
%
|
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|||||||||||||||
(Dollars in thousands)
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|||||||||||||||
Commercial
|
|
$
|
3,924,394
|
|
|
26
|
%
|
|
$
|
3,253,687
|
|
|
25
|
%
|
|
$
|
2,914,798
|
|
|
24
|
%
|
|
$
|
2,498,313
|
|
|
22
|
%
|
|
$
|
2,049,326
|
|
|
21
|
%
|
Commercial real-estate
|
|
4,505,753
|
|
|
31
|
|
|
4,230,035
|
|
|
32
|
|
|
3,864,118
|
|
|
31
|
|
|
3,514,261
|
|
|
31
|
|
|
3,338,007
|
|
|
34
|
|
|||||
Home equity
|
|
716,293
|
|
|
5
|
|
|
719,137
|
|
|
5
|
|
|
788,474
|
|
|
6
|
|
|
862,345
|
|
|
8
|
|
|
914,412
|
|
|
9
|
|
|||||
Residential real-estate
|
|
483,542
|
|
|
3
|
|
|
434,992
|
|
|
3
|
|
|
367,213
|
|
|
3
|
|
|
350,289
|
|
|
3
|
|
|
353,336
|
|
|
3
|
|
|||||
Premium finance receivables—commercial
|
|
2,350,833
|
|
|
16
|
|
|
2,167,565
|
|
|
16
|
|
|
1,987,856
|
|
|
16
|
|
|
1,412,454
|
|
|
13
|
|
|
1,265,500
|
|
|
13
|
|
|||||
Premium finance receivables—life insurance
|
|
2,277,571
|
|
|
16
|
|
|
1,923,698
|
|
|
15
|
|
|
1,725,166
|
|
|
14
|
|
|
1,695,225
|
|
|
15
|
|
|
1,521,886
|
|
|
15
|
|
|||||
Other loans
|
|
151,012
|
|
|
1
|
|
|
167,488
|
|
|
1
|
|
|
181,318
|
|
|
2
|
|
|
188,490
|
|
|
2
|
|
|
157,419
|
|
|
2
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
14,409,398
|
|
|
98
|
%
|
|
$
|
12,896,602
|
|
|
97
|
%
|
|
$
|
11,828,943
|
|
|
96
|
%
|
|
$
|
10,521,377
|
|
|
94
|
%
|
|
$
|
9,599,886
|
|
|
97
|
%
|
Covered loans
|
|
226,709
|
|
|
2
|
|
|
346,431
|
|
|
3
|
|
|
560,087
|
|
|
4
|
|
|
651,368
|
|
|
6
|
|
|
334,353
|
|
|
3
|
|
|||||
Total loans
|
|
$
|
14,636,107
|
|
|
100
|
%
|
|
$
|
13,243,033
|
|
|
100
|
%
|
|
$
|
12,389,030
|
|
|
100
|
%
|
|
$
|
11,172,745
|
|
|
100
|
%
|
|
$
|
9,934,239
|
|
|
100
|
%
|
As of December 31, 2014
(Dollars in thousands)
|
|
Balance
|
|
% of
Total Balance
|
|
Non-accrual
|
|
> 90 Days
Past Due and
Still Accruing
|
|
Allowance
For Loan Losses
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
|
$
|
2,214,480
|
|
|
26.3
|
%
|
|
$
|
9,132
|
|
|
$
|
474
|
|
|
$
|
20,750
|
|
Franchise
|
|
252,200
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
1,702
|
|
||||
Mortgage warehouse lines of credit
|
|
139,003
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
995
|
|
||||
Community Advantage — homeowner associations
|
|
106,364
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Aircraft
|
|
8,065
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
Asset-based lending
|
|
806,402
|
|
|
9.6
|
|
|
25
|
|
|
—
|
|
|
7,051
|
|
||||
Tax exempt
|
|
217,487
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
||||
Leases
|
|
160,136
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||
Other
|
|
11,034
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||
PCI - commercial loans
(1)
|
|
9,223
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total commercial
|
|
$
|
3,924,394
|
|
|
46.6
|
%
|
|
$
|
9,157
|
|
|
$
|
474
|
|
|
$
|
31,699
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
|
$
|
38,696
|
|
|
0.5
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
609
|
|
Commercial construction
|
|
187,766
|
|
|
2.2
|
|
|
230
|
|
|
—
|
|
|
2,780
|
|
||||
Land
|
|
91,830
|
|
|
1.1
|
|
|
2,656
|
|
|
—
|
|
|
2,289
|
|
||||
Office
|
|
705,432
|
|
|
8.4
|
|
|
7,288
|
|
|
—
|
|
|
4,626
|
|
||||
Industrial
|
|
623,970
|
|
|
7.4
|
|
|
2,392
|
|
|
—
|
|
|
3,894
|
|
||||
Retail
|
|
731,488
|
|
|
8.7
|
|
|
4,152
|
|
|
—
|
|
|
4,991
|
|
||||
Multi-family
|
|
605,742
|
|
|
7.1
|
|
|
249
|
|
|
—
|
|
|
4,366
|
|
||||
Mixed use and other
|
|
1,465,117
|
|
|
17.3
|
|
|
9,638
|
|
|
—
|
|
|
11,890
|
|
||||
PCI - commercial real-estate
(1)
|
|
55,712
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
88
|
|
||||
Total commercial real-estate
|
|
$
|
4,505,753
|
|
|
53.4
|
%
|
|
$
|
26,605
|
|
|
$
|
—
|
|
|
$
|
35,533
|
|
Total commercial and commercial real-estate
|
|
$
|
8,430,147
|
|
|
100.0
|
%
|
|
$
|
35,762
|
|
|
$
|
474
|
|
|
$
|
67,232
|
|
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
|
$
|
3,686,193
|
|
|
81.8
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
|
472,985
|
|
|
10.5
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
|
$
|
4,159,178
|
|
|
92.3
|
%
|
|
|
|
|
|
|
||||||
Florida
|
|
79,740
|
|
|
1.8
|
|
|
|
|
|
|
|
|||||||
Arizona
|
|
13,914
|
|
|
0.3
|
|
|
|
|
|
|
|
|||||||
Indiana
|
|
91,282
|
|
|
2.0
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
|
161,639
|
|
|
3.6
|
|
|
|
|
|
|
|
|||||||
Total
|
|
$
|
4,505,753
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
PCI 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, 2013
(Dollars in thousands)
|
|
Balance
|
|
% of
Total Balance
|
|
Nonaccrual
|
|
> 90 Days
Past Due and
Still Accruing
|
|
Allowance
For Loan Losses
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
|
$
|
1,836,206
|
|
|
24.5
|
%
|
|
$
|
10,143
|
|
|
$
|
—
|
|
|
$
|
14,547
|
|
Franchise
|
|
220,383
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
1,576
|
|
||||
Mortgage warehouse lines of credit
|
|
67,470
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||
Community Advantage—homeowner associations
|
|
90,894
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Aircraft
|
|
10,241
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||
Asset-based lending
|
|
735,093
|
|
|
9.8
|
|
|
637
|
|
|
—
|
|
|
5,174
|
|
||||
Tax exempt
|
|
161,239
|
|
|
2.2
|
|
|
—
|
|
|
—
|
|
|
1,158
|
|
||||
Leases
|
|
109,831
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Other
|
|
11,147
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
75
|
|
||||
PCI - commercial loans
(1)
|
|
11,183
|
|
|
0.2
|
|
|
—
|
|
|
274
|
|
|
63
|
|
||||
Total commercial
|
|
$
|
3,253,687
|
|
|
43.4
|
%
|
|
$
|
10,780
|
|
|
$
|
274
|
|
|
$
|
23,092
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
|
$
|
38,500
|
|
|
0.5
|
%
|
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
775
|
|
Commercial construction
|
|
136,706
|
|
|
1.8
|
|
|
6,969
|
|
|
—
|
|
|
2,329
|
|
||||
Land
|
|
106,785
|
|
|
1.4
|
|
|
2,814
|
|
|
—
|
|
|
3,001
|
|
||||
Office
|
|
642,241
|
|
|
8.6
|
|
|
10,087
|
|
|
—
|
|
|
6,524
|
|
||||
Industrial
|
|
633,938
|
|
|
8.5
|
|
|
5,654
|
|
|
—
|
|
|
5,521
|
|
||||
Retail
|
|
656,259
|
|
|
8.8
|
|
|
10,862
|
|
|
—
|
|
|
6,536
|
|
||||
Multi-family
|
|
566,537
|
|
|
7.6
|
|
|
2,035
|
|
|
—
|
|
|
10,473
|
|
||||
Mixed use and other
|
|
1,372,454
|
|
|
18.3
|
|
|
8,088
|
|
|
230
|
|
|
13,499
|
|
||||
PCI - commercial real-estate
(1)
|
|
76,615
|
|
|
1.1
|
|
|
—
|
|
|
18,582
|
|
|
—
|
|
||||
Total commercial real-estate
|
|
$
|
4,230,035
|
|
|
56.6
|
%
|
|
$
|
46,658
|
|
|
$
|
18,812
|
|
|
$
|
48,658
|
|
Total commercial and commercial real-estate
|
|
$
|
7,483,722
|
|
|
100.0
|
%
|
|
$
|
57,438
|
|
|
$
|
19,086
|
|
|
$
|
71,750
|
|
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
|
$
|
3,557,982
|
|
|
84.1
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
|
346,810
|
|
|
8.2
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
|
$
|
3,904,792
|
|
|
92.3
|
%
|
|
|
|
|
|
|
||||||
Florida
|
|
66,737
|
|
|
1.6
|
|
|
|
|
|
|
|
|||||||
Arizona
|
|
15,551
|
|
|
0.4
|
|
|
|
|
|
|
|
|||||||
Indiana
|
|
78,621
|
|
|
1.9
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
|
164,334
|
|
|
3.8
|
|
|
|
|
|
|
|
|||||||
Total
|
|
$
|
4,230,035
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
PCI 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.
|
(Dollars in thousands)
|
|
One year or
less
|
|
From one to
five years
|
|
Over five
years
|
|
Total
|
||||||||
Commercial
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
|
$
|
75,211
|
|
|
$
|
436,348
|
|
|
$
|
192,754
|
|
|
$
|
704,313
|
|
Variable rate
|
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
|
558,528
|
|
|
3,950
|
|
|
—
|
|
|
562,478
|
|
||||
Without floor feature
|
|
2,649,688
|
|
|
7,915
|
|
|
—
|
|
|
2,657,603
|
|
||||
Total commercial
|
|
3,283,427
|
|
|
448,213
|
|
|
192,754
|
|
|
3,924,394
|
|
||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
|
345,061
|
|
|
1,396,432
|
|
|
178,868
|
|
|
1,920,361
|
|
||||
Variable rate
|
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
|
346,230
|
|
|
6,601
|
|
|
—
|
|
|
352,831
|
|
||||
Without floor feature
|
|
2,199,716
|
|
|
32,145
|
|
|
700
|
|
|
2,232,561
|
|
||||
Total commercial real-estate
|
|
2,891,007
|
|
|
1,435,178
|
|
|
179,568
|
|
|
4,505,753
|
|
||||
Premium finance receivables, net of unearned income
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
|
2,311,572
|
|
|
156,197
|
|
|
394
|
|
|
2,468,163
|
|
||||
Variable rate
|
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Without floor feature
|
|
2,160,241
|
|
|
—
|
|
|
—
|
|
|
2,160,241
|
|
||||
Total premium finance receivables
(1)
|
|
$
|
4,471,813
|
|
|
$
|
156,197
|
|
|
$
|
394
|
|
|
$
|
4,628,404
|
|
(1)
|
Includes the commercial and consumer portion of the premium finance receivables—life insurance portfolio.
|
|
|
|
|
|
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)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Loans past due greater than 90 days and still accruing
(1)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
474
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
478
|
|
Commercial real-estate
|
|
—
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Home equity
|
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|||||
Residential real-estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Premium finance receivables – commercial
|
|
7,665
|
|
|
8,842
|
|
|
10,008
|
|
|
5,281
|
|
|
8,096
|
|
|||||
Premium finance receivables – life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
|
119
|
|
|
105
|
|
|
221
|
|
|
314
|
|
|
319
|
|
|||||
Total loans past due greater than 90 days and still accruing
|
|
8,258
|
|
|
9,177
|
|
|
10,329
|
|
|
5,595
|
|
|
8,893
|
|
|||||
Non-accrual loans
(2)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
9,157
|
|
|
10,780
|
|
|
21,737
|
|
|
19,018
|
|
|
16,382
|
|
|||||
Commercial real-estate
|
|
26,605
|
|
|
46,658
|
|
|
49,973
|
|
|
66,508
|
|
|
93,963
|
|
|||||
Home equity
|
|
6,174
|
|
|
10,071
|
|
|
13,423
|
|
|
14,164
|
|
|
7,425
|
|
|||||
Residential real-estate
|
|
15,502
|
|
|
14,974
|
|
|
11,728
|
|
|
6,619
|
|
|
6,085
|
|
|||||
Premium finance receivables – commercial
|
|
12,705
|
|
|
10,537
|
|
|
9,302
|
|
|
7,755
|
|
|
8,587
|
|
|||||
Premium finance receivables – life insurance
|
|
—
|
|
|
—
|
|
|
25
|
|
|
54
|
|
|
180
|
|
|||||
Consumer and other
|
|
277
|
|
|
1,137
|
|
|
1,566
|
|
|
371
|
|
|
443
|
|
|||||
Total non-accrual loans
|
|
70,420
|
|
|
94,157
|
|
|
107,754
|
|
|
114,489
|
|
|
133,065
|
|
|||||
Total non-performing loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
9,631
|
|
|
10,780
|
|
|
21,737
|
|
|
19,018
|
|
|
16,860
|
|
|||||
Commercial real-estate
|
|
26,605
|
|
|
46,888
|
|
|
49,973
|
|
|
66,508
|
|
|
93,963
|
|
|||||
Home equity
|
|
6,174
|
|
|
10,071
|
|
|
13,523
|
|
|
14,164
|
|
|
7,425
|
|
|||||
Residential real-estate
|
|
15,502
|
|
|
14,974
|
|
|
11,728
|
|
|
6,619
|
|
|
6,085
|
|
|||||
Premium finance receivables – commercial
|
|
20,370
|
|
|
19,379
|
|
|
19,310
|
|
|
13,036
|
|
|
16,683
|
|
|||||
Premium finance receivables – life insurance
|
|
—
|
|
|
—
|
|
|
25
|
|
|
54
|
|
|
180
|
|
|||||
Consumer and other
|
|
395
|
|
|
1,242
|
|
|
1,787
|
|
|
685
|
|
|
762
|
|
|||||
Total non-performing loans
|
|
$
|
78,677
|
|
|
$
|
103,334
|
|
|
$
|
118,083
|
|
|
$
|
120,084
|
|
|
$
|
141,958
|
|
Other real estate owned
|
|
36,419
|
|
|
43,398
|
|
|
54,546
|
|
|
79,007
|
|
|
71,214
|
|
|||||
Other real estate owned – from acquisitions
|
|
9,223
|
|
|
7,056
|
|
|
8,345
|
|
|
7,516
|
|
|
—
|
|
|||||
Other repossessed assets
|
|
303
|
|
|
542
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total non-performing assets
|
|
$
|
124,622
|
|
|
$
|
154,330
|
|
|
$
|
180,974
|
|
|
$
|
206,607
|
|
|
$
|
213,172
|
|
TDRs performing under the contractual terms of the loan agreement
|
|
$
|
69,697
|
|
|
$
|
78,610
|
|
|
$
|
106,119
|
|
|
$
|
119,920
|
|
|
$
|
81,144
|
|
Total non-performing loans by category as a percent of
its own respective category’s period-end balance:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
0.25
|
%
|
|
0.33
|
%
|
|
0.75
|
%
|
|
0.76
|
%
|
|
0.82
|
%
|
|||||
Commercial real-estate
|
|
0.59
|
|
|
1.11
|
|
|
1.29
|
|
|
1.89
|
|
|
2.81
|
|
|||||
Home equity
|
|
0.86
|
|
|
1.40
|
|
|
1.72
|
|
|
1.64
|
|
|
0.81
|
|
|||||
Residential real-estate
|
|
3.21
|
|
|
3.44
|
|
|
3.19
|
|
|
1.89
|
|
|
1.72
|
|
|||||
Premium finance receivables – commercial
|
|
0.87
|
|
|
0.89
|
|
|
0.97
|
|
|
0.92
|
|
|
1.32
|
|
|||||
Premium finance receivables – life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|||||
Consumer and other
|
|
0.26
|
|
|
0.74
|
|
|
0.99
|
|
|
0.36
|
|
|
0.48
|
|
|||||
Total non-performing loans
|
|
0.55
|
%
|
|
0.80
|
%
|
|
1.00
|
%
|
|
1.14
|
%
|
|
1.48
|
%
|
|||||
Total non-performing assets, as a percentage
of total assets
|
|
0.62
|
%
|
|
0.85
|
%
|
|
1.03
|
%
|
|
1.30
|
%
|
|
1.52
|
%
|
|||||
Allowance for loan losses as a percentage of
total non-performing loans
|
|
116.56
|
%
|
|
93.80
|
%
|
|
90.91
|
%
|
|
91.92
|
%
|
|
80.24
|
%
|
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Non-performing premium finance receivables — commercial
|
|
$
|
20,370
|
|
|
$
|
19,379
|
|
- as a percent of premium finance receivables — commercial
|
|
0.87
|
%
|
|
0.89
|
%
|
||
Net charge-offs of premium finance receivables — commercial
|
|
$
|
4,583
|
|
|
$
|
3,955
|
|
- as a percent of average premium finance receivables — commercial
|
|
0.19
|
%
|
|
0.19
|
%
|
As of December 31, 2014
(Dollars in thousands)
|
|
Non-
accrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
9,132
|
|
|
$
|
474
|
|
|
$
|
3,161
|
|
|
$
|
7,492
|
|
|
$
|
2,194,221
|
|
|
$
|
2,214,480
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
308
|
|
|
1,219
|
|
|
250,673
|
|
|
252,200
|
|
||||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139,003
|
|
|
139,003
|
|
||||||
Community Advantage – homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106,364
|
|
|
106,364
|
|
||||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,065
|
|
|
8,065
|
|
||||||
Asset-based lending
|
|
25
|
|
|
—
|
|
|
1,375
|
|
|
2,394
|
|
|
802,608
|
|
|
806,402
|
|
||||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217,487
|
|
|
217,487
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
77
|
|
|
315
|
|
|
159,744
|
|
|
160,136
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,034
|
|
|
11,034
|
|
||||||
PCI - commercial
(1)
|
|
—
|
|
|
365
|
|
|
202
|
|
|
138
|
|
|
8,518
|
|
|
9,223
|
|
||||||
Total commercial
|
|
9,157
|
|
|
839
|
|
|
5,123
|
|
|
11,558
|
|
|
3,897,717
|
|
|
3,924,394
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
250
|
|
|
76
|
|
|
38,370
|
|
|
38,696
|
|
||||||
Commercial construction
|
|
230
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
185,513
|
|
|
187,766
|
|
||||||
Land
|
|
2,656
|
|
|
—
|
|
|
—
|
|
|
2,395
|
|
|
86,779
|
|
|
91,830
|
|
||||||
Office
|
|
7,288
|
|
|
—
|
|
|
2,621
|
|
|
1,374
|
|
|
694,149
|
|
|
705,432
|
|
||||||
Industrial
|
|
2,392
|
|
|
—
|
|
|
—
|
|
|
3,758
|
|
|
617,820
|
|
|
623,970
|
|
||||||
Retail
|
|
4,152
|
|
|
—
|
|
|
116
|
|
|
3,301
|
|
|
723,919
|
|
|
731,488
|
|
||||||
Multi-family
|
|
249
|
|
|
—
|
|
|
249
|
|
|
1,921
|
|
|
603,323
|
|
|
605,742
|
|
||||||
Mixed use and other
|
|
9,638
|
|
|
—
|
|
|
2,603
|
|
|
9,023
|
|
|
1,443,853
|
|
|
1,465,117
|
|
||||||
PCI - commercial real-estate
(1)
|
|
—
|
|
|
10,976
|
|
|
6,393
|
|
|
4,016
|
|
|
34,327
|
|
|
55,712
|
|
||||||
Total commercial real-estate
|
|
26,605
|
|
|
10,976
|
|
|
12,232
|
|
|
27,887
|
|
|
4,428,053
|
|
|
4,505,753
|
|
||||||
Home equity
|
|
6,174
|
|
|
—
|
|
|
983
|
|
|
3,513
|
|
|
705,623
|
|
|
716,293
|
|
||||||
Residential real estate
|
|
15,502
|
|
|
—
|
|
|
267
|
|
|
6,315
|
|
|
459,224
|
|
|
481,308
|
|
||||||
PCI - residential real estate
(1)
|
|
—
|
|
|
549
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
|
2,234
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
12,705
|
|
|
7,665
|
|
|
5,995
|
|
|
17,328
|
|
|
2,307,140
|
|
|
2,350,833
|
|
||||||
Life insurance loans
|
|
—
|
|
|
—
|
|
|
13,084
|
|
|
339
|
|
|
1,870,669
|
|
|
1,884,092
|
|
||||||
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
393,479
|
|
|
393,479
|
|
||||||
Consumer and other
|
|
277
|
|
|
119
|
|
|
293
|
|
|
838
|
|
|
149,485
|
|
|
151,012
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
70,420
|
|
|
$
|
20,148
|
|
|
$
|
37,977
|
|
|
$
|
67,778
|
|
|
$
|
14,213,075
|
|
|
$
|
14,409,398
|
|
Covered loans
|
|
7,290
|
|
|
17,839
|
|
|
1,304
|
|
|
4,835
|
|
|
195,441
|
|
|
226,709
|
|
||||||
Total loans, net of unearned income
|
|
$
|
77,710
|
|
|
$
|
37,987
|
|
|
$
|
39,281
|
|
|
$
|
72,613
|
|
|
$
|
14,408,516
|
|
|
$
|
14,636,107
|
|
(1)
|
PCI 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, 2014
|
|
Non-
accrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Aging as a % of Loan Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
|
0.4
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
99.2
|
%
|
|
100.0
|
%
|
Franchise
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.5
|
|
|
99.4
|
|
|
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
|
|
|
0.3
|
|
|
99.5
|
|
|
100.0
|
|
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
99.8
|
|
|
100.0
|
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
PCI - commercial
(1)
|
|
—
|
|
|
4.0
|
|
|
2.2
|
|
|
1.5
|
|
|
92.3
|
|
|
100.0
|
|
Total commercial
|
|
0.2
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
99.4
|
|
|
100.0
|
|
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.2
|
|
|
99.2
|
|
|
100.0
|
|
Commercial construction
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
98.8
|
|
|
100.0
|
|
Land
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
94.5
|
|
|
100.0
|
|
Office
|
|
1.0
|
|
|
—
|
|
|
0.4
|
|
|
0.2
|
|
|
98.4
|
|
|
100.0
|
|
Industrial
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
99.0
|
|
|
100.0
|
|
Retail
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
98.9
|
|
|
100.0
|
|
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
99.7
|
|
|
100.0
|
|
Mixed use and other
|
|
0.7
|
|
|
—
|
|
|
0.2
|
|
|
0.6
|
|
|
98.5
|
|
|
100.0
|
|
PCI - commercial real-estate
(1)
|
|
—
|
|
|
19.7
|
|
|
11.5
|
|
|
7.2
|
|
|
61.6
|
|
|
100.0
|
|
Total commercial real-estate
|
|
0.6
|
|
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
|
98.3
|
|
|
100.0
|
|
Home equity
|
|
0.9
|
|
|
—
|
|
|
0.1
|
|
|
0.5
|
|
|
98.5
|
|
|
100.0
|
|
Residential real estate
|
|
3.2
|
|
|
—
|
|
|
0.1
|
|
|
1.3
|
|
|
95.4
|
|
|
100.0
|
|
PCI - residential real estate
(1)
|
|
—
|
|
|
24.6
|
|
|
—
|
|
|
—
|
|
|
75.4
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
|
0.5
|
|
|
0.3
|
|
|
0.3
|
|
|
0.7
|
|
|
98.2
|
|
|
100.0
|
|
Life insurance loans
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
99.3
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other
|
|
0.2
|
|
|
0.1
|
|
|
0.2
|
|
|
0.6
|
|
|
98.9
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
|
0.5
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
0.5
|
%
|
|
98.6
|
%
|
|
100.0
|
%
|
Covered loans
|
|
3.2
|
|
|
7.9
|
|
|
0.6
|
|
|
2.1
|
|
|
86.2
|
|
|
100.0
|
|
Total loans, net of unearned income
|
|
0.5
|
%
|
|
0.3
|
%
|
|
0.3
|
%
|
|
0.5
|
%
|
|
98.4
|
%
|
|
100.0
|
%
|
(1)
|
PCI 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, 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
|
|
$
|
10,143
|
|
|
$
|
—
|
|
|
$
|
4,938
|
|
|
$
|
7,404
|
|
|
$
|
1,813,721
|
|
|
$
|
1,836,206
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
400
|
|
|
—
|
|
|
219,983
|
|
|
220,383
|
|
||||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,470
|
|
|
67,470
|
|
||||||
Community Advantage – homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,894
|
|
|
90,894
|
|
||||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,241
|
|
|
10,241
|
|
||||||
Asset-based lending
|
|
637
|
|
|
—
|
|
|
388
|
|
|
1,878
|
|
|
732,190
|
|
|
735,093
|
|
||||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,239
|
|
|
161,239
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
788
|
|
|
109,043
|
|
|
109,831
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,147
|
|
|
11,147
|
|
||||||
PCI - commercial
(1)
|
|
—
|
|
|
274
|
|
|
156
|
|
|
1,685
|
|
|
9,068
|
|
|
11,183
|
|
||||||
Total commercial
|
|
10,780
|
|
|
274
|
|
|
5,882
|
|
|
11,755
|
|
|
3,224,996
|
|
|
3,253,687
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,351
|
|
|
38,500
|
|
||||||
Commercial construction
|
|
6,969
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
129,232
|
|
|
136,706
|
|
||||||
Land
|
|
2,814
|
|
|
—
|
|
|
4,224
|
|
|
619
|
|
|
99,128
|
|
|
106,785
|
|
||||||
Office
|
|
10,087
|
|
|
—
|
|
|
2,265
|
|
|
3,862
|
|
|
626,027
|
|
|
642,241
|
|
||||||
Industrial
|
|
5,654
|
|
|
—
|
|
|
585
|
|
|
914
|
|
|
626,785
|
|
|
633,938
|
|
||||||
Retail
|
|
10,862
|
|
|
—
|
|
|
837
|
|
|
2,435
|
|
|
642,125
|
|
|
656,259
|
|
||||||
Multi-family
|
|
2,035
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
564,154
|
|
|
566,537
|
|
||||||
Mixed use and other
|
|
8,088
|
|
|
230
|
|
|
3,943
|
|
|
15,949
|
|
|
1,344,244
|
|
|
1,372,454
|
|
||||||
PCI - commercial real-estate
(1)
|
|
—
|
|
|
18,582
|
|
|
3,540
|
|
|
5,238
|
|
|
49,255
|
|
|
76,615
|
|
||||||
Total commercial real-estate
|
|
46,658
|
|
|
18,812
|
|
|
15,394
|
|
|
29,870
|
|
|
4,119,301
|
|
|
4,230,035
|
|
||||||
Home equity
|
|
10,071
|
|
|
—
|
|
|
1,344
|
|
|
3,060
|
|
|
704,662
|
|
|
719,137
|
|
||||||
Residential real estate
|
|
14,974
|
|
|
—
|
|
|
1,689
|
|
|
5,032
|
|
|
410,430
|
|
|
432,125
|
|
||||||
PCI - residential real estate
(1)
|
|
—
|
|
|
1,988
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,867
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
10,537
|
|
|
8,842
|
|
|
6,912
|
|
|
24,094
|
|
|
2,117,180
|
|
|
2,167,565
|
|
||||||
Life insurance loans
|
|
—
|
|
|
—
|
|
|
2,524
|
|
|
1,808
|
|
|
1,495,460
|
|
|
1,499,792
|
|
||||||
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,906
|
|
|
423,906
|
|
||||||
Consumer and other
|
|
1,137
|
|
|
286
|
|
|
76
|
|
|
1,010
|
|
|
164,979
|
|
|
167,488
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
94,157
|
|
|
$
|
30,202
|
|
|
$
|
33,821
|
|
|
$
|
76,629
|
|
|
$
|
12,661,793
|
|
|
$
|
12,896,602
|
|
Covered loans
|
|
9,425
|
|
|
56,282
|
|
|
5,877
|
|
|
7,937
|
|
|
266,910
|
|
|
346,431
|
|
||||||
Total loans, net of unearned income
|
|
$
|
103,582
|
|
|
$
|
86,484
|
|
|
$
|
39,698
|
|
|
$
|
84,566
|
|
|
$
|
12,928,703
|
|
|
$
|
13,243,033
|
|
(1)
|
PCI 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, 2013
|
|
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Aging as a % of Loan Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
|
0.6
|
%
|
|
—
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
98.7
|
%
|
|
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
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
99.5
|
|
|
100.0
|
|
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
99.3
|
|
|
100.0
|
|
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
PCI - commercial
(1)
|
|
—
|
|
|
2.5
|
|
|
1.4
|
|
|
15.1
|
|
|
81.0
|
|
|
100.0
|
|
Total commercial
|
|
0.3
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
99.1
|
|
|
100.0
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99.6
|
|
|
100.0
|
|
Commercial construction
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
94.5
|
|
|
100.0
|
|
Land
|
|
2.6
|
|
|
—
|
|
|
4.0
|
|
|
0.6
|
|
|
92.8
|
|
|
100.0
|
|
Office
|
|
1.6
|
|
|
—
|
|
|
0.4
|
|
|
0.6
|
|
|
97.4
|
|
|
100.0
|
|
Industrial
|
|
0.9
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
98.9
|
|
|
100.0
|
|
Retail
|
|
1.7
|
|
|
—
|
|
|
0.1
|
|
|
0.4
|
|
|
97.8
|
|
|
100.0
|
|
Multi-family
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
99.5
|
|
|
100.0
|
|
Mixed use and other
|
|
0.6
|
|
|
—
|
|
|
0.3
|
|
|
1.2
|
|
|
97.9
|
|
|
100.0
|
|
PCI - commercial real-estate
(1)
|
|
—
|
|
|
24.3
|
|
|
4.6
|
|
|
6.8
|
|
|
64.3
|
|
|
100.0
|
|
Total commercial real-estate
|
|
1.1
|
|
|
0.4
|
|
|
0.4
|
|
|
0.7
|
|
|
97.4
|
|
|
100.0
|
|
Home equity
|
|
1.4
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
98.0
|
|
|
100.0
|
|
Residential real estate
|
|
3.5
|
|
|
—
|
|
|
0.4
|
|
|
1.2
|
|
|
94.9
|
|
|
100.0
|
|
PCI - residential real estate
(1)
|
|
—
|
|
|
69.3
|
|
|
—
|
|
|
—
|
|
|
30.7
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
|
0.5
|
|
|
0.4
|
|
|
0.3
|
|
|
1.1
|
|
|
97.7
|
|
|
100.0
|
|
Life insurance loans
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
99.7
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other
|
|
0.7
|
|
|
0.2
|
|
|
—
|
|
|
0.6
|
|
|
98.5
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
|
0.7
|
%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
98.2
|
%
|
|
100.0
|
%
|
Covered loans
|
|
2.7
|
|
|
16.2
|
|
|
1.7
|
|
|
2.3
|
|
|
77.1
|
|
|
100.0
|
|
Total loans, net of unearned income
|
|
0.8
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
97.6
|
%
|
|
100.0
|
%
|
(1)
|
PCI 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.
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Balance at beginning of period
|
|
$
|
103,334
|
|
|
$
|
118,083
|
|
Additions, net
|
|
37,984
|
|
|
94,076
|
|
||
Return to performing status
|
|
(8,345
|
)
|
|
(11,692
|
)
|
||
Payments received
|
|
(15,031
|
)
|
|
(35,066
|
)
|
||
Transfers to OREO and other repossessed assets
|
|
(23,402
|
)
|
|
(21,531
|
)
|
||
Charge-offs
|
|
(17,159
|
)
|
|
(38,662
|
)
|
||
Net change for niche loans
(1)
|
|
1,296
|
|
|
(1,874
|
)
|
||
Balance at end of period
|
|
$
|
78,677
|
|
|
$
|
103,334
|
|
(1)
|
This includes activity for premium finance receivables, mortgages held for investment by Wintrust Mortgage and indirect consumer loans
|
|
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2010
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
Amount
|
|
% of
Loan Type to
Total
Loans
|
|
Amount
|
|
% of
Loan Type to
Total
Loans
|
|
Amount
|
|
% of
Loan Type to
Total
Loans
|
|
Amount
|
|
% of
Loan Type to
Total
Loans
|
|
Amount
|
|
% of
Loan Type to
Total
Loans
|
|||||||||||||||
Allowance for loan losses and allowance for covered loan losses allocation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
|
$
|
31,699
|
|
|
26
|
%
|
|
$
|
23,092
|
|
|
25
|
%
|
|
$
|
28,794
|
|
|
24
|
%
|
|
$
|
31,237
|
|
|
22
|
%
|
|
$
|
31,777
|
|
|
21
|
%
|
Commercial real-estate
|
|
35,533
|
|
|
31
|
|
|
48,658
|
|
|
32
|
|
|
52,135
|
|
|
31
|
|
|
56,405
|
|
|
31
|
|
|
62,618
|
|
|
34
|
|
|||||
Home equity
|
|
12,500
|
|
|
5
|
|
|
12,611
|
|
|
5
|
|
|
12,734
|
|
|
6
|
|
|
7,712
|
|
|
8
|
|
|
6,213
|
|
|
9
|
|
|||||
Residential real-estate
|
|
4,218
|
|
|
3
|
|
|
5,108
|
|
|
3
|
|
|
5,560
|
|
|
3
|
|
|
5,028
|
|
|
3
|
|
|
5,107
|
|
|
3
|
|
|||||
Premium finance receivables – commercial
|
|
5,726
|
|
|
16
|
|
|
4,842
|
|
|
16
|
|
|
5,530
|
|
|
16
|
|
|
6,109
|
|
|
13
|
|
|
5,482
|
|
|
13
|
|
|||||
Premium finance receivables – life insurance
|
|
787
|
|
|
16
|
|
|
741
|
|
|
15
|
|
|
566
|
|
|
14
|
|
|
1,105
|
|
|
15
|
|
|
837
|
|
|
15
|
|
|||||
Consumer and other
|
|
1,242
|
|
|
1
|
|
|
1,870
|
|
|
1
|
|
|
2,032
|
|
|
2
|
|
|
2,785
|
|
|
2
|
|
|
1,869
|
|
|
2
|
|
|||||
Total allowance for loan losses
|
|
91,705
|
|
|
98
|
|
|
96,922
|
|
|
97
|
|
|
107,351
|
|
|
96
|
|
|
110,381
|
|
|
94
|
|
|
113,903
|
|
|
97
|
|
|||||
Covered loans
|
|
2,131
|
|
|
2
|
|
|
10,092
|
|
|
3
|
|
|
13,454
|
|
|
4
|
|
|
12,977
|
|
|
6
|
|
|
—
|
|
|
3
|
|
|||||
Total allowance for loan losses and allowance for covered loan losses
|
|
$
|
93,836
|
|
|
100
|
%
|
|
$
|
107,014
|
|
|
100
|
%
|
|
$
|
120,805
|
|
|
100
|
%
|
|
$
|
123,358
|
|
|
100
|
%
|
|
$
|
113,903
|
|
|
100
|
%
|
Allowance category as a percent of total allowance for loan losses and allowance for covered loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
|
34
|
%
|
|
|
|
22
|
%
|
|
|
|
24
|
%
|
|
|
|
25
|
%
|
|
|
|
28
|
%
|
|
|
||||||||||
Commercial real-estate
|
|
38
|
|
|
|
|
45
|
|
|
|
|
43
|
|
|
|
|
46
|
|
|
|
|
55
|
|
|
|
||||||||||
Home equity
|
|
13
|
|
|
|
|
12
|
|
|
|
|
11
|
|
|
|
|
6
|
|
|
|
|
5
|
|
|
|
||||||||||
Residential real-estate
|
|
4
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
||||||||||
Premium finance receivables—commercial
|
|
6
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
|
||||||||||
Premium finance receivables—life insurance
|
|
1
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
||||||||||
Consumer and other
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
||||||||||
Total allowance for loan losses
|
|
98
|
|
|
|
|
91
|
|
|
|
|
89
|
|
|
|
|
89
|
|
|
|
|
100
|
|
|
|
||||||||||
Covered loans
|
|
2
|
|
|
|
|
9
|
|
|
|
|
11
|
|
|
|
|
11
|
|
|
|
|
—
|
|
|
|
||||||||||
Total allowance for loan losses
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
||||||||||
Allowance for losses on lending-related commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and commercial real estate
|
|
$
|
775
|
|
|
|
|
$
|
719
|
|
|
|
|
$
|
14,647
|
|
|
|
|
$
|
13,231
|
|
|
|
|
$
|
4,134
|
|
|
|
|||||
Total allowance for credit losses including allowance for covered loan losses
|
|
$
|
94,611
|
|
|
|
|
$
|
107,733
|
|
|
|
|
$
|
135,452
|
|
|
|
|
$
|
136,589
|
|
|
|
|
$
|
118,037
|
|
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Allowance for loan losses at beginning of year
|
|
$
|
96,922
|
|
|
$
|
107,351
|
|
|
$
|
110,381
|
|
|
$
|
113,903
|
|
|
$
|
98,277
|
|
Provision for credit losses
|
|
22,889
|
|
|
45,984
|
|
|
72,412
|
|
|
97,920
|
|
|
124,664
|
|
|||||
Other adjustments
|
|
(824
|
)
|
|
(938
|
)
|
|
(1,333
|
)
|
|
—
|
|
|
1,943
|
|
|||||
Reclassification from (to) allowance for unfunded lending-related commitments
|
|
(56
|
)
|
|
640
|
|
|
693
|
|
|
1,904
|
|
|
(1,301
|
)
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
4,153
|
|
|
14,123
|
|
|
22,405
|
|
|
31,951
|
|
|
18,592
|
|
|||||
Commercial real estate
|
|
15,788
|
|
|
32,745
|
|
|
43,539
|
|
|
62,698
|
|
|
61,873
|
|
|||||
Home equity
|
|
3,895
|
|
|
6,361
|
|
|
9,361
|
|
|
5,020
|
|
|
5,926
|
|
|||||
Residential real estate
|
|
1,750
|
|
|
2,958
|
|
|
4,060
|
|
|
4,115
|
|
|
1,143
|
|
|||||
Premium finance receivables – commercial
|
|
5,722
|
|
|
5,063
|
|
|
3,751
|
|
|
6,617
|
|
|
23,005
|
|
|||||
Premium finance receivables – life insurance
|
|
4
|
|
|
17
|
|
|
29
|
|
|
275
|
|
|
233
|
|
|||||
Consumer and other
|
|
792
|
|
|
1,110
|
|
|
1,245
|
|
|
1,776
|
|
|
2,108
|
|
|||||
Total charge-offs
|
|
32,104
|
|
|
62,377
|
|
|
84,390
|
|
|
112,452
|
|
|
112,880
|
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
1,198
|
|
|
1,655
|
|
|
1,220
|
|
|
1,258
|
|
|
1,140
|
|
|||||
Commercial real estate
|
|
1,334
|
|
|
2,526
|
|
|
6,635
|
|
|
1,386
|
|
|
914
|
|
|||||
Home equity
|
|
535
|
|
|
432
|
|
|
428
|
|
|
64
|
|
|
24
|
|
|||||
Residential real estate
|
|
335
|
|
|
289
|
|
|
22
|
|
|
10
|
|
|
12
|
|
|||||
Premium finance receivables – commercial
|
|
1,139
|
|
|
1,108
|
|
|
871
|
|
|
6,006
|
|
|
781
|
|
|||||
Premium finance receivables – life insurance
|
|
11
|
|
|
13
|
|
|
69
|
|
|
12
|
|
|
—
|
|
|||||
Consumer and other
|
|
326
|
|
|
239
|
|
|
343
|
|
|
370
|
|
|
329
|
|
|||||
Total recoveries
|
|
4,878
|
|
|
6,262
|
|
|
9,588
|
|
|
9,106
|
|
|
3,200
|
|
|||||
Net charge-offs, excluding covered loans
|
|
(27,226
|
)
|
|
(56,115
|
)
|
|
(74,802
|
)
|
|
(103,346
|
)
|
|
(109,680
|
)
|
|||||
Allowance for loan losses at year end
|
|
$
|
91,705
|
|
|
$
|
96,922
|
|
|
$
|
107,351
|
|
|
$
|
110,381
|
|
|
$
|
113,903
|
|
Allowance for unfunded lending-related commitments at year end
|
|
$
|
775
|
|
|
$
|
719
|
|
|
$
|
14,647
|
|
|
$
|
13,231
|
|
|
$
|
4,134
|
|
Allowance for credit losses at year end
|
|
$
|
92,480
|
|
|
$
|
97,641
|
|
|
$
|
121,998
|
|
|
$
|
123,612
|
|
|
$
|
118,037
|
|
Net charge-offs by category as a percentage of its own respective category’s average:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
0.08
|
%
|
|
0.41
|
%
|
|
0.81
|
%
|
|
1.44
|
%
|
|
0.95
|
%
|
|||||
Commercial real estate
|
|
0.33
|
|
|
0.74
|
|
|
1.02
|
|
|
1.80
|
|
|
1.83
|
|
|||||
Home equity
|
|
0.47
|
|
|
0.79
|
|
|
1.08
|
|
|
0.56
|
|
|
0.64
|
|
|||||
Residential real estate
|
|
0.19
|
|
|
0.35
|
|
|
0.51
|
|
|
0.79
|
|
|
0.19
|
|
|||||
Premium finance receivables – commercial
|
|
0.19
|
|
|
0.19
|
|
|
0.16
|
|
|
0.04
|
|
|
1.74
|
|
|||||
Premium finance receivables – life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
|||||
Consumer and other
|
|
0.28
|
|
|
0.47
|
|
|
0.47
|
|
|
0.82
|
|
|
1.00
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
|
0.20
|
%
|
|
0.44
|
%
|
|
0.65
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|||||
Net charge-offs as a percentage of the
provision for credit losses
|
|
118.94
|
%
|
|
122.04
|
%
|
|
103.30
|
%
|
|
105.54
|
%
|
|
87.98
|
%
|
|||||
Year-end total loans (excluding covered loans)
|
|
$
|
14,409,398
|
|
|
$
|
12,896,602
|
|
|
$
|
11,828,943
|
|
|
$
|
10,521,377
|
|
|
$
|
9,599,886
|
|
Allowance for loan losses as a percentage of loans at end of year
|
|
0.64
|
%
|
|
0.75
|
%
|
|
0.91
|
%
|
|
1.05
|
%
|
|
1.19
|
%
|
|||||
Allowance for credit losses as a percentage of loans at end of year
|
|
0.64
|
%
|
|
0.76
|
%
|
|
1.03
|
%
|
|
1.17
|
%
|
|
1.23
|
%
|
•
|
historical loss experience;
|
•
|
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.
|
|
|
December 31,
|
|
December 31,
|
||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Accruing TDRs:
|
|
|
|
|
||||
Commercial
|
|
$
|
6,654
|
|
|
$
|
6,045
|
|
Commercial real estate
|
|
60,120
|
|
|
69,225
|
|
||
Residential real estate and other
|
|
2,923
|
|
|
3,340
|
|
||
Total accruing TDRs
|
|
$
|
69,697
|
|
|
$
|
78,610
|
|
Non-accrual TDRs:
(1)
|
|
|
|
|
||||
Commercial
|
|
$
|
922
|
|
|
$
|
1,343
|
|
Commercial real estate
|
|
7,503
|
|
|
24,310
|
|
||
Residential real estate and other
|
|
4,153
|
|
|
2,840
|
|
||
Total non-accrual TDRs
|
|
$
|
12,578
|
|
|
$
|
28,493
|
|
Total TDRs:
|
|
|
|
|
||||
Commercial
|
|
$
|
7,576
|
|
|
$
|
7,388
|
|
Commercial real estate
|
|
67,623
|
|
|
93,535
|
|
||
Residential real estate and other
|
|
7,076
|
|
|
6,180
|
|
||
Total TDRs
|
|
$
|
82,275
|
|
|
$
|
107,103
|
|
Weighted-average contractual interest rate of TDRs
|
|
4.09
|
%
|
|
4.12
|
%
|
(1)
|
Included in total non-performing loans.
|
Year Ended December 31, 2014
(Dollars in thousands)
|
|
Commercial
|
|
Commercial
Real Estate
|
|
Residential
Real Estate
and Other
|
|
Total
|
||||||||
Balance at beginning of period
|
|
$
|
7,388
|
|
|
$
|
93,535
|
|
|
$
|
6,180
|
|
|
$
|
107,103
|
|
Additions during the period
|
|
1,549
|
|
|
8,582
|
|
|
1,836
|
|
|
11,967
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
|
(51
|
)
|
|
(6,875
|
)
|
|
(479
|
)
|
|
(7,405
|
)
|
||||
Transferred to OREO and other repossessed assets
|
|
(252
|
)
|
|
(16,057
|
)
|
|
—
|
|
|
(16,309
|
)
|
||||
Removal of TDR loan status
(1)
|
|
(383
|
)
|
|
—
|
|
|
—
|
|
|
(383
|
)
|
||||
Payments received
|
|
(675
|
)
|
|
(11,562
|
)
|
|
(461
|
)
|
|
(12,698
|
)
|
||||
Balance at period end
|
|
$
|
7,576
|
|
|
$
|
67,623
|
|
|
$
|
7,076
|
|
|
$
|
82,275
|
|
Year Ended December 31, 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
|
|
|
19,676
|
|
|
2,296
|
|
|
22,680
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
|
(3,146
|
)
|
|
(8,658
|
)
|
|
(369
|
)
|
|
(12,173
|
)
|
||||
Transferred to OREO and other repossessed assets
|
|
(3,800
|
)
|
|
(1,948
|
)
|
|
(103
|
)
|
|
(5,851
|
)
|
||||
Removal of TDR loan status
(1)
|
|
(2,932
|
)
|
|
(1,003
|
)
|
|
—
|
|
|
(3,935
|
)
|
||||
Payments received
|
|
(1,437
|
)
|
|
(16,947
|
)
|
|
(1,707
|
)
|
|
(20,091
|
)
|
||||
Balance at period end
|
|
$
|
7,388
|
|
|
$
|
93,535
|
|
|
$
|
6,180
|
|
|
$
|
107,103
|
|
Year Ended December 31, 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
|
|
14,312
|
|
|
56,564
|
|
|
1,672
|
|
|
72,548
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
|
(5,160
|
)
|
|
(13,259
|
)
|
|
(1,396
|
)
|
|
(19,815
|
)
|
||||
Transferred to OREO and other repossessed assets
|
|
—
|
|
|
(4,096
|
)
|
|
(449
|
)
|
|
(4,545
|
)
|
||||
Removal of TDR loan status
(1)
|
|
(363
|
)
|
|
(6,365
|
)
|
|
(273
|
)
|
|
(7,001
|
)
|
||||
Payments received
|
|
(1,628
|
)
|
|
(43,225
|
)
|
|
(379
|
)
|
|
(45,232
|
)
|
||||
Balance at period end
|
|
$
|
17,995
|
|
|
$
|
102,415
|
|
|
$
|
6,063
|
|
|
$
|
126,473
|
|
(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.
|
|
|
Year Ended
|
||||||
(Dollars in thousands)
|
|
December 31,
2014
|
|
December 31,
2013
|
||||
Balance at beginning of period
|
|
$
|
50,454
|
|
|
$
|
62,891
|
|
Disposal/resolved
|
|
(30,923
|
)
|
|
(34,071
|
)
|
||
Transfers in at fair value, less costs to sell
|
|
32,162
|
|
|
20,825
|
|
||
Additions from acquisition
|
|
—
|
|
|
8,591
|
|
||
Fair value adjustments
|
|
(6,051
|
)
|
|
(7,782
|
)
|
||
Balance at end of period
|
|
$
|
45,642
|
|
|
$
|
50,454
|
|
|
|
Period End
|
||||||
(Dollars in thousands)
|
|
December 31,
2014
|
|
December 31,
2013
|
||||
Residential real estate
|
|
$
|
7,779
|
|
|
$
|
5,452
|
|
Residential real estate development
|
|
3,245
|
|
|
3,859
|
|
||
Commercial real estate
|
|
34,618
|
|
|
41,143
|
|
||
Total
|
|
$
|
45,642
|
|
|
$
|
50,454
|
|
|
|
Minimum
Ratios
|
|
Well
Capitalized
Ratios
|
|
2014
|
|
2013
|
|
2012
|
|||||
Tier 1 Leverage Ratio
|
|
4.0
|
%
|
|
5.0
|
%
|
|
10.2
|
%
|
|
10.5
|
%
|
|
10.0
|
%
|
Tier 1 Capital to Risk-Weighted Assets
|
|
4.0
|
%
|
|
6.0
|
%
|
|
11.6
|
%
|
|
12.2
|
%
|
|
12.1
|
%
|
Total Capital to Risk-Weighted Assets
|
|
8.0
|
%
|
|
10.0
|
%
|
|
13.0
|
%
|
|
12.9
|
%
|
|
13.1
|
%
|
Total average equity to total average assets
|
|
N/A
|
|
|
N/A
|
|
|
10.7
|
%
|
|
10.6
|
%
|
|
10.3
|
%
|
Dividend payout ratio
|
|
N/A
|
|
|
N/A
|
|
|
13.4
|
%
|
|
6.5
|
%
|
|
7.8
|
%
|
|
|
December 31,
|
||||||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||
Total deposits
|
|
$
|
16,281,844
|
|
|
14,668,789
|
|
|
14,428,544
|
|
|
12,307,267
|
|
|
10,803,673
|
|
Brokered Deposits
(1)
|
|
718,986
|
|
|
476,139
|
|
|
787,812
|
|
|
674,013
|
|
|
639,687
|
|
|
Brokered deposits as a percentage of total deposits
(1)
|
|
4.4
|
%
|
|
3.2
|
%
|
|
5.5
|
%
|
|
5.5
|
%
|
|
5.9
|
%
|
(1)
|
Brokered Deposits include certificates of deposit obtained through deposit brokers, deposits received through the Certificate of Deposit Account Registry Program (“CDARS”), as well as wealth management deposits of brokerage customers from unaffiliated companies which have been placed into deposit accounts of the banks.
|
|
|
|
|
Payments Due in
|
|||||||||||||||
(Dollars in thousands)
|
|
Note
Reference
|
|
One year
or less
|
|
From one to
three years
|
|
From three
to five years
|
|
Over five
years
|
|
Total
|
|||||||
Deposits
|
|
11
|
|
|
$
|
14,864,063
|
|
|
1,257,354
|
|
|
156,244
|
|
|
4,183
|
|
|
16,281,844
|
|
FHLB advances
(1)
|
|
12
|
|
|
551,550
|
|
|
61,500
|
|
|
95,000
|
|
|
25,000
|
|
|
733,050
|
|
|
Subordinated notes
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140,000
|
|
|
140,000
|
|
|
Other borrowings
|
|
14
|
|
|
178,180
|
|
|
18,285
|
|
|
—
|
|
|
—
|
|
|
196,465
|
|
|
Junior subordinated debentures
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
249,493
|
|
|
249,493
|
|
|
Operating leases
|
|
16
|
|
|
8,636
|
|
|
19,010
|
|
|
16,544
|
|
|
122,618
|
|
|
166,808
|
|
|
Purchase obligations
(2)
|
|
|
|
63,056
|
|
|
30,174
|
|
|
19,952
|
|
|
95,770
|
|
|
208,952
|
|
||
Total
|
|
|
|
$
|
15,665,485
|
|
|
1,386,323
|
|
|
287,740
|
|
|
637,064
|
|
|
17,976,612
|
|
(1)
|
Certain advances provide the FHLB with call dates which are not reflected in the above table.
|
(2)
|
Purchase obligations presented above primarily relate to certain contractual cash obligations for pending acquisitions, marketing obligations and services related to the construction of facilities, data processing and the outsourcing of certain operational activities.
|
(Dollars in thousands)
|
|
One year or
less
|
|
From one to
three years
|
|
From three
to five years
|
|
Over
five years
|
|
Total
|
||||||
Commitment type:
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial, commercial real estate and construction
|
|
$
|
1,745,575
|
|
|
899,814
|
|
|
319,658
|
|
|
130,989
|
|
|
3,096,036
|
|
Residential real estate
|
|
427,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427,422
|
|
|
Revolving home equity lines of credit
|
|
744,265
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
744,265
|
|
|
Letters of credit
|
|
101,762
|
|
|
66,593
|
|
|
7,052
|
|
|
245
|
|
|
175,652
|
|
|
Commitments to sell mortgage loans
|
|
575,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
575,449
|
|
Static Shock Scenarios
|
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|
-200
Basis Points |
||||
December 31, 2014
|
|
13.4
|
%
|
|
6.4
|
%
|
|
(10.1
|
)%
|
|
(16.9
|
)%
|
December 31, 2013
|
|
13.0
|
%
|
|
5.7
|
%
|
|
(12.9
|
)%
|
|
21.2
|
%
|
Ramp Scenarios
|
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|
-200
Basis Points |
||||
December 31, 2014
|
|
5.4
|
%
|
|
2.5
|
%
|
|
(3.9
|
)%
|
|
(7.6
|
)%
|
December 31, 2013
|
|
5.0
|
%
|
|
2.4
|
%
|
|
(5.0
|
)%
|
|
(10.0
|
)%
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
225,136
|
|
|
$
|
253,408
|
|
Federal funds sold and securities purchased under resale agreements
|
|
5,571
|
|
|
10,456
|
|
||
Interest bearing deposits with banks
|
|
998,437
|
|
|
495,574
|
|
||
Available-for-sale securities, at fair value
|
|
1,792,078
|
|
|
2,176,290
|
|
||
Trading account securities
|
|
1,206
|
|
|
497
|
|
||
Federal Home Loan Bank and Federal Reserve Bank stock
|
|
91,582
|
|
|
79,261
|
|
||
Brokerage customer receivables
|
|
24,221
|
|
|
30,953
|
|
||
Mortgage loans held-for-sale
|
|
351,290
|
|
|
334,327
|
|
||
Loans, net of unearned income, excluding covered loans
|
|
14,409,398
|
|
|
12,896,602
|
|
||
Covered loans
|
|
226,709
|
|
|
346,431
|
|
||
Total loans
|
|
14,636,107
|
|
|
13,243,033
|
|
||
Less: Allowance for loan losses
|
|
91,705
|
|
|
96,922
|
|
||
Less: Allowance for covered loan losses
|
|
2,131
|
|
|
10,092
|
|
||
Net loans
|
|
14,542,271
|
|
|
13,136,019
|
|
||
Premises and equipment, net
|
|
555,228
|
|
|
531,947
|
|
||
FDIC indemnification asset
|
|
11,846
|
|
|
85,672
|
|
||
Accrued interest receivable and other assets
|
|
501,882
|
|
|
569,619
|
|
||
Trade date securities receivable
|
|
485,534
|
|
|
—
|
|
||
Goodwill
|
|
405,634
|
|
|
374,547
|
|
||
Other intangible assets
|
|
18,811
|
|
|
19,213
|
|
||
Total assets
|
|
$
|
20,010,727
|
|
|
$
|
18,097,783
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
||||
Non-interest bearing
|
|
$
|
3,518,685
|
|
|
$
|
2,721,771
|
|
Interest bearing
|
|
12,763,159
|
|
|
11,947,018
|
|
||
Total deposits
|
|
16,281,844
|
|
|
14,668,789
|
|
||
Federal Home Loan Bank advances
|
|
733,050
|
|
|
417,762
|
|
||
Other borrowings
|
|
196,465
|
|
|
255,104
|
|
||
Subordinated notes
|
|
140,000
|
|
|
—
|
|
||
Junior subordinated debentures
|
|
249,493
|
|
|
249,493
|
|
||
Trade date securities payable
|
|
3,828
|
|
|
303,088
|
|
||
Accrued interest payable and other liabilities
|
|
336,225
|
|
|
302,958
|
|
||
Total liabilities
|
|
17,940,905
|
|
|
16,197,194
|
|
||
Shareholders’ Equity:
|
|
|
|
|
||||
Preferred stock, no par value; 20,000,000 shares authorized:
|
|
|
|
|
||||
Series C - $1,000 liquidation value; 126,467 and 126,477 shares issued and outstanding at December 31, 2014 and 2013, respectively
|
|
126,467
|
|
|
126,477
|
|
||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at December 31, 2014 and 2013; 46,881,108 shares issued at December 31, 2014 and 46,181,588 shares issued at December 31, 2013
|
|
46,881
|
|
|
46,181
|
|
||
Surplus
|
|
1,133,955
|
|
|
1,117,032
|
|
||
Treasury stock, at cost, 76,053 shares issued at December 31, 2014 and 65,005 shares at December 31, 2013
|
|
(3,549
|
)
|
|
(3,000
|
)
|
||
Retained earnings
|
|
803,400
|
|
|
676,935
|
|
||
Accumulated other comprehensive loss
|
|
(37,332
|
)
|
|
(63,036
|
)
|
||
Total shareholders’ equity
|
|
2,069,822
|
|
|
1,900,589
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
20,010,727
|
|
|
$
|
18,097,783
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Interest income
|
|
|
|
|
|
|
||||||
Interest and fees on loans
|
|
$
|
613,024
|
|
|
$
|
588,435
|
|
|
$
|
583,872
|
|
Interest bearing deposits with banks
|
|
1,472
|
|
|
1,644
|
|
|
1,552
|
|
|||
Federal funds sold and securities purchased under resale agreements
|
|
25
|
|
|
27
|
|
|
38
|
|
|||
Available-for-sale securities
|
|
52,951
|
|
|
37,025
|
|
|
38,134
|
|
|||
Trading account securities
|
|
79
|
|
|
25
|
|
|
28
|
|
|||
Federal Home Loan Bank and Federal Reserve Bank stock
|
|
2,920
|
|
|
2,773
|
|
|
2,550
|
|
|||
Brokerage customer receivables
|
|
796
|
|
|
780
|
|
|
847
|
|
|||
Total interest income
|
|
671,267
|
|
|
630,709
|
|
|
627,021
|
|
|||
Interest expense
|
|
|
|
|
|
|
||||||
Interest on deposits
|
|
48,411
|
|
|
53,191
|
|
|
68,305
|
|
|||
Interest on Federal Home Loan Bank advances
|
|
10,523
|
|
|
11,014
|
|
|
12,103
|
|
|||
Interest on other borrowings
|
|
1,773
|
|
|
4,341
|
|
|
14,053
|
|
|||
Interest on subordinated notes
|
|
3,906
|
|
|
167
|
|
|
428
|
|
|||
Interest on junior subordinated debentures
|
|
8,079
|
|
|
11,369
|
|
|
12,616
|
|
|||
Total interest expense
|
|
72,692
|
|
|
80,082
|
|
|
107,505
|
|
|||
Net interest income
|
|
598,575
|
|
|
550,627
|
|
|
519,516
|
|
|||
Provision for credit losses
|
|
20,537
|
|
|
46,033
|
|
|
76,436
|
|
|||
Net interest income after provision for credit losses
|
|
578,038
|
|
|
504,594
|
|
|
443,080
|
|
|||
Non-interest income
|
|
|
|
|
|
|
||||||
Wealth management
|
|
71,343
|
|
|
63,042
|
|
|
52,680
|
|
|||
Mortgage banking
|
|
91,617
|
|
|
106,857
|
|
|
109,970
|
|
|||
Service charges on deposit accounts
|
|
23,307
|
|
|
20,366
|
|
|
16,971
|
|
|||
(Losses) gains on available-for-sale securities, net
|
|
(504
|
)
|
|
(3,000
|
)
|
|
4,895
|
|
|||
Fees from covered call options
|
|
7,859
|
|
|
4,773
|
|
|
10,476
|
|
|||
Gain on bargain purchases, net
|
|
—
|
|
|
—
|
|
|
7,503
|
|
|||
Trading (losses) gains, net
|
|
(1,609
|
)
|
|
892
|
|
|
(1,900
|
)
|
|||
Other
|
|
23,227
|
|
|
29,467
|
|
|
25,497
|
|
|||
Total non-interest income
|
|
215,240
|
|
|
222,397
|
|
|
226,092
|
|
|||
Non-interest expense
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
335,506
|
|
|
308,794
|
|
|
288,589
|
|
|||
Equipment
|
|
29,751
|
|
|
26,450
|
|
|
23,222
|
|
|||
Occupancy, net
|
|
42,889
|
|
|
36,633
|
|
|
32,294
|
|
|||
Data processing
|
|
19,336
|
|
|
18,672
|
|
|
15,739
|
|
|||
Advertising and marketing
|
|
13,571
|
|
|
11,051
|
|
|
9,438
|
|
|||
Professional fees
|
|
15,574
|
|
|
14,922
|
|
|
15,262
|
|
|||
Amortization of other intangible assets
|
|
4,692
|
|
|
4,627
|
|
|
4,324
|
|
|||
FDIC insurance
|
|
12,168
|
|
|
12,728
|
|
|
13,422
|
|
|||
OREO expenses, net
|
|
9,367
|
|
|
5,834
|
|
|
22,103
|
|
|||
Other
|
|
63,993
|
|
|
62,840
|
|
|
64,647
|
|
|||
Total non-interest expense
|
|
546,847
|
|
|
502,551
|
|
|
489,040
|
|
|||
Income before taxes
|
|
246,431
|
|
|
224,440
|
|
|
180,132
|
|
|||
Income tax expense
|
|
95,033
|
|
|
87,230
|
|
|
68,936
|
|
|||
Net income
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
Preferred stock dividends and discount accretion
|
|
6,323
|
|
|
8,395
|
|
|
9,093
|
|
|||
Net income applicable to common shares
|
|
$
|
145,075
|
|
|
$
|
128,815
|
|
|
$
|
102,103
|
|
Net income per common share—Basic
|
|
$
|
3.12
|
|
|
$
|
3.33
|
|
|
$
|
2.81
|
|
Net income per common share—Diluted
|
|
$
|
2.98
|
|
|
$
|
2.75
|
|
|
$
|
2.31
|
|
Cash dividends declared per common share
|
|
$
|
0.40
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
Weighted average common shares outstanding
|
|
46,524
|
|
|
38,699
|
|
|
36,365
|
|
|||
Dilutive potential common shares
|
|
4,321
|
|
|
11,249
|
|
|
11,669
|
|
|||
Average common shares and dilutive common shares
|
|
50,845
|
|
|
49,948
|
|
|
48,034
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
Unrealized gains (losses) on securities
|
|
|
|
|
|
||||||
Before tax
|
72,488
|
|
|
(102,790
|
)
|
|
8,793
|
|
|||
Tax effect
|
(28,660
|
)
|
|
40,608
|
|
|
(3,332
|
)
|
|||
Net of tax
|
43,828
|
|
|
(62,182
|
)
|
|
5,461
|
|
|||
Less: Reclassification of net (losses) gains included in net income
|
|
|
|
|
|
||||||
Before tax
|
(504
|
)
|
|
(3,000
|
)
|
|
4,895
|
|
|||
Tax effect
|
200
|
|
|
1,193
|
|
|
(1,940
|
)
|
|||
Net of tax
|
(304
|
)
|
|
(1,807
|
)
|
|
2,955
|
|
|||
Net unrealized gains (losses) on securities
|
44,132
|
|
|
(60,375
|
)
|
|
2,506
|
|
|||
Unrealized (losses) gains on derivative instruments
|
|
|
|
|
|
||||||
Before tax
|
(91
|
)
|
|
4,702
|
|
|
2,960
|
|
|||
Tax effect
|
36
|
|
|
(1,872
|
)
|
|
(1,170
|
)
|
|||
Net unrealized (losses) gains on derivative instruments
|
(55
|
)
|
|
2,830
|
|
|
1,790
|
|
|||
Foreign currency translation adjustment
|
|
|
|
|
|
||||||
Before tax
|
(24,346
|
)
|
|
(17,564
|
)
|
|
8,249
|
|
|||
Tax effect
|
5,973
|
|
|
4,362
|
|
|
(1,956
|
)
|
|||
Net foreign currency translation adjustment
|
(18,373
|
)
|
|
(13,202
|
)
|
|
6,293
|
|
|||
Total other comprehensive income (loss)
|
25,704
|
|
|
(70,747
|
)
|
|
10,589
|
|
|||
Comprehensive income
|
$
|
177,102
|
|
|
$
|
66,463
|
|
|
$
|
121,785
|
|
(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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,196
|
|
|
—
|
|
|
111,196
|
|
|||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,589
|
|
|
10,589
|
|
|||||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,537
|
)
|
|
—
|
|
|
(6,537
|
)
|
|||||||
Dividends on preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,955
|
)
|
|
—
|
|
|
(8,955
|
)
|
|||||||
Accretion on preferred stock
|
|
138
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
9,072
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,072
|
|
|||||||
Issuance of Series C preferred stock
|
|
126,500
|
|
|
—
|
|
|
(3,810
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,690
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisitions
|
|
—
|
|
|
398
|
|
|
14,162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,560
|
|
|||||||
Exercise of stock options and warrants
|
|
—
|
|
|
503
|
|
|
11,904
|
|
|
(6,717
|
)
|
|
—
|
|
|
—
|
|
|
5,690
|
|
|||||||
Restricted stock awards
|
|
—
|
|
|
132
|
|
|
(117
|
)
|
|
(1,009
|
)
|
|
—
|
|
|
—
|
|
|
(994
|
)
|
|||||||
Employee stock purchase plan
|
|
—
|
|
|
71
|
|
|
2,254
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,325
|
|
|||||||
Director compensation plan
|
|
—
|
|
|
22
|
|
|
1,514
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,536
|
|
|||||||
Balance at December 31, 2012
|
|
$
|
176,406
|
|
|
$
|
37,108
|
|
|
$
|
1,036,295
|
|
|
$
|
(7,838
|
)
|
|
$
|
555,023
|
|
|
$
|
7,711
|
|
|
$
|
1,804,705
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137,210
|
|
|
—
|
|
|
137,210
|
|
|||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70,747
|
)
|
|
(70,747
|
)
|
|||||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,903
|
)
|
|
—
|
|
|
(6,903
|
)
|
|||||||
Dividends on preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,325
|
)
|
|
—
|
|
|
(8,325
|
)
|
|||||||
Accretion on preferred stock
|
|
70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
6,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,799
|
|
|||||||
Conversion of Series A preferred stock to common stock
|
|
(49,976
|
)
|
|
1,944
|
|
|
48,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Conversion of Series C preferred stock to common stock
|
|
(23
|
)
|
|
1
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Settlement of prepaid common stock purchase contracts
|
|
—
|
|
|
5,870
|
|
|
(14,212
|
)
|
|
8,342
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisitions
|
|
—
|
|
|
648
|
|
|
22,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,070
|
|
|||||||
Exercise of stock options and warrants
|
|
—
|
|
|
372
|
|
|
13,613
|
|
|
(3,215
|
)
|
|
—
|
|
|
—
|
|
|
10,770
|
|
|||||||
Restricted stock awards
|
|
—
|
|
|
145
|
|
|
182
|
|
|
(289
|
)
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||||
Employee stock purchase plan
|
|
—
|
|
|
62
|
|
|
2,397
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,459
|
|
|||||||
Director compensation plan
|
|
—
|
|
|
31
|
|
|
1,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,513
|
|
|||||||
Balance at December 31, 2013
|
|
$
|
126,477
|
|
|
$
|
46,181
|
|
|
$
|
1,117,032
|
|
|
$
|
(3,000
|
)
|
|
$
|
676,935
|
|
|
$
|
(63,036
|
)
|
|
$
|
1,900,589
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151,398
|
|
|
—
|
|
|
151,398
|
|
|||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,704
|
|
|
25,704
|
|
|||||||
Cash dividends declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,610
|
)
|
|
—
|
|
|
(18,610
|
)
|
|||||||
Dividends on preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,323
|
)
|
|
—
|
|
|
(6,323
|
)
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
7,754
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,754
|
|
|||||||
Conversion of Series C preferred stock to common stock
|
|
(10
|
)
|
|
1
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options and warrants
|
|
—
|
|
|
538
|
|
|
4,414
|
|
|
(313
|
)
|
|
—
|
|
|
—
|
|
|
4,639
|
|
|||||||
Restricted stock awards
|
|
—
|
|
|
76
|
|
|
178
|
|
|
(236
|
)
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||||
Employee stock purchase plan
|
|
—
|
|
|
65
|
|
|
2,939
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,004
|
|
|||||||
Director compensation plan
|
|
—
|
|
|
20
|
|
|
1,629
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,649
|
|
|||||||
Balance at December 31, 2014
|
|
$
|
126,467
|
|
|
$
|
46,881
|
|
|
$
|
1,133,955
|
|
|
$
|
(3,549
|
)
|
|
$
|
803,400
|
|
|
$
|
(37,332
|
)
|
|
$
|
2,069,822
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
20,537
|
|
|
46,033
|
|
|
76,436
|
|
|||
Depreciation and amortization
|
|
32,117
|
|
|
26,180
|
|
|
24,676
|
|
|||
Deferred income tax expense (benefit)
|
|
4,125
|
|
|
1,539
|
|
|
(23,315
|
)
|
|||
Stock-based compensation expense
|
|
7,754
|
|
|
6,799
|
|
|
9,072
|
|
|||
Tax (expense) benefit from stock-based compensation arrangements
|
|
(594
|
)
|
|
(831
|
)
|
|
1,392
|
|
|||
Excess tax benefits from stock-based compensation arrangements
|
|
(444
|
)
|
|
(474
|
)
|
|
(841
|
)
|
|||
Net amortization (accretion) of premium on securities
|
|
1,498
|
|
|
2,934
|
|
|
(1,034
|
)
|
|||
Mortgage servicing rights fair value change, net
|
|
1,428
|
|
|
(1,739
|
)
|
|
4,101
|
|
|||
Originations and purchases of mortgage loans held-for-sale
|
|
(3,182,684
|
)
|
|
(3,708,364
|
)
|
|
(3,866,012
|
)
|
|||
Proceeds from sales of mortgage loans held-for-sale
|
|
3,241,489
|
|
|
3,862,030
|
|
|
3,865,863
|
|
|||
(Increase) decrease in trading securities, net
|
|
(709
|
)
|
|
86
|
|
|
1,907
|
|
|||
Net decrease (increase) in brokerage customer receivables
|
|
6,732
|
|
|
(6,089
|
)
|
|
3,061
|
|
|||
Gains on mortgage loans sold
|
|
(75,768
|
)
|
|
(75,793
|
)
|
|
(91,527
|
)
|
|||
Losses (gains) on available-for-sale securities, net
|
|
504
|
|
|
3,000
|
|
|
(4,895
|
)
|
|||
Gain on bargain purchases, net
|
|
—
|
|
|
—
|
|
|
(7,503
|
)
|
|||
Loss on sales of premises and equipment, net
|
|
644
|
|
|
23
|
|
|
333
|
|
|||
Net loss on sales and fair value adjustments of other real estate owned
|
|
3,735
|
|
|
136
|
|
|
15,316
|
|
|||
Decrease in accrued interest receivable and other assets, net
|
|
62,981
|
|
|
50,854
|
|
|
12,685
|
|
|||
(Decrease) increase in accrued interest payable and other liabilities, net
|
|
(38,902
|
)
|
|
(21,749
|
)
|
|
137,743
|
|
|||
Net Cash Provided by Operating Activities
|
|
235,841
|
|
|
321,785
|
|
|
268,654
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
||||||
Proceeds from maturities of available-for-sale securities
|
|
431,347
|
|
|
295,807
|
|
|
588,281
|
|
|||
Proceeds from sales of available-for-sale securities
|
|
852,330
|
|
|
138,274
|
|
|
2,399,035
|
|
|||
Purchases of available-for-sale securities
|
|
(1,597,587
|
)
|
|
(489,131
|
)
|
|
(2,570,373
|
)
|
|||
Net cash received (paid) for acquisitions
|
|
228,946
|
|
|
(14,491
|
)
|
|
64,351
|
|
|||
Divestiture of operations
|
|
—
|
|
|
(149,100
|
)
|
|
—
|
|
|||
Proceeds from sales of other real estate owned
|
|
92,620
|
|
|
100,162
|
|
|
88,633
|
|
|||
Proceeds received from the FDIC related to reimbursements on covered assets
|
|
19,999
|
|
|
53,443
|
|
|
169,689
|
|
|||
Net (increase) decrease in interest-bearing deposits with banks
|
|
(502,863
|
)
|
|
643,626
|
|
|
(212,564
|
)
|
|||
Net increase in loans
|
|
(1,354,466
|
)
|
|
(781,693
|
)
|
|
(948,601
|
)
|
|||
Purchases of premises and equipment, net
|
|
(38,136
|
)
|
|
(37,694
|
)
|
|
(74,326
|
)
|
|||
Net Cash Used for Investing Activities
|
|
(1,867,810
|
)
|
|
(240,797
|
)
|
|
(495,875
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
||||||
Increase (decrease) in deposit accounts
|
|
1,217,396
|
|
|
(78,946
|
)
|
|
1,251,792
|
|
|||
Decrease in other borrowings, net
|
|
(58,639
|
)
|
|
(22,396
|
)
|
|
(306,786
|
)
|
|||
Increase (decrease) in Federal Home Loan Bank advances, net
|
|
315,550
|
|
|
(18,000
|
)
|
|
(70,000
|
)
|
|||
Proceeds from the issuance of subordinated notes, net
|
|
139,090
|
|
|
—
|
|
|
—
|
|
|||
Repayment of subordinated notes
|
|
—
|
|
|
(15,000
|
)
|
|
(20,000
|
)
|
|||
Payoff of secured borrowing
|
|
—
|
|
|
—
|
|
|
(600,000
|
)
|
|||
Excess tax benefits from stock-based compensation arrangements
|
|
444
|
|
|
474
|
|
|
841
|
|
|||
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
|
|
10,453
|
|
|
19,113
|
|
|
14,891
|
|
|||
Common stock repurchases
|
|
(549
|
)
|
|
(3,504
|
)
|
|
(7,726
|
)
|
|||
Dividends paid
|
|
(24,933
|
)
|
|
(13,893
|
)
|
|
(13,157
|
)
|
|||
Net Cash Provided by (Used for) Financing Activities
|
|
1,598,812
|
|
|
(132,152
|
)
|
|
372,545
|
|
|||
Net (Decrease) Increase in Cash and Cash Equivalents
|
|
(33,157
|
)
|
|
(51,164
|
)
|
|
145,324
|
|
|||
Cash and Cash Equivalents at Beginning of Period
|
|
263,864
|
|
|
315,028
|
|
|
169,704
|
|
|||
Cash and Cash Equivalents at End of Period
|
|
$
|
230,707
|
|
|
$
|
263,864
|
|
|
$
|
315,028
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
|
||||||
Interest
|
|
$
|
73,334
|
|
|
$
|
83,395
|
|
|
$
|
109,173
|
|
Income taxes, net
|
|
72,575
|
|
|
97,703
|
|
|
82,067
|
|
|||
Acquisitions:
|
|
|
|
|
|
|
||||||
Fair value of assets acquired, including cash and cash equivalents
|
|
475,398
|
|
|
559,694
|
|
|
1,158,925
|
|
|||
Value ascribed to goodwill and other intangible assets
|
|
37,526
|
|
|
35,056
|
|
|
42,588
|
|
|||
Fair value of liabilities assumed
|
|
405,801
|
|
|
511,603
|
|
|
1,160,084
|
|
|||
Non-cash activities
|
|
|
|
|
|
|
||||||
Transfer to other real estate owned from loans
|
|
52,102
|
|
|
81,526
|
|
|
30,651
|
|
|||
Common stock issued for acquisitions
|
|
—
|
|
|
23,070
|
|
|
14,560
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
Amortized
Cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Fair Value
|
|
Amortized
Cost
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Fair Value
|
||||||||||||||||
U.S. Treasury
|
|
$
|
388,713
|
|
|
$
|
84
|
|
|
$
|
(6,992
|
)
|
|
$
|
381,805
|
|
|
$
|
354,262
|
|
|
$
|
141
|
|
|
$
|
(18,308
|
)
|
|
$
|
336,095
|
|
U.S. Government agencies
|
|
686,106
|
|
|
4,113
|
|
|
(21,903
|
)
|
|
668,316
|
|
|
950,086
|
|
|
1,680
|
|
|
(56,078
|
)
|
|
895,688
|
|
||||||||
Municipal
|
|
234,951
|
|
|
5,318
|
|
|
(1,740
|
)
|
|
238,529
|
|
|
154,463
|
|
|
2,551
|
|
|
(4,298
|
)
|
|
152,716
|
|
||||||||
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Financial issuers
|
|
129,309
|
|
|
2,006
|
|
|
(1,557
|
)
|
|
129,758
|
|
|
129,362
|
|
|
1,993
|
|
|
(2,411
|
)
|
|
128,944
|
|
||||||||
Other
|
|
3,766
|
|
|
55
|
|
|
—
|
|
|
3,821
|
|
|
5,994
|
|
|
105
|
|
|
(5
|
)
|
|
6,094
|
|
||||||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Mortgage-backed securities
|
|
271,129
|
|
|
5,448
|
|
|
(4,928
|
)
|
|
271,649
|
|
|
562,708
|
|
|
3,537
|
|
|
(18,047
|
)
|
|
548,198
|
|
||||||||
Collateralized mortgage obligations
|
|
47,347
|
|
|
249
|
|
|
(535
|
)
|
|
47,061
|
|
|
57,711
|
|
|
258
|
|
|
(942
|
)
|
|
57,027
|
|
||||||||
Equity securities
|
|
46,592
|
|
|
4,872
|
|
|
(325
|
)
|
|
51,139
|
|
|
50,532
|
|
|
1,493
|
|
|
(497
|
)
|
|
51,528
|
|
||||||||
Total available-for-sale securities
|
|
$
|
1,807,913
|
|
|
$
|
22,145
|
|
|
$
|
(37,980
|
)
|
|
$
|
1,792,078
|
|
|
$
|
2,265,118
|
|
|
$
|
11,758
|
|
|
$
|
(100,586
|
)
|
|
$
|
2,176,290
|
|
(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
|
|
$
|
97,395
|
|
|
$
|
(31
|
)
|
|
$
|
193,187
|
|
|
$
|
(6,961
|
)
|
|
$
|
290,582
|
|
|
$
|
(6,992
|
)
|
U.S. Government agencies
|
|
13,164
|
|
|
(120
|
)
|
|
459,035
|
|
|
(21,783
|
)
|
|
472,199
|
|
|
(21,903
|
)
|
||||||
Municipal
|
|
40,904
|
|
|
(315
|
)
|
|
45,438
|
|
|
(1,425
|
)
|
|
86,342
|
|
|
(1,740
|
)
|
||||||
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial issuers
|
|
1,311
|
|
|
(1
|
)
|
|
57,624
|
|
|
(1,556
|
)
|
|
58,935
|
|
|
(1,557
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
4,875
|
|
|
(60
|
)
|
|
142,301
|
|
|
(4,868
|
)
|
|
147,176
|
|
|
(4,928
|
)
|
||||||
Collateralized mortgage obligations
|
|
13,198
|
|
|
(13
|
)
|
|
14,828
|
|
|
(522
|
)
|
|
28,026
|
|
|
(535
|
)
|
||||||
Equity securities
|
|
—
|
|
|
—
|
|
|
9,462
|
|
|
(325
|
)
|
|
9,462
|
|
|
(325
|
)
|
||||||
Total
|
|
$
|
170,847
|
|
|
$
|
(540
|
)
|
|
$
|
921,875
|
|
|
$
|
(37,440
|
)
|
|
$
|
1,092,722
|
|
|
$
|
(37,980
|
)
|
|
|
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
|
|
$
|
75,695
|
|
|
$
|
(62
|
)
|
|
$
|
181,922
|
|
|
$
|
(18,246
|
)
|
|
$
|
257,617
|
|
|
$
|
(18,308
|
)
|
U.S. Government agencies
|
|
399,982
|
|
|
(47,860
|
)
|
|
53,431
|
|
|
(8,218
|
)
|
|
453,413
|
|
|
(56,078
|
)
|
||||||
Municipal
|
|
66,368
|
|
|
(3,757
|
)
|
|
10,529
|
|
|
(541
|
)
|
|
76,897
|
|
|
(4,298
|
)
|
||||||
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial issuers
|
|
21,296
|
|
|
(49
|
)
|
|
66,834
|
|
|
(2,362
|
)
|
|
88,130
|
|
|
(2,411
|
)
|
||||||
Other
|
|
995
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
995
|
|
|
(5
|
)
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
270,522
|
|
|
(18,008
|
)
|
|
2,922
|
|
|
(39
|
)
|
|
273,444
|
|
|
(18,047
|
)
|
||||||
Collateralized mortgage obligations
|
|
40,449
|
|
|
(942
|
)
|
|
—
|
|
|
—
|
|
|
40,449
|
|
|
(942
|
)
|
||||||
Equity securities
|
|
8,272
|
|
|
(205
|
)
|
|
5,709
|
|
|
(292
|
)
|
|
13,981
|
|
|
(497
|
)
|
||||||
Total
|
|
$
|
883,579
|
|
|
$
|
(70,888
|
)
|
|
$
|
321,347
|
|
|
$
|
(29,698
|
)
|
|
$
|
1,204,926
|
|
|
$
|
(100,586
|
)
|
|
|
Years Ended December 31,
|
||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Realized gains
|
|
$
|
405
|
|
|
$
|
434
|
|
|
$
|
4,918
|
|
Realized losses
|
|
(909
|
)
|
|
(106
|
)
|
|
(23
|
)
|
|||
Net realized gains
|
|
$
|
(504
|
)
|
|
$
|
328
|
|
|
$
|
4,895
|
|
Other than temporary impairment charges
|
|
—
|
|
|
(3,328
|
)
|
|
—
|
|
|||
(Losses) gains on available-for-sale securities, net
|
|
$
|
(504
|
)
|
|
$
|
(3,000
|
)
|
|
$
|
4,895
|
|
Proceeds from sales of available-for-sale securities, net
|
|
$
|
852,330
|
|
|
$
|
138,274
|
|
|
$
|
2,399,035
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
(Dollars in thousands)
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||
Due in one year or less
|
|
$
|
285,596
|
|
|
$
|
285,889
|
|
|
$
|
268,847
|
|
|
$
|
269,168
|
|
Due in one to five years
|
|
172,647
|
|
|
172,885
|
|
|
358,108
|
|
|
358,357
|
|
||||
Due in five to ten years
|
|
331,389
|
|
|
325,644
|
|
|
350,372
|
|
|
330,020
|
|
||||
Due after ten years
|
|
653,213
|
|
|
637,811
|
|
|
616,840
|
|
|
561,992
|
|
||||
Mortgage-backed
|
|
318,476
|
|
|
318,710
|
|
|
620,419
|
|
|
605,225
|
|
||||
Equity securities
|
|
46,592
|
|
|
51,139
|
|
|
50,532
|
|
|
51,528
|
|
||||
Total available-for-sale securities
|
|
$
|
1,807,913
|
|
|
$
|
1,792,078
|
|
|
$
|
2,265,118
|
|
|
$
|
2,176,290
|
|
(Dollars in thousands)
|
|
December 31,
2014
|
|
December 31,
2013
|
||||
Balance:
|
|
|
|
|
||||
Commercial
|
|
$
|
3,924,394
|
|
|
$
|
3,253,687
|
|
Commercial real-estate
|
|
4,505,753
|
|
|
4,230,035
|
|
||
Home equity
|
|
716,293
|
|
|
719,137
|
|
||
Residential real-estate
|
|
483,542
|
|
|
434,992
|
|
||
Premium finance receivables—commercial
|
|
2,350,833
|
|
|
2,167,565
|
|
||
Premium finance receivables—life insurance
|
|
2,277,571
|
|
|
1,923,698
|
|
||
Consumer and other
|
|
151,012
|
|
|
167,488
|
|
||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
14,409,398
|
|
|
$
|
12,896,602
|
|
Covered loans
|
|
226,709
|
|
|
346,431
|
|
||
Total loans, net of unearned income
|
|
$
|
14,636,107
|
|
|
$
|
13,243,033
|
|
Mix:
|
|
|
|
|
||||
Commercial
|
|
26
|
%
|
|
25
|
%
|
||
Commercial real-estate
|
|
31
|
|
|
32
|
|
||
Home equity
|
|
5
|
|
|
5
|
|
||
Residential real-estate
|
|
3
|
|
|
3
|
|
||
Premium finance receivables—commercial
|
|
16
|
|
|
16
|
|
||
Premium finance receivables—life insurance
|
|
16
|
|
|
15
|
|
||
Consumer and other
|
|
1
|
|
|
1
|
|
||
Total loans, net of unearned income, excluding covered loans
|
|
98
|
%
|
|
97
|
%
|
||
Covered loans
|
|
2
|
|
|
3
|
|
||
Total loans, net of unearned income
|
|
100
|
%
|
|
100
|
%
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
(Dollars in thousands)
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
||||||||
Bank acquisitions
|
|
$
|
285,809
|
|
|
$
|
227,229
|
|
|
$
|
453,944
|
|
|
$
|
338,517
|
|
Life insurance premium finance loans acquisition
|
|
399,665
|
|
|
393,479
|
|
|
437,155
|
|
|
423,906
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2014
|
|
2013
|
||||||||||||
(Dollars in thousands)
|
|
Bank
Acquisitions
|
|
Life Insurance
Premium
Finance Loans
|
|
Bank
Acquisitions
|
|
Life Insurance
Premium
Finance Loans
|
||||||||
Accretable yield, beginning balance
|
|
$
|
107,655
|
|
|
$
|
8,254
|
|
|
$
|
143,224
|
|
|
$
|
13,055
|
|
Acquisitions
|
|
—
|
|
|
—
|
|
|
5,428
|
|
|
—
|
|
||||
Accretable yield amortized to interest income
|
|
(29,893
|
)
|
|
(7,063
|
)
|
|
(36,898
|
)
|
|
(8,795
|
)
|
||||
Accretable yield amortized to indemnification asset
(1)
|
|
(30,691
|
)
|
|
—
|
|
|
(36,202
|
)
|
|
—
|
|
||||
Reclassification from non-accretable difference
(2)
|
|
35,782
|
|
|
185
|
|
|
50,873
|
|
|
2,840
|
|
||||
(Decreases) increases in interest cash flows due to payments and changes in interest rates
|
|
(5,368
|
)
|
|
241
|
|
|
(18,770
|
)
|
|
1,154
|
|
||||
Accretable yield, ending balance
(3)
|
|
$
|
77,485
|
|
|
$
|
1,617
|
|
|
$
|
107,655
|
|
|
$
|
8,254
|
|
(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 December 31, 2014, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank acquisitions is
$18.5 million
The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income.
|
As of December 31, 2014
(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
|
|
$
|
9,132
|
|
|
$
|
474
|
|
|
$
|
3,161
|
|
|
$
|
7,492
|
|
|
$
|
2,194,221
|
|
|
$
|
2,214,480
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
308
|
|
|
1,219
|
|
|
250,673
|
|
|
252,200
|
|
||||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139,003
|
|
|
139,003
|
|
||||||
Community Advantage — homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106,364
|
|
|
106,364
|
|
||||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,065
|
|
|
8,065
|
|
||||||
Asset-based lending
|
|
25
|
|
|
—
|
|
|
1,375
|
|
|
2,394
|
|
|
802,608
|
|
|
806,402
|
|
||||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
217,487
|
|
|
217,487
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
77
|
|
|
315
|
|
|
159,744
|
|
|
160,136
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,034
|
|
|
11,034
|
|
||||||
PCI - commercial
(1)
|
|
—
|
|
|
365
|
|
|
202
|
|
|
138
|
|
|
8,518
|
|
|
9,223
|
|
||||||
Total commercial
|
|
9,157
|
|
|
839
|
|
|
5,123
|
|
|
11,558
|
|
|
3,897,717
|
|
|
3,924,394
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
250
|
|
|
76
|
|
|
38,370
|
|
|
38,696
|
|
||||||
Commercial construction
|
|
230
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
185,513
|
|
|
187,766
|
|
||||||
Land
|
|
2,656
|
|
|
—
|
|
|
—
|
|
|
2,395
|
|
|
86,779
|
|
|
91,830
|
|
||||||
Office
|
|
7,288
|
|
|
—
|
|
|
2,621
|
|
|
1,374
|
|
|
694,149
|
|
|
705,432
|
|
||||||
Industrial
|
|
2,392
|
|
|
—
|
|
|
—
|
|
|
3,758
|
|
|
617,820
|
|
|
623,970
|
|
||||||
Retail
|
|
4,152
|
|
|
—
|
|
|
116
|
|
|
3,301
|
|
|
723,919
|
|
|
731,488
|
|
||||||
Multi-family
|
|
249
|
|
|
—
|
|
|
249
|
|
|
1,921
|
|
|
603,323
|
|
|
605,742
|
|
||||||
Mixed use and other
|
|
9,638
|
|
|
—
|
|
|
2,603
|
|
|
9,023
|
|
|
1,443,853
|
|
|
1,465,117
|
|
||||||
PCI - commercial real-estate
(1)
|
|
—
|
|
|
10,976
|
|
|
6,393
|
|
|
4,016
|
|
|
34,327
|
|
|
55,712
|
|
||||||
Total commercial real-estate
|
|
26,605
|
|
|
10,976
|
|
|
12,232
|
|
|
27,887
|
|
|
4,428,053
|
|
|
4,505,753
|
|
||||||
Home equity
|
|
6,174
|
|
|
—
|
|
|
983
|
|
|
3,513
|
|
|
705,623
|
|
|
716,293
|
|
||||||
Residential real estate
|
|
15,502
|
|
|
—
|
|
|
267
|
|
|
6,315
|
|
|
459,224
|
|
|
481,308
|
|
||||||
PCI - residential real estate
(1)
|
|
—
|
|
|
549
|
|
|
—
|
|
|
—
|
|
|
1,685
|
|
|
2,234
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
12,705
|
|
|
7,665
|
|
|
5,995
|
|
|
17,328
|
|
|
2,307,140
|
|
|
2,350,833
|
|
||||||
Life insurance loans
|
|
—
|
|
|
—
|
|
|
13,084
|
|
|
339
|
|
|
1,870,669
|
|
|
1,884,092
|
|
||||||
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
393,479
|
|
|
393,479
|
|
||||||
Consumer and other
|
|
277
|
|
|
119
|
|
|
293
|
|
|
838
|
|
|
149,485
|
|
|
151,012
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
70,420
|
|
|
$
|
20,148
|
|
|
$
|
37,977
|
|
|
$
|
67,778
|
|
|
$
|
14,213,075
|
|
|
$
|
14,409,398
|
|
Covered loans
|
|
7,290
|
|
|
17,839
|
|
|
1,304
|
|
|
4,835
|
|
|
195,441
|
|
|
226,709
|
|
||||||
Total loans, net of unearned income
|
|
$
|
77,710
|
|
|
$
|
37,987
|
|
|
$
|
39,281
|
|
|
$
|
72,613
|
|
|
$
|
14,408,516
|
|
|
$
|
14,636,107
|
|
(1)
|
PCI 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. See Note 4 - Loans for further discussion of these purchased loans.
|
As of December 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
|
|
$
|
10,143
|
|
|
$
|
—
|
|
|
$
|
4,938
|
|
|
$
|
7,404
|
|
|
$
|
1,813,721
|
|
|
$
|
1,836,206
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
400
|
|
|
—
|
|
|
219,983
|
|
|
220,383
|
|
||||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,470
|
|
|
67,470
|
|
||||||
Community Advantage — homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,894
|
|
|
90,894
|
|
||||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,241
|
|
|
10,241
|
|
||||||
Asset-based lending
|
|
637
|
|
|
—
|
|
|
388
|
|
|
1,878
|
|
|
732,190
|
|
|
735,093
|
|
||||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,239
|
|
|
161,239
|
|
||||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
788
|
|
|
109,043
|
|
|
109,831
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,147
|
|
|
11,147
|
|
||||||
PCI - commercial
(1)
|
|
—
|
|
|
274
|
|
|
156
|
|
|
1,685
|
|
|
9,068
|
|
|
11,183
|
|
||||||
Total commercial
|
|
10,780
|
|
|
274
|
|
|
5,882
|
|
|
11,755
|
|
|
3,224,996
|
|
|
3,253,687
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,351
|
|
|
38,500
|
|
||||||
Commercial construction
|
|
6,969
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
129,232
|
|
|
136,706
|
|
||||||
Land
|
|
2,814
|
|
|
—
|
|
|
4,224
|
|
|
619
|
|
|
99,128
|
|
|
106,785
|
|
||||||
Office
|
|
10,087
|
|
|
—
|
|
|
2,265
|
|
|
3,862
|
|
|
626,027
|
|
|
642,241
|
|
||||||
Industrial
|
|
5,654
|
|
|
—
|
|
|
585
|
|
|
914
|
|
|
626,785
|
|
|
633,938
|
|
||||||
Retail
|
|
10,862
|
|
|
—
|
|
|
837
|
|
|
2,435
|
|
|
642,125
|
|
|
656,259
|
|
||||||
Multi-family
|
|
2,035
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
564,154
|
|
|
566,537
|
|
||||||
Mixed use and other
|
|
8,088
|
|
|
230
|
|
|
3,943
|
|
|
15,949
|
|
|
1,344,244
|
|
|
1,372,454
|
|
||||||
PCI - commercial real-estate
(1)
|
|
—
|
|
|
18,582
|
|
|
3,540
|
|
|
5,238
|
|
|
49,255
|
|
|
76,615
|
|
||||||
Total commercial real-estate
|
|
46,658
|
|
|
18,812
|
|
|
15,394
|
|
|
29,870
|
|
|
4,119,301
|
|
|
4,230,035
|
|
||||||
Home equity
|
|
10,071
|
|
|
—
|
|
|
1,344
|
|
|
3,060
|
|
|
704,662
|
|
|
719,137
|
|
||||||
Residential real estate
|
|
14,974
|
|
|
—
|
|
|
1,689
|
|
|
5,032
|
|
|
410,430
|
|
|
432,125
|
|
||||||
PCI - residential real estate
(1)
|
|
—
|
|
|
1,988
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,867
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
10,537
|
|
|
8,842
|
|
|
6,912
|
|
|
24,094
|
|
|
2,117,180
|
|
|
2,167,565
|
|
||||||
Life insurance loans
|
|
—
|
|
|
—
|
|
|
2,524
|
|
|
1,808
|
|
|
1,495,460
|
|
|
1,499,792
|
|
||||||
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,906
|
|
|
423,906
|
|
||||||
Consumer and other
|
|
1,137
|
|
|
286
|
|
|
76
|
|
|
1,010
|
|
|
164,979
|
|
|
167,488
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
94,157
|
|
|
$
|
30,202
|
|
|
$
|
33,821
|
|
|
$
|
76,629
|
|
|
$
|
12,661,793
|
|
|
$
|
12,896,602
|
|
Covered loans
|
|
9,425
|
|
|
56,282
|
|
|
5,877
|
|
|
7,937
|
|
|
266,910
|
|
|
346,431
|
|
||||||
Total loans, net of unearned income
|
|
$
|
103,582
|
|
|
$
|
86,484
|
|
|
$
|
39,698
|
|
|
$
|
84,566
|
|
|
$
|
12,928,703
|
|
|
$
|
13,243,033
|
|
(1)
|
PCI 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. See Note 4 - Loans for further discussion of these purchased loans.
|
|
|
Performing
|
|
Non-performing
|
|
Total
|
||||||||||||||||||
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
|
$
|
2,204,874
|
|
|
$
|
1,826,063
|
|
|
$
|
9,606
|
|
|
$
|
10,143
|
|
|
$
|
2,214,480
|
|
|
$
|
1,836,206
|
|
Franchise
|
|
252,200
|
|
|
220,383
|
|
|
—
|
|
|
—
|
|
|
252,200
|
|
|
220,383
|
|
||||||
Mortgage warehouse lines of credit
|
|
139,003
|
|
|
67,470
|
|
|
—
|
|
|
—
|
|
|
139,003
|
|
|
67,470
|
|
||||||
Community Advantage—homeowners association
|
|
106,364
|
|
|
90,894
|
|
|
—
|
|
|
—
|
|
|
106,364
|
|
|
90,894
|
|
||||||
Aircraft
|
|
8,065
|
|
|
10,241
|
|
|
—
|
|
|
—
|
|
|
8,065
|
|
|
10,241
|
|
||||||
Asset-based lending
|
|
806,377
|
|
|
734,456
|
|
|
25
|
|
|
637
|
|
|
806,402
|
|
|
735,093
|
|
||||||
Tax exempt
|
|
217,487
|
|
|
161,239
|
|
|
—
|
|
|
—
|
|
|
217,487
|
|
|
161,239
|
|
||||||
Leases
|
|
160,136
|
|
|
109,831
|
|
|
—
|
|
|
—
|
|
|
160,136
|
|
|
109,831
|
|
||||||
Other
|
|
11,034
|
|
|
11,147
|
|
|
—
|
|
|
—
|
|
|
11,034
|
|
|
11,147
|
|
||||||
PCI - commercial
(1)
|
|
9,223
|
|
|
11,183
|
|
|
—
|
|
|
—
|
|
|
9,223
|
|
|
11,183
|
|
||||||
Total commercial
|
|
3,914,763
|
|
|
3,242,907
|
|
|
9,631
|
|
|
10,780
|
|
|
3,924,394
|
|
|
3,253,687
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
|
38,696
|
|
|
38,351
|
|
|
—
|
|
|
149
|
|
|
38,696
|
|
|
38,500
|
|
||||||
Commercial construction
|
|
187,536
|
|
|
129,737
|
|
|
230
|
|
|
6,969
|
|
|
187,766
|
|
|
136,706
|
|
||||||
Land
|
|
89,174
|
|
|
103,971
|
|
|
2,656
|
|
|
2,814
|
|
|
91,830
|
|
|
106,785
|
|
||||||
Office
|
|
698,144
|
|
|
632,154
|
|
|
7,288
|
|
|
10,087
|
|
|
705,432
|
|
|
642,241
|
|
||||||
Industrial
|
|
621,578
|
|
|
628,284
|
|
|
2,392
|
|
|
5,654
|
|
|
623,970
|
|
|
633,938
|
|
||||||
Retail
|
|
727,336
|
|
|
645,397
|
|
|
4,152
|
|
|
10,862
|
|
|
731,488
|
|
|
656,259
|
|
||||||
Multi-family
|
|
605,493
|
|
|
564,502
|
|
|
249
|
|
|
2,035
|
|
|
605,742
|
|
|
566,537
|
|
||||||
Mixed use and other
|
|
1,455,479
|
|
|
1,364,136
|
|
|
9,638
|
|
|
8,318
|
|
|
1,465,117
|
|
|
1,372,454
|
|
||||||
PCI - commercial real-estate
(1)
|
|
55,712
|
|
|
76,615
|
|
|
—
|
|
|
—
|
|
|
55,712
|
|
|
76,615
|
|
||||||
Total commercial real-estate
|
|
4,479,148
|
|
|
4,183,147
|
|
|
26,605
|
|
|
46,888
|
|
|
4,505,753
|
|
|
4,230,035
|
|
||||||
Home equity
|
|
710,119
|
|
|
709,066
|
|
|
6,174
|
|
|
10,071
|
|
|
716,293
|
|
|
719,137
|
|
||||||
Residential real estate
|
|
465,806
|
|
|
417,151
|
|
|
15,502
|
|
|
14,974
|
|
|
481,308
|
|
|
432,125
|
|
||||||
PCI - residential real estate
(1)
|
|
2,234
|
|
|
2,867
|
|
|
—
|
|
|
—
|
|
|
2,234
|
|
|
2,867
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
2,330,463
|
|
|
2,148,186
|
|
|
20,370
|
|
|
19,379
|
|
|
2,350,833
|
|
|
2,167,565
|
|
||||||
Life insurance loans
|
|
1,884,092
|
|
|
1,499,792
|
|
|
—
|
|
|
—
|
|
|
1,884,092
|
|
|
1,499,792
|
|
||||||
PCI - life insurance loans
(1)
|
|
393,479
|
|
|
423,906
|
|
|
—
|
|
|
—
|
|
|
393,479
|
|
|
423,906
|
|
||||||
Consumer and other
|
|
150,617
|
|
|
166,246
|
|
|
395
|
|
|
1,242
|
|
|
151,012
|
|
|
167,488
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
14,330,721
|
|
|
$
|
12,793,268
|
|
|
$
|
78,677
|
|
|
$
|
103,334
|
|
|
$
|
14,409,398
|
|
|
$
|
12,896,602
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 - Loans for further discussion of these purchased loans.
|
Year Ended
December 31, 2014
(Dollars in thousands)
|
|
Commercial
|
|
Commercial
Real-estate
|
|
Home
Equity
|
|
Residential
Real-estate
|
|
Premium
Finance
Receivable
|
|
Consumer
and Other
|
|
Total,
Excluding
Covered
Loans
|
||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
|
$
|
23,092
|
|
|
$
|
48,658
|
|
|
$
|
12,611
|
|
|
$
|
5,108
|
|
|
$
|
5,583
|
|
|
$
|
1,870
|
|
|
$
|
96,922
|
|
Other adjustments
|
|
(83
|
)
|
|
(665
|
)
|
|
(3
|
)
|
|
(9
|
)
|
|
(64
|
)
|
|
—
|
|
|
(824
|
)
|
|||||||
Reclassification to/from allowance for unfunded lending-related commitments
|
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|||||||
Charge-offs
|
|
(4,153
|
)
|
|
(15,788
|
)
|
|
(3,895
|
)
|
|
(1,750
|
)
|
|
(5,726
|
)
|
|
(792
|
)
|
|
(32,104
|
)
|
|||||||
Recoveries
|
|
1,198
|
|
|
1,334
|
|
|
535
|
|
|
335
|
|
|
1,150
|
|
|
326
|
|
|
4,878
|
|
|||||||
Provision for credit losses
|
|
11,645
|
|
|
2,050
|
|
|
3,252
|
|
|
534
|
|
|
5,570
|
|
|
(162
|
)
|
|
22,889
|
|
|||||||
Allowance for loan losses at period end
|
|
$
|
31,699
|
|
|
$
|
35,533
|
|
|
$
|
12,500
|
|
|
$
|
4,218
|
|
|
$
|
6,513
|
|
|
$
|
1,242
|
|
|
$
|
91,705
|
|
Allowance for unfunded lending-related commitments at period end
|
|
$
|
—
|
|
|
$
|
775
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
775
|
|
Allowance for credit losses at period end
|
|
$
|
31,699
|
|
|
$
|
36,308
|
|
|
$
|
12,500
|
|
|
$
|
4,218
|
|
|
$
|
6,513
|
|
|
$
|
1,242
|
|
|
$
|
92,480
|
|
Individually evaluated for impairment
|
|
1,936
|
|
|
3,260
|
|
|
475
|
|
|
632
|
|
|
—
|
|
|
26
|
|
|
6,329
|
|
|||||||
Collectively evaluated for impairment
|
|
29,763
|
|
|
32,960
|
|
|
12,025
|
|
|
3,482
|
|
|
6,513
|
|
|
1,197
|
|
|
85,940
|
|
|||||||
Loans acquired with deteriorated credit quality
|
|
—
|
|
|
88
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
19
|
|
|
211
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
|
$
|
16,326
|
|
|
$
|
87,225
|
|
|
$
|
6,399
|
|
|
$
|
18,365
|
|
|
$
|
—
|
|
|
$
|
372
|
|
|
$
|
128,687
|
|
Collectively evaluated for impairment
|
|
3,898,845
|
|
|
4,362,816
|
|
|
709,894
|
|
|
462,943
|
|
|
4,234,925
|
|
|
150,640
|
|
|
13,820,063
|
|
|||||||
Loans acquired with deteriorated credit quality
|
|
9,223
|
|
|
55,712
|
|
|
—
|
|
|
2,234
|
|
|
393,479
|
|
|
—
|
|
|
460,648
|
|
Year Ended
December 31, 2013
(Dollars in thousands)
|
|
Commercial
|
|
Commercial
Real-estate
|
|
Home
Equity
|
|
Residential
Real-estate
|
|
Premium
Finance
Receivable
|
|
Consumer
and Other
|
|
Total,
Excluding
Covered
Loans
|
||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
|
$
|
28,794
|
|
|
$
|
52,135
|
|
|
$
|
12,734
|
|
|
$
|
5,560
|
|
|
$
|
6,096
|
|
|
$
|
2,032
|
|
|
$
|
107,351
|
|
Other adjustments
|
|
(51
|
)
|
|
(783
|
)
|
|
3
|
|
|
(88
|
)
|
|
(19
|
)
|
|
—
|
|
|
(938
|
)
|
|||||||
Reclassification to/from allowance for unfunded lending-related commitments
|
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
640
|
|
|||||||
Charge-offs
|
|
(14,123
|
)
|
|
(32,745
|
)
|
|
(6,361
|
)
|
|
(2,958
|
)
|
|
(5,080
|
)
|
|
(1,110
|
)
|
|
(62,377
|
)
|
|||||||
Recoveries
|
|
1,655
|
|
|
2,526
|
|
|
432
|
|
|
289
|
|
|
1,121
|
|
|
239
|
|
|
6,262
|
|
|||||||
Provision for credit losses
|
|
6,817
|
|
|
26,885
|
|
|
5,803
|
|
|
2,305
|
|
|
3,465
|
|
|
709
|
|
|
45,984
|
|
|||||||
Allowance for loan losses at period end
|
|
$
|
23,092
|
|
|
$
|
48,658
|
|
|
$
|
12,611
|
|
|
$
|
5,108
|
|
|
$
|
5,583
|
|
|
$
|
1,870
|
|
|
$
|
96,922
|
|
Allowance for unfunded lending-related commitments at period end
|
|
$
|
—
|
|
|
$
|
719
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
719
|
|
Allowance for credit losses at period end
|
|
$
|
23,092
|
|
|
$
|
49,377
|
|
|
$
|
12,611
|
|
|
$
|
5,108
|
|
|
$
|
5,583
|
|
|
$
|
1,870
|
|
|
$
|
97,641
|
|
Individually evaluated for impairment
|
|
1,392
|
|
|
4,653
|
|
|
1,593
|
|
|
655
|
|
|
—
|
|
|
109
|
|
|
8,402
|
|
|||||||
Collectively evaluated for impairment
|
|
21,637
|
|
|
44,724
|
|
|
11,018
|
|
|
4,390
|
|
|
5,583
|
|
|
1,760
|
|
|
89,112
|
|
|||||||
Loans acquired with deteriorated credit quality
|
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
1
|
|
|
127
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
|
$
|
17,628
|
|
|
$
|
117,149
|
|
|
$
|
10,297
|
|
|
$
|
17,901
|
|
|
$
|
—
|
|
|
$
|
1,589
|
|
|
$
|
164,564
|
|
Collectively evaluated for impairment
|
|
3,224,876
|
|
|
4,036,271
|
|
|
708,840
|
|
|
414,224
|
|
|
3,667,357
|
|
|
164,695
|
|
|
12,216,263
|
|
|||||||
Loans acquired with deteriorated credit quality
|
|
11,183
|
|
|
76,615
|
|
|
—
|
|
|
2,867
|
|
|
423,906
|
|
|
1,204
|
|
|
515,775
|
|
|
|
Years Ended
|
||||||
|
|
December 31,
|
|
December 31,
|
||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Balance at beginning of period
|
|
$
|
10,092
|
|
|
$
|
13,454
|
|
Provision for covered loan losses before benefit attributable to FDIC loss share agreements
|
|
(11,762
|
)
|
|
246
|
|
||
Benefit attributable to FDIC loss share agreements
|
|
9,410
|
|
|
(197
|
)
|
||
Net provision for covered loan losses
|
|
(2,352
|
)
|
|
49
|
|
||
(Decrease) increase in FDIC indemnification asset
|
|
(9,410
|
)
|
|
197
|
|
||
Loans charged-off
|
|
(5,521
|
)
|
|
(15,085
|
)
|
||
Recoveries of loans charged-off
|
|
9,322
|
|
|
11,477
|
|
||
Net recoveries (charge-offs)
|
|
3,801
|
|
|
(3,608
|
)
|
||
Balance at end of period
|
|
$
|
2,131
|
|
|
$
|
10,092
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Impaired loans (included in non-performing and restructured loans):
|
|
|
|
|
||||
Impaired loans with an allowance for loan loss required
(1)
|
|
$
|
69,487
|
|
|
$
|
92,184
|
|
Impaired loans with no allowance for loan loss required
|
|
57,925
|
|
|
70,045
|
|
||
Total impaired loans
(2)
|
|
$
|
127,412
|
|
|
$
|
162,229
|
|
Allowance for loan losses related to impaired loans
|
|
$
|
6,270
|
|
|
$
|
8,265
|
|
TDRs
|
|
82,275
|
|
|
107,103
|
|
||
Reduction of interest income from non-accrual loans
|
|
2,222
|
|
|
3,971
|
|
||
Interest income recognized on impaired loans
|
|
7,190
|
|
|
8,920
|
|
(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.
|
|
|
As of
|
|
For the Year Ended
|
||||||||||||||||
December 31, 2014
(Dollars in thousands)
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest Income
Recognized
|
||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
9,989
|
|
|
$
|
10,785
|
|
|
$
|
1,915
|
|
|
$
|
10,784
|
|
|
$
|
539
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
5,011
|
|
|
8,626
|
|
|
43
|
|
|
5,933
|
|
|
544
|
|
|||||
Office
|
|
11,038
|
|
|
12,863
|
|
|
305
|
|
|
11,567
|
|
|
576
|
|
|||||
Industrial
|
|
195
|
|
|
277
|
|
|
15
|
|
|
214
|
|
|
13
|
|
|||||
Retail
|
|
11,045
|
|
|
14,566
|
|
|
487
|
|
|
12,116
|
|
|
606
|
|
|||||
Multi-family
|
|
2,808
|
|
|
3,321
|
|
|
158
|
|
|
2,839
|
|
|
145
|
|
|||||
Mixed use and other
|
|
21,777
|
|
|
24,076
|
|
|
2,240
|
|
|
21,483
|
|
|
1,017
|
|
|||||
Home equity
|
|
1,946
|
|
|
2,055
|
|
|
475
|
|
|
1,995
|
|
|
80
|
|
|||||
Residential real estate
|
|
5,467
|
|
|
5,600
|
|
|
606
|
|
|
5,399
|
|
|
241
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
|
211
|
|
|
213
|
|
|
26
|
|
|
214
|
|
|
10
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
5,797
|
|
|
$
|
8,862
|
|
|
$
|
—
|
|
|
$
|
6,664
|
|
|
$
|
595
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
|
25
|
|
|
1,952
|
|
|
—
|
|
|
87
|
|
|
100
|
|
|||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
2,875
|
|
|
3,085
|
|
|
—
|
|
|
3,183
|
|
|
151
|
|
|||||
Land
|
|
10,210
|
|
|
10,941
|
|
|
—
|
|
|
10,268
|
|
|
430
|
|
|||||
Office
|
|
4,132
|
|
|
5,020
|
|
|
—
|
|
|
4,445
|
|
|
216
|
|
|||||
Industrial
|
|
4,160
|
|
|
4,498
|
|
|
—
|
|
|
3,807
|
|
|
286
|
|
|||||
Retail
|
|
5,487
|
|
|
7,470
|
|
|
—
|
|
|
6,915
|
|
|
330
|
|
|||||
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
7,985
|
|
|
8,804
|
|
|
—
|
|
|
9,533
|
|
|
449
|
|
|||||
Home equity
|
|
4,453
|
|
|
6,172
|
|
|
—
|
|
|
4,666
|
|
|
256
|
|
|||||
Residential real estate
|
|
12,640
|
|
|
14,334
|
|
|
—
|
|
|
12,682
|
|
|
595
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
|
161
|
|
|
222
|
|
|
—
|
|
|
173
|
|
|
11
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
127,412
|
|
|
$
|
153,742
|
|
|
$
|
6,270
|
|
|
$
|
134,967
|
|
|
$
|
7,190
|
|
|
|
As of
|
|
For the Year Ended
|
||||||||||||||||
December 31, 2013
(Dollars in thousands)
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest Income
Recognized
|
||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
6,297
|
|
|
$
|
7,001
|
|
|
$
|
1,078
|
|
|
$
|
6,611
|
|
|
$
|
354
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
|
282
|
|
|
294
|
|
|
282
|
|
|
295
|
|
|
14
|
|
|||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
3,099
|
|
|
3,099
|
|
|
18
|
|
|
3,098
|
|
|
115
|
|
|||||
Land
|
|
10,518
|
|
|
11,871
|
|
|
259
|
|
|
10,323
|
|
|
411
|
|
|||||
Office
|
|
7,792
|
|
|
8,444
|
|
|
1,253
|
|
|
8,148
|
|
|
333
|
|
|||||
Industrial
|
|
3,385
|
|
|
3,506
|
|
|
193
|
|
|
3,638
|
|
|
179
|
|
|||||
Retail
|
|
17,511
|
|
|
17,638
|
|
|
1,253
|
|
|
17,678
|
|
|
724
|
|
|||||
Multi-family
|
|
3,237
|
|
|
3,730
|
|
|
235
|
|
|
2,248
|
|
|
139
|
|
|||||
Mixed use and other
|
|
28,935
|
|
|
29,051
|
|
|
1,366
|
|
|
26,792
|
|
|
1,194
|
|
|||||
Home equity
|
|
3,985
|
|
|
5,238
|
|
|
1,593
|
|
|
4,855
|
|
|
236
|
|
|||||
Residential real estate
|
|
6,876
|
|
|
7,023
|
|
|
626
|
|
|
6,335
|
|
|
273
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
|
267
|
|
|
269
|
|
|
109
|
|
|
273
|
|
|
11
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
|
$
|
9,890
|
|
|
$
|
16,333
|
|
|
$
|
—
|
|
|
$
|
13,928
|
|
|
$
|
1,043
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
|
354
|
|
|
2,311
|
|
|
—
|
|
|
2,162
|
|
|
121
|
|
|||||
Tax exempt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
|
1,463
|
|
|
1,530
|
|
|
—
|
|
|
1,609
|
|
|
64
|
|
|||||
Commercial construction
|
|
7,710
|
|
|
13,227
|
|
|
—
|
|
|
9,680
|
|
|
722
|
|
|||||
Land
|
|
5,035
|
|
|
8,813
|
|
|
—
|
|
|
5,384
|
|
|
418
|
|
|||||
Office
|
|
10,379
|
|
|
11,717
|
|
|
—
|
|
|
10,925
|
|
|
610
|
|
|||||
Industrial
|
|
5,087
|
|
|
5,267
|
|
|
—
|
|
|
5,160
|
|
|
328
|
|
|||||
Retail
|
|
7,047
|
|
|
8,610
|
|
|
—
|
|
|
8,462
|
|
|
400
|
|
|||||
Multi-family
|
|
608
|
|
|
1,030
|
|
|
—
|
|
|
903
|
|
|
47
|
|
|||||
Mixed use and other
|
|
4,077
|
|
|
6,213
|
|
|
—
|
|
|
5,046
|
|
|
352
|
|
|||||
Home equity
|
|
6,312
|
|
|
7,790
|
|
|
—
|
|
|
6,307
|
|
|
324
|
|
|||||
Residential real estate
|
|
10,761
|
|
|
13,585
|
|
|
—
|
|
|
9,443
|
|
|
393
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
|
1,322
|
|
|
1,865
|
|
|
—
|
|
|
1,355
|
|
|
115
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
162,229
|
|
|
$
|
195,455
|
|
|
$
|
8,265
|
|
|
$
|
170,658
|
|
|
$
|
8,920
|
|
Year ended
December 31, 2014
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of
Interest Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
2
|
|
|
$
|
1,549
|
|
|
1
|
|
|
$
|
88
|
|
|
1
|
|
|
$
|
1,461
|
|
|
2
|
|
|
$
|
1,549
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Office
|
|
2
|
|
|
1,510
|
|
|
2
|
|
|
1,510
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
2
|
|
|
1,763
|
|
|
2
|
|
|
1,763
|
|
|
1
|
|
|
685
|
|
|
1
|
|
|
1,078
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
1
|
|
|
202
|
|
|
1
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
1
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
7
|
|
|
4,926
|
|
|
3
|
|
|
2,837
|
|
|
7
|
|
|
4,926
|
|
|
1
|
|
|
1,273
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
6
|
|
|
1,836
|
|
|
5
|
|
|
1,625
|
|
|
4
|
|
|
1,138
|
|
|
1
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
21
|
|
|
$
|
11,967
|
|
|
14
|
|
|
$
|
8,025
|
|
|
14
|
|
|
$
|
8,391
|
|
|
5
|
|
|
$
|
4,120
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Year ended
December 31, 2013
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of
Interest Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
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
|
|
3
|
|
|
2,639
|
|
|
3
|
|
|
2,639
|
|
|
2
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
73
|
|
|||||
Office
|
|
4
|
|
|
4,021
|
|
|
4
|
|
|
4,021
|
|
|
1
|
|
|
556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
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
|
|
6
|
|
|
5,042
|
|
|
6
|
|
|
5,042
|
|
|
5
|
|
|
4,947
|
|
|
1
|
|
|
932
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
10
|
|
|
2,296
|
|
|
6
|
|
|
1,613
|
|
|
7
|
|
|
931
|
|
|
2
|
|
|
234
|
|
|
1
|
|
|
1,000
|
|
|||||
Total loans
|
|
35
|
|
|
$
|
22,680
|
|
|
30
|
|
|
$
|
21,862
|
|
|
22
|
|
|
$
|
9,128
|
|
|
8
|
|
|
$
|
7,471
|
|
|
2
|
|
|
$
|
1,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Year ended
December 31, 2012
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of
Interest Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
18
|
|
|
$
|
14,311
|
|
|
11
|
|
|
$
|
3,603
|
|
|
11
|
|
|
$
|
13,691
|
|
|
7
|
|
|
$
|
10,579
|
|
|
3
|
|
|
$
|
2,311
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential construction
|
|
3
|
|
|
2,147
|
|
|
3
|
|
|
2,147
|
|
|
1
|
|
|
496
|
|
|
1
|
|
|
496
|
|
|
—
|
|
|
—
|
|
|||||
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
|
|
1
|
|
|
727
|
|
|
1
|
|
|
727
|
|
|
1
|
|
|
727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
8
|
|
|
13,518
|
|
|
8
|
|
|
13,518
|
|
|
6
|
|
|
8,865
|
|
|
6
|
|
|
12,897
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
1
|
|
|
380
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
380
|
|
|
1
|
|
|
380
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
15
|
|
|
7,333
|
|
|
9
|
|
|
4,769
|
|
|
11
|
|
|
6,268
|
|
|
8
|
|
|
3,974
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
10
|
|
|
1,638
|
|
|
8
|
|
|
1,390
|
|
|
6
|
|
|
631
|
|
|
3
|
|
|
924
|
|
|
1
|
|
|
29
|
|
|||||
Total loans
|
|
75
|
|
|
$
|
72,512
|
|
|
59
|
|
|
$
|
58,612
|
|
|
53
|
|
|
$
|
62,241
|
|
|
41
|
|
|
$
|
56,383
|
|
|
4
|
|
|
$
|
2,340
|
|
(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.
|
|
|
Year Ended December 31, 2014
|
|
Year Ended December 31, 2013
|
|
Year Ended December 31, 2012
|
||||||||||||||||||||||||||||||||||||
|
|
Total
(1)(3)
|
|
Payments in
Default
(2)(3)
|
|
Total
(1)(3)
|
|
Payments in
Default
(2)(3)
|
|
Total
(1)(3)
|
|
Payments in
Default
(2)(3)
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
|
2
|
|
|
$
|
1,549
|
|
|
1
|
|
|
$
|
88
|
|
|
6
|
|
|
$
|
708
|
|
|
1
|
|
|
$
|
20
|
|
|
18
|
|
|
$
|
14,311
|
|
|
4
|
|
|
$
|
9,925
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,147
|
|
|
—
|
|
|
—
|
|
||||||
Commercial construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
622
|
|
|
2
|
|
|
622
|
|
||||||
Land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,639
|
|
|
1
|
|
|
215
|
|
|
17
|
|
|
31,836
|
|
|
2
|
|
|
3,786
|
|
||||||
Office
|
|
2
|
|
|
1,510
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4,021
|
|
|
1
|
|
|
1,648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Industrial
|
|
2
|
|
|
1,763
|
|
|
1
|
|
|
1,078
|
|
|
1
|
|
|
949
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
727
|
|
|
—
|
|
|
—
|
|
||||||
Retail
|
|
1
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
13,518
|
|
|
1
|
|
|
3,607
|
|
||||||
Multi-family
|
|
1
|
|
|
181
|
|
|
1
|
|
|
181
|
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|
1
|
|
|
380
|
|
|
—
|
|
|
—
|
|
||||||
Mixed use and other
|
|
7
|
|
|
4,926
|
|
|
2
|
|
|
569
|
|
|
6
|
|
|
5,042
|
|
|
1
|
|
|
95
|
|
|
15
|
|
|
7,333
|
|
|
4
|
|
|
1,445
|
|
||||||
Residential real estate and other
|
|
6
|
|
|
1,836
|
|
|
1
|
|
|
211
|
|
|
10
|
|
|
2,296
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
1,638
|
|
|
5
|
|
|
1,168
|
|
||||||
Total loans
|
|
21
|
|
|
$
|
11,967
|
|
|
6
|
|
|
$
|
2,127
|
|
|
35
|
|
|
$
|
22,680
|
|
|
5
|
|
|
$
|
2,683
|
|
|
75
|
|
|
$
|
72,512
|
|
|
18
|
|
|
$
|
20,553
|
|
(1)
|
Total TDRs represent all loans restructured in TDRs during the year 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.
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Balance at beginning of year
|
|
$
|
8,946
|
|
|
$
|
6,750
|
|
|
$
|
6,700
|
|
Additions from loans sold with servicing retained
|
|
213
|
|
|
523
|
|
|
4,151
|
|
|||
Additions from acquisitions
|
|
704
|
|
|
—
|
|
|
—
|
|
|||
Estimate of changes in fair value due to:
|
|
|
|
|
|
|
||||||
Payoffs and paydowns
|
|
(976
|
)
|
|
(941
|
)
|
|
(3,808
|
)
|
|||
Changes in valuation inputs or assumptions
|
|
(452
|
)
|
|
2,614
|
|
|
(293
|
)
|
|||
Fair value at end of year
|
|
$
|
8,435
|
|
|
$
|
8,946
|
|
|
$
|
6,750
|
|
Unpaid principal balance of mortgage loans serviced for others
|
|
$
|
877,899
|
|
|
$
|
961,619
|
|
|
$
|
1,005,372
|
|
(Dollars in thousands)
|
|
Charter
National
|
|
Second
Federal
(1)
|
|
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
(2)
|
|
13,164
|
|
|
—
|
|
|
67,190
|
|
|||
Gain on bargain purchase recognized
|
|
785
|
|
|
43
|
|
|
6,675
|
|
(1)
|
Subsequent to the acquisition of Second Federal, deposits and banking operations were divested to an unaffiliated financial institution. See "Divestiture of Previous FDIC-Assisted Acquisition" below for further discussion.
|
(2)
|
As
no
assets subject to loss sharing agreements were acquired in the acquisition of Second Federal, there was
no
fair value of reimbursable losses.
|
|
|
Year Ended December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Balance at beginning of period
|
|
$
|
85,672
|
|
|
$
|
208,160
|
|
Additions from acquisitions
|
|
—
|
|
|
—
|
|
||
Additions from reimbursable expenses
|
|
6,490
|
|
|
13,022
|
|
||
Amortization
|
|
(5,763
|
)
|
|
(7,556
|
)
|
||
Changes in expected reimbursements from the FDIC for changes in expected credit losses
|
|
(54,554
|
)
|
|
(74,511
|
)
|
||
Payments received from the FDIC
|
|
(19,999
|
)
|
|
(53,443
|
)
|
||
Balance at end of period
|
|
$
|
11,846
|
|
|
$
|
85,672
|
|
(Dollars in thousands)
|
|
January 1,
2014
|
|
Goodwill
Acquired
|
|
Impairment
Loss
|
|
Goodwill Adjustments
|
|
December 31,
2014
|
||||||||||
Community banking
|
|
$
|
305,313
|
|
|
$
|
26,439
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
331,752
|
|
Specialty finance
|
|
37,370
|
|
|
6,545
|
|
|
—
|
|
|
(2,147
|
)
|
|
41,768
|
|
|||||
Wealth management
|
|
31,864
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
32,114
|
|
|||||
Total
|
|
$
|
374,547
|
|
|
$
|
33,234
|
|
|
$
|
—
|
|
|
$
|
(2,147
|
)
|
|
$
|
405,634
|
|
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Community banking segment:
|
|
|
|
|
||||
Core deposit intangibles:
|
|
|
|
|
||||
Gross carrying amount
|
|
$
|
29,379
|
|
|
$
|
40,770
|
|
Accumulated amortization
|
|
(17,879
|
)
|
|
(29,189
|
)
|
||
Net carrying amount
|
|
$
|
11,500
|
|
|
$
|
11,581
|
|
Specialty finance segment:
|
|
|
|
|
||||
Customer list intangibles:
|
|
|
|
|
||||
Gross carrying amount
|
|
$
|
1,800
|
|
|
$
|
1,800
|
|
Accumulated amortization
|
|
(941
|
)
|
|
(805
|
)
|
||
Net carrying amount
|
|
$
|
859
|
|
|
$
|
995
|
|
Wealth management segment:
|
|
|
|
|
||||
Customer list and other intangibles:
|
|
|
|
|
||||
Gross carrying amount
|
|
$
|
7,940
|
|
|
$
|
7,690
|
|
Accumulated amortization
|
|
(1,488
|
)
|
|
(1,053
|
)
|
||
Net carrying amount
|
|
$
|
6,452
|
|
|
$
|
6,637
|
|
Total other intangible assets, net
|
|
$
|
18,811
|
|
|
$
|
19,213
|
|
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Land
|
|
$
|
128,766
|
|
|
$
|
116,906
|
|
Buildings and leasehold improvements
|
|
470,636
|
|
|
440,456
|
|
||
Furniture, equipment, and computer software
|
|
160,659
|
|
|
144,854
|
|
||
Construction in progress
|
|
5,737
|
|
|
17,966
|
|
||
|
|
765,798
|
|
|
720,182
|
|
||
Less: Accumulated depreciation and amortization
|
|
210,570
|
|
|
188,235
|
|
||
Total premises and equipment, net
|
|
$
|
555,228
|
|
|
$
|
531,947
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Balance:
|
|
|
|
|
||||
Non-interest bearing
|
|
$
|
3,518,685
|
|
|
$
|
2,721,771
|
|
NOW and interest bearing demand deposits
|
|
2,236,089
|
|
|
1,953,882
|
|
||
Wealth management deposits
|
|
1,226,916
|
|
|
1,013,850
|
|
||
Money market
|
|
3,651,467
|
|
|
3,359,999
|
|
||
Savings
|
|
1,508,877
|
|
|
1,392,575
|
|
||
Time certificates of deposit
|
|
4,139,810
|
|
|
4,226,712
|
|
||
Total deposits
|
|
$
|
16,281,844
|
|
|
$
|
14,668,789
|
|
Mix:
|
|
|
|
|
||||
Non-interest bearing
|
|
22
|
%
|
|
19
|
%
|
||
NOW and interest bearing demand deposits
|
|
14
|
|
|
13
|
|
||
Wealth management deposits
|
|
8
|
|
|
7
|
|
||
Money market
|
|
22
|
|
|
23
|
|
||
Savings
|
|
9
|
|
|
9
|
|
||
Time certificates of deposit
|
|
25
|
|
|
29
|
|
||
Total deposits
|
|
100
|
%
|
|
100
|
%
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Due within one year
|
|
$
|
2,722,029
|
|
|
$
|
2,640,757
|
|
Due in one to two years
|
|
1,009,936
|
|
|
908,443
|
|
||
Due in two to three years
|
|
247,418
|
|
|
465,788
|
|
||
Due in three to four years
|
|
86,884
|
|
|
131,455
|
|
||
Due in four to five years
|
|
69,360
|
|
|
74,647
|
|
||
Due after five years
|
|
4,183
|
|
|
5,622
|
|
||
Total time certificate of deposits
|
|
$
|
4,139,810
|
|
|
$
|
4,226,712
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Maturing within three months
|
|
$
|
612,936
|
|
|
$
|
584,948
|
|
After three but within six months
|
|
466,203
|
|
|
395,118
|
|
||
After six but within 12 months
|
|
711,361
|
|
|
647,389
|
|
||
After 12 months
|
|
925,921
|
|
|
1,088,954
|
|
||
Total
|
|
$
|
2,716,421
|
|
|
$
|
2,716,409
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
0.13% advance due January 2014
|
|
$
|
—
|
|
|
$
|
30,000
|
|
1.94% advance due July 2014
|
|
—
|
|
|
10,000
|
|
||
1.58% advance due September 2014
|
|
—
|
|
|
25,127
|
|
||
1.63% advance due September 2014
|
|
—
|
|
|
25,135
|
|
||
0.13% advance due January 2015
|
|
405,550
|
|
|
—
|
|
||
0.72% advance due February 2015
|
|
141,000
|
|
|
141,000
|
|
||
0.73% advance due February 2015
|
|
5,000
|
|
|
5,000
|
|
||
0.99% advance due February 2016
|
|
26,500
|
|
|
26,500
|
|
||
1.25% advance due February 2017
|
|
25,000
|
|
|
25,000
|
|
||
3.47% advance due November 2017
|
|
10,000
|
|
|
10,000
|
|
||
1.49% advance due February 2018
|
|
95,000
|
|
|
95,000
|
|
||
4.18% advance due February 2022
|
|
25,000
|
|
|
25,000
|
|
||
Total Federal Home Loan Bank advances
|
|
$
|
733,050
|
|
|
$
|
417,762
|
|
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Notes payable
|
|
$
|
—
|
|
|
$
|
364
|
|
Securities sold under repurchase agreements
|
|
48,566
|
|
|
235,347
|
|
||
Other
|
|
18,822
|
|
|
19,393
|
|
||
Secured borrowings
|
|
129,077
|
|
|
—
|
|
||
Total other borrowings
|
|
$
|
196,465
|
|
|
$
|
255,104
|
|
|
|
Common Securities
|
|
Trust Preferred Securities
|
|
Junior
Subordinated
Debentures
|
|
Rate Structure
|
|
Contractual rate at 12/31/2014
|
|
|
|
Maturity Date
|
|
Earliest Redemption Date
|
|||||||||||
(Dollars in thousands)
|
|
|
|
2014
|
|
2013
|
|
|
|
Issue Date
|
|
|
|||||||||||||||
Wintrust Capital Trust III
|
|
$
|
774
|
|
|
$
|
25,000
|
|
|
$
|
25,774
|
|
|
$
|
25,774
|
|
|
L+3.25
|
|
3.48
|
%
|
|
04/2003
|
|
04/2033
|
|
04/2008
|
Wintrust Statutory Trust IV
|
|
619
|
|
|
20,000
|
|
|
20,619
|
|
|
20,619
|
|
|
L+2.80
|
|
3.06
|
%
|
|
12/2003
|
|
12/2033
|
|
12/2008
|
||||
Wintrust Statutory Trust V
|
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
41,238
|
|
|
L+2.60
|
|
2.86
|
%
|
|
05/2004
|
|
05/2034
|
|
06/2009
|
||||
Wintrust Capital Trust VII
|
|
1,550
|
|
|
50,000
|
|
|
51,550
|
|
|
51,550
|
|
|
L+1.95
|
|
2.19
|
%
|
|
12/2004
|
|
03/2035
|
|
03/2010
|
||||
Wintrust Capital Trust VIII
|
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
41,238
|
|
|
L+1.45
|
|
1.71
|
%
|
|
08/2005
|
|
09/2035
|
|
09/2010
|
||||
Wintrust Capital Trust IX
|
|
1,547
|
|
|
50,000
|
|
|
51,547
|
|
|
51,547
|
|
|
L+1.63
|
|
1.87
|
%
|
|
09/2006
|
|
09/2036
|
|
09/2011
|
||||
Northview Capital Trust I
|
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
6,186
|
|
|
L+3.00
|
|
3.24
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
||||
Town Bankshares Capital Trust I
|
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
6,186
|
|
|
L+3.00
|
|
3.24
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
||||
First Northwest Capital Trust I
|
|
155
|
|
|
5,000
|
|
|
5,155
|
|
|
5,155
|
|
|
L+3.00
|
|
3.26
|
%
|
|
05/2004
|
|
05/2034
|
|
05/2009
|
||||
Total
|
|
|
|
|
|
$
|
249,493
|
|
|
$
|
249,493
|
|
|
|
|
2.43
|
%
|
|
|
|
|
|
|
|
|
Payments
|
|
Income
|
||||
2015
|
|
$
|
8,636
|
|
|
$
|
4,532
|
|
2016
|
|
9,807
|
|
|
4,076
|
|
||
2017
|
|
9,203
|
|
|
3,157
|
|
||
2018
|
|
8,672
|
|
|
2,097
|
|
||
2019
|
|
7,872
|
|
|
1,199
|
|
||
2020 and thereafter
|
|
122,618
|
|
|
1,891
|
|
||
Total minimum future amounts
|
|
$
|
166,808
|
|
|
$
|
16,952
|
|
|
|
Years Ended December 31,
|
||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Current income taxes:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
75,945
|
|
|
$
|
67,449
|
|
|
$
|
74,109
|
|
State
|
|
10,397
|
|
|
16,046
|
|
|
16,224
|
|
|||
Foreign
|
|
4,566
|
|
|
2,196
|
|
|
1,918
|
|
|||
Total current income taxes
|
|
$
|
90,908
|
|
|
$
|
85,691
|
|
|
$
|
92,251
|
|
Deferred income taxes:
|
|
|
|
|
|
|
||||||
Federal
|
|
466
|
|
|
1,813
|
|
|
(19,550
|
)
|
|||
State
|
|
6,113
|
|
|
(114
|
)
|
|
(4,206
|
)
|
|||
Foreign
|
|
(2,454
|
)
|
|
(160
|
)
|
|
441
|
|
|||
Total deferred income taxes
|
|
4,125
|
|
|
1,539
|
|
|
(23,315
|
)
|
|||
Total income tax expense
|
|
$
|
95,033
|
|
|
$
|
87,230
|
|
|
$
|
68,936
|
|
|
|
Years Ended December 31,
|
||||||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Income tax expense based upon the Federal statutory rate on income before income taxes
|
|
$
|
86,251
|
|
|
$
|
78,554
|
|
|
$
|
63,046
|
|
Increase (decrease) in tax resulting from:
|
|
|
|
|
|
|
||||||
Tax-exempt interest, net of interest expense disallowance
|
|
(1,936
|
)
|
|
(1,423
|
)
|
|
(1,294
|
)
|
|||
State taxes, net of federal tax benefit
|
|
10,731
|
|
|
10,355
|
|
|
7,811
|
|
|||
Income earned on bank owned life insurance
|
|
(896
|
)
|
|
(1,157
|
)
|
|
(974
|
)
|
|||
Non-deductible compensation costs
|
|
561
|
|
|
654
|
|
|
1,156
|
|
|||
Meals, entertainment and related expenses
|
|
1,026
|
|
|
993
|
|
|
931
|
|
|||
Foreign subsidiary, net
|
|
775
|
|
|
588
|
|
|
1,991
|
|
|||
Foreign tax credits
|
|
—
|
|
|
—
|
|
|
(2,177
|
)
|
|||
Tax credits, excluding foreign tax credits
|
|
(1,498
|
)
|
|
(1,553
|
)
|
|
(1,906
|
)
|
|||
Other, net
|
|
19
|
|
|
219
|
|
|
352
|
|
|||
Income tax expense
|
|
$
|
95,033
|
|
|
$
|
87,230
|
|
|
$
|
68,936
|
|
|
|
Years Ended December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Allowance for credit losses
|
|
$
|
35,455
|
|
|
$
|
37,525
|
|
Net unrealized losses on derivatives included in other comprehensive income
|
|
1,601
|
|
|
1,574
|
|
||
Net unrealized losses on securities included in other comprehensive income
|
|
6,242
|
|
|
35,216
|
|
||
Deferred compensation
|
|
19,349
|
|
|
16,089
|
|
||
Stock-based compensation
|
|
10,735
|
|
|
10,340
|
|
||
Nonaccrued interest
|
|
1,329
|
|
|
1,895
|
|
||
Other real estate owned
|
|
7,546
|
|
|
6,405
|
|
||
Mortgage banking recourse obligation
|
|
1,206
|
|
|
1,503
|
|
||
Covered assets
|
|
18,246
|
|
|
13,616
|
|
||
Pension plan liabilities
|
|
465
|
|
|
1,035
|
|
||
Federal net operating loss carryforward
|
|
2,108
|
|
|
2,452
|
|
||
Foreign net operating loss carryforward
|
|
2,521
|
|
|
—
|
|
||
AMT credit carryforward
|
|
1,177
|
|
|
1,346
|
|
||
State tax losses carryforward
|
|
—
|
|
|
3,294
|
|
||
Foreign tax credit carryforward
|
|
302
|
|
|
—
|
|
||
Other
|
|
3,058
|
|
|
2,149
|
|
||
Total gross deferred tax assets
|
|
111,340
|
|
|
134,439
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Discount on purchased loans
|
|
11,324
|
|
|
5,718
|
|
||
Premises and equipment
|
|
35,902
|
|
|
36,847
|
|
||
Goodwill and intangible assets
|
|
3,501
|
|
|
1,683
|
|
||
Deferred loan fees and costs
|
|
4,927
|
|
|
4,533
|
|
||
FHLB stock dividends
|
|
1,416
|
|
|
1,431
|
|
||
Capitalized servicing rights
|
|
3,037
|
|
|
3,547
|
|
||
Fair value adjustments on loans
|
|
9,444
|
|
|
6,947
|
|
||
Other
|
|
5,625
|
|
|
3,606
|
|
||
Total gross deferred liabilities
|
|
75,176
|
|
|
64,312
|
|
||
Net deferred tax assets
|
|
$
|
36,164
|
|
|
$
|
70,127
|
|
|
|
2014
|
|
2013
|
|
2012
|
|||
Expected dividend yield
|
|
0.5
|
%
|
|
0.5
|
%
|
|
0.6
|
%
|
Expected volatility
|
|
29.8
|
%
|
|
59.0
|
%
|
|
62.6
|
%
|
Risk-free rate
|
|
0.8
|
%
|
|
1.0
|
%
|
|
0.7
|
%
|
Expected option life (in years)
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
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
|
|
250,997
|
|
|
31.16
|
|
|
|
|
|
|||
Exercised
|
|
(484,709
|
)
|
|
21.43
|
|
|
|
|
|
|||
Forfeited or canceled
|
|
(85,395
|
)
|
|
43.70
|
|
|
|
|
|
|||
Outstanding at December 31, 2012
|
|
1,745,427
|
|
|
$
|
42.31
|
|
|
3.1
|
|
$
|
3,836
|
|
Exercisable at December 31, 2012
|
|
1,346,287
|
|
|
$
|
45.57
|
|
|
2.3
|
|
$
|
1,677
|
|
Outstanding at January 1, 2013
|
|
1,745,427
|
|
|
$
|
42.31
|
|
|
|
|
|
||
Granted
|
|
236,120
|
|
|
38.01
|
|
|
|
|
|
|||
Exercised
|
|
(371,826
|
)
|
|
40.46
|
|
|
|
|
|
|||
Forfeited or canceled
|
|
(85,049
|
)
|
|
44.12
|
|
|
|
|
|
|||
Outstanding at December 31, 2013
|
|
1,524,672
|
|
|
$
|
42.00
|
|
|
2.6
|
|
$
|
11,021
|
|
Exercisable at December 31, 2013
|
|
1,097,836
|
|
|
$
|
44.82
|
|
|
1.5
|
|
$
|
6,165
|
|
Outstanding at January 1, 2014
|
|
1,524,672
|
|
|
$
|
42.00
|
|
|
|
|
|
||
Granted
|
|
447,153
|
|
|
46.38
|
|
|
|
|
|
|||
Exercised
|
|
(176,009
|
)
|
|
33.32
|
|
|
|
|
|
|||
Forfeited or canceled
|
|
(177,390
|
)
|
|
52.55
|
|
|
|
|
|
|||
Outstanding at December 31, 2014
|
|
1,618,426
|
|
|
$
|
43.00
|
|
|
3.5
|
|
$
|
9,303
|
|
Exercisable at December 31, 2014
|
|
941,741
|
|
|
$
|
43.35
|
|
|
2.0
|
|
$
|
6,392
|
|
Vested or expected to vest at December 31, 2014
|
|
1,607,305
|
|
|
$
|
42.99
|
|
|
|
|
|
(1)
|
Represents the weighted average contractual remaining life in years.
|
(2)
|
Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end 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 year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.
|
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Restricted Shares
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|||||||||
Outstanding at January 1
|
|
181,522
|
|
|
$
|
43.39
|
|
|
314,226
|
|
|
$
|
37.99
|
|
|
336,709
|
|
|
$
|
38.29
|
|
Granted
|
|
31,463
|
|
|
45.00
|
|
|
16,932
|
|
|
42.14
|
|
|
111,207
|
|
|
32.37
|
|
|||
Vested and issued
|
|
(60,121
|
)
|
|
34.98
|
|
|
(144,860
|
)
|
|
31.83
|
|
|
(132,337
|
)
|
|
34.12
|
|
|||
Forfeited
|
|
(6,752
|
)
|
|
37.95
|
|
|
(4,776
|
)
|
|
33.93
|
|
|
(1,353
|
)
|
|
30.99
|
|
|||
Outstanding at end of year
|
|
146,112
|
|
|
$
|
47.45
|
|
|
181,522
|
|
|
$
|
43.39
|
|
|
314,226
|
|
|
$
|
37.99
|
|
Vested, but not issuable at end of year
|
|
85,000
|
|
|
$
|
51.88
|
|
|
85,000
|
|
|
$
|
51.88
|
|
|
85,000
|
|
|
$
|
51.88
|
|
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Performance Shares
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|||||||||
Outstanding at January 1
|
|
307,512
|
|
|
$
|
34.01
|
|
|
214,565
|
|
|
$
|
32.08
|
|
|
100,220
|
|
|
$
|
33.25
|
|
Granted
|
|
93,535
|
|
|
46.86
|
|
|
106,268
|
|
|
37.90
|
|
|
119,476
|
|
|
31.10
|
|
|||
Expired, canceled or forfeited
|
|
(89,424
|
)
|
|
33.78
|
|
|
(13,321
|
)
|
|
34.00
|
|
|
(5,131
|
)
|
|
32.16
|
|
|||
Vested and issued
|
|
(15,944
|
)
|
|
33.25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Outstanding at end of year
|
|
295,679
|
|
|
$
|
38.18
|
|
|
307,512
|
|
|
$
|
34.01
|
|
|
214,565
|
|
|
$
|
32.08
|
|
|
|
2014
|
|
2013
|
||
Total Capital to Risk Weighted Assets
|
|
13.0
|
%
|
|
12.9
|
%
|
Tier 1 Capital to Risk Weighted Assets
|
|
11.6
|
%
|
|
12.2
|
%
|
Tier 1 Leverage Ratio
|
|
10.2
|
%
|
|
10.5
|
%
|
•
|
A new minimum ratio of Common Equity Tier 1 Capital to risk-weighted assets of
4.5%
;
|
•
|
An increase in the minimum required amount of Additional Tier 1 Capital to
6%
of risk-weighted assets;
|
•
|
A continuation of the current minimum required amount of Total Capital (Tier 1 plus Tier 2) at
8%
of risk-weighted assets; and
|
•
|
A minimum leverage ratio of Tier 1 Capital to total assets equal to
4%
in all circumstances.
|
(Dollars in thousands)
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||
|
|
Actual
|
|
To Be Well
Capitalized by
Regulatory Definition
|
|
Actual
|
|
To Be Well
Capitalized by
Regulatory Definition
|
||||||||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||||||||
Total Capital (to Risk Weighted Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lake Forest Bank
|
|
$
|
245,248
|
|
|
10.9
|
%
|
|
$
|
224,354
|
|
|
10.0
|
%
|
|
$
|
236,055
|
|
|
11.7
|
%
|
|
$
|
202,443
|
|
|
10.0
|
%
|
Hinsdale Bank
|
|
155,797
|
|
|
11.4
|
|
|
136,415
|
|
|
10.0
|
|
|
152,266
|
|
|
11.4
|
|
|
134,106
|
|
|
10.0
|
|
||||
Wintrust Bank
|
|
312,223
|
|
|
11.2
|
|
|
279,295
|
|
|
10.0
|
|
|
232,454
|
|
|
11.6
|
|
|
200,806
|
|
|
10.0
|
|
||||
Libertyville Bank
|
|
113,513
|
|
|
11.4
|
|
|
99,999
|
|
|
10.0
|
|
|
111,396
|
|
|
11.4
|
|
|
97,777
|
|
|
10.0
|
|
||||
Barrington Bank
|
|
163,162
|
|
|
11.9
|
|
|
137,527
|
|
|
10.0
|
|
|
128,924
|
|
|
11.0
|
|
|
117,103
|
|
|
10.0
|
|
||||
Crystal Lake Bank
|
|
87,138
|
|
|
12.9
|
|
|
67,482
|
|
|
10.0
|
|
|
85,922
|
|
|
13.0
|
|
|
66,066
|
|
|
10.0
|
|
||||
Northbrook Bank
|
|
126,325
|
|
|
11.1
|
|
|
114,042
|
|
|
10.0
|
|
|
142,512
|
|
|
11.0
|
|
|
130,208
|
|
|
10.0
|
|
||||
Schaumburg Bank
|
|
73,999
|
|
|
11.3
|
|
|
65,485
|
|
|
10.0
|
|
|
70,728
|
|
|
11.4
|
|
|
62,130
|
|
|
10.0
|
|
||||
Village Bank
|
|
103,148
|
|
|
11.2
|
|
|
92,110
|
|
|
10.0
|
|
|
95,359
|
|
|
11.0
|
|
|
86,435
|
|
|
10.0
|
|
||||
Beverly Bank
|
|
73,808
|
|
|
11.3
|
|
|
65,229
|
|
|
10.0
|
|
|
70,754
|
|
|
11.2
|
|
|
63,251
|
|
|
10.0
|
|
||||
Town Bank
|
|
130,699
|
|
|
12.1
|
|
|
108,434
|
|
|
10.0
|
|
|
85,647
|
|
|
11.2
|
|
|
76,234
|
|
|
10.0
|
|
||||
Wheaton Bank
|
|
77,366
|
|
|
11.6
|
|
|
66,920
|
|
|
10.0
|
|
|
77,177
|
|
|
13.0
|
|
|
59,354
|
|
|
10.0
|
|
||||
State Bank of the Lakes
|
|
78,048
|
|
|
11.6
|
|
|
67,272
|
|
|
10.0
|
|
|
73,248
|
|
|
11.9
|
|
|
61,698
|
|
|
10.0
|
|
||||
Old Plank Trail Bank
|
|
100,082
|
|
|
12.4
|
|
|
80,420
|
|
|
10.0
|
|
|
96,495
|
|
|
12.7
|
|
|
75,834
|
|
|
10.0
|
|
||||
St. Charles Bank
|
|
71,123
|
|
|
11.1
|
|
|
63,912
|
|
|
10.0
|
|
|
71,170
|
|
|
11.4
|
|
|
62,669
|
|
|
10.0
|
|
||||
Tier 1 Capital (to Risk Weighted Assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lake Forest Bank
|
|
$
|
231,448
|
|
|
10.3
|
%
|
|
$
|
134,612
|
|
|
6.0
|
%
|
|
$
|
222,577
|
|
|
11.0
|
%
|
|
$
|
121,466
|
|
|
6.0
|
%
|
Hinsdale Bank
|
|
146,290
|
|
|
10.7
|
|
|
81,849
|
|
|
6.0
|
|
|
144,196
|
|
|
10.8
|
|
|
80,463
|
|
|
6.0
|
|
||||
Wintrust Bank
|
|
222,845
|
|
|
8.0
|
|
|
167,577
|
|
|
6.0
|
|
|
162,903
|
|
|
8.1
|
|
|
120,484
|
|
|
6.0
|
|
||||
Libertyville Bank
|
|
107,649
|
|
|
10.8
|
|
|
59,999
|
|
|
6.0
|
|
|
103,895
|
|
|
10.6
|
|
|
58,666
|
|
|
6.0
|
|
||||
Barrington Bank
|
|
150,705
|
|
|
11.0
|
|
|
82,516
|
|
|
6.0
|
|
|
122,664
|
|
|
10.5
|
|
|
70,262
|
|
|
6.0
|
|
||||
Crystal Lake Bank
|
|
83,788
|
|
|
12.4
|
|
|
40,489
|
|
|
6.0
|
|
|
79,878
|
|
|
12.1
|
|
|
39,640
|
|
|
6.0
|
|
||||
Northbrook Bank
|
|
116,808
|
|
|
10.2
|
|
|
68,425
|
|
|
6.0
|
|
|
131,591
|
|
|
10.1
|
|
|
78,125
|
|
|
6.0
|
|
||||
Schaumburg Bank
|
|
67,427
|
|
|
10.3
|
|
|
39,291
|
|
|
6.0
|
|
|
64,263
|
|
|
10.3
|
|
|
37,278
|
|
|
6.0
|
|
||||
Village Bank
|
|
97,684
|
|
|
10.6
|
|
|
55,266
|
|
|
6.0
|
|
|
88,961
|
|
|
10.3
|
|
|
51,861
|
|
|
6.0
|
|
||||
Beverly Bank
|
|
71,197
|
|
|
10.9
|
|
|
39,137
|
|
|
6.0
|
|
|
65,385
|
|
|
10.3
|
|
|
37,951
|
|
|
6.0
|
|
||||
Town Bank
|
|
125,716
|
|
|
11.6
|
|
|
65,061
|
|
|
6.0
|
|
|
79,843
|
|
|
10.5
|
|
|
45,741
|
|
|
6.0
|
|
||||
Wheaton Bank
|
|
70,632
|
|
|
10.6
|
|
|
40,152
|
|
|
6.0
|
|
|
69,730
|
|
|
11.8
|
|
|
35,613
|
|
|
6.0
|
|
||||
State Bank of the Lakes
|
|
69,176
|
|
|
10.3
|
|
|
40,363
|
|
|
6.0
|
|
|
68,399
|
|
|
11.1
|
|
|
37,019
|
|
|
6.0
|
|
||||
Old Plank Trail Bank
|
|
96,689
|
|
|
12.0
|
|
|
48,252
|
|
|
6.0
|
|
|
92,694
|
|
|
12.2
|
|
|
45,500
|
|
|
6.0
|
|
||||
St. Charles Bank
|
|
67,588
|
|
|
10.6
|
|
|
38,347
|
|
|
6.0
|
|
|
64,922
|
|
|
10.4
|
|
|
37,601
|
|
|
6.0
|
|
||||
Tier 1 Leverage Ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lake Forest Bank
|
|
$
|
231,448
|
|
|
9.0
|
%
|
|
$
|
128,590
|
|
|
5.0
|
%
|
|
$
|
222,577
|
|
|
9.6
|
%
|
|
$
|
116,340
|
|
|
5.0
|
%
|
Hinsdale Bank
|
|
146,290
|
|
|
9.7
|
|
|
75,509
|
|
|
5.0
|
|
|
144,196
|
|
|
9.5
|
|
|
75,822
|
|
|
5.0
|
|
||||
Wintrust Bank
|
|
222,845
|
|
|
7.4
|
|
|
149,925
|
|
|
5.0
|
|
|
162,903
|
|
|
7.2
|
|
|
113,580
|
|
|
5.0
|
|
||||
Libertyville Bank
|
|
107,649
|
|
|
9.3
|
|
|
58,032
|
|
|
5.0
|
|
|
103,895
|
|
|
9.2
|
|
|
56,703
|
|
|
5.0
|
|
||||
Barrington Bank
|
|
150,705
|
|
|
9.4
|
|
|
80,086
|
|
|
5.0
|
|
|
122,664
|
|
|
8.9
|
|
|
69,270
|
|
|
5.0
|
|
||||
Crystal Lake Bank
|
|
83,788
|
|
|
10.3
|
|
|
40,502
|
|
|
5.0
|
|
|
79,878
|
|
|
10.2
|
|
|
39,108
|
|
|
5.0
|
|
||||
Northbrook Bank
|
|
116,808
|
|
|
8.9
|
|
|
65,626
|
|
|
5.0
|
|
|
131,591
|
|
|
8.1
|
|
|
80,876
|
|
|
5.0
|
|
||||
Schaumburg Bank
|
|
67,427
|
|
|
8.9
|
|
|
37,930
|
|
|
5.0
|
|
|
64,263
|
|
|
9.0
|
|
|
35,571
|
|
|
5.0
|
|
||||
Village Bank
|
|
97,684
|
|
|
9.4
|
|
|
51,753
|
|
|
5.0
|
|
|
88,961
|
|
|
9.4
|
|
|
47,549
|
|
|
5.0
|
|
||||
Beverly Bank
|
|
71,197
|
|
|
9.3
|
|
|
38,304
|
|
|
5.0
|
|
|
65,385
|
|
|
8.8
|
|
|
37,281
|
|
|
5.0
|
|
||||
Town Bank
|
|
125,716
|
|
|
10.1
|
|
|
62,283
|
|
|
5.0
|
|
|
79,843
|
|
|
9.5
|
|
|
42,164
|
|
|
5.0
|
|
||||
Wheaton Bank
|
|
70,632
|
|
|
8.8
|
|
|
40,152
|
|
|
5.0
|
|
|
69,730
|
|
|
9.3
|
|
|
37,498
|
|
|
5.0
|
|
||||
State Bank of the Lakes
|
|
69,176
|
|
|
8.4
|
|
|
41,382
|
|
|
5.0
|
|
|
68,399
|
|
|
9.8
|
|
|
34,784
|
|
|
5.0
|
|
||||
Old Plank Trail Bank
|
|
96,689
|
|
|
8.4
|
|
|
57,717
|
|
|
5.0
|
|
|
92,694
|
|
|
8.7
|
|
|
53,603
|
|
|
5.0
|
|
||||
St. Charles Bank
|
|
67,588
|
|
|
9.8
|
|
|
34,504
|
|
|
5.0
|
|
|
64,922
|
|
|
9.6
|
|
|
33,975
|
|
|
5.0
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||
(Dollars in thousands)
|
|
December 31, 2014
|
|
December 31, 2013
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||
Derivatives designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives designated as Cash Flow Hedges
|
|
$
|
1,390
|
|
|
$
|
1,776
|
|
|
|
$
|
1,994
|
|
|
$
|
3,160
|
|
Interest rate derivatives designated as Fair Value Hedges
|
|
52
|
|
|
107
|
|
|
|
—
|
|
|
1
|
|
||||
Total derivatives designated as hedging instruments under ASC 815
|
|
$
|
1,442
|
|
|
$
|
1,883
|
|
|
|
$
|
1,994
|
|
|
$
|
3,161
|
|
Derivatives not designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives
|
|
$
|
36,399
|
|
|
$
|
36,073
|
|
|
|
$
|
34,927
|
|
|
$
|
31,646
|
|
Interest rate lock commitments
|
|
10,028
|
|
|
7,500
|
|
|
|
20
|
|
|
147
|
|
||||
Forward commitments to sell mortgage loans
|
|
23
|
|
|
2,761
|
|
|
|
4,239
|
|
|
2,310
|
|
||||
Foreign exchange contracts
|
|
72
|
|
|
4
|
|
|
|
—
|
|
|
—
|
|
||||
Total derivatives not designated as hedging instruments under ASC 815
|
|
$
|
46,522
|
|
|
$
|
46,338
|
|
|
|
$
|
39,186
|
|
|
$
|
34,103
|
|
Total Derivatives
|
|
$
|
47,964
|
|
|
$
|
48,221
|
|
|
|
$
|
41,180
|
|
|
$
|
37,264
|
|
(Dollars in thousands)
|
|
December 31, 2014
|
||||||
Maturity Date
|
|
Notional
Amount
|
|
Fair Value
Asset (Liability)
|
||||
Interest Rate Swaps:
|
|
|
|
|
||||
September 2016
|
|
$
|
50,000
|
|
|
$
|
(1,310
|
)
|
October 2016
|
|
25,000
|
|
|
(684
|
)
|
||
Total Interest Rate Swaps
|
|
75,000
|
|
|
(1,994
|
)
|
||
Interest Rate Caps:
|
|
|
|
|
||||
August 2016
|
|
43,500
|
|
|
82
|
|
||
August 2016
|
|
216,500
|
|
|
301
|
|
||
September 2017
|
|
50,000
|
|
|
548
|
|
||
September 2017
|
|
40,000
|
|
|
459
|
|
||
Total Interest Rate Caps
|
|
350,000
|
|
|
1,390
|
|
||
Total Cash Flow Hedges
|
|
$
|
425,000
|
|
|
$
|
(604
|
)
|
|
|
December 31,
|
||||||
(Dollars in thousands)
|
|
2014
|
|
2013
|
||||
Unrealized loss at beginning of period
|
|
$
|
(3,971
|
)
|
|
$
|
(8,673
|
)
|
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated debentures
|
|
1,974
|
|
|
5,115
|
|
||
Amount of loss recognized in other comprehensive income
|
|
(2,065
|
)
|
|
(413
|
)
|
||
Unrealized loss at end of period
|
|
$
|
(4,062
|
)
|
|
$
|
(3,971
|
)
|
(Dollars in thousands)
|
|
|
|
December 31,
|
||||||
Derivative
|
|
Location in income statement
|
|
2014
|
|
2013
|
||||
Interest rate swaps and caps
|
|
Trading (losses)/gains, net
|
|
$
|
(1,675
|
)
|
|
$
|
853
|
|
Mortgage banking derivatives
|
|
Mortgage banking revenue
|
|
(2,012
|
)
|
|
6,026
|
|
||
Covered call options
|
|
Fees from covered call options
|
|
7,859
|
|
|
4,773
|
|
||
Foreign exchange contracts
|
|
Trading (losses)/gains, net
|
|
68
|
|
|
(11
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||
(Dollars in thousands)
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||
Gross Amounts Recognized
|
$
|
37,841
|
|
|
$
|
37,956
|
|
|
$
|
36,921
|
|
|
$
|
34,807
|
|
Less: Amounts offset in the Statements of Condition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net amount presented in the Statements of Condition
|
$
|
37,841
|
|
|
$
|
37,956
|
|
|
$
|
36,921
|
|
|
$
|
34,807
|
|
Gross amounts not offset in the Statements of Condition
|
|
|
|
|
|
|
|
||||||||
Offsetting Derivative Positions
|
(2,771
|
)
|
|
(8,826
|
)
|
|
(2,771
|
)
|
|
(8,826
|
)
|
||||
Collateral Posted
(1)
|
—
|
|
|
—
|
|
|
(34,150
|
)
|
|
(25,981
|
)
|
||||
Net Credit Exposure
|
$
|
35,070
|
|
|
$
|
29,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
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.
|
|
|
December 31, 2014
|
||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
381,805
|
|
|
$
|
—
|
|
|
$
|
381,805
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
668,316
|
|
|
—
|
|
|
668,316
|
|
|
—
|
|
||||
Municipal
|
|
238,529
|
|
|
—
|
|
|
179,576
|
|
|
58,953
|
|
||||
Corporate notes
|
|
133,579
|
|
|
—
|
|
|
133,579
|
|
|
—
|
|
||||
Mortgage-backed
|
|
318,710
|
|
|
—
|
|
|
318,710
|
|
|
—
|
|
||||
Equity securities
|
|
51,139
|
|
|
—
|
|
|
27,428
|
|
|
23,711
|
|
||||
Trading account securities
|
|
1,206
|
|
|
—
|
|
|
1,206
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
|
351,290
|
|
|
—
|
|
|
351,290
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
8,435
|
|
|
—
|
|
|
—
|
|
|
8,435
|
|
||||
Nonqualified deferred compensations assets
|
|
7,951
|
|
|
—
|
|
|
7,951
|
|
|
—
|
|
||||
Derivative assets
|
|
47,964
|
|
|
—
|
|
|
47,964
|
|
|
—
|
|
||||
Total
|
|
$
|
2,208,924
|
|
|
$
|
—
|
|
|
$
|
2,117,825
|
|
|
$
|
91,099
|
|
Derivative liabilities
|
|
$
|
41,180
|
|
|
$
|
—
|
|
|
$
|
41,180
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2013
|
||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
336,095
|
|
|
$
|
—
|
|
|
$
|
336,095
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
895,688
|
|
|
—
|
|
|
895,688
|
|
|
—
|
|
||||
Municipal
|
|
152,716
|
|
|
—
|
|
|
116,330
|
|
|
36,386
|
|
||||
Corporate notes
|
|
135,038
|
|
|
—
|
|
|
135,038
|
|
|
—
|
|
||||
Mortgage-backed
|
|
605,225
|
|
|
—
|
|
|
605,225
|
|
|
—
|
|
||||
Equity securities
|
|
51,528
|
|
|
—
|
|
|
29,365
|
|
|
22,163
|
|
||||
Trading account securities
|
|
497
|
|
|
—
|
|
|
497
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
|
332,485
|
|
|
—
|
|
|
332,485
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
8,946
|
|
|
—
|
|
|
—
|
|
|
8,946
|
|
||||
Nonqualified deferred compensations assets
|
|
7,222
|
|
|
—
|
|
|
7,222
|
|
|
—
|
|
||||
Derivative assets
|
|
48,221
|
|
|
—
|
|
|
48,221
|
|
|
—
|
|
||||
Total
|
|
$
|
2,573,661
|
|
|
$
|
—
|
|
|
$
|
2,506,166
|
|
|
$
|
67,495
|
|
Derivative liabilities
|
|
$
|
37,264
|
|
|
$
|
—
|
|
|
$
|
37,264
|
|
|
$
|
—
|
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2014
|
$
|
36,386
|
|
|
$
|
22,163
|
|
|
$
|
8,946
|
|
Total net (losses) gains included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
(1,214
|
)
|
|||
Other comprehensive income
|
202
|
|
|
1,548
|
|
|
—
|
|
|||
Purchases
|
27,437
|
|
|
—
|
|
|
703
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(13,954
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
(2)
|
8,882
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31, 2014
|
$
|
58,953
|
|
|
$
|
23,711
|
|
|
$
|
8,435
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
(2)
|
Transfers into Level 3 relate to a reclassification of municipal bonds in the third quarter of 2014.
|
(Dollars in thousands)
|
Municipal
|
|
Equity securities
|
|
Mortgage servicing rights
|
||||||
Balance at January 1, 2013
|
$
|
30,770
|
|
|
$
|
22,169
|
|
|
$
|
6,750
|
|
Total net (losses) gains included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
(3,328
|
)
|
|
2,196
|
|
|||
Other comprehensive income
|
(296
|
)
|
|
3,322
|
|
|
—
|
|
|||
Purchases
|
22,209
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(16,297
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31, 2013
|
$
|
36,386
|
|
|
$
|
22,163
|
|
|
$
|
8,946
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
|
December 31, 2014
|
|
Twelve Months
Ended
December 31,
2014
Fair Value
Losses
Recognized, net
|
||||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
Impaired loans-collateral based
|
|
$
|
65,608
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,608
|
|
|
$
|
24,462
|
|
Other real estate owned, including covered other real estate owned
(1)
|
|
87,925
|
|
|
—
|
|
|
—
|
|
|
87,925
|
|
|
12,093
|
|
|||||
Total
|
|
$
|
153,533
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
153,533
|
|
|
$
|
36,555
|
|
(1)
|
Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period.
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
(Dollars in thousands)
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
230,707
|
|
|
$
|
230,707
|
|
|
$
|
263,864
|
|
|
$
|
263,864
|
|
Interest bearing deposits with banks
|
|
998,437
|
|
|
998,437
|
|
|
495,574
|
|
|
495,574
|
|
||||
Available-for-sale securities
|
|
1,792,078
|
|
|
1,792,078
|
|
|
2,176,290
|
|
|
2,176,290
|
|
||||
Trading account securities
|
|
1,206
|
|
|
1,206
|
|
|
497
|
|
|
497
|
|
||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
|
91,582
|
|
|
91,582
|
|
|
79,261
|
|
|
79,261
|
|
||||
Brokerage customer receivables
|
|
24,221
|
|
|
24,221
|
|
|
30,953
|
|
|
30,953
|
|
||||
Mortgage loans held-for-sale, at fair value
|
|
351,290
|
|
|
351,290
|
|
|
332,485
|
|
|
332,485
|
|
||||
Mortgage loans held-for-sale, at lower of cost or market
|
|
—
|
|
|
—
|
|
|
1,842
|
|
|
1,857
|
|
||||
Total loans
|
|
14,636,107
|
|
|
15,346,266
|
|
|
13,243,033
|
|
|
13,867,255
|
|
||||
Mortgage servicing rights
|
|
8,435
|
|
|
8,435
|
|
|
8,946
|
|
|
8,946
|
|
||||
Nonqualified deferred compensation assets
|
|
7,951
|
|
|
7,951
|
|
|
7,222
|
|
|
7,222
|
|
||||
Derivative assets
|
|
47,964
|
|
|
47,964
|
|
|
48,221
|
|
|
48,221
|
|
||||
FDIC indemnification asset
|
|
11,846
|
|
|
11,846
|
|
|
85,672
|
|
|
85,672
|
|
||||
Accrued interest receivable and other
|
|
169,156
|
|
|
169,156
|
|
|
163,732
|
|
|
163,732
|
|
||||
Total financial assets
|
|
$
|
18,370,980
|
|
|
$
|
19,081,139
|
|
|
$
|
16,937,592
|
|
|
$
|
17,561,829
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Non-maturity deposits
|
|
$
|
12,142,034
|
|
|
$
|
12,142,034
|
|
|
$
|
10,442,077
|
|
|
$
|
10,442,077
|
|
Deposits with stated maturities
|
|
4,139,810
|
|
|
4,143,161
|
|
|
4,226,712
|
|
|
4,242,172
|
|
||||
Federal Home Loan Bank advances
|
|
733,050
|
|
|
738,113
|
|
|
417,762
|
|
|
422,750
|
|
||||
Other borrowings
|
|
196,465
|
|
|
197,883
|
|
|
255,104
|
|
|
255,104
|
|
||||
Subordinated notes
|
|
140,000
|
|
|
143,639
|
|
|
—
|
|
|
—
|
|
||||
Junior subordinated debentures
|
|
249,493
|
|
|
250,305
|
|
|
249,493
|
|
|
250,672
|
|
||||
Derivative liabilities
|
|
41,180
|
|
|
41,180
|
|
|
37,264
|
|
|
37,264
|
|
||||
Accrued interest payable
|
|
8,001
|
|
|
8,001
|
|
|
8,556
|
|
|
8,556
|
|
||||
Total financial liabilities
|
|
$
|
17,650,033
|
|
|
$
|
17,664,316
|
|
|
$
|
15,636,968
|
|
|
$
|
15,658,595
|
|
|
|
2014
|
|
2013
|
||||
Common Stock:
|
|
|
|
|
||||
Shares authorized
|
|
100,000,000
|
|
|
100,000,000
|
|
||
Shares issued
|
|
46,881,108
|
|
|
46,181,588
|
|
||
Shares outstanding
|
|
46,805,055
|
|
|
46,116,583
|
|
||
Cash dividend per share
|
|
$
|
0.40
|
|
|
$
|
0.18
|
|
Preferred Stock:
|
|
|
|
|
||||
Shares authorized
|
|
20,000,000
|
|
|
20,000,000
|
|
||
Shares issued
|
|
126,467
|
|
|
126,477
|
|
||
Shares outstanding
|
|
126,467
|
|
|
126,477
|
|
(Dollars and units in thousands, except unit price)
|
|
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 consisted of
two
components:
one
unit of the equity component and
one
unit of the debt component.
|
(In thousands)
|
|
Accumulated
Unrealized
(Losses) Gains on Securities
|
|
Accumulated
Unrealized
Losses on Derivative
Instruments
|
|
Accumulated
Foreign
Currency
Translation
Adjustments
|
|
Total
Accumulated
Other
Comprehensive
(Loss) Income
|
||||||||
Balance at January 1, 2014
|
|
$
|
(53,665
|
)
|
|
$
|
(2,462
|
)
|
|
$
|
(6,909
|
)
|
|
$
|
(63,036
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassification
|
|
43,828
|
|
|
(1,244
|
)
|
|
(18,373
|
)
|
|
24,211
|
|
||||
Amount reclassified from accumulated other comprehensive income, net of tax
|
|
$
|
304
|
|
|
$
|
1,189
|
|
|
$
|
—
|
|
|
$
|
1,493
|
|
Net other comprehensive income (loss) during the period, net of tax
|
|
$
|
44,132
|
|
|
$
|
(55
|
)
|
|
$
|
(18,373
|
)
|
|
$
|
25,704
|
|
Balance at December 31, 2014
|
|
$
|
(9,533
|
)
|
|
$
|
(2,517
|
)
|
|
$
|
(25,282
|
)
|
|
$
|
(37,332
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2013
|
|
$
|
6,710
|
|
|
$
|
(5,292
|
)
|
|
$
|
6,293
|
|
|
$
|
7,711
|
|
Other comprehensive loss during the period, net of tax, before reclassification
|
|
(62,182
|
)
|
|
(251
|
)
|
|
(13,202
|
)
|
|
(75,635
|
)
|
||||
Amount reclassified from accumulated other comprehensive income, net of tax
|
|
1,807
|
|
|
3,081
|
|
|
—
|
|
|
4,888
|
|
||||
Net other comprehensive (loss) income during the period, net of tax
|
|
$
|
(60,375
|
)
|
|
$
|
2,830
|
|
|
$
|
(13,202
|
)
|
|
$
|
(70,747
|
)
|
Balance at December 31, 2013
|
|
$
|
(53,665
|
)
|
|
$
|
(2,462
|
)
|
|
$
|
(6,909
|
)
|
|
$
|
(63,036
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2012
|
|
$
|
4,204
|
|
|
$
|
(7,082
|
)
|
|
$
|
—
|
|
|
$
|
(2,878
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
|
5,461
|
|
|
(1,713
|
)
|
|
6,293
|
|
|
10,041
|
|
||||
Amount reclassified from accumulated other comprehensive income, net of tax
|
|
(2,955
|
)
|
|
3,503
|
|
|
—
|
|
|
548
|
|
||||
Net other comprehensive income during the period, net of tax
|
|
$
|
2,506
|
|
|
$
|
1,790
|
|
|
$
|
6,293
|
|
|
$
|
10,589
|
|
Balance at December 31, 2012
|
|
$
|
6,710
|
|
|
$
|
(5,292
|
)
|
|
$
|
6,293
|
|
|
$
|
7,711
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Income for the Year Ended,
|
|
|
||||||
|
|
|
|
|||||||
Details Regarding the Component of Accumulated Other Comprehensive Income
|
|
December 31,
|
|
Impacted Line on the Consolidated Statements of Income
|
||||||
|
2014
|
|
2013
|
|
||||||
Accumulated unrealized (losses) gains on securities
|
|
|
|
|
|
|
||||
Losses included in net income
|
|
$
|
(504
|
)
|
|
$
|
(3,000
|
)
|
|
(Losses) gains on available-for-sale securities, net
|
|
|
(504
|
)
|
|
(3,000
|
)
|
|
Income before taxes
|
||
Tax effect
|
|
$
|
200
|
|
|
$
|
1,193
|
|
|
Income tax expense
|
Net of tax
|
|
$
|
(304
|
)
|
|
$
|
(1,807
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Accumulated unrealized losses on derivative instruments
|
|
|
|
|
|
|
||||
Amount reclassified to interest expense on junior subordinated debentures
|
|
$
|
1,974
|
|
|
$
|
5,116
|
|
|
Interest on junior subordinated debentures
|
|
|
(1,974
|
)
|
|
(5,116
|
)
|
|
Income before taxes
|
||
Tax effect
|
|
$
|
785
|
|
|
$
|
2,035
|
|
|
Income tax expense
|
Net of tax
|
|
$
|
(1,189
|
)
|
|
$
|
(3,081
|
)
|
|
Net income
|
(Dollars in thousands)
|
|
Community
Banking
|
|
Specialty
Finance
|
|
Wealth
Management
|
|
Total Operating Segments
|
|
Intersegment Eliminations
|
|
Consolidated
|
||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
$
|
484,523
|
|
|
82,415
|
|
|
15,968
|
|
|
582,906
|
|
|
15,669
|
|
|
$
|
598,575
|
|
Provision for credit losses
|
|
17,708
|
|
|
2,829
|
|
|
—
|
|
|
20,537
|
|
|
—
|
|
|
20,537
|
|
||
Non-interest income
|
|
136,307
|
|
|
32,534
|
|
|
73,388
|
|
|
242,229
|
|
|
(26,989
|
)
|
|
215,240
|
|
||
Non-interest expense
|
|
444,416
|
|
|
44,320
|
|
|
69,431
|
|
|
558,167
|
|
|
(11,320
|
)
|
|
546,847
|
|
||
Income tax expense
|
|
60,033
|
|
|
27,167
|
|
|
7,833
|
|
|
95,033
|
|
|
—
|
|
|
95,033
|
|
||
Net income
|
|
$
|
98,673
|
|
|
40,633
|
|
|
12,092
|
|
|
151,398
|
|
|
—
|
|
|
$
|
151,398
|
|
Total assets at end of year
|
|
$
|
16,724,834
|
|
|
2,766,017
|
|
|
519,876
|
|
|
20,010,727
|
|
|
—
|
|
|
$
|
20,010,727
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
$
|
448,173
|
|
|
73,903
|
|
|
14,118
|
|
|
536,194
|
|
|
14,433
|
|
|
$
|
550,627
|
|
Provision for credit losses
|
|
45,396
|
|
|
637
|
|
|
—
|
|
|
46,033
|
|
|
—
|
|
|
46,033
|
|
||
Non-interest income
|
|
150,543
|
|
|
30,890
|
|
|
65,597
|
|
|
247,030
|
|
|
(24,633
|
)
|
|
222,397
|
|
||
Non-interest expense
|
|
409,780
|
|
|
40,529
|
|
|
62,442
|
|
|
512,751
|
|
|
(10,200
|
)
|
|
502,551
|
|
||
Income tax expense
|
|
55,161
|
|
|
25,508
|
|
|
6,561
|
|
|
87,230
|
|
|
—
|
|
|
87,230
|
|
||
Net income
|
|
$
|
88,379
|
|
|
38,119
|
|
|
10,712
|
|
|
137,210
|
|
|
—
|
|
|
$
|
137,210
|
|
Total assets at end of year
|
|
$
|
15,132,912
|
|
|
2,470,832
|
|
|
494,039
|
|
|
18,097,783
|
|
|
—
|
|
|
$
|
18,097,783
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
|
$
|
430,405
|
|
|
64,048
|
|
|
12,324
|
|
|
506,777
|
|
|
12,739
|
|
|
$
|
519,516
|
|
Provision for credit losses
|
|
74,975
|
|
|
1,461
|
|
|
—
|
|
|
76,436
|
|
|
—
|
|
|
76,436
|
|
||
Non-interest income
|
|
166,296
|
|
|
26,845
|
|
|
54,519
|
|
|
247,660
|
|
|
(21,568
|
)
|
|
226,092
|
|
||
Non-interest expense
|
|
403,228
|
|
|
38,394
|
|
|
56,247
|
|
|
497,869
|
|
|
(8,829
|
)
|
|
489,040
|
|
||
Income tax expense
|
|
45,170
|
|
|
19,660
|
|
|
4,106
|
|
|
68,936
|
|
|
—
|
|
|
68,936
|
|
||
Net income
|
|
$
|
73,328
|
|
|
31,378
|
|
|
6,490
|
|
|
111,196
|
|
|
—
|
|
|
$
|
111,196
|
|
Total assets at end of year
|
|
$
|
14,787,221
|
|
|
2,295,284
|
|
|
437,108
|
|
|
17,519,613
|
|
|
—
|
|
|
$
|
17,519,613
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
|
||||
Cash
|
|
$
|
151,303
|
|
|
$
|
80,869
|
|
Available-for-sale securities, at fair value
|
|
10,725
|
|
|
12,839
|
|
||
Investment in and receivable from subsidiaries
|
|
2,205,487
|
|
|
1,971,018
|
|
||
Loans, net of unearned income
|
|
3,993
|
|
|
3,768
|
|
||
Less: Allowance for loan losses
|
|
972
|
|
|
81
|
|
||
Net Loans
|
|
3,021
|
|
|
3,687
|
|
||
Goodwill
|
|
8,371
|
|
|
8,371
|
|
||
Other assets
|
|
119,739
|
|
|
113,930
|
|
||
Total assets
|
|
$
|
2,498,646
|
|
|
$
|
2,190,714
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Other liabilities
|
|
$
|
20,509
|
|
|
$
|
21,292
|
|
Notes payable
|
|
—
|
|
|
—
|
|
||
Subordinated notes
|
|
140,000
|
|
|
—
|
|
||
Other borrowings
|
|
18,822
|
|
|
19,340
|
|
||
Junior subordinated debentures
|
|
249,493
|
|
|
249,493
|
|
||
Shareholders’ equity
|
|
2,069,822
|
|
|
1,900,589
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
2,498,646
|
|
|
$
|
2,190,714
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Income
|
|
|
|
|
|
|
||||||
Dividends and other revenue from subsidiaries
|
|
$
|
98,296
|
|
|
$
|
114,241
|
|
|
$
|
47,295
|
|
(Losses) gains on available-for-sale securities, net
|
|
(33
|
)
|
|
111
|
|
|
64
|
|
|||
Other income
|
|
221
|
|
|
4,529
|
|
|
605
|
|
|||
Total income
|
|
98,484
|
|
|
118,881
|
|
|
47,964
|
|
|||
|
|
|
|
|
|
|
||||||
Expenses
|
|
|
|
|
|
|
||||||
Interest expense
|
|
12,553
|
|
|
13,424
|
|
|
16,840
|
|
|||
Salaries and employee benefits
|
|
30,636
|
|
|
17,831
|
|
|
20,042
|
|
|||
Other expenses
|
|
38,428
|
|
|
24,739
|
|
|
27,428
|
|
|||
Total expenses
|
|
81,617
|
|
|
55,994
|
|
|
64,310
|
|
|||
Income (loss) before income taxes and equity in undistributed loss of subsidiaries
|
|
16,867
|
|
|
62,887
|
|
|
(16,346
|
)
|
|||
Income tax benefit
|
|
22,909
|
|
|
18,599
|
|
|
23,127
|
|
|||
Income before equity in undistributed net income of subsidiaries
|
|
39,776
|
|
|
81,486
|
|
|
6,781
|
|
|||
Equity in undistributed net income of subsidiaries
|
|
111,622
|
|
|
55,724
|
|
|
104,415
|
|
|||
Net income
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities
|
|
|
|
|
|
|
||||||
Provision for credit losses
|
|
945
|
|
|
1,765
|
|
|
8,050
|
|
|||
Losses (gains) on available-for-sale securities, net
|
|
33
|
|
|
(111
|
)
|
|
(64
|
)
|
|||
Depreciation and amortization
|
|
7,756
|
|
|
3,744
|
|
|
3,072
|
|
|||
Deferred income tax expense
|
|
2,753
|
|
|
1,217
|
|
|
2,224
|
|
|||
Stock-based compensation expense
|
|
7,754
|
|
|
6,799
|
|
|
9,072
|
|
|||
Tax (expense) benefit from stock-based compensation arrangements
|
|
(594
|
)
|
|
(831
|
)
|
|
1,392
|
|
|||
Excess tax benefits from stock-based compensation arrangements
|
|
(139
|
)
|
|
(112
|
)
|
|
(483
|
)
|
|||
Increase in other assets
|
|
(9,496
|
)
|
|
(3,051
|
)
|
|
(53,892
|
)
|
|||
Increase (decrease) in other liabilities
|
|
7,114
|
|
|
(4,517
|
)
|
|
(1,619
|
)
|
|||
Equity in undistributed net income of subsidiaries
|
|
(111,622
|
)
|
|
(55,724
|
)
|
|
(104,415
|
)
|
|||
Net Cash Provided by (Used for) Operating Activities
|
|
55,902
|
|
|
86,389
|
|
|
(25,467
|
)
|
|||
Investing Activities:
|
|
|
|
|
|
|
||||||
Capital contributions to subsidiaries, net
|
|
(105,244
|
)
|
|
(8,293
|
)
|
|
(53,807
|
)
|
|||
Other investing activity, net
|
|
(3,907
|
)
|
|
(21,206
|
)
|
|
(12,284
|
)
|
|||
Net Cash Used for Investing Activities
|
|
(109,151
|
)
|
|
(29,499
|
)
|
|
(66,091
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
||||||
Decrease in notes payable and other borrowings, net
|
|
(517
|
)
|
|
(17,860
|
)
|
|
(44,887
|
)
|
|||
Proceeds from the issuance of subordinated notes, net
|
|
139,090
|
|
|
—
|
|
|
—
|
|
|||
Repayment of subordinated note
|
|
—
|
|
|
(15,000
|
)
|
|
(20,000
|
)
|
|||
Excess tax benefits from stock-based compensation arrangements
|
|
139
|
|
|
112
|
|
|
483
|
|
|||
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
|
|
10,453
|
|
|
19,113
|
|
|
14,891
|
|
|||
Dividends paid
|
|
(24,933
|
)
|
|
(13,893
|
)
|
|
(13,157
|
)
|
|||
Common stock repurchases
|
|
(549
|
)
|
|
(3,504
|
)
|
|
(7,726
|
)
|
|||
Net Cash Provided by (Used For) Financing Activities
|
|
123,683
|
|
|
(31,032
|
)
|
|
52,294
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
70,434
|
|
|
25,858
|
|
|
(39,264
|
)
|
|||
Cash and Cash Equivalents at Beginning of Year
|
|
80,869
|
|
|
55,011
|
|
|
94,275
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
151,303
|
|
|
$
|
80,869
|
|
|
$
|
55,011
|
|
(In thousands, except per share data)
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
|
|
|
$
|
151,398
|
|
|
$
|
137,210
|
|
|
$
|
111,196
|
|
Less: Preferred stock dividends and discount accretion
|
|
|
|
6,323
|
|
|
8,395
|
|
|
9,093
|
|
|||
Net income applicable to common shares—Basic
|
|
(A)
|
|
145,075
|
|
|
128,815
|
|
|
102,103
|
|
|||
Add: Dividends on convertible preferred stock, if dilutive
|
|
|
|
6,323
|
|
|
8,325
|
|
|
8,955
|
|
|||
Net income applicable to common shares—Diluted
|
|
(B)
|
|
151,398
|
|
|
137,140
|
|
|
111,058
|
|
|||
Weighted average common shares outstanding
|
|
(C)
|
|
46,524
|
|
|
38,699
|
|
|
36,365
|
|
|||
Effect of dilutive potential common shares:
|
|
|
|
|
|
|
|
|
||||||
Common stock equivalents
|
|
|
|
1,246
|
|
|
7,108
|
|
|
7,313
|
|
|||
Convertible preferred stock, if dilutive
|
|
|
|
3,075
|
|
|
4,141
|
|
|
4,356
|
|
|||
Total dilutive potential common shares
|
|
|
|
4,321
|
|
|
11,249
|
|
|
11,669
|
|
|||
Weighted average common shares and effect of dilutive potential common shares
|
|
(D)
|
|
50,845
|
|
|
49,948
|
|
|
48,034
|
|
|||
Net income per common share:
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
(A/C)
|
|
$
|
3.12
|
|
|
$
|
3.33
|
|
|
$
|
2.81
|
|
Diluted
|
|
(B/D)
|
|
$
|
2.98
|
|
|
$
|
2.75
|
|
|
$
|
2.31
|
|
|
|
2014 Quarters
|
|
2013 Quarters
|
||||||||||||||||||||||
(In thousands, except per share data)
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||||
Interest income
|
|
$
|
161,326
|
|
|
166,550
|
|
|
170,676
|
|
|
172,715
|
|
|
$
|
152,313
|
|
|
156,646
|
|
|
161,168
|
|
|
160,582
|
|
Interest expense
|
|
17,320
|
|
|
17,370
|
|
|
19,006
|
|
|
18,996
|
|
|
21,600
|
|
|
20,822
|
|
|
19,386
|
|
|
18,274
|
|
||
Net interest income
|
|
144,006
|
|
|
149,180
|
|
|
151,670
|
|
|
153,719
|
|
|
130,713
|
|
|
135,824
|
|
|
141,782
|
|
|
142,308
|
|
||
Provision for credit losses
|
|
1,880
|
|
|
6,660
|
|
|
5,864
|
|
|
6,133
|
|
|
15,687
|
|
|
15,382
|
|
|
11,114
|
|
|
3,850
|
|
||
Net interest income after provision for credit losses
|
|
142,126
|
|
|
142,520
|
|
|
145,806
|
|
|
147,586
|
|
|
115,026
|
|
|
120,442
|
|
|
130,668
|
|
|
138,458
|
|
||
Non-interest income, excluding net securities (losses) gains
|
|
45,562
|
|
|
54,438
|
|
|
58,105
|
|
|
57,639
|
|
|
57,128
|
|
|
63,993
|
|
|
54,587
|
|
|
49,689
|
|
||
Net securities (losses) gains
|
|
(33
|
)
|
|
(336
|
)
|
|
(153
|
)
|
|
18
|
|
|
251
|
|
|
2
|
|
|
75
|
|
|
(3,328
|
)
|
||
Non-interest expense
|
|
131,315
|
|
|
133,591
|
|
|
138,500
|
|
|
143,441
|
|
|
120,119
|
|
|
128,187
|
|
|
127,248
|
|
|
126,997
|
|
||
Income before taxes
|
|
56,340
|
|
|
63,031
|
|
|
65,258
|
|
|
61,802
|
|
|
52,286
|
|
|
56,250
|
|
|
58,082
|
|
|
57,822
|
|
||
Income tax expense
|
|
21,840
|
|
|
24,490
|
|
|
25,034
|
|
|
23,669
|
|
|
20,234
|
|
|
21,943
|
|
|
22,519
|
|
|
22,534
|
|
||
Net income
|
|
$
|
34,500
|
|
|
38,541
|
|
|
40,224
|
|
|
38,133
|
|
|
$
|
32,052
|
|
|
34,307
|
|
|
35,563
|
|
|
35,288
|
|
Preferred stock dividends and discount accretion
|
|
1,581
|
|
|
1,581
|
|
|
1,581
|
|
|
1,580
|
|
|
2,616
|
|
|
2,617
|
|
|
1,581
|
|
|
1,581
|
|
||
Net income applicable to common shares
|
|
$
|
32,919
|
|
|
36,960
|
|
|
38,643
|
|
|
36,553
|
|
|
$
|
29,436
|
|
|
31,690
|
|
|
33,982
|
|
|
33,707
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
0.71
|
|
|
0.79
|
|
|
0.83
|
|
|
0.78
|
|
|
0.80
|
|
|
0.85
|
|
|
0.86
|
|
|
0.82
|
|
||
Diluted
|
|
0.68
|
|
|
0.76
|
|
|
0.79
|
|
|
0.75
|
|
|
0.65
|
|
|
0.69
|
|
|
0.71
|
|
|
0.70
|
|
||
Cash dividends declared per common share
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.09
|
|
|
—
|
|
|
0.09
|
|
|
—
|
|
|
|
|
/s/ Edward J. Wehmer
|
|
/s/ David L. Stoehr
|
Edward J. Wehmer
|
|
David L. Stoehr
|
President and
|
|
Executive Vice President &
|
Chief Executive Officer
|
|
Chief Financial Officer
|
EQUITY COMPENSATION PLAN INFORMATION
|
|
|
|
|
||
Plan Category
|
|
Number of
securities to be issued
upon exercise of
outstanding options,
warrants and rights
(a)
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
(b)
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in column (a))
(c)
|
Equity compensation plans approved by security holders
|
|
|
|
|
|
|
WTFC 1997 Stock Incentive Plan, as amended
|
|
567,300
|
|
$45.36
|
|
—
|
WTFC 2007 Stock Incentive Plan
|
|
1,788,596
|
|
$24.52
|
|
402,394
|
WTFC Employee Stock Purchase Plan
|
|
—
|
|
—
|
|
207,507
|
WTFC Directors Deferred Fee and Stock Plan
|
|
—
|
|
—
|
|
298,317
|
|
|
2,355,896
|
|
$29.54
|
|
908,218
|
Equity compensation plans not approved by security holders
|
|
|
|
|
|
|
N/A
|
|
—
|
|
—
|
|
—
|
Total
|
|
2,355,896
|
|
$29.54
|
|
908,218
|
|
1., 2.
|
Financial Statements and Schedules
|
•
|
Consolidated Statements of Condition as of
December 31, 2014
and
2013
|
•
|
Consolidated Statements of Income for the Years Ended
December 31, 2014
,
2013
and
2012
|
•
|
Consolidated Statements of Comprehensive Income for the Years Ended
December 31, 2014
,
2013
and
2012
|
•
|
Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended
December 31, 2014
,
2013
and
2012
|
•
|
Consolidated Statements of Cash Flows for the Years Ended
December 31, 2014
,
2013
and
2012
|
•
|
Notes to Consolidated Financial Statements
|
•
|
Report of Independent Registered Public Accounting Firm
|
3
|
Exhibits
(Exhibits marked with a “*” denote management contracts or compensatory plans or arrangements)
|
|
|
3.1
|
Amended and Restated Articles of Incorporation of the Company, as amended (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, Exhibits 3.1 and 3.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 29, 2011 and Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012).
|
|
|
3.2
|
Amended and Restated Certificate of Designations of the Company filed on December 18, 2008 with the Secretary of State of the State of Illinois designating the preferences, limitations, voting powers and relative rights of the Series A Preferred Stock (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 24, 2008).
|
|
|
3.3
|
Certificate of Designations of the Company filed on March 15, 2012 with the Secretary of State of the State of Illinois designating the preferences, limitations, voting powers and relative rights of the Series C Preferred Stock (incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 19, 2012).
|
|
|
3.4
|
Amended and Restated By-laws of the Company, as amended (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 15, 2011).
|
|
|
4.1
|
Certain instruments defining the rights of the holders of long-term debt of the Company and certain of its subsidiaries, none of which authorize a total amount of indebtedness in excess of 10% of the total assets of the Company and its subsidiaries on a consolidated basis, have not been filed as Exhibits. The Company hereby agrees to furnish a copy of any of these agreements to the Securities and Exchange Commission upon request.
|
|
|
4.2
|
Warrant Agreement, dated as of February 8, 2011, between the Company and Wells Fargo Bank, N.A. as Warrant Agent (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on February 9, 2011).
|
|
|
4.3
|
Form of Warrant (incorporated herein by reference to Exhibit 4.2 of the Company’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on February 9, 2011).
|
|
|
4.4
|
Junior Subordinated Indenture dated December 10, 2010 between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 10, 2010).
|
|
|
4.5
|
Subordinated Indenture, dated June 13, 2014 between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 13, 2014).
|
10.13
|
Amended and Restated Employment Agreement entered into between the Company and David L. Stoehr, Executive Vice President and Chief Financial Officer, dated December 19, 2008 (incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 24, 2008).*
|
|
|
|
|
10.14
|
Employment Agreement entered into between the Company and Lisa Reategui, dated August 30, 2011 (incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K for the year ending December 31, 2011).*
|
|
|
|
|
10.15
|
Wintrust Financial Corporation 1997 Stock Incentive Plan (incorporated by reference to Appendix A of the Proxy Statement relating to the May 22, 1997 Annual Meeting of Shareholders of the Company).*
|
10.16
|
First Amendment to Wintrust Financial Corporation 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000).*
|
|
|
10.17
|
Second Amendment to Wintrust Financial Corporation 1997 Stock Incentive Plan adopted by the Board of Directors on January 24, 2002 (incorporated by reference to Exhibit 99.3 of the Company’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on July 1, 2004.).*
|
|
|
10.18
|
Third Amendment to Wintrust Financial Corporation 1997 Stock Incentive Plan adopted by the Board of Directors on May 27, 2004 (incorporated by reference to Exhibit 99.4 of the Company’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on July 1, 2004.).*
|
|
|
10.19
|
Wintrust Financial Corporation 2007 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 4.5 to the Company’s Registration Statement on Form S-8, filed with the Securities and Exchange Commission on November 8, 2011).*
|
|
|
10.20
|
Form of Nonqualified Stock Option Agreement under the Company’s 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.31 of the Company’s Annual Report on Form 10-K for the year ending December 31, 2006).*
|
|
|
10.21
|
Form of Restricted Stock Award under the Company’s 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.32 of the Company’s Annual Report on Form 10-K for the year ending December 31, 2006).*
|
|
|
10.22
|
Form of Performance Share Unit Award - Stock Settled under the Company's 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).*
|
|
|
10.23
|
Form of Performance Share Unit Award - Cash Settled under the Company's 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).*
|
|
|
10.24
|
Form of Performance Cash Award under the Company's 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013).*
|
|
|
10.25
|
Form of Performance Share Unit Award - Shares Settled - Deferral Option under the Company’s 2007 Stock Incentive Plan.
|
|
|
10.26
|
Form of Performance Share Unit Award - Cash Settled - Deferral Option under the Company’s 2007 Stock Incentive Plan.
|
|
|
10.27
|
Wintrust Financial Corporation Employee Stock Purchase Plan, as amended (incorporated by reference to Annex A of the Company's definitive Proxy Statement filed with the Securities and Exchange Commission on April 24, 2012).*
|
|
|
10.28
|
Wintrust Financial Corporation Directors Deferred Fee and Stock Plan (incorporated by reference to Appendix B of the Proxy Statement relating to the May 24, 2001 Annual Meeting of Shareholders of the Company).*
|
|
|
10.29
|
Wintrust Financial Corporation 2005 Directors Deferred Fee and Stock Plan, as amended and restated (incorporated by reference to Exhibit 99.1 of the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 29, 2014).*
|
|
|
10.30
|
Form of Cash Incentive and Retention Award Agreement under the Company’s 2008 Long-Term Cash and Incentive Retention Plan with no Minimum Payout (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008).*
|
10.31
|
|
Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).
|
|
|
|
||
10.32
|
|
Form of Officer Indemnification Agreement (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009).
|
|
|
|
||
12.1
|
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
|
|
||
12.2
|
|
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends.
|
|
|
|
||
21.1
|
|
Subsidiaries of the Registrant.
|
|
|
|
||
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
|
|
||
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
||
31.2
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
||
32.1
|
|
Certification of Chief Executive Officer 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 (1)
|
|
|
|
|
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
|
(1)
|
Includes the following financial information included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2014
, 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)
|
|||
|
|
|
|
|||
February 27, 2015
|
|
|
|
By:
|
|
/s/ EDWARD J. WEHMER
|
|
|
|
|
|
|
Edward J. Wehmer, President and
|
|
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
/s/ PETER D. CRIST
Peter D. Crist
|
|
Chairman of the Board of Directors
|
|
February 27, 2015
|
|
|
|
||
/s/ EDWARD J. WEHMER
Edward J. Wehmer
|
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
|
February 27, 2015
|
|
|
|
||
/s/ DAVID L. STOEHR
David L. Stoehr
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
February 27, 2015
|
|
|
|
||
/s/ BRUCE K. CROWTHER
Bruce K. Crowther
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ JOSEPH F. DAMICO
Joseph F. Damico
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ BERT A. GETZ, JR.
Bert A. Getz, Jr.
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ H. PATRICK HACKETT, JR.
H. Patrick Hackett, Jr.
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ SCOTT K. HEITMANN
Scott K. Heitmann
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ CHARLES H. JAMES III
Charles H. James III
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ ALBIN F. MOSCHNER
Albin F. Moschner
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ THOMAS J. NEIS
Thomas J. Neis
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ CHRISTOPHER J. PERRY
Christopher J. Perry
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ INGRID S. STAFFORD
Ingrid S. Stafford
|
|
Director
|
|
February 27, 2015
|
|
|
|
||
/s/ SHEILA G. TALTON
Sheila G. Talton
|
|
Director
|
|
February 27, 2015
|
(i)
|
Permanent Disability shall mean any mental or physical illness, disability or incapacity that renders the Participant unable to perform his/her duties where a) such Permanent Disability has been determined to exist by a physician selected by the Company or b) the Company has reasonably determined, based on such physician’s advice, that such disability will continue for 180 days or more within any 365-day period, of which at least 90 days are consecutive. The Participant shall cooperate in all respects with the Company if a question arises as to whether he/she has become disabled (including, without limitation, submitting to an examination by a physician or other health care specialist selected by the Company and authorizing such physician or other health care specialist to discuss the Participant’s condition with the Company).
|
(ii)
|
Retirement shall mean the termination of a Participant’s employment for any reason other than death, disability or termination for cause if it occurs on or after age 65 or on or after age 55 and, as of the date of termination, the sum of the Participant’s attained age as of his/her most recent birthday and the full and completed years of service with the Company (including continuous years of service, if any, with a subsidiary as of the date such subsidiary was acquired by the Company) equals or exceeds 75.
|
(i)
|
Permanent Disability shall mean any mental or physical illness, disability or incapacity that renders the Participant unable to perform his/her duties where a) such Permanent Disability has been determined to exist by a physician selected by the Company or b) the Company has reasonably determined, based on such physician’s advice, that such disability will continue for 180 days or more within any 365-day period, of which at least 90 days are consecutive. The Participant shall cooperate in all respects with the Company if a question arises as to whether he/she has become disabled (including, without limitation, submitting to an examination by a physician or other health care specialist selected by the Company and authorizing such physician or other health care specialist to discuss the Participant’s condition with the Company).
|
(ii)
|
Retirement shall mean the termination of a Participant’s employment for any reason other than death, disability or termination for cause if it occurs on or after age 65 or on or after age 55 and, as of the date of termination, the sum of the Participant’s attained age as of his/her most recent birthday and the full and completed years of service with the Company (including continuous years of service, if any, with a subsidiary as of the date such subsidiary was acquired by the Company) equals or exceeds 75.
|
(Dollars in thousands)
|
|
Years ended December 31,
|
||||||||||||||
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Income before income taxes
|
A
|
$
|
246,431
|
|
$
|
224,440
|
|
$
|
180,132
|
|
$
|
128,033
|
|
$
|
100,807
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense:
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
$
|
48,411
|
|
$
|
53,191
|
|
$
|
68,305
|
|
$
|
87,938
|
|
$
|
123,779
|
|
Interest on other borrowings
|
C
|
24,281
|
|
26,891
|
|
39,200
|
|
56,478
|
|
53,492
|
|
|||||
|
|
|
|
|
|
|
||||||||||
Total interest expense
|
B
|
$
|
72,692
|
|
$
|
80,082
|
|
$
|
107,505
|
|
$
|
144,416
|
|
$
|
177,271
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges:
|
|
|
|
|
|
|
||||||||||
Including deposit interest
|
(A+B) / B
|
4.39x
|
|
3.80x
|
|
2.68x
|
|
1.89x
|
|
1.57x
|
|
|||||
Excluding deposit interest
|
(A+C) / C
|
11.15x
|
|
9.35x
|
|
5.60x
|
|
3.27x
|
|
2.88x
|
|
(Dollars in thousands)
|
|
Years ended December 31,
|
||||||||||||||
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||
Income before income taxes
|
A
|
$
|
246,431
|
|
$
|
224,440
|
|
$
|
180,132
|
|
$
|
128,033
|
|
$
|
100,807
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense:
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
$
|
48,411
|
|
$
|
53,191
|
|
$
|
68,305
|
|
$
|
87,938
|
|
$
|
123,779
|
|
Interest on other borrowings
|
C
|
24,281
|
|
26,891
|
|
39,200
|
|
56,478
|
|
53,492
|
|
|||||
Total interest expense
|
B
|
$
|
72,692
|
|
$
|
80,082
|
|
$
|
107,505
|
|
$
|
144,416
|
|
$
|
177,271
|
|
|
|
|
|
|
|
|
||||||||||
Dividends on preferred shares
(1)
|
D
|
$
|
10,498
|
|
$
|
13,822
|
|
$
|
14,836
|
|
$
|
6,592
|
|
$
|
44,810
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
||||||||||
Including deposit interest
|
(A+B) / (B+D)
|
3.84x
|
|
3.24x
|
|
2.35x
|
|
1.80x
|
|
1.25x
|
|
|||||
Excluding deposit interest
|
(A+C) / (C+D)
|
7.78x
|
|
6.17x
|
|
4.06x
|
|
2.93x
|
|
1.57x
|
|
Subsidiary
|
|
State of Organization or Incorporation
|
Barrington Bank & Trust Company, N.A.
|
|
National Banking Association
|
Beverly Bank & Trust Company, N.A.
|
|
National Banking Association
|
Crystal Lake Bank & Trust Company, N.A.
|
|
National Banking Association
|
FIRST Insurance Funding Corp.
|
|
Illinois
|
First Insurance Funding of Canada, Inc.
|
|
Canada
|
FIFC Edge International Corporation
|
|
Federal Reserve
|
First Insurance Funding Corporation of California
|
|
California
|
Great Lakes Advisors, LLC
|
|
Delaware
|
Hinsdale Bank & Trust Company
|
|
Illinois
|
Hyde Park Facilities, Inc.
|
|
Illinois
|
Lake Forest Bank & Trust Company
|
|
Illinois
|
Libertyville Bank & Trust Company
|
|
Illinois
|
Northbrook Bank & Trust Company
|
|
Illinois
|
Old Plank Trail Community Bank, N.A.
|
|
National Banking Association
|
Schaumburg Bank & Trust Company, N.A.
|
|
National Banking Association
|
St. Charles Bank & Trust Company
|
|
Illinois
|
State Bank of the Lakes
|
|
Illinois
|
The Chicago Trust Company, N.A.
|
|
National Banking Association
|
Town Bank
|
|
Wisconsin
|
Tricom, Inc. of Milwaukee
|
|
Wisconsin
|
Village Bank & Trust
|
|
Illinois
|
Wayne Hummer Investments, L.L.C.
|
|
Delaware
|
WHAMCO Holding Company
|
|
Illinois
|
Wheaton Bank and Trust Company
|
|
Illinois
|
Wintrust Bank
|
|
Illinois
|
First Northwest Capital Trust I
|
|
Delaware
|
Northview Capital Trust I
|
|
Delaware
|
Town Bankshares Capital Trust I
|
|
Delaware
|
Wintrust Capital Trust III
|
|
Delaware
|
Wintrust Statutory Trust IV
|
|
Connecticut
|
Wintrust Statutory Trust V
|
|
Connecticut
|
Wintrust Capital Trust VII
|
|
Delaware
|
Wintrust Capital Trust VIII
|
|
Delaware
|
Wintrust Capital Trust IX
|
|
Delaware
|
1.
|
I have reviewed this annual report on Form 10-K 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 annual report on Form 10-K 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 Annual Report of the Company on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission on February 27, 2015, (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:
|
February 27, 2015
|
/s/ DAVID L. STOEHR
|
|
Name:
|
David L. Stoehr
|
Title:
|
Executive Vice President and
Chief Financial Officer
|
Date:
|
February 27, 2015
|