|
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Illinois
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36-3873352
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(State of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
|
|
þ
|
|
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Accelerated filer
|
|
¨
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Non-accelerated filer
|
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¨
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(Do not check if a smaller reporting company)
|
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Smaller reporting company
|
|
¨
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|
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Page
|
|
PART I. — FINANCIAL INFORMATION
|
|
ITEM 1.
|
||
ITEM 2.
|
||
ITEM 3.
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||
ITEM 4.
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||
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PART II. — OTHER INFORMATION
|
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ITEM 1.
|
||
ITEM 1A.
|
||
ITEM 2.
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||
ITEM 3.
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Defaults Upon Senior Securities
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NA
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ITEM 4.
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Mine Safety Disclosures
|
NA
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ITEM 5.
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Other Information
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NA
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ITEM 6.
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||
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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
|
|||||||||||
|
(Unaudited)
|
|
|
|
(Unaudited)
|
||||||
(In thousands, except share data)
|
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015 |
||||||
Assets
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
208,480
|
|
|
$
|
271,454
|
|
|
$
|
286,743
|
|
Federal funds sold and securities purchased under resale agreements
|
3,820
|
|
|
4,341
|
|
|
4,129
|
|
|||
Interest bearing deposits with banks
|
817,013
|
|
|
607,782
|
|
|
697,799
|
|
|||
Available-for-sale securities, at fair value
|
770,983
|
|
|
1,716,388
|
|
|
1,721,030
|
|
|||
Held-to-maturity securities, at amortized cost ($924.3 million and $878.1 million fair value at March 31, 2016 and December 31, 2015, respectively)
|
911,715
|
|
|
884,826
|
|
|
—
|
|
|||
Trading account securities
|
2,116
|
|
|
448
|
|
|
7,811
|
|
|||
Federal Home Loan Bank and Federal Reserve Bank stock
|
113,222
|
|
|
101,581
|
|
|
92,948
|
|
|||
Brokerage customer receivables
|
28,266
|
|
|
27,631
|
|
|
25,287
|
|
|||
Mortgage loans held-for-sale
|
314,554
|
|
|
388,038
|
|
|
446,355
|
|
|||
Loans, net of unearned income, excluding covered loans
|
17,446,413
|
|
|
17,118,117
|
|
|
14,953,059
|
|
|||
Covered loans
|
138,848
|
|
|
148,673
|
|
|
209,694
|
|
|||
Total loans
|
17,585,261
|
|
|
17,266,790
|
|
|
15,162,753
|
|
|||
Less: Allowance for loan losses
|
110,171
|
|
|
105,400
|
|
|
94,446
|
|
|||
Less: Allowance for covered loan losses
|
2,507
|
|
|
3,026
|
|
|
1,878
|
|
|||
Net loans
|
17,472,583
|
|
|
17,158,364
|
|
|
15,066,429
|
|
|||
Premises and equipment, net
|
591,608
|
|
|
592,256
|
|
|
559,281
|
|
|||
Lease investments, net
|
89,337
|
|
|
63,170
|
|
|
383
|
|
|||
FDIC indemnification asset
|
—
|
|
|
—
|
|
|
10,224
|
|
|||
Accrued interest receivable and other assets
|
647,853
|
|
|
597,099
|
|
|
526,029
|
|
|||
Trade date securities receivable
|
1,008,613
|
|
|
—
|
|
|
488,063
|
|
|||
Goodwill
|
484,280
|
|
|
471,761
|
|
|
420,197
|
|
|||
Other intangible assets
|
23,725
|
|
|
24,209
|
|
|
18,858
|
|
|||
Total assets
|
$
|
23,488,168
|
|
|
$
|
22,909,348
|
|
|
$
|
20,371,566
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
5,205,410
|
|
|
$
|
4,836,420
|
|
|
$
|
3,779,609
|
|
Interest bearing
|
14,011,661
|
|
|
13,803,214
|
|
|
13,159,160
|
|
|||
Total deposits
|
19,217,071
|
|
|
18,639,634
|
|
|
16,938,769
|
|
|||
Federal Home Loan Bank advances
|
799,482
|
|
|
853,431
|
|
|
406,839
|
|
|||
Other borrowings
|
253,126
|
|
|
265,785
|
|
|
186,716
|
|
|||
Subordinated notes
|
138,888
|
|
|
138,861
|
|
|
138,782
|
|
|||
Junior subordinated debentures
|
253,566
|
|
|
268,566
|
|
|
249,493
|
|
|||
Trade date securities payable
|
—
|
|
|
538
|
|
|
2,929
|
|
|||
Accrued interest payable and other liabilities
|
407,593
|
|
|
390,259
|
|
|
316,964
|
|
|||
Total liabilities
|
21,069,726
|
|
|
20,557,074
|
|
|
18,240,492
|
|
|||
Shareholders’ Equity:
|
|
|
|
|
|
||||||
Preferred stock, no par value; 20,000,000 shares authorized:
|
|
|
|
|
|
||||||
Series C - $1,000 liquidation value; 126,257 shares issued and outstanding at March 31, 2016, 126,287 shares issued and outstanding at December 31, 2015, and 126,427 shares issued and outstanding at March 31, 2015
|
126,257
|
|
|
126,287
|
|
|
126,427
|
|
|||
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at March 31, 2016 and December 31, 2015 and no shares issued and outstanding at March 31, 2015
|
125,000
|
|
|
125,000
|
|
|
—
|
|
|||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at March 31, 2016, December 31, 2015 and March 31, 2015; 48,608,559 shares issued at March 31, 2016, 48,468,894 shares issued at December 31, 2015 and 47,474,721 shares issued at March 31, 2015
|
48,608
|
|
|
48,469
|
|
|
47,475
|
|
|||
Surplus
|
1,194,750
|
|
|
1,190,988
|
|
|
1,156,542
|
|
|||
Treasury stock, at cost, 89,561 shares at March 31, 2016, 85,615 shares at December 31, 2015, and 85,113 shares at March 31, 2015
|
(4,145
|
)
|
|
(3,973
|
)
|
|
(3,948
|
)
|
|||
Retained earnings
|
967,882
|
|
|
928,211
|
|
|
835,669
|
|
|||
Accumulated other comprehensive loss
|
(39,910
|
)
|
|
(62,708
|
)
|
|
(31,091
|
)
|
|||
Total shareholders’ equity
|
2,418,442
|
|
|
2,352,274
|
|
|
2,131,074
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
23,488,168
|
|
|
$
|
22,909,348
|
|
|
$
|
20,371,566
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|||||||
|
Three Months Ended
|
||||||
(In thousands, except per share data)
|
March 31, 2016
|
|
March 31, 2015
|
||||
Interest income
|
|
|
|
||||
Interest and fees on loans
|
$
|
173,127
|
|
|
$
|
154,676
|
|
Interest bearing deposits with banks
|
746
|
|
|
316
|
|
||
Federal funds sold and securities purchased under resale agreements
|
1
|
|
|
2
|
|
||
Investment securities
|
17,190
|
|
|
14,400
|
|
||
Trading account securities
|
11
|
|
|
13
|
|
||
Federal Home Loan Bank and Federal Reserve Bank stock
|
937
|
|
|
769
|
|
||
Brokerage customer receivables
|
219
|
|
|
181
|
|
||
Total interest income
|
192,231
|
|
|
170,357
|
|
||
Interest expense
|
|
|
|
||||
Interest on deposits
|
12,781
|
|
|
11,814
|
|
||
Interest on Federal Home Loan Bank advances
|
2,886
|
|
|
2,156
|
|
||
Interest on other borrowings
|
1,058
|
|
|
788
|
|
||
Interest on subordinated notes
|
1,777
|
|
|
1,775
|
|
||
Interest on junior subordinated debentures
|
2,220
|
|
|
1,933
|
|
||
Total interest expense
|
20,722
|
|
|
18,466
|
|
||
Net interest income
|
171,509
|
|
|
151,891
|
|
||
Provision for credit losses
|
8,034
|
|
|
6,079
|
|
||
Net interest income after provision for credit losses
|
163,475
|
|
|
145,812
|
|
||
Non-interest income
|
|
|
|
||||
Wealth management
|
18,320
|
|
|
18,100
|
|
||
Mortgage banking
|
21,735
|
|
|
27,800
|
|
||
Service charges on deposit accounts
|
7,406
|
|
|
6,297
|
|
||
Gains on available-for-sale securities, net
|
1,325
|
|
|
524
|
|
||
Fees from covered call options
|
1,712
|
|
|
4,360
|
|
||
Trading losses, net
|
(168
|
)
|
|
(477
|
)
|
||
Operating lease income, net
|
2,806
|
|
|
65
|
|
||
Other
|
15,616
|
|
|
7,872
|
|
||
Total non-interest income
|
68,752
|
|
|
64,541
|
|
||
Non-interest expense
|
|
|
|
||||
Salaries and employee benefits
|
95,811
|
|
|
90,130
|
|
||
Equipment
|
8,767
|
|
|
7,779
|
|
||
Operating lease equipment depreciation
|
2,050
|
|
|
57
|
|
||
Occupancy, net
|
11,948
|
|
|
12,351
|
|
||
Data processing
|
6,519
|
|
|
5,448
|
|
||
Advertising and marketing
|
3,779
|
|
|
3,907
|
|
||
Professional fees
|
4,059
|
|
|
4,664
|
|
||
Amortization of other intangible assets
|
1,298
|
|
|
1,013
|
|
||
FDIC insurance
|
3,613
|
|
|
2,987
|
|
||
OREO expense, net
|
560
|
|
|
1,411
|
|
||
Other
|
15,326
|
|
|
17,571
|
|
||
Total non-interest expense
|
153,730
|
|
|
147,318
|
|
||
Income before taxes
|
78,497
|
|
|
63,035
|
|
||
Income tax expense
|
29,386
|
|
|
23,983
|
|
||
Net income
|
$
|
49,111
|
|
|
$
|
39,052
|
|
Preferred stock dividends and discount accretion
|
3,628
|
|
|
1,581
|
|
||
Net income applicable to common shares
|
$
|
45,483
|
|
|
$
|
37,471
|
|
Net income per common share—Basic
|
$
|
0.94
|
|
|
$
|
0.79
|
|
Net income per common share—Diluted
|
$
|
0.90
|
|
|
$
|
0.76
|
|
Cash dividends declared per common share
|
$
|
0.12
|
|
|
$
|
0.11
|
|
Weighted average common shares outstanding
|
48,448
|
|
|
47,239
|
|
||
Dilutive potential common shares
|
3,820
|
|
|
4,233
|
|
||
Average common shares and dilutive common shares
|
52,268
|
|
|
51,472
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Net income
|
$
|
49,111
|
|
|
$
|
39,052
|
|
Unrealized gains on securities
|
|
|
|
||||
Before tax
|
25,176
|
|
|
26,276
|
|
||
Tax effect
|
(9,988
|
)
|
|
(10,331
|
)
|
||
Net of tax
|
15,188
|
|
|
15,945
|
|
||
Reclassification of net gains included in net income
|
|
|
|
||||
Before tax
|
1,325
|
|
|
524
|
|
||
Tax effect
|
(521
|
)
|
|
(206
|
)
|
||
Net of tax
|
804
|
|
|
318
|
|
||
Reclassification of amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale
|
|
|
|
||||
Before tax
|
(3,425
|
)
|
|
—
|
|
||
Tax effect
|
1,339
|
|
|
—
|
|
||
Net of tax
|
(2,086
|
)
|
|
—
|
|
||
Net unrealized gains on securities
|
16,470
|
|
|
15,627
|
|
||
Unrealized gains (losses) on derivative instruments
|
|
|
|
||||
Before tax
|
478
|
|
|
(561
|
)
|
||
Tax effect
|
(188
|
)
|
|
220
|
|
||
Net unrealized gains (losses) on derivative instruments
|
290
|
|
|
(341
|
)
|
||
Foreign currency adjustment
|
|
|
|
||||
Before tax
|
8,347
|
|
|
(12,290
|
)
|
||
Tax effect
|
(2,309
|
)
|
|
3,245
|
|
||
Net foreign currency adjustment
|
6,038
|
|
|
(9,045
|
)
|
||
Total other comprehensive income
|
22,798
|
|
|
6,241
|
|
||
Comprehensive income
|
$
|
71,909
|
|
|
$
|
45,293
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
|||||||||||||||||||||||||||
(In thousands)
|
Preferred
stock
|
|
Common
stock
|
|
Surplus
|
|
Treasury
stock
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
Total
shareholders’
equity
|
||||||||||||||
Balance at January 1, 2015
|
$
|
126,467
|
|
|
$
|
46,881
|
|
|
$
|
1,133,955
|
|
|
$
|
(3,549
|
)
|
|
$
|
803,400
|
|
|
$
|
(37,332
|
)
|
|
$
|
2,069,822
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,052
|
|
|
—
|
|
|
39,052
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,241
|
|
|
6,241
|
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,202
|
)
|
|
—
|
|
|
(5,202
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,581
|
)
|
|
—
|
|
|
(1,581
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,271
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,271
|
|
|||||||
Conversion of Series C preferred stock to common stock
|
(40
|
)
|
|
1
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquisitions
|
—
|
|
|
422
|
|
|
18,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,004
|
|
|||||||
Exercise of stock options and warrants
|
—
|
|
|
52
|
|
|
535
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|
457
|
|
|||||||
Restricted stock awards
|
—
|
|
|
84
|
|
|
329
|
|
|
(269
|
)
|
|
—
|
|
|
—
|
|
|
144
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
15
|
|
|
666
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
681
|
|
|||||||
Director compensation plan
|
—
|
|
|
20
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
|||||||
Balance at March 31, 2015
|
$
|
126,427
|
|
|
$
|
47,475
|
|
|
$
|
1,156,542
|
|
|
$
|
(3,948
|
)
|
|
$
|
835,669
|
|
|
$
|
(31,091
|
)
|
|
$
|
2,131,074
|
|
Balance at January 1, 2016
|
$
|
251,287
|
|
|
$
|
48,469
|
|
|
$
|
1,190,988
|
|
|
$
|
(3,973
|
)
|
|
$
|
928,211
|
|
|
$
|
(62,708
|
)
|
|
$
|
2,352,274
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,111
|
|
|
—
|
|
|
49,111
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,798
|
|
|
22,798
|
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,812
|
)
|
|
—
|
|
|
(5,812
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,628
|
)
|
|
—
|
|
|
(3,628
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,484
|
|
|||||||
Conversion of Series C preferred stock to common stock
|
(30
|
)
|
|
1
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options and warrants
|
—
|
|
|
17
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|||||||
Restricted stock awards
|
—
|
|
|
82
|
|
|
106
|
|
|
(172
|
)
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
14
|
|
|
634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
648
|
|
|||||||
Director compensation plan
|
—
|
|
|
25
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
410
|
|
|||||||
Balance at March 31, 2016
|
$
|
251,257
|
|
|
$
|
48,608
|
|
|
$
|
1,194,750
|
|
|
$
|
(4,145
|
)
|
|
$
|
967,882
|
|
|
$
|
(39,910
|
)
|
|
$
|
2,418,442
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016
|
|
March 31,
2015
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
49,111
|
|
|
$
|
39,052
|
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities
|
|
|
|
||||
Provision for credit losses
|
8,034
|
|
|
6,079
|
|
||
Depreciation, amortization and accretion, net
|
13,610
|
|
|
9,077
|
|
||
Stock-based compensation expense
|
2,484
|
|
|
2,271
|
|
||
Excess tax benefits from stock-based compensation arrangements
|
(193
|
)
|
|
(471
|
)
|
||
Net amortization of premium on securities
|
632
|
|
|
845
|
|
||
Accretion of discount on loans
|
(8,276
|
)
|
|
(7,583
|
)
|
||
Mortgage servicing rights fair value change, net
|
(1,036
|
)
|
|
514
|
|
||
Originations and purchases of mortgage loans held-for-sale
|
(736,648
|
)
|
|
(941,651
|
)
|
||
Proceeds from sales of mortgage loans held-for-sale
|
826,419
|
|
|
867,194
|
|
||
Bank owned life insurance, net of claims
|
(472
|
)
|
|
(766
|
)
|
||
Increase in trading securities, net
|
(1,668
|
)
|
|
(6,605
|
)
|
||
Net increase in brokerage customer receivables
|
(635
|
)
|
|
(1,066
|
)
|
||
Gains on mortgage loans sold
|
(16,287
|
)
|
|
(20,608
|
)
|
||
Gains on available-for-sale securities, net
|
(1,325
|
)
|
|
(524
|
)
|
||
Gains on early extinguishment of debt
|
(4,305
|
)
|
|
—
|
|
||
Losses on sales of premises and equipment, net
|
21
|
|
|
81
|
|
||
Net gains on sales and fair value adjustments of other real estate owned
|
(119
|
)
|
|
(549
|
)
|
||
Increase in accrued interest receivable and other assets, net
|
(75,172
|
)
|
|
(20,964
|
)
|
||
Increase (decrease) in accrued interest payable and other liabilities, net
|
12,187
|
|
|
(48,874
|
)
|
||
Net Cash Provided by (Used for) Operating Activities
|
66,362
|
|
|
(124,548
|
)
|
||
Investing Activities:
|
|
|
|
||||
Proceeds from maturities of available-for-sale securities
|
26,128
|
|
|
122,163
|
|
||
Proceeds from maturities of held-to-maturity securities
|
181
|
|
|
—
|
|
||
Proceeds from sales of available-for-sale securities
|
3,201
|
|
|
635,532
|
|
||
Proceeds from calls of held-to-maturity securities
|
98,243
|
|
|
—
|
|
||
Purchases of available-for-sale securities
|
(39,267
|
)
|
|
(629,008
|
)
|
||
Purchases of held-to-maturity securities
|
(125,208
|
)
|
|
—
|
|
||
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock, net
|
(11,641
|
)
|
|
(1,366
|
)
|
||
Net cash (paid) received for acquisitions
|
(17,452
|
)
|
|
12,004
|
|
||
Proceeds from sales of other real estate owned
|
10,341
|
|
|
11,733
|
|
||
Proceeds received from (payments provided to) the FDIC related to reimbursements on covered assets
|
363
|
|
|
(2,056
|
)
|
||
Net (increase) decrease in interest bearing deposits with banks
|
(204,994
|
)
|
|
300,706
|
|
||
Net increase in loans
|
(248,893
|
)
|
|
(399,939
|
)
|
||
Purchases of premises and equipment, net
|
(8,677
|
)
|
|
(5,902
|
)
|
||
Net Cash (Used for) Provided by Investing Activities
|
(517,675
|
)
|
|
43,867
|
|
||
Financing Activities:
|
|
|
|
||||
Increase in deposit accounts
|
477,466
|
|
|
486,960
|
|
||
Decrease in other borrowings, net
|
(12,700
|
)
|
|
(20,327
|
)
|
||
Decrease in Federal Home Loan Bank advances, net
|
(58,466
|
)
|
|
(321,565
|
)
|
||
Redemption of junior subordinated debentures, net
|
(10,695
|
)
|
|
—
|
|
||
Excess tax benefits from stock-based compensation arrangements
|
193
|
|
|
471
|
|
||
Issuance of common shares resulting from the exercise of stock options and the employee stock purchase plan
|
1,632
|
|
|
2,489
|
|
||
Common stock repurchases
|
(172
|
)
|
|
(399
|
)
|
||
Dividends paid
|
(9,440
|
)
|
|
(6,783
|
)
|
||
Net Cash Provided by Financing Activities
|
387,818
|
|
|
140,846
|
|
||
Net (Decrease) Increase in Cash and Cash Equivalents
|
(63,495
|
)
|
|
60,165
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
275,795
|
|
|
230,707
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
212,300
|
|
|
$
|
290,872
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
March 31,
2016
|
|
March 31,
2015
|
||||
Balance at beginning of period
|
$
|
(6,100
|
)
|
|
$
|
11,846
|
|
Additions from acquisitions
|
—
|
|
|
—
|
|
||
Additions from reimbursable expenses
|
82
|
|
|
1,575
|
|
||
Amortization
|
(101
|
)
|
|
(1,260
|
)
|
||
Changes in expected reimbursements from the FDIC for changes in expected credit losses
|
(3,547
|
)
|
|
(3,993
|
)
|
||
(Payments received from) provided to the FDIC
|
(363
|
)
|
|
2,056
|
|
||
Balance at end of period
|
$
|
(10,029
|
)
|
|
$
|
10,224
|
|
|
March 31, 2016
|
||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
117,105
|
|
|
$
|
22
|
|
|
$
|
(38
|
)
|
|
$
|
117,089
|
|
U.S. Government agencies
|
93,990
|
|
|
194
|
|
|
(12
|
)
|
|
94,172
|
|
||||
Municipal
|
118,187
|
|
|
3,232
|
|
|
(224
|
)
|
|
121,195
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
78,048
|
|
|
1,492
|
|
|
(1,830
|
)
|
|
77,710
|
|
||||
Other
|
2,500
|
|
|
3
|
|
|
—
|
|
|
2,503
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
262,109
|
|
|
3,795
|
|
|
(1,900
|
)
|
|
264,004
|
|
||||
Collateralized mortgage obligations
|
38,565
|
|
|
324
|
|
|
(198
|
)
|
|
38,691
|
|
||||
Equity securities
|
51,402
|
|
|
4,585
|
|
|
(368
|
)
|
|
55,619
|
|
||||
Total available-for-sale securities
|
$
|
761,906
|
|
|
$
|
13,647
|
|
|
$
|
(4,570
|
)
|
|
$
|
770,983
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
$
|
712,732
|
|
|
$
|
11,569
|
|
|
$
|
(1,455
|
)
|
|
$
|
722,846
|
|
Municipal
|
198,983
|
|
|
2,672
|
|
|
(157
|
)
|
|
201,498
|
|
||||
Total held-to-maturity securities
|
$
|
911,715
|
|
|
$
|
14,241
|
|
|
$
|
(1,612
|
)
|
|
$
|
924,344
|
|
|
December 31, 2015
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
312,282
|
|
|
$
|
—
|
|
|
$
|
(5,553
|
)
|
|
$
|
306,729
|
|
U.S. Government agencies
|
70,313
|
|
|
198
|
|
|
(275
|
)
|
|
70,236
|
|
||||
Municipal
|
105,702
|
|
|
3,249
|
|
|
(356
|
)
|
|
108,595
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
80,014
|
|
|
1,510
|
|
|
(1,481
|
)
|
|
80,043
|
|
||||
Other
|
1,500
|
|
|
4
|
|
|
(2
|
)
|
|
1,502
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
1,069,680
|
|
|
3,834
|
|
|
(21,004
|
)
|
|
1,052,510
|
|
||||
Collateralized mortgage obligations
|
40,421
|
|
|
172
|
|
|
(506
|
)
|
|
40,087
|
|
||||
Equity securities
|
51,380
|
|
|
5,799
|
|
|
(493
|
)
|
|
56,686
|
|
||||
Total available-for-sale securities
|
$
|
1,731,292
|
|
|
$
|
14,766
|
|
|
$
|
(29,670
|
)
|
|
$
|
1,716,388
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
$
|
687,302
|
|
|
$
|
4
|
|
|
$
|
(7,144
|
)
|
|
$
|
680,162
|
|
Municipal
|
197,524
|
|
|
867
|
|
|
(442
|
)
|
|
197,949
|
|
||||
Total held-to-maturity securities
|
$
|
884,826
|
|
|
$
|
871
|
|
|
$
|
(7,586
|
)
|
|
$
|
878,111
|
|
|
March 31, 2015
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
273,173
|
|
|
$
|
148
|
|
|
$
|
(1,847
|
)
|
|
$
|
271,474
|
|
U.S. Government agencies
|
665,177
|
|
|
5,348
|
|
|
(8,732
|
)
|
|
661,793
|
|
||||
Municipal
|
264,949
|
|
|
6,485
|
|
|
(1,522
|
)
|
|
269,912
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
129,360
|
|
|
1,965
|
|
|
(1,321
|
)
|
|
130,004
|
|
||||
Other
|
3,759
|
|
|
52
|
|
|
(1
|
)
|
|
3,810
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
280,679
|
|
|
5,983
|
|
|
(2,529
|
)
|
|
284,133
|
|
||||
Collateralized mortgage obligations
|
45,299
|
|
|
435
|
|
|
(276
|
)
|
|
45,458
|
|
||||
Equity securities
|
48,717
|
|
|
5,979
|
|
|
(250
|
)
|
|
54,446
|
|
||||
Total available-for-sale securities
|
$
|
1,711,113
|
|
|
$
|
26,395
|
|
|
$
|
(16,478
|
)
|
|
$
|
1,721,030
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Municipal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total held-to-maturity securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(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
|
||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
75,049
|
|
|
$
|
(38
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,049
|
|
|
$
|
(38
|
)
|
U.S. Government agencies
|
13,982
|
|
|
(10
|
)
|
|
1,833
|
|
|
(2
|
)
|
|
15,815
|
|
|
(12
|
)
|
||||||
Municipal
|
18,399
|
|
|
(40
|
)
|
|
6,977
|
|
|
(184
|
)
|
|
25,376
|
|
|
(224
|
)
|
||||||
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial issuers
|
22,952
|
|
|
(237
|
)
|
|
34,367
|
|
|
(1,593
|
)
|
|
57,319
|
|
|
(1,830
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
2,038
|
|
|
(3
|
)
|
|
122,371
|
|
|
(1,897
|
)
|
|
124,409
|
|
|
(1,900
|
)
|
||||||
Collateralized mortgage obligations
|
4,880
|
|
|
(42
|
)
|
|
7,803
|
|
|
(156
|
)
|
|
12,683
|
|
|
(198
|
)
|
||||||
Equity securities
|
3,964
|
|
|
(55
|
)
|
|
8,599
|
|
|
(313
|
)
|
|
12,563
|
|
|
(368
|
)
|
||||||
Total available-for-sale securities
|
$
|
141,264
|
|
|
$
|
(425
|
)
|
|
$
|
181,950
|
|
|
$
|
(4,145
|
)
|
|
$
|
323,214
|
|
|
$
|
(4,570
|
)
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
$
|
208,405
|
|
|
$
|
(1,455
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
208,405
|
|
|
$
|
(1,455
|
)
|
Municipal
|
15,919
|
|
|
(125
|
)
|
|
4,917
|
|
|
(32
|
)
|
|
20,836
|
|
|
(157
|
)
|
||||||
Total held-to-maturity securities
|
$
|
224,324
|
|
|
$
|
(1,580
|
)
|
|
$
|
4,917
|
|
|
$
|
(32
|
)
|
|
$
|
229,241
|
|
|
$
|
(1,612
|
)
|
|
Three months ended March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Realized gains
|
$
|
2,550
|
|
|
$
|
553
|
|
Realized losses
|
(1,225
|
)
|
|
(29
|
)
|
||
Net realized gains
|
$
|
1,325
|
|
|
$
|
524
|
|
Other than temporary impairment charges
|
—
|
|
|
—
|
|
||
Gains on available-for-sale securities, net
|
$
|
1,325
|
|
|
$
|
524
|
|
Proceeds from sales of available-for-sale securities
|
$
|
3,201
|
|
|
$
|
635,532
|
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Due in one year or less
|
$
|
208,518
|
|
|
$
|
208,641
|
|
|
$
|
160,856
|
|
|
$
|
160,756
|
|
|
$
|
151,585
|
|
|
$
|
151,854
|
|
Due in one to five years
|
158,668
|
|
|
158,804
|
|
|
166,550
|
|
|
166,468
|
|
|
249,861
|
|
|
250,483
|
|
||||||
Due in five to ten years
|
28,970
|
|
|
31,363
|
|
|
228,652
|
|
|
225,699
|
|
|
837,926
|
|
|
836,598
|
|
||||||
Due after ten years
|
13,674
|
|
|
13,861
|
|
|
13,753
|
|
|
14,182
|
|
|
97,046
|
|
|
98,058
|
|
||||||
Mortgage-backed
|
300,674
|
|
|
302,695
|
|
|
1,110,101
|
|
|
1,092,597
|
|
|
325,978
|
|
|
329,591
|
|
||||||
Equity securities
|
51,402
|
|
|
55,619
|
|
|
51,380
|
|
|
56,686
|
|
|
48,717
|
|
|
54,446
|
|
||||||
Total available-for-sale securities
|
$
|
761,906
|
|
|
$
|
770,983
|
|
|
$
|
1,731,292
|
|
|
$
|
1,716,388
|
|
|
$
|
1,711,113
|
|
|
$
|
1,721,030
|
|
Held-to-maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Due in one year or less
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due in one to five years
|
24,319
|
|
|
24,448
|
|
|
19,208
|
|
|
19,156
|
|
|
—
|
|
|
—
|
|
||||||
Due in five to ten years
|
65,879
|
|
|
66,432
|
|
|
96,454
|
|
|
96,091
|
|
|
—
|
|
|
—
|
|
||||||
Due after ten years
|
821,517
|
|
|
833,464
|
|
|
769,164
|
|
|
762,864
|
|
|
—
|
|
|
—
|
|
||||||
Total held-to-maturity securities
|
$
|
911,715
|
|
|
$
|
924,344
|
|
|
$
|
884,826
|
|
|
$
|
878,111
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Balance:
|
|
|
|
|
|
||||||
Commercial
|
$
|
4,890,246
|
|
|
$
|
4,713,909
|
|
|
$
|
4,211,932
|
|
Commercial real estate
|
5,737,959
|
|
|
5,529,289
|
|
|
4,710,486
|
|
|||
Home equity
|
774,342
|
|
|
784,675
|
|
|
709,283
|
|
|||
Residential real estate
|
626,043
|
|
|
607,451
|
|
|
495,925
|
|
|||
Premium finance receivables—commercial
|
2,320,987
|
|
|
2,374,921
|
|
|
2,319,623
|
|
|||
Premium finance receivables—life insurance
|
2,976,934
|
|
|
2,961,496
|
|
|
2,375,654
|
|
|||
Consumer and other
|
119,902
|
|
|
146,376
|
|
|
130,156
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
17,446,413
|
|
|
$
|
17,118,117
|
|
|
$
|
14,953,059
|
|
Covered loans
|
138,848
|
|
|
148,673
|
|
|
209,694
|
|
|||
Total loans
|
$
|
17,585,261
|
|
|
$
|
17,266,790
|
|
|
$
|
15,162,753
|
|
Mix:
|
|
|
|
|
|
||||||
Commercial
|
28
|
%
|
|
27
|
%
|
|
28
|
%
|
|||
Commercial real estate
|
32
|
|
|
32
|
|
|
31
|
|
|||
Home equity
|
4
|
|
|
5
|
|
|
5
|
|
|||
Residential real estate
|
4
|
|
|
3
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
13
|
|
|
14
|
|
|
15
|
|
|||
Premium finance receivables—life insurance
|
17
|
|
|
17
|
|
|
16
|
|
|||
Consumer and other
|
1
|
|
|
1
|
|
|
1
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
99
|
%
|
|
99
|
%
|
|
99
|
%
|
|||
Covered loans
|
1
|
|
|
1
|
|
|
1
|
|
|||
Total loans
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Unpaid
Principal
|
|
Carrying
|
|
Unpaid
Principal
|
|
Carrying
|
||||||||
(Dollars in thousands)
|
Balance
|
|
Value
|
|
Balance
|
|
Value
|
||||||||
Bank acquisitions
|
$
|
331,354
|
|
|
$
|
276,012
|
|
|
$
|
326,470
|
|
|
$
|
271,260
|
|
Life insurance premium finance loans acquisition
|
299,915
|
|
|
296,138
|
|
|
372,738
|
|
|
368,292
|
|
(Dollars in thousands)
|
Foundations
|
||
Contractually required payments including interest
|
$
|
19,350
|
|
Less: Nonaccretable difference
|
3,640
|
|
|
Cash flows expected to be collected
(1)
|
$
|
15,710
|
|
Less: Accretable yield
|
1,141
|
|
|
Fair value of PCI loans acquired
|
$
|
14,569
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Accretable yield, beginning balance
|
$
|
63,902
|
|
|
$
|
79,102
|
|
Acquisitions
|
1,141
|
|
|
898
|
|
||
Accretable yield amortized to interest income
|
(5,457
|
)
|
|
(6,105
|
)
|
||
Accretable yield amortized to indemnification asset
(1)
|
(2,171
|
)
|
|
(3,576
|
)
|
||
Reclassification from non-accretable difference
(2)
|
4,193
|
|
|
1,103
|
|
||
Decreases in interest cash flows due to payments and changes in interest rates
|
(2,390
|
)
|
|
(1,224
|
)
|
||
Accretable yield, ending balance
(3)
|
$
|
59,218
|
|
|
$
|
70,198
|
|
(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 March 31, 2016, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank
acquisitions is
$4.8 million
. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income.
|
As of March 31, 2016
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, industrial and other
|
$
|
12,370
|
|
|
$
|
338
|
|
|
$
|
3,228
|
|
|
$
|
25,608
|
|
|
$
|
3,363,011
|
|
|
$
|
3,404,555
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
273,158
|
|
|
274,558
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
1,491
|
|
|
192,244
|
|
|
193,735
|
|
||||||
Asset-based lending
|
3
|
|
|
—
|
|
|
117
|
|
|
10,597
|
|
|
737,184
|
|
|
747,901
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
5,177
|
|
|
244,241
|
|
|
249,418
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
1,893
|
|
|
—
|
|
|
128
|
|
|
18,058
|
|
|
20,079
|
|
||||||
Total commercial
|
12,373
|
|
|
2,231
|
|
|
3,345
|
|
|
44,401
|
|
|
4,827,896
|
|
|
4,890,246
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
273
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
389,026
|
|
|
391,322
|
|
||||||
Land
|
1,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,834
|
|
|
95,580
|
|
||||||
Office
|
7,729
|
|
|
1,260
|
|
|
980
|
|
|
12,571
|
|
|
865,954
|
|
|
888,494
|
|
||||||
Industrial
|
10,960
|
|
|
—
|
|
|
—
|
|
|
3,935
|
|
|
728,061
|
|
|
742,956
|
|
||||||
Retail
|
1,633
|
|
|
—
|
|
|
2,397
|
|
|
2,657
|
|
|
890,780
|
|
|
897,467
|
|
||||||
Multi-family
|
287
|
|
|
—
|
|
|
655
|
|
|
2,047
|
|
|
760,084
|
|
|
763,073
|
|
||||||
Mixed use and other
|
4,368
|
|
|
—
|
|
|
187
|
|
|
12,312
|
|
|
1,778,850
|
|
|
1,795,717
|
|
||||||
PCI - commercial real estate
(1)
|
—
|
|
|
24,738
|
|
|
1,573
|
|
|
10,344
|
|
|
126,695
|
|
|
163,350
|
|
||||||
Total commercial real estate
|
26,996
|
|
|
25,998
|
|
|
5,792
|
|
|
45,889
|
|
|
5,633,284
|
|
|
5,737,959
|
|
||||||
Home equity
|
9,365
|
|
|
—
|
|
|
791
|
|
|
4,474
|
|
|
759,712
|
|
|
774,342
|
|
||||||
Residential real estate, including PCI
|
11,964
|
|
|
406
|
|
|
193
|
|
|
10,108
|
|
|
603,372
|
|
|
626,043
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
15,350
|
|
|
9,548
|
|
|
5,583
|
|
|
15,086
|
|
|
2,275,420
|
|
|
2,320,987
|
|
||||||
Life insurance loans
|
—
|
|
|
1,641
|
|
|
3,432
|
|
|
198
|
|
|
2,675,525
|
|
|
2,680,796
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,138
|
|
|
296,138
|
|
||||||
Consumer and other, including PCI
|
484
|
|
|
245
|
|
|
118
|
|
|
364
|
|
|
118,691
|
|
|
119,902
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
76,532
|
|
|
$
|
40,069
|
|
|
$
|
19,254
|
|
|
$
|
120,520
|
|
|
$
|
17,190,038
|
|
|
$
|
17,446,413
|
|
Covered loans
|
5,324
|
|
|
7,995
|
|
|
349
|
|
|
6,491
|
|
|
118,689
|
|
|
138,848
|
|
||||||
Total loans, net of unearned income
|
$
|
81,856
|
|
|
$
|
48,064
|
|
|
$
|
19,603
|
|
|
$
|
127,011
|
|
|
$
|
17,308,727
|
|
|
$
|
17,585,261
|
|
As of December 31, 2015
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, industrial and other
|
$
|
12,704
|
|
|
$
|
6
|
|
|
$
|
6,749
|
|
|
$
|
12,930
|
|
|
$
|
3,226,139
|
|
|
$
|
3,258,528
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245,228
|
|
|
245,228
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222,806
|
|
|
222,806
|
|
||||||
Asset-based lending
|
8
|
|
|
—
|
|
|
3,864
|
|
|
1,844
|
|
|
736,968
|
|
|
742,684
|
|
||||||
Leases
|
—
|
|
|
535
|
|
|
748
|
|
|
4,192
|
|
|
220,599
|
|
|
226,074
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
892
|
|
|
—
|
|
|
2,510
|
|
|
15,187
|
|
|
18,589
|
|
||||||
Total commercial
|
12,712
|
|
|
1,433
|
|
|
11,361
|
|
|
21,476
|
|
|
4,666,927
|
|
|
4,713,909
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
306
|
|
|
—
|
|
|
1,371
|
|
|
1,645
|
|
|
355,338
|
|
|
358,660
|
|
||||||
Land
|
1,751
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
76,546
|
|
|
78,417
|
|
||||||
Office
|
4,619
|
|
|
—
|
|
|
764
|
|
|
3,817
|
|
|
853,801
|
|
|
863,001
|
|
||||||
Industrial
|
9,564
|
|
|
—
|
|
|
1,868
|
|
|
1,009
|
|
|
715,207
|
|
|
727,648
|
|
||||||
Retail
|
1,760
|
|
|
—
|
|
|
442
|
|
|
2,310
|
|
|
863,887
|
|
|
868,399
|
|
||||||
Multi-family
|
1,954
|
|
|
—
|
|
|
597
|
|
|
6,568
|
|
|
733,230
|
|
|
742,349
|
|
||||||
Mixed use and other
|
6,691
|
|
|
—
|
|
|
6,723
|
|
|
7,215
|
|
|
1,712,187
|
|
|
1,732,816
|
|
||||||
PCI - commercial real estate
(1)
|
—
|
|
|
22,111
|
|
|
4,662
|
|
|
16,559
|
|
|
114,667
|
|
|
157,999
|
|
||||||
Total commercial real estate
|
26,645
|
|
|
22,111
|
|
|
16,427
|
|
|
39,243
|
|
|
5,424,863
|
|
|
5,529,289
|
|
||||||
Home equity
|
6,848
|
|
|
—
|
|
|
1,889
|
|
|
5,517
|
|
|
770,421
|
|
|
784,675
|
|
||||||
Residential real estate, including PCI
|
12,043
|
|
|
488
|
|
|
2,166
|
|
|
3,903
|
|
|
588,851
|
|
|
607,451
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
14,561
|
|
|
10,294
|
|
|
6,624
|
|
|
21,656
|
|
|
2,321,786
|
|
|
2,374,921
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
3,432
|
|
|
11,140
|
|
|
2,578,632
|
|
|
2,593,204
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
368,292
|
|
|
368,292
|
|
||||||
Consumer and other, including PCI
|
263
|
|
|
211
|
|
|
204
|
|
|
1,187
|
|
|
144,511
|
|
|
146,376
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
73,072
|
|
|
$
|
34,537
|
|
|
$
|
42,103
|
|
|
$
|
104,122
|
|
|
$
|
16,864,283
|
|
|
$
|
17,118,117
|
|
Covered loans
|
5,878
|
|
|
7,335
|
|
|
703
|
|
|
5,774
|
|
|
128,983
|
|
|
148,673
|
|
||||||
Total loans, net of unearned income
|
$
|
78,950
|
|
|
$
|
41,872
|
|
|
$
|
42,806
|
|
|
$
|
109,896
|
|
|
$
|
16,993,266
|
|
|
$
|
17,266,790
|
|
(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 March 31, 2015
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, industrial and other
|
$
|
5,586
|
|
|
$
|
—
|
|
|
$
|
5,047
|
|
|
$
|
17,338
|
|
|
$
|
2,779,781
|
|
|
$
|
2,807,752
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
457
|
|
|
225,305
|
|
|
225,762
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186,372
|
|
|
186,372
|
|
||||||
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
4,819
|
|
|
805,866
|
|
|
810,685
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
65
|
|
|
517
|
|
|
171,432
|
|
|
172,014
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
612
|
|
|
—
|
|
|
—
|
|
|
8,735
|
|
|
9,347
|
|
||||||
Total commercial
|
5,586
|
|
|
612
|
|
|
5,112
|
|
|
23,131
|
|
|
4,177,491
|
|
|
4,211,932
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
992
|
|
|
255,835
|
|
|
256,827
|
|
||||||
Land
|
2,646
|
|
|
—
|
|
|
—
|
|
|
1,942
|
|
|
84,454
|
|
|
89,042
|
|
||||||
Office
|
8,243
|
|
|
—
|
|
|
171
|
|
|
3,144
|
|
|
731,568
|
|
|
743,126
|
|
||||||
Industrial
|
3,496
|
|
|
—
|
|
|
61
|
|
|
1,719
|
|
|
599,050
|
|
|
604,326
|
|
||||||
Retail
|
4,975
|
|
|
—
|
|
|
—
|
|
|
2,562
|
|
|
734,990
|
|
|
742,527
|
|
||||||
Multi-family
|
1,750
|
|
|
—
|
|
|
393
|
|
|
3,671
|
|
|
649,589
|
|
|
655,403
|
|
||||||
Mixed use and other
|
8,872
|
|
|
—
|
|
|
808
|
|
|
10,847
|
|
|
1,532,036
|
|
|
1,552,563
|
|
||||||
PCI - commercial real estate
(1)
|
—
|
|
|
18,120
|
|
|
4,639
|
|
|
3,242
|
|
|
40,671
|
|
|
66,672
|
|
||||||
Total commercial real estate
|
29,982
|
|
|
18,120
|
|
|
6,072
|
|
|
28,119
|
|
|
4,628,193
|
|
|
4,710,486
|
|
||||||
Home equity
|
7,665
|
|
|
—
|
|
|
693
|
|
|
2,825
|
|
|
698,100
|
|
|
709,283
|
|
||||||
Residential real estate, including PCI
|
14,248
|
|
|
266
|
|
|
753
|
|
|
8,819
|
|
|
471,839
|
|
|
495,925
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
15,902
|
|
|
8,062
|
|
|
4,476
|
|
|
19,392
|
|
|
2,271,791
|
|
|
2,319,623
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
8,994
|
|
|
5,415
|
|
|
1,972,197
|
|
|
1,986,606
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
389,048
|
|
|
389,048
|
|
||||||
Consumer and other, including PCI
|
236
|
|
|
91
|
|
|
111
|
|
|
634
|
|
|
129,084
|
|
|
130,156
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
73,619
|
|
|
$
|
27,151
|
|
|
$
|
26,211
|
|
|
$
|
88,335
|
|
|
$
|
14,737,743
|
|
|
$
|
14,953,059
|
|
Covered loans
|
7,079
|
|
|
16,434
|
|
|
558
|
|
|
6,128
|
|
|
179,495
|
|
|
209,694
|
|
||||||
Total loans, net of unearned income
|
$
|
80,698
|
|
|
$
|
43,585
|
|
|
$
|
26,769
|
|
|
$
|
94,463
|
|
|
$
|
14,917,238
|
|
|
$
|
15,162,753
|
|
(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.
|
|
Performing
|
|
Non-performing
|
|
Total
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, industrial and other
|
$
|
3,391,847
|
|
|
$
|
3,245,818
|
|
|
$
|
2,802,166
|
|
|
$
|
12,708
|
|
|
$
|
12,710
|
|
|
$
|
5,586
|
|
|
$
|
3,404,555
|
|
|
$
|
3,258,528
|
|
|
$
|
2,807,752
|
|
Franchise
|
274,558
|
|
|
245,228
|
|
|
225,762
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
274,558
|
|
|
245,228
|
|
|
225,762
|
|
|||||||||
Mortgage warehouse lines of credit
|
193,735
|
|
|
222,806
|
|
|
186,372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193,735
|
|
|
222,806
|
|
|
186,372
|
|
|||||||||
Asset-based lending
|
747,898
|
|
|
742,676
|
|
|
810,685
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
747,901
|
|
|
742,684
|
|
|
810,685
|
|
|||||||||
Leases
|
249,418
|
|
|
225,539
|
|
|
172,014
|
|
|
—
|
|
|
535
|
|
|
—
|
|
|
249,418
|
|
|
226,074
|
|
|
172,014
|
|
|||||||||
PCI - commercial
(1)
|
20,079
|
|
|
18,589
|
|
|
9,347
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,079
|
|
|
18,589
|
|
|
9,347
|
|
|||||||||
Total commercial
|
4,877,535
|
|
|
4,700,656
|
|
|
4,206,346
|
|
|
12,711
|
|
|
13,253
|
|
|
5,586
|
|
|
4,890,246
|
|
|
4,713,909
|
|
|
4,211,932
|
|
|||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Construction
|
391,049
|
|
|
358,354
|
|
|
256,827
|
|
|
273
|
|
|
306
|
|
|
—
|
|
|
391,322
|
|
|
358,660
|
|
|
256,827
|
|
|||||||||
Land
|
93,834
|
|
|
76,666
|
|
|
86,396
|
|
|
1,746
|
|
|
1,751
|
|
|
2,646
|
|
|
95,580
|
|
|
78,417
|
|
|
89,042
|
|
|||||||||
Office
|
879,505
|
|
|
858,382
|
|
|
734,883
|
|
|
8,989
|
|
|
4,619
|
|
|
8,243
|
|
|
888,494
|
|
|
863,001
|
|
|
743,126
|
|
|||||||||
Industrial
|
731,996
|
|
|
718,084
|
|
|
600,830
|
|
|
10,960
|
|
|
9,564
|
|
|
3,496
|
|
|
742,956
|
|
|
727,648
|
|
|
604,326
|
|
|||||||||
Retail
|
895,834
|
|
|
866,639
|
|
|
737,552
|
|
|
1,633
|
|
|
1,760
|
|
|
4,975
|
|
|
897,467
|
|
|
868,399
|
|
|
742,527
|
|
|||||||||
Multi-family
|
762,786
|
|
|
740,395
|
|
|
653,653
|
|
|
287
|
|
|
1,954
|
|
|
1,750
|
|
|
763,073
|
|
|
742,349
|
|
|
655,403
|
|
|||||||||
Mixed use and other
|
1,791,349
|
|
|
1,726,125
|
|
|
1,543,691
|
|
|
4,368
|
|
|
6,691
|
|
|
8,872
|
|
|
1,795,717
|
|
|
1,732,816
|
|
|
1,552,563
|
|
|||||||||
PCI - commercial real estate
(1)
|
163,350
|
|
|
157,999
|
|
|
66,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
163,350
|
|
|
157,999
|
|
|
66,672
|
|
|||||||||
Total commercial real estate
|
5,709,703
|
|
|
5,502,644
|
|
|
4,680,504
|
|
|
28,256
|
|
|
26,645
|
|
|
29,982
|
|
|
5,737,959
|
|
|
5,529,289
|
|
|
4,710,486
|
|
|||||||||
Home equity
|
764,977
|
|
|
777,827
|
|
|
701,618
|
|
|
9,365
|
|
|
6,848
|
|
|
7,665
|
|
|
774,342
|
|
|
784,675
|
|
|
709,283
|
|
|||||||||
Residential real estate, including PCI
|
614,079
|
|
|
595,408
|
|
|
481,677
|
|
|
11,964
|
|
|
12,043
|
|
|
14,248
|
|
|
626,043
|
|
|
607,451
|
|
|
495,925
|
|
|||||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial insurance loans
|
2,296,089
|
|
|
2,350,066
|
|
|
2,295,659
|
|
|
24,898
|
|
|
24,855
|
|
|
23,964
|
|
|
2,320,987
|
|
|
2,374,921
|
|
|
2,319,623
|
|
|||||||||
Life insurance loans
|
2,679,155
|
|
|
2,593,204
|
|
|
1,986,606
|
|
|
1,641
|
|
|
—
|
|
|
—
|
|
|
2,680,796
|
|
|
2,593,204
|
|
|
1,986,606
|
|
|||||||||
PCI - life insurance loans
(1)
|
296,138
|
|
|
368,292
|
|
|
389,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,138
|
|
|
368,292
|
|
|
389,048
|
|
|||||||||
Consumer and other, including PCI
|
119,238
|
|
|
145,963
|
|
|
129,829
|
|
|
664
|
|
|
413
|
|
|
327
|
|
|
119,902
|
|
|
146,376
|
|
|
130,156
|
|
|||||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
17,356,914
|
|
|
$
|
17,034,060
|
|
|
$
|
14,871,287
|
|
|
$
|
89,499
|
|
|
$
|
84,057
|
|
|
$
|
81,772
|
|
|
$
|
17,446,413
|
|
|
$
|
17,118,117
|
|
|
$
|
14,953,059
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans.
|
Three months ended March 31, 2016
|
|
|
Commercial Real Estate
|
|
Home Equity
|
|
Residential Real Estate
|
|
Premium Finance Receivable
|
|
Consumer and Other
|
|
Total, Excluding Covered Loans
|
||||||||||||||
(Dollars in thousands)
|
Commercial
|
|
|
|
|
|
|
||||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
36,135
|
|
|
$
|
43,758
|
|
|
$
|
12,012
|
|
|
$
|
4,734
|
|
|
$
|
7,233
|
|
|
$
|
1,528
|
|
|
$
|
105,400
|
|
Other adjustments
|
(9
|
)
|
|
(76
|
)
|
|
—
|
|
|
(30
|
)
|
|
37
|
|
|
—
|
|
|
(78
|
)
|
|||||||
Reclassification from allowance for unfunded lending-related commitments
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|||||||
Charge-offs
|
(671
|
)
|
|
(671
|
)
|
|
(1,052
|
)
|
|
(493
|
)
|
|
(2,480
|
)
|
|
(107
|
)
|
|
(5,474
|
)
|
|||||||
Recoveries
|
629
|
|
|
369
|
|
|
48
|
|
|
112
|
|
|
787
|
|
|
36
|
|
|
1,981
|
|
|||||||
Provision for credit losses
|
2,351
|
|
|
1,964
|
|
|
1,907
|
|
|
841
|
|
|
1,628
|
|
|
(268
|
)
|
|
8,423
|
|
|||||||
Allowance for loan losses at period end
|
$
|
38,435
|
|
|
$
|
45,263
|
|
|
$
|
12,915
|
|
|
$
|
5,164
|
|
|
$
|
7,205
|
|
|
$
|
1,189
|
|
|
$
|
110,171
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
1,030
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,030
|
|
Allowance for credit losses at period end
|
$
|
38,435
|
|
|
$
|
46,293
|
|
|
$
|
12,915
|
|
|
$
|
5,164
|
|
|
$
|
7,205
|
|
|
$
|
1,189
|
|
|
$
|
111,201
|
|
Individually evaluated for impairment
|
$
|
2,319
|
|
|
$
|
3,028
|
|
|
$
|
1,695
|
|
|
$
|
700
|
|
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
7,812
|
|
Collectively evaluated for impairment
|
35,448
|
|
|
43,261
|
|
|
11,220
|
|
|
4,384
|
|
|
7,205
|
|
|
1,119
|
|
|
102,637
|
|
|||||||
Loans acquired with deteriorated credit quality
|
668
|
|
|
4
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
752
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
$
|
17,969
|
|
|
$
|
52,977
|
|
|
$
|
9,365
|
|
|
$
|
16,159
|
|
|
$
|
—
|
|
|
$
|
527
|
|
|
$
|
96,997
|
|
Collectively evaluated for impairment
|
4,852,198
|
|
|
5,521,632
|
|
|
764,977
|
|
|
606,503
|
|
|
5,001,783
|
|
|
119,375
|
|
|
16,866,468
|
|
|||||||
Loans acquired with deteriorated credit quality
|
20,079
|
|
|
163,350
|
|
|
—
|
|
|
3,381
|
|
|
296,138
|
|
|
—
|
|
|
482,948
|
|
Three months ended March 31, 2015
|
Commercial
|
|
Commercial Real Estate
|
|
Home Equity
|
|
Residential Real Estate
|
|
Premium Finance Receivable
|
|
Consumer and Other
|
|
Total, Excluding Covered Loans
|
||||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|||||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
31,699
|
|
|
$
|
35,533
|
|
|
$
|
12,500
|
|
|
$
|
4,218
|
|
|
$
|
6,513
|
|
|
$
|
1,242
|
|
|
$
|
91,705
|
|
Other adjustments
|
(17
|
)
|
|
(180
|
)
|
|
—
|
|
|
(3
|
)
|
|
(48
|
)
|
|
—
|
|
|
(248
|
)
|
|||||||
Reclassification from allowance for unfunded lending-related commitments
|
—
|
|
|
(113
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113
|
)
|
|||||||
Charge-offs
|
(677
|
)
|
|
(1,005
|
)
|
|
(584
|
)
|
|
(631
|
)
|
|
(1,263
|
)
|
|
(111
|
)
|
|
(4,271
|
)
|
|||||||
Recoveries
|
370
|
|
|
312
|
|
|
48
|
|
|
76
|
|
|
329
|
|
|
53
|
|
|
1,188
|
|
|||||||
Provision for credit losses
|
2,351
|
|
|
2,455
|
|
|
700
|
|
|
436
|
|
|
461
|
|
|
(218
|
)
|
|
6,185
|
|
|||||||
Allowance for loan losses at period end
|
$
|
33,726
|
|
|
$
|
37,002
|
|
|
$
|
12,664
|
|
|
$
|
4,096
|
|
|
$
|
5,992
|
|
|
$
|
966
|
|
|
$
|
94,446
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
888
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
888
|
|
Allowance for credit losses at period end
|
$
|
33,726
|
|
|
$
|
37,890
|
|
|
$
|
12,664
|
|
|
$
|
4,096
|
|
|
$
|
5,992
|
|
|
$
|
966
|
|
|
$
|
95,334
|
|
Individually evaluated for impairment
|
$
|
1,814
|
|
|
$
|
3,256
|
|
|
$
|
948
|
|
|
$
|
208
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
6,252
|
|
Collectively evaluated for impairment
|
31,912
|
|
|
34,521
|
|
|
11,716
|
|
|
3,794
|
|
|
5,992
|
|
|
940
|
|
|
88,875
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
113
|
|
|
—
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
207
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
$
|
12,361
|
|
|
$
|
75,886
|
|
|
$
|
7,879
|
|
|
$
|
17,144
|
|
|
$
|
—
|
|
|
$
|
381
|
|
|
$
|
113,651
|
|
Collectively evaluated for impairment
|
4,190,224
|
|
|
4,567,928
|
|
|
701,404
|
|
|
476,418
|
|
|
4,306,229
|
|
|
129,775
|
|
|
14,371,978
|
|
|||||||
Loans acquired with deteriorated credit quality
|
9,347
|
|
|
66,672
|
|
|
—
|
|
|
2,363
|
|
|
389,048
|
|
|
—
|
|
|
467,430
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
|
March 31,
|
||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
3,026
|
|
|
$
|
2,131
|
|
Provision for covered loan losses before benefit attributable to FDIC loss share agreements
|
(1,946
|
)
|
|
(529
|
)
|
||
Benefit attributable to FDIC loss share agreements
|
1,557
|
|
|
423
|
|
||
Net provision for covered loan losses
|
(389
|
)
|
|
(106
|
)
|
||
Decrease in FDIC indemnification asset
|
(1,557
|
)
|
|
(423
|
)
|
||
Loans charged-off
|
(230
|
)
|
|
(237
|
)
|
||
Recoveries of loans charged-off
|
1,657
|
|
|
513
|
|
||
Net recoveries (charge-offs)
|
1,427
|
|
|
276
|
|
||
Balance at end of period
|
$
|
2,507
|
|
|
$
|
1,878
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Impaired loans (included in non-performing and TDRs):
|
|
|
|
|
|
||||||
Impaired loans with an allowance for loan loss required
(1)
|
$
|
50,710
|
|
|
$
|
49,961
|
|
|
$
|
48,610
|
|
Impaired loans with no allowance for loan loss required
|
45,400
|
|
|
51,294
|
|
|
63,794
|
|
|||
Total impaired loans
(2)
|
$
|
96,110
|
|
|
$
|
101,255
|
|
|
$
|
112,404
|
|
Allowance for loan losses related to impaired loans
|
$
|
7,775
|
|
|
$
|
6,380
|
|
|
$
|
6,199
|
|
TDRs
|
$
|
52,555
|
|
|
$
|
51,853
|
|
|
$
|
67,218
|
|
(1)
|
These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans.
|
(2)
|
Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the
loan is current with all payments of principal and interest.
|
|
|
|
|
|
|
|
For the Three Months Ended
|
||||||||||||
|
As of March 31, 2016
|
|
March 31, 2016
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
9,711
|
|
|
$
|
12,905
|
|
|
$
|
2,309
|
|
|
$
|
9,527
|
|
|
$
|
207
|
|
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
5,577
|
|
|
9,358
|
|
|
49
|
|
|
5,583
|
|
|
142
|
|
|||||
Office
|
3,688
|
|
|
4,688
|
|
|
363
|
|
|
3,701
|
|
|
57
|
|
|||||
Industrial
|
8,325
|
|
|
9,065
|
|
|
1,872
|
|
|
8,382
|
|
|
115
|
|
|||||
Retail
|
7,757
|
|
|
7,775
|
|
|
296
|
|
|
7,785
|
|
|
83
|
|
|||||
Multi-family
|
1,477
|
|
|
1,477
|
|
|
128
|
|
|
1,050
|
|
|
11
|
|
|||||
Mixed use and other
|
4,753
|
|
|
4,900
|
|
|
293
|
|
|
4,761
|
|
|
58
|
|
|||||
Home equity
|
3,508
|
|
|
3,559
|
|
|
1,695
|
|
|
3,508
|
|
|
25
|
|
|||||
Residential real estate
|
5,726
|
|
|
5,957
|
|
|
700
|
|
|
5,743
|
|
|
61
|
|
|||||
Consumer and other
|
188
|
|
|
215
|
|
|
70
|
|
|
190
|
|
|
3
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
7,802
|
|
|
$
|
8,591
|
|
|
$
|
—
|
|
|
$
|
8,090
|
|
|
$
|
116
|
|
Asset-based lending
|
3
|
|
|
1,567
|
|
|
—
|
|
|
5
|
|
|
22
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
2,296
|
|
|
2,296
|
|
|
—
|
|
|
2,296
|
|
|
28
|
|
|||||
Land
|
2,112
|
|
|
2,852
|
|
|
—
|
|
|
2,116
|
|
|
28
|
|
|||||
Office
|
7,172
|
|
|
8,548
|
|
|
—
|
|
|
7,323
|
|
|
110
|
|
|||||
Industrial
|
3,692
|
|
|
3,910
|
|
|
—
|
|
|
3,686
|
|
|
67
|
|
|||||
Retail
|
1,800
|
|
|
2,499
|
|
|
—
|
|
|
1,806
|
|
|
25
|
|
|||||
Multi-family
|
92
|
|
|
175
|
|
|
—
|
|
|
148
|
|
|
2
|
|
|||||
Mixed use and other
|
3,802
|
|
|
4,377
|
|
|
—
|
|
|
3,886
|
|
|
58
|
|
|||||
Home equity
|
5,857
|
|
|
6,974
|
|
|
—
|
|
|
5,962
|
|
|
92
|
|
|||||
Residential real estate
|
10,433
|
|
|
12,692
|
|
|
—
|
|
|
10,481
|
|
|
148
|
|
|||||
Consumer and other
|
339
|
|
|
413
|
|
|
—
|
|
|
340
|
|
|
5
|
|
|||||
Total impaired loans, net of unearned income
|
$
|
96,110
|
|
|
$
|
114,793
|
|
|
$
|
7,775
|
|
|
$
|
96,369
|
|
|
$
|
1,463
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
||||||||||||
|
As of December 31, 2015
|
|
December 31, 2015
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
9,754
|
|
|
$
|
12,498
|
|
|
$
|
2,012
|
|
|
$
|
10,123
|
|
|
$
|
792
|
|
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
4,929
|
|
|
8,711
|
|
|
41
|
|
|
5,127
|
|
|
547
|
|
|||||
Office
|
5,050
|
|
|
6,051
|
|
|
632
|
|
|
5,394
|
|
|
314
|
|
|||||
Industrial
|
8,413
|
|
|
9,105
|
|
|
1,943
|
|
|
10,590
|
|
|
565
|
|
|||||
Retail
|
8,527
|
|
|
9,230
|
|
|
343
|
|
|
8,596
|
|
|
386
|
|
|||||
Multi-family
|
370
|
|
|
370
|
|
|
202
|
|
|
372
|
|
|
25
|
|
|||||
Mixed use and other
|
7,590
|
|
|
7,708
|
|
|
570
|
|
|
7,681
|
|
|
328
|
|
|||||
Home equity
|
423
|
|
|
435
|
|
|
333
|
|
|
351
|
|
|
16
|
|
|||||
Residential real estate
|
4,710
|
|
|
4,799
|
|
|
294
|
|
|
4,618
|
|
|
182
|
|
|||||
Consumer and other
|
195
|
|
|
220
|
|
|
10
|
|
|
216
|
|
|
12
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
8,562
|
|
|
$
|
9,915
|
|
|
$
|
—
|
|
|
$
|
9,885
|
|
|
$
|
521
|
|
Asset-based lending
|
8
|
|
|
1,570
|
|
|
—
|
|
|
5
|
|
|
88
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
2,328
|
|
|
2,329
|
|
|
—
|
|
|
2,316
|
|
|
113
|
|
|||||
Land
|
888
|
|
|
2,373
|
|
|
—
|
|
|
929
|
|
|
90
|
|
|||||
Office
|
3,500
|
|
|
4,484
|
|
|
—
|
|
|
3,613
|
|
|
237
|
|
|||||
Industrial
|
2,217
|
|
|
2,426
|
|
|
—
|
|
|
2,286
|
|
|
188
|
|
|||||
Retail
|
2,757
|
|
|
2,925
|
|
|
—
|
|
|
2,897
|
|
|
129
|
|
|||||
Multi-family
|
2,344
|
|
|
2,807
|
|
|
—
|
|
|
2,390
|
|
|
117
|
|
|||||
Mixed use and other
|
10,510
|
|
|
14,060
|
|
|
—
|
|
|
11,939
|
|
|
624
|
|
|||||
Home equity
|
6,424
|
|
|
7,987
|
|
|
—
|
|
|
5,738
|
|
|
288
|
|
|||||
Residential real estate
|
11,559
|
|
|
13,979
|
|
|
—
|
|
|
11,903
|
|
|
624
|
|
|||||
Consumer and other
|
197
|
|
|
267
|
|
|
—
|
|
|
201
|
|
|
12
|
|
|||||
Total impaired loans, net of unearned income
|
$
|
101,255
|
|
|
$
|
124,249
|
|
|
$
|
6,380
|
|
|
$
|
107,170
|
|
|
$
|
6,198
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
||||||||||||
|
As of March 31, 2015
|
|
March 31, 2015
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
7,230
|
|
|
$
|
7,830
|
|
|
$
|
1,795
|
|
|
$
|
7,465
|
|
|
$
|
92
|
|
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Land
|
4,475
|
|
|
8,090
|
|
|
29
|
|
|
4,734
|
|
|
127
|
|
|||||
Office
|
8,354
|
|
|
11,053
|
|
|
598
|
|
|
8,399
|
|
|
131
|
|
|||||
Industrial
|
1,402
|
|
|
1,487
|
|
|
559
|
|
|
1,406
|
|
|
20
|
|
|||||
Retail
|
10,259
|
|
|
12,286
|
|
|
371
|
|
|
10,294
|
|
|
128
|
|
|||||
Multi-family
|
2,266
|
|
|
2,363
|
|
|
241
|
|
|
2,273
|
|
|
26
|
|
|||||
Mixed use and other
|
7,891
|
|
|
10,041
|
|
|
1,449
|
|
|
7,907
|
|
|
116
|
|
|||||
Home equity
|
2,807
|
|
|
2,962
|
|
|
948
|
|
|
2,809
|
|
|
29
|
|
|||||
Residential real estate
|
3,728
|
|
|
3,934
|
|
|
183
|
|
|
3,724
|
|
|
45
|
|
|||||
Consumer and other
|
198
|
|
|
200
|
|
|
26
|
|
|
203
|
|
|
4
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
4,630
|
|
|
$
|
7,595
|
|
|
$
|
—
|
|
|
$
|
4,647
|
|
|
$
|
125
|
|
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
2,645
|
|
|
2,645
|
|
|
—
|
|
|
2,645
|
|
|
30
|
|
|||||
Land
|
5,134
|
|
|
5,868
|
|
|
—
|
|
|
5,137
|
|
|
62
|
|
|||||
Office
|
6,890
|
|
|
6,965
|
|
|
—
|
|
|
6,971
|
|
|
77
|
|
|||||
Industrial
|
2,772
|
|
|
3,134
|
|
|
—
|
|
|
2,837
|
|
|
55
|
|
|||||
Retail
|
5,053
|
|
|
9,130
|
|
|
—
|
|
|
5,315
|
|
|
105
|
|
|||||
Multi-family
|
777
|
|
|
1,199
|
|
|
—
|
|
|
778
|
|
|
13
|
|
|||||
Mixed use and other
|
17,479
|
|
|
17,723
|
|
|
—
|
|
|
17,688
|
|
|
185
|
|
|||||
Home equity
|
5,072
|
|
|
6,771
|
|
|
—
|
|
|
5,126
|
|
|
70
|
|
|||||
Residential real estate
|
13,159
|
|
|
14,644
|
|
|
—
|
|
|
13,190
|
|
|
145
|
|
|||||
Consumer and other
|
183
|
|
|
249
|
|
|
—
|
|
|
145
|
|
|
3
|
|
|||||
Total impaired loans, net of unearned income
|
$
|
112,404
|
|
|
$
|
136,169
|
|
|
$
|
6,199
|
|
|
$
|
113,693
|
|
|
$
|
1,588
|
|
Three months ended
March 31, 2016
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms (2) |
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial, industrial and other
|
|
1
|
|
|
$
|
42
|
|
|
1
|
|
|
$
|
42
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Office
|
|
1
|
|
|
450
|
|
|
1
|
|
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
6
|
|
|
7,921
|
|
|
6
|
|
|
7,921
|
|
|
3
|
|
|
7,196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
2
|
|
|
150
|
|
|
2
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
1
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
11
|
|
|
$
|
8,723
|
|
|
10
|
|
|
$
|
8,563
|
|
|
4
|
|
|
$
|
7,356
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Three months ended
March 31, 2015
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial, industrial and other
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Office
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
3
|
|
|
294
|
|
|
3
|
|
|
294
|
|
|
2
|
|
|
80
|
|
|
1
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
3
|
|
|
$
|
294
|
|
|
3
|
|
|
$
|
294
|
|
|
2
|
|
|
$
|
80
|
|
|
1
|
|
|
$
|
50
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
As of March 31, 2016
|
|
Three Months Ended
March 31, 2016
|
|
As of March 31, 2015
|
|
Three Months Ended
March 31, 2015
|
|||||||||||||||||||
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
|
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
||||||||||||||||||||
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial, industrial and other
|
1
|
|
|
$
|
42
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
1,461
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Office
|
1
|
|
|
450
|
|
|
1
|
|
|
450
|
|
|
2
|
|
|
1,510
|
|
|
1
|
|
|
790
|
|
|||
Industrial
|
7
|
|
|
8,090
|
|
|
3
|
|
|
725
|
|
|
1
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
181
|
|
|
1
|
|
|
181
|
|
|||
Mixed use and other
|
4
|
|
|
351
|
|
|
3
|
|
|
217
|
|
|
4
|
|
|
1,049
|
|
|
3
|
|
|
816
|
|
|||
Residential real estate and other
|
7
|
|
|
1,530
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
2,131
|
|
|
2
|
|
|
261
|
|
|||
Total loans
|
20
|
|
|
$
|
10,463
|
|
|
7
|
|
|
$
|
1,392
|
|
|
18
|
|
|
7,017
|
|
|
7
|
|
|
$
|
2,048
|
|
(1)
|
Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated.
|
(2)
|
TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring.
|
(3)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
January 1,
2016
|
|
Goodwill
Acquired
|
|
Impairment
Loss
|
|
Goodwill Adjustments
|
|
March 31,
2016
|
||||||||||
Community banking
|
$
|
401,612
|
|
|
$
|
11,305
|
|
|
$
|
—
|
|
|
$
|
(195
|
)
|
|
$
|
412,722
|
|
Specialty finance
|
38,035
|
|
|
—
|
|
|
—
|
|
|
1,409
|
|
|
39,444
|
|
|||||
Wealth management
|
32,114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,114
|
|
|||||
Total
|
$
|
471,761
|
|
|
$
|
11,305
|
|
|
$
|
—
|
|
|
$
|
1,214
|
|
|
$
|
484,280
|
|
(Dollars in thousands)
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
||||||
Community banking segment:
|
|
|
|
|
|
||||||
Core deposit intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
35,654
|
|
|
$
|
34,841
|
|
|
$
|
25,881
|
|
Accumulated amortization
|
(18,543
|
)
|
|
(17,382
|
)
|
|
(14,192
|
)
|
|||
Net carrying amount
|
$
|
17,111
|
|
|
$
|
17,459
|
|
|
$
|
11,689
|
|
Specialty finance segment:
|
|
|
|
|
|
||||||
Customer list intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
1,800
|
|
|
$
|
1,800
|
|
|
$
|
1,800
|
|
Accumulated amortization
|
(1,076
|
)
|
|
(1,052
|
)
|
|
(971
|
)
|
|||
Net carrying amount
|
$
|
724
|
|
|
$
|
748
|
|
|
$
|
829
|
|
Wealth management segment:
|
|
|
|
|
|
||||||
Customer list and other intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
7,940
|
|
|
$
|
7,940
|
|
|
$
|
7,940
|
|
Accumulated amortization
|
(2,050
|
)
|
|
(1,938
|
)
|
|
(1,600
|
)
|
|||
Net carrying amount
|
$
|
5,890
|
|
|
$
|
6,002
|
|
|
$
|
6,340
|
|
Total other intangible assets, net
|
$
|
23,725
|
|
|
$
|
24,209
|
|
|
$
|
18,858
|
|
Estimated amortization
|
|
||
Actual in three months ended March 31, 2016
|
$
|
1,298
|
|
Estimated remaining in 2016
|
3,477
|
|
|
Estimated—2017
|
4,013
|
|
|
Estimated—2018
|
3,493
|
|
|
Estimated—2019
|
2,961
|
|
|
Estimated—2020
|
2,410
|
|
(Dollars in thousands)
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015
|
||||||
Balance:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
5,205,410
|
|
|
$
|
4,836,420
|
|
|
$
|
3,779,609
|
|
NOW and interest bearing demand deposits
|
2,369,474
|
|
|
2,390,217
|
|
|
2,262,928
|
|
|||
Wealth management deposits
|
1,761,710
|
|
|
1,643,653
|
|
|
1,528,963
|
|
|||
Money market
|
4,157,083
|
|
|
4,041,300
|
|
|
3,791,762
|
|
|||
Savings
|
1,766,552
|
|
|
1,723,367
|
|
|
1,563,752
|
|
|||
Time certificates of deposit
|
3,956,842
|
|
|
4,004,677
|
|
|
4,011,755
|
|
|||
Total deposits
|
$
|
19,217,071
|
|
|
$
|
18,639,634
|
|
|
$
|
16,938,769
|
|
Mix:
|
|
|
|
|
|
||||||
Non-interest bearing
|
27
|
%
|
|
26
|
%
|
|
22
|
%
|
|||
NOW and interest bearing demand deposits
|
12
|
|
|
13
|
|
|
13
|
|
|||
Wealth management deposits
|
9
|
|
|
9
|
|
|
9
|
|
|||
Money market
|
22
|
|
|
22
|
|
|
23
|
|
|||
Savings
|
9
|
|
|
9
|
|
|
9
|
|
|||
Time certificates of deposit
|
21
|
|
|
21
|
|
|
24
|
|
|||
Total deposits
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(Dollars in thousands)
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015
|
||||||
Federal Home Loan Bank advances
|
$
|
799,482
|
|
|
$
|
853,431
|
|
|
$
|
406,839
|
|
Other borrowings:
|
|
|
|
|
|
||||||
Notes payable
|
63,683
|
|
|
67,429
|
|
|
—
|
|
|||
Short-term borrowings
|
47,680
|
|
|
63,887
|
|
|
50,076
|
|
|||
Other
|
18,811
|
|
|
18,965
|
|
|
18,538
|
|
|||
Secured borrowings
|
122,952
|
|
|
115,504
|
|
|
118,102
|
|
|||
Total other borrowings
|
253,126
|
|
|
265,785
|
|
|
186,716
|
|
|||
Subordinated notes
|
138,888
|
|
|
138,861
|
|
|
138,782
|
|
|||
Total Federal Home Loan Bank advances, other borrowings and subordinated notes
|
$
|
1,191,496
|
|
|
$
|
1,258,077
|
|
|
$
|
732,337
|
|
(Dollars in thousands)
|
|
Overnight Sweep Collateral
|
||
Available-for-sale securities pledged
|
|
|
||
U.S. Treasury
|
|
$
|
9,992
|
|
Corporate notes:
|
|
|
||
Financial issuers
|
|
4,937
|
|
|
Mortgage-backed securities
|
|
33,943
|
|
|
Held-to-maturity securities pledged
|
|
|
||
U.S. Government agencies
|
|
11,547
|
|
|
Total collateral pledged
|
|
$
|
60,419
|
|
Excess collateral
|
|
12,739
|
|
|
Securities sold under repurchase agreements
|
|
$
|
47,680
|
|
(Dollars in thousands)
|
Common
Securities
|
|
Trust
Preferred
Securities
|
|
Junior
Subordinated
Debentures
|
|
Rate
Structure
|
|
Contractual rate
at 3/31/2016
|
|
Issue
Date
|
|
Maturity
Date
|
|
Earliest
Redemption
Date
|
|||||||
Wintrust Capital Trust III
|
$
|
774
|
|
|
$
|
25,000
|
|
|
$
|
25,774
|
|
|
L+3.25
|
|
3.87
|
%
|
|
04/2003
|
|
04/2033
|
|
04/2008
|
Wintrust Statutory Trust IV
|
619
|
|
|
20,000
|
|
|
20,619
|
|
|
L+2.80
|
|
3.43
|
%
|
|
12/2003
|
|
12/2033
|
|
12/2008
|
|||
Wintrust Statutory Trust V
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
L+2.60
|
|
3.23
|
%
|
|
05/2004
|
|
05/2034
|
|
06/2009
|
|||
Wintrust Capital Trust VII
|
1,550
|
|
|
50,000
|
|
|
51,550
|
|
|
L+1.95
|
|
2.58
|
%
|
|
12/2004
|
|
03/2035
|
|
03/2010
|
|||
Wintrust Capital Trust VIII
|
1,238
|
|
|
25,000
|
|
|
26,238
|
|
|
L+1.45
|
|
2.08
|
%
|
|
08/2005
|
|
09/2035
|
|
09/2010
|
|||
Wintrust Capital Trust IX
|
1,547
|
|
|
50,000
|
|
|
51,547
|
|
|
L+1.63
|
|
2.26
|
%
|
|
09/2006
|
|
09/2036
|
|
09/2011
|
|||
Northview Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.62
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
Town Bankshares Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.62
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
First Northwest Capital Trust I
|
155
|
|
|
5,000
|
|
|
5,155
|
|
|
L+3.00
|
|
3.63
|
%
|
|
05/2004
|
|
05/2034
|
|
05/2009
|
|||
Suburban Illinois Capital Trust II
|
464
|
|
|
15,000
|
|
|
15,464
|
|
|
L+1.75
|
|
2.38
|
%
|
|
12/2006
|
|
12/2036
|
|
12/2011
|
|||
Community Financial Shares Statutory Trust II
|
109
|
|
|
3,500
|
|
|
3,609
|
|
|
L+1.62
|
|
2.25
|
%
|
|
06/2007
|
|
09/2037
|
|
06/2012
|
|||
Total
|
|
|
|
|
$
|
253,566
|
|
|
|
|
2.83
|
%
|
|
|
|
|
|
|
|
Three months ended
|
|
$ Change in
Contribution
|
|
% Change in
Contribution
|
|||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
March 31,
2015
|
|
||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
141,698
|
|
|
$
|
122,681
|
|
|
$
|
19,017
|
|
|
16
|
%
|
Specialty Finance
|
21,180
|
|
|
21,046
|
|
|
134
|
|
|
1
|
|
|||
Wealth Management
|
4,483
|
|
|
4,189
|
|
|
294
|
|
|
7
|
|
|||
Total Operating Segments
|
167,361
|
|
|
147,916
|
|
|
19,445
|
|
|
13
|
|
|||
Intersegment Eliminations
|
4,148
|
|
|
3,975
|
|
|
173
|
|
|
4
|
|
|||
Consolidated net interest income
|
$
|
171,509
|
|
|
$
|
151,891
|
|
|
$
|
19,618
|
|
|
13
|
%
|
Non-interest income:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
45,667
|
|
|
$
|
44,912
|
|
|
$
|
755
|
|
|
2
|
%
|
Specialty Finance
|
12,403
|
|
|
7,871
|
|
|
4,532
|
|
|
58
|
|
|||
Wealth Management
|
18,752
|
|
|
18,728
|
|
|
24
|
|
|
—
|
|
|||
Total Operating Segments
|
76,822
|
|
|
71,511
|
|
|
5,311
|
|
|
7
|
|
|||
Intersegment Eliminations
|
(8,070
|
)
|
|
(6,970
|
)
|
|
(1,100
|
)
|
|
(16
|
)
|
|||
Consolidated non-interest income
|
$
|
68,752
|
|
|
$
|
64,541
|
|
|
$
|
4,211
|
|
|
7
|
%
|
Net revenue:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
187,365
|
|
|
$
|
167,593
|
|
|
$
|
19,772
|
|
|
12
|
%
|
Specialty Finance
|
33,583
|
|
|
28,917
|
|
|
4,666
|
|
|
16
|
|
|||
Wealth Management
|
23,235
|
|
|
22,917
|
|
|
318
|
|
|
1
|
|
|||
Total Operating Segments
|
244,183
|
|
|
219,427
|
|
|
24,756
|
|
|
11
|
|
|||
Intersegment Eliminations
|
(3,922
|
)
|
|
(2,995
|
)
|
|
(927
|
)
|
|
(31
|
)
|
|||
Consolidated net revenue
|
$
|
240,261
|
|
|
$
|
216,432
|
|
|
$
|
23,829
|
|
|
11
|
%
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
34,757
|
|
|
$
|
24,965
|
|
|
$
|
9,792
|
|
|
39
|
%
|
Specialty Finance
|
11,472
|
|
|
10,952
|
|
|
520
|
|
|
5
|
|
|||
Wealth Management
|
2,882
|
|
|
3,135
|
|
|
(253
|
)
|
|
(8
|
)
|
|||
Consolidated net income
|
$
|
49,111
|
|
|
$
|
39,052
|
|
|
$
|
10,059
|
|
|
26
|
%
|
Segment assets:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
19,575,709
|
|
|
$
|
17,039,668
|
|
|
$
|
2,536,041
|
|
|
15
|
%
|
Specialty Finance
|
3,322,807
|
|
|
2,783,958
|
|
|
538,849
|
|
|
19
|
|
|||
Wealth Management
|
589,652
|
|
|
547,940
|
|
|
41,712
|
|
|
8
|
|
|||
Consolidated total assets
|
$
|
23,488,168
|
|
|
$
|
20,371,566
|
|
|
$
|
3,116,602
|
|
|
15
|
%
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015 |
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015 |
||||||||||||
Derivatives designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives designated as Cash Flow Hedges
|
$
|
64
|
|
|
$
|
242
|
|
|
$
|
668
|
|
|
$
|
586
|
|
|
$
|
846
|
|
|
$
|
1,867
|
|
Interest rate derivatives designated as Fair Value Hedges
|
—
|
|
|
27
|
|
|
20
|
|
|
670
|
|
|
143
|
|
|
—
|
|
||||||
Total derivatives designated as hedging instruments under ASC 815
|
$
|
64
|
|
|
$
|
269
|
|
|
$
|
688
|
|
|
$
|
1,256
|
|
|
$
|
989
|
|
|
$
|
1,867
|
|
Derivatives not designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives
|
$
|
73,921
|
|
|
$
|
42,510
|
|
|
$
|
46,862
|
|
|
$
|
72,763
|
|
|
$
|
41,469
|
|
|
$
|
45,831
|
|
Interest rate lock commitments
|
12,104
|
|
|
7,401
|
|
|
15,296
|
|
|
3,574
|
|
|
171
|
|
|
—
|
|
||||||
Forward commitments to sell mortgage loans
|
—
|
|
|
745
|
|
|
—
|
|
|
3,857
|
|
|
2,275
|
|
|
7,410
|
|
||||||
Foreign exchange contracts
|
248
|
|
|
373
|
|
|
138
|
|
|
262
|
|
|
115
|
|
|
117
|
|
||||||
Total derivatives not designated as hedging instruments under ASC 815
|
$
|
86,273
|
|
|
$
|
51,029
|
|
|
$
|
62,296
|
|
|
$
|
80,456
|
|
|
$
|
44,030
|
|
|
$
|
53,358
|
|
Total Derivatives
|
$
|
86,337
|
|
|
$
|
51,298
|
|
|
$
|
62,984
|
|
|
$
|
81,712
|
|
|
$
|
45,019
|
|
|
$
|
55,225
|
|
|
March 31, 2016
|
||||||
(Dollars in thousands)
|
Notional
|
|
Fair Value
|
||||
Maturity Date
|
Amount
|
|
Asset (Liability)
|
||||
Interest Rate Swaps:
|
|
|
|
||||
September 2016
|
$
|
50,000
|
|
|
$
|
(370
|
)
|
October 2016
|
25,000
|
|
|
(216
|
)
|
||
Total Interest Rate Swaps
|
$
|
75,000
|
|
|
$
|
(586
|
)
|
Interest Rate Caps:
|
|
|
|
||||
August 2016
|
43,500
|
|
|
—
|
|
||
August 2016
|
216,500
|
|
|
—
|
|
||
September 2017
|
50,000
|
|
|
34
|
|
||
September 2017
|
40,000
|
|
|
30
|
|
||
Total Interest Rate Caps
|
$
|
350,000
|
|
|
$
|
64
|
|
Total Cash Flow Hedges
|
$
|
425,000
|
|
|
$
|
(522
|
)
|
|
Three months ended
|
||||||
(Dollars in thousands)
|
March 31,
2016
|
|
March 31,
2015
|
||||
Unrealized loss at beginning of period
|
$
|
(3,529
|
)
|
|
$
|
(4,062
|
)
|
Amount reclassified from accumulated other comprehensive loss to interest expense on deposits and junior subordinated debentures
|
723
|
|
|
414
|
|
||
Amount of loss recognized in other comprehensive income
|
(245
|
)
|
|
(975
|
)
|
||
Unrealized loss at end of period
|
$
|
(3,051
|
)
|
|
$
|
(4,623
|
)
|
(Dollars in thousands)
Derivatives in Fair Value
Hedging Relationships
|
Location of Gain/(Loss)
Recognized in Income on
Derivative
|
|
Amount of Gain/(Loss) Recognized
in Income on Derivative
Three Months Ended
|
|
Amount of (Loss)/Gain Recognized
in Income on Hedged Item
Three Months Ended
|
|
Income Statement Gain/
(Loss) due to Hedge
Ineffectiveness
Three Months Ended
|
||||||||||||||||||
March 31,
2016
|
|
March 31,
2015
|
|
March 31,
2016
|
|
March 31,
2015
|
|
March 31,
2016
|
|
March 31,
2015
|
|||||||||||||||
Interest rate swaps
|
Trading (losses) gains, net
|
|
$
|
(554
|
)
|
|
$
|
(32
|
)
|
|
$
|
515
|
|
|
$
|
28
|
|
|
$
|
(39
|
)
|
|
$
|
(4
|
)
|
(Dollars in thousands)
|
|
|
Three Months Ended
|
||||||
Derivative
|
Location in income statement
|
|
March 31,
2016
|
|
March 31,
2015
|
||||
Interest rate swaps and caps
|
Trading (losses) gains, net
|
|
$
|
76
|
|
|
$
|
(450
|
)
|
Mortgage banking derivatives
|
Mortgage banking revenue
|
|
1,864
|
|
|
2,094
|
|
||
Covered call options
|
Fees from covered call options
|
|
1,712
|
|
|
4,360
|
|
||
Foreign exchange contracts
|
Trading (losses) gains, net
|
|
(63
|
)
|
|
(51
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015
|
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015
|
||||||||||||
Gross Amounts Recognized
|
$
|
73,985
|
|
|
$
|
42,779
|
|
|
$
|
47,550
|
|
|
$
|
74,019
|
|
|
$
|
42,458
|
|
|
$
|
47,698
|
|
Less: Amounts offset in the Statements of Financial Condition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net amount presented in the Statements of Financial Condition
|
$
|
73,985
|
|
|
$
|
42,779
|
|
|
$
|
47,550
|
|
|
$
|
74,019
|
|
|
$
|
42,458
|
|
|
$
|
47,698
|
|
Gross amounts not offset in the Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offsetting Derivative Positions
|
(156
|
)
|
|
(753
|
)
|
|
(1,563
|
)
|
|
(156
|
)
|
|
(753
|
)
|
|
(1,563
|
)
|
||||||
Collateral Posted
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,863
|
)
|
|
(41,705
|
)
|
|
(46,135
|
)
|
||||||
Net Credit Exposure
|
$
|
73,829
|
|
|
$
|
42,026
|
|
|
$
|
45,987
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
As of March 31, 2016, December 31, 2015 and March 31, 2015, the Company posted collateral of
$81.6 million
,
$45.5 million
and
$51.3 million
, respectively, which resulted in excess collateral with its counterparties. For purposes of this disclosure, the amount of posted collateral is limited to the amount offsetting the derivative liability.
|
•
|
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.
|
|
March 31, 2016
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
117,089
|
|
|
$
|
—
|
|
|
$
|
117,089
|
|
|
$
|
—
|
|
U.S. Government agencies
|
94,172
|
|
|
—
|
|
|
94,172
|
|
|
—
|
|
||||
Municipal
|
121,195
|
|
|
—
|
|
|
50,953
|
|
|
70,242
|
|
||||
Corporate notes
|
80,213
|
|
|
—
|
|
|
80,213
|
|
|
—
|
|
||||
Mortgage-backed
|
302,695
|
|
|
—
|
|
|
302,695
|
|
|
—
|
|
||||
Equity securities
|
55,619
|
|
|
—
|
|
|
31,565
|
|
|
24,054
|
|
||||
Trading account securities
|
2,116
|
|
|
—
|
|
|
2,116
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
314,554
|
|
|
—
|
|
|
314,554
|
|
|
—
|
|
||||
Mortgage servicing rights
|
10,128
|
|
|
—
|
|
|
—
|
|
|
10,128
|
|
||||
Nonqualified deferred compensation assets
|
8,926
|
|
|
—
|
|
|
8,926
|
|
|
—
|
|
||||
Derivative assets
|
86,337
|
|
|
—
|
|
|
86,337
|
|
|
—
|
|
||||
Total
|
$
|
1,193,044
|
|
|
$
|
—
|
|
|
$
|
1,088,620
|
|
|
$
|
104,424
|
|
Derivative liabilities
|
$
|
81,712
|
|
|
$
|
—
|
|
|
$
|
81,712
|
|
|
$
|
—
|
|
|
|
December 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
306,729
|
|
|
$
|
—
|
|
|
$
|
306,729
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
70,236
|
|
|
—
|
|
|
70,236
|
|
|
—
|
|
||||
Municipal
|
|
108,595
|
|
|
—
|
|
|
39,982
|
|
|
68,613
|
|
||||
Corporate notes
|
|
81,545
|
|
|
—
|
|
|
81,545
|
|
|
—
|
|
||||
Mortgage-backed
|
|
1,092,597
|
|
|
—
|
|
|
1,092,597
|
|
|
—
|
|
||||
Equity securities
|
|
56,686
|
|
|
—
|
|
|
31,487
|
|
|
25,199
|
|
||||
Trading account securities
|
|
448
|
|
|
—
|
|
|
448
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
|
388,038
|
|
|
—
|
|
|
388,038
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
9,092
|
|
|
—
|
|
|
—
|
|
|
9,092
|
|
||||
Nonqualified deferred compensation assets
|
|
8,517
|
|
|
—
|
|
|
8,517
|
|
|
—
|
|
||||
Derivative assets
|
|
51,298
|
|
|
—
|
|
|
51,298
|
|
|
—
|
|
||||
Total
|
|
$
|
2,173,781
|
|
|
$
|
—
|
|
|
$
|
2,070,877
|
|
|
$
|
102,904
|
|
Derivative liabilities
|
|
$
|
45,019
|
|
|
$
|
—
|
|
|
$
|
45,019
|
|
|
$
|
—
|
|
|
March 31, 2015
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
271,474
|
|
|
$
|
—
|
|
|
$
|
271,474
|
|
|
$
|
—
|
|
U.S. Government agencies
|
661,793
|
|
|
—
|
|
|
661,793
|
|
|
—
|
|
||||
Municipal
|
269,912
|
|
|
—
|
|
|
213,863
|
|
|
56,049
|
|
||||
Corporate notes
|
133,814
|
|
|
—
|
|
|
133,814
|
|
|
—
|
|
||||
Mortgage-backed
|
329,591
|
|
|
—
|
|
|
329,591
|
|
|
—
|
|
||||
Equity securities
|
54,446
|
|
|
—
|
|
|
29,790
|
|
|
24,656
|
|
||||
Trading account securities
|
7,811
|
|
|
—
|
|
|
7,811
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
446,355
|
|
|
—
|
|
|
446,355
|
|
|
—
|
|
||||
Mortgage servicing rights
|
7,852
|
|
|
—
|
|
|
—
|
|
|
7,852
|
|
||||
Nonqualified deferred compensation assets
|
8,718
|
|
|
—
|
|
|
8,718
|
|
|
—
|
|
||||
Derivative assets
|
62,984
|
|
|
—
|
|
|
62,984
|
|
|
—
|
|
||||
Total
|
$
|
2,254,750
|
|
|
$
|
—
|
|
|
$
|
2,166,193
|
|
|
$
|
88,557
|
|
Derivative liabilities
|
$
|
55,225
|
|
|
$
|
—
|
|
|
$
|
55,225
|
|
|
$
|
—
|
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2016
|
$
|
68,613
|
|
|
$
|
25,199
|
|
|
$
|
9,092
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
1,036
|
|
|||
Other comprehensive income
|
(13
|
)
|
|
(1,145
|
)
|
|
—
|
|
|||
Purchases
|
3,271
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(1,629
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2016
|
$
|
70,242
|
|
|
$
|
24,054
|
|
|
$
|
10,128
|
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2015
|
$
|
58,953
|
|
|
$
|
23,711
|
|
|
$
|
8,435
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
(583
|
)
|
|||
Other comprehensive income
|
203
|
|
|
945
|
|
|
—
|
|
|||
Purchases
|
6,674
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(9,781
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2015
|
$
|
56,049
|
|
|
$
|
24,656
|
|
|
$
|
7,852
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
March 31, 2016
|
|
Three Months Ended March 31, 2016
Fair Value Losses Recognized, net
|
||||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
Impaired loans—collateral based
|
$
|
66,008
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,008
|
|
|
$
|
2,333
|
|
Other real estate owned, including covered other real estate owned
(1)
|
58,978
|
|
|
—
|
|
|
—
|
|
|
58,978
|
|
|
1,087
|
|
|||||
Total
|
$
|
124,986
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
124,986
|
|
|
$
|
3,420
|
|
(1)
|
Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period.
|
(Dollars in thousands)
|
Fair Value
|
|
Valuation Methodology
|
|
Significant Unobservable Input
|
|
Range
of Inputs
|
|
Weighted
Average
of Inputs
|
|
Impact to valuation
from an increased or
higher input value
|
||
Measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
||
Municipal Securities
|
$
|
70,242
|
|
|
Bond pricing
|
|
Equivalent rating
|
|
BBB-AA+
|
|
N/A
|
|
Increase
|
Equity Securities
|
24,054
|
|
|
Discounted cash flows
|
|
Discount rate
|
|
2.81%-3.13%
|
|
2.98%
|
|
Decrease
|
|
Mortgage Servicing Rights
|
10,128
|
|
|
Discounted cash flows
|
|
Discount rate
|
|
4%-7%
|
|
6.20%
|
|
Decrease
|
|
|
|
|
|
|
Constant prepayment rate (CPR)
|
|
1%-46%
|
|
11.39%
|
|
Decrease
|
||
Measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
||
Impaired loans—collateral based
|
$
|
66,008
|
|
|
Appraisal value
|
|
Appraisal adjustment - cost of sale
|
|
10%
|
|
10.00%
|
|
Decrease
|
Other real estate owned, including covered other real estate owned
|
58,978
|
|
|
Appraisal value
|
|
Appraisal adjustment - cost of sale
|
|
10%
|
|
10.00%
|
|
Decrease
|
|
At March 31, 2016
|
|
At December 31, 2015
|
|
At March 31, 2015
|
||||||||||||||||||
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||||||
(Dollars in thousands)
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
212,300
|
|
|
$
|
212,300
|
|
|
$
|
275,795
|
|
|
$
|
275,795
|
|
|
$
|
290,872
|
|
|
$
|
290,872
|
|
Interest bearing deposits with banks
|
817,013
|
|
|
817,013
|
|
|
607,782
|
|
|
607,782
|
|
|
697,799
|
|
|
697,799
|
|
||||||
Available-for-sale securities
|
770,983
|
|
|
770,983
|
|
|
1,716,388
|
|
|
1,716,388
|
|
|
1,721,030
|
|
|
1,721,030
|
|
||||||
Held-to-maturity securities
|
911,715
|
|
|
924,344
|
|
|
884,826
|
|
|
878,111
|
|
|
—
|
|
|
—
|
|
||||||
Trading account securities
|
2,116
|
|
|
2,116
|
|
|
448
|
|
|
448
|
|
|
7,811
|
|
|
7,811
|
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
113,222
|
|
|
113,222
|
|
|
101,581
|
|
|
101,581
|
|
|
92,948
|
|
|
92,948
|
|
||||||
Brokerage customer receivables
|
28,266
|
|
|
28,266
|
|
|
27,631
|
|
|
27,631
|
|
|
25,287
|
|
|
25,287
|
|
||||||
Mortgage loans held-for-sale, at fair value
|
314,554
|
|
|
314,554
|
|
|
388,038
|
|
|
388,038
|
|
|
446,355
|
|
|
446,355
|
|
||||||
Total loans
|
17,585,261
|
|
|
18,551,606
|
|
|
17,266,790
|
|
|
18,106,829
|
|
|
15,162,753
|
|
|
15,868,532
|
|
||||||
Mortgage servicing rights
|
10,128
|
|
|
10,128
|
|
|
9,092
|
|
|
9,092
|
|
|
7,852
|
|
|
7,852
|
|
||||||
Nonqualified deferred compensation assets
|
8,926
|
|
|
8,926
|
|
|
8,517
|
|
|
8,517
|
|
|
8,718
|
|
|
8,718
|
|
||||||
Derivative assets
|
86,337
|
|
|
86,337
|
|
|
51,298
|
|
|
51,298
|
|
|
62,984
|
|
|
62,984
|
|
||||||
FDIC indemnification asset
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,224
|
|
|
10,224
|
|
||||||
Accrued interest receivable and other
|
202,018
|
|
|
202,018
|
|
|
193,092
|
|
|
193,092
|
|
|
181,998
|
|
|
181,998
|
|
||||||
Total financial assets
|
$
|
21,062,839
|
|
|
$
|
22,041,813
|
|
|
$
|
21,531,278
|
|
|
$
|
22,364,602
|
|
|
$
|
18,716,631
|
|
|
$
|
19,422,410
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-maturity deposits
|
$
|
15,260,229
|
|
|
$
|
15,260,229
|
|
|
$
|
14,634,957
|
|
|
$
|
14,634,957
|
|
|
$
|
12,927,014
|
|
|
$
|
12,927,014
|
|
Deposits with stated maturities
|
3,956,842
|
|
|
3,956,157
|
|
|
4,004,677
|
|
|
3,998,180
|
|
|
4,011,755
|
|
|
4,017,565
|
|
||||||
Federal Home Loan Bank advances
|
799,482
|
|
|
807,265
|
|
|
853,431
|
|
|
863,437
|
|
|
406,839
|
|
|
422,305
|
|
||||||
Other borrowings
|
253,126
|
|
|
253,126
|
|
|
265,785
|
|
|
265,785
|
|
|
186,716
|
|
|
186,716
|
|
||||||
Subordinated notes
|
138,888
|
|
|
139,849
|
|
|
138,861
|
|
|
140,302
|
|
|
138,782
|
|
|
147,851
|
|
||||||
Junior subordinated debentures
|
253,566
|
|
|
254,290
|
|
|
268,566
|
|
|
268,046
|
|
|
249,493
|
|
|
250,196
|
|
||||||
Derivative liabilities
|
81,712
|
|
|
81,712
|
|
|
45,019
|
|
|
45,019
|
|
|
55,225
|
|
|
55,225
|
|
||||||
FDIC indemnification liability
|
10,029
|
|
|
10,029
|
|
|
6,100
|
|
|
6,100
|
|
|
—
|
|
|
—
|
|
||||||
Accrued interest payable
|
9,208
|
|
|
9,208
|
|
|
7,394
|
|
|
7,394
|
|
|
8,583
|
|
|
8,583
|
|
||||||
Total financial liabilities
|
$
|
20,763,082
|
|
|
$
|
20,771,865
|
|
|
$
|
20,224,790
|
|
|
$
|
20,229,220
|
|
|
$
|
17,984,407
|
|
|
$
|
18,015,455
|
|
|
Three Months Ended
|
||||
|
March 31,
|
|
March 31,
|
||
|
2016
|
|
2015
|
||
Expected dividend yield
|
0.9
|
%
|
|
0.9
|
%
|
Expected volatility
|
25.2
|
%
|
|
26.5
|
%
|
Risk-free rate
|
1.3
|
%
|
|
1.3
|
%
|
Expected option life (in years)
|
4.5
|
|
|
4.5
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2016
|
1,551,734
|
|
|
$
|
41.32
|
|
|
|
|
|
||
Granted
|
554,107
|
|
|
40.87
|
|
|
|
|
|
|||
Exercised
|
(19,110
|
)
|
|
32.86
|
|
|
|
|
|
|||
Forfeited or canceled
|
(57,004
|
)
|
|
51.08
|
|
|
|
|
|
|||
Outstanding at March 31, 2016
|
2,029,727
|
|
|
$
|
41.00
|
|
|
5.0
|
|
$
|
7,951
|
|
Exercisable at March 31, 2016
|
983,659
|
|
|
$
|
39.13
|
|
|
3.8
|
|
$
|
5,885
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2015
|
1,618,426
|
|
|
$
|
43.00
|
|
|
|
|
|
||
Conversion of options of acquired company
|
16,364
|
|
|
21.18
|
|
|
|
|
|
|||
Granted
|
487,259
|
|
|
44.11
|
|
|
|
|
|
|||
Exercised
|
(51,522
|
)
|
|
31.50
|
|
|
|
|
|
|||
Forfeited or canceled
|
(175,579
|
)
|
|
54.40
|
|
|
|
|
|
|||
Outstanding at March 31, 2015
|
1,894,948
|
|
|
$
|
42.35
|
|
|
4.6
|
|
$
|
11,649
|
|
Exercisable at March 31, 2015
|
1,158,991
|
|
|
$
|
41.00
|
|
|
3.3
|
|
$
|
9,291
|
|
(1)
|
Represents the remaining weighted average contractual life in years.
|
(2)
|
Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock.
|
|
Three months ended March 31, 2016
|
|
Three months ended March 31, 2015
|
||||||||||
Restricted Shares
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
||||||
Outstanding at January 1
|
137,593
|
|
|
$
|
49.63
|
|
|
146,112
|
|
|
$
|
47.45
|
|
Granted
|
10,516
|
|
|
40.77
|
|
|
12,300
|
|
|
44.11
|
|
||
Vested and issued
|
(3,726
|
)
|
|
43.87
|
|
|
(4,925
|
)
|
|
36.74
|
|
||
Outstanding at March 31
|
144,383
|
|
|
$
|
49.14
|
|
|
153,487
|
|
|
$
|
47.53
|
|
Vested, but not issuable at March 31
|
88,493
|
|
|
$
|
51.43
|
|
|
85,000
|
|
|
$
|
51.88
|
|
|
Three months ended March 31, 2016
|
|
Three months ended March 31, 2015
|
||||||||||
Performance-based Stock
|
Common
Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Common
Shares |
|
Weighted
Average Grant-Date Fair Value |
||||||
Outstanding at January 1
|
276,533
|
|
|
$
|
43.01
|
|
|
295,679
|
|
|
$
|
38.18
|
|
Granted
|
116,576
|
|
|
40.87
|
|
|
102,828
|
|
|
44.11
|
|
||
Vested and issued
|
(78,410
|
)
|
|
37.90
|
|
|
(78,590
|
)
|
|
31.10
|
|
||
Forfeited
|
(7,417
|
)
|
|
39.32
|
|
|
(29,926
|
)
|
|
31.41
|
|
||
Outstanding at March 31
|
307,282
|
|
|
$
|
43.59
|
|
|
289,991
|
|
|
$
|
42.90
|
|
Vested, but deferred at March 31
|
6,612
|
|
|
$
|
37.85
|
|
|
—
|
|
|
$
|
—
|
|
|
Accumulated
Unrealized Gains (Losses) on Securities
|
|
Accumulated
Unrealized
Losses on
Derivative
Instruments
|
|
Accumulated
Foreign
Currency
Translation
Adjustments
|
|
Total
Accumulated
Other
Comprehensive
Loss
|
||||||||
Balance at January 1, 2016
|
$
|
(17,674
|
)
|
|
$
|
(2,193
|
)
|
|
$
|
(42,841
|
)
|
|
$
|
(62,708
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
15,188
|
|
|
(149
|
)
|
|
6,038
|
|
|
21,077
|
|
||||
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax
|
(804
|
)
|
|
439
|
|
|
—
|
|
|
(365
|
)
|
||||
Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale, net of tax
|
2,086
|
|
|
—
|
|
|
—
|
|
|
2,086
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
16,470
|
|
|
$
|
290
|
|
|
$
|
6,038
|
|
|
$
|
22,798
|
|
Balance at March 31, 2016
|
$
|
(1,204
|
)
|
|
$
|
(1,903
|
)
|
|
$
|
(36,803
|
)
|
|
$
|
(39,910
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2015
|
$
|
(9,533
|
)
|
|
$
|
(2,517
|
)
|
|
$
|
(25,282
|
)
|
|
$
|
(37,332
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
15,945
|
|
|
(593
|
)
|
|
(9,045
|
)
|
|
6,307
|
|
||||
Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax
|
(318
|
)
|
|
252
|
|
|
—
|
|
|
(66
|
)
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
15,627
|
|
|
$
|
(341
|
)
|
|
$
|
(9,045
|
)
|
|
$
|
6,241
|
|
Balance at March 31, 2015
|
$
|
6,094
|
|
|
$
|
(2,858
|
)
|
|
$
|
(34,327
|
)
|
|
$
|
(31,091
|
)
|
|
Amount Reclassified from Accumulated Other Comprehensive Income for the
|
|
|
||||||
Details Regarding the Component of Accumulated Other Comprehensive Income
|
Three Months Ended
|
|
Impacted Line on the Consolidated Statements of Income
|
||||||
March 31,
|
|
||||||||
2016
|
|
2015
|
|
||||||
Accumulated unrealized losses on securities
|
|
|
|
|
|
||||
Gains included in net income
|
$
|
1,325
|
|
|
$
|
524
|
|
|
Gains on available-for-sale securities, net
|
|
1,325
|
|
|
524
|
|
|
Income before taxes
|
||
Tax effect
|
$
|
(521
|
)
|
|
$
|
(206
|
)
|
|
Income tax expense
|
Net of tax
|
$
|
804
|
|
|
$
|
318
|
|
|
Net income
|
|
|
|
|
|
|
||||
Accumulated unrealized losses on derivative instruments
|
|
|
|
|
|
||||
Amount reclassified to interest expense on deposits
|
$
|
255
|
|
|
$
|
—
|
|
|
Interest on deposits
|
Amount reclassified to interest expense on junior subordinated debentures
|
468
|
|
|
414
|
|
|
Interest on junior subordinated debentures
|
||
|
(723
|
)
|
|
(414
|
)
|
|
Income before taxes
|
||
Tax effect
|
$
|
284
|
|
|
$
|
162
|
|
|
Income tax expense
|
Net of tax
|
$
|
(439
|
)
|
|
$
|
(252
|
)
|
|
Net income
|
|
|
|
Three Months Ended
|
||||||
(In thousands, except per share data)
|
|
|
March 31,
2016
|
|
March 31,
2015
|
||||
Net income
|
|
|
$
|
49,111
|
|
|
$
|
39,052
|
|
Less: Preferred stock dividends and discount accretion
|
|
|
3,628
|
|
|
1,581
|
|
||
Net income applicable to common shares—Basic
|
(A)
|
|
45,483
|
|
|
37,471
|
|
||
Add: Dividends on convertible preferred stock, if dilutive
|
|
|
1,578
|
|
|
1,581
|
|
||
Net income applicable to common shares—Diluted
|
(B)
|
|
47,061
|
|
|
39,052
|
|
||
Weighted average common shares outstanding
|
(C)
|
|
48,448
|
|
|
47,239
|
|
||
Effect of dilutive potential common shares
|
|
|
|
|
|
||||
Common stock equivalents
|
|
|
750
|
|
|
1,158
|
|
||
Convertible preferred stock, if dilutive
|
|
|
3,070
|
|
|
3,075
|
|
||
Total dilutive potential common shares
|
|
|
3,820
|
|
|
4,233
|
|
||
Weighted average common shares and effect of dilutive potential common shares
|
(D)
|
|
52,268
|
|
|
51,472
|
|
||
Net income per common share:
|
|
|
|
|
|
||||
Basic
|
(A/C)
|
|
$
|
0.94
|
|
|
$
|
0.79
|
|
Diluted
|
(B/D)
|
|
$
|
0.90
|
|
|
$
|
0.76
|
|
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
(Dollars in thousands)
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
||||||||||
Subordinated debt excluded from Tier 2 capital
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beverly Bank
|
|
$
|
13,000
|
|
|
$
|
13,000
|
|
|
$
|
11,000
|
|
|
$
|
11,000
|
|
|
$
|
1,000
|
|
Schaumburg Bank
|
|
8,500
|
|
|
8,500
|
|
|
3,500
|
|
|
3,500
|
|
|
3,500
|
|
|||||
Barrington Bank
|
|
5,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Old Plank Trail Bank
|
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total capital (to risk-weighted assets)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Beverly Bank
|
|
9.7
|
%
|
|
9.6
|
%
|
|
10.1
|
%
|
|
10.2
|
%
|
|
11.0
|
%
|
|||||
Schaumburg Bank
|
|
10.2
|
|
|
10.3
|
|
|
10.7
|
|
|
10.8
|
|
|
10.7
|
|
|||||
Barrington Bank
|
|
11.4
|
|
|
11.3
|
|
|
11.6
|
|
|
11.4
|
|
|
11.1
|
|
|||||
Old Plank Trail Bank
|
|
10.8
|
|
|
11.3
|
|
|
11.8
|
|
|
11.6
|
|
|
11.9
|
|
|
Three months ended
|
|
|
|||||||
(Dollars in thousands, except per share data)
|
March 31,
2016
|
|
March 31,
2015
|
|
Percentage (%) or
Basis Point (bp) Change |
|||||
Net income
|
$
|
49,111
|
|
|
$
|
39,052
|
|
|
26
|
%
|
Net income per common share—Diluted
|
0.90
|
|
|
0.76
|
|
|
18
|
|
||
Net revenue
(1)
|
240,261
|
|
|
216,432
|
|
|
11
|
|
||
Net interest income
|
171,509
|
|
|
151,891
|
|
|
13
|
|
||
Net interest margin
(2)
|
3.32
|
%
|
|
3.42
|
%
|
|
(10) bp
|
|
||
Net overhead ratio
(2)
(3)
|
1.49
|
|
|
1.69
|
|
|
(20
|
)
|
||
Efficiency ratio
(2) (4)
|
63.96
|
|
|
67.90
|
|
|
(394
|
)
|
||
Return on average assets
|
0.86
|
|
|
0.80
|
|
|
6
|
|
||
Return on average common equity
|
8.55
|
|
|
7.64
|
|
|
91
|
|
||
Return on average tangible common equity
|
11.33
|
|
|
9.96
|
|
|
137
|
|
At end of period
|
|
|
|
|
|
|||||
Total assets
|
$
|
23,488,168
|
|
|
$
|
20,371,566
|
|
|
15
|
%
|
Total loans, excluding loans held-for-sale, excluding covered loans
|
17,446,413
|
|
|
14,953,059
|
|
|
17
|
|
||
Total loans, including loans held-for-sale, excluding covered loans
|
17,760,967
|
|
|
15,399,414
|
|
|
15
|
|
||
Total deposits
|
19,217,071
|
|
|
16,938,769
|
|
|
13
|
|
||
Total shareholders’ equity
|
2,418,442
|
|
|
2,131,074
|
|
|
13
|
|
||
Tangible common equity ratio (TCE)
(2)
|
7.2
|
%
|
|
7.9
|
%
|
|
(70) bp
|
|
||
Tangible common equity ratio, assuming full conversion of preferred stock
(2)
|
7.8
|
%
|
|
8.5
|
%
|
|
(70
|
)
|
||
Book value per common share
(2)
|
$
|
44.67
|
|
|
$
|
42.30
|
|
|
6
|
%
|
Tangible common book value per share
(2)
|
34.20
|
|
|
33.04
|
|
|
4
|
|
||
Market price per common share
|
44.34
|
|
|
47.68
|
|
|
(7
|
)
|
||
Excluding covered loans:
|
|
|
|
|
|
|||||
Allowance for credit losses to total loans
(5)
|
0.64
|
%
|
|
0.64
|
%
|
|
—
|
|
||
Non-performing loans to total loans
|
0.51
|
%
|
|
0.55
|
%
|
|
(4) bp
|
|
(1)
|
Net revenue is net interest income plus non-interest income.
|
(2)
|
See following section titled, “Supplementary Financial Measures/Ratios” for additional information on this performance measure/ratio.
|
(3)
|
The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.
|
(4)
|
The efficiency ratio is calculated by dividing total non-interest expense by tax-equivalent net revenues (less securities gains or losses). A lower ratio indicates more efficient revenue generation.
|
(5)
|
The allowance for credit losses includes both the allowance for loan losses and the allowance for lending-related commitments.
|
|
Three Months Ended
|
||||||
|
March 31,
|
|
March 31,
|
||||
(Dollars and shares in thousands)
|
2016
|
|
2015
|
||||
Calculation of Net Interest Margin and Efficiency Ratio
|
|
|
|
||||
(A) Interest Income (GAAP)
|
$
|
192,231
|
|
|
$
|
170,357
|
|
Taxable-equivalent adjustment:
|
|
|
|
||||
- Loans
|
509
|
|
|
327
|
|
||
- Liquidity Management Assets
|
920
|
|
|
727
|
|
||
- Other Earning Assets
|
6
|
|
|
7
|
|
||
Interest Income - FTE
|
$
|
193,666
|
|
|
$
|
171,418
|
|
(B) Interest Expense (GAAP)
|
20,722
|
|
|
18,466
|
|
||
Net interest income - FTE
|
$
|
172,944
|
|
|
$
|
152,952
|
|
(C) Net Interest Income (GAAP) (A minus B)
|
$
|
171,509
|
|
|
$
|
151,891
|
|
(D) Net interest margin (GAAP-derived)
|
3.29
|
%
|
|
3.40
|
%
|
||
Net interest margin - FTE
|
3.32
|
%
|
|
3.42
|
%
|
||
(E) Efficiency ratio (GAAP-derived)
|
64.34
|
%
|
|
68.23
|
%
|
||
Efficiency ratio - FTE
|
63.96
|
%
|
|
67.90
|
%
|
||
(F) Net Overhead Ratio (GAAP-derived)
|
1.49
|
%
|
|
1.69
|
%
|
||
Calculation of Tangible Common Equity ratio (at period end)
|
|
|
|
||||
Total shareholders’ equity
|
$
|
2,418,442
|
|
|
$
|
2,131,074
|
|
(G) Less: Convertible preferred stock
|
(126,257
|
)
|
|
(126,427
|
)
|
||
Less: Non-convertible preferred stock
|
(125,000
|
)
|
|
—
|
|
||
Less: Intangible assets
|
(508,005
|
)
|
|
(439,055
|
)
|
||
(H) Total tangible common shareholders’ equity
|
$
|
1,659,180
|
|
|
$
|
1,565,592
|
|
Total assets
|
$
|
23,488,168
|
|
|
$
|
20,371,566
|
|
Less: Intangible assets
|
(508,005
|
)
|
|
(439,055
|
)
|
||
(I) Total tangible assets
|
$
|
22,980,163
|
|
|
$
|
19,932,511
|
|
Tangible common equity ratio (H/I)
|
7.2
|
%
|
|
7.9
|
%
|
||
Tangible common equity ratio, assuming full conversion of convertible preferred stock ((H-G)/I)
|
7.8
|
%
|
|
8.5
|
%
|
||
Calculation of book value per share
|
|
|
|
||||
Total shareholders’ equity
|
$
|
2,418,442
|
|
|
$
|
2,131,074
|
|
Less: Preferred stock
|
(251,257
|
)
|
|
(126,427
|
)
|
||
(J) Total common equity
|
$
|
2,167,185
|
|
|
$
|
2,004,647
|
|
(K) Actual common shares outstanding
|
48,519
|
|
|
47,390
|
|
||
Book value per common share (J/K)
|
$
|
44.67
|
|
|
$
|
42.30
|
|
Tangible common book value per share (H/K)
|
$
|
34.20
|
|
|
$
|
33.04
|
|
Calculation of return on average common equity
|
|
|
|
||
(L) Net income applicable to common shares
|
45,483
|
|
|
37,471
|
|
Add: After-tax intangible asset amortization
|
812
|
|
|
615
|
|
(M) Tangible net income applicable to common shares
|
46,295
|
|
|
38,086
|
|
Total average shareholders' equity
|
2,389,770
|
|
|
2,114,356
|
|
Less: Average preferred stock
|
(251,262
|
)
|
|
(126,445
|
)
|
(N) Total average common shareholders' equity
|
2,138,508
|
|
|
1,987,911
|
|
Less: Average intangible assets
|
(495,594
|
)
|
|
(436,456
|
)
|
(O) Total average tangible common shareholders’ equity
|
1,642,914
|
|
|
1,551,455
|
|
Return on average common equity, annualized (L/N)
|
8.55
|
%
|
|
7.64
|
%
|
Return on average tangible common equity, annualized (M)/O)
|
11.33
|
%
|
|
9.96
|
%
|
|
Average Balance for three months ended,
|
|
Interest
for three months ended,
|
|
Yield/Rate for three months ended,
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31, 2015
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|||||||||||||||
Liquidity management assets
(1)(2)(7)
|
$
|
3,300,138
|
|
|
$
|
3,245,393
|
|
|
$
|
2,868,906
|
|
|
$
|
19,794
|
|
|
$
|
18,621
|
|
|
$
|
16,214
|
|
|
2.41
|
%
|
|
2.28
|
%
|
|
2.29
|
%
|
Other earning assets
(2)(3)(7)
|
28,731
|
|
|
29,792
|
|
|
27,717
|
|
|
236
|
|
|
244
|
|
|
201
|
|
|
3.31
|
|
|
3.26
|
|
|
2.94
|
|
||||||
Loans, net of unearned income
(2)(4)(7)
|
17,508,593
|
|
|
16,889,922
|
|
|
15,031,917
|
|
|
171,625
|
|
|
168,060
|
|
|
151,316
|
|
|
3.94
|
|
|
3.95
|
|
|
4.08
|
|
||||||
Covered loans
|
141,351
|
|
|
154,846
|
|
|
214,211
|
|
|
2,011
|
|
|
1,871
|
|
|
3,687
|
|
|
5.72
|
|
|
4.79
|
|
|
6.98
|
|
||||||
Total earning assets
(7)
|
$
|
20,978,813
|
|
|
$
|
20,319,953
|
|
|
$
|
18,142,751
|
|
|
$
|
193,666
|
|
|
$
|
188,796
|
|
|
$
|
171,418
|
|
|
3.71
|
%
|
|
3.69
|
%
|
|
3.83
|
%
|
Allowance for loan and covered loan losses
|
(112,028
|
)
|
|
(109,448
|
)
|
|
(96,918
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks
|
259,343
|
|
|
260,593
|
|
|
249,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other assets
|
1,776,785
|
|
|
1,754,014
|
|
|
1,519,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
22,902,913
|
|
|
$
|
22,225,112
|
|
|
$
|
19,814,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits
|
$
|
13,717,333
|
|
|
$
|
13,606,046
|
|
|
$
|
12,863,507
|
|
|
$
|
12,781
|
|
|
$
|
12,617
|
|
|
$
|
11,814
|
|
|
0.37
|
%
|
|
0.37
|
%
|
|
0.37
|
%
|
Federal Home Loan Bank advances
|
825,104
|
|
|
441,669
|
|
|
347,456
|
|
|
2,886
|
|
|
2,684
|
|
|
2,156
|
|
|
1.41
|
|
|
2.41
|
|
|
2.52
|
|
||||||
Other borrowings
|
257,384
|
|
|
269,738
|
|
|
194,663
|
|
|
1,058
|
|
|
1,007
|
|
|
788
|
|
|
1.65
|
|
|
1.48
|
|
|
1.64
|
|
||||||
Subordinated notes
|
138,870
|
|
|
138,852
|
|
|
138,773
|
|
|
1,777
|
|
|
1,777
|
|
|
1,775
|
|
|
5.12
|
|
|
5.12
|
|
|
5.12
|
|
||||||
Junior subordinated notes
|
257,687
|
|
|
268,566
|
|
|
249,493
|
|
|
2,220
|
|
|
2,196
|
|
|
1,933
|
|
|
3.41
|
|
|
3.20
|
|
|
3.10
|
|
||||||
Total interest-bearing liabilities
|
$
|
15,196,378
|
|
|
$
|
14,724,871
|
|
|
$
|
13,793,892
|
|
|
$
|
20,722
|
|
|
$
|
20,281
|
|
|
$
|
18,466
|
|
|
0.55
|
%
|
|
0.55
|
%
|
|
0.54
|
%
|
Non-interest bearing deposits
|
4,939,746
|
|
|
4,776,977
|
|
|
3,584,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other liabilities
|
377,019
|
|
|
375,719
|
|
|
321,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
2,389,770
|
|
|
2,347,545
|
|
|
2,114,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
22,902,913
|
|
|
$
|
22,225,112
|
|
|
$
|
19,814,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate spread
(5)(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
3.16
|
%
|
|
3.14
|
%
|
|
3.29
|
%
|
||||||||||||
Net free funds/contribution
(6)
|
$
|
5,782,435
|
|
|
$
|
5,595,082
|
|
|
$
|
4,348,859
|
|
|
|
|
|
|
|
|
0.16
|
%
|
|
0.15
|
%
|
|
0.13
|
%
|
||||||
Net interest income/ margin
(7)
|
|
|
|
|
|
|
$
|
172,944
|
|
|
$
|
168,515
|
|
|
$
|
152,952
|
|
|
3.32
|
%
|
|
3.29
|
%
|
|
3.42
|
%
|
(1)
|
Liquidity management assets include available-for-sale and held-to-maturity securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the three months ended
March 31, 2016
,
December 31, 2015
and
March 31, 2015
were $1.4 million, $1.3 million
and $1.1 million respectively.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(5)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(6)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
First Quarter of 2016
Compared to
Fourth Quarter of 2015
|
|
First Quarter of 2016
Compared to First Quarter of 2015 |
||||
(Dollars in thousands)
|
|
||||||
Tax-equivalent net interest income for comparative period
|
$
|
168,515
|
|
|
$
|
152,952
|
|
Change due to mix and growth of earning assets and interest-bearing liabilities (volume)
|
3,555
|
|
|
21,473
|
|
||
Change due to interest rate fluctuations (rate)
|
2,725
|
|
|
(3,162
|
)
|
||
Change due to number of days in each period
|
(1,851
|
)
|
|
1,681
|
|
||
Tax-equivalent net interest income for the period ended March 31, 2016
|
$
|
172,944
|
|
|
$
|
172,944
|
|
|
Three Months Ended
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
March 31,
2015
|
|
Change
|
|
Change
|
|||||||
Brokerage
|
$
|
6,057
|
|
|
$
|
6,852
|
|
|
$
|
(795
|
)
|
|
(12
|
)%
|
Trust and asset management
|
12,263
|
|
|
11,248
|
|
|
1,015
|
|
|
9
|
|
|||
Total wealth management
|
18,320
|
|
|
18,100
|
|
|
220
|
|
|
1
|
|
|||
Mortgage banking
|
21,735
|
|
|
27,800
|
|
|
(6,065
|
)
|
|
(22
|
)
|
|||
Service charges on deposit accounts
|
7,406
|
|
|
6,297
|
|
|
1,109
|
|
|
18
|
|
|||
Gains on available-for-sale securities, net
|
1,325
|
|
|
524
|
|
|
801
|
|
|
NM
|
|
|||
Fees from covered call options
|
1,712
|
|
|
4,360
|
|
|
(2,648
|
)
|
|
(61
|
)
|
|||
Trading losses, net
|
(168
|
)
|
|
(477
|
)
|
|
309
|
|
|
NM
|
|
|||
Operating lease income, net
|
2,806
|
|
|
65
|
|
|
2,741
|
|
|
NM
|
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Interest rate swap fees
|
4,438
|
|
|
2,191
|
|
|
2,247
|
|
|
NM
|
|
|||
BOLI
|
472
|
|
|
766
|
|
|
(294
|
)
|
|
(38
|
)
|
|||
Administrative services
|
1,069
|
|
|
1,026
|
|
|
43
|
|
|
4
|
|
|||
Gain on extinguishment of debt
|
4,305
|
|
|
—
|
|
|
4,305
|
|
|
NM
|
|
|||
Miscellaneous
|
5,332
|
|
|
3,889
|
|
|
1,443
|
|
|
37
|
|
|||
Total Other
|
15,616
|
|
|
7,872
|
|
|
7,744
|
|
|
98
|
|
|||
Total Non-Interest Income
|
$
|
68,752
|
|
|
$
|
64,541
|
|
|
$
|
4,211
|
|
|
7
|
%
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
|
March 31,
2016
|
|
March 31,
2015
|
||||
Retail originations
|
|
$
|
704,990
|
|
|
$
|
892,541
|
|
Correspondent originations
|
|
31,658
|
|
|
49,110
|
|
||
(A) Total originations
|
|
$
|
736,648
|
|
|
$
|
941,651
|
|
|
|
|
|
|
||||
Purchases as a percentage of originations
|
|
56
|
%
|
|
43
|
%
|
||
Refinances as a percentage of originations
|
|
44
|
|
|
57
|
|
||
Total
|
|
100
|
%
|
|
100
|
%
|
||
|
|
|
|
|
||||
(B) Production revenue
(1)
|
|
$
|
20,021
|
|
|
$
|
27,823
|
|
Production margin (A / B)
|
|
2.72
|
%
|
|
2.95
|
%
|
||
|
|
|
|
|
||||
Loans serviced for others
|
|
$
|
1,044,745
|
|
|
$
|
882,270
|
|
Mortgage servicing rights, at fair value
|
|
10,128
|
|
|
7,852
|
|
||
Percentage of mortgage servicing rights to loans serviced for others
|
|
0.97
|
%
|
|
0.89
|
%
|
(1)
|
Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, processing and other related activities.
|
|
Three months ended
|
|
$
Change
|
|
%
Change
|
|||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
March 31,
2015
|
|
|
|||||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|||||||
Salaries
|
$
|
50,282
|
|
|
$
|
46,848
|
|
|
$
|
3,434
|
|
|
7
|
%
|
Commissions and incentive compensation
|
26,375
|
|
|
25,494
|
|
|
881
|
|
|
3
|
|
|||
Benefits
|
19,154
|
|
|
17,788
|
|
|
1,366
|
|
|
8
|
|
|||
Total salaries and employee benefits
|
95,811
|
|
|
90,130
|
|
|
5,681
|
|
|
6
|
|
|||
Equipment
|
8,767
|
|
|
7,779
|
|
|
988
|
|
|
13
|
|
|||
Operating lease equipment depreciation
|
2,050
|
|
|
57
|
|
|
1,993
|
|
|
NM
|
|
|||
Occupancy, net
|
11,948
|
|
|
12,351
|
|
|
(403
|
)
|
|
(3
|
)
|
|||
Data processing
|
6,519
|
|
|
5,448
|
|
|
1,071
|
|
|
20
|
|
|||
Advertising and marketing
|
3,779
|
|
|
3,907
|
|
|
(128
|
)
|
|
(3
|
)
|
|||
Professional fees
|
4,059
|
|
|
4,664
|
|
|
(605
|
)
|
|
(13
|
)
|
|||
Amortization of other intangible assets
|
1,298
|
|
|
1,013
|
|
|
285
|
|
|
28
|
|
|||
FDIC insurance
|
3,613
|
|
|
2,987
|
|
|
626
|
|
|
21
|
|
|||
OREO expense, net
|
560
|
|
|
1,411
|
|
|
(851
|
)
|
|
(60
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Commissions—3rd party brokers
|
1,310
|
|
|
1,386
|
|
|
(76
|
)
|
|
(5
|
)
|
|||
Postage
|
1,302
|
|
|
1,633
|
|
|
(331
|
)
|
|
(20
|
)
|
|||
Miscellaneous
|
12,714
|
|
|
14,552
|
|
|
(1,838
|
)
|
|
(13
|
)
|
|||
Total other
|
15,326
|
|
|
17,571
|
|
|
(2,245
|
)
|
|
(13
|
)
|
|||
Total Non-Interest Expense
|
$
|
153,730
|
|
|
$
|
147,318
|
|
|
$
|
6,412
|
|
|
4
|
%
|
|
Three Months Ended
|
|||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
$
|
4,687,571
|
|
|
22
|
%
|
|
$
|
4,427,439
|
|
|
22
|
%
|
|
$
|
3,979,193
|
|
|
22
|
%
|
Commercial real estate
|
5,628,827
|
|
|
27
|
|
|
5,399,220
|
|
|
27
|
|
|
4,625,033
|
|
|
26
|
|
|||
Home equity
|
779,503
|
|
|
4
|
|
|
789,639
|
|
|
4
|
|
|
713,537
|
|
|
4
|
|
|||
Residential real estate
(1)
|
913,849
|
|
|
4
|
|
|
906,819
|
|
|
4
|
|
|
805,620
|
|
|
4
|
|
|||
Premium finance receivables
|
5,360,834
|
|
|
26
|
|
|
5,197,316
|
|
|
26
|
|
|
4,727,623
|
|
|
26
|
|
|||
Other loans
|
138,009
|
|
|
1
|
|
|
169,489
|
|
|
1
|
|
|
180,911
|
|
|
1
|
|
|||
Total loans, net of unearned income excluding covered loans
(2)
|
$
|
17,508,593
|
|
|
84
|
%
|
|
$
|
16,889,922
|
|
|
84
|
%
|
|
$
|
15,031,917
|
|
|
83
|
%
|
Covered loans
|
141,351
|
|
|
1
|
|
|
154,846
|
|
|
1
|
|
|
214,211
|
|
|
1
|
|
|||
Total average loans
(2)
|
$
|
17,649,944
|
|
|
85
|
%
|
|
$
|
17,044,768
|
|
|
85
|
%
|
|
$
|
15,246,128
|
|
|
84
|
%
|
Liquidity management assets
(3)
|
$
|
3,300,138
|
|
|
15
|
%
|
|
$
|
3,245,393
|
|
|
15
|
%
|
|
2,868,906
|
|
|
16
|
%
|
|
Other earning assets
(4)
|
28,731
|
|
|
—
|
|
|
29,792
|
|
|
—
|
|
|
27,717
|
|
|
—
|
|
|||
Total average earning assets
|
$
|
20,978,813
|
|
|
100
|
%
|
|
$
|
20,319,953
|
|
|
100
|
%
|
|
$
|
18,142,751
|
|
|
100
|
%
|
Total average assets
|
$
|
22,902,913
|
|
|
|
|
$
|
22,225,112
|
|
|
|
|
$
|
19,826,240
|
|
|
|
|||
Total average earning assets to total average assets
|
|
|
92
|
%
|
|
|
|
91
|
%
|
|
|
|
92
|
%
|
(1)
|
Includes mortgage loans held-for-sale
|
(2)
|
Includes loans held-for-sale and non-accrual loans
|
(3)
|
Liquidity management assets include investment securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements
|
(4)
|
Other earning assets include brokerage customer receivables and trading account securities
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|||||||||||||||
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|||||||||
(Dollars in thousands)
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|||||||||
Commercial
|
$
|
4,890,246
|
|
|
28
|
%
|
|
$
|
4,713,909
|
|
|
27
|
%
|
|
$
|
4,211,932
|
|
|
28
|
%
|
Commercial real estate
|
5,737,959
|
|
|
32
|
|
|
5,529,289
|
|
|
32
|
|
|
4,710,486
|
|
|
31
|
|
|||
Home equity
|
774,342
|
|
|
4
|
|
|
784,675
|
|
|
5
|
|
|
709,283
|
|
|
5
|
|
|||
Residential real estate
|
626,043
|
|
|
4
|
|
|
607,451
|
|
|
3
|
|
|
495,925
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
2,320,987
|
|
|
13
|
|
|
2,374,921
|
|
|
14
|
|
|
2,319,623
|
|
|
15
|
|
|||
Premium finance receivables—life insurance
|
2,976,934
|
|
|
17
|
|
|
2,961,496
|
|
|
17
|
|
|
2,375,654
|
|
|
16
|
|
|||
Consumer and other
|
119,902
|
|
|
1
|
|
|
146,376
|
|
|
1
|
|
|
130,156
|
|
|
1
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
17,446,413
|
|
|
99
|
%
|
|
$
|
17,118,117
|
|
|
99
|
%
|
|
$
|
14,953,059
|
|
|
99
|
%
|
Covered loans
|
138,848
|
|
|
1
|
|
|
148,673
|
|
|
1
|
|
|
209,694
|
|
|
1
|
|
|||
Total loans
|
$
|
17,585,261
|
|
|
100
|
%
|
|
$
|
17,266,790
|
|
|
100
|
%
|
|
$
|
15,162,753
|
|
|
100
|
%
|
|
As of March 31, 2016
|
|
As of March 31, 2015
|
||||||||||||||||||
|
|
|
% of
|
|
Allowance
For Loan
|
|
|
|
% of
|
|
Allowance
For Loan
|
||||||||||
|
|
Total
|
|
Losses
|
|
|
|
Total
|
|
Losses
|
|||||||||||
(Dollars in thousands)
|
Balance
|
|
Balance
|
|
Allocation
|
|
Balance
|
|
Balance
|
|
Allocation
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, industrial and other
|
$
|
3,404,555
|
|
|
32.0
|
%
|
|
$
|
26,932
|
|
|
$
|
2,807,752
|
|
|
31.4
|
%
|
|
$
|
23,613
|
|
Franchise
|
274,558
|
|
|
2.6
|
|
|
3,213
|
|
|
225,762
|
|
|
2.6
|
|
|
1,645
|
|
||||
Mortgage warehouse lines of credit
|
193,735
|
|
|
1.8
|
|
|
1,411
|
|
|
186,372
|
|
|
2.1
|
|
|
1,376
|
|
||||
Asset-based lending
|
747,901
|
|
|
7.0
|
|
|
5,963
|
|
|
810,685
|
|
|
9.1
|
|
|
7,033
|
|
||||
Leases
|
249,418
|
|
|
2.3
|
|
|
248
|
|
|
172,014
|
|
|
1.9
|
|
|
59
|
|
||||
PCI - commercial loans
(1)
|
20,079
|
|
|
0.2
|
|
|
668
|
|
|
9,347
|
|
|
0.1
|
|
|
—
|
|
||||
Total commercial
|
$
|
4,890,246
|
|
|
45.9
|
%
|
|
$
|
38,435
|
|
|
$
|
4,211,932
|
|
|
47.2
|
%
|
|
$
|
33,726
|
|
Commercial Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction
|
$
|
391,322
|
|
|
3.7
|
%
|
|
$
|
4,236
|
|
|
$
|
256,827
|
|
|
2.9
|
%
|
|
$
|
4,009
|
|
Land
|
95,580
|
|
|
0.9
|
|
|
3,233
|
|
|
89,042
|
|
|
1.0
|
|
|
2,216
|
|
||||
Office
|
888,494
|
|
|
8.4
|
|
|
5,824
|
|
|
743,126
|
|
|
8.3
|
|
|
5,181
|
|
||||
Industrial
|
742,956
|
|
|
7.0
|
|
|
6,440
|
|
|
604,326
|
|
|
6.8
|
|
|
4,289
|
|
||||
Retail
|
897,467
|
|
|
8.4
|
|
|
5,829
|
|
|
742,527
|
|
|
8.3
|
|
|
4,856
|
|
||||
Multi-family
|
763,073
|
|
|
7.2
|
|
|
7,581
|
|
|
655,403
|
|
|
7.3
|
|
|
4,925
|
|
||||
Mixed use and other
|
1,795,717
|
|
|
17.0
|
|
|
12,116
|
|
|
1,552,563
|
|
|
17.4
|
|
|
11,413
|
|
||||
PCI - commercial real estate
(1)
|
163,350
|
|
|
1.5
|
|
|
4
|
|
|
66,672
|
|
|
0.8
|
|
|
113
|
|
||||
Total commercial real estate
|
$
|
5,737,959
|
|
|
54.1
|
%
|
|
$
|
45,263
|
|
|
$
|
4,710,486
|
|
|
52.8
|
%
|
|
$
|
37,002
|
|
Total commercial and commercial real estate
|
$
|
10,628,205
|
|
|
100.0
|
%
|
|
$
|
83,698
|
|
|
$
|
8,922,418
|
|
|
100.0
|
%
|
|
$
|
70,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Illinois
|
$
|
4,533,361
|
|
|
79.0
|
%
|
|
|
|
$
|
3,750,211
|
|
|
79.6
|
%
|
|
|
||||
Wisconsin
|
585,809
|
|
|
10.2
|
|
|
|
|
476,966
|
|
|
10.1
|
|
|
|
||||||
Total primary markets
|
$
|
5,119,170
|
|
|
89.2
|
%
|
|
|
|
$
|
4,227,177
|
|
|
89.7
|
%
|
|
|
||||
Florida
|
52,649
|
|
|
0.9
|
|
|
|
|
62,504
|
|
|
1.3
|
|
|
|
||||||
California
|
59,877
|
|
|
1.0
|
|
|
|
|
29,769
|
|
|
0.6
|
|
|
|
||||||
Arizona
|
39,705
|
|
|
0.7
|
|
|
|
|
13,787
|
|
|
0.3
|
|
|
|
||||||
Indiana
|
131,762
|
|
|
2.3
|
|
|
|
|
95,851
|
|
|
2.0
|
|
|
|
||||||
Other
|
334,796
|
|
|
5.9
|
|
|
|
|
281,398
|
|
|
6.1
|
|
|
|
||||||
Total
|
$
|
5,737,959
|
|
|
100.0
|
%
|
|
|
|
$
|
4,710,486
|
|
|
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 March 31, 2016
|
One year or less
|
|
From one to five years
|
|
Over five years
|
|
|
||||||||
(Dollars in thousands)
|
|
|
|
Total
|
|||||||||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
77,619
|
|
|
$
|
649,077
|
|
|
$
|
327,400
|
|
|
$
|
1,054,096
|
|
Variable rate
|
3,819,422
|
|
|
12,765
|
|
|
3,963
|
|
|
3,836,150
|
|
||||
Total commercial
|
$
|
3,897,041
|
|
|
$
|
661,842
|
|
|
$
|
331,363
|
|
|
$
|
4,890,246
|
|
Commercial real estate
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
349,235
|
|
|
1,737,388
|
|
|
223,434
|
|
|
2,310,057
|
|
||||
Variable rate
|
3,367,843
|
|
|
56,224
|
|
|
3,835
|
|
|
3,427,902
|
|
||||
Total commercial real estate
|
$
|
3,717,078
|
|
|
$
|
1,793,612
|
|
|
$
|
227,269
|
|
|
$
|
5,737,959
|
|
Premium finance receivables, net of unearned income
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
2,359,605
|
|
|
51,407
|
|
|
398
|
|
|
2,411,410
|
|
||||
Variable rate
|
2,886,511
|
|
|
—
|
|
|
—
|
|
|
2,886,511
|
|
||||
Total premium finance receivables
(1)
|
$
|
5,246,116
|
|
|
$
|
51,407
|
|
|
$
|
398
|
|
|
$
|
5,297,921
|
|
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)
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
||||||
Loans past due greater than 90 days and still accruing
(1)
:
|
|
|
|
|
|
||||||
Commercial
|
$
|
338
|
|
|
$
|
541
|
|
|
$
|
—
|
|
Commercial real estate
|
1,260
|
|
|
—
|
|
|
—
|
|
|||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|||
Premium finance receivables—commercial
|
9,548
|
|
|
10,294
|
|
|
8,062
|
|
|||
Premium finance receivables—life insurance
|
1,641
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
180
|
|
|
150
|
|
|
91
|
|
|||
Total loans past due greater than 90 days and still accruing
|
12,967
|
|
|
10,985
|
|
|
8,153
|
|
|||
Non-accrual loans
(2)
:
|
|
|
|
|
|
||||||
Commercial
|
12,373
|
|
|
12,712
|
|
|
5,586
|
|
|||
Commercial real estate
|
26,996
|
|
|
26,645
|
|
|
29,982
|
|
|||
Home equity
|
9,365
|
|
|
6,848
|
|
|
7,665
|
|
|||
Residential real estate
|
11,964
|
|
|
12,043
|
|
|
14,248
|
|
|||
Premium finance receivables—commercial
|
15,350
|
|
|
14,561
|
|
|
15,902
|
|
|||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
484
|
|
|
263
|
|
|
236
|
|
|||
Total non-accrual loans
|
76,532
|
|
|
73,072
|
|
|
73,619
|
|
|||
Total non-performing loans:
|
|
|
|
|
|
||||||
Commercial
|
12,711
|
|
|
13,253
|
|
|
5,586
|
|
|||
Commercial real estate
|
28,256
|
|
|
26,645
|
|
|
29,982
|
|
|||
Home equity
|
9,365
|
|
|
6,848
|
|
|
7,665
|
|
|||
Residential real estate
|
11,964
|
|
|
12,043
|
|
|
14,248
|
|
|||
Premium finance receivables—commercial
|
24,898
|
|
|
24,855
|
|
|
23,964
|
|
|||
Premium finance receivables—life insurance
|
1,641
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
664
|
|
|
413
|
|
|
327
|
|
|||
Total non-performing loans
|
$
|
89,499
|
|
|
$
|
84,057
|
|
|
$
|
81,772
|
|
Other real estate owned
|
24,022
|
|
|
26,849
|
|
|
33,131
|
|
|||
Other real estate owned—from acquisitions
|
16,980
|
|
|
17,096
|
|
|
9,126
|
|
|||
Other repossessed assets
|
171
|
|
|
174
|
|
|
259
|
|
|||
Total non-performing assets
|
$
|
130,672
|
|
|
$
|
128,176
|
|
|
$
|
124,288
|
|
TDRs performing under the contractual terms of the loan agreement
|
34,949
|
|
|
42,744
|
|
|
54,687
|
|
|||
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
|
|
|
|
|
|
||||||
Commercial
|
0.26
|
%
|
|
0.28
|
%
|
|
0.13
|
%
|
|||
Commercial real estate
|
0.49
|
|
|
0.48
|
|
|
0.64
|
|
|||
Home equity
|
1.21
|
|
|
0.87
|
|
|
1.08
|
|
|||
Residential real estate
|
1.91
|
|
|
1.98
|
|
|
2.87
|
|
|||
Premium finance receivables—commercial
|
1.07
|
|
|
1.05
|
|
|
1.03
|
|
|||
Premium finance receivables—life insurance
|
0.06
|
|
|
—
|
|
|
—
|
|
|||
Consumer and other
|
0.55
|
|
|
0.28
|
|
|
0.25
|
|
|||
Total non-performing loans
|
0.51
|
%
|
|
0.49
|
%
|
|
0.55
|
%
|
|||
Total non-performing assets, as a percentage of total assets
|
0.56
|
%
|
|
0.56
|
%
|
|
0.61
|
%
|
|||
Allowance for loan losses as a percentage of total non-performing loans
|
123.10
|
%
|
|
125.39
|
%
|
|
115.50
|
%
|
(1)
|
As of the dates shown,
no
TDRs were past due greater than 90 days and still accruing interest.
|
(2)
|
Non-accrual loans included TDRs totaling
$17.6 million
,
$9.1 million
, and
$12.5 million
as of March 31, 2016, December 31, 2015, March 31, 2015 respectively.
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of March 31, 2016
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, industrial and other
|
$
|
12,370
|
|
|
$
|
338
|
|
|
$
|
3,228
|
|
|
$
|
25,608
|
|
|
$
|
3,363,011
|
|
|
$
|
3,404,555
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
273,158
|
|
|
274,558
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
1,491
|
|
|
192,244
|
|
|
193,735
|
|
||||||
Asset-based lending
|
3
|
|
|
—
|
|
|
117
|
|
|
10,597
|
|
|
737,184
|
|
|
747,901
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
5,177
|
|
|
244,241
|
|
|
249,418
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
1,893
|
|
|
—
|
|
|
128
|
|
|
18,058
|
|
|
20,079
|
|
||||||
Total commercial
|
12,373
|
|
|
2,231
|
|
|
3,345
|
|
|
44,401
|
|
|
4,827,896
|
|
|
4,890,246
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
273
|
|
|
—
|
|
|
—
|
|
|
2,023
|
|
|
389,026
|
|
|
391,322
|
|
||||||
Land
|
1,746
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,834
|
|
|
95,580
|
|
||||||
Office
|
7,729
|
|
|
1,260
|
|
|
980
|
|
|
12,571
|
|
|
865,954
|
|
|
888,494
|
|
||||||
Industrial
|
10,960
|
|
|
—
|
|
|
—
|
|
|
3,935
|
|
|
728,061
|
|
|
742,956
|
|
||||||
Retail
|
1,633
|
|
|
—
|
|
|
2,397
|
|
|
2,657
|
|
|
890,780
|
|
|
897,467
|
|
||||||
Multi-family
|
287
|
|
|
—
|
|
|
655
|
|
|
2,047
|
|
|
760,084
|
|
|
763,073
|
|
||||||
Mixed use and other
|
4,368
|
|
|
—
|
|
|
187
|
|
|
12,312
|
|
|
1,778,850
|
|
|
1,795,717
|
|
||||||
PCI - commercial real estate
(1)
|
—
|
|
|
24,738
|
|
|
1,573
|
|
|
10,344
|
|
|
126,695
|
|
|
163,350
|
|
||||||
Total commercial real estate
|
26,996
|
|
|
25,998
|
|
|
5,792
|
|
|
45,889
|
|
|
5,633,284
|
|
|
5,737,959
|
|
||||||
Home equity
|
9,365
|
|
|
—
|
|
|
791
|
|
|
4,474
|
|
|
759,712
|
|
|
774,342
|
|
||||||
Residential real estate, including PCI
|
11,964
|
|
|
406
|
|
|
193
|
|
|
10,108
|
|
|
603,372
|
|
|
626,043
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
15,350
|
|
|
9,548
|
|
|
5,583
|
|
|
15,086
|
|
|
2,275,420
|
|
|
2,320,987
|
|
||||||
Life insurance loans
|
—
|
|
|
1,641
|
|
|
3,432
|
|
|
198
|
|
|
2,675,525
|
|
|
2,680,796
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
296,138
|
|
|
296,138
|
|
||||||
Consumer and other, including PCI
|
484
|
|
|
245
|
|
|
118
|
|
|
364
|
|
|
118,691
|
|
|
119,902
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
76,532
|
|
|
$
|
40,069
|
|
|
$
|
19,254
|
|
|
$
|
120,520
|
|
|
$
|
17,190,038
|
|
|
$
|
17,446,413
|
|
Covered loans
|
5,324
|
|
|
7,995
|
|
|
349
|
|
|
6,491
|
|
|
118,689
|
|
|
138,848
|
|
||||||
Total loans, net of unearned income
|
$
|
81,856
|
|
|
$
|
48,064
|
|
|
$
|
19,603
|
|
|
$
|
127,011
|
|
|
$
|
17,308,727
|
|
|
$
|
17,585,261
|
|
Aging as a % of Loan Balance:
As of March 31, 2016 |
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial, industrial and other
|
0.4
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
0.8
|
%
|
|
98.7
|
%
|
|
100.0
|
%
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
99.5
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
99.2
|
|
|
100.0
|
|
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
98.6
|
|
|
100.0
|
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
97.9
|
|
|
100.0
|
|
PCI - commercial
(1)
|
—
|
|
|
9.4
|
|
|
—
|
|
|
0.6
|
|
|
90.0
|
|
|
100.0
|
|
Total commercial
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
0.9
|
|
|
98.7
|
|
|
100.0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
99.4
|
|
|
100.0
|
|
Land
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98.2
|
|
|
100.0
|
|
Office
|
0.9
|
|
|
0.1
|
|
|
0.1
|
|
|
1.4
|
|
|
97.5
|
|
|
100.0
|
|
Industrial
|
1.5
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
98.0
|
|
|
100.0
|
|
Retail
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|
99.2
|
|
|
100.0
|
|
Multi-family
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
99.6
|
|
|
100.0
|
|
Mixed use and other
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
99.1
|
|
|
100.0
|
|
PCI - commercial real estate
(1)
|
—
|
|
|
15.1
|
|
|
1.0
|
|
|
6.3
|
|
|
77.6
|
|
|
100.0
|
|
Total commercial real estate
|
0.5
|
|
|
0.5
|
|
|
0.1
|
|
|
0.8
|
|
|
98.1
|
|
|
100.0
|
|
Home equity
|
1.2
|
|
|
—
|
|
|
0.1
|
|
|
0.6
|
|
|
98.1
|
|
|
100.0
|
|
Residential real estate, including PCI
|
1.9
|
|
|
0.1
|
|
|
—
|
|
|
1.6
|
|
|
96.4
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
0.7
|
|
|
0.5
|
|
|
0.2
|
|
|
0.6
|
|
|
98.0
|
|
|
100.0
|
|
Life insurance loans
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
99.8
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other, including PCI
|
0.4
|
|
|
0.2
|
|
|
0.1
|
|
|
0.3
|
|
|
99.0
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
0.4
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
98.6
|
%
|
|
100.0
|
%
|
Covered loans
|
3.8
|
|
|
5.8
|
|
|
0.3
|
|
|
4.7
|
|
|
85.4
|
|
|
100.0
|
|
Total loans, net of unearned income
|
0.5
|
%
|
|
0.3
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
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.
|
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of December 31, 2015
|
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial, industrial and other
|
|
$
|
12,704
|
|
|
$
|
6
|
|
|
$
|
6,749
|
|
|
$
|
12,930
|
|
|
$
|
3,226,139
|
|
|
$
|
3,258,528
|
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245,228
|
|
|
245,228
|
|
||||||
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222,806
|
|
|
222,806
|
|
||||||
Asset-based lending
|
|
8
|
|
|
—
|
|
|
3,864
|
|
|
1,844
|
|
|
736,968
|
|
|
742,684
|
|
||||||
Leases
|
|
—
|
|
|
535
|
|
|
748
|
|
|
4,192
|
|
|
220,599
|
|
|
226,074
|
|
||||||
PCI - commercial
(1)
|
|
—
|
|
|
892
|
|
|
—
|
|
|
2,510
|
|
|
15,187
|
|
|
18,589
|
|
||||||
Total commercial
|
|
12,712
|
|
|
1,433
|
|
|
11,361
|
|
|
21,476
|
|
|
4,666,927
|
|
|
4,713,909
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
|
306
|
|
|
—
|
|
|
1,371
|
|
|
1,645
|
|
|
355,338
|
|
|
358,660
|
|
||||||
Land
|
|
1,751
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
76,546
|
|
|
78,417
|
|
||||||
Office
|
|
4,619
|
|
|
—
|
|
|
764
|
|
|
3,817
|
|
|
853,801
|
|
|
863,001
|
|
||||||
Industrial
|
|
9,564
|
|
|
—
|
|
|
1,868
|
|
|
1,009
|
|
|
715,207
|
|
|
727,648
|
|
||||||
Retail
|
|
1,760
|
|
|
—
|
|
|
442
|
|
|
2,310
|
|
|
863,887
|
|
|
868,399
|
|
||||||
Multi-family
|
|
1,954
|
|
|
—
|
|
|
597
|
|
|
6,568
|
|
|
733,230
|
|
|
742,349
|
|
||||||
Mixed use and other
|
|
6,691
|
|
|
—
|
|
|
6,723
|
|
|
7,215
|
|
|
1,712,187
|
|
|
1,732,816
|
|
||||||
PCI - commercial real estate
(1)
|
|
—
|
|
|
22,111
|
|
|
4,662
|
|
|
16,559
|
|
|
114,667
|
|
|
157,999
|
|
||||||
Total commercial real estate
|
|
26,645
|
|
|
22,111
|
|
|
16,427
|
|
|
39,243
|
|
|
5,424,863
|
|
|
5,529,289
|
|
||||||
Home equity
|
|
6,848
|
|
|
—
|
|
|
1,889
|
|
|
5,517
|
|
|
770,421
|
|
|
784,675
|
|
||||||
Residential real estate, including PCI
|
|
12,043
|
|
|
488
|
|
|
2,166
|
|
|
3,903
|
|
|
588,851
|
|
|
607,451
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
|
14,561
|
|
|
10,294
|
|
|
6,624
|
|
|
21,656
|
|
|
2,321,786
|
|
|
2,374,921
|
|
||||||
Life insurance loans
|
|
—
|
|
|
—
|
|
|
3,432
|
|
|
11,140
|
|
|
2,578,632
|
|
|
2,593,204
|
|
||||||
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
368,292
|
|
|
368,292
|
|
||||||
Consumer and other, including PCI
|
|
263
|
|
|
211
|
|
|
204
|
|
|
1,187
|
|
|
144,511
|
|
|
146,376
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
|
$
|
73,072
|
|
|
$
|
34,537
|
|
|
$
|
42,103
|
|
|
$
|
104,122
|
|
|
$
|
16,864,283
|
|
|
$
|
17,118,117
|
|
Covered loans
|
|
5,878
|
|
|
7,335
|
|
|
703
|
|
|
5,774
|
|
|
128,983
|
|
|
148,673
|
|
||||||
Total loans, net of unearned income
|
|
$
|
78,950
|
|
|
$
|
41,872
|
|
|
$
|
42,806
|
|
|
$
|
109,896
|
|
|
$
|
16,993,266
|
|
|
$
|
17,266,790
|
|
Aging as a % of Loan Balance:
As of December 31, 2015
|
|
Nonaccrual
|
|
90+ days
and still accruing |
|
60-89
days past due |
|
30-59
days past due |
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial, industrial and other
|
|
0.4
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
0.4
|
%
|
|
99.0
|
%
|
|
100.0
|
%
|
Franchise
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Asset-based lending
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.3
|
|
|
99.2
|
|
|
100.0
|
|
Leases
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
1.9
|
|
|
97.6
|
|
|
100.0
|
|
PCI - commercial
(1)
|
|
—
|
|
|
4.8
|
|
|
—
|
|
|
13.5
|
|
|
81.7
|
|
|
100.0
|
|
Total commercial
|
|
0.3
|
|
|
—
|
|
|
0.2
|
|
|
0.5
|
|
|
99.0
|
|
|
100.0
|
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Construction
|
|
0.1
|
|
|
—
|
|
|
0.4
|
|
|
0.5
|
|
|
99.0
|
|
|
100.0
|
|
Land
|
|
2.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
97.6
|
|
|
100.0
|
|
Office
|
|
0.5
|
|
|
—
|
|
|
0.1
|
|
|
0.4
|
|
|
99.0
|
|
|
100.0
|
|
Industrial
|
|
1.3
|
|
|
—
|
|
|
0.3
|
|
|
0.1
|
|
|
98.3
|
|
|
100.0
|
|
Retail
|
|
0.2
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
99.4
|
|
|
100.0
|
|
Multi-family
|
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
0.9
|
|
|
98.7
|
|
|
100.0
|
|
Mixed use and other
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
|
0.4
|
|
|
98.8
|
|
|
100.0
|
|
PCI - commercial real estate
(1)
|
|
—
|
|
|
14.0
|
|
|
3.0
|
|
|
10.5
|
|
|
72.5
|
|
|
100.0
|
|
Total commercial real estate
|
|
0.5
|
|
|
0.4
|
|
|
0.3
|
|
|
0.7
|
|
|
98.1
|
|
|
100.0
|
|
Home equity
|
|
0.9
|
|
|
—
|
|
|
0.2
|
|
|
0.7
|
|
|
98.2
|
|
|
100.0
|
|
Residential real estate, including PCI
|
|
2.0
|
|
|
0.1
|
|
|
0.4
|
|
|
0.6
|
|
|
96.9
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
|
0.6
|
|
|
0.4
|
|
|
0.3
|
|
|
0.9
|
|
|
97.8
|
|
|
100.0
|
|
Life insurance loans
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.4
|
|
|
99.5
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other, including PCI
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.8
|
|
|
98.8
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
|
0.4
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.6
|
%
|
|
98.6
|
%
|
|
100.0
|
%
|
Covered loans
|
|
4.0
|
|
|
4.9
|
|
|
0.5
|
|
|
3.9
|
|
|
86.7
|
|
|
100.0
|
|
Total loans, net of unearned income
|
|
0.5
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.6
|
%
|
|
98.5
|
%
|
|
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.
|
|
Three Months Ended
|
||||||
|
March 31,
|
|
March 31,
|
||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
84,057
|
|
|
$
|
78,677
|
|
Additions, net
|
12,166
|
|
|
8,980
|
|
||
Return to performing status
|
(2,006
|
)
|
|
(716
|
)
|
||
Payments received
|
(3,308
|
)
|
|
(4,369
|
)
|
||
Transfer to OREO and other repossessed assets
|
(2,080
|
)
|
|
(2,540
|
)
|
||
Charge-offs
|
(533
|
)
|
|
(1,801
|
)
|
||
Net change for niche loans
(1)
|
1,203
|
|
|
3,541
|
|
||
Balance at end of period
|
$
|
89,499
|
|
|
$
|
81,772
|
|
(1)
|
This includes activity for premium finance receivables and indirect consumer loans.
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
March 31, 2016
|
|
March 31,
2015
|
||||
Allowance for loan losses at beginning of period
|
$
|
105,400
|
|
|
$
|
91,705
|
|
Provision for credit losses
|
8,423
|
|
|
6,185
|
|
||
Other adjustments
|
(78
|
)
|
|
(248
|
)
|
||
Reclassification from (to) allowance for unfunded lending-related commitments
|
(81
|
)
|
|
(113
|
)
|
||
Charge-offs:
|
|
|
|
||||
Commercial
|
671
|
|
|
677
|
|
||
Commercial real estate
|
671
|
|
|
1,005
|
|
||
Home equity
|
1,052
|
|
|
584
|
|
||
Residential real estate
|
493
|
|
|
631
|
|
||
Premium finance receivables—commercial
|
2,480
|
|
|
1,263
|
|
||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
||
Consumer and other
|
107
|
|
|
111
|
|
||
Total charge-offs
|
5,474
|
|
|
4,271
|
|
||
Recoveries:
|
|
|
|
||||
Commercial
|
629
|
|
|
370
|
|
||
Commercial real estate
|
369
|
|
|
312
|
|
||
Home equity
|
48
|
|
|
48
|
|
||
Residential real estate
|
112
|
|
|
76
|
|
||
Premium finance receivables—commercial
|
787
|
|
|
329
|
|
||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
||
Consumer and other
|
36
|
|
|
53
|
|
||
Total recoveries
|
1,981
|
|
|
1,188
|
|
||
Net charge-offs
|
(3,493
|
)
|
|
(3,083
|
)
|
||
Allowance for loan losses at period end
|
$
|
110,171
|
|
|
$
|
94,446
|
|
Allowance for unfunded lending-related commitments at period end
|
1,030
|
|
|
888
|
|
||
Allowance for credit losses at period end
|
$
|
111,201
|
|
|
$
|
95,334
|
|
Annualized net charge-offs by category as a percentage of its own respective category’s average:
|
|
|
|
||||
Commercial
|
0.00
|
%
|
|
0.03
|
%
|
||
Commercial real estate
|
0.02
|
|
|
0.06
|
|
||
Home equity
|
0.52
|
|
|
0.30
|
|
||
Residential real estate
|
0.17
|
|
|
0.28
|
|
||
Premium finance receivables—commercial
|
0.29
|
|
|
0.16
|
|
||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
||
Consumer and other
|
0.20
|
|
|
0.13
|
|
||
Total loans, net of unearned income, excluding covered loans
|
0.08
|
%
|
|
0.08
|
%
|
||
Net charge-offs as a percentage of the provision for credit losses
|
41.47
|
%
|
|
49.87
|
%
|
||
Loans at period-end, excluding covered loans
|
$
|
17,446,413
|
|
|
$
|
14,953,059
|
|
Allowance for loan losses as a percentage of loans at period end
|
0.63
|
%
|
|
0.63
|
%
|
||
Allowance for credit losses as a percentage of loans at period end
|
0.64
|
%
|
|
0.64
|
%
|
•
|
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.
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Accruing TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
5,143
|
|
|
$
|
5,613
|
|
|
$
|
6,273
|
|
Commercial real estate
|
25,548
|
|
|
32,777
|
|
|
45,417
|
|
|||
Residential real estate and other
|
4,258
|
|
|
4,354
|
|
|
2,997
|
|
|||
Total accruing TDRs
|
$
|
34,949
|
|
|
$
|
42,744
|
|
|
$
|
54,687
|
|
Non-accrual TDRs:
(1)
|
|
|
|
|
|
||||||
Commercial
|
$
|
82
|
|
|
$
|
134
|
|
|
$
|
184
|
|
Commercial real estate
|
14,340
|
|
|
5,930
|
|
|
8,229
|
|
|||
Residential real estate and other
|
3,184
|
|
|
3,045
|
|
|
4,118
|
|
|||
Total non-accrual TDRs
|
$
|
17,606
|
|
|
$
|
9,109
|
|
|
$
|
12,531
|
|
Total TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
5,225
|
|
|
$
|
5,747
|
|
|
$
|
6,457
|
|
Commercial real estate
|
39,888
|
|
|
38,707
|
|
|
53,646
|
|
|||
Residential real estate and other
|
7,442
|
|
|
7,399
|
|
|
7,115
|
|
|||
Total TDRs
|
$
|
52,555
|
|
|
$
|
51,853
|
|
|
$
|
67,218
|
|
Weighted-average contractual interest rate of TDRs
|
4.35
|
%
|
|
4.13
|
%
|
|
4.04
|
%
|
(1)
|
Included in total non-performing loans.
|
Three Months Ended March 31, 2016
(Dollars in thousands)
|
Commercial
|
|
Commercial
Real Estate |
|
Residential
Real Estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
5,747
|
|
|
$
|
38,707
|
|
|
$
|
7,399
|
|
|
$
|
51,853
|
|
Additions during the period
|
42
|
|
|
8,521
|
|
|
160
|
|
|
8,723
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(20
|
)
|
|
(424
|
)
|
|
—
|
|
|
(444
|
)
|
||||
Transferred to OREO and other repossessed assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Removal of TDR loan status
(1)
|
—
|
|
|
(4,417
|
)
|
|
—
|
|
|
(4,417
|
)
|
||||
Payments received
|
(544
|
)
|
|
(2,499
|
)
|
|
(117
|
)
|
|
(3,160
|
)
|
||||
Balance at period end
|
$
|
5,225
|
|
|
$
|
39,888
|
|
|
$
|
7,442
|
|
|
$
|
52,555
|
|
Three Months Ended March 31, 2015
( Dollars in thousands) |
Commercial
|
|
Commercial
Real Estate |
|
Residential
Real Estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
7,576
|
|
|
$
|
67,623
|
|
|
$
|
7,076
|
|
|
$
|
82,275
|
|
Additions during the period
|
—
|
|
|
—
|
|
|
294
|
|
|
294
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(397
|
)
|
|
(1
|
)
|
|
(33
|
)
|
|
(431
|
)
|
||||
Transferred to OREO and other repossessed assets
|
(562
|
)
|
|
(1,519
|
)
|
|
—
|
|
|
(2,081
|
)
|
||||
Removal of TDR loan status
(1)
|
(76
|
)
|
|
(8,382
|
)
|
|
—
|
|
|
(8,458
|
)
|
||||
Payments received
|
(84
|
)
|
|
(4,075
|
)
|
|
(222
|
)
|
|
(4,381
|
)
|
||||
Balance at period end
|
$
|
6,457
|
|
|
$
|
53,646
|
|
|
$
|
7,115
|
|
|
$
|
67,218
|
|
(1)
|
Loan was previously classified as a TDR and subsequently performed in compliance with the loan's modified
terms for a period of six months (including over a calendar year-end) at a modified interest rate which represented a market rate at the time of restructuring. Per our TDR policy, the TDR classification is removed.
|
|
Three Months Ended
|
||||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
December 31, 2015
|
|
March 31,
2015
|
||||||
Balance at beginning of period
|
$
|
43,945
|
|
|
$
|
51,880
|
|
|
$
|
45,642
|
|
Disposal/resolved
|
(6,766
|
)
|
|
(9,156
|
)
|
|
(6,846
|
)
|
|||
Transfers in at fair value, less costs to sell
|
3,291
|
|
|
2,345
|
|
|
3,831
|
|
|||
Transfers in from covered OREO subsequent to loss share expiration
|
—
|
|
|
69
|
|
|
—
|
|
|||
Additions from acquisition
|
1,064
|
|
|
—
|
|
|
761
|
|
|||
Fair value adjustments
|
(532
|
)
|
|
(1,193
|
)
|
|
(1,131
|
)
|
|||
Balance at end of period
|
$
|
41,002
|
|
|
$
|
43,945
|
|
|
$
|
42,257
|
|
|
Period End
|
||||||||||
(Dollars in thousands)
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
||||||
Residential real estate
|
$
|
11,006
|
|
|
$
|
11,322
|
|
|
$
|
7,250
|
|
Residential real estate development
|
2,320
|
|
|
2,914
|
|
|
2,687
|
|
|||
Commercial real estate
|
27,676
|
|
|
29,709
|
|
|
32,320
|
|
|||
Total
|
$
|
41,002
|
|
|
$
|
43,945
|
|
|
$
|
42,257
|
|
Time Certificates of Deposit
Maturity/Re-pricing Analysis As of March 31, 2016
(Dollars in thousands)
|
|
CDARs &
Brokered
Certificates
of Deposit
(1)
|
|
MaxSafe
Certificates
of Deposit
(1)
|
|
Variable Rate
Certificates
of Deposit
(2)
|
|
Other Fixed
Rate Certificates
of Deposit
(1)
|
|
Total Time
Certificates of
Deposits
|
|
Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
(3)
|
|||||||||||
1-3 months
|
|
$
|
39,008
|
|
|
$
|
55,793
|
|
|
$
|
149,291
|
|
|
$
|
651,559
|
|
|
$
|
895,651
|
|
|
0.51
|
%
|
4-6 months
|
|
165,622
|
|
|
43,096
|
|
|
—
|
|
|
618,340
|
|
|
827,058
|
|
|
0.75
|
%
|
|||||
7-9 months
|
|
—
|
|
|
40,380
|
|
|
—
|
|
|
555,172
|
|
|
595,552
|
|
|
0.78
|
%
|
|||||
10-12 months
|
|
—
|
|
|
21,783
|
|
|
—
|
|
|
516,014
|
|
|
537,797
|
|
|
0.79
|
%
|
|||||
13-18 months
|
|
43,836
|
|
|
10,977
|
|
|
—
|
|
|
565,103
|
|
|
619,916
|
|
|
0.95
|
%
|
|||||
19-24 months
|
|
2,743
|
|
|
6,161
|
|
|
—
|
|
|
171,296
|
|
|
180,200
|
|
|
0.92
|
%
|
|||||
24+ months
|
|
3,197
|
|
|
14,895
|
|
|
—
|
|
|
282,576
|
|
|
300,668
|
|
|
1.27
|
%
|
|||||
Total
|
|
$
|
254,406
|
|
|
$
|
193,085
|
|
|
$
|
149,291
|
|
|
$
|
3,360,060
|
|
|
$
|
3,956,842
|
|
|
0.78
|
%
|
(1)
|
This category of certificates of deposit is shown by contractual maturity date.
|
(2)
|
This category includes variable rate certificates of deposit and savings certificates with the majority repricing on at least a monthly basis.
|
(3)
|
Weighted-average rate excludes the impact of purchase accounting fair value adjustments.
|
|
Three Months Ended
|
|||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2015
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Non-interest bearing
|
$
|
4,939,746
|
|
|
26
|
%
|
|
$
|
4,776,977
|
|
|
26
|
%
|
|
$
|
3,584,452
|
|
|
21
|
%
|
NOW and interest bearing demand deposits
|
2,331,298
|
|
|
12
|
|
|
2,269,368
|
|
|
12
|
|
|
2,220,911
|
|
|
14
|
|
|||
Wealth management deposits
|
1,591,638
|
|
|
9
|
|
|
1,500,751
|
|
|
8
|
|
|
1,287,880
|
|
|
8
|
|
|||
Money market
|
4,109,657
|
|
|
22
|
|
|
4,067,603
|
|
|
22
|
|
|
3,726,151
|
|
|
23
|
|
|||
Savings
|
1,743,181
|
|
|
9
|
|
|
1,693,457
|
|
|
9
|
|
|
1,537,283
|
|
|
9
|
|
|||
Time certificates of deposit
|
3,941,559
|
|
|
22
|
|
|
4,074,867
|
|
|
22
|
|
|
4,091,282
|
|
|
25
|
|
|||
Total average deposits
|
$
|
18,657,079
|
|
|
100
|
%
|
|
$
|
18,383,023
|
|
|
100
|
%
|
|
$
|
16,447,959
|
|
|
100
|
%
|
|
March 31,
|
|
December 31,
|
||||||||||||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Total deposits
|
$
|
19,217,071
|
|
|
$
|
16,938,769
|
|
|
$
|
18,639,634
|
|
|
$
|
16,281,844
|
|
|
$
|
14,668,789
|
|
Brokered deposits
|
947,910
|
|
|
926,387
|
|
|
862,026
|
|
|
718,986
|
|
|
476,139
|
|
|||||
Brokered deposits as a percentage of total deposits
|
4.9
|
%
|
|
5.5
|
%
|
|
4.6
|
%
|
|
4.4
|
%
|
|
3.2
|
%
|
|
Three Months Ended
|
||||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
|
2015
|
||||||
Federal Home Loan Bank advances
|
$
|
825,104
|
|
|
$
|
441,669
|
|
|
$
|
347,456
|
|
Other borrowings:
|
|
|
|
|
|
||||||
Notes payable
|
67,388
|
|
|
71,136
|
|
|
—
|
|
|||
Short-term borrowings
|
55,056
|
|
|
65,389
|
|
|
53,920
|
|
|||
Secured borrowings
|
116,104
|
|
|
114,313
|
|
|
122,145
|
|
|||
Other
|
18,836
|
|
|
18,900
|
|
|
18,598
|
|
|||
Total other borrowings
|
$
|
257,384
|
|
|
$
|
269,738
|
|
|
$
|
194,663
|
|
Subordinated notes
|
138,870
|
|
|
138,852
|
|
|
138,773
|
|
|||
Junior subordinated debentures
|
257,687
|
|
|
268,566
|
|
|
249,493
|
|
|||
Total other funding sources
|
$
|
1,479,045
|
|
|
$
|
1,118,825
|
|
|
$
|
930,385
|
|
|
March 31,
2016 |
|
December 31,
2015 |
|
March 31,
2015
|
|||
Leverage ratio
|
8.7
|
%
|
|
9.1
|
%
|
|
9.2
|
%
|
Tier 1 capital to risk-weighted assets
|
9.6
|
|
|
10.0
|
|
|
10.1
|
|
Common equity Tier 1 capital to risk-weighted assets
|
8.4
|
|
|
8.4
|
|
|
9.1
|
|
Total capital to risk-weighted assets
|
12.1
|
|
|
12.2
|
|
|
12.5
|
|
Total average equity-to-total average assets
(1)
|
10.4
|
|
|
10.6
|
|
|
10.7
|
|
(1)
|
Based on quarterly average balances.
|
|
Minimum
Capital
Requirements
|
|
Well
Capitalized
|
||
Leverage ratio
|
4.0
|
%
|
|
5.0
|
%
|
Tier 1 capital to risk-weighted assets
|
6.0
|
|
|
8.0
|
|
Common equity Tier 1 capital to risk-weighted assets
|
4.5
|
|
|
6.5
|
|
Total capital to risk-weighted assets
|
8.0
|
|
|
10.0
|
|
•
|
difficult economic conditions have adversely affected our company and the financial services industry in general and further deterioration in economic conditions may materially adversely affect our business, financial condition, results of operations and cash flows;
|
•
|
since our business is concentrated in the Chicago metropolitan and southern Wisconsin market areas, further declines in the economy of this region could adversely affect our business;
|
•
|
if our allowance for loan losses is not sufficient to absorb losses that may occur in our loan portfolio, our financial condition and liquidity could suffer;
|
•
|
a significant portion of our loan portfolio is comprised of commercial loans, the repayment of which is largely dependent upon the financial success and economic viability of the borrower;
|
•
|
a substantial portion of our loan portfolio is secured by real estate, in particular commercial real estate. Deterioration in the real estate markets could lead to additional losses, which could have a material adverse effect on our financial condition and results of operations;
|
•
|
any inaccurate assumptions in our analytical and forecasting models could cause us to miscalculate our projected revenue or losses, which could adversely affect our financial condition;
|
•
|
unanticipated changes in prevailing interest rates and the effects of changing regulation could adversely affect our net interest income, which is our largest source of income;
|
•
|
our liquidity position may be negatively impacted if economic conditions continue to suffer;
|
•
|
the financial services industry is very competitive, and if we are not able to compete effectively, we may lose market share and our business could suffer;
|
•
|
if we are unable to compete effectively, we will lose market share and income from deposits, loans and other products may be reduced. This could adversely affect our profitability and have a material adverse effect on our business, financial condition and results of operations;
|
•
|
if we are unable to continue to identify favorable acquisitions or successfully integrate our acquisitions, our growth may be limited and our results of operations could suffer;
|
•
|
our participation in FDIC-assisted acquisitions may present additional risks to our financial condition and results of operations;
|
•
|
an actual or perceived reduction in our financial strength may cause others to reduce or cease doing business with us, which could result in a decrease in our net interest income and fee revenues;
|
•
|
if our growth requires us to raise additional capital, that capital may not be available when it is needed or the cost of that capital may be very high;
|
•
|
disruption in the financial markets could result in lower fair values for our investment securities portfolio;
|
•
|
our controls and procedures may fail or be circumvented;
|
•
|
new lines of business and new products and services are essential to our ability to compete but may subject us to additional risks;
|
•
|
failures of our information technology systems may adversely affect our operations;
|
•
|
failures by or of our vendors may adversely affect our operations;
|
•
|
we issue debit cards, and debit card transactions pose a particular cybersecurity risk that is outside of our control;
|
•
|
we depend on the accuracy and completeness of information we receive about our customers and counterparties to make credit decisions;
|
•
|
if we are unable to attract and retain experienced and qualified personnel, our ability to provide high quality service will be diminished, we may lose key customer relationships, and our results of operations may suffer;
|
•
|
we are subject to environmental liability risk associated with lending activities;
|
•
|
we are subject to claims and legal actions which could negatively affect our results of operations or financial condition;
|
•
|
losses incurred in connection with actual or projected repurchases and indemnification payments related to mortgages that we have sold into the secondary market may exceed our financial statement reserves and we may be required to increase such reserves in the future. Increases to our reserves and losses incurred in connection with actual loan repurchases and indemnification payments could have a material adverse effect on our business, financial condition, results of operations or cash flows;
|
•
|
consumers may decide not to use banks to complete their financial transactions, which could adversely affect our business and results of operations;
|
•
|
we may be adversely impacted by the soundness of other financial institutions;
|
•
|
de novo operations often involve significant expenses and delayed returns and may negatively impact Wintrust's profitability;
|
•
|
we are subject to examinations and challenges by tax authorities, and changes in federal and state tax laws and changes in interpretation of existing laws can impact our financial results;
|
•
|
changes in accounting policies or accounting standards could materially adversely affect how we report our financial results and financial condition;
|
•
|
we are a bank holding company, and our sources of funds, including to pay dividends, are limited;
|
•
|
anti-takeover provisions could negatively impact our shareholders;
|
•
|
if we fail to meet our regulatory capital ratios, we may be forced to raise capital or sell assets;
|
•
|
if our credit rating is lowered, our financing costs could increase;
|
•
|
changes in the United States’ monetary policy may restrict our ability to conduct our business in a profitable manner;
|
•
|
legislative and regulatory actions taken now or in the future regarding the financial services industry may significantly increase our costs or limit our ability to conduct our business in a profitable manner;
|
•
|
financial reform legislation and increased regulatory rigor around mortgage-related issues may reduce our ability to market our products to consumers and may limit our ability to profitably operate our mortgage business;
|
•
|
federal, state and local consumer lending laws may restrict our ability to originate certain mortgage loans or increase our risk of liability with respect to such loans and could increase our cost of doing business;
|
•
|
regulatory initiatives regarding bank capital requirements may require heightened capital;
|
•
|
our FDIC insurance premiums may increase, which could negatively impact our results of operations;
|
•
|
non-compliance with the USA PATRIOT Act, Bank Secrecy Act or other laws and regulations could result in fines or sanctions;
|
•
|
our premium finance business may involve a higher risk of delinquency or collection than our other lending operations, and could expose us to losses;
|
•
|
widespread financial difficulties or credit downgrades among commercial and life insurance providers could lessen the value of the collateral securing our premium finance loans and impair the financial condition and liquidity of FIFC and FIFC Canada;
|
•
|
proposed regulatory changes could significantly reduce loan volume and impair the financial condition of FIFC; and
|
•
|
our wealth management business in general, and WHI's brokerage operation, in particular, exposes us to certain risks associated with the securities industry.
|
Static Shock Scenarios
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|||
March 31, 2016
|
16.4
|
%
|
|
8.9
|
%
|
|
(8.7
|
)%
|
December 31, 2015
|
16.1
|
%
|
|
8.7
|
%
|
|
(10.6
|
)%
|
March 31, 2015
|
16.7
|
%
|
|
8.4
|
%
|
|
(9.3
|
)%
|
Ramp Scenarios
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|||
March 31, 2016
|
7.5
|
%
|
|
3.7
|
%
|
|
(3.7
|
)%
|
December 31, 2015
|
7.3
|
%
|
|
3.9
|
%
|
|
(4.4
|
)%
|
March 31, 2015
|
6.8
|
%
|
|
3.0
|
%
|
|
(3.7
|
)%
|
(a)
|
Exhibits
|
3.1
|
|
Amended and Restated By-Laws of Wintrust Financial Corporation (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 8, 2016)
|
|
|
|
10.1
|
|
Form of Performance Award Agreement - Cash Settled under the Company's 2015 Stock Incentive Plan
|
|
|
|
10.2
|
|
Form of Nonqualified Stock Option Agreement under the Company's 2015 Stock Incentive Plan
|
|
|
|
10.3
|
|
Form of Performance Award Agreement - Share-Settled under the Company's 2015 Stock Incentive Plan
|
|
|
|
10.4
|
|
Form of Performance Award Agreement - Cash Settled under the Company's 2015 Stock Incentive Plan
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of 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 *
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
•
|
Includes the following financial information included in the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2016
, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements
|
|
|
WINTRUST FINANCIAL CORPORATION
(Registrant)
|
||
Date:
|
May 9, 2016
|
/s/ DAVID L. STOEHR
|
||
|
|
David L. Stoehr
|
||
|
|
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
(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.
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
Date
|
|
|
|
|
|
«First_Name» «Last_Name»
|
|
Date
|
|
|
|
|
|
David A. Dykstra
|
|
Date
|
|
Performance Measures
|
||
Performance Level
|
Cumulative Adjusted EPS over 3 Year Performance Period
|
Total Payout as a % of Target Opportunity
|
Maximum
|
$13.45
|
150%
|
|
$13.22
|
140%
|
|
$12.98
|
130%
|
|
$12.75
|
120%
|
|
$12.52
|
110%
|
Target
|
$12.30
|
100%
|
|
$11.75
|
90%
|
|
$11.21
|
80%
|
|
$10.70
|
70%
|
|
$10.20
|
60%
|
Threshold
|
$10.00
|
50%
|
<Threshold
|
<$10.00
|
0%
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
Date
|
|
|
|
|
|
«First_Name» «Last_Name»
|
|
Date
|
|
|
|
|
|
David A. Dykstra
|
|
Date
|
|
(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.
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
Date
|
|
|
|
|
|
«First_Name» «Last_Name»
|
|
Date
|
|
|
|
|
|
David A. Dykstra
|
|
Date
|
|
Performance Measures
|
||
Performance Level
|
Cumulative Adjusted EPS over 3 Year Performance Period
|
Total Payout as a % of Target Opportunity
|
Maximum
|
$13.45
|
150%
|
|
$13.22
|
140%
|
|
$12.98
|
130%
|
|
$12.75
|
120%
|
|
$12.52
|
110%
|
Target
|
$12.30
|
100%
|
|
$11.75
|
90%
|
|
$11.21
|
80%
|
|
$10.70
|
70%
|
|
$10.20
|
60%
|
Threshold
|
$10.00
|
50%
|
<Threshold
|
<$10.00
|
0%
|
(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.
|
|
|
|
|
Edward J. Wehmer, President and Chief Executive Officer
|
|
Date
|
|
|
|
|
|
Name
|
|
Date
|
|
|
|
|
|
David A. Dykstra
|
|
Date
|
|
Performance Measures
|
||
Performance Level
|
Cumulative Adjusted EPS over 3 Year Performance Period
|
Total Payout as a % of Target Opportunity
|
Maximum
|
$13.45
|
150%
|
|
$13.22
|
140%
|
|
$12.98
|
130%
|
|
$12.75
|
120%
|
|
$12.52
|
110%
|
Target
|
$12.30
|
100%
|
|
$11.75
|
90%
|
|
$11.21
|
80%
|
|
$10.70
|
70%
|
|
$10.20
|
60%
|
Threshold
|
$10.00
|
50%
|
<Threshold
|
<$10.00
|
0%
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounted principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ EDWARD J. WEHMER
|
Name: Edward J. Wehmer
|
Title: President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Wintrust Financial Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounted principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ DAVID L. STOEHR
|
Name: David L. Stoehr
|
Title: Executive Vice President and
Chief Financial Officer
|
(1)
|
The Quarterly Report of the Company on Form 10-Q for the period ended March 31, 2016, as filed with the Securities and Exchange Commission on May 9, 2016, (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
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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/s/ EDWARD J. WEHMER
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Name: Edward J. Wehmer
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Title: President and Chief Executive Officer
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Date: May 9, 2016
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/s/ DAVID L. STOEHR
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Name: David L. Stoehr
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Title: Executive Vice President and
Chief Financial Officer
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Date: May 9, 2016
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