x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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36-4460265
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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800 West Madison Street, Chicago, Illinois
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60607
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page
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PART I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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Item 1.
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Financial Statements
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(Unaudited)
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September 30, 2014
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December 31, 2013
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ASSETS
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Cash and due from banks
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$
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267,405
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$
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205,193
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Interest earning deposits with banks
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179,391
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268,266
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Total cash and cash equivalents
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446,796
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473,459
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Federal funds sold
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—
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42,950
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Investment securities:
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Securities available for sale, at fair value
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1,758,650
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1,118,912
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Securities held to maturity, at amortized cost ($1.0 billion fair value at September 30, 2014 and $1.2 billion at December 31, 2013)
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1,005,349
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1,182,533
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Non-marketable securities - FHLB and FRB stock
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75,569
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51,417
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Total investment securities
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2,839,568
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2,352,862
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Loans held for sale
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553,627
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629
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Loans:
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Total loans, excluding purchased credit impaired and covered loans
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8,710,060
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5,476,831
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Purchased credit impaired including covered loans
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272,957
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235,720
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Total loans
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8,983,017
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5,712,551
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Less: Allowance for loan losses
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102,810
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111,746
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Net loans
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8,880,207
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5,600,805
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Lease investment, net
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137,120
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131,089
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Premises and equipment, net
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244,314
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221,065
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Cash surrender value of life insurance
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132,697
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130,181
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Goodwill
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698,946
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423,369
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Other intangibles
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44,544
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23,428
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Mortgage servicing rights, at fair value
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249,376
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413
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Other real estate owned, net
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19,179
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23,289
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Other real estate owned related to FDIC-assisted transactions
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22,028
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20,472
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Other assets
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237,641
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197,416
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Total assets
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$
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14,506,043
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$
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9,641,427
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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LIABILITIES
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Deposits:
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Noninterest bearing
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$
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3,807,554
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$
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2,375,863
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Interest bearing
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7,430,994
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5,005,396
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Total deposits
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11,238,548
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7,381,259
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Short-term borrowings
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667,160
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493,389
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Long-term borrowings
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77,269
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62,159
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Junior subordinated notes issued to capital trusts
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185,681
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152,065
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Accrued expenses and other liabilities
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346,017
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225,873
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Total liabilities
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12,514,675
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8,314,745
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STOCKHOLDERS’ EQUITY
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Preferred stock, ($0.01 par value, authorized 10,000,000 shares at September 30, 2014 and 1,000,000 at December 31, 2013; Series A, 8% perpetual non-cumulative, 4,000,000 shares issued and outstanding at September 30, 2014 and no shares outstanding at December 31, 2013, $25 liquidation value)
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115,280
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—
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Common stock, ($0.01 par value; authorized 100,000,000 shares at September 30, 2014 and 70,000,000 at December 31, 2013; issued 75,054,114 shares at September 30, 2014 and 55,148,409 shares at December 31, 2013)
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751
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551
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Additional paid-in capital
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1,256,050
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738,053
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Retained earnings
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606,097
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581,998
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Accumulated other comprehensive income
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18,431
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8,383
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Less: 290,409 and 184,173 shares of treasury stock, at cost, at September 30, 2014 and December 31, 2013, respectively
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(6,692
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)
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(3,747
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)
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Controlling interest stockholders’ equity
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1,989,917
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1,325,238
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Noncontrolling interest
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1,451
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1,444
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Total stockholders’ equity
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1,991,368
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1,326,682
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Total liabilities and stockholders’ equity
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$
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14,506,043
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$
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9,641,427
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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||||||||||||
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2014
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2013
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2014
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2013
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Interest income:
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Loans:
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Taxable
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$
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79,902
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$
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57,324
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$
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187,497
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$
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173,217
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Nontaxable
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2,265
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2,791
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6,819
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7,272
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Investment securities:
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Taxable
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11,028
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6,330
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27,968
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18,749
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Nontaxable
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9,041
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8,175
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25,393
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24,399
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Federal funds sold and other interest earning accounts
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225
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200
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624
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429
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Total interest income
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102,461
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74,820
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248,301
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224,066
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Interest expense:
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Deposits
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4,615
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4,433
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12,138
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15,274
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Short-term borrowings
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231
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112
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426
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395
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Long-term borrowings and junior subordinated notes
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2,003
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1,367
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4,725
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4,324
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||||
Total interest expense
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6,849
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5,912
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17,289
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19,993
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Net interest income
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95,612
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68,908
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231,012
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204,073
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Provision for credit losses
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3,109
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(3,304
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)
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2,309
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(2,804
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)
|
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Net interest income after provision for credit losses
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92,503
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72,212
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228,703
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206,877
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Non-interest income:
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Lease financing, net
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17,719
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14,070
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45,768
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45,435
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Mortgage banking revenue
|
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16,823
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|
|
177
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17,069
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|
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1,322
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Commercial deposit and treasury management fees
|
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9,345
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|
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6,327
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|
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23,595
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|
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18,322
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|
||||
Trust and asset management fees
|
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5,712
|
|
|
4,799
|
|
|
16,324
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|
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14,167
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Card fees
|
|
3,836
|
|
|
2,745
|
|
|
9,841
|
|
|
8,175
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|
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Capital markets and international banking fees
|
|
1,472
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|
|
972
|
|
|
3,810
|
|
|
2,719
|
|
||||
Consumer and other deposit service fees
|
|
3,362
|
|
|
3,648
|
|
|
9,453
|
|
|
10,487
|
|
||||
Brokerage fees
|
|
1,145
|
|
|
1,289
|
|
|
3,826
|
|
|
3,680
|
|
||||
Loan service fees
|
|
1,069
|
|
|
1,427
|
|
|
2,950
|
|
|
4,349
|
|
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Increase in cash surrender value of life insurance
|
|
855
|
|
|
851
|
|
|
2,516
|
|
|
2,537
|
|
||||
Net (loss) gain on investment securities
|
|
(3,246
|
)
|
|
1
|
|
|
(3,016
|
)
|
|
14
|
|
||||
Net loss on sale of assets
|
|
(7
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
||||
Gain on extinguishment of debt
|
|
1,895
|
|
|
—
|
|
|
1,895
|
|
|
—
|
|
||||
Other operating income
|
|
1,107
|
|
|
1,401
|
|
|
3,620
|
|
|
4,142
|
|
||||
Total non-interest income
|
|
61,087
|
|
|
37,707
|
|
|
137,627
|
|
|
115,349
|
|
||||
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
|
79,492
|
|
|
44,918
|
|
|
170,491
|
|
|
132,341
|
|
||||
Occupancy and equipment expense
|
|
11,742
|
|
|
8,797
|
|
|
30,852
|
|
|
27,609
|
|
||||
Computer services and telecommunication expense
|
|
11,506
|
|
|
4,870
|
|
|
21,669
|
|
|
13,374
|
|
||||
Advertising and marketing expense
|
|
2,235
|
|
|
1,917
|
|
|
6,537
|
|
|
6,187
|
|
||||
Professional and legal expense
|
|
8,864
|
|
|
3,102
|
|
|
12,210
|
|
|
5,750
|
|
||||
Other intangibles amortization expense
|
|
1,470
|
|
|
1,513
|
|
|
3,884
|
|
|
4,595
|
|
||||
Net loss (gain) recognized on other real estate owned and other related expense
|
|
2,178
|
|
|
1,031
|
|
|
3,289
|
|
|
(322
|
)
|
||||
Other operating expenses
|
|
24,714
|
|
|
10,117
|
|
|
47,346
|
|
|
28,413
|
|
||||
Total non-interest expenses
|
|
142,201
|
|
|
76,265
|
|
|
296,278
|
|
|
217,947
|
|
||||
Income before income taxes
|
|
11,389
|
|
|
33,654
|
|
|
70,052
|
|
|
104,279
|
|
||||
Income tax expense
|
|
4,488
|
|
|
9,254
|
|
|
20,076
|
|
|
29,680
|
|
||||
Net income
|
|
6,901
|
|
|
24,400
|
|
|
49,976
|
|
|
74,599
|
|
||||
Dividends on preferred shares
|
|
2,000
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
||||
Net income available to common stockholders
|
|
$
|
4,901
|
|
|
$
|
24,400
|
|
|
$
|
47,976
|
|
|
$
|
74,599
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Common share data:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
0.08
|
|
|
$
|
0.45
|
|
|
$
|
0.83
|
|
|
$
|
1.37
|
|
Diluted earnings per common share
|
|
0.08
|
|
|
0.44
|
|
|
0.82
|
|
|
1.36
|
|
||||
Weighted average common shares outstanding for basic earnings per common share
|
|
63,972,902
|
|
|
54,565,089
|
|
|
57,795,094
|
|
|
54,471,541
|
|
||||
Diluted weighted average common shares outstanding for diluted earnings per common share
|
|
64,457,978
|
|
|
55,130,653
|
|
|
58,341,927
|
|
|
54,912,352
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
6,901
|
|
|
$
|
24,400
|
|
|
$
|
49,976
|
|
|
$
|
74,599
|
|
Unrealized holding gains (losses) on investment securities, net of reclassification adjustments
|
|
5,589
|
|
|
(6,097
|
)
|
|
16,089
|
|
|
(42,470
|
)
|
||||
Reclassification adjustment for amortization of unrealized gains on investment securities transferred to held to maturity from available for sale
|
|
106
|
|
|
(1,008
|
)
|
|
(2,509
|
)
|
|
(1,008
|
)
|
||||
Reclassification adjustments for losses (gains) included in net income
|
|
3,246
|
|
|
(1
|
)
|
|
3,016
|
|
|
(14
|
)
|
||||
Other comprehensive income (loss), before tax
|
|
8,941
|
|
|
(7,106
|
)
|
|
16,596
|
|
|
(43,492
|
)
|
||||
Income tax (expense) benefit related to items of other comprehensive income (loss)
|
|
(3,544
|
)
|
|
2,791
|
|
|
(6,548
|
)
|
|
17,084
|
|
||||
Other comprehensive income (loss), net of tax
|
|
5,397
|
|
|
(4,315
|
)
|
|
10,048
|
|
|
(26,408
|
)
|
||||
Comprehensive income
|
|
$
|
12,298
|
|
|
$
|
20,085
|
|
|
$
|
60,024
|
|
|
$
|
48,191
|
|
|
Preferred
Stock |
Common
Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss), Net of Tax |
Treasury
Stock |
Noncontrolling
Interest |
Total Stock-
holders’ Equity |
||||||||||||||||
Balance at December 31, 2012
|
$
|
—
|
|
$
|
550
|
|
$
|
732,771
|
|
$
|
507,933
|
|
$
|
36,326
|
|
$
|
(3,293
|
)
|
$
|
1,483
|
|
$
|
1,275,770
|
|
Net income
|
—
|
|
—
|
|
—
|
|
74,599
|
|
—
|
|
—
|
|
137
|
|
74,736
|
|
||||||||
Other comprehensive loss, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,408
|
)
|
—
|
|
—
|
|
(26,408
|
)
|
||||||||
Cash dividends declared on common shares ($0.32 per share)
|
—
|
|
—
|
|
—
|
|
(17,653
|
)
|
—
|
|
—
|
|
—
|
|
(17,653
|
)
|
||||||||
Restricted common stock activity, net of tax
|
—
|
|
1
|
|
(757
|
)
|
(100
|
)
|
—
|
|
1,725
|
|
—
|
|
869
|
|
||||||||
Stock option activity, net of tax
|
—
|
|
—
|
|
117
|
|
—
|
|
—
|
|
499
|
|
—
|
|
616
|
|
||||||||
Repurchase of common shares in connection with
|
|
|
|
|
|
|
|
|
||||||||||||||||
employee benefit plans and held in trust for
|
|
|
|
|
|
|
|
|
||||||||||||||||
deferred compensation plan
|
—
|
|
—
|
|
303
|
|
—
|
|
—
|
|
(2,456
|
)
|
—
|
|
(2,153
|
)
|
||||||||
Stock-based compensation expense
|
—
|
|
—
|
|
3,860
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,860
|
|
||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(169
|
)
|
(169
|
)
|
||||||||
Balance at September 30, 2013
|
$
|
—
|
|
$
|
551
|
|
$
|
736,294
|
|
$
|
564,779
|
|
$
|
9,918
|
|
$
|
(3,525
|
)
|
$
|
1,451
|
|
$
|
1,309,468
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2013
|
$
|
—
|
|
$
|
551
|
|
$
|
738,053
|
|
$
|
581,998
|
|
$
|
8,383
|
|
$
|
(3,747
|
)
|
$
|
1,444
|
|
$
|
1,326,682
|
|
Net income
|
—
|
|
—
|
|
—
|
|
49,976
|
|
—
|
|
—
|
|
220
|
|
50,196
|
|
||||||||
Other comprehensive income, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
10,048
|
|
—
|
|
—
|
|
10,048
|
|
||||||||
Issuance of preferred stock
|
115,280
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
115,280
|
|
||||||||
Issuance of common stock due to business combination
|
—
|
|
196
|
|
509,796
|
|
—
|
|
—
|
|
—
|
|
—
|
|
509,992
|
|
||||||||
Cash dividends declared on preferred shares
|
—
|
|
—
|
|
—
|
|
(2,000
|
)
|
—
|
|
—
|
|
—
|
|
(2,000
|
)
|
||||||||
Cash dividends declared on common shares ($0.38 per share)
|
—
|
|
—
|
|
—
|
|
(23,877
|
)
|
—
|
|
—
|
|
—
|
|
(23,877
|
)
|
||||||||
Restricted common stock activity, net of tax
|
—
|
|
2
|
|
753
|
|
—
|
|
—
|
|
60
|
|
—
|
|
815
|
|
||||||||
Stock option activity, net of tax
|
—
|
|
2
|
|
483
|
|
—
|
|
—
|
|
—
|
|
—
|
|
485
|
|
||||||||
Repurchase of common shares in connection with
|
|
|
|
|
|
|
|
|
||||||||||||||||
employee benefit plans and held in trust for
|
|
|
|
|
|
|
|
|
||||||||||||||||
deferred compensation plan
|
—
|
|
—
|
|
372
|
|
—
|
|
—
|
|
(3,005
|
)
|
—
|
|
(2,633
|
)
|
||||||||
Stock-based compensation expense
|
—
|
|
—
|
|
6,593
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,593
|
|
||||||||
Distributions to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(213
|
)
|
(213
|
)
|
||||||||
Balance at September 30, 2014
|
$
|
115,280
|
|
$
|
751
|
|
$
|
1,256,050
|
|
$
|
606,097
|
|
$
|
18,431
|
|
$
|
(6,692
|
)
|
$
|
1,451
|
|
$
|
1,991,368
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 30,
|
||||||
|
|
2014
|
|
2013
|
||||
Cash Flows From Operating Activities
|
|
|
|
|
|
|
||
Net income
|
|
$
|
49,976
|
|
|
$
|
74,599
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation of premises and equipment
|
|
14,088
|
|
|
13,165
|
|
||
Depreciation of leased equipment
|
|
28,557
|
|
|
24,933
|
|
||
Compensation expense for restricted stock awards
|
|
5,436
|
|
|
3,013
|
|
||
Compensation expense for stock option grants
|
|
1,157
|
|
|
847
|
|
||
Net (gain) loss on sales of premises and equipment and leased equipment
|
|
(1,612
|
)
|
|
(192
|
)
|
||
Amortization of other intangibles
|
|
3,884
|
|
|
4,595
|
|
||
Provision for credit losses
|
|
2,309
|
|
|
(2,804
|
)
|
||
Deferred income tax expense
|
|
22,192
|
|
|
13,067
|
|
||
Amortization of premiums and discounts on investment securities, net
|
|
33,661
|
|
|
35,364
|
|
||
Accretion of premiums and discounts on loans, net
|
|
(8,350
|
)
|
|
(5,462
|
)
|
||
Accretion of FDIC indemnification asset
|
|
(92
|
)
|
|
(307
|
)
|
||
Net loss (gain) on investment securities
|
|
3,016
|
|
|
(14
|
)
|
||
Proceeds from sale of loans held for sale
|
|
873,877
|
|
|
74,395
|
|
||
Origination of loans held for sale
|
|
(745,677
|
)
|
|
(66,667
|
)
|
||
Net gain on sale of loans held for sale
|
|
(7,285
|
)
|
|
(1,322
|
)
|
||
Change in fair value of mortgage servicing rights
|
|
(7,517
|
)
|
|
—
|
|
||
Net gain on sales of other real estate owned
|
|
(835
|
)
|
|
(977
|
)
|
||
Fair value adjustments on other real estate owned
|
|
2,509
|
|
|
(80
|
)
|
||
Net (gain) loss on sales of other real estate owned related to FDIC-assisted transactions
|
|
473
|
|
|
163
|
|
||
Increase in cash surrender value of life insurance
|
|
(2,516
|
)
|
|
(2,537
|
)
|
||
Decrease in other assets, net
|
|
61,370
|
|
|
30,976
|
|
||
Decrease in other liabilities, net
|
|
(46,942
|
)
|
|
(68,428
|
)
|
||
Net cash provided by operating activities
|
|
281,679
|
|
|
126,327
|
|
||
Cash Flows From Investing Activities
|
|
|
|
|
|
|
||
Decrease (increase) in federal funds sold
|
|
42,950
|
|
|
(47,500
|
)
|
||
Proceeds from sales of investment securities available for sale
|
|
463,306
|
|
|
989
|
|
||
Proceeds from maturities and calls of investment securities available for sale
|
|
195,219
|
|
|
415,780
|
|
||
Purchases of investment securities available for sale
|
|
(204,274
|
)
|
|
(364,550
|
)
|
||
Proceeds from maturities and calls of investment securities held to maturity
|
|
28,338
|
|
|
5,079
|
|
||
Purchases of investment securities held to maturity
|
|
(116,973
|
)
|
|
(55,409
|
)
|
||
Purchases of non-marketable securities - FHLB and FRB stock
|
|
(15
|
)
|
|
—
|
|
||
Redemption of non-marketable securities - FHLB and FRB stock
|
|
26,483
|
|
|
4,515
|
|
||
Net decrease in loans
|
|
255,979
|
|
|
170,586
|
|
||
Purchases in mortgage servicing rights
|
|
(489
|
)
|
|
—
|
|
||
Purchases of premises and equipment
|
|
(15,925
|
)
|
|
(11,342
|
)
|
||
Purchases of leased equipment
|
|
(30,440
|
)
|
|
(18,359
|
)
|
||
Proceeds from sales of leased equipment
|
|
7,499
|
|
|
6,672
|
|
||
Capital improvements on other real estate owned
|
|
—
|
|
|
(53
|
)
|
||
Proceeds from sale of other real estate owned
|
|
8,390
|
|
|
12,791
|
|
||
Proceeds from sale of other real estate owned related to FDIC-assisted transactions
|
|
11,022
|
|
|
7,535
|
|
||
Principal paid on lease investments
|
|
—
|
|
|
(1,127
|
)
|
||
Life insurance death benefit
|
|
—
|
|
|
2,083
|
|
||
Net cash acquired in business acquisition
|
|
34,174
|
|
|
—
|
|
||
Net proceeds from FDIC related covered assets
|
|
(189
|
)
|
|
11,347
|
|
||
Net cash provided by investing activities
|
|
705,055
|
|
|
139,037
|
|
||
Cash Flows From Financing Activities
|
|
|
|
|
|
|
||
Net decrease in deposits
|
|
(95,924
|
)
|
|
(244,011
|
)
|
||
Net (decrease) increase in short-term borrowings
|
|
(862,029
|
)
|
|
19,998
|
|
||
Proceeds from long-term borrowings
|
|
23,940
|
|
|
5,457
|
|
||
Principal paid on long-term borrowings
|
|
(8,830
|
)
|
|
(59,079
|
)
|
||
Redemption of junior subordinated notes issued to capital trusts
|
|
(45,369
|
)
|
|
—
|
|
||
Treasury stock transactions, net
|
|
(2,633
|
)
|
|
(1,653
|
)
|
||
Stock options exercised
|
|
902
|
|
|
1,014
|
|
||
Excess tax expense (benefits) from share-based payment arrangements
|
|
316
|
|
|
(402
|
)
|
||
Dividends paid on common stock
|
|
(23,770
|
)
|
|
(17,514
|
)
|
||
Net cash used in financing activities
|
|
(1,013,397
|
)
|
|
(296,190
|
)
|
||
Net decrease in cash and cash equivalents
|
|
$
|
(26,663
|
)
|
|
$
|
(30,826
|
)
|
Cash and cash equivalents:
|
|
|
|
|
|
|
||
Beginning of period
|
|
473,459
|
|
|
287,543
|
|
||
End of period
|
|
$
|
446,796
|
|
|
$
|
256,717
|
|
|
|
Nine Months Ended
|
||||||
|
|
September 30,
|
||||||
|
|
2014
|
|
2013
|
||||
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
|
|
|
||
Cash payments for:
|
|
|
|
|
|
|
||
Interest paid to depositors and other borrowed funds
|
|
$
|
15,911
|
|
|
$
|
20,913
|
|
Net income tax payments, net
|
|
17,300
|
|
|
35,141
|
|
||
Supplemental Schedule of Noncash Investing Activities:
|
|
|
|
|
|
|
||
Investment securities available for sale purchased not settled
|
|
$
|
—
|
|
|
$
|
1,797
|
|
Transfer of investment securities available for sale to investment securities held to maturity
|
|
—
|
|
|
656,617
|
|
||
Transfer of investment securities held to maturity to investment securities available for sale
|
|
273,471
|
|
|
—
|
|
||
Loans transferred to other real estate owned
|
|
872
|
|
|
6,060
|
|
||
Loans transferred to other real estate owned related to FDIC-assisted transactions
|
|
13,179
|
|
|
11,580
|
|
||
Loans transferred to repossessed vehicles
|
|
609
|
|
|
606
|
|
||
Operating leases rewritten as direct finance leases included as loans
|
|
4,696
|
|
|
6,541
|
|
||
Supplemental Schedule of Noncash Investing Activities From Acquisitions:
|
|
|
|
|
|
|
||
Noncash assets acquired:
|
|
|
|
|
|
|
||
Investment securities available for sale
|
|
$
|
826,691
|
|
|
$
|
—
|
|
Investment securities held to maturity
|
|
22,599
|
|
|
—
|
|
||
Non-marketable securities - FHLB and FRB stock
|
|
50,620
|
|
|
—
|
|
||
Loans held for sale
|
|
670,671
|
|
|
—
|
|
||
Loans
|
|
3,539,304
|
|
|
—
|
|
||
Lease investments
|
|
11,885
|
|
|
—
|
|
||
Premises and equipment
|
|
20,201
|
|
|
—
|
|
||
Goodwill
|
|
275,577
|
|
|
—
|
|
||
Core deposit intangible
|
|
25,000
|
|
|
—
|
|
||
Mortgage servicing rights
|
|
232,439
|
|
|
—
|
|
||
Other real estate owned
|
|
5,082
|
|
|
—
|
|
||
Other assets
|
|
113,266
|
|
|
—
|
|
||
Total noncash assets acquired
|
|
$
|
5,793,335
|
|
|
$
|
—
|
|
Liabilities assumed:
|
|
|
|
|
|
|
||
Deposits
|
|
$
|
3,953,213
|
|
|
$
|
—
|
|
Short-term borrowings
|
|
1,035,800
|
|
|
—
|
|
||
Junior subordinated notes issued to capital trusts
|
|
80,843
|
|
|
—
|
|
||
Other liabilities
|
|
123,103
|
|
|
—
|
|
||
Total liabilities assumed
|
|
$
|
5,192,959
|
|
|
$
|
—
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
New Authoritative Accounting Guidance
|
Note 3.
|
Earnings Per Common Share
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Distributed earnings allocated to common stock
|
|
$
|
10,545
|
|
|
$
|
6,636
|
|
|
$
|
23,877
|
|
|
$
|
17,653
|
|
Undistributed (loss) earnings
|
|
(3,644
|
)
|
|
17,764
|
|
|
26,099
|
|
|
56,946
|
|
||||
Net income
|
|
6,901
|
|
|
24,400
|
|
|
49,976
|
|
|
74,599
|
|
||||
Less: preferred stock dividends and discount accretion
|
|
2,000
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
||||
Net income available to common stockholders
|
|
4,901
|
|
|
24,400
|
|
|
47,976
|
|
|
74,599
|
|
||||
Less: earnings allocated to participating securities
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||
Earnings allocated to common stockholders
|
|
$
|
4,901
|
|
|
$
|
24,399
|
|
|
$
|
47,975
|
|
|
$
|
74,597
|
|
Weighted average shares outstanding for basic earnings per common share
|
|
63,972,902
|
|
|
54,565,089
|
|
|
57,795,094
|
|
|
54,471,541
|
|
||||
Dilutive effect of equity awards
|
|
485,076
|
|
|
565,564
|
|
|
546,833
|
|
|
440,811
|
|
||||
Weighted average shares outstanding for diluted earnings per common share
|
|
64,457,978
|
|
|
55,130,653
|
|
|
58,341,927
|
|
|
54,912,352
|
|
||||
Basic earnings per common share
|
|
$
|
0.08
|
|
|
$
|
0.45
|
|
|
$
|
0.83
|
|
|
$
|
1.37
|
|
Diluted earnings per common share
|
|
0.08
|
|
|
0.44
|
|
|
0.82
|
|
|
1.36
|
|
Note 4.
|
Business Combination
|
•
|
Pass rated loans (typically performing loans) are accounted for in accordance with ASC 310-20 "Nonrefundable Fees and Other Costs" as these loans do not have evidence of credit deterioration since origination.
|
•
|
Non-impaired loans (typically performing substandard loans) are accounted for in accordance with ASC 310-30 if they display at least some level of credit deterioration since origination.
|
•
|
Impaired loans (typically substandard loans on non-accrual status) are accounted for in accordance with ASC 310-30 as they display significant credit deterioration since origination.
|
|
|
PCI Loans
|
|
Non-PCI Loans
|
||||
Contractually required principal and interest payments
|
|
$
|
217,415
|
|
|
$
|
3,696,399
|
|
Contractually required interest payments not expected to be collected due to estimated prepayments
|
|
—
|
|
|
(264,030
|
)
|
||
Nonaccretable difference
|
|
(30,042
|
)
|
|
—
|
|
||
Cash flows expected to be collected
|
|
187,373
|
|
|
3,432,369
|
|
||
Accretable difference
|
|
(3,252
|
)
|
|
(77,186
|
)
|
||
Fair value of acquired loans
|
|
$
|
184,121
|
|
|
$
|
3,355,183
|
|
|
|
Pro Forma
|
||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
||||||||
Total revenues (net interest income plus non-interest income)
|
|
$
|
193,507
|
|
|
$
|
193,363
|
|
|
$
|
571,289
|
|
|
$
|
590,254
|
|
Net income
|
|
7,689
|
|
|
43,279
|
|
|
75,697
|
|
|
135,771
|
|
Note 5.
|
Investment Securities
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
64,809
|
|
|
$
|
1,299
|
|
|
$
|
(279
|
)
|
|
$
|
65,829
|
|
States and political subdivisions
|
|
391,900
|
|
|
17,330
|
|
|
(197
|
)
|
|
409,033
|
|
||||
Residential mortgage-backed securities
|
|
795,554
|
|
|
8,528
|
|
|
(2,142
|
)
|
|
801,940
|
|
||||
Commercial mortgage-backed securities
|
|
204,076
|
|
|
1,457
|
|
|
(1,371
|
)
|
|
204,162
|
|
||||
Corporate bonds
|
|
265,720
|
|
|
3,204
|
|
|
(1,685
|
)
|
|
267,239
|
|
||||
Equity securities
|
|
10,470
|
|
|
—
|
|
|
(23
|
)
|
|
10,447
|
|
||||
Total Available for Sale
|
|
1,732,529
|
|
|
31,818
|
|
|
(5,697
|
)
|
|
1,758,650
|
|
||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
States and political subdivisions
|
|
760,674
|
|
|
27,774
|
|
|
(351
|
)
|
|
788,097
|
|
||||
Residential mortgage-backed securities
|
|
244,675
|
|
|
12,745
|
|
|
—
|
|
|
257,420
|
|
||||
Total Held to Maturity
|
|
1,005,349
|
|
|
40,519
|
|
|
(351
|
)
|
|
1,045,517
|
|
||||
Total
|
|
$
|
2,737,878
|
|
|
$
|
72,337
|
|
|
$
|
(6,048
|
)
|
|
$
|
2,804,167
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
50,486
|
|
|
$
|
1,704
|
|
|
$
|
(122
|
)
|
|
$
|
52,068
|
|
States and political subdivisions
|
|
19,398
|
|
|
22
|
|
|
(277
|
)
|
|
19,143
|
|
||||
Residential mortgage-backed securities
|
|
696,415
|
|
|
8,555
|
|
|
(3,737
|
)
|
|
701,233
|
|
||||
Commercial mortgage-backed securities
|
|
50,891
|
|
|
2,050
|
|
|
—
|
|
|
52,941
|
|
||||
Corporate bonds
|
|
284,083
|
|
|
1,597
|
|
|
(2,610
|
)
|
|
283,070
|
|
||||
Equity securities
|
|
10,649
|
|
|
—
|
|
|
(192
|
)
|
|
10,457
|
|
||||
Total Available for Sale
|
|
1,111,922
|
|
|
13,928
|
|
|
(6,938
|
)
|
|
1,118,912
|
|
||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|||||||
States and political subdivisions
|
|
932,955
|
|
|
7,584
|
|
|
(4,366
|
)
|
|
936,173
|
|
||||
Residential mortgage-backed securities
|
|
249,578
|
|
|
13,178
|
|
|
—
|
|
|
262,756
|
|
||||
Total Held to Maturity
|
|
1,182,533
|
|
|
20,762
|
|
|
(4,366
|
)
|
|
1,198,929
|
|
||||
Total
|
|
$
|
2,294,455
|
|
|
$
|
34,690
|
|
|
$
|
(11,304
|
)
|
|
$
|
2,317,841
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
14,631
|
|
|
$
|
(279
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,631
|
|
|
$
|
(279
|
)
|
States and political subdivisions
|
|
45,023
|
|
|
(128
|
)
|
|
3,556
|
|
|
(69
|
)
|
|
48,579
|
|
|
(197
|
)
|
||||||
Residential mortgage-backed securities
|
|
325,538
|
|
|
(1,815
|
)
|
|
24,935
|
|
|
(327
|
)
|
|
350,473
|
|
|
(2,142
|
)
|
||||||
Commercial mortgage-backed securities
|
|
154,928
|
|
|
(1,371
|
)
|
|
—
|
|
|
—
|
|
|
154,928
|
|
|
(1,371
|
)
|
||||||
Corporate bonds
|
|
36,654
|
|
|
(207
|
)
|
|
9,875
|
|
|
(1,478
|
)
|
|
46,529
|
|
|
(1,685
|
)
|
||||||
Equity securities
|
|
10,447
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
10,447
|
|
|
(23
|
)
|
||||||
Total Available for Sale
|
|
587,221
|
|
|
(3,823
|
)
|
|
38,366
|
|
|
(1,874
|
)
|
|
625,587
|
|
|
(5,697
|
)
|
||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
States and political subdivisions
|
|
22,618
|
|
|
(29
|
)
|
|
14,756
|
|
|
(322
|
)
|
|
37,374
|
|
|
(351
|
)
|
||||||
Total
|
|
$
|
609,839
|
|
|
$
|
(3,852
|
)
|
|
$
|
53,122
|
|
|
$
|
(2,196
|
)
|
|
$
|
662,961
|
|
|
$
|
(6,048
|
)
|
|
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
18,598
|
|
|
$
|
(122
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,598
|
|
|
$
|
(122
|
)
|
States and political subdivisions
|
|
2,275
|
|
|
(166
|
)
|
|
4,748
|
|
|
(111
|
)
|
|
7,023
|
|
|
(277
|
)
|
||||||
Residential mortgage-backed securities
|
|
232,807
|
|
|
(2,905
|
)
|
|
44,182
|
|
|
(832
|
)
|
|
276,989
|
|
|
(3,737
|
)
|
||||||
Corporate bonds
|
|
122,344
|
|
|
(2,606
|
)
|
|
705
|
|
|
(4
|
)
|
|
123,049
|
|
|
(2,610
|
)
|
||||||
Equity securities
|
|
10,457
|
|
|
(192
|
)
|
|
—
|
|
|
—
|
|
|
10,457
|
|
|
(192
|
)
|
||||||
Total Available for Sale
|
|
386,481
|
|
|
(5,991
|
)
|
|
49,635
|
|
|
(947
|
)
|
|
436,116
|
|
|
(6,938
|
)
|
||||||
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
States and political subdivisions
|
|
235,016
|
|
|
(4,330
|
)
|
|
1,301
|
|
|
(36
|
)
|
|
236,317
|
|
|
(4,366
|
)
|
||||||
Total
|
|
$
|
621,497
|
|
|
$
|
(10,321
|
)
|
|
$
|
50,936
|
|
|
$
|
(983
|
)
|
|
$
|
672,433
|
|
|
$
|
(11,304
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Realized gains
|
|
$
|
921
|
|
|
$
|
1
|
|
|
$
|
1,246
|
|
|
$
|
15
|
|
Realized losses
|
|
(4,167
|
)
|
|
—
|
|
|
(4,170
|
)
|
|
(1
|
)
|
||||
Impairment charges
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
—
|
|
||||
Net (losses) gains
|
|
$
|
(3,246
|
)
|
|
$
|
1
|
|
|
$
|
(3,016
|
)
|
|
$
|
14
|
|
|
|
Amortized
|
|
Fair
|
||||
(In thousands)
|
|
Cost
|
|
Value
|
||||
Available for sale:
|
|
|
|
|
|
|
||
Due in one year or less
|
|
$
|
5,586
|
|
|
$
|
5,622
|
|
Due after one year through five years
|
|
319,903
|
|
|
322,775
|
|
||
Due after five years through ten years
|
|
38,026
|
|
|
38,347
|
|
||
Due after ten years
|
|
358,914
|
|
|
375,357
|
|
||
Equity securities
|
|
10,470
|
|
|
10,447
|
|
||
Residential and commercial mortgage-backed securities
|
|
999,630
|
|
|
1,006,102
|
|
||
|
|
1,732,529
|
|
|
1,758,650
|
|
||
Held to maturity:
|
|
|
|
|
|
|
||
Due in one year or less
|
|
25,437
|
|
|
25,476
|
|
||
Due after one year through five years
|
|
252,723
|
|
|
255,282
|
|
||
Due after five years through ten years
|
|
106,997
|
|
|
110,693
|
|
||
Due after ten years
|
|
375,517
|
|
|
396,646
|
|
||
Residential mortgage-backed securities
|
|
244,675
|
|
|
257,420
|
|
||
|
|
1,005,349
|
|
|
1,045,517
|
|
||
Total
|
|
$
|
2,737,878
|
|
|
$
|
2,804,167
|
|
Note 6.
|
Loans
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
Commercial loans
|
|
$
|
3,078,590
|
|
|
$
|
1,281,377
|
|
Commercial loans collateralized by assignment of lease payments
|
|
1,631,660
|
|
|
1,494,188
|
|
||
Commercial real estate
|
|
2,646,895
|
|
|
1,647,700
|
|
||
Residential real estate
|
|
516,873
|
|
|
314,440
|
|
||
Construction real estate
|
|
230,999
|
|
|
141,253
|
|
||
Indirect vehicle
|
|
273,038
|
|
|
262,632
|
|
||
Home equity
|
|
262,977
|
|
|
268,289
|
|
||
Other consumer loans
|
|
69,028
|
|
|
66,952
|
|
||
Gross loans, excluding purchased credit-impaired and covered loans
|
|
8,710,060
|
|
|
5,476,831
|
|
||
Purchased credit-impaired including covered loans
|
|
272,957
|
|
|
235,720
|
|
||
Total loans
|
|
$
|
8,983,017
|
|
|
$
|
5,712,551
|
|
|
|
Current
|
|
30-59 Days
Past Due |
|
60-89 Days
Past Due |
|
Loans Past Due
90 Days or More |
|
Total
Past Due |
|
Total
|
||||||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
$
|
3,071,130
|
|
|
$
|
5,804
|
|
|
$
|
653
|
|
|
$
|
1,003
|
|
|
$
|
7,460
|
|
|
$
|
3,078,590
|
|
Commercial collateralized by assignment of lease payments
|
|
1,621,904
|
|
|
2,102
|
|
|
5,506
|
|
|
2,148
|
|
|
9,756
|
|
|
1,631,660
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare
|
|
347,189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347,189
|
|
||||||
Industrial
|
|
345,865
|
|
|
123
|
|
|
—
|
|
|
8,018
|
|
|
8,141
|
|
|
354,006
|
|
||||||
Multifamily
|
|
416,171
|
|
|
386
|
|
|
298
|
|
|
1,192
|
|
|
1,876
|
|
|
418,047
|
|
||||||
Retail
|
|
432,324
|
|
|
2,762
|
|
|
—
|
|
|
3,484
|
|
|
6,246
|
|
|
438,570
|
|
||||||
Office
|
|
274,508
|
|
|
383
|
|
|
—
|
|
|
2,717
|
|
|
3,100
|
|
|
277,608
|
|
||||||
Other
|
|
806,688
|
|
|
971
|
|
|
324
|
|
|
3,492
|
|
|
4,787
|
|
|
811,475
|
|
||||||
Residential real estate
|
|
502,516
|
|
|
4,119
|
|
|
2,648
|
|
|
7,590
|
|
|
14,357
|
|
|
516,873
|
|
||||||
Construction real estate
|
|
230,662
|
|
|
—
|
|
|
—
|
|
|
337
|
|
|
337
|
|
|
230,999
|
|
||||||
Indirect vehicle
|
|
270,179
|
|
|
1,673
|
|
|
879
|
|
|
307
|
|
|
2,859
|
|
|
273,038
|
|
||||||
Home equity
|
|
251,397
|
|
|
2,158
|
|
|
1,335
|
|
|
8,087
|
|
|
11,580
|
|
|
262,977
|
|
||||||
Other consumer
|
|
69,009
|
|
|
14
|
|
|
2
|
|
|
3
|
|
|
19
|
|
|
69,028
|
|
||||||
Gross loans, excluding purchased credit-impaired and covered loans
|
|
8,639,542
|
|
|
20,495
|
|
|
11,645
|
|
|
38,378
|
|
|
70,518
|
|
|
8,710,060
|
|
||||||
Purchased credit-impaired including covered loans
|
|
166,364
|
|
|
3,909
|
|
|
2,464
|
|
|
100,220
|
|
|
106,593
|
|
|
272,957
|
|
||||||
Total loans
|
|
$
|
8,805,906
|
|
|
$
|
24,404
|
|
|
$
|
14,109
|
|
|
$
|
138,598
|
|
|
$
|
177,111
|
|
|
$
|
8,983,017
|
|
Non-performing loan aging
|
|
$
|
55,649
|
|
|
$
|
5,716
|
|
|
$
|
1,354
|
|
|
$
|
37,542
|
|
|
$
|
44,612
|
|
|
$
|
100,261
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
$
|
1,273,302
|
|
|
$
|
5,952
|
|
|
$
|
626
|
|
|
$
|
1,497
|
|
|
$
|
8,075
|
|
|
$
|
1,281,377
|
|
Commercial collateralized by assignment of lease payments
|
|
1,489,391
|
|
|
3,841
|
|
|
656
|
|
|
300
|
|
|
4,797
|
|
|
1,494,188
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare
|
|
213,665
|
|
|
—
|
|
|
—
|
|
|
3,064
|
|
|
3,064
|
|
|
216,729
|
|
||||||
Industrial
|
|
372,975
|
|
|
5,465
|
|
|
—
|
|
|
1,404
|
|
|
6,869
|
|
|
379,844
|
|
||||||
Multifamily
|
|
302,456
|
|
|
3,078
|
|
|
181
|
|
|
2,226
|
|
|
5,485
|
|
|
307,941
|
|
||||||
Retail
|
|
334,198
|
|
|
328
|
|
|
2,816
|
|
|
7,258
|
|
|
10,402
|
|
|
344,600
|
|
||||||
Office
|
|
155,936
|
|
|
—
|
|
|
—
|
|
|
2,066
|
|
|
2,066
|
|
|
158,002
|
|
||||||
Other
|
|
233,464
|
|
|
4,898
|
|
|
259
|
|
|
1,963
|
|
|
7,120
|
|
|
240,584
|
|
||||||
Residential real estate
|
|
302,362
|
|
|
1,422
|
|
|
1,030
|
|
|
9,626
|
|
|
12,078
|
|
|
314,440
|
|
||||||
Construction real estate
|
|
138,563
|
|
|
391
|
|
|
—
|
|
|
2,299
|
|
|
2,690
|
|
|
141,253
|
|
||||||
Indirect vehicle
|
|
259,488
|
|
|
2,210
|
|
|
657
|
|
|
277
|
|
|
3,144
|
|
|
262,632
|
|
||||||
Home equity
|
|
257,219
|
|
|
1,725
|
|
|
2,165
|
|
|
7,180
|
|
|
11,070
|
|
|
268,289
|
|
||||||
Other consumer
|
|
66,866
|
|
|
81
|
|
|
1
|
|
|
4
|
|
|
86
|
|
|
66,952
|
|
||||||
Gross loans, excluding covered loans
|
|
5,399,885
|
|
|
29,391
|
|
|
8,391
|
|
|
39,164
|
|
|
76,946
|
|
|
5,476,831
|
|
||||||
Covered loans
|
|
135,717
|
|
|
902
|
|
|
3,346
|
|
|
95,755
|
|
|
100,003
|
|
|
235,720
|
|
||||||
Total loans
|
|
$
|
5,535,602
|
|
|
$
|
30,293
|
|
|
$
|
11,737
|
|
|
$
|
134,919
|
|
|
$
|
176,949
|
|
|
$
|
5,712,551
|
|
Non-performing loan aging
|
|
$
|
56,339
|
|
|
$
|
14,325
|
|
|
$
|
3,283
|
|
|
$
|
32,614
|
|
|
$
|
50,222
|
|
|
$
|
106,561
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||
|
|
|
|
Loans past due
|
|
|
|
Loans past due
|
||||||||
|
|
Non-accrual
|
|
90 days or more
and still accruing
|
|
Non-accrual
|
|
90 days or more
and still accruing
|
||||||||
Commercial
|
|
$
|
18,711
|
|
|
$
|
134
|
|
|
$
|
17,781
|
|
|
$
|
—
|
|
Commercial collateralized by assignment of lease payments
|
|
2,402
|
|
|
1,738
|
|
|
4,276
|
|
|
291
|
|
||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Healthcare
|
|
—
|
|
|
—
|
|
|
3,064
|
|
|
—
|
|
||||
Industrial
|
|
11,029
|
|
|
240
|
|
|
15,265
|
|
|
155
|
|
||||
Multifamily
|
|
6,968
|
|
|
—
|
|
|
5,145
|
|
|
—
|
|
||||
Office
|
|
5,433
|
|
|
—
|
|
|
11,703
|
|
|
—
|
|
||||
Retail
|
|
3,493
|
|
|
—
|
|
|
2,969
|
|
|
—
|
|
||||
Other
|
|
15,100
|
|
|
569
|
|
|
19,991
|
|
|
—
|
|
||||
Residential real estate
|
|
16,815
|
|
|
—
|
|
|
13,009
|
|
|
—
|
|
||||
Construction real estate
|
|
337
|
|
|
—
|
|
|
475
|
|
|
—
|
|
||||
Indirect vehicle
|
|
1,652
|
|
|
—
|
|
|
1,459
|
|
|
—
|
|
||||
Home equity
|
|
15,635
|
|
|
—
|
|
|
10,969
|
|
|
—
|
|
||||
Other consumer
|
|
5
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
Total
|
|
$
|
97,580
|
|
|
$
|
2,681
|
|
|
$
|
106,115
|
|
|
$
|
446
|
|
|
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
$
|
2,887,706
|
|
|
$
|
148,275
|
|
|
$
|
42,609
|
|
|
$
|
—
|
|
|
$
|
3,078,590
|
|
Commercial collateralized by assignment of lease payments
|
|
1,626,794
|
|
|
51
|
|
|
4,815
|
|
|
—
|
|
|
1,631,660
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Healthcare
|
|
347,189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347,189
|
|
|||||
Industrial
|
|
326,390
|
|
|
6,970
|
|
|
20,646
|
|
|
—
|
|
|
354,006
|
|
|||||
Multifamily
|
|
409,901
|
|
|
390
|
|
|
7,756
|
|
|
—
|
|
|
418,047
|
|
|||||
Retail
|
|
423,436
|
|
|
1,608
|
|
|
13,526
|
|
|
—
|
|
|
438,570
|
|
|||||
Office
|
|
266,644
|
|
|
2,573
|
|
|
8,391
|
|
|
—
|
|
|
277,608
|
|
|||||
Other
|
|
784,978
|
|
|
9,411
|
|
|
17,086
|
|
|
—
|
|
|
811,475
|
|
|||||
Construction real estate
|
|
224,884
|
|
|
5,778
|
|
|
337
|
|
|
—
|
|
|
230,999
|
|
|||||
Total
|
|
$
|
7,297,922
|
|
|
$
|
175,056
|
|
|
$
|
115,166
|
|
|
$
|
—
|
|
|
$
|
7,588,144
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
|
$
|
1,193,114
|
|
|
$
|
26,637
|
|
|
$
|
61,000
|
|
|
$
|
626
|
|
|
$
|
1,281,377
|
|
Commercial collateralized by assignment of lease payments
|
|
1,486,899
|
|
|
553
|
|
|
6,736
|
|
|
—
|
|
|
1,494,188
|
|
|||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Healthcare
|
|
189,705
|
|
|
21,186
|
|
|
2,774
|
|
|
3,064
|
|
|
216,729
|
|
|||||
Industrial
|
|
345,236
|
|
|
5,328
|
|
|
29,280
|
|
|
—
|
|
|
379,844
|
|
|||||
Multifamily
|
|
296,179
|
|
|
342
|
|
|
11,420
|
|
|
—
|
|
|
307,941
|
|
|||||
Retail
|
|
316,420
|
|
|
10,660
|
|
|
17,520
|
|
|
—
|
|
|
344,600
|
|
|||||
Office
|
|
151,393
|
|
|
2,682
|
|
|
3,927
|
|
|
—
|
|
|
158,002
|
|
|||||
Other
|
|
217,188
|
|
|
349
|
|
|
23,047
|
|
|
—
|
|
|
240,584
|
|
|||||
Construction real estate
|
|
139,847
|
|
|
540
|
|
|
866
|
|
|
—
|
|
|
141,253
|
|
|||||
Total
|
|
$
|
4,335,981
|
|
|
$
|
68,277
|
|
|
$
|
156,570
|
|
|
$
|
3,690
|
|
|
$
|
4,564,518
|
|
|
|
Performing
|
|
Non-performing
|
|
Total
|
||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|||
Residential real estate
|
|
$
|
500,058
|
|
|
$
|
16,815
|
|
|
$
|
516,873
|
|
Indirect vehicle
|
|
271,386
|
|
|
1,652
|
|
|
273,038
|
|
|||
Home equity
|
|
247,342
|
|
|
15,635
|
|
|
262,977
|
|
|||
Other consumer
|
|
69,023
|
|
|
5
|
|
|
69,028
|
|
|||
Total
|
|
$
|
1,087,809
|
|
|
$
|
34,107
|
|
|
$
|
1,121,916
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|||
Residential real estate
|
|
$
|
301,431
|
|
|
$
|
13,009
|
|
|
$
|
314,440
|
|
Indirect vehicle
|
|
261,173
|
|
|
1,459
|
|
|
262,632
|
|
|||
Home equity
|
|
257,320
|
|
|
10,969
|
|
|
268,289
|
|
|||
Other consumer
|
|
66,943
|
|
|
9
|
|
|
66,952
|
|
|||
Total
|
|
$
|
886,867
|
|
|
$
|
25,446
|
|
|
$
|
912,313
|
|
|
|
September 30, 2014
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Partial
Charge-offs |
|
Allowance for
Loan Losses Allocated |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
14,719
|
|
|
$
|
14,130
|
|
|
$
|
589
|
|
|
$
|
—
|
|
|
$
|
14,936
|
|
|
$
|
—
|
|
|
$
|
10,542
|
|
|
$
|
—
|
|
Commercial collateralized by assignment of lease payments
|
|
1,857
|
|
|
1,857
|
|
|
—
|
|
|
—
|
|
|
2,026
|
|
|
31
|
|
|
2,542
|
|
|
81
|
|
||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Healthcare
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Industrial
|
|
11,505
|
|
|
8,388
|
|
|
3,117
|
|
|
—
|
|
|
8,844
|
|
|
—
|
|
|
8,407
|
|
|
—
|
|
||||||||
Multifamily
|
|
2,409
|
|
|
2,409
|
|
|
—
|
|
|
—
|
|
|
2,492
|
|
|
7
|
|
|
1,963
|
|
|
45
|
|
||||||||
Retail
|
|
3,950
|
|
|
2,730
|
|
|
1,220
|
|
|
—
|
|
|
2,193
|
|
|
—
|
|
|
4,353
|
|
|
—
|
|
||||||||
Office
|
|
2,339
|
|
|
1,546
|
|
|
793
|
|
|
—
|
|
|
1,580
|
|
|
—
|
|
|
1,507
|
|
|
—
|
|
||||||||
Other
|
|
14,190
|
|
|
14,149
|
|
|
41
|
|
|
—
|
|
|
14,978
|
|
|
—
|
|
|
6,506
|
|
|
—
|
|
||||||||
Residential real estate
|
|
1,941
|
|
|
1,941
|
|
|
—
|
|
|
—
|
|
|
1,899
|
|
|
—
|
|
|
3,023
|
|
|
—
|
|
||||||||
Construction real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
||||||||
Indirect vehicle
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Home equity
|
|
577
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
577
|
|
|
—
|
|
|
824
|
|
|
—
|
|
||||||||
Other consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
4,720
|
|
|
4,720
|
|
|
—
|
|
|
2,250
|
|
|
5,353
|
|
|
—
|
|
|
16,266
|
|
|
—
|
|
||||||||
Commercial collateralized by assignment of lease payments
|
|
4,354
|
|
|
4,354
|
|
|
—
|
|
|
238
|
|
|
3,725
|
|
|
58
|
|
|
1,772
|
|
|
82
|
|
||||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Healthcare
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Industrial
|
|
3,047
|
|
|
3,042
|
|
|
5
|
|
|
333
|
|
|
3,140
|
|
|
—
|
|
|
6,482
|
|
|
—
|
|
||||||||
Multifamily
|
|
6,644
|
|
|
5,673
|
|
|
971
|
|
|
1,311
|
|
|
6,335
|
|
|
18
|
|
|
6,467
|
|
|
123
|
|
||||||||
Retail
|
|
10,181
|
|
|
7,797
|
|
|
2,384
|
|
|
690
|
|
|
8,637
|
|
|
—
|
|
|
8,232
|
|
|
—
|
|
||||||||
Office
|
|
2,298
|
|
|
1,946
|
|
|
352
|
|
|
576
|
|
|
2,186
|
|
|
—
|
|
|
2,532
|
|
|
—
|
|
||||||||
Other
|
|
1,482
|
|
|
1,397
|
|
|
85
|
|
|
243
|
|
|
1,674
|
|
|
4
|
|
|
10,135
|
|
|
12
|
|
||||||||
Residential real estate
|
|
16,361
|
|
|
13,870
|
|
|
2,491
|
|
|
3,196
|
|
|
14,646
|
|
|
—
|
|
|
14,549
|
|
|
—
|
|
||||||||
Construction real estate
|
|
2,707
|
|
|
337
|
|
|
2,370
|
|
|
161
|
|
|
431
|
|
|
—
|
|
|
463
|
|
|
—
|
|
||||||||
Indirect vehicle
|
|
336
|
|
|
212
|
|
|
124
|
|
|
27
|
|
|
391
|
|
|
—
|
|
|
336
|
|
|
—
|
|
||||||||
Home equity
|
|
26,592
|
|
|
24,985
|
|
|
1,607
|
|
|
1,690
|
|
|
25,771
|
|
|
—
|
|
|
25,346
|
|
|
—
|
|
||||||||
Other consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total
|
|
$
|
132,209
|
|
|
$
|
116,060
|
|
|
$
|
16,149
|
|
|
$
|
10,715
|
|
|
$
|
121,814
|
|
|
$
|
118
|
|
|
$
|
132,292
|
|
|
$
|
343
|
|
|
|
December 31, 2013
|
||||||||||||||||||||||
|
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Partial
Charge-offs |
|
Allowance for
Loan Losses Allocated |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
8,903
|
|
|
$
|
8,903
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,259
|
|
|
$
|
—
|
|
Commercial collateralized by assignment of lease payments
|
|
3,401
|
|
|
3,401
|
|
|
—
|
|
|
—
|
|
|
1,030
|
|
|
6
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,698
|
|
|
—
|
|
||||||
Industrial
|
|
7,560
|
|
|
7,560
|
|
|
—
|
|
|
—
|
|
|
8,900
|
|
|
—
|
|
||||||
Multifamily
|
|
1,166
|
|
|
1,166
|
|
|
—
|
|
|
—
|
|
|
758
|
|
|
11
|
|
||||||
Retail
|
|
4,466
|
|
|
4,466
|
|
|
—
|
|
|
—
|
|
|
3,628
|
|
|
—
|
|
||||||
Office
|
|
559
|
|
|
527
|
|
|
32
|
|
|
—
|
|
|
922
|
|
|
—
|
|
||||||
Other
|
|
2,963
|
|
|
2,963
|
|
|
—
|
|
|
—
|
|
|
4,380
|
|
|
—
|
|
||||||
Residential real estate
|
|
4,234
|
|
|
4,234
|
|
|
—
|
|
|
—
|
|
|
3,260
|
|
|
—
|
|
||||||
Construction real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Indirect vehicle
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Home equity
|
|
577
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
797
|
|
|
—
|
|
||||||
Other consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
8,923
|
|
|
8,919
|
|
|
4
|
|
|
4,284
|
|
|
13,476
|
|
|
4
|
|
||||||
Commercial collateralized by assignment of lease payments
|
|
1,060
|
|
|
1,060
|
|
|
—
|
|
|
144
|
|
|
1,279
|
|
|
192
|
|
||||||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Healthcare
|
|
3,186
|
|
|
3,064
|
|
|
122
|
|
|
382
|
|
|
8,189
|
|
|
—
|
|
||||||
Industrial
|
|
7,707
|
|
|
7,705
|
|
|
2
|
|
|
3,038
|
|
|
3,699
|
|
|
—
|
|
||||||
Multifamily
|
|
5,374
|
|
|
5,374
|
|
|
—
|
|
|
1,661
|
|
|
6,443
|
|
|
340
|
|
||||||
Retail
|
|
14,169
|
|
|
12,428
|
|
|
1,741
|
|
|
1,511
|
|
|
12,885
|
|
|
280
|
|
||||||
Office
|
|
2,442
|
|
|
2,442
|
|
|
—
|
|
|
791
|
|
|
4,045
|
|
|
—
|
|
||||||
Other
|
|
20,367
|
|
|
17,029
|
|
|
3,338
|
|
|
796
|
|
|
12,868
|
|
|
20
|
|
||||||
Residential real estate
|
|
13,496
|
|
|
12,710
|
|
|
786
|
|
|
3,119
|
|
|
12,966
|
|
|
245
|
|
||||||
Construction real estate
|
|
475
|
|
|
475
|
|
|
—
|
|
|
227
|
|
|
1,603
|
|
|
—
|
|
||||||
Indirect vehicle
|
|
173
|
|
|
123
|
|
|
50
|
|
|
57
|
|
|
86
|
|
|
—
|
|
||||||
Home equity
|
|
23,840
|
|
|
23,395
|
|
|
445
|
|
|
1,358
|
|
|
24,283
|
|
|
772
|
|
||||||
Other consumer
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
|
$
|
135,041
|
|
|
$
|
128,521
|
|
|
$
|
6,520
|
|
|
$
|
17,368
|
|
|
$
|
136,454
|
|
|
$
|
1,870
|
|
|
|
September 30, 2014
|
||||||||||||
|
|
Number of
Loans |
|
Pre-Modification Recorded
Investment |
|
Post-Modification Recorded
Investment |
|
Charge-offs and
Specific Reserves |
||||||
Non-Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential real estate
|
|
2
|
|
$
|
411
|
|
|
$
|
411
|
|
|
$
|
246
|
|
Indirect vehicle
|
|
15
|
|
95
|
|
|
95
|
|
|
38
|
|
|||
Home equity
|
|
6
|
|
604
|
|
|
604
|
|
|
104
|
|
|||
Total
|
|
23
|
|
$
|
1,110
|
|
|
$
|
1,110
|
|
|
$
|
388
|
|
|
|
September 30, 2014
|
||||||||||||
|
|
Number of
Loans |
|
Pre-Modification Recorded
Investment |
|
Post-Modification Recorded
Investment |
|
Charge-offs and
Specific Reserves |
||||||
Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Indirect vehicle
|
|
1
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
Home equity
|
|
6
|
|
1,883
|
|
|
1,883
|
|
|
—
|
|
|||
Total
|
|
7
|
|
$
|
1,888
|
|
|
$
|
1,888
|
|
|
$
|
—
|
|
Non-Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
|
1
|
|
$
|
263
|
|
|
$
|
263
|
|
|
$
|
85
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|||||
Multifamily
|
|
1
|
|
158
|
|
|
158
|
|
|
40
|
|
|||
Residential real estate
|
|
6
|
|
1,850
|
|
|
1,850
|
|
|
246
|
|
|||
Indirect vehicle
|
|
44
|
|
262
|
|
|
262
|
|
|
65
|
|
|||
Home equity
|
|
13
|
|
1,667
|
|
|
1,667
|
|
|
104
|
|
|||
Total
|
|
65
|
|
$
|
4,200
|
|
|
$
|
4,200
|
|
|
$
|
540
|
|
|
|
September 30, 2013
|
|||||||||||||
|
|
Number of
Loans |
|
Pre-Modification Recorded
Investment |
|
Post-Modification Recorded
Investment |
|
Charge-offs and
Specific Reserves |
|||||||
Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential real estate
|
|
1
|
|
|
$
|
95
|
|
|
$
|
95
|
|
|
$
|
—
|
|
Home equity
|
|
1
|
|
|
19
|
|
|
19
|
|
|
—
|
|
|||
Total
|
|
2
|
|
|
$
|
114
|
|
|
$
|
114
|
|
|
$
|
—
|
|
Non-Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Healthcare
|
|
1
|
|
|
$
|
3,164
|
|
|
$
|
3,164
|
|
|
$
|
496
|
|
Multifamily
|
|
1
|
|
|
436
|
|
|
436
|
|
|
119
|
|
|||
Retail
|
|
1
|
|
|
205
|
|
|
205
|
|
|
56
|
|
|||
Residential real estate
|
|
1
|
|
|
394
|
|
|
394
|
|
|
—
|
|
|||
Indirect vehicle
|
|
17
|
|
|
113
|
|
|
89
|
|
|
24
|
|
|||
Home equity
|
|
5
|
|
|
397
|
|
|
397
|
|
|
—
|
|
|||
Total
|
|
26
|
|
|
$
|
4,709
|
|
|
$
|
4,685
|
|
|
$
|
695
|
|
|
|
September 30, 2013
|
||||||||||||
|
|
Number of
Loans |
|
Pre-Modification Recorded
Investment |
|
Post-Modification Recorded
Investment |
|
Charge-offs and
Specific Reserves |
||||||
Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Multifamily
|
|
1
|
|
$
|
601
|
|
|
$
|
601
|
|
|
$
|
—
|
|
Residential real estate
|
|
5
|
|
854
|
|
|
854
|
|
|
—
|
|
|||
Home equity
|
|
7
|
|
723
|
|
|
723
|
|
|
—
|
|
|||
Total
|
|
13
|
|
$
|
2,178
|
|
|
$
|
2,178
|
|
|
$
|
—
|
|
Non-Performing:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
|
2
|
|
$
|
1,251
|
|
|
$
|
1,251
|
|
|
$
|
673
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
|
||||||
Healthcare
|
|
1
|
|
3,164
|
|
|
3,164
|
|
|
496
|
|
|||
Industrial
|
|
4
|
|
2,570
|
|
|
2,570
|
|
|
1,425
|
|
|||
Multifamily
|
|
2
|
|
623
|
|
|
623
|
|
|
169
|
|
|||
Retail
|
|
3
|
|
862
|
|
|
862
|
|
|
235
|
|
|||
Other
|
|
1
|
|
84
|
|
|
84
|
|
|
23
|
|
|||
Residential real estate
|
|
6
|
|
1,149
|
|
|
1,149
|
|
|
—
|
|
|||
Indirect vehicle
|
|
20
|
|
127
|
|
|
103
|
|
|
24
|
|
|||
Home equity
|
|
25
|
|
3,333
|
|
|
3,333
|
|
|
—
|
|
|||
Total
|
|
64
|
|
$
|
13,163
|
|
|
$
|
13,139
|
|
|
$
|
3,045
|
|
|
|
Performing
|
|
Non-performing
|
||||
Beginning balance
|
|
$
|
29,430
|
|
|
$
|
24,952
|
|
Additions
|
|
1,888
|
|
|
4,200
|
|
||
Charge-offs
|
|
(368
|
)
|
|
(2,147
|
)
|
||
Principal payments, net
|
|
(2,436
|
)
|
|
(3,829
|
)
|
||
Removals
|
|
(8,573
|
)
|
|
(3,572
|
)
|
||
Transfer to other real estate owned
|
|
—
|
|
|
(221
|
)
|
||
Transfer from/to performing
|
|
6,292
|
|
|
9,356
|
|
||
Transfer from/to non-performing
|
|
(9,356
|
)
|
|
(6,292
|
)
|
||
Ending balance
|
|
$
|
16,877
|
|
|
$
|
22,447
|
|
|
September 30, 2014
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Extended
|
|
Extended
|
|
|
|
|
||||||||
|
Maturity,
|
|
Maturity and
|
|
Delay in
|
|
|
||||||||
|
Amortization
|
|
Delay in Payments
|
|
Payments or
|
|
|
||||||||
|
and Reduction
|
|
or Reduction of
|
|
Reduction of
|
|
|
||||||||
|
of Interest Rate
|
|
Interest Rate
|
|
Interest Rate
|
|
Total
|
||||||||
Commercial
|
$
|
—
|
|
|
$
|
263
|
|
|
$
|
—
|
|
|
$
|
263
|
|
Commercial real estate:
|
|
|
|
|
|
|
|
||||||||
Multifamily
|
—
|
|
|
158
|
|
|
—
|
|
|
158
|
|
||||
Residential real estate
|
411
|
|
|
1,269
|
|
|
170
|
|
|
1,850
|
|
||||
Indirect vehicle
|
—
|
|
|
—
|
|
|
267
|
|
|
267
|
|
||||
Home equity
|
1,793
|
|
|
1,210
|
|
|
547
|
|
|
3,550
|
|
||||
Total
|
$
|
2,204
|
|
|
$
|
2,900
|
|
|
$
|
984
|
|
|
$
|
6,088
|
|
|
|
Commercial
|
|
Commercial
collateralized by
assignment of
lease payments
|
|
Commercial
real estate
|
|
Residential
real estate
|
|
Construction
real estate
|
|
Indirect
vehicle
|
|
Home
equity
|
|
Other consumer
|
|
Unfunded
commitments
|
|
Total
|
||||||||||||||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
|
$
|
23,154
|
|
|
$
|
9,425
|
|
|
$
|
43,933
|
|
|
$
|
7,495
|
|
|
$
|
4,613
|
|
|
$
|
1,727
|
|
|
$
|
8,281
|
|
|
$
|
2,282
|
|
|
$
|
2,995
|
|
|
$
|
103,905
|
|
Allowance for unfunded credit commitments acquired through business combination
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,261
|
|
|
1,261
|
|
||||||||||
Utilization of allowance for unfunded credit commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(637
|
)
|
|
(637
|
)
|
||||||||||
Charge-offs
|
|
606
|
|
|
—
|
|
|
1,027
|
|
|
740
|
|
|
5
|
|
|
1,043
|
|
|
566
|
|
|
497
|
|
|
—
|
|
|
4,484
|
|
||||||||||
Recoveries
|
|
564
|
|
|
425
|
|
|
2,227
|
|
|
4
|
|
|
25
|
|
|
402
|
|
|
46
|
|
|
65
|
|
|
—
|
|
|
3,758
|
|
||||||||||
Provision
|
|
2,181
|
|
|
(484
|
)
|
|
(4,193
|
)
|
|
534
|
|
|
2,174
|
|
|
643
|
|
|
1,836
|
|
|
(65
|
)
|
|
483
|
|
|
3,109
|
|
||||||||||
Ending balance
|
|
$
|
25,293
|
|
|
$
|
9,366
|
|
|
$
|
40,940
|
|
|
$
|
7,293
|
|
|
$
|
6,807
|
|
|
$
|
1,729
|
|
|
$
|
9,597
|
|
|
$
|
1,785
|
|
|
$
|
4,102
|
|
|
$
|
106,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
|
$
|
23,461
|
|
|
$
|
9,159
|
|
|
$
|
51,628
|
|
|
$
|
8,872
|
|
|
$
|
6,856
|
|
|
$
|
1,662
|
|
|
$
|
8,478
|
|
|
$
|
1,630
|
|
|
$
|
1,716
|
|
|
$
|
113,462
|
|
Allowance for unfunded credit commitments acquired through business combination
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,261
|
|
|
1,261
|
|
||||||||||
Utilization of allowance for unfunded credit commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(637
|
)
|
|
(637
|
)
|
||||||||||
Charge-offs
|
|
1,142
|
|
|
40
|
|
|
9,910
|
|
|
1,438
|
|
|
75
|
|
|
2,546
|
|
|
2,002
|
|
|
1,582
|
|
|
—
|
|
|
18,735
|
|
||||||||||
Recoveries
|
|
2,888
|
|
|
555
|
|
|
3,279
|
|
|
529
|
|
|
201
|
|
|
1,283
|
|
|
306
|
|
|
211
|
|
|
—
|
|
|
9,252
|
|
||||||||||
Provision
|
|
86
|
|
|
(308
|
)
|
|
(4,057
|
)
|
|
(670
|
)
|
|
(175
|
)
|
|
1,330
|
|
|
2,815
|
|
|
1,526
|
|
|
1,762
|
|
|
2,309
|
|
||||||||||
Ending balance
|
|
$
|
25,293
|
|
|
$
|
9,366
|
|
|
$
|
40,940
|
|
|
$
|
7,293
|
|
|
$
|
6,807
|
|
|
$
|
1,729
|
|
|
$
|
9,597
|
|
|
$
|
1,785
|
|
|
$
|
4,102
|
|
|
$
|
106,912
|
|
Ending allowance balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
2,250
|
|
|
$
|
238
|
|
|
$
|
3,153
|
|
|
$
|
3,196
|
|
|
$
|
161
|
|
|
$
|
27
|
|
|
$
|
1,690
|
|
|
$
|
—
|
|
|
$
|
1,316
|
|
|
$
|
12,031
|
|
Collectively evaluated for impairment
|
|
22,433
|
|
|
9,128
|
|
|
37,156
|
|
|
4,097
|
|
|
6,641
|
|
|
1,702
|
|
|
7,907
|
|
|
1,785
|
|
|
2,786
|
|
|
93,635
|
|
||||||||||
Acquired and accounted for under ASC 310-30 (1)
|
|
610
|
|
|
—
|
|
|
631
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,246
|
|
||||||||||
Total ending allowance balance
|
|
$
|
25,293
|
|
|
$
|
9,366
|
|
|
$
|
40,940
|
|
|
$
|
7,293
|
|
|
$
|
6,807
|
|
|
$
|
1,729
|
|
|
$
|
9,597
|
|
|
$
|
1,785
|
|
|
$
|
4,102
|
|
|
$
|
106,912
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
18,850
|
|
|
$
|
6,211
|
|
|
$
|
49,077
|
|
|
$
|
15,811
|
|
|
$
|
337
|
|
|
$
|
212
|
|
|
$
|
25,562
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116,060
|
|
Collectively evaluated for impairment
|
|
3,059,740
|
|
|
1,625,449
|
|
|
2,597,818
|
|
|
501,062
|
|
|
230,662
|
|
|
272,826
|
|
|
237,415
|
|
|
69,028
|
|
|
—
|
|
|
8,594,000
|
|
||||||||||
Acquired and accounted for under ASC 310-30 (1)
|
|
112,066
|
|
|
—
|
|
|
110,357
|
|
|
3,362
|
|
|
24,274
|
|
|
—
|
|
|
115
|
|
|
22,783
|
|
|
—
|
|
|
272,957
|
|
||||||||||
Total ending loans balance
|
|
$
|
3,190,656
|
|
|
$
|
1,631,660
|
|
|
$
|
2,757,252
|
|
|
$
|
520,235
|
|
|
$
|
255,273
|
|
|
$
|
273,038
|
|
|
$
|
263,092
|
|
|
$
|
91,811
|
|
|
$
|
—
|
|
|
$
|
8,983,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
Commercial
collateralized by
assignment of
lease payments
|
|
Commercial
real estate
|
|
Residential
real estate
|
|
Construction
real estate
|
|
Indirect
vehicle
|
|
Home
equity
|
|
Other consumer
|
|
Unfunded
commitments
|
|
Total
|
||||||||||||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
|
$
|
27,277
|
|
|
$
|
8,529
|
|
|
$
|
60,014
|
|
|
$
|
8,121
|
|
|
$
|
8,695
|
|
|
$
|
1,537
|
|
|
$
|
8,206
|
|
|
$
|
1,306
|
|
|
$
|
1,812
|
|
|
$
|
125,497
|
|
Transfer to (from) allowance for unfunded credit commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Charge-offs
|
|
1,686
|
|
|
—
|
|
|
1,236
|
|
|
713
|
|
|
26
|
|
|
572
|
|
|
437
|
|
|
485
|
|
|
—
|
|
|
5,155
|
|
||||||||||
Recoveries
|
|
579
|
|
|
—
|
|
|
966
|
|
|
48
|
|
|
420
|
|
|
372
|
|
|
228
|
|
|
74
|
|
|
—
|
|
|
2,687
|
|
||||||||||
Provision
|
|
(45
|
)
|
|
721
|
|
|
(3,983
|
)
|
|
347
|
|
|
(735
|
)
|
|
293
|
|
|
(152
|
)
|
|
368
|
|
|
(118
|
)
|
|
(3,304
|
)
|
||||||||||
Ending balance
|
|
$
|
26,125
|
|
|
$
|
9,250
|
|
|
$
|
55,761
|
|
|
$
|
7,803
|
|
|
$
|
8,354
|
|
|
$
|
1,630
|
|
|
$
|
7,845
|
|
|
$
|
1,263
|
|
|
$
|
1,694
|
|
|
$
|
119,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Nine Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Beginning balance
|
|
$
|
24,943
|
|
|
$
|
7,755
|
|
|
$
|
61,056
|
|
|
$
|
6,941
|
|
|
$
|
11,222
|
|
|
$
|
1,324
|
|
|
$
|
9,401
|
|
|
$
|
1,562
|
|
|
$
|
4,075
|
|
|
$
|
128,279
|
|
Transfer to (from) allowance for unfunded credit commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
||||||||||
Charge-offs
|
|
3,030
|
|
|
—
|
|
|
5,131
|
|
|
2,074
|
|
|
855
|
|
|
1,930
|
|
|
2,547
|
|
|
1,501
|
|
|
—
|
|
|
17,068
|
|
||||||||||
Recoveries
|
|
1,808
|
|
|
1,131
|
|
|
5,353
|
|
|
461
|
|
|
827
|
|
|
1,111
|
|
|
442
|
|
|
185
|
|
|
—
|
|
|
11,318
|
|
||||||||||
Provision
|
|
2,404
|
|
|
364
|
|
|
(5,517
|
)
|
|
2,475
|
|
|
(3,340
|
)
|
|
1,125
|
|
|
549
|
|
|
1,017
|
|
|
(1,881
|
)
|
|
(2,804
|
)
|
||||||||||
Ending balance
|
|
$
|
26,125
|
|
|
$
|
9,250
|
|
|
$
|
55,761
|
|
|
$
|
7,803
|
|
|
$
|
8,354
|
|
|
$
|
1,630
|
|
|
$
|
7,845
|
|
|
$
|
1,263
|
|
|
$
|
1,694
|
|
|
$
|
119,725
|
|
Ending allowance balance attributable to loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
4,389
|
|
|
$
|
285
|
|
|
$
|
7,464
|
|
|
$
|
3,033
|
|
|
$
|
240
|
|
|
$
|
—
|
|
|
$
|
781
|
|
|
$
|
—
|
|
|
$
|
657
|
|
|
$
|
16,849
|
|
Collectively evaluated for impairment
|
|
20,871
|
|
|
8,965
|
|
|
46,412
|
|
|
4,663
|
|
|
8,114
|
|
|
1,630
|
|
|
7,064
|
|
|
1,263
|
|
|
1,037
|
|
|
100,019
|
|
||||||||||
Acquired and accounted for under ASC 310-30 (1)
|
|
865
|
|
|
—
|
|
|
1,885
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,857
|
|
||||||||||
Total ending allowance balance
|
|
$
|
26,125
|
|
|
$
|
9,250
|
|
|
$
|
55,761
|
|
|
$
|
7,803
|
|
|
$
|
8,354
|
|
|
$
|
1,630
|
|
|
$
|
7,845
|
|
|
$
|
1,263
|
|
|
$
|
1,694
|
|
|
$
|
119,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
|
$
|
19,836
|
|
|
$
|
2,330
|
|
|
$
|
60,600
|
|
|
$
|
15,851
|
|
|
$
|
1,622
|
|
|
$
|
106
|
|
|
$
|
23,278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123,623
|
|
Collectively evaluated for impairment
|
|
1,134,376
|
|
|
1,466,484
|
|
|
1,577,768
|
|
|
291,699
|
|
|
134,524
|
|
|
257,634
|
|
|
251,206
|
|
|
57,418
|
|
|
—
|
|
|
5,171,109
|
|
||||||||||
Acquired and accounted for under ASC 310-30 (1)
|
|
35,649
|
|
|
—
|
|
|
159,799
|
|
|
5,982
|
|
|
61,446
|
|
|
—
|
|
|
110
|
|
|
29,014
|
|
|
—
|
|
|
292,000
|
|
||||||||||
Total ending loans balance
|
|
$
|
1,189,861
|
|
|
$
|
1,468,814
|
|
|
$
|
1,798,167
|
|
|
$
|
313,532
|
|
|
$
|
197,592
|
|
|
$
|
257,740
|
|
|
$
|
274,594
|
|
|
$
|
86,432
|
|
|
$
|
—
|
|
|
$
|
5,586,732
|
|
•
|
Pass rated loans (typically performing loans) are accounted for in accordance with ASC 310-20 "Nonrefundable Fees and Other Costs" as these loans do not have evidence of credit deterioration since origination.
|
•
|
Non-impaired loans (typically performing substandard loans) are accounted for in accordance with ASC 310-30 if they display at least some level of credit deterioration since origination.
|
•
|
Impaired loans (typically substandard loans on non-accrual status) are accounted for in accordance with ASC 310-30 as they display significant credit deterioration since origination.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Balance at beginning of period
|
|
$
|
1,218
|
|
|
$
|
6,360
|
|
|
$
|
2,337
|
|
|
$
|
5,685
|
|
Purchases
|
|
3,252
|
|
|
—
|
|
|
3,252
|
|
|
—
|
|
||||
Accretion
|
|
2,372
|
|
|
(2,427
|
)
|
|
679
|
|
|
(2,859
|
)
|
||||
Other
|
|
931
|
|
|
—
|
|
|
1,505
|
|
|
1,107
|
|
||||
Balance at end of period
|
|
$
|
7,773
|
|
|
$
|
3,933
|
|
|
$
|
7,773
|
|
|
$
|
3,933
|
|
September 30, 2014
|
|
Purchased
Impaired Loans |
|
Purchased Non-Impaired
Loans |
|
Total
|
||||||
Covered loans:
|
|
|
|
|
|
|
|
|
|
|||
Commercial related (1)
|
|
$
|
1,410
|
|
|
$
|
2,255
|
|
|
$
|
3,665
|
|
Commercial
|
|
827
|
|
|
1,308
|
|
|
2,135
|
|
|||
Commercial real estate
|
|
32,857
|
|
|
23,531
|
|
|
56,388
|
|
|||
Construction real estate
|
|
—
|
|
|
3,164
|
|
|
3,164
|
|
|||
Other
|
|
1,655
|
|
|
22,240
|
|
|
23,895
|
|
|||
Total covered loans
|
|
$
|
36,749
|
|
|
$
|
52,498
|
|
|
$
|
89,247
|
|
Estimated (payable) receivable amount from the FDIC under the loss-share agreement (2)
|
|
$
|
(2,892
|
)
|
|
$
|
4,866
|
|
|
$
|
1,974
|
|
Non-covered loans:
|
|
|
|
|
|
|
|
|
|
|||
Commercial related (3)
|
|
$
|
4,856
|
|
|
$
|
12,913
|
|
|
$
|
17,769
|
|
Commercial loans
|
|
101,410
|
|
|
1,736,188
|
|
|
1,837,598
|
|
|||
Commercial loans collateralized by assignment of lease payments
|
|
—
|
|
|
133,539
|
|
|
133,539
|
|
|||
Commercial real estate
|
|
53,969
|
|
|
1,002,229
|
|
|
1,056,198
|
|
|||
Construction real estate
|
|
21,110
|
|
|
161,115
|
|
|
182,225
|
|
|||
Other
|
|
2,365
|
|
|
237,737
|
|
|
240,102
|
|
|||
Total non-covered loans
|
|
$
|
183,710
|
|
|
$
|
3,283,721
|
|
|
$
|
3,467,431
|
|
(1)
|
Covered commercial related loans include commercial, commercial real estate and construction real estate loans acquired in connection with the Benchmark FDIC-assisted transactions.
|
(2)
|
Estimated reimbursable amounts from the FDIC under the loss-share agreement exclude
$231 thousand
in amounts due to the FDIC related to covered other real estate owned.
|
(3)
|
Non-covered commercial related loans include commercial, commercial real estate and construction real estate for InBank and Heritage.
|
Note 7.
|
Goodwill and Intangibles
|
|
|
Nine Months Ended
|
||
|
|
September 30, 2014
|
||
Balance at beginning of period
|
|
$
|
23,428
|
|
Amortization expense
|
|
(3,884
|
)
|
|
Other intangibles from business combination
|
|
25,000
|
|
|
Balance at end of period
|
|
$
|
44,544
|
|
|
|
|
||
Gross carrying amount
|
|
$
|
79,368
|
|
Accumulated amortization
|
|
(34,824
|
)
|
|
Net book value
|
|
$
|
44,544
|
|
Year ending December 31,
|
|
Amount
|
||
2014
|
|
$
|
2,114
|
|
2015
|
|
7,197
|
|
|
2016
|
|
6,162
|
|
|
2017
|
|
5,450
|
|
|
2018
|
|
4,874
|
|
|
Thereafter
|
|
18,747
|
|
|
|
|
$
|
44,544
|
|
Note 8.
|
Deposits
|
|
|
September 30,
|
|
December 31,
|
||||
|
|
2014
|
|
2013
|
||||
Demand deposit accounts, noninterest bearing
|
|
$
|
3,807,554
|
|
|
$
|
2,375,863
|
|
NOW and money market accounts
|
|
4,197,166
|
|
|
2,682,419
|
|
||
Savings accounts
|
|
931,985
|
|
|
855,394
|
|
||
Certificates of deposit, $100,000 or more
|
|
1,544,267
|
|
|
827,413
|
|
||
Other certificates of deposit
|
|
757,576
|
|
|
640,170
|
|
||
Total
|
|
$
|
11,238,548
|
|
|
$
|
7,381,259
|
|
Note 9.
|
Short-Term Borrowings
|
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||
|
|
Weighted Average Cost
|
|
Amount
|
|
Weighted Average Cost
|
|
Amount
|
||||||
Customer repurchase agreements
|
|
0.21
|
%
|
|
$
|
248,150
|
|
|
0.20
|
%
|
|
$
|
193,389
|
|
Federal Home Loan Bank advances
|
|
0.07
|
|
|
350,000
|
|
|
0.17
|
|
|
300,000
|
|
||
Federal funds purchased
|
|
0.45
|
|
|
54,010
|
|
|
—
|
|
|
—
|
|
||
Line of credit
|
|
2.00
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
||
|
|
0.20
|
%
|
|
$
|
667,160
|
|
|
0.18
|
%
|
|
$
|
493,389
|
|
Note 10.
|
Long-term Borrowings
|
Note 11.
|
Junior Subordinated Notes Issued to Capital Trusts
|
|
|
Coal City
Capital Trust I
|
|
MB Financial
Capital Trust II
|
|
MB Financial
Capital Trust III
|
|
MB Financial
Capital Trust IV
|
||||||||
Junior Subordinated Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Principal balance
|
|
$
|
25,774
|
|
|
$
|
36,083
|
|
|
$
|
10,310
|
|
|
$
|
20,619
|
|
Annual interest rate
|
|
3-mo LIBOR + 1.80%
|
|
|
3-mo LIBOR + 1.40%
|
|
|
3-mo LIBOR + 1.50%
|
|
|
3-mo LIBOR + 1.52%
|
|
||||
Stated maturity date
|
|
September 1, 2028
|
|
|
September 15, 2035
|
|
|
September 23, 2036
|
|
|
September 15, 2036
|
|
||||
Call date
|
|
September 1, 2008
|
|
|
December 15, 2010
|
|
|
September 23, 2011
|
|
|
September 15, 2011
|
|
||||
Trust Preferred Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Face Value
|
|
$
|
25,000
|
|
|
$
|
35,000
|
|
|
$
|
10,000
|
|
|
$
|
20,000
|
|
Annual distribution rate
|
|
3-mo LIBOR + 1.80%
|
|
|
3-mo LIBOR + 1.40%
|
|
|
3-mo LIBOR + 1.50%
|
|
|
3-mo LIBOR + 1.52%
|
|
||||
Issuance date
|
|
July 1998
|
|
|
August 2005
|
|
|
July 2006
|
|
|
August 2006
|
|
||||
Distribution dates (1)
|
|
Quarterly
|
|
|
Quarterly
|
|
|
Quarterly
|
|
|
Quarterly
|
|
|
|
MB Financial
Capital Trust V
|
|
MB Financial
Capital Trust VI
|
|
FOBB
Statutory Trust III (2)
|
|
TAYC
Capital Trust II (3)
|
||||||||
Junior Subordinated Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Principal balance
|
|
$
|
30,928
|
|
|
$
|
23,196
|
|
|
$
|
5,155
|
|
|
$
|
41,238
|
|
Annual interest rate
|
|
3-mo LIBOR + 1.30%
|
|
|
3-mo LIBOR + 1.30%
|
|
|
3-mo LIBOR + 2.80%
|
|
|
3-mo LIBOR + 2.68%
|
|
||||
Stated maturity date
|
|
December 15, 2037
|
|
|
October 30, 2037
|
|
|
January 23, 2034
|
|
|
June 17, 2034
|
|
||||
Call date
|
|
December 15, 2012
|
|
|
October 30, 2012
|
|
|
January 23, 2009
|
|
|
June 17, 2009
|
|
||||
Trust Preferred Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Face Value
|
|
$
|
30,000
|
|
|
$
|
22,500
|
|
|
$
|
5,000
|
|
|
$
|
40,000
|
|
Annual distribution rate
|
|
3-mo LIBOR + 1.30%
|
|
|
3-mo LIBOR + 1.30%
|
|
|
3-mo LIBOR + 2.80%
|
|
|
3-mo LIBOR + 2.68%
|
|
||||
Issuance date
|
|
September 2007
|
|
|
October 2007
|
|
|
December 2003
|
|
|
June 2004
|
|
||||
Distribution dates (1)
|
|
Quarterly
|
|
|
Quarterly
|
|
|
Quarterly
|
|
|
Quarterly
|
|
(1)
|
All distributions are cumulative and paid in cash.
|
(2)
|
FOBB Statutory Trust III was established by First Oak Brook Bancshares, Inc. (“FOBB”) prior to the Company's acquisition of FOBB, and the junior subordinated notes issued by FOBB to FOBB Statutory Trust III were assumed by the Company upon completion of the acquisition.
|
(3)
|
TAYC Capital Trust II was established by Taylor Capital prior to the Company's acquisition of Taylor Capital, and the junior subordinated notes issued by Taylor Capital to TAYC Capital Trust II were assumed by the Company upon completion of the acquisition.
|
Note 12.
|
Commitments and Contingencies
|
|
|
Contractual Amount
|
||||||
|
|
September 30, 2014
|
|
December 31, 2013
|
||||
Commitments to extend credit:
|
|
|
|
|
|
|
||
Home equity lines
|
|
$
|
216,130
|
|
|
$
|
208,581
|
|
Other commitments
|
|
2,714,127
|
|
|
1,214,391
|
|
||
Letters of credit:
|
|
|
|
|
|
|
||
Standby
|
|
130,057
|
|
|
69,556
|
|
||
Commercial
|
|
6,370
|
|
|
708
|
|
Note 13.
|
Fair Value Measurements
|
|
|
Total
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S Government sponsored agencies and enterprises
|
|
$
|
65,829
|
|
|
$
|
—
|
|
|
$
|
65,829
|
|
|
$
|
—
|
|
States and political subdivisions
|
|
409,033
|
|
|
—
|
|
|
408,526
|
|
|
507
|
|
||||
Residential mortgage-backed securities
|
|
801,940
|
|
|
—
|
|
|
801,392
|
|
|
548
|
|
||||
Commercial mortgage-backed securities
|
|
204,162
|
|
|
—
|
|
|
204,162
|
|
|
—
|
|
||||
Corporate bonds
|
|
267,239
|
|
|
—
|
|
|
266,940
|
|
|
299
|
|
||||
Equity securities
|
|
10,447
|
|
|
10,447
|
|
|
—
|
|
|
—
|
|
||||
Loans held for sale
|
|
553,627
|
|
|
—
|
|
|
553,627
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
249,376
|
|
|
—
|
|
|
—
|
|
|
249,376
|
|
||||
Assets held in trust for deferred compensation
|
|
16,408
|
|
|
16,408
|
|
|
—
|
|
|
—
|
|
||||
Derivative financial instruments
|
|
33,953
|
|
|
138
|
|
|
30,288
|
|
|
3,527
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other liabilities
(1)
|
|
16,062
|
|
|
16,062
|
|
|
—
|
|
|
—
|
|
||||
Derivative financial instruments
|
|
34,492
|
|
|
2,112
|
|
|
32,380
|
|
|
—
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
52,068
|
|
|
$
|
—
|
|
|
$
|
52,068
|
|
|
$
|
—
|
|
States and political subdivisions
|
|
19,143
|
|
|
—
|
|
|
19,143
|
|
|
—
|
|
||||
Residential mortgage-backed securities
|
|
701,233
|
|
|
—
|
|
|
700,542
|
|
|
691
|
|
||||
Commercial mortgage-backed securities
|
|
52,941
|
|
|
—
|
|
|
52,941
|
|
|
—
|
|
||||
Corporate bonds
|
|
283,070
|
|
|
—
|
|
|
277,905
|
|
|
5,165
|
|
||||
Equity securities
|
|
10,457
|
|
|
10,457
|
|
|
—
|
|
|
—
|
|
||||
Loans held for sale
|
|
629
|
|
|
—
|
|
|
629
|
|
|
—
|
|
||||
Assets held in trust for deferred compensation
|
|
10,679
|
|
|
10,679
|
|
|
—
|
|
|
—
|
|
||||
Derivative financial instruments
|
|
18,645
|
|
|
—
|
|
|
18,645
|
|
|
—
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other liabilities
(1)
|
|
10,569
|
|
|
10,569
|
|
|
—
|
|
|
—
|
|
||||
Derivative financial instruments
|
|
18,632
|
|
|
—
|
|
|
18,632
|
|
|
—
|
|
(1)
|
Liabilities associated with assets held in trust for deferred compensation
|
|
Fair Value at
|
|
|
|
||
|
September 30, 2014
|
Valuation Technique
|
Unobservable Input
|
Range
|
||
|
(in thousands)
|
|
|
|
||
States and political subdivisions
|
$
|
507
|
|
Discounted cash flows
|
Credit assumption
|
45% Loss
|
Residential mortgage-backed securities
|
548
|
|
Discounted cash flows
|
Constant pre-payment rates
|
|
|
|
|
|
(CPR) assumption
|
1% - 3% CPR
|
||
Corporate bonds
|
299
|
|
Discounted cash flows
|
Credit assumption
|
20% Loss
|
|
Mortgage servicing rights
|
249,376
|
|
Discounted cash flows
|
CPR
|
4.3% - 23.7%
|
|
|
|
|
Discount rate
|
10.00 - 16.25
|
||
|
|
|
Maturity (months)
|
39 - 457
|
||
|
|
|
Delinquencies
|
0.00 - 25.00
|
||
|
|
|
Costs to service
|
$60 - $392
|
||
Derivative financial instruments (mortgage interest
|
3,527
|
|
Sales cash flows
|
Expected closing ratio
|
28.58 - 94.00
|
|
rate lock commitments)
|
|
|
Expected delivery price
|
96.58 - 109.54
|
(dollars in thousands, except for weighted average cost to service)
|
September 30, 2014
|
||
Weighted average prepayment speed (CPR)
|
9.10
|
%
|
|
Impact on fair value of 10% adverse change
|
$
|
(8,665
|
)
|
Impact on fair value of 20% adverse change
|
(16,778
|
)
|
|
|
|
||
Weighted average discount rate
|
10.11
|
%
|
|
Impact on fair value of 10% adverse change
|
$
|
(10,325
|
)
|
Impact on fair value of 20% adverse change
|
(19,857
|
)
|
|
|
|
||
Weighted average delinquency rate
|
1.35
|
%
|
|
Impact on fair value of 10% adverse change
|
$
|
(1,085
|
)
|
Impact on fair value of 20% adverse change
|
(1,755
|
)
|
|
|
|
||
Weighted average costs to service
|
$
|
70
|
|
Impact on fair value of 10% adverse change
|
(3,491
|
)
|
|
Impact on fair value of 20% adverse change
|
(6,981
|
)
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
September 30,
|
||||||||||||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||
(in thousands)
|
|
Investment Securities
|
|
Mortgage Servicing Rights
|
|
Derivatives
|
||||||||||||||||||
Balance, beginning of period
|
|
$
|
5,856
|
|
|
$
|
6,071
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acquired through business combination
|
|
507
|
|
|
—
|
|
|
232,783
|
|
|
—
|
|
|
5,922
|
|
|
—
|
|
||||||
Purchases
|
|
—
|
|
|
—
|
|
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Originations
|
|
—
|
|
|
—
|
|
|
8,587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income
|
|
(71
|
)
|
|
(59
|
)
|
|
7,517
|
|
|
—
|
|
|
(2,395
|
)
|
|
—
|
|
||||||
Principal payments
|
|
(281
|
)
|
|
(118
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Impairment charge
|
|
(92
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Transferred out of Level 3
|
|
(4,565
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance, ending of period
|
|
$
|
1,354
|
|
|
$
|
5,894
|
|
|
$
|
249,376
|
|
|
$
|
—
|
|
|
$
|
3,527
|
|
|
$
|
—
|
|
|
|
Total
|
|
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
55,346
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55,346
|
|
Non-financial assets:
|
|
|
|
|
|
|
|
|
||||||||
Foreclosed assets
|
|
41,333
|
|
|
—
|
|
|
—
|
|
|
41,333
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
$
|
77,497
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77,497
|
|
Non-financial assets:
|
|
|
|
|
|
|
|
|
||||||||
Foreclosed assets
|
|
44,601
|
|
|
—
|
|
|
—
|
|
|
44,601
|
|
|
Fair Value at
|
Valuation
|
Unobservable
|
|
||
|
September 30, 2014
|
Technique
|
Input
|
Range
|
||
|
(in thousands)
|
|
|
|
||
Impaired loans
|
$
|
55,346
|
|
Appraisal of collateral
|
Appraisal adjustments - sales costs
|
5% - 10%
|
Foreclosed assets
|
41,333
|
|
Appraisal of collateral
|
Appraisal adjustments - sales costs
|
5% - 10%
|
|
|
September 30, 2014
|
|||||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
|
$
|
267,405
|
|
|
$
|
267,405
|
|
$
|
267,405
|
|
$
|
—
|
|
$
|
—
|
|
Interest earning deposits with banks
|
|
179,391
|
|
|
179,391
|
|
179,391
|
|
—
|
|
—
|
|
|||||
Investment securities available for sale
|
|
1,758,650
|
|
|
1,758,650
|
|
10,447
|
|
1,746,849
|
|
1,354
|
|
|||||
Investment securities held to maturity
|
|
1,005,349
|
|
|
1,045,517
|
|
—
|
|
1,045,517
|
|
—
|
|
|||||
Non-marketable securities - FHLB and FRB stock
|
|
75,569
|
|
|
75,569
|
|
—
|
|
—
|
|
75,569
|
|
|||||
Loans held for sale
|
|
553,627
|
|
|
553,627
|
|
—
|
|
553,627
|
|
—
|
|
|||||
Loans, net
|
|
8,880,207
|
|
|
8,871,886
|
|
—
|
|
—
|
|
8,871,886
|
|
|||||
Accrued interest receivable
|
|
47,956
|
|
|
47,956
|
|
47,956
|
|
—
|
|
—
|
|
|||||
Derivative financial instruments
|
|
33,953
|
|
|
33,953
|
|
138
|
|
30,288
|
|
3,527
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing deposits
|
|
$
|
3,807,554
|
|
|
$
|
3,807,554
|
|
$
|
3,807,554
|
|
$
|
—
|
|
$
|
—
|
|
Interest bearing deposits
|
|
7,430,994
|
|
|
7,438,126
|
|
—
|
|
—
|
|
7,438,126
|
|
|||||
Short-term borrowings
|
|
667,160
|
|
|
667,156
|
|
—
|
|
—
|
|
667,156
|
|
|||||
Long-term borrowings
|
|
77,269
|
|
|
80,628
|
|
—
|
|
—
|
|
80,628
|
|
|||||
Junior subordinated notes issued to capital trusts
|
|
185,681
|
|
|
134,011
|
|
—
|
|
—
|
|
134,011
|
|
|||||
Accrued interest payable
|
|
3,420
|
|
|
3,420
|
|
3,420
|
|
—
|
|
—
|
|
|||||
Derivative financial instruments
|
|
34,492
|
|
|
34,492
|
|
2,112
|
|
32,380
|
|
—
|
|
|
|
December 31, 2013
|
|||||||||||||||
|
|
Carrying Amount
|
|
Estimated Fair Value
|
Quoted Prices in Active
Markets for Identical
Assets (Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
|
$
|
205,193
|
|
|
$
|
205,193
|
|
$
|
205,193
|
|
$
|
—
|
|
$
|
—
|
|
Interest earning deposits with banks
|
|
268,266
|
|
|
268,266
|
|
268,266
|
|
—
|
|
—
|
|
|||||
Federal funds sold
|
|
42,950
|
|
|
42,950
|
|
42,950
|
|
—
|
|
—
|
|
|||||
Investment securities available for sale
|
|
1,118,912
|
|
|
1,118,912
|
|
10,457
|
|
1,102,599
|
|
5,856
|
|
|||||
Investment securities held to maturity
|
|
1,182,533
|
|
|
1,198,929
|
|
—
|
|
1,198,929
|
|
—
|
|
|||||
Non-marketable securities - FHLB and FRB stock
|
|
51,417
|
|
|
51,417
|
|
—
|
|
—
|
|
51,417
|
|
|||||
Loans held for sale
|
|
629
|
|
|
629
|
|
—
|
|
629
|
|
—
|
|
|||||
Loans, net
|
|
5,600,805
|
|
|
5,583,759
|
|
—
|
|
—
|
|
5,583,759
|
|
|||||
Accrued interest receivable
|
|
36,593
|
|
|
36,593
|
|
36,593
|
|
—
|
|
—
|
|
|||||
Derivative financial instruments
|
|
18,645
|
|
|
18,645
|
|
—
|
|
18,645
|
|
—
|
|
|||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Non-interest bearing deposits
|
|
$
|
2,375,863
|
|
|
$
|
2,375,863
|
|
$
|
2,375,863
|
|
$
|
—
|
|
$
|
—
|
|
Interest bearing deposits
|
|
5,005,396
|
|
|
5,012,928
|
|
—
|
|
—
|
|
5,012,928
|
|
|||||
Short-term borrowings
|
|
493,389
|
|
|
493,384
|
|
—
|
|
—
|
|
493,384
|
|
|||||
Long-term borrowings
|
|
62,159
|
|
|
66,301
|
|
—
|
|
—
|
|
66,301
|
|
|||||
Junior subordinated notes issued to capital trusts
|
|
152,065
|
|
|
101,247
|
|
—
|
|
—
|
|
101,247
|
|
|||||
Accrued interest payable
|
|
2,042
|
|
|
2,042
|
|
2,042
|
|
—
|
|
—
|
|
|||||
Derivative financial instruments
|
|
18,632
|
|
|
18,632
|
|
—
|
|
18,632
|
|
—
|
|
Note 14.
|
Stock Incentive Plans
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Total cost of share-based payment plans during the period
|
|
$
|
2,338
|
|
|
$
|
1,388
|
|
|
$
|
6,593
|
|
|
$
|
3,860
|
|
Amount of related income tax benefit recognized in income
|
|
922
|
|
|
548
|
|
|
2,592
|
|
|
$
|
1,530
|
|
|
|
Number of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
(In Years)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||
Options outstanding as of December 31, 2013
|
|
2,443,752
|
|
|
$
|
27.57
|
|
|
|
|
|
|
|
Granted
|
|
221,216
|
|
|
29.47
|
|
|
|
|
|
|
||
Exercised
|
|
(163,138
|
)
|
|
18.90
|
|
|
|
|
|
|
||
Expired or cancelled
|
|
(156,104
|
)
|
|
35.78
|
|
|
|
|
|
|
||
Forfeited
|
|
(26,313
|
)
|
|
21.81
|
|
|
|
|
|
|
||
Options outstanding as of September 30, 2014
|
|
2,319,413
|
|
|
$
|
27.87
|
|
|
4.66
|
|
$
|
6,755
|
|
Options exercisable as of September 30, 2014
|
|
1,742,430
|
|
|
$
|
28.91
|
|
|
3.49
|
|
$
|
4,684
|
|
|
|
September 30, 2014
|
||
Risk-free interest rate
|
|
1.83
|
%
|
|
Expected volatility of Company’s stock
|
|
23.10
|
%
|
|
Expected dividend yield
|
|
1.65
|
%
|
|
Expected life of options
|
|
5.6 years
|
|
|
Weighted average fair value per option of options granted during the year
|
|
$
|
5.93
|
|
|
|
Number of
Shares and Units
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
Shares Outstanding at December 31, 2013
|
|
685,719
|
|
|
$
|
22.59
|
|
Granted
|
|
442,251
|
|
|
29.22
|
|
|
Vested
|
|
(298,533
|
)
|
|
20.41
|
|
|
Forfeited
|
|
(17,611
|
)
|
|
24.58
|
|
|
Shares Outstanding at September 30, 2014
|
|
811,826
|
|
|
$
|
26.96
|
|
Note 15.
|
Derivative Financial Instruments
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||||||||||
|
|
September 30, 2014
|
|
December 31, 2013
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||
|
|
Notional
|
|
Estimated
|
|
Notional
|
|
Estimated
|
|
Notional
|
|
Estimated
|
|
Notional
|
|
Estimated
|
||||||||||||||||
|
|
Amount
|
|
Fair Value
|
|
Amount
|
|
Fair Value
|
|
Amount
|
|
Fair Value
|
|
Amount
|
|
Fair Value
|
||||||||||||||||
Derivative instruments designated as hedges of fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts (1)
|
|
$
|
238,000
|
|
|
$
|
3,512
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317,208
|
|
|
$
|
(5,399
|
)
|
|
$
|
238
|
|
|
$
|
(23
|
)
|
Stand-alone derivative instruments (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts
|
|
983,309
|
|
|
24,441
|
|
|
550,883
|
|
|
17,298
|
|
|
984,081
|
|
|
(24,787
|
)
|
|
551,798
|
|
|
(17,350
|
)
|
||||||||
Interest rate options contracts
|
|
56,105
|
|
|
401
|
|
|
83,907
|
|
|
323
|
|
|
56,105
|
|
|
(401
|
)
|
|
84,953
|
|
|
(323
|
)
|
||||||||
Foreign exchange contracts
|
|
22,866
|
|
|
1,270
|
|
|
31,361
|
|
|
1,006
|
|
|
20,392
|
|
|
(1,138
|
)
|
|
47,760
|
|
|
(935
|
)
|
||||||||
Spot foreign exchange contracts
|
|
768
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
1,256
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
||||||||
Mortgage related derivatives
|
|
1,004,855
|
|
|
4,320
|
|
|
1,783
|
|
|
18
|
|
|
723,233
|
|
|
(2,749
|
)
|
|
250
|
|
|
(1
|
)
|
||||||||
Total non-hedging derivative instruments
|
|
2,067,903
|
|
|
30,441
|
|
|
667,934
|
|
|
18,645
|
|
|
1,785,067
|
|
|
(29,093
|
)
|
|
684,761
|
|
|
(18,609
|
)
|
||||||||
Total
|
|
$
|
2,305,903
|
|
|
$
|
33,953
|
|
|
$
|
667,934
|
|
|
$
|
18,645
|
|
|
$
|
2,102,275
|
|
|
$
|
(34,492
|
)
|
|
$
|
684,999
|
|
|
$
|
(18,632
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Derivative instruments designated as hedges of fair value:
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap contracts
|
|
$
|
(1,869
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1,871
|
)
|
|
$
|
9
|
|
Stand-alone derivative instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap contracts
|
|
(312
|
)
|
|
7
|
|
|
(294
|
)
|
|
30
|
|
||||
Interest rate options contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Foreign exchange contracts
|
|
4
|
|
|
(12
|
)
|
|
61
|
|
|
(7
|
)
|
||||
Spot foreign exchange contracts
|
|
(17
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
||||
Mortgage related derivatives
|
|
1,514
|
|
|
(16
|
)
|
|
1,554
|
|
|
(80
|
)
|
||||
Total non-hedging derivative instruments
|
|
1,189
|
|
|
(21
|
)
|
|
1,312
|
|
|
(57
|
)
|
||||
Total
|
|
$
|
(680
|
)
|
|
$
|
(22
|
)
|
|
$
|
(559
|
)
|
|
$
|
(48
|
)
|
|
|
Financial Assets
|
|
Financial Liabilities
|
||||||||||||||||||||
|
|
Gross Amount Recognized
|
|
Gross Amount Offset
|
|
Net Amount Recognized
|
|
Gross Amount Recognized
|
|
Gross Amount Offset
|
|
Net Amount Recognized
|
||||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps, caps and floors
|
|
$
|
6,539
|
|
|
$
|
—
|
|
|
$
|
6,539
|
|
|
$
|
27,562
|
|
|
$
|
—
|
|
|
$
|
27,562
|
|
Foreign currency forward contracts
|
|
840
|
|
|
—
|
|
|
840
|
|
|
379
|
|
|
—
|
|
|
379
|
|
||||||
Mortgage related derivatives
|
|
734
|
|
|
—
|
|
|
734
|
|
|
2,709
|
|
|
—
|
|
|
2,709
|
|
||||||
Total derivatives
|
|
8,113
|
|
|
—
|
|
|
8,113
|
|
|
30,650
|
|
|
—
|
|
|
30,650
|
|
||||||
Repurchase agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,150
|
|
|
—
|
|
|
248,150
|
|
||||||
Total
|
|
$
|
8,113
|
|
|
$
|
—
|
|
|
$
|
8,113
|
|
|
$
|
278,800
|
|
|
$
|
—
|
|
|
$
|
278,800
|
|
|
|
Financial Assets
|
|
Financial Liabilities
|
||||||||||||||||||||||||||||
|
|
Net Amount Recognized
|
|
Financial Instruments
|
|
Collateral
|
|
Net Amount
|
|
Net Amount Recognized
|
|
Financial Instruments
|
|
Collateral
|
|
Net Amount
|
||||||||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Counterparty A
|
|
$
|
172
|
|
|
$
|
(172
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,578
|
|
|
$
|
(172
|
)
|
|
$
|
(8,406
|
)
|
|
$
|
—
|
|
Counterparty B
|
|
3,792
|
|
|
(3,792
|
)
|
|
—
|
|
|
—
|
|
|
8,680
|
|
|
(3,792
|
)
|
|
(4,888
|
)
|
|
—
|
|
||||||||
Counterparty C
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
4,125
|
|
|
(5
|
)
|
|
(4,120
|
)
|
|
—
|
|
||||||||
Other counterparties
|
|
4,144
|
|
|
(3,755
|
)
|
|
—
|
|
|
389
|
|
|
9,267
|
|
|
(3,755
|
)
|
|
(5,134
|
)
|
|
378
|
|
||||||||
Total derivatives
|
|
8,113
|
|
|
(7,724
|
)
|
|
—
|
|
|
389
|
|
|
30,650
|
|
|
(7,724
|
)
|
|
(22,548
|
)
|
|
378
|
|
||||||||
Repurchase agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248,150
|
|
|
—
|
|
|
(248,150
|
)
|
|
—
|
|
||||||||
Total
|
|
$
|
8,113
|
|
|
$
|
(7,724
|
)
|
|
$
|
—
|
|
|
$
|
389
|
|
|
$
|
278,800
|
|
|
$
|
(7,724
|
)
|
|
$
|
(270,698
|
)
|
|
$
|
378
|
|
|
|
Financial Assets
|
|
Financial Liabilities
|
||||||||||||||||||||
|
|
Gross Amount Recognized
|
|
Gross Amount Offset
|
|
Net Amount Recognized
|
|
Gross Amount Recognized
|
|
Gross Amount Offset
|
|
Net Amount Recognized
|
||||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps, caps and floors
|
|
$
|
5,792
|
|
|
$
|
—
|
|
|
$
|
5,792
|
|
|
$
|
11,904
|
|
|
$
|
—
|
|
|
$
|
11,904
|
|
Foreign currency forward contracts
|
|
80
|
|
|
—
|
|
|
80
|
|
|
848
|
|
|
—
|
|
|
848
|
|
||||||
Mortgage related derivatives
|
|
3
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Total derivatives
|
|
5,875
|
|
|
—
|
|
|
5,875
|
|
|
12,753
|
|
|
—
|
|
|
12,753
|
|
||||||
Repurchase agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193,389
|
|
|
—
|
|
|
193,389
|
|
||||||
Total
|
|
$
|
5,875
|
|
|
$
|
—
|
|
|
$
|
5,875
|
|
|
$
|
206,142
|
|
|
$
|
—
|
|
|
$
|
206,142
|
|
|
|
Financial Assets
|
|
Financial Liabilities
|
||||||||||||||||||||||||||||
|
|
Net Amount Recognized
|
|
Financial Instruments
|
|
Collateral
|
|
Net Amount
|
|
Net Amount Recognized
|
|
Financial Instruments
|
|
Collateral
|
|
Net Amount
|
||||||||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Counterparty A
|
|
$
|
883
|
|
|
$
|
(883
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,669
|
|
|
$
|
(883
|
)
|
|
$
|
(9,786
|
)
|
|
$
|
—
|
|
Counterparty B
|
|
1,836
|
|
|
(412
|
)
|
|
—
|
|
|
1,424
|
|
|
412
|
|
|
(412
|
)
|
|
—
|
|
|
—
|
|
||||||||
Counterparty C
|
|
2,380
|
|
|
(1,612
|
)
|
|
—
|
|
|
768
|
|
|
1,612
|
|
|
(1,612
|
)
|
|
—
|
|
|
—
|
|
||||||||
Other counterparties
|
|
776
|
|
|
(5
|
)
|
|
—
|
|
|
771
|
|
|
60
|
|
|
(5
|
)
|
|
—
|
|
|
55
|
|
||||||||
Total derivatives
|
|
5,875
|
|
|
(2,912
|
)
|
|
—
|
|
|
2,963
|
|
|
12,753
|
|
|
(2,912
|
)
|
|
(9,786
|
)
|
|
55
|
|
||||||||
Repurchase agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193,389
|
|
|
—
|
|
|
(193,389
|
)
|
|
—
|
|
||||||||
Total
|
|
$
|
5,875
|
|
|
$
|
(2,912
|
)
|
|
$
|
—
|
|
|
$
|
2,963
|
|
|
$
|
206,142
|
|
|
$
|
(2,912
|
)
|
|
$
|
(203,175
|
)
|
|
$
|
55
|
|
Note 16.
|
Operating Segments
|
|
Banking
|
|
Leasing
|
|
Mortgage Banking
|
|
Consolidated
|
||||||||
Three months ended September 30, 2014
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
88,863
|
|
|
$
|
3,216
|
|
|
$
|
3,533
|
|
|
$
|
95,612
|
|
Provision for credit losses
|
3,172
|
|
|
(58
|
)
|
|
(5
|
)
|
|
3,109
|
|
||||
Non-interest income
|
27,965
|
|
|
16,299
|
|
|
16,823
|
|
|
61,087
|
|
||||
Non-interest expense
(1)
|
117,325
|
|
|
9,721
|
|
|
15,155
|
|
|
142,201
|
|
||||
Income tax expense
|
(1,287
|
)
|
|
3,693
|
|
|
2,082
|
|
|
4,488
|
|
||||
Net income
|
$
|
(2,382
|
)
|
|
$
|
6,159
|
|
|
$
|
3,124
|
|
|
$
|
6,901
|
|
Total assets
|
$
|
13,212,350
|
|
|
$
|
490,690
|
|
|
$
|
803,003
|
|
|
$
|
14,506,043
|
|
Three months ended September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
67,433
|
|
|
$
|
1,475
|
|
|
$
|
—
|
|
|
$
|
68,908
|
|
Provision for credit losses
|
(3,348
|
)
|
|
44
|
|
|
—
|
|
|
(3,304
|
)
|
||||
Non-interest income
|
23,484
|
|
|
14,046
|
|
|
177
|
|
|
37,707
|
|
||||
Non-interest expense
|
67,873
|
|
|
8,392
|
|
|
—
|
|
|
76,265
|
|
||||
Income tax expense
|
6,402
|
|
|
2,781
|
|
|
71
|
|
|
9,254
|
|
||||
Net income
|
$
|
19,990
|
|
|
$
|
4,304
|
|
|
$
|
106
|
|
|
$
|
24,400
|
|
Total assets
|
$
|
8,873,765
|
|
|
$
|
383,853
|
|
|
$
|
—
|
|
|
$
|
9,257,618
|
|
|
Banking
|
|
Leasing
|
|
Mortgage Banking
|
|
Consolidated
|
||||||||
Nine months ended September 30, 2014
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
219,248
|
|
|
$
|
8,231
|
|
|
$
|
3,533
|
|
|
$
|
231,012
|
|
Provision for credit losses
|
2,488
|
|
|
(174
|
)
|
|
(5
|
)
|
|
2,309
|
|
||||
Non-interest income
|
77,842
|
|
|
42,716
|
|
|
17,069
|
|
|
137,627
|
|
||||
Non-interest expense
(1)
|
252,952
|
|
|
28,171
|
|
|
15,155
|
|
|
296,278
|
|
||||
Income tax expense
|
9,345
|
|
|
8,649
|
|
|
2,082
|
|
|
20,076
|
|
||||
Net income
|
$
|
32,305
|
|
|
$
|
14,301
|
|
|
$
|
3,370
|
|
|
$
|
49,976
|
|
Total assets
|
$
|
13,212,350
|
|
|
$
|
490,690
|
|
|
$
|
803,003
|
|
|
$
|
14,506,043
|
|
Nine months ended September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
200,571
|
|
|
$
|
3,502
|
|
|
$
|
—
|
|
|
$
|
204,073
|
|
Provision for credit losses
|
(2,930
|
)
|
|
126
|
|
|
—
|
|
|
(2,804
|
)
|
||||
Non-interest income
|
69,698
|
|
|
44,329
|
|
|
1,322
|
|
|
115,349
|
|
||||
Non-interest expense
|
193,182
|
|
|
24,765
|
|
|
—
|
|
|
217,947
|
|
||||
Income tax expense
|
20,411
|
|
|
8,740
|
|
|
529
|
|
|
29,680
|
|
||||
Net income
|
$
|
59,606
|
|
|
$
|
14,200
|
|
|
$
|
793
|
|
|
$
|
74,599
|
|
Total assets
|
$
|
8,873,765
|
|
|
$
|
383,853
|
|
|
$
|
—
|
|
|
$
|
9,257,618
|
|
(1)
|
Includes merger related expenses of
$27.2 million
and
$28.3 million
in the banking segment for the three and nine months ended September 30, 2014, respectively.
|
Note 17.
|
Preferred Stock
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
(dollars in thousands)
|
|
2014
|
|
2013
|
||||||||||||||||||
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
||||||||||
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
||||||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans held for sale
|
|
$
|
313,695
|
|
|
$
|
2,826
|
|
|
3.60
|
%
|
|
$
|
1,972
|
|
|
$
|
—
|
|
|
—
|
%
|
Loans (1) (2) (3)
|
|
6,862,043
|
|
|
77,077
|
|
|
4.56
|
|
|
5,194,976
|
|
|
57,325
|
|
|
4.38
|
|
||||
Loans exempt from federal income taxes (4)
|
|
320,049
|
|
|
3,484
|
|
|
4.26
|
|
|
360,060
|
|
|
4,293
|
|
|
4.67
|
|
||||
Taxable investment securities
|
|
1,726,352
|
|
|
11,028
|
|
|
2.56
|
|
|
1,292,366
|
|
|
6,330
|
|
|
1.96
|
|
||||
Investment securities exempt from federal income taxes (4)
|
|
1,087,340
|
|
|
13,908
|
|
|
5.12
|
|
|
946,396
|
|
|
12,577
|
|
|
5.32
|
|
||||
Federal funds sold
|
|
15,460
|
|
|
14
|
|
|
0.38
|
|
|
6,793
|
|
|
7
|
|
|
0.40
|
|
||||
Other interest earning deposits
|
|
341,758
|
|
|
211
|
|
|
0.24
|
|
|
316,210
|
|
|
193
|
|
|
0.24
|
|
||||
Total interest earning assets
|
|
10,666,697
|
|
|
$
|
108,548
|
|
|
4.04
|
|
|
8,118,773
|
|
|
$
|
80,725
|
|
|
3.94
|
|
||
Non-interest earning assets
|
|
1,539,333
|
|
|
|
|
|
|
1,142,518
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
12,206,030
|
|
|
|
|
|
|
$
|
9,261,291
|
|
|
|
|
|
||||||
Interest Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW and money market deposit
|
|
$
|
3,518,315
|
|
|
$
|
1,469
|
|
|
0.17
|
%
|
|
$
|
2,695,479
|
|
|
$
|
862
|
|
|
0.13
|
%
|
Savings deposit
|
|
906,630
|
|
|
128
|
|
|
0.06
|
|
|
844,647
|
|
|
137
|
|
|
0.06
|
|
||||
Time deposits
|
|
1,828,752
|
|
|
3,018
|
|
|
0.65
|
|
|
1,572,987
|
|
|
3,434
|
|
|
0.87
|
|
||||
Short-term borrowings
|
|
570,248
|
|
|
231
|
|
|
0.16
|
|
|
205,946
|
|
|
112
|
|
|
0.22
|
|
||||
Long-term borrowings and junior subordinated notes
|
|
272,458
|
|
|
2,003
|
|
|
2.88
|
|
|
215,041
|
|
|
1,367
|
|
|
2.49
|
|
||||
Total interest bearing liabilities
|
|
7,096,403
|
|
|
$
|
6,849
|
|
|
0.38
|
|
|
5,534,100
|
|
|
$
|
5,912
|
|
|
0.42
|
|
||
Non-interest bearing deposits
|
|
3,175,513
|
|
|
|
|
|
|
2,258,357
|
|
|
|
|
|
||||||||
Other non-interest bearing liabilities
|
|
268,028
|
|
|
|
|
|
|
|
171,336
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
1,666,086
|
|
|
|
|
|
|
1,297,498
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
|
$
|
12,206,030
|
|
|
|
|
|
|
$
|
9,261,291
|
|
|
|
|
|
||||||
Net interest income/interest rate spread (5)
|
|
|
|
|
$
|
101,699
|
|
|
3.66
|
%
|
|
|
|
$
|
74,813
|
|
|
3.52
|
%
|
|||
Less: taxable equivalent adjustment
|
|
|
|
|
6,087
|
|
|
|
|
|
|
5,905
|
|
|
|
|||||||
Net interest income, as reported
|
|
|
|
|
$
|
95,612
|
|
|
|
|
|
|
$
|
68,908
|
|
|
|
|||||
Net interest margin (6)
|
|
|
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
|
|
3.37
|
%
|
||||
Tax equivalent effect
|
|
|
|
|
|
|
|
0.22
|
%
|
|
|
|
|
|
|
|
0.29
|
%
|
||||
Net interest margin on a fully tax equivalent basis (6)
|
|
|
|
|
|
|
|
3.78
|
%
|
|
|
|
|
|
|
|
3.66
|
%
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
(dollars in thousands)
|
|
2014
|
|
2013
|
||||||||||||||||||
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
||||||||||
|
|
Balance
|
|
Interest
|
|
Rate
|
|
Balance
|
|
Interest
|
|
Rate
|
||||||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans held for sale
|
|
$
|
105,977
|
|
|
$
|
2,826
|
|
|
3.56
|
%
|
|
$
|
3,259
|
|
|
$
|
—
|
|
|
—
|
%
|
Loans (1) (2) (3)
|
|
5,787,427
|
|
|
184,672
|
|
|
4.27
|
|
|
5,289,237
|
|
|
173,217
|
|
|
4.38
|
|
||||
Loans exempt from federal income taxes (4)
|
|
320,263
|
|
|
10,490
|
|
|
4.37
|
|
|
327,618
|
|
|
11,188
|
|
|
4.50
|
|
||||
Taxable investment securities
|
|
1,516,281
|
|
|
27,968
|
|
|
2.46
|
|
|
1,383,975
|
|
|
18,749
|
|
|
1.81
|
|
||||
Investment securities exempt from federal income taxes (4)
|
|
997,128
|
|
|
39,066
|
|
|
5.22
|
|
|
930,653
|
|
|
37,537
|
|
|
5.38
|
|
||||
Federal funds sold
|
|
8,605
|
|
|
23
|
|
|
0.37
|
|
|
3,249
|
|
|
9
|
|
|
0.37
|
|
||||
Other interest bearing deposits
|
|
326,226
|
|
|
601
|
|
|
0.25
|
|
|
232,529
|
|
|
420
|
|
|
0.24
|
|
||||
Total interest earning assets
|
|
9,061,907
|
|
|
$
|
265,646
|
|
|
3.92
|
|
|
8,170,520
|
|
|
$
|
241,120
|
|
|
3.95
|
|
||
Non-interest earning assets
|
|
1,331,812
|
|
|
|
|
|
|
1,162,210
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
10,393,719
|
|
|
|
|
|
|
$
|
9,332,730
|
|
|
|
|
|
||||||
Interest Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW and money market deposit
|
|
$
|
3,045,178
|
|
|
$
|
3,216
|
|
|
0.14
|
%
|
|
$
|
2,702,567
|
|
|
$
|
2,622
|
|
|
0.13
|
%
|
Savings deposit
|
|
879,336
|
|
|
334
|
|
|
0.05
|
|
|
835,754
|
|
|
409
|
|
|
0.07
|
|
||||
Time deposits
|
|
1,548,468
|
|
|
8,588
|
|
|
0.74
|
|
|
1,692,760
|
|
|
12,243
|
|
|
0.97
|
|
||||
Short-term borrowings
|
|
319,697
|
|
|
426
|
|
|
0.18
|
|
|
195,677
|
|
|
395
|
|
|
0.27
|
|
||||
Long-term borrowings and junior subordinated notes
|
|
243,659
|
|
|
4,725
|
|
|
2.56
|
|
|
226,133
|
|
|
4,324
|
|
|
2.52
|
|
||||
Total interest bearing liabilities
|
|
6,036,338
|
|
|
$
|
17,289
|
|
|
0.38
|
|
|
5,652,891
|
|
|
$
|
19,993
|
|
|
0.47
|
|
||
Non-interest bearing deposits
|
|
2,677,865
|
|
|
|
|
|
|
2,194,648
|
|
|
|
|
|
||||||||
Other non-interest bearing liabilities
|
|
227,333
|
|
|
|
|
|
|
|
193,203
|
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
1,452,183
|
|
|
|
|
|
|
1,291,988
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
|
$
|
10,393,719
|
|
|
|
|
|
|
$
|
9,332,730
|
|
|
|
|
|
||||||
Net interest income/interest rate spread (5)
|
|
|
|
|
$
|
248,357
|
|
|
3.54
|
%
|
|
|
|
$
|
221,127
|
|
|
3.48
|
%
|
|||
Less: taxable equivalent adjustment
|
|
|
|
|
17,345
|
|
|
|
|
|
|
17,054
|
|
|
|
|||||||
Net interest income, as reported
|
|
|
|
|
$
|
231,012
|
|
|
|
|
|
|
$
|
204,073
|
|
|
|
|||||
Net interest margin (6)
|
|
|
|
|
|
|
|
3.41
|
%
|
|
|
|
|
|
|
|
3.34
|
%
|
||||
Tax equivalent effect
|
|
|
|
|
|
|
|
0.25
|
%
|
|
|
|
|
|
|
|
0.28
|
%
|
||||
Net interest margin on a fully tax equivalent basis (6)
|
|
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
|
|
3.62
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
|
|
2014
|
|
2013
|
|
Increase/
(Decrease)
|
|
Percentage
Change
|
|||||||
Non-interest income (in thousands):
|
|
|
|
|
|
|
|
|
|||||||
Lease financing, net
|
|
$
|
17,719
|
|
|
$
|
14,070
|
|
|
$
|
3,649
|
|
|
25.9
|
%
|
Mortgage banking revenue
|
|
16,823
|
|
|
177
|
|
|
16,646
|
|
|
NM
|
|
|||
Commercial deposit and treasury management fees
|
|
9,345
|
|
|
6,327
|
|
|
3,018
|
|
|
47.7
|
|
|||
Trust and asset management fees
|
|
5,712
|
|
|
4,799
|
|
|
913
|
|
|
19.0
|
|
|||
Card fees
|
|
3,836
|
|
|
2,745
|
|
|
1,091
|
|
|
39.7
|
|
|||
Capital markets and international banking fees
|
|
1,472
|
|
|
972
|
|
|
500
|
|
|
51.4
|
|
|||
Consumer and other deposit service fees
|
|
3,362
|
|
|
3,648
|
|
|
(286
|
)
|
|
(7.8
|
)
|
|||
Brokerage fees
|
|
1,145
|
|
|
1,289
|
|
|
(144
|
)
|
|
(11.2
|
)
|
|||
Loan service fees
|
|
1,069
|
|
|
1,427
|
|
|
(358
|
)
|
|
(25.1
|
)
|
|||
Increase in cash surrender value of life insurance
|
|
855
|
|
|
851
|
|
|
4
|
|
|
0.5
|
|
|||
Net (loss) gain on investment securities
|
|
(3,246
|
)
|
|
1
|
|
|
(3,247
|
)
|
|
NM
|
|
|||
Net loss on sale of assets
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
NM
|
|
|||
Gain on early extinguishment of debt
|
|
1,895
|
|
|
—
|
|
|
1,895
|
|
|
NM
|
|
|||
Other operating income
|
|
1,107
|
|
|
1,401
|
|
|
(294
|
)
|
|
(21.0
|
)
|
|||
Total non-interest income
|
|
$
|
61,087
|
|
|
$
|
37,707
|
|
|
$
|
23,380
|
|
|
62.0
|
%
|
•
|
Mortgage banking revenue increased due to the acquisition of Taylor Capital's mortgage operations through the merger.
|
•
|
Leasing revenues increased due to higher fees and promotional revenue from the sale of third-party equipment maintenance contracts. The Company acquired another leasing subsidiary, Cole Taylor Equipment Finance, through the Taylor Capital merger. Cole Taylor Equipment Finance contributed approximately $404 thousand to leasing revenues in the third quarter of 2014 since the date of acquisition.
|
•
|
Commercial deposit and treasury management fees increased due to the increased customer base as a result of the Taylor Capital merger and new customer activity prior to the merger.
|
•
|
Card fees increased due to the full quarter impact of a new payroll prepaid card program that started in the second quarter of 2014.
|
•
|
Trust and asset management fees increased due to the addition of new customers and the impact of higher equity values.
|
•
|
A gain on the early extinguishment of debt and net loss on investment securities were recognized in the third quarter of 2014 as a result of the balance sheet repositioning that occurred in September 2014, as noted earlier.
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
|
|
2014
|
|
2013
|
|
Increase/
(Decrease)
|
|
Percentage
Change
|
|||||||
Non-interest income (in thousands):
|
|
|
|
|
|
|
|
|
|||||||
Lease financing, net
|
|
$
|
45,768
|
|
|
$
|
45,435
|
|
|
$
|
333
|
|
|
0.7
|
%
|
Mortgage banking revenue
|
|
17,069
|
|
|
1,322
|
|
|
15,747
|
|
|
NM
|
|
|||
Commercial deposit and treasury management fees
|
|
23,595
|
|
|
18,322
|
|
|
5,273
|
|
|
28.8
|
|
|||
Trust and asset management fees
|
|
16,324
|
|
|
14,167
|
|
|
2,157
|
|
|
15.2
|
|
|||
Card fees
|
|
9,841
|
|
|
8,175
|
|
|
1,666
|
|
|
20.4
|
|
|||
Capital markets and international banking fees
|
|
3,810
|
|
|
2,719
|
|
|
1,091
|
|
|
40.1
|
|
|||
Consumer and other deposit service fees
|
|
9,453
|
|
|
10,487
|
|
|
(1,034
|
)
|
|
(9.9
|
)
|
|||
Brokerage fees
|
|
3,826
|
|
|
3,680
|
|
|
146
|
|
|
4.0
|
|
|||
Loan service fees
|
|
2,950
|
|
|
4,349
|
|
|
(1,399
|
)
|
|
(32.2
|
)
|
|||
Increase in cash surrender value of life insurance
|
|
2,516
|
|
|
2,537
|
|
|
(21
|
)
|
|
(0.8
|
)
|
|||
Net (loss) gain on investment securities
|
|
(3,016
|
)
|
|
14
|
|
|
(3,030
|
)
|
|
NM
|
|
|||
Net loss on sale of assets
|
|
(24
|
)
|
|
—
|
|
|
(24
|
)
|
|
NM
|
|
|||
Gain on early extinguishment of debt
|
|
1,895
|
|
|
—
|
|
|
1,895
|
|
|
NM
|
|
|||
Other operating income
|
|
3,620
|
|
|
4,142
|
|
|
(522
|
)
|
|
(12.6
|
)
|
|||
Total non-interest income
|
|
$
|
137,627
|
|
|
$
|
115,349
|
|
|
$
|
22,278
|
|
|
19.3
|
%
|
•
|
Mortgage banking revenue increased due to the acquisition of Taylor Capital's mortgage operations through the merger.
|
•
|
Commercial deposit and treasury management fees increased due to robust new customer activity as well as the increased customer base as a result of the Taylor Capital merger.
|
•
|
Trust and asset management fees increased due to the addition of new customers and the impact of higher equity values.
|
•
|
Card fees increased due to a new payroll prepaid card program as well as higher credit card fees.
|
•
|
Capital markets and international banking services fees increased due to higher M&A advisory and syndication fees.
|
•
|
Loan service fees decreased due to lower late, prepayment and miscellaneous loan fees collected.
|
•
|
Consumer and other deposit service fees decreased due to lower demand deposit service and NSF and overdraft charges.
|
•
|
A gain on the early extinguishment of debt and net loss on investment securities were recognized in the third quarter of 2014 as a result of the balance sheet repositioning that occurred in September 2014, as noted earlier.
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
|
|
2014
|
|
2013
|
|
Increase/
(Decrease)
|
|
Percentage
Change
|
|||||||
Non-interest expenses (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits
|
|
$
|
79,492
|
|
|
$
|
44,918
|
|
|
$
|
34,574
|
|
|
77.0
|
%
|
Occupancy and equipment expense
|
|
11,742
|
|
|
8,797
|
|
|
2,945
|
|
|
33.5
|
|
|||
Computer services and telecommunication expense
|
|
11,506
|
|
|
4,870
|
|
|
6,636
|
|
|
136.3
|
|
|||
Advertising and marketing expense
|
|
2,235
|
|
|
1,917
|
|
|
318
|
|
|
16.6
|
|
|||
Professional and legal expense
|
|
8,864
|
|
|
3,102
|
|
|
5,762
|
|
|
185.8
|
|
|||
Other intangibles amortization expense
|
|
1,470
|
|
|
1,513
|
|
|
(43
|
)
|
|
(2.8
|
)
|
|||
Net loss recognized on other real estate owned
|
|
1,769
|
|
|
791
|
|
|
978
|
|
|
123.6
|
|
|||
Other real estate expense, net
|
|
409
|
|
|
240
|
|
|
169
|
|
|
70.4
|
|
|||
Other operating expenses
|
|
24,714
|
|
|
10,117
|
|
|
14,597
|
|
|
144.3
|
|
|||
Total non-interest expenses
|
|
$
|
142,201
|
|
|
$
|
76,265
|
|
|
$
|
65,936
|
|
|
86.5
|
%
|
|
|
Three Months Ended
|
||
|
|
September 30,
|
||
|
|
2014
|
||
Merger related expenses:
|
|
|
||
Salaries and employee benefits
|
|
$
|
14,259
|
|
Occupancy and equipment expense
|
|
428
|
|
|
Computer services and telecommunication expense
|
|
5,312
|
|
|
Advertising and marketing expense
|
|
262
|
|
|
Professional and legal expense
|
|
6,363
|
|
|
Other operating expenses
|
|
537
|
|
|
Total merger related expenses
|
|
$
|
27,161
|
|
•
|
Salaries and employee benefits increased due to annual salary increases, long-term incentive expense, taxes and temporary staffing needs and the increased staff from the Taylor Capital merger.
|
•
|
Other operating expense increased primarily as a result of the $10.6 million contingent consideration expense related to our acquisition of Celtic Leasing Corp., an increase in filing and other loan expense as well as higher FDIC assessments due to our larger balance sheet and higher currency delivery expenses related to new treasury management accounts.
|
•
|
Computer services and telecommunication expenses increased due primarily to an increase in spending on IT security, data warehouse, investments in our key fee initiatives, as well as higher transaction volumes in the leasing, treasury management and card areas. The increase was also due to increased telecommunication expense related to transitioning to a new provider.
|
•
|
Occupancy and equipment expense increased due to the additional offices acquired in the Taylor Capital merger.
|
|
|
Nine Months Ended
|
|
|
|
|
|||||||||
|
|
September 30,
|
|
|
|
|
|||||||||
|
|
2014
|
|
2013
|
|
Increase/
(Decrease)
|
|
Percentage
Change
|
|||||||
Non-interest expenses (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits
|
|
$
|
170,491
|
|
|
$
|
132,341
|
|
|
$
|
38,150
|
|
|
28.8
|
%
|
Occupancy and equipment expense
|
|
30,852
|
|
|
27,609
|
|
|
3,243
|
|
|
11.7
|
|
|||
Computer services and telecommunication expense
|
|
21,669
|
|
|
13,374
|
|
|
8,295
|
|
|
62.0
|
|
|||
Advertising and marketing expense
|
|
6,537
|
|
|
6,187
|
|
|
350
|
|
|
5.7
|
|
|||
Professional and legal expense
|
|
12,210
|
|
|
5,750
|
|
|
6,460
|
|
|
112.3
|
|
|||
Other intangibles amortization expense
|
|
3,884
|
|
|
4,595
|
|
|
(711
|
)
|
|
(15.5
|
)
|
|||
Net loss (gain) recognized on other real estate owned
|
|
2,147
|
|
|
(894
|
)
|
|
3,041
|
|
|
(340.2
|
)
|
|||
Other real estate expense, net
|
|
1,142
|
|
|
572
|
|
|
570
|
|
|
99.7
|
|
|||
Other operating expenses
|
|
47,346
|
|
|
28,413
|
|
|
18,933
|
|
|
66.6
|
|
|||
Total non-interest expenses
|
|
$
|
296,278
|
|
|
$
|
217,947
|
|
|
$
|
78,331
|
|
|
35.9
|
%
|
|
|
Nine Months Ended
|
||
|
|
September 30,
|
||
|
|
2014
|
||
Merger related expenses:
|
|
|
||
Salaries and employee benefits
|
|
$
|
14,363
|
|
Occupancy and equipment expense
|
|
442
|
|
|
Computer services and telecommunication expense
|
|
5,495
|
|
|
Advertising and marketing expense
|
|
460
|
|
|
Professional and legal expense
|
|
6,852
|
|
|
Other operating expenses
|
|
717
|
|
|
Total merger related expenses
|
|
$
|
28,329
|
|
•
|
Salaries and employee benefits increased due to annual salary increases, long-term incentive expense, health insurance and temporary staffing needs and the increased staff from the Taylor Capital merger.
|
•
|
Other operating expense increased primarily as a result of an increase in filing and other loan expense, higher FDIC assessments due to our larger balance sheet and higher currency delivery expenses related to new treasury management accounts and the $10.6 million contingent consideration expense related to our acquisition of Celtic Leasing Corp.
|
•
|
Computer services and telecommunication expenses increased due primarily to an increase in spending on IT security, data warehouse, investments in our key fee initiatives, as well as higher transaction volumes in the leasing, treasury management and card areas. The increase was also due to increased telecommunication expense related to transitioning to a new provider.
|
•
|
Cash and cash equivalents
decreased
$26.7 million
, or
5.6%
from
$473.5 million
at
December 31, 2013
to
$446.8 million
at
September 30, 2014
primarily due to the repayment of short term borrowings.
|
•
|
Investment securities
increased
$486.7 million
, or
20.7%
, from
December 31, 2013
to
September 30, 2014
mostly as a result of the investment securities acquired through the Taylor Capital merger partly offset by the $451.6 million sale of certain investment securities as part of the balance sheet repositioning in September 2014.
|
•
|
Gross loans, excluding purchased credit-impaired including covered loans,
increased
by
$3.2 billion
to
$8.7 billion
at
September 30, 2014
from
December 31, 2013
primarily due to the loans acquired through the Taylor Capital merger.
|
•
|
Total deposits
increased
by
$3.9 billion
, or
52.3%
, to
$11.2 billion
at
September 30, 2014
from
December 31, 2013
primarily due to the deposits assumed through the Taylor Capital merger.
|
•
|
Noninterest bearing deposits
increased
by
67.8%
and
60.3%
compared to
September 30, 2013
and
December 31, 2013
, respectively, primarily due to the noninterest bearing deposits acquired through Taylor Capital Merger.
|
•
|
Total borrowings
increased
by
$222.5 million
, or
31.4%
, to
$930.1 million
at
September 30, 2014
. The increase in total borrowings was primarily due to the borrowings assumed in the Taylor Capital merger partly offset by the repayment of short term FHLB advance and junior subordinated notes as part of the balance sheet repositioning in September 2014.
|
|
|
September 30, 2014
|
|
December 31, 2013
|
|
September 30, 2013
|
||||||||||||||||||
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||||||
Available for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Government sponsored agencies and enterprises
|
|
$
|
64,809
|
|
|
$
|
65,829
|
|
|
$
|
50,486
|
|
|
$
|
52,068
|
|
|
$
|
50,678
|
|
|
$
|
52,527
|
|
States and political subdivisions
|
|
391,900
|
|
|
409,033
|
|
|
19,398
|
|
|
19,143
|
|
|
19,461
|
|
|
19,312
|
|
||||||
Residential mortgage-backed securities
|
|
795,554
|
|
|
801,940
|
|
|
696,415
|
|
|
701,233
|
|
|
685,126
|
|
|
691,276
|
|
||||||
Commercial mortgage-backed securities
|
|
204,076
|
|
|
204,162
|
|
|
50,891
|
|
|
52,941
|
|
|
50,944
|
|
|
53,446
|
|
||||||
Corporate bonds
|
|
265,720
|
|
|
267,239
|
|
|
284,083
|
|
|
283,070
|
|
|
265,293
|
|
|
263,021
|
|
||||||
Equity securities
|
|
10,470
|
|
|
10,447
|
|
|
10,649
|
|
|
10,457
|
|
|
10,574
|
|
|
10,541
|
|
||||||
Total Available for Sale
|
|
1,732,529
|
|
|
1,758,650
|
|
|
1,111,922
|
|
|
1,118,912
|
|
|
1,082,076
|
|
|
1,090,123
|
|
||||||
Held to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
States and political subdivisions
|
|
760,674
|
|
|
788,097
|
|
|
932,955
|
|
|
936,173
|
|
|
941,273
|
|
|
946,309
|
|
||||||
Residential mortgage-backed securities
|
|
244,675
|
|
|
257,420
|
|
|
249,578
|
|
|
262,756
|
|
|
252,271
|
|
|
266,439
|
|
||||||
Total Held to Maturity
|
|
1,005,349
|
|
|
1,045,517
|
|
|
1,182,533
|
|
|
1,198,929
|
|
|
1,193,544
|
|
|
1,212,748
|
|
||||||
Total
|
|
$
|
2,737,878
|
|
|
$
|
2,804,167
|
|
|
$
|
2,294,455
|
|
|
$
|
2,317,841
|
|
|
$
|
2,275,620
|
|
|
$
|
2,302,871
|
|
|
|
September 30, 2014
|
|
December 31, 2013
|
|
September 30, 2013
|
|||||||||||||||
|
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
|||||||||
Commercial related credits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial loans
|
|
$
|
3,078,590
|
|
|
34
|
%
|
|
$
|
1,281,377
|
|
|
22
|
%
|
|
$
|
1,169,009
|
|
|
21
|
%
|
Commercial loans collateralized by assignment of lease payments
|
|
1,631,660
|
|
|
18
|
|
|
1,494,188
|
|
|
26
|
|
|
1,468,814
|
|
|
26
|
|
|||
Commercial real estate
|
|
2,646,895
|
|
|
30
|
|
|
1,647,700
|
|
|
29
|
|
|
1,638,368
|
|
|
29
|
|
|||
Construction real estate
|
|
230,999
|
|
|
3
|
|
|
141,253
|
|
|
3
|
|
|
136,146
|
|
|
2
|
|
|||
Total commercial related credits
|
|
7,588,144
|
|
|
85
|
|
|
4,564,518
|
|
|
80
|
|
|
4,412,337
|
|
|
78
|
|
|||
Other loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential real estate
|
|
516,873
|
|
|
5
|
|
|
314,440
|
|
|
5
|
|
|
311,256
|
|
|
6
|
|
|||
Indirect vehicle
|
|
273,038
|
|
|
3
|
|
|
262,632
|
|
|
5
|
|
|
257,740
|
|
|
5
|
|
|||
Home equity
|
|
262,977
|
|
|
3
|
|
|
268,289
|
|
|
5
|
|
|
274,484
|
|
|
5
|
|
|||
Other consumer loans
|
|
69,028
|
|
|
1
|
|
|
66,952
|
|
|
1
|
|
|
57,418
|
|
|
1
|
|
|||
Total other loans
|
|
1,121,916
|
|
|
12
|
|
|
912,313
|
|
|
16
|
|
|
900,898
|
|
|
17
|
|
|||
Gross loans excluding purchased credit-impaired and covered loans
|
|
8,710,060
|
|
|
97
|
|
|
5,476,831
|
|
|
96
|
|
|
5,313,235
|
|
|
95
|
|
|||
Purchased credit-impaired including covered loans
(1)
|
|
272,957
|
|
|
3
|
|
|
235,720
|
|
|
4
|
|
|
273,497
|
|
|
5
|
|
|||
Total loans
|
|
$
|
8,983,017
|
|
|
100
|
%
|
|
$
|
5,712,551
|
|
|
100
|
%
|
|
$
|
5,586,732
|
|
|
100
|
%
|
(1)
|
Covered loans refer to loans we acquired in FDIC-assisted transactions that have been subject to loss-sharing agreements with the FDIC.
|
|
|
|
|
|
|
|
||||||
|
|
September 30,
2014 |
|
December 31,
2013 |
|
September 30,
2013 |
||||||
Non-performing loans:
|
|
|
|
|
|
|
|
|
|
|||
Non-accruing loans
|
|
$
|
97,580
|
|
|
$
|
106,115
|
|
|
$
|
102,042
|
|
Loans 90 days or more past due, still accruing interest
|
|
2,681
|
|
|
446
|
|
|
410
|
|
|||
Total non-performing loans
|
|
100,261
|
|
|
106,561
|
|
|
102,452
|
|
|||
Other real estate owned
|
|
19,179
|
|
|
23,289
|
|
|
31,356
|
|
|||
Repossessed assets
|
|
126
|
|
|
840
|
|
|
861
|
|
|||
Total non-performing assets
|
|
$
|
119,566
|
|
|
$
|
130,690
|
|
|
$
|
134,669
|
|
Total allowance for loan losses
|
|
$
|
102,810
|
|
|
$
|
111,746
|
|
|
$
|
118,031
|
|
Accruing restructured loans
(1)
|
|
16,877
|
|
|
29,430
|
|
|
29,911
|
|
|||
Total non-performing loans to total loans
|
|
1.12
|
%
|
|
1.87
|
%
|
|
1.83
|
%
|
|||
Total non-performing assets to total assets
|
|
0.82
|
|
|
1.36
|
|
|
1.45
|
|
|||
Allowance for loan losses to non-performing loans
|
|
102.54
|
|
|
104.87
|
|
|
115.21
|
|
(1)
|
Accruing restructured loans consists primarily of residential real estate and home equity loans that have been modified and are performing in accordance with those modified terms.
|
|
|
September 30,
|
||||||
|
|
2014
|
|
2013
|
||||
Beginning balance
|
|
$
|
23,289
|
|
|
$
|
36,977
|
|
Transfers in at fair value less estimated costs to sell
|
|
872
|
|
|
6,060
|
|
||
Acquired from business combination
|
|
5,082
|
|
|
—
|
|
||
Capitalized other real estate owned costs
|
|
—
|
|
|
53
|
|
||
Fair value adjustments
|
|
(2,509
|
)
|
|
80
|
|
||
Net gains on sales of other real estate owned
|
|
835
|
|
|
977
|
|
||
Cash received upon disposition
|
|
(8,390
|
)
|
|
(12,791
|
)
|
||
Ending balance
|
|
$
|
19,179
|
|
|
$
|
31,356
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
||||
|
|
|
|
|
||||
Commercial loans
|
|
$
|
23,898
|
|
|
$
|
43,844
|
|
Commercial loans collateralized by assignment of lease payments
|
|
2,412
|
|
|
2,459
|
|
||
Commercial real estate
|
|
25,380
|
|
|
32,895
|
|
||
Construction real estate
|
|
—
|
|
|
391
|
|
||
Total
|
|
$
|
51,690
|
|
|
$
|
79,589
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Balance at beginning of period
|
|
$
|
103,905
|
|
|
$
|
125,497
|
|
|
$
|
113,462
|
|
|
$
|
128,279
|
|
Allowance for unfunded credit commitments acquired through business combination
|
|
1,261
|
|
|
—
|
|
|
1,261
|
|
|
—
|
|
||||
Utilization of allowance for unfunded credit commitments
|
|
(637
|
)
|
|
—
|
|
|
(637
|
)
|
|
—
|
|
||||
Provision for credit losses
|
|
3,109
|
|
|
(3,304
|
)
|
|
2,309
|
|
|
(2,804
|
)
|
||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial loans
|
|
606
|
|
|
1,686
|
|
|
1,142
|
|
|
3,030
|
|
||||
Commercial loans collateralized by assignment of lease payments
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
||||
Commercial real estate
|
|
1,027
|
|
|
1,236
|
|
|
9,910
|
|
|
5,131
|
|
||||
Construction real estate
|
|
5
|
|
|
26
|
|
|
75
|
|
|
855
|
|
||||
Residential real estate
|
|
740
|
|
|
713
|
|
|
1,438
|
|
|
2,074
|
|
||||
Home equity
|
|
566
|
|
|
437
|
|
|
2,002
|
|
|
2,547
|
|
||||
Indirect vehicles
|
|
1,043
|
|
|
572
|
|
|
2,546
|
|
|
1,930
|
|
||||
Other consumer loans
|
|
497
|
|
|
485
|
|
|
1,582
|
|
|
1,501
|
|
||||
Total charge-offs
|
|
4,484
|
|
|
5,155
|
|
|
18,735
|
|
|
17,068
|
|
||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial loans
|
|
564
|
|
|
579
|
|
|
2,888
|
|
|
1,808
|
|
||||
Commercial loans collateralized by assignment of lease payments
|
|
425
|
|
|
—
|
|
|
555
|
|
|
1,131
|
|
||||
Commercial real estate
|
|
2,227
|
|
|
966
|
|
|
3,279
|
|
|
5,353
|
|
||||
Construction real estate
|
|
25
|
|
|
420
|
|
|
201
|
|
|
827
|
|
||||
Residential real estate
|
|
4
|
|
|
48
|
|
|
529
|
|
|
461
|
|
||||
Home equity
|
|
46
|
|
|
228
|
|
|
306
|
|
|
442
|
|
||||
Indirect vehicles
|
|
402
|
|
|
372
|
|
|
1,283
|
|
|
1,111
|
|
||||
Other consumer loans
|
|
65
|
|
|
74
|
|
|
211
|
|
|
185
|
|
||||
Total recoveries
|
|
3,758
|
|
|
2,687
|
|
|
9,252
|
|
|
11,318
|
|
||||
Net charge-offs
|
|
726
|
|
|
2,468
|
|
|
9,483
|
|
|
5,750
|
|
||||
Allowance for credit losses
|
|
106,912
|
|
|
119,725
|
|
|
106,912
|
|
|
119,725
|
|
||||
Allowance for unfunded credit commitments
|
|
(4,102
|
)
|
|
(1,694
|
)
|
|
(4,102
|
)
|
|
(1,694
|
)
|
||||
Allowance for loan losses
|
|
$
|
102,810
|
|
|
$
|
118,031
|
|
|
$
|
102,810
|
|
|
$
|
118,031
|
|
Total loans
|
|
$
|
8,983,017
|
|
|
$
|
5,586,732
|
|
|
$
|
8,983,017
|
|
|
$
|
5,586,732
|
|
Ratio of allowance to total loans
|
|
1.14
|
%
|
|
2.11
|
%
|
|
1.14
|
%
|
|
2.11
|
%
|
||||
Ratio of net charge-offs to average loans
|
|
0.04
|
|
|
0.18
|
|
|
0.21
|
|
|
0.14
|
|
|
|
September 30,
2014 |
|
December 31,
2013 |
|
September 30,
2013 |
||||||
Direct finance leases:
|
|
|
|
|
|
|
|
|
||||
Minimum lease payments
|
|
$
|
312,507
|
|
|
$
|
155,945
|
|
|
$
|
140,162
|
|
Estimated unguaranteed residual values
|
|
62,628
|
|
|
31,272
|
|
|
31,515
|
|
|||
Less: unearned income
|
|
(29,448
|
)
|
|
(14,473
|
)
|
|
(14,607
|
)
|
|||
Direct finance leases
(1)
|
|
$
|
345,687
|
|
|
$
|
172,744
|
|
|
$
|
157,070
|
|
Leveraged leases:
|
|
|
|
|
|
|
|
|
|
|||
Minimum lease payments
|
|
$
|
13,549
|
|
|
$
|
24,320
|
|
|
$
|
23,232
|
|
Estimated unguaranteed residual values
|
|
1,712
|
|
|
2,508
|
|
|
2,573
|
|
|||
Less: unearned income
|
|
(734
|
)
|
|
(1,644
|
)
|
|
(1,644
|
)
|
|||
Less: related non-recourse debt
|
|
(13,064
|
)
|
|
(23,243
|
)
|
|
(22,174
|
)
|
|||
Leveraged leases
(1)
|
|
$
|
1,463
|
|
|
$
|
1,941
|
|
|
$
|
1,987
|
|
Operating leases:
|
|
|
|
|
|
|
|
|
|
|||
Equipment, at cost
|
|
$
|
231,529
|
|
|
$
|
218,473
|
|
|
$
|
202,879
|
|
Less accumulated depreciation
|
|
(94,409
|
)
|
|
(87,384
|
)
|
|
(90,388
|
)
|
|||
Lease investments, net
|
|
$
|
137,120
|
|
|
$
|
131,089
|
|
|
$
|
112,491
|
|
(1)
|
Direct finance and leveraged leases are included as commercial loans collateralized by assignment of lease payments for financial statement purposes.
|
|
|
Residual Values
|
||||||||||||||
|
|
Direct
|
|
|
|
|
|
|
||||||||
End of initial lease term
|
|
Finance
|
|
Leveraged
|
|
Operating
|
|
|
||||||||
December 31,
|
|
Leases
|
|
Leases
|
|
Leases
|
|
Total
|
||||||||
2014
|
|
$
|
4,637
|
|
|
$
|
28
|
|
|
$
|
6,374
|
|
|
$
|
11,039
|
|
2015
|
|
8,694
|
|
|
954
|
|
|
8,259
|
|
|
17,907
|
|
||||
2016
|
|
7,875
|
|
|
606
|
|
|
10,276
|
|
|
18,757
|
|
||||
2017
|
|
14,743
|
|
|
105
|
|
|
9,105
|
|
|
23,953
|
|
||||
2018
|
|
10,053
|
|
|
19
|
|
|
6,663
|
|
|
16,735
|
|
||||
Thereafter
|
|
16,626
|
|
|
—
|
|
|
9,769
|
|
|
26,395
|
|
||||
|
|
$
|
62,628
|
|
|
$
|
1,712
|
|
|
$
|
50,446
|
|
|
$
|
114,786
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
|
Time to Maturity or Repricing
|
||||||||||||||||||
|
|
0 – 90
|
|
91 - 365
|
|
1 – 5
|
|
Over 5
|
|
|
||||||||||
|
|
Days
|
|
Days
|
|
Years
|
|
Years
|
|
Total
|
||||||||||
Interest Earning Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest earning deposits with banks
|
|
$
|
178,219
|
|
|
$
|
—
|
|
|
$
|
1,172
|
|
|
$
|
—
|
|
|
$
|
179,391
|
|
Investment securities
|
|
225,669
|
|
|
286,134
|
|
|
1,489,061
|
|
|
838,704
|
|
|
2,839,568
|
|
|||||
Loans held for sale
|
|
553,627
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
553,627
|
|
|||||
Loans, including covered loans
|
|
4,173,493
|
|
|
1,697,174
|
|
|
3,022,772
|
|
|
89,578
|
|
|
8,983,017
|
|
|||||
Total interest earning assets
|
|
$
|
5,131,008
|
|
|
$
|
1,983,308
|
|
|
$
|
4,513,005
|
|
|
$
|
928,282
|
|
|
$
|
12,555,603
|
|
Interest Bearing Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NOW and money market deposit accounts
|
|
$
|
291,925
|
|
|
$
|
795,583
|
|
|
$
|
2,298,522
|
|
|
$
|
811,136
|
|
|
$
|
4,197,166
|
|
Savings deposits
|
|
51,053
|
|
|
143,916
|
|
|
529,324
|
|
|
207,692
|
|
|
931,985
|
|
|||||
Time deposits
|
|
658,105
|
|
|
1,209,398
|
|
|
421,515
|
|
|
12,825
|
|
|
2,301,843
|
|
|||||
Short-term borrowings
|
|
460,332
|
|
|
59,750
|
|
|
133,289
|
|
|
13,789
|
|
|
667,160
|
|
|||||
Long-term borrowings
|
|
3,944
|
|
|
11,072
|
|
|
60,144
|
|
|
2,109
|
|
|
77,269
|
|
|||||
Junior subordinated notes issued to capital trusts
|
|
185,681
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185,681
|
|
|||||
Total interest bearing liabilities
|
|
$
|
1,651,040
|
|
|
$
|
2,219,719
|
|
|
$
|
3,442,794
|
|
|
$
|
1,047,551
|
|
|
$
|
8,361,104
|
|
Rate sensitive assets (RSA)
|
|
$
|
5,131,008
|
|
|
$
|
7,114,316
|
|
|
$
|
11,627,321
|
|
|
$
|
12,555,603
|
|
|
$
|
12,555,603
|
|
Rate sensitive liabilities (RSL)
|
|
1,651,040
|
|
|
3,870,759
|
|
|
7,313,553
|
|
|
8,361,104
|
|
|
8,361,104
|
|
|||||
Cumulative GAP (GAP=RSA-RSL)
|
|
3,479,968
|
|
|
3,243,557
|
|
|
4,313,768
|
|
|
4,194,499
|
|
|
4,194,499
|
|
|||||
RSA/Total assets
|
|
35.37
|
%
|
|
49.04
|
%
|
|
80.16
|
%
|
|
86.55
|
%
|
|
86.55
|
%
|
|||||
RSL/Total assets
|
|
11.38
|
|
|
26.68
|
|
|
50.42
|
|
|
57.64
|
|
|
57.64
|
|
|||||
GAP/Total assets
|
|
23.99
|
|
|
22.36
|
|
|
29.74
|
|
|
28.92
|
|
|
28.92
|
|
|||||
GAP/RSA
|
|
67.82
|
|
|
45.59
|
|
|
37.10
|
|
|
33.41
|
|
|
33.41
|
|
Gradual
|
|
Changes in Net Interest Income Over One Year Horizon
|
||||||||||||
Changes in
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||
Levels of
|
|
Dollar
|
|
Percentage
|
|
Dollar
|
|
Percentage
|
||||||
Interest Rates
|
|
Change
|
|
Change
|
|
Change
|
|
Change
|
||||||
+ 2.00%
|
|
$
|
18,686
|
|
|
4.40
|
%
|
|
$
|
10,596
|
|
|
3.84
|
%
|
+ 1.00%
|
|
8,001
|
|
|
1.88
|
|
|
5,554
|
|
|
2.01
|
|
||
- 1.00%
|
|
(10,671
|
)
|
|
(2.51
|
)
|
|
(6,553
|
)
|
|
(2.38
|
)
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
Total Number of
Shares Purchased (1)
|
|
Average Price Paid
per Share
|
|
Number of Shares Purchased
as Part of Publicly Announced
Plans or Programs
|
|
Maximum Number of
Shares that May Yet Be
Purchased Under the Plans
or Programs
|
|||||
July 1, 2014 — July 31, 2014
|
|
50,500
|
|
|
$
|
27.77
|
|
|
—
|
|
|
1,000,000
|
|
August 1, 2014 — August 31, 2014
|
|
28,540
|
|
|
28.23
|
|
|
—
|
|
|
1,000,000
|
|
|
September 1, 2014 — September 30, 2014
|
|
517
|
|
|
28.32
|
|
|
—
|
|
|
1,000,000
|
|
|
Total
|
|
79,557
|
|
|
$
|
27.94
|
|
|
—
|
|
|
|
|
Item 6.
|
Exhibits
|
Date:
|
November 10, 2014
|
By:
|
/s/Mitchell Feiger
|
|
|
|
Mitchell Feiger
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date:
|
November 10, 2014
|
By:
|
/s/Jill E. York
|
|
|
|
Jill E. York
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial and Principal Accounting Officer)
|
EXHIBIT INDEX
|
||
Exhibit Number
|
|
Description
|
|
|
|
10.1
|
|
Letter Agreement, dated as of December 5, 2008, between the Registrant and the United States Department of the Treasury (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on December 8, 2008 (File No.0-24566-01))
|
|
|
|
10.2
|
|
Amended and Restated Employment Agreement between the Registrant and Mitchell Feiger (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.3
|
|
Employment Agreement between MB Financial Bank, N.A. and Burton J. Field (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 (File No. 0-24566-01))
|
|
|
|
10.4
|
|
Form of Change and Control Severance Agreement between MB Financial Bank, National Association and Jill E. York (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.4B
|
|
Form of Change and Control Severance Agreement between MB Financial Bank, National Association and each of Burton Field, Larry J. Kallembach, Brian Wildman, Rosemarie Bouman and Susan Peterson (incorporated herein by reference to Exhibit 10.4B to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.4C
|
|
Form of Change in Control Severance Agreement between MB Financial Bank, National Association and each of Mark A. Heckler and Edward F. Milefchik (incorporated herein by reference to Exhibit 10.4C to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 0-24566-01))
|
|
|
|
10.4D
|
|
Form of Change in Control Severance Agreement between MB Financial Bank, National Association and each of Randall T. Conte, Michael J. Morton, Lawrence G. Ryan and Michael D. Sharkey
|
|
|
|
10.5
|
|
Form of Letter Agreement dated December 4, 2008 between MB Financial, Inc. and each of Mitchell Feiger, Jill E. York, Burton Field, Larry J. Kallembach, Brian Wildman, Rosemarie Bouman, and Susan Peterson relating to the TARP Capital Purchase Program (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.5A
|
|
Form of Compensation Amendment and Waiver Agreement under the TARP Capital Purchase Program between MB Financial, Inc. and certain employees (incorporated herein by reference to Exhibit 10.5A to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 (File No. 0-24566-01))
|
|
|
|
10.5B
|
|
Form of Compensation Amendment and Waiver Agreement under the TARP Capital Purchase Program between MB Financial, Inc. and each of Mark A. Heckler and Edward F. Milefchik (incorporated herein by reference to Exhibit 10.5B to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 0-24566-01))
|
|
|
|
10.7
|
|
MB Financial, Inc. Third Amended and Restated Omnibus Incentive Plan (the “Omnibus Incentive Plan”) (incorporated herein by reference to Appendix A to the Registrant’s definitive proxy statement filed on April 11, 2014 (File No. 0-24566-01))
|
|
|
|
|
|
|
EXHIBIT INDEX
|
||
Exhibit Number
|
|
Description
|
|
|
|
10.8
|
|
MB Financial Stock Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.9
|
|
MB Financial Non-Stock Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.10
|
|
Avondale Federal Savings Bank Supplemental Executive Retirement Plan Agreement (incorporated herein by reference to Exhibit 10.2 to the Annual Report on Form 10-K of MB Financial, Inc., a Delaware corporation (then known as Avondale Financial Corp.) for the year ended December 31, 1996 (File No. 0-24566))
|
|
|
|
10.11
|
|
Agreement Regarding Salary Adjustment and Portion of Salary Payable by Stock, dated as of December 21, 2009, between MB Financial, Inc. and Mitchell Feiger (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 0-24566-01))
|
|
|
|
10.11A
|
|
Form of Agreement Regarding Salary Adjustment and Portion of Salary Payable by Stock between MB Financial, Inc. and Rosemarie Bouman, Burton J. Field, Mark A. Heckler, Larry J. Kallembach, Edward F. Milefchik, Susan G. Peterson and Brian J. Wildman (incorporated herein by reference to Exhibit 10.11A to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 (File No. 0-24566-01))
|
|
|
|
10.12
|
|
Agreement Regarding Salary Adjustment and Portion of Salary Payable by Stock, dated as of December 21, 2009, between MB Financial, Inc. and Jill E. York (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 (File No. 0-24566-01))
|
|
|
|
10.13
|
|
Amended and Restated Employment Agreement between MB Financial Bank, N.A. and Ronald D. Santo (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on December 14, 2004 (File No. 0-24566-01))
|
|
|
|
10.13A
|
|
Amendment to Amended and Restated Employment Agreement between MB Financial Bank, N.A. and Ronald D. Santo ((incorporated herein by reference to Exhibit 10.13A to the Registrant’s Annual Report on Form 10-K/A for the year ended December 31, 2006, filed on March 2, 2007 (File No. 0-24566-01))
|
|
|
|
10.15
|
|
Tax Gross Up Agreements between the Registrant and each of Mitchell Feiger, Burton J. Field, Jill E. York, Larry J. Kallembach, Brian Wildman, and Susan Peterson (incorporated herein by reference to Exhibit 10.15 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.15A
|
|
Tax Gross Up Agreement between the Registrant and Rosemarie Bouman (incorporated herein by reference to Exhibit 10.15A to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.16
|
|
Form of Incentive Stock Option Agreement for Executive Officers under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 0-24566-01))
|
|
|
|
EXHIBIT INDEX
|
||
Exhibit Number
|
|
Description
|
|
|
|
10.17
|
|
Form of Non-Qualified Stock Option Agreement for Directors under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 0-24566-01))
|
|
|
|
10.18
|
|
Form of Restricted Stock Agreement for Executive Officers under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 0-24566-01))
|
|
|
|
10.18A
|
|
Amendment to Form of Incentive Stock Option Agreement and Form of Restricted Stock Agreement for Executive Officers under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.18A to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 0-24566-01))
|
|
|
|
10.18B
|
|
Form of Performance-Based Restricted Stock Agreement for Executive Officers under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.18B to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 (File No. 0-24566-01))
|
|
|
|
10.18C
|
|
Form of Restricted Stock Agreement for grants on December 2, 2009 to Mitchell Feiger, Jill E. York and Burton J. Field (incorporated herein by reference to Exhibit 10.18C to the Registrant’s Current Report on Form 8-K filed on December 7, 2009 (File No. 0-24566-01))
|
|
|
|
10.19
|
|
Form of Restricted Stock Agreement for Directors under the Omnibus Incentive Plan (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (File No. 0-24566-01))
|
|
|
|
10.20
|
|
First Oak Brook Bancshares, Inc. Incentive Compensation Plan (incorporated herein by reference to Appendix A to the definitive proxy statement filed by First Oak Brook on March 30, 2004 (File No. 0-14468))
|
|
|
|
10.20A
|
|
Amendment to First Oak Brook Bancshares, Inc. Incentive Compensation Plan ((incorporated herein by reference to Exhibit 10.20A to the Registrant’s Annual Report on Form 10-K/A for the year ended December 31, 2006, filed on March 2, 2007 (File No. 0-24566-01))
|
|
|
|
10.21
|
|
First Oak Brook Bancshares, Inc. 2001 Stock Incentive Plan (incorporated herein by reference to Appendix A to the definitive proxy statement filed by First Oak Brook on April 2, 2001 (File No. 0-14468))
|
|
|
|
10.21A
|
|
Amendment to First Oak Brook Bancshares, Inc. 2001 Stock Incentive Plan ((incorporated herein by reference to Exhibit 10.21A to the Registrant’s Annual Report on Form 10-K/A for the year ended December 31, 2006, filed on March 2, 2007 (File No. 0-24566-01))
|
|
|
|
10.22
|
|
First Oak Brook Bancshares, Inc. Directors Stock Plan (incorporated herein by reference to Exhibit 4.1 to the Registration Statement on Form S-8 filed by First Oak Brook on October 25, 1999 (File No. 333-89647))
|
|
|
|
10.22A
|
|
Amendment to First Oak Brook Bancshares, Inc. Directors Stock Plan (incorporated herein by reference to Exhibit 10.22A to the Registrant’s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2007 filed on May 15, 2007 (File No. 0-24566-01))
|
|
|
|
10.23
|
|
Letter Agreement, dated as of June 30, 2014, by and among the Registrant and certain principal stockholders of Taylor Capital Group, Inc. (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on July 1, 2014 (File No.0-24566-01))
|
|
|
|
EXHIBIT INDEX
|
||
Exhibit Number
|
|
Description
|
|
|
|
10.23A
|
|
Supplemental Agreement, dated as of August 15, 2014, by and among the Registrant, MB Financial Bank, N.A., and Jennifer W. Steans, as representative of certain principal stockholders of Taylor Capital Group, Inc. (incorporated herein by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on August 20, 2014 (File No.001-36599))
|
|
|
|
10.23B
|
|
Escrow Agreement, dated as of August 15, 2014, by and among MB Financial Bank, N.A., Jennifer W. Steans, as representative of certain principal stockholders of Taylor Capital Group, Inc., and The Northern Trust Company, as escrow agent (incorporated herein by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on August 20, 2014 (File No.001-36599))
|
|
|
|
10.24
|
|
Employment Agreement, dated as of July 14, 2013 by and between the Registrant, MB Financial Bank, N.A. and Mark A. Hoppe (included as Exhibit E to the Agreement and Plan of Merger, dated as of July 14, 2013, by and between the Registrant and Taylor Capital Group, Inc. (incorporated herein by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on July 18, 2013 (File No.0-24566-01)))
|
|
|
|
10.25
|
|
Taylor Capital Group, Inc. Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.1 to the Annual Report on Form 10-K of Taylor Capital Group, Inc. for the year ended December 31, 2008 (File No. 000-50034))
|
|
|
|
10.25A
|
|
Trust Under Taylor Capital Group, Inc. Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.17 of the Registration Statement on Form S-1 of Taylor Capital Group, Inc. filed May 24, 2002 (Registration No. 333-89158))
|
|
|
|
10.25B
|
|
Amendment to the Taylor Capital Group, Inc. Deferred Compensation Plan
|
|
|
|
10.26
|
|
Taylor Capital Group, Inc. Senior Officer Change in Control Severance Plan (incorporated herein by reference to Exhibit 10.1 of the Quarterly Report on Form 10-Q of Taylor Capital Group, Inc. for the quarterly period ended June 30, 2009 (File No. 000-50034))
|
|
|
|
10.26A
|
|
Amendment to the Taylor Capital Group, Inc. Senior Officer Change in Control Severance Plan
|
|
|
|
10.27
|
|
First Oak Brook Bancshares, Inc. Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 to First Oak Brook’s Annual Report on Form 10-K for the year ended December 31, 1997 (File No. 0-14468))
|
|
|
|
10.27A
|
|
Amendment to First Oak Brook Bancshares, Inc. Executive Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.27A to the Registrant’s Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2007 filed on May 15, 2007)
|
|
|
|
10.29
|
|
Form of Transitional Employment Agreement between the Registrant (as successor to First Oak Brook) and Rosemarie Bouman (incorporated herein by reference to Exhibit 10.10 to First Oak Brook’s Annual Report on Form 10-K for the year ended December 31, 1998 (File No. 0-14468))
|
|
|
|
10.29A
|
|
First Amendment to Transitional Employment Agreement between the Registrant (as successor to First Oak Brook) and Rosemarie Bouman ((incorporated herein by reference to Exhibit 10.28A to the Registrant’s Annual Report on Form 10-K/A for the year ended December 31, 2006, filed March 2, 2007 (File No. 0-24566-01))
|
|
|
|
EXHIBIT INDEX
|
||
Exhibit Number
|
|
Description
|
|
|
|
10.29B
|
|
Second Amendment to Transitional Employment Agreement between the Registrant (as successor to First Oak Brook) and Rosemarie Bouman ((incorporated herein by reference to Exhibit 10.28B to the Registrant’s Annual Report on Form 10-K/A for the year ended December 31, 2006, filed March 2, 2007 (File No. 0-24566-01))
|
|
|
|
10.30
|
|
Form of Performance Share Unit Award Agreement (incorporated herein by reference to Exhibit 10.30 to the Registrant's Current Report on Form 8-K filed on September 5, 2012 (File No. 0-24566-01))
|
|
|
|
10.31
|
|
Form of Incentive Stock Option Agreement (Management Committee) (incorporated herein by reference to Exhibit 10.31 to the Registrant's Current Report on Form 8-K filed on September 5, 2012 (File No. 0-24566-01))
|
|
|
|
10.32
|
|
Form of Restricted Stock Agreement (Management Committee) (incorporated herein by reference to Exhibit 10.32 to the Registrant's Current Report on Form 8-K filed on September 5, 2012 (File No. 0-24566-01))
|
|
|
|
10.32A
|
|
Form of Restricted Stock Unit Agreement (Management Committee) (incorporated herein by reference to Exhibit 10.32A to the Registrant's Current Report on Form 8-K filed on September 5, 2012 (File No. 0-24566-01))
|
|
|
|
31.1
|
|
Rule 13a — 14(a)/15d — 14(a) Certification (Chief Executive Officer)*
|
|
|
|
31.2
|
|
Rule 13a — 14(a)/15d — 14(a) Certification (Chief Financial Officer)*
|
|
|
|
32
|
|
Section 1350 Certifications*
|
|
|
|
101
|
|
The following financial statements from the MB Financial, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, formatted in Extensive Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of comprehensive income, (iv) consolidated statements of cash flows and (v) the notes to consolidated financial statements*
|
Vice President and Secretary
|
President and Chief Executive Officer
|
ATTEST:
|
|
|
MB FINANCIAL, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/Doria L. Koros
|
|
|
/s/Mitchell Feiger
|
|
Doria L. Koros
|
|
|
Mitchell Feiger
|
|
Vice President and Secretary
|
|
|
President and Chief Executive Officer
|
|
ATTEST:
|
|
|
MB FINANCIAL, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Doria L. Koros
|
|
By:
|
/s/ Mitchell Feiger
|
Doria L. Koros
|
|
|
Mitchell Feiger
|
Vice President and Secretary
|
|
|
President and Chief Executive Officer
|
Secretary
|
President and Chief Executive Officer
|
Secretary
|
President and Chief Executive Officer
|
MB FINANCIAL BANK, N.A.
|
|
EXECUTIVE
|
|
||
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
|
|
|
|
|
Its:
|
|
|
Name:
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
November 10, 2014
|
|
/s/Mitchell Feiger
|
|
|
|
Mitchell Feiger
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
November 10, 2014
|
|
/s/Jill E. York
|
|
|
|
Jill E. York
|
|
|
|
Vice President and Chief Financial Officer
|