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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Illinois
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36-3873352
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(State of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
|
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þ
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|
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Accelerated filer
|
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¨
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Non-accelerated filer
|
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
|
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¨
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|
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Page
|
|
PART I. — FINANCIAL INFORMATION
|
|
ITEM 1.
|
||
ITEM 2.
|
||
ITEM 3.
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||
ITEM 4.
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||
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PART II. — OTHER INFORMATION
|
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ITEM 1.
|
||
ITEM 1A.
|
||
ITEM 2.
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||
ITEM 3.
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Defaults Upon Senior Securities
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NA
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ITEM 4.
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Mine Safety Disclosures
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NA
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ITEM 5.
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Other Information
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NA
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ITEM 6.
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||
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WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
|
|||||||||||
|
(Unaudited)
|
|
|
|
(Unaudited)
|
||||||
(In thousands, except share data)
|
March 31,
2014 |
|
December 31,
2013 |
|
March 31,
2013 |
||||||
Assets
|
|
|
|
|
|
||||||
Cash and due from banks
|
$
|
330,262
|
|
|
$
|
253,408
|
|
|
$
|
199,575
|
|
Federal funds sold and securities purchased under resale agreements
|
12,476
|
|
|
10,456
|
|
|
13,626
|
|
|||
Interest-bearing deposits with other banks
|
540,964
|
|
|
495,574
|
|
|
685,302
|
|
|||
Available-for-sale securities, at fair value
|
1,949,697
|
|
|
2,176,290
|
|
|
1,870,831
|
|
|||
Trading account securities
|
1,068
|
|
|
497
|
|
|
1,036
|
|
|||
Federal Home Loan Bank and Federal Reserve Bank stock
|
78,524
|
|
|
79,261
|
|
|
76,601
|
|
|||
Brokerage customer receivables
|
26,884
|
|
|
30,953
|
|
|
25,614
|
|
|||
Mortgage loans held-for-sale
|
215,231
|
|
|
334,327
|
|
|
380,922
|
|
|||
Loans, net of unearned income, excluding covered loans
|
13,133,160
|
|
|
12,896,602
|
|
|
11,900,312
|
|
|||
Covered loans
|
312,478
|
|
|
346,431
|
|
|
518,661
|
|
|||
Total loans
|
13,445,638
|
|
|
13,243,033
|
|
|
12,418,973
|
|
|||
Less: Allowance for loan losses
|
92,275
|
|
|
96,922
|
|
|
110,348
|
|
|||
Less: Allowance for covered loan losses
|
3,447
|
|
|
10,092
|
|
|
12,272
|
|
|||
Net loans
|
13,349,916
|
|
|
13,136,019
|
|
|
12,296,353
|
|
|||
Premises and equipment, net
|
531,763
|
|
|
531,947
|
|
|
504,803
|
|
|||
FDIC indemnification asset
|
60,298
|
|
|
85,672
|
|
|
170,696
|
|
|||
Accrued interest receivable and other assets
|
549,705
|
|
|
569,619
|
|
|
485,746
|
|
|||
Trade date securities receivable
|
182,600
|
|
|
—
|
|
|
—
|
|
|||
Goodwill
|
373,725
|
|
|
374,547
|
|
|
343,632
|
|
|||
Other intangible assets
|
18,050
|
|
|
19,213
|
|
|
19,510
|
|
|||
Total assets
|
$
|
18,221,163
|
|
|
$
|
18,097,783
|
|
|
$
|
17,074,247
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
2,773,922
|
|
|
$
|
2,721,771
|
|
|
$
|
2,243,440
|
|
Interest bearing
|
12,355,123
|
|
|
11,947,018
|
|
|
11,719,317
|
|
|||
Total deposits
|
15,129,045
|
|
|
14,668,789
|
|
|
13,962,757
|
|
|||
Notes payable
|
182
|
|
|
364
|
|
|
31,911
|
|
|||
Federal Home Loan Bank advances
|
387,672
|
|
|
417,762
|
|
|
414,032
|
|
|||
Other borrowings
|
230,904
|
|
|
254,740
|
|
|
256,244
|
|
|||
Subordinated notes
|
—
|
|
|
—
|
|
|
15,000
|
|
|||
Junior subordinated debentures
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|||
Trade date securities payable
|
—
|
|
|
303,088
|
|
|
1,250
|
|
|||
Accrued interest payable and other liabilities
|
283,724
|
|
|
302,958
|
|
|
317,872
|
|
|||
Total liabilities
|
16,281,020
|
|
|
16,197,194
|
|
|
15,248,559
|
|
|||
Shareholders’ Equity:
|
|
|
|
|
|
||||||
Preferred stock, no par value; 20,000,000 shares authorized:
|
|
|
|
|
|
||||||
Series A - $1,000 liquidation value; No shares issued and outstanding at March 31, 2014 and December 31, 2013, and 50,000 shares issued and outstanding at March 31, 2013
|
—
|
|
|
—
|
|
|
49,941
|
|
|||
Series C - $1,000 liquidation value; 126,477 shares issued and outstanding at March 31, 2014 and December 31, 2013, and 126,500 shares issued and outstanding at March, 31, 2013
|
126,477
|
|
|
126,477
|
|
|
126,500
|
|
|||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at March 31, 2014, December 31, 2013, and March 31, 2013; 46,332,213 shares issued at March 31, 2014, 46,181,588 shares issued at December 31, 2013, and 37,272,279 shares issued at March 31, 2013
|
46,332
|
|
|
46,181
|
|
|
37,272
|
|
|||
Surplus
|
1,122,233
|
|
|
1,117,032
|
|
|
1,040,098
|
|
|||
Treasury stock, at cost, 73,253 shares at March 31, 2014, 65,005 shares at December 31, 2013, and 258,572 shares at March 31, 2013
|
(3,380
|
)
|
|
(3,000
|
)
|
|
(8,187
|
)
|
|||
Retained earnings
|
705,234
|
|
|
676,935
|
|
|
581,131
|
|
|||
Accumulated other comprehensive loss
|
(56,753
|
)
|
|
(63,036
|
)
|
|
(1,067
|
)
|
|||
Total shareholders’ equity
|
1,940,143
|
|
|
1,900,589
|
|
|
1,825,688
|
|
|||
Total liabilities and shareholders’ equity
|
$
|
18,221,163
|
|
|
$
|
18,097,783
|
|
|
$
|
17,074,247
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|||||||
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In thousands, except per share data)
|
2014
|
|
2013
|
||||
Interest income
|
|
|
|
||||
Interest and fees on loans
|
$
|
147,030
|
|
|
$
|
142,114
|
|
Interest bearing deposits with banks
|
249
|
|
|
569
|
|
||
Federal funds sold and securities purchased under resale agreements
|
4
|
|
|
15
|
|
||
Securities
|
13,114
|
|
|
8,752
|
|
||
Trading account securities
|
9
|
|
|
5
|
|
||
Federal Home Loan Bank and Federal Reserve Bank stock
|
711
|
|
|
684
|
|
||
Brokerage customer receivables
|
209
|
|
|
174
|
|
||
Total interest income
|
161,326
|
|
|
152,313
|
|
||
Interest expense
|
|
|
|
||||
Interest on deposits
|
11,923
|
|
|
14,504
|
|
||
Interest on Federal Home Loan Bank advances
|
2,643
|
|
|
2,764
|
|
||
Interest on notes payable and other borrowings
|
750
|
|
|
1,154
|
|
||
Interest on subordinated notes
|
—
|
|
|
59
|
|
||
Interest on junior subordinated debentures
|
2,004
|
|
|
3,119
|
|
||
Total interest expense
|
17,320
|
|
|
21,600
|
|
||
Net interest income
|
144,006
|
|
|
130,713
|
|
||
Provision for credit losses
|
1,880
|
|
|
15,687
|
|
||
Net interest income after provision for credit losses
|
142,126
|
|
|
115,026
|
|
||
Non-interest income
|
|
|
|
||||
Wealth management
|
16,813
|
|
|
14,828
|
|
||
Mortgage banking
|
16,428
|
|
|
30,145
|
|
||
Service charges on deposit accounts
|
5,346
|
|
|
4,793
|
|
||
(Losses) gains on available-for-sale securities, net
|
(33
|
)
|
|
251
|
|
||
Fees from covered call options
|
1,542
|
|
|
1,639
|
|
||
Trading losses, net
|
(652
|
)
|
|
(435
|
)
|
||
Other
|
6,085
|
|
|
6,158
|
|
||
Total non-interest income
|
45,529
|
|
|
57,379
|
|
||
Non-interest expense
|
|
|
|
||||
Salaries and employee benefits
|
79,934
|
|
|
77,513
|
|
||
Equipment
|
7,403
|
|
|
6,184
|
|
||
Occupancy, net
|
10,993
|
|
|
8,853
|
|
||
Data processing
|
4,715
|
|
|
4,599
|
|
||
Advertising and marketing
|
2,816
|
|
|
2,040
|
|
||
Professional fees
|
3,454
|
|
|
3,221
|
|
||
Amortization of other intangible assets
|
1,163
|
|
|
1,120
|
|
||
FDIC insurance
|
2,951
|
|
|
3,444
|
|
||
OREO expense (income), net
|
3,976
|
|
|
(1,620
|
)
|
||
Other
|
13,910
|
|
|
14,765
|
|
||
Total non-interest expense
|
131,315
|
|
|
120,119
|
|
||
Income before taxes
|
56,340
|
|
|
52,286
|
|
||
Income tax expense
|
21,840
|
|
|
20,234
|
|
||
Net income
|
$
|
34,500
|
|
|
$
|
32,052
|
|
Preferred stock dividends and discount accretion
|
1,581
|
|
|
2,616
|
|
||
Net income applicable to common shares
|
$
|
32,919
|
|
|
$
|
29,436
|
|
Net income per common share—Basic
|
$
|
0.71
|
|
|
$
|
0.80
|
|
Net income per common share—Diluted
|
$
|
0.68
|
|
|
$
|
0.65
|
|
Cash dividends declared per common share
|
$
|
0.10
|
|
|
$
|
0.09
|
|
Weighted average common shares outstanding
|
46,195
|
|
|
36,976
|
|
||
Dilutive potential common shares
|
4,509
|
|
|
12,463
|
|
||
Average common shares and dilutive common shares
|
50,704
|
|
|
49,439
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In thousands)
|
2014
|
|
2013
|
||||
Net income
|
$
|
34,500
|
|
|
$
|
32,052
|
|
Unrealized gains (losses) on securities
|
|
|
|
||||
Before tax
|
22,526
|
|
|
(7,455
|
)
|
||
Tax effect
|
(8,804
|
)
|
|
2,806
|
|
||
Net of tax
|
13,722
|
|
|
(4,649
|
)
|
||
Less: Reclassification of net (losses) gains included in net income
|
|
|
|
||||
Before tax
|
(33
|
)
|
|
251
|
|
||
Tax effect
|
13
|
|
|
(100
|
)
|
||
Net of tax
|
(20
|
)
|
|
151
|
|
||
Net unrealized gains (losses) on securities
|
13,742
|
|
|
(4,800
|
)
|
||
Unrealized (losses) gains on derivative instruments
|
|
|
|
||||
Before tax
|
(98
|
)
|
|
1,474
|
|
||
Tax effect
|
39
|
|
|
(586
|
)
|
||
Net unrealized (losses) gains on derivative instruments
|
(59
|
)
|
|
888
|
|
||
Foreign currency translation adjustment
|
|
|
|
||||
Before tax
|
(9,959
|
)
|
|
(6,304
|
)
|
||
Tax effect
|
2,559
|
|
|
1,438
|
|
||
Net foreign currency translation adjustment
|
(7,400
|
)
|
|
(4,866
|
)
|
||
Total other comprehensive income (loss)
|
6,283
|
|
|
(8,778
|
)
|
||
Comprehensive income
|
$
|
40,783
|
|
|
$
|
23,274
|
|
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
|||||||||||||||||||||||||||
(In thousands)
|
Preferred
stock
|
|
Common
stock
|
|
Surplus
|
|
Treasury
stock
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Total
shareholders’
equity
|
||||||||||||||
Balance at December 31, 2012
|
$
|
176,406
|
|
|
$
|
37,108
|
|
|
$
|
1,036,295
|
|
|
$
|
(7,838
|
)
|
|
$
|
555,023
|
|
|
$
|
7,711
|
|
|
$
|
1,804,705
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,052
|
|
|
—
|
|
|
32,052
|
|
|||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,778
|
)
|
|
(8,778
|
)
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,328
|
)
|
|
—
|
|
|
(3,328
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,581
|
)
|
|
—
|
|
|
(2,581
|
)
|
|||||||
Accretion on preferred stock
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,413
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,413
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options and warrants
|
—
|
|
|
9
|
|
|
320
|
|
|
(214
|
)
|
|
—
|
|
|
—
|
|
|
115
|
|
|||||||
Restricted stock awards
|
—
|
|
|
111
|
|
|
90
|
|
|
(135
|
)
|
|
—
|
|
|
—
|
|
|
66
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
13
|
|
|
628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
641
|
|
|||||||
Director compensation plan
|
—
|
|
|
31
|
|
|
352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
383
|
|
|||||||
Balance at March 31, 2013
|
$
|
176,441
|
|
|
$
|
37,272
|
|
|
$
|
1,040,098
|
|
|
$
|
(8,187
|
)
|
|
$
|
581,131
|
|
|
$
|
(1,067
|
)
|
|
$
|
1,825,688
|
|
Balance at December 31, 2013
|
$
|
126,477
|
|
|
$
|
46,181
|
|
|
$
|
1,117,032
|
|
|
$
|
(3,000
|
)
|
|
$
|
676,935
|
|
|
$
|
(63,036
|
)
|
|
$
|
1,900,589
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,500
|
|
|
—
|
|
|
34,500
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,283
|
|
|
6,283
|
|
|||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,620
|
)
|
|
—
|
|
|
(4,620
|
)
|
|||||||
Dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,581
|
)
|
|
—
|
|
|
(1,581
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,681
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,681
|
|
|||||||
Common stock issued for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exercise of stock options and warrants
|
—
|
|
|
77
|
|
|
2,464
|
|
|
(271
|
)
|
|
—
|
|
|
—
|
|
|
2,270
|
|
|||||||
Restricted stock awards
|
—
|
|
|
41
|
|
|
111
|
|
|
(109
|
)
|
|
—
|
|
|
—
|
|
|
43
|
|
|||||||
Employee stock purchase plan
|
—
|
|
|
13
|
|
|
587
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|||||||
Director compensation plan
|
—
|
|
|
20
|
|
|
358
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
378
|
|
|||||||
Balance at March 31, 2014
|
$
|
126,477
|
|
|
$
|
46,332
|
|
|
$
|
1,122,233
|
|
|
$
|
(3,380
|
)
|
|
$
|
705,234
|
|
|
$
|
(56,753
|
)
|
|
$
|
1,940,143
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(In thousands)
|
2014
|
|
2013
|
||||
Operating Activities:
|
|
|
|
||||
Net income
|
$
|
34,500
|
|
|
$
|
32,052
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
||||
Provision for credit losses
|
1,880
|
|
|
15,687
|
|
||
Depreciation and amortization
|
7,753
|
|
|
6,782
|
|
||
Stock-based compensation expense
|
1,681
|
|
|
2,413
|
|
||
Tax benefit from stock-based compensation arrangements
|
3
|
|
|
200
|
|
||
Excess tax benefits from stock-based compensation arrangements
|
(156
|
)
|
|
(222
|
)
|
||
Net amortization of premium on securities
|
233
|
|
|
3,424
|
|
||
Mortgage servicing rights fair value change, net
|
253
|
|
|
(273
|
)
|
||
Originations and purchases of mortgage loans held-for-sale
|
(527,272
|
)
|
|
(974,432
|
)
|
||
Proceeds from sales of mortgage loans held-for-sale
|
658,588
|
|
|
1,033,129
|
|
||
Increase in trading securities, net
|
(571
|
)
|
|
(453
|
)
|
||
Net decrease (increase) in brokerage customer receivables
|
4,069
|
|
|
(750
|
)
|
||
Gains on mortgage loans sold
|
(12,220
|
)
|
|
(27,419
|
)
|
||
Losses (gains) on available-for-sale securities, net
|
33
|
|
|
(251
|
)
|
||
Loss on sales of premises and equipment, net
|
795
|
|
|
1
|
|
||
Net loss (gains) on sales and fair value adjustments of other real estate owned
|
2,460
|
|
|
(2,658
|
)
|
||
Decrease in accrued interest receivable and other assets, net
|
27,584
|
|
|
32,068
|
|
||
Decrease in accrued interest payable and other liabilities, net
|
(37,348
|
)
|
|
(19,617
|
)
|
||
Net Cash Provided by Operating Activities
|
162,265
|
|
|
99,681
|
|
||
Investing Activities:
|
|
|
|
||||
Proceeds from maturities of available-for-sale securities
|
98,007
|
|
|
67,941
|
|
||
Proceeds from sales of available-for-sale securities
|
14,800
|
|
|
41,056
|
|
||
Purchases of available-for-sale securities
|
(349,979
|
)
|
|
(192,379
|
)
|
||
Divestiture of operations
|
—
|
|
|
(149,100
|
)
|
||
Proceeds from sales of other real estate owned
|
20,362
|
|
|
30,641
|
|
||
Proceeds received from the FDIC related to reimbursements on covered assets
|
9,669
|
|
|
13,932
|
|
||
Net (increase) decrease in interest-bearing deposits with banks
|
(45,390
|
)
|
|
350,441
|
|
||
Net increase in loans
|
(227,040
|
)
|
|
(52,143
|
)
|
||
Purchases of premises and equipment, net
|
(7,596
|
)
|
|
(6,508
|
)
|
||
Net Cash (Used for) Provided by Investing Activities
|
(487,167
|
)
|
|
103,881
|
|
||
Financing Activities:
|
|
|
|
||||
Increase (decrease) in deposit accounts
|
460,551
|
|
|
(314,618
|
)
|
||
(Decrease) increase in other borrowings, net
|
(24,018
|
)
|
|
11,576
|
|
||
Decrease in Federal Home Loan Bank advances, net
|
(30,000
|
)
|
|
—
|
|
||
Excess tax benefits from stock-based compensation arrangements
|
156
|
|
|
222
|
|
||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants
|
3,668
|
|
|
1,354
|
|
||
Common stock repurchases
|
(380
|
)
|
|
(349
|
)
|
||
Dividends paid
|
(6,201
|
)
|
|
(3,574
|
)
|
||
Net Cash Provided by (Used for) Financing Activities
|
403,776
|
|
|
(305,389
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
78,874
|
|
|
(101,827
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
263,864
|
|
|
315,028
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
342,738
|
|
|
$
|
213,201
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
March 31, 2014
|
|
March 31, 2013
|
||||
Balance at beginning of period
|
$
|
85,672
|
|
|
$
|
208,160
|
|
Additions from acquisitions
|
—
|
|
|
—
|
|
||
Additions from reimbursable expenses
|
1,282
|
|
|
5,033
|
|
||
Amortization
|
(1,603
|
)
|
|
(2,468
|
)
|
||
Changes in expected reimbursements from the FDIC for changes in expected credit losses
|
(15,384
|
)
|
|
(26,097
|
)
|
||
Payments received from the FDIC
|
(9,669
|
)
|
|
(13,932
|
)
|
||
Balance at end of period
|
$
|
60,298
|
|
|
$
|
170,696
|
|
|
March 31, 2014
|
||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Treasury
|
$
|
354,109
|
|
|
$
|
263
|
|
|
$
|
(14,194
|
)
|
|
$
|
340,178
|
|
U.S. Government agencies
|
874,845
|
|
|
3,286
|
|
|
(49,856
|
)
|
|
828,275
|
|
||||
Municipal
|
175,028
|
|
|
3,439
|
|
|
(3,167
|
)
|
|
175,300
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
129,413
|
|
|
2,306
|
|
|
(1,735
|
)
|
|
129,984
|
|
||||
Other
|
4,986
|
|
|
100
|
|
|
(3
|
)
|
|
5,083
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
371,825
|
|
|
3,919
|
|
|
(13,188
|
)
|
|
362,556
|
|
||||
Collateralized mortgage obligations
|
55,190
|
|
|
356
|
|
|
(799
|
)
|
|
54,747
|
|
||||
Other equity securities
|
50,570
|
|
|
3,543
|
|
|
(539
|
)
|
|
53,574
|
|
||||
Total available-for-sale securities
|
$
|
2,015,966
|
|
|
$
|
17,212
|
|
|
$
|
(83,481
|
)
|
|
$
|
1,949,697
|
|
|
December 31, 2013
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
354,262
|
|
|
$
|
141
|
|
|
$
|
(18,308
|
)
|
|
$
|
336,095
|
|
U.S. Government agencies
|
950,086
|
|
|
1,680
|
|
|
(56,078
|
)
|
|
895,688
|
|
||||
Municipal
|
154,463
|
|
|
2,551
|
|
|
(4,298
|
)
|
|
152,716
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
129,362
|
|
|
1,993
|
|
|
(2,411
|
)
|
|
128,944
|
|
||||
Other
|
5,994
|
|
|
105
|
|
|
(5
|
)
|
|
6,094
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
562,708
|
|
|
3,537
|
|
|
(18,047
|
)
|
|
548,198
|
|
||||
Collateralized mortgage obligations
|
57,711
|
|
|
258
|
|
|
(942
|
)
|
|
57,027
|
|
||||
Other equity securities
|
50,532
|
|
|
1,493
|
|
|
(497
|
)
|
|
51,528
|
|
||||
Total available-for-sale securities
|
$
|
2,265,118
|
|
|
$
|
11,758
|
|
|
$
|
(100,586
|
)
|
|
$
|
2,176,290
|
|
|
March 31, 2013
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
(Dollars in thousands)
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
220,215
|
|
|
$
|
190
|
|
|
$
|
(2,760
|
)
|
|
$
|
217,645
|
|
U.S. Government agencies
|
975,386
|
|
|
2,960
|
|
|
(4,631
|
)
|
|
973,715
|
|
||||
Municipal
|
107,947
|
|
|
2,628
|
|
|
(316
|
)
|
|
110,259
|
|
||||
Corporate notes:
|
|
|
|
|
|
|
|
||||||||
Financial issuers
|
136,761
|
|
|
2,569
|
|
|
(2,280
|
)
|
|
137,050
|
|
||||
Other
|
11,628
|
|
|
195
|
|
|
—
|
|
|
11,823
|
|
||||
Mortgage-backed:
(1)
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
294,728
|
|
|
7,360
|
|
|
(3,194
|
)
|
|
298,894
|
|
||||
Collateralized mortgage obligations
|
68,496
|
|
|
897
|
|
|
(5
|
)
|
|
69,388
|
|
||||
Other equity securities
|
52,413
|
|
|
745
|
|
|
(1,101
|
)
|
|
52,057
|
|
||||
Total available-for-sale securities
|
$
|
1,867,574
|
|
|
$
|
17,544
|
|
|
$
|
(14,287
|
)
|
|
$
|
1,870,831
|
|
(1)
|
Consisting entirely of residential mortgage-backed securities, none of which are subprime.
|
|
Continuous unrealized
losses existing for
less than 12 months
|
|
Continuous unrealized
losses existing for
greater than 12 months
|
|
Total
|
||||||||||||||||||
(Dollars in thousands)
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
|
Fair Value
|
|
Unrealized Losses
|
||||||||||||
U.S. Treasury
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
185,969
|
|
|
$
|
(14,194
|
)
|
|
$
|
185,969
|
|
|
$
|
(14,194
|
)
|
U.S. Government agencies
|
463,254
|
|
|
(42,295
|
)
|
|
54,128
|
|
|
(7,561
|
)
|
|
517,382
|
|
|
(49,856
|
)
|
||||||
Municipal
|
61,280
|
|
|
(2,683
|
)
|
|
9,484
|
|
|
(484
|
)
|
|
70,764
|
|
|
(3,167
|
)
|
||||||
Corporate notes:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial issuers
|
1,327
|
|
|
(10
|
)
|
|
57,474
|
|
|
(1,725
|
)
|
|
58,801
|
|
|
(1,735
|
)
|
||||||
Other
|
997
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
997
|
|
|
(3
|
)
|
||||||
Mortgage-backed:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
137,042
|
|
|
(1,352
|
)
|
|
137,661
|
|
|
(11,836
|
)
|
|
274,703
|
|
|
(13,188
|
)
|
||||||
Collateralized mortgage obligations
|
21,045
|
|
|
(275
|
)
|
|
11,944
|
|
|
(524
|
)
|
|
32,989
|
|
|
(799
|
)
|
||||||
Other equity securities
|
8,296
|
|
|
(213
|
)
|
|
5,674
|
|
|
(326
|
)
|
|
13,970
|
|
|
(539
|
)
|
||||||
Total
|
$
|
693,241
|
|
|
$
|
(46,831
|
)
|
|
$
|
462,334
|
|
|
$
|
(36,650
|
)
|
|
$
|
1,155,575
|
|
|
$
|
(83,481
|
)
|
|
Three months ended March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Realized gains
|
$
|
55
|
|
|
$
|
313
|
|
Realized losses
|
(88
|
)
|
|
(62
|
)
|
||
Net realized (losses) gains
|
$
|
(33
|
)
|
|
$
|
251
|
|
Other than temporary impairment charges
|
—
|
|
|
—
|
|
||
(Losses) gains on available-for-sale securities, net
|
$
|
(33
|
)
|
|
$
|
251
|
|
Proceeds from sales of available-for-sale securities
|
$
|
14,800
|
|
|
$
|
41,056
|
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||||||||||||||
(Dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||||||
Due in one year or less
|
$
|
203,749
|
|
|
$
|
203,942
|
|
|
$
|
268,847
|
|
|
$
|
269,168
|
|
|
$
|
247,388
|
|
|
$
|
247,836
|
|
Due in one to five years
|
338,130
|
|
|
338,980
|
|
|
358,108
|
|
|
358,357
|
|
|
337,431
|
|
|
338,633
|
|
||||||
Due in five to ten years
|
344,296
|
|
|
330,546
|
|
|
350,372
|
|
|
330,020
|
|
|
357,677
|
|
|
356,871
|
|
||||||
Due after ten years
|
652,206
|
|
|
605,352
|
|
|
616,840
|
|
|
561,992
|
|
|
509,441
|
|
|
507,152
|
|
||||||
Mortgage-backed
|
427,015
|
|
|
417,303
|
|
|
620,419
|
|
|
605,225
|
|
|
363,224
|
|
|
368,282
|
|
||||||
Other equity securities
|
50,570
|
|
|
53,574
|
|
|
50,532
|
|
|
51,528
|
|
|
52,413
|
|
|
52,057
|
|
||||||
Total available-for-sale securities
|
$
|
2,015,966
|
|
|
$
|
1,949,697
|
|
|
$
|
2,265,118
|
|
|
$
|
2,176,290
|
|
|
$
|
1,867,574
|
|
|
$
|
1,870,831
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2013
|
||||||
Balance:
|
|
|
|
|
|
||||||
Commercial
|
$
|
3,439,197
|
|
|
$
|
3,253,687
|
|
|
$
|
2,872,695
|
|
Commercial real-estate
|
4,262,255
|
|
|
4,230,035
|
|
|
3,990,465
|
|
|||
Home equity
|
707,748
|
|
|
719,137
|
|
|
759,218
|
|
|||
Residential real-estate
|
426,769
|
|
|
434,992
|
|
|
360,652
|
|
|||
Premium finance receivables—commercial
|
2,208,361
|
|
|
2,167,565
|
|
|
1,997,160
|
|
|||
Premium finance receivables—life insurance
|
1,929,334
|
|
|
1,923,698
|
|
|
1,753,512
|
|
|||
Consumer and other
|
159,496
|
|
|
167,488
|
|
|
166,610
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
13,133,160
|
|
|
$
|
12,896,602
|
|
|
$
|
11,900,312
|
|
Covered loans
|
312,478
|
|
|
346,431
|
|
|
518,661
|
|
|||
Total loans
|
$
|
13,445,638
|
|
|
$
|
13,243,033
|
|
|
$
|
12,418,973
|
|
Mix:
|
|
|
|
|
|
||||||
Commercial
|
26
|
%
|
|
25
|
%
|
|
23
|
%
|
|||
Commercial real-estate
|
32
|
|
|
32
|
|
|
32
|
|
|||
Home equity
|
5
|
|
|
5
|
|
|
6
|
|
|||
Residential real-estate
|
3
|
|
|
3
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
17
|
|
|
16
|
|
|
16
|
|
|||
Premium finance receivables—life insurance
|
14
|
|
|
15
|
|
|
14
|
|
|||
Consumer and other
|
1
|
|
|
1
|
|
|
2
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
98
|
%
|
|
97
|
%
|
|
96
|
%
|
|||
Covered loans
|
2
|
|
|
3
|
|
|
4
|
|
|||
Total loans
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
March 31, 2014
|
|
December 31, 2013
|
||||||||||||
|
Unpaid
Principal
|
|
Carrying
|
|
Unpaid
Principal
|
|
Carrying
|
||||||||
(Dollars in thousands)
|
Balance
|
|
Value
|
|
Balance
|
|
Value
|
||||||||
Bank acquisitions
|
$
|
407,157
|
|
|
$
|
303,362
|
|
|
$
|
453,944
|
|
|
$
|
338,517
|
|
Life insurance premium finance loans acquisition
|
424,680
|
|
|
413,202
|
|
|
437,155
|
|
|
423,906
|
|
|
Three Months Ended
March 31, 2014
|
|
Three Months Ended
March 31, 2013
|
||||||||||||
(Dollars in thousands)
|
Bank Acquisitions
|
|
Life Insurance
Premium Finance Loans
|
|
Bank
Acquisitions
|
|
Life Insurance
Premium
Finance Loans
|
||||||||
Accretable yield, beginning balance
|
$
|
107,655
|
|
|
$
|
8,254
|
|
|
$
|
143,224
|
|
|
$
|
13,055
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
(78
|
)
|
|
—
|
|
||||
Accretable yield amortized to interest income
|
(7,770
|
)
|
|
(1,771
|
)
|
|
(9,577
|
)
|
|
(2,019
|
)
|
||||
Accretable yield amortized to indemnification asset
(1)
|
(5,648
|
)
|
|
—
|
|
|
(8,706
|
)
|
|
—
|
|
||||
Reclassification from non-accretable difference
(2)
|
8,580
|
|
|
—
|
|
|
5,412
|
|
|
—
|
|
||||
(Decreases) increases in interest cash flows due to payments and changes in interest rates
|
(5,143
|
)
|
|
78
|
|
|
(8,550
|
)
|
|
182
|
|
||||
Accretable yield, ending balance
(3)
|
$
|
97,674
|
|
|
$
|
6,561
|
|
|
$
|
121,725
|
|
|
$
|
11,218
|
|
(1)
|
Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset.
|
(2)
|
Reclassification is the result of subsequent increases in expected principal cash flows.
|
(3)
|
As of March 31, 2014, the Company estimates that the remaining accretable yield balance to be amortized to the indemnification asset for the bank
acquisitions is
$28.1 million
. The remainder of the accretable yield related to bank acquisitions is expected to be amortized to interest income.
|
As of March 31, 2014
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
11,112
|
|
|
$
|
387
|
|
|
$
|
2,235
|
|
|
$
|
16,150
|
|
|
$
|
1,965,425
|
|
|
$
|
1,995,309
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
221,026
|
|
|
221,101
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,809
|
|
|
60,809
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,414
|
|
|
91,414
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,840
|
|
|
8,840
|
|
||||||
Asset-based lending
|
670
|
|
|
—
|
|
|
—
|
|
|
10,573
|
|
|
729,425
|
|
|
740,668
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,973
|
|
|
177,973
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,986
|
|
|
121,986
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,261
|
|
|
10,261
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
1,079
|
|
|
—
|
|
|
865
|
|
|
8,892
|
|
|
10,836
|
|
||||||
Total commercial
|
11,782
|
|
|
1,466
|
|
|
2,235
|
|
|
27,663
|
|
|
3,396,051
|
|
|
3,439,197
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
—
|
|
|
—
|
|
|
680
|
|
|
27
|
|
|
35,690
|
|
|
36,397
|
|
||||||
Commercial construction
|
844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,786
|
|
|
151,630
|
|
||||||
Land
|
2,405
|
|
|
—
|
|
|
2,682
|
|
|
3,438
|
|
|
99,445
|
|
|
107,970
|
|
||||||
Office
|
6,970
|
|
|
—
|
|
|
1,672
|
|
|
8,868
|
|
|
633,655
|
|
|
651,165
|
|
||||||
Industrial
|
6,101
|
|
|
—
|
|
|
1,114
|
|
|
2,706
|
|
|
615,139
|
|
|
625,060
|
|
||||||
Retail
|
9,540
|
|
|
—
|
|
|
217
|
|
|
3,089
|
|
|
664,584
|
|
|
677,430
|
|
||||||
Multi-family
|
1,327
|
|
|
—
|
|
|
—
|
|
|
3,820
|
|
|
570,616
|
|
|
575,763
|
|
||||||
Mixed use and other
|
6,546
|
|
|
—
|
|
|
6,626
|
|
|
10,744
|
|
|
1,337,320
|
|
|
1,361,236
|
|
||||||
PCI - commercial real-estate
(1)
|
—
|
|
|
21,073
|
|
|
2,791
|
|
|
6,169
|
|
|
45,571
|
|
|
75,604
|
|
||||||
Total commercial real-estate
|
33,733
|
|
|
21,073
|
|
|
15,782
|
|
|
38,861
|
|
|
4,152,806
|
|
|
4,262,255
|
|
||||||
Home equity
|
7,311
|
|
|
—
|
|
|
1,650
|
|
|
4,972
|
|
|
693,815
|
|
|
707,748
|
|
||||||
Residential real estate
|
14,385
|
|
|
—
|
|
|
946
|
|
|
4,889
|
|
|
403,474
|
|
|
423,694
|
|
||||||
PCI - residential real estate
(1)
|
—
|
|
|
1,414
|
|
|
—
|
|
|
248
|
|
|
1,413
|
|
|
3,075
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
14,517
|
|
|
6,808
|
|
|
5,600
|
|
|
20,777
|
|
|
2,160,659
|
|
|
2,208,361
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
—
|
|
|
4,312
|
|
|
1,511,820
|
|
|
1,516,132
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413,202
|
|
|
413,202
|
|
||||||
Consumer and other
|
1,144
|
|
|
57
|
|
|
213
|
|
|
550
|
|
|
157,290
|
|
|
159,254
|
|
||||||
PCI - consumer and other
(1)
|
—
|
|
|
48
|
|
|
—
|
|
|
20
|
|
|
174
|
|
|
242
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
82,872
|
|
|
$
|
30,866
|
|
|
$
|
26,426
|
|
|
$
|
102,292
|
|
|
$
|
12,890,704
|
|
|
$
|
13,133,160
|
|
Covered loans
|
9,136
|
|
|
35,831
|
|
|
6,682
|
|
|
7,042
|
|
|
253,787
|
|
|
312,478
|
|
||||||
Total loans, net of unearned income
|
$
|
92,008
|
|
|
$
|
66,697
|
|
|
$
|
33,108
|
|
|
$
|
109,334
|
|
|
$
|
13,144,491
|
|
|
$
|
13,445,638
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
As of December 31, 2013
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
10,143
|
|
|
$
|
—
|
|
|
$
|
4,938
|
|
|
$
|
7,404
|
|
|
$
|
1,813,721
|
|
|
$
|
1,836,206
|
|
Franchise
|
—
|
|
|
—
|
|
|
400
|
|
|
—
|
|
|
219,983
|
|
|
220,383
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,470
|
|
|
67,470
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,894
|
|
|
90,894
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,241
|
|
|
10,241
|
|
||||||
Asset-based lending
|
637
|
|
|
—
|
|
|
388
|
|
|
1,878
|
|
|
732,190
|
|
|
735,093
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,239
|
|
|
161,239
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
788
|
|
|
109,043
|
|
|
109,831
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,147
|
|
|
11,147
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
274
|
|
|
156
|
|
|
1,685
|
|
|
9,068
|
|
|
11,183
|
|
||||||
Total commercial
|
10,780
|
|
|
274
|
|
|
5,882
|
|
|
11,755
|
|
|
3,224,996
|
|
|
3,253,687
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,351
|
|
|
38,500
|
|
||||||
Commercial construction
|
6,969
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
129,232
|
|
|
136,706
|
|
||||||
Land
|
2,814
|
|
|
—
|
|
|
4,224
|
|
|
619
|
|
|
99,128
|
|
|
106,785
|
|
||||||
Office
|
10,087
|
|
|
—
|
|
|
2,265
|
|
|
3,862
|
|
|
626,027
|
|
|
642,241
|
|
||||||
Industrial
|
5,654
|
|
|
—
|
|
|
585
|
|
|
914
|
|
|
626,785
|
|
|
633,938
|
|
||||||
Retail
|
10,862
|
|
|
—
|
|
|
837
|
|
|
2,435
|
|
|
642,125
|
|
|
656,259
|
|
||||||
Multi-family
|
2,035
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
564,154
|
|
|
566,537
|
|
||||||
Mixed use and other
|
8,088
|
|
|
230
|
|
|
3,943
|
|
|
15,949
|
|
|
1,344,244
|
|
|
1,372,454
|
|
||||||
PCI - commercial real-estate
(1)
|
—
|
|
|
18,582
|
|
|
3,540
|
|
|
5,238
|
|
|
49,255
|
|
|
76,615
|
|
||||||
Total commercial real-estate
|
46,658
|
|
|
18,812
|
|
|
15,394
|
|
|
29,870
|
|
|
4,119,301
|
|
|
4,230,035
|
|
||||||
Home equity
|
10,071
|
|
|
—
|
|
|
1,344
|
|
|
3,060
|
|
|
704,662
|
|
|
719,137
|
|
||||||
Residential real-estate
|
14,974
|
|
|
—
|
|
|
1,689
|
|
|
5,032
|
|
|
410,430
|
|
|
432,125
|
|
||||||
PCI - residential real-estate
(1)
|
—
|
|
|
1,988
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,867
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
10,537
|
|
|
8,842
|
|
|
6,912
|
|
|
24,094
|
|
|
2,117,180
|
|
|
2,167,565
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
2,524
|
|
|
1,808
|
|
|
1,495,460
|
|
|
1,499,792
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,906
|
|
|
423,906
|
|
||||||
Consumer and other
|
1,137
|
|
|
105
|
|
|
76
|
|
|
1,010
|
|
|
163,956
|
|
|
166,284
|
|
||||||
PCI - consumer and other
(1)
|
—
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
1,023
|
|
|
1,204
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
94,157
|
|
|
$
|
30,202
|
|
|
$
|
33,821
|
|
|
$
|
76,629
|
|
|
$
|
12,661,793
|
|
|
$
|
12,896,602
|
|
Covered loans
|
9,425
|
|
|
56,282
|
|
|
5,877
|
|
|
7,937
|
|
|
266,910
|
|
|
346,431
|
|
||||||
Total loans, net of unearned income
|
$
|
103,582
|
|
|
$
|
86,484
|
|
|
$
|
39,698
|
|
|
$
|
84,566
|
|
|
$
|
12,928,703
|
|
|
$
|
13,243,033
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
As of March 31, 2013
|
|
|
90+ days and still accruing
|
|
60-89 days past due
|
|
30-59 days past due
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
|
|
|
Current
|
|
Total Loans
|
|||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
17,717
|
|
|
$
|
—
|
|
|
$
|
1,150
|
|
|
$
|
16,710
|
|
|
$
|
1,533,999
|
|
|
$
|
1,569,576
|
|
Franchise
|
125
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
194,310
|
|
|
194,511
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131,970
|
|
|
131,970
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,763
|
|
|
82,763
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,112
|
|
|
14,112
|
|
||||||
Asset-based lending
|
531
|
|
|
—
|
|
|
483
|
|
|
5,518
|
|
|
680,723
|
|
|
687,255
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,508
|
|
|
89,508
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
844
|
|
|
97,186
|
|
|
98,030
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127
|
|
|
127
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
449
|
|
|
—
|
|
|
—
|
|
|
4,394
|
|
|
4,843
|
|
||||||
Total commercial
|
18,373
|
|
|
449
|
|
|
1,633
|
|
|
23,148
|
|
|
2,829,092
|
|
|
2,872,695
|
|
||||||
Commercial real-estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
3,094
|
|
|
—
|
|
|
945
|
|
|
—
|
|
|
33,044
|
|
|
37,083
|
|
||||||
Commercial construction
|
1,086
|
|
|
—
|
|
|
9,521
|
|
|
—
|
|
|
151,751
|
|
|
162,358
|
|
||||||
Land
|
17,976
|
|
|
—
|
|
|
—
|
|
|
11,563
|
|
|
104,039
|
|
|
133,578
|
|
||||||
Office
|
3,564
|
|
|
—
|
|
|
8,990
|
|
|
4,797
|
|
|
567,333
|
|
|
584,684
|
|
||||||
Industrial
|
7,137
|
|
|
—
|
|
|
—
|
|
|
986
|
|
|
587,402
|
|
|
595,525
|
|
||||||
Retail
|
7,915
|
|
|
—
|
|
|
6,970
|
|
|
5,953
|
|
|
565,963
|
|
|
586,801
|
|
||||||
Multi-family
|
2,088
|
|
|
—
|
|
|
1,036
|
|
|
4,315
|
|
|
505,346
|
|
|
512,785
|
|
||||||
Mixed use and other
|
18,947
|
|
|
—
|
|
|
1,573
|
|
|
13,560
|
|
|
1,288,754
|
|
|
1,322,834
|
|
||||||
PCI - commercial real-estate
(1)
|
—
|
|
|
1,866
|
|
|
251
|
|
|
3,333
|
|
|
49,367
|
|
|
54,817
|
|
||||||
Total commercial real-estate
|
61,807
|
|
|
1,866
|
|
|
29,286
|
|
|
44,507
|
|
|
3,852,999
|
|
|
3,990,465
|
|
||||||
Home equity
|
14,891
|
|
|
—
|
|
|
1,370
|
|
|
4,324
|
|
|
738,633
|
|
|
759,218
|
|
||||||
Residential real estate
|
9,606
|
|
|
—
|
|
|
782
|
|
|
8,680
|
|
|
340,751
|
|
|
359,819
|
|
||||||
PCI - residential real estate
(1)
|
—
|
|
|
—
|
|
|
198
|
|
|
—
|
|
|
635
|
|
|
833
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
12,068
|
|
|
7,677
|
|
|
4,647
|
|
|
19,323
|
|
|
1,953,445
|
|
|
1,997,160
|
|
||||||
Life insurance loans
|
20
|
|
|
2,256
|
|
|
—
|
|
|
1,340
|
|
|
1,250,165
|
|
|
1,253,781
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
499,731
|
|
|
499,731
|
|
||||||
Consumer and other
|
1,790
|
|
|
145
|
|
|
287
|
|
|
714
|
|
|
161,036
|
|
|
163,972
|
|
||||||
PCI - consumer and other
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
2,618
|
|
|
2,638
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
118,555
|
|
|
$
|
12,393
|
|
|
$
|
38,203
|
|
|
$
|
102,056
|
|
|
$
|
11,629,105
|
|
|
$
|
11,900,312
|
|
Covered loans
|
1,820
|
|
|
115,482
|
|
|
1,454
|
|
|
12,268
|
|
|
387,637
|
|
|
518,661
|
|
||||||
Total loans, net of unearned income
|
$
|
120,375
|
|
|
$
|
127,875
|
|
|
$
|
39,657
|
|
|
$
|
114,324
|
|
|
$
|
12,016,742
|
|
|
$
|
12,418,973
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30.
Loan agings are based upon contractually required payments.
|
|
Performing
|
|
Non-performing
|
|
Total
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
March 31,
2014
|
|
December 31, 2013
|
|
March 31,
2013
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31,
2014
|
|
December 31, 2013
|
|
March 31,
2013
|
||||||||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
$
|
1,983,810
|
|
|
$
|
1,826,063
|
|
|
$
|
1,551,859
|
|
|
$
|
11,499
|
|
|
$
|
10,143
|
|
|
$
|
17,717
|
|
|
$
|
1,995,309
|
|
|
$
|
1,836,206
|
|
|
$
|
1,569,576
|
|
Franchise
|
221,101
|
|
|
220,383
|
|
|
194,386
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|
221,101
|
|
|
220,383
|
|
|
194,511
|
|
|||||||||
Mortgage warehouse lines of credit
|
60,809
|
|
|
67,470
|
|
|
131,970
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,809
|
|
|
67,470
|
|
|
131,970
|
|
|||||||||
Community Advantage—homeowners association
|
91,414
|
|
|
90,894
|
|
|
82,763
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,414
|
|
|
90,894
|
|
|
82,763
|
|
|||||||||
Aircraft
|
8,840
|
|
|
10,241
|
|
|
14,112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,840
|
|
|
10,241
|
|
|
14,112
|
|
|||||||||
Asset-based lending
|
739,998
|
|
|
734,456
|
|
|
686,724
|
|
|
670
|
|
|
637
|
|
|
531
|
|
|
740,668
|
|
|
735,093
|
|
|
687,255
|
|
|||||||||
Tax exempt
|
177,973
|
|
|
161,239
|
|
|
89,508
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,973
|
|
|
161,239
|
|
|
89,508
|
|
|||||||||
Leases
|
121,986
|
|
|
109,831
|
|
|
98,030
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,986
|
|
|
109,831
|
|
|
98,030
|
|
|||||||||
Other
|
10,261
|
|
|
11,147
|
|
|
127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,261
|
|
|
11,147
|
|
|
127
|
|
|||||||||
PCI - commercial
(1)
|
10,836
|
|
|
11,183
|
|
|
4,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,836
|
|
|
11,183
|
|
|
4,843
|
|
|||||||||
Total commercial
|
3,427,028
|
|
|
3,242,907
|
|
|
2,854,322
|
|
|
12,169
|
|
|
10,780
|
|
|
18,373
|
|
|
3,439,197
|
|
|
3,253,687
|
|
|
2,872,695
|
|
|||||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential construction
|
36,397
|
|
|
38,351
|
|
|
33,989
|
|
|
—
|
|
|
149
|
|
|
3,094
|
|
|
36,397
|
|
|
38,500
|
|
|
37,083
|
|
|||||||||
Commercial construction
|
150,786
|
|
|
129,737
|
|
|
161,272
|
|
|
844
|
|
|
6,969
|
|
|
1,086
|
|
|
151,630
|
|
|
136,706
|
|
|
162,358
|
|
|||||||||
Land
|
105,565
|
|
|
103,971
|
|
|
115,602
|
|
|
2,405
|
|
|
2,814
|
|
|
17,976
|
|
|
107,970
|
|
|
106,785
|
|
|
133,578
|
|
|||||||||
Office
|
644,195
|
|
|
632,154
|
|
|
581,120
|
|
|
6,970
|
|
|
10,087
|
|
|
3,564
|
|
|
651,165
|
|
|
642,241
|
|
|
584,684
|
|
|||||||||
Industrial
|
618,959
|
|
|
628,284
|
|
|
588,388
|
|
|
6,101
|
|
|
5,654
|
|
|
7,137
|
|
|
625,060
|
|
|
633,938
|
|
|
595,525
|
|
|||||||||
Retail
|
667,890
|
|
|
645,397
|
|
|
578,886
|
|
|
9,540
|
|
|
10,862
|
|
|
7,915
|
|
|
677,430
|
|
|
656,259
|
|
|
586,801
|
|
|||||||||
Multi-family
|
574,436
|
|
|
564,502
|
|
|
510,697
|
|
|
1,327
|
|
|
2,035
|
|
|
2,088
|
|
|
575,763
|
|
|
566,537
|
|
|
512,785
|
|
|||||||||
Mixed use and other
|
1,354,690
|
|
|
1,364,136
|
|
|
1,303,887
|
|
|
6,546
|
|
|
8,318
|
|
|
18,947
|
|
|
1,361,236
|
|
|
1,372,454
|
|
|
1,322,834
|
|
|||||||||
PCI - commercial real-estate
(1)
|
75,604
|
|
|
76,615
|
|
|
54,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,604
|
|
|
76,615
|
|
|
54,817
|
|
|||||||||
Total commercial real-estate
|
4,228,522
|
|
|
4,183,147
|
|
|
3,928,658
|
|
|
33,733
|
|
|
46,888
|
|
|
61,807
|
|
|
4,262,255
|
|
|
4,230,035
|
|
|
3,990,465
|
|
|||||||||
Home equity
|
700,437
|
|
|
709,066
|
|
|
744,327
|
|
|
7,311
|
|
|
10,071
|
|
|
14,891
|
|
|
707,748
|
|
|
719,137
|
|
|
759,218
|
|
|||||||||
Residential real-estate
|
409,309
|
|
|
417,151
|
|
|
350,213
|
|
|
14,385
|
|
|
14,974
|
|
|
9,606
|
|
|
423,694
|
|
|
432,125
|
|
|
359,819
|
|
|||||||||
PCI - residential real-estate
(1)
|
3,075
|
|
|
2,867
|
|
|
833
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,075
|
|
|
2,867
|
|
|
833
|
|
|||||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial insurance loans
|
2,187,036
|
|
|
2,148,186
|
|
|
1,977,415
|
|
|
21,325
|
|
|
19,379
|
|
|
19,745
|
|
|
2,208,361
|
|
|
2,167,565
|
|
|
1,997,160
|
|
|||||||||
Life insurance loans
|
1,516,132
|
|
|
1,499,792
|
|
|
1,251,505
|
|
|
—
|
|
|
—
|
|
|
2,276
|
|
|
1,516,132
|
|
|
1,499,792
|
|
|
1,253,781
|
|
|||||||||
PCI - life insurance loans
(1)
|
413,202
|
|
|
423,906
|
|
|
499,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413,202
|
|
|
423,906
|
|
|
499,731
|
|
|||||||||
Consumer and other
|
158,053
|
|
|
165,042
|
|
|
162,037
|
|
|
1,201
|
|
|
1,242
|
|
|
1,935
|
|
|
159,254
|
|
|
166,284
|
|
|
163,972
|
|
|||||||||
PCI - consumer and other
(1)
|
242
|
|
|
1,204
|
|
|
2,638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242
|
|
|
1,204
|
|
|
2,638
|
|
|||||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
13,043,036
|
|
|
$
|
12,793,268
|
|
|
$
|
11,771,679
|
|
|
$
|
90,124
|
|
|
$
|
103,334
|
|
|
$
|
128,633
|
|
|
$
|
13,133,160
|
|
|
$
|
12,896,602
|
|
|
$
|
11,900,312
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 6 - Loans for further discussion of these purchased loans.
|
Three months ended March 31, 2014
|
|
Commercial Real-estate
|
|
|
|
Residential Real-estate
|
|
Premium Finance Receivable
|
|
Consumer and Other
|
|
Total, Excluding Covered Loans
|
|||||||||||||||
(Dollars in thousands)
|
Commercial
|
|
|
Home Equity
|
|
|
|
|
|||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
23,092
|
|
|
$
|
48,658
|
|
|
$
|
12,611
|
|
|
$
|
5,108
|
|
|
$
|
5,583
|
|
|
$
|
1,870
|
|
|
$
|
96,922
|
|
Other adjustments
|
(15
|
)
|
|
(121
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(9
|
)
|
|
—
|
|
|
(148
|
)
|
|||||||
Reclassification from (to) allowance for unfunded lending-related commitments
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|||||||
Charge-offs
|
(648
|
)
|
|
(4,493
|
)
|
|
(2,267
|
)
|
|
(226
|
)
|
|
(1,210
|
)
|
|
(173
|
)
|
|
(9,017
|
)
|
|||||||
Recoveries
|
317
|
|
|
145
|
|
|
257
|
|
|
131
|
|
|
321
|
|
|
61
|
|
|
1,232
|
|
|||||||
Provision for credit losses
|
1,943
|
|
|
434
|
|
|
366
|
|
|
(320
|
)
|
|
897
|
|
|
(16
|
)
|
|
3,304
|
|
|||||||
Allowance for loan losses at period end
|
$
|
24,689
|
|
|
$
|
44,605
|
|
|
$
|
10,966
|
|
|
$
|
4,691
|
|
|
$
|
5,582
|
|
|
$
|
1,742
|
|
|
$
|
92,275
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
737
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
737
|
|
Allowance for credit losses at period end
|
$
|
24,689
|
|
|
$
|
45,342
|
|
|
$
|
10,966
|
|
|
$
|
4,691
|
|
|
$
|
5,582
|
|
|
$
|
1,742
|
|
|
$
|
93,012
|
|
Individually evaluated for impairment
|
3,107
|
|
|
4,041
|
|
|
596
|
|
|
455
|
|
|
—
|
|
|
95
|
|
|
8,294
|
|
|||||||
Collectively evaluated for impairment
|
21,512
|
|
|
41,301
|
|
|
10,370
|
|
|
4,147
|
|
|
5,582
|
|
|
1,647
|
|
|
84,559
|
|
|||||||
Loans acquired with deteriorated credit quality
|
70
|
|
|
—
|
|
|
—
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
159
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
$
|
18,350
|
|
|
$
|
99,480
|
|
|
$
|
7,537
|
|
|
$
|
18,026
|
|
|
$
|
—
|
|
|
$
|
1,592
|
|
|
$
|
144,985
|
|
Collectively evaluated for impairment
|
3,410,011
|
|
|
4,087,171
|
|
|
700,211
|
|
|
405,668
|
|
|
3,724,493
|
|
|
157,662
|
|
|
12,485,216
|
|
|||||||
Loans acquired with deteriorated credit quality
|
10,836
|
|
|
75,604
|
|
|
—
|
|
|
3,075
|
|
|
413,202
|
|
|
242
|
|
|
502,959
|
|
Three months ended March 31, 2013
|
|
Commercial Real-estate
|
|
|
|
Residential Real-estate
|
|
Premium Finance Receivable
|
|
Consumer and Other
|
|
Total, Excluding Covered Loans
|
|||||||||||||||
(Dollars in thousands)
|
Commercial
|
|
|
Home Equity
|
|
|
|
|
|||||||||||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses at beginning of period
|
$
|
28,794
|
|
|
$
|
52,135
|
|
|
$
|
12,734
|
|
|
$
|
5,560
|
|
|
$
|
6,096
|
|
|
$
|
2,032
|
|
|
$
|
107,351
|
|
Other adjustments
|
(3
|
)
|
|
(217
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|||||||
Reclassification from (to) allowance for unfunded lending-related commitments
|
—
|
|
|
(213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(213
|
)
|
|||||||
Charge-offs
|
(4,540
|
)
|
|
(3,299
|
)
|
|
(2,397
|
)
|
|
(1,728
|
)
|
|
(1,068
|
)
|
|
(129
|
)
|
|
(13,161
|
)
|
|||||||
Recoveries
|
295
|
|
|
368
|
|
|
162
|
|
|
5
|
|
|
294
|
|
|
109
|
|
|
1,233
|
|
|||||||
Provision for credit losses
|
4,406
|
|
|
7,634
|
|
|
1,623
|
|
|
1,312
|
|
|
749
|
|
|
(357
|
)
|
|
15,367
|
|
|||||||
Allowance for loan losses at period end
|
$
|
28,952
|
|
|
$
|
56,408
|
|
|
$
|
12,122
|
|
|
$
|
5,140
|
|
|
$
|
6,071
|
|
|
$
|
1,655
|
|
|
$
|
110,348
|
|
Allowance for unfunded lending-related commitments at period end
|
$
|
—
|
|
|
$
|
15,287
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,287
|
|
Allowance for credit losses at period end
|
$
|
28,952
|
|
|
$
|
71,695
|
|
|
$
|
12,122
|
|
|
$
|
5,140
|
|
|
$
|
6,071
|
|
|
$
|
1,655
|
|
|
$
|
125,635
|
|
Individually evaluated for impairment
|
3,682
|
|
|
23,089
|
|
|
1,748
|
|
|
598
|
|
|
—
|
|
|
156
|
|
|
29,273
|
|
|||||||
Collectively evaluated for impairment
|
25,270
|
|
|
48,409
|
|
|
10,374
|
|
|
4,532
|
|
|
6,071
|
|
|
1,499
|
|
|
96,155
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
197
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
207
|
|
|||||||
Loans at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Individually evaluated for impairment
|
$
|
27,447
|
|
|
$
|
145,203
|
|
|
$
|
16,057
|
|
|
$
|
12,984
|
|
|
$
|
—
|
|
|
$
|
1,863
|
|
|
$
|
203,554
|
|
Collectively evaluated for impairment
|
2,840,405
|
|
|
3,790,445
|
|
|
743,161
|
|
|
346,835
|
|
|
3,250,941
|
|
|
162,109
|
|
|
11,133,896
|
|
|||||||
Loans acquired with deteriorated credit quality
|
4,843
|
|
|
54,817
|
|
|
—
|
|
|
833
|
|
|
499,731
|
|
|
2,638
|
|
|
562,862
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
|
March 31,
|
||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Balance at beginning of period
|
$
|
10,092
|
|
|
$
|
13,454
|
|
Provision for covered loan losses before benefit attributable to FDIC loss share agreements
|
(7,121
|
)
|
|
1,600
|
|
||
Benefit attributable to FDIC loss share agreements
|
5,697
|
|
|
(1,280
|
)
|
||
Net provision for covered loan losses
|
(1,424
|
)
|
|
320
|
|
||
(Decrease) increase in FDIC indemnification asset
|
(5,697
|
)
|
|
1,280
|
|
||
Loans charged-off
|
(2,864
|
)
|
|
(2,791
|
)
|
||
Recoveries of loans charged-off
|
3,340
|
|
|
9
|
|
||
Net recoveries (charge-offs)
|
476
|
|
|
(2,782
|
)
|
||
Balance at end of period
|
$
|
3,447
|
|
|
$
|
12,272
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2013
|
||||||
Impaired loans (included in non-performing and TDRs):
|
|
|
|
|
|
||||||
Impaired loans with an allowance for loan loss required
(1)
|
$
|
86,381
|
|
|
$
|
92,184
|
|
|
$
|
101,565
|
|
Impaired loans with no allowance for loan loss required
|
56,596
|
|
|
70,045
|
|
|
101,989
|
|
|||
Total impaired loans
(2)
|
$
|
142,977
|
|
|
$
|
162,229
|
|
|
$
|
203,554
|
|
Allowance for loan losses related to impaired loans
|
$
|
8,197
|
|
|
$
|
8,265
|
|
|
$
|
14,607
|
|
TDRs
|
$
|
92,517
|
|
|
$
|
107,103
|
|
|
$
|
116,345
|
|
(1)
|
These impaired loans require an allowance for loan losses because the estimated fair value of the loans or related collateral is less than the recorded investment in the loans.
|
(2)
|
Impaired loans are considered by the Company to be non-accrual loans, TDRs or loans with principal and/or interest at risk, even if the
loan is current with all payments of principal and interest.
|
|
|
|
|
|
|
|
For the Three Months Ended
|
||||||||||||
|
As of March 31, 2014
|
|
March 31, 2014
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
9,167
|
|
|
$
|
10,029
|
|
|
$
|
2,459
|
|
|
$
|
9,340
|
|
|
$
|
120
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
670
|
|
|
2,465
|
|
|
620
|
|
|
677
|
|
|
31
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
3,099
|
|
|
3,099
|
|
|
24
|
|
|
3,099
|
|
|
28
|
|
|||||
Land
|
9,260
|
|
|
9,625
|
|
|
174
|
|
|
9,688
|
|
|
79
|
|
|||||
Office
|
8,712
|
|
|
9,398
|
|
|
1,069
|
|
|
8,767
|
|
|
90
|
|
|||||
Industrial
|
6,597
|
|
|
6,765
|
|
|
513
|
|
|
5,985
|
|
|
81
|
|
|||||
Retail
|
12,763
|
|
|
12,903
|
|
|
826
|
|
|
12,819
|
|
|
132
|
|
|||||
Multi-family
|
2,053
|
|
|
2,143
|
|
|
122
|
|
|
2,057
|
|
|
23
|
|
|||||
Mixed use and other
|
25,420
|
|
|
25,591
|
|
|
1,272
|
|
|
25,853
|
|
|
291
|
|
|||||
Home equity
|
2,109
|
|
|
2,534
|
|
|
596
|
|
|
2,117
|
|
|
24
|
|
|||||
Residential real-estate
|
6,222
|
|
|
6,362
|
|
|
427
|
|
|
6,094
|
|
|
68
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
309
|
|
|
367
|
|
|
95
|
|
|
290
|
|
|
5
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
7,789
|
|
|
$
|
14,415
|
|
|
$
|
—
|
|
|
$
|
8,179
|
|
|
$
|
208
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
891
|
|
|
891
|
|
|
—
|
|
|
1,245
|
|
|
12
|
|
|||||
Commercial construction
|
1,466
|
|
|
1,471
|
|
|
—
|
|
|
1,418
|
|
|
17
|
|
|||||
Land
|
4,982
|
|
|
8,764
|
|
|
—
|
|
|
4,985
|
|
|
109
|
|
|||||
Office
|
6,260
|
|
|
6,301
|
|
|
—
|
|
|
6,266
|
|
|
83
|
|
|||||
Industrial
|
2,298
|
|
|
2,470
|
|
|
—
|
|
|
2,314
|
|
|
47
|
|
|||||
Retail
|
10,419
|
|
|
12,273
|
|
|
—
|
|
|
11,006
|
|
|
140
|
|
|||||
Multi-family
|
1,078
|
|
|
2,013
|
|
|
—
|
|
|
1,201
|
|
|
23
|
|
|||||
Mixed use and other
|
3,161
|
|
|
5,044
|
|
|
—
|
|
|
3,096
|
|
|
67
|
|
|||||
Home equity
|
5,428
|
|
|
7,044
|
|
|
—
|
|
|
5,777
|
|
|
73
|
|
|||||
Residential real-estate
|
11,541
|
|
|
14,427
|
|
|
—
|
|
|
11,699
|
|
|
137
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
PCI - life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
1,283
|
|
|
1,809
|
|
|
—
|
|
|
1,285
|
|
|
27
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
142,977
|
|
|
$
|
168,203
|
|
|
$
|
8,197
|
|
|
$
|
145,257
|
|
|
$
|
1,915
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended
|
||||||||||||
|
As of December 31, 2013
|
|
December 31, 2013
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
6,297
|
|
|
$
|
7,001
|
|
|
$
|
1,078
|
|
|
$
|
6,611
|
|
|
$
|
354
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
282
|
|
|
294
|
|
|
282
|
|
|
295
|
|
|
14
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
3,099
|
|
|
3,099
|
|
|
18
|
|
|
3,098
|
|
|
115
|
|
|||||
Land
|
10,518
|
|
|
11,871
|
|
|
259
|
|
|
10,323
|
|
|
411
|
|
|||||
Office
|
7,792
|
|
|
8,444
|
|
|
1,253
|
|
|
8,148
|
|
|
333
|
|
|||||
Industrial
|
3,385
|
|
|
3,506
|
|
|
193
|
|
|
3,638
|
|
|
179
|
|
|||||
Retail
|
17,511
|
|
|
17,638
|
|
|
1,253
|
|
|
17,678
|
|
|
724
|
|
|||||
Multi-family
|
3,237
|
|
|
3,730
|
|
|
235
|
|
|
2,248
|
|
|
139
|
|
|||||
Mixed use and other
|
28,935
|
|
|
29,051
|
|
|
1,366
|
|
|
26,792
|
|
|
1,194
|
|
|||||
Home equity
|
3,985
|
|
|
5,238
|
|
|
1,593
|
|
|
4,855
|
|
|
236
|
|
|||||
Residential real-estate
|
6,876
|
|
|
7,023
|
|
|
626
|
|
|
6,335
|
|
|
273
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
267
|
|
|
269
|
|
|
109
|
|
|
273
|
|
|
11
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
9,890
|
|
|
$
|
16,333
|
|
|
$
|
—
|
|
|
$
|
13,928
|
|
|
$
|
1,043
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
354
|
|
|
2,311
|
|
|
—
|
|
|
2,162
|
|
|
121
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
1,463
|
|
|
1,530
|
|
|
—
|
|
|
1,609
|
|
|
64
|
|
|||||
Commercial construction
|
7,710
|
|
|
13,227
|
|
|
—
|
|
|
9,680
|
|
|
722
|
|
|||||
Land
|
5,035
|
|
|
8,813
|
|
|
—
|
|
|
5,384
|
|
|
418
|
|
|||||
Office
|
10,379
|
|
|
11,717
|
|
|
—
|
|
|
10,925
|
|
|
610
|
|
|||||
Industrial
|
5,087
|
|
|
5,267
|
|
|
—
|
|
|
5,160
|
|
|
328
|
|
|||||
Retail
|
7,047
|
|
|
8,610
|
|
|
—
|
|
|
8,462
|
|
|
400
|
|
|||||
Multi-family
|
608
|
|
|
1,030
|
|
|
—
|
|
|
903
|
|
|
47
|
|
|||||
Mixed use and other
|
4,077
|
|
|
6,213
|
|
|
—
|
|
|
5,046
|
|
|
352
|
|
|||||
Home equity
|
6,312
|
|
|
7,790
|
|
|
—
|
|
|
6,307
|
|
|
324
|
|
|||||
Residential real-estate
|
10,761
|
|
|
13,585
|
|
|
—
|
|
|
9,443
|
|
|
393
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
1,322
|
|
|
1,865
|
|
|
—
|
|
|
1,355
|
|
|
115
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
162,229
|
|
|
$
|
195,455
|
|
|
$
|
8,265
|
|
|
$
|
170,658
|
|
|
$
|
8,920
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
||||||||||||
|
As of March 31, 2013
|
|
March 31, 2013
|
||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||||
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Impaired loans with a related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
12,827
|
|
|
$
|
14,544
|
|
|
$
|
3,627
|
|
|
$
|
13,034
|
|
|
$
|
230
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
511
|
|
|
511
|
|
|
55
|
|
|
511
|
|
|
7
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
1,881
|
|
|
2,007
|
|
|
405
|
|
|
1,976
|
|
|
23
|
|
|||||
Commercial construction
|
8,682
|
|
|
8,682
|
|
|
49
|
|
|
8,983
|
|
|
86
|
|
|||||
Land
|
17,851
|
|
|
19,070
|
|
|
2,380
|
|
|
17,861
|
|
|
104
|
|
|||||
Office
|
5,792
|
|
|
5,996
|
|
|
659
|
|
|
5,853
|
|
|
61
|
|
|||||
Industrial
|
4,229
|
|
|
4,286
|
|
|
1,241
|
|
|
4,244
|
|
|
65
|
|
|||||
Retail
|
16,734
|
|
|
17,316
|
|
|
674
|
|
|
16,773
|
|
|
194
|
|
|||||
Multi-family
|
3,966
|
|
|
4,063
|
|
|
152
|
|
|
4,044
|
|
|
42
|
|
|||||
Mixed use and other
|
18,910
|
|
|
20,337
|
|
|
2,863
|
|
|
19,317
|
|
|
232
|
|
|||||
Home equity
|
5,160
|
|
|
5,751
|
|
|
1,748
|
|
|
5,488
|
|
|
57
|
|
|||||
Residential real-estate
|
4,357
|
|
|
4,974
|
|
|
598
|
|
|
4,365
|
|
|
49
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
665
|
|
|
665
|
|
|
156
|
|
|
665
|
|
|
8
|
|
|||||
Impaired loans with no related ASC 310 allowance recorded
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
13,963
|
|
|
$
|
17,153
|
|
|
$
|
—
|
|
|
$
|
14,344
|
|
|
$
|
226
|
|
Franchise
|
125
|
|
|
1,544
|
|
|
—
|
|
|
1,189
|
|
|
26
|
|
|||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset-based lending
|
21
|
|
|
1,358
|
|
|
—
|
|
|
23
|
|
|
18
|
|
|||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential construction
|
3,208
|
|
|
3,579
|
|
|
—
|
|
|
3,708
|
|
|
42
|
|
|||||
Commercial construction
|
3,970
|
|
|
4,450
|
|
|
—
|
|
|
4,016
|
|
|
49
|
|
|||||
Land
|
11,305
|
|
|
16,304
|
|
|
—
|
|
|
12,048
|
|
|
203
|
|
|||||
Office
|
8,283
|
|
|
8,357
|
|
|
—
|
|
|
8,306
|
|
|
95
|
|
|||||
Industrial
|
5,541
|
|
|
5,653
|
|
|
—
|
|
|
5,563
|
|
|
74
|
|
|||||
Retail
|
14,483
|
|
|
15,095
|
|
|
—
|
|
|
14,628
|
|
|
172
|
|
|||||
Multi-family
|
2,200
|
|
|
4,541
|
|
|
—
|
|
|
2,618
|
|
|
54
|
|
|||||
Mixed use and other
|
18,168
|
|
|
19,483
|
|
|
—
|
|
|
18,345
|
|
|
269
|
|
|||||
Home equity
|
10,897
|
|
|
13,179
|
|
|
—
|
|
|
11,395
|
|
|
131
|
|
|||||
Residential real-estate
|
8,627
|
|
|
9,053
|
|
|
—
|
|
|
8,703
|
|
|
94
|
|
|||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchased life insurance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer and other
|
1,198
|
|
|
1,664
|
|
|
—
|
|
|
1,208
|
|
|
25
|
|
|||||
Total loans, net of unearned income, excluding covered loans
|
$
|
203,554
|
|
|
$
|
229,615
|
|
|
$
|
14,607
|
|
|
$
|
209,208
|
|
|
$
|
2,636
|
|
Three months ended
March 31, 2014
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms (2) |
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
1
|
|
|
$
|
88
|
|
|
1
|
|
|
$
|
88
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
88
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Land
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Industrial
|
|
1
|
|
|
1,078
|
|
|
1
|
|
|
1,078
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1,078
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
1
|
|
|
202
|
|
|
1
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
3
|
|
|
3,877
|
|
|
2
|
|
|
2,604
|
|
|
3
|
|
|
3,877
|
|
|
1
|
|
|
1,273
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
6
|
|
|
$
|
5,245
|
|
|
5
|
|
|
$
|
3,972
|
|
|
3
|
|
|
$
|
3,877
|
|
|
3
|
|
|
$
|
2,439
|
|
|
—
|
|
|
$
|
—
|
|
Three months ended
March 31, 2013
(Dollars in thousands)
|
|
Total
(1)(2)
|
|
Extension at
Below Market
Terms
(2)
|
|
Reduction of Interest
Rate
(2)
|
|
Modification to
Interest-only
Payments
(2)
|
|
Forgiveness of Debt
(2)
|
|||||||||||||||||||||||||
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
|
6
|
|
|
$
|
708
|
|
|
5
|
|
|
$
|
573
|
|
|
4
|
|
|
$
|
553
|
|
|
2
|
|
|
$
|
185
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Land
|
|
2
|
|
|
287
|
|
|
2
|
|
|
287
|
|
|
2
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
73
|
|
|||||
Industrial
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retail
|
|
1
|
|
|
200
|
|
|
1
|
|
|
200
|
|
|
1
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|
1
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Mixed use and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential real estate and other
|
|
4
|
|
|
377
|
|
|
2
|
|
|
70
|
|
|
3
|
|
|
361
|
|
|
1
|
|
|
123
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
|
14
|
|
|
$
|
2,277
|
|
|
11
|
|
|
$
|
1,835
|
|
|
11
|
|
|
$
|
2,106
|
|
|
3
|
|
|
$
|
308
|
|
|
1
|
|
|
$
|
73
|
|
(1)
|
TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above.
|
(2)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
Three Months Ended
March 31, 2014
|
|
Three Months Ended
March 31, 2013
|
||||||||||||||||||||||||
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
|
Total
(1)(3)
|
|
Payments in Default
(2)(3)
|
|||||||||||||||||||||
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|
Count
|
|
Balance
|
|||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
1
|
|
|
$
|
88
|
|
|
—
|
|
|
$
|
—
|
|
|
21
|
|
|
$
|
14,901
|
|
|
6
|
|
|
$
|
10,377
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
2,147
|
|
|
—
|
|
|
—
|
|
||||
Commercial construction
|
3
|
|
|
6,120
|
|
|
3
|
|
|
6,120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Land
|
1
|
|
|
2,352
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
4,131
|
|
|
1
|
|
|
651
|
|
||||
Office
|
4
|
|
|
4,021
|
|
|
3
|
|
|
3,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Industrial
|
2
|
|
|
2,027
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
727
|
|
|
—
|
|
|
—
|
|
||||
Retail
|
1
|
|
|
202
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
5,085
|
|
|
—
|
|
|
—
|
|
||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,085
|
|
|
1
|
|
|
705
|
|
||||
Mixed use and other
|
9
|
|
|
8,919
|
|
|
2
|
|
|
399
|
|
|
12
|
|
|
6,061
|
|
|
4
|
|
|
2,603
|
|
||||
Residential real estate and other
|
6
|
|
|
1,919
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
969
|
|
|
2
|
|
|
221
|
|
||||
Total loans
|
27
|
|
|
$
|
25,648
|
|
|
8
|
|
|
$
|
9,984
|
|
|
58
|
|
|
$
|
35,106
|
|
|
14
|
|
|
$
|
14,557
|
|
(1)
|
Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated.
|
(2)
|
TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring.
|
(3)
|
Balances represent the recorded investment in the loan at the time of the restructuring.
|
(Dollars in thousands)
|
January 1,
2014
|
|
Goodwill
Acquired
|
|
Impairment
Loss
|
|
Goodwill Adjustments
|
|
March 31,
2014
|
||||||||||
Community banking
|
$
|
305,313
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
305,313
|
|
Specialty finance
|
37,370
|
|
|
—
|
|
|
—
|
|
|
(822
|
)
|
|
36,548
|
|
|||||
Wealth management
|
31,864
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,864
|
|
|||||
Total
|
$
|
374,547
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(822
|
)
|
|
$
|
373,725
|
|
(Dollars in thousands)
|
March 31,
2014
|
|
December 31, 2013
|
|
March 31,
2013
|
||||||
Community banking segment:
|
|
|
|
|
|
||||||
Core deposit intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
40,770
|
|
|
$
|
40,770
|
|
|
$
|
37,860
|
|
Accumulated amortization
|
(30,209
|
)
|
|
(29,189
|
)
|
|
(26,127
|
)
|
|||
Net carrying amount
|
$
|
10,561
|
|
|
$
|
11,581
|
|
|
$
|
11,733
|
|
Specialty finance segment:
|
|
|
|
|
|
||||||
Customer list intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
1,800
|
|
|
$
|
1,800
|
|
|
$
|
1,800
|
|
Accumulated amortization
|
(842
|
)
|
|
(805
|
)
|
|
(688
|
)
|
|||
Net carrying amount
|
$
|
958
|
|
|
$
|
995
|
|
|
$
|
1,112
|
|
Wealth management segment:
|
|
|
|
|
|
||||||
Customer list and other intangibles:
|
|
|
|
|
|
||||||
Gross carrying amount
|
$
|
7,690
|
|
|
$
|
7,690
|
|
|
$
|
7,390
|
|
Accumulated amortization
|
(1,159
|
)
|
|
(1,053
|
)
|
|
(725
|
)
|
|||
Net carrying amount
|
$
|
6,531
|
|
|
$
|
6,637
|
|
|
$
|
6,665
|
|
Total other intangible assets, net
|
$
|
18,050
|
|
|
$
|
19,213
|
|
|
$
|
19,510
|
|
Estimated amortization
|
|
||
Actual in three months ended March 31, 2014
|
$
|
1,163
|
|
Estimated remaining in 2014
|
3,207
|
|
|
Estimated—2015
|
2,791
|
|
|
Estimated—2016
|
2,180
|
|
|
Estimated—2017
|
1,764
|
|
|
Estimated—2018
|
1,544
|
|
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
Balance:
|
|
|
|
|
|
||||||
Non-interest bearing
|
$
|
2,773,922
|
|
|
$
|
2,721,771
|
|
|
$
|
2,243,440
|
|
NOW
|
1,983,251
|
|
|
1,953,882
|
|
|
2,043,227
|
|
|||
Wealth management deposits
|
1,289,134
|
|
|
1,013,850
|
|
|
868,119
|
|
|||
Money market
|
3,454,271
|
|
|
3,359,999
|
|
|
2,879,636
|
|
|||
Savings
|
1,443,943
|
|
|
1,392,575
|
|
|
1,258,682
|
|
|||
Time certificates of deposit
|
4,184,524
|
|
|
4,226,712
|
|
|
4,669,653
|
|
|||
Total deposits
|
$
|
15,129,045
|
|
|
$
|
14,668,789
|
|
|
$
|
13,962,757
|
|
Mix:
|
|
|
|
|
|
||||||
Non-interest bearing
|
18
|
%
|
|
19
|
%
|
|
16
|
%
|
|||
NOW
|
13
|
|
|
13
|
|
|
15
|
|
|||
Wealth management deposits
|
8
|
|
|
7
|
|
|
6
|
|
|||
Money market
|
23
|
|
|
23
|
|
|
21
|
|
|||
Savings
|
10
|
|
|
9
|
|
|
9
|
|
|||
Time certificates of deposit
|
28
|
|
|
29
|
|
|
33
|
|
|||
Total deposits
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
Notes payable
|
$
|
182
|
|
|
$
|
364
|
|
|
$
|
31,911
|
|
Federal Home Loan Bank advances
|
387,672
|
|
|
417,762
|
|
|
414,032
|
|
|||
Other borrowings:
|
|
|
|
|
|
||||||
Securities sold under repurchase agreements
|
211,692
|
|
|
235,347
|
|
|
224,297
|
|
|||
Other
|
19,212
|
|
|
19,393
|
|
|
31,947
|
|
|||
Total other borrowings
|
230,904
|
|
|
254,740
|
|
|
256,244
|
|
|||
Subordinated notes
|
—
|
|
|
—
|
|
|
15,000
|
|
|||
Total notes payable, Federal Home Loan Bank advances, other borrowings and subordinated notes
|
$
|
618,758
|
|
|
$
|
672,866
|
|
|
$
|
717,187
|
|
(Dollars in thousands)
|
Common
Securities
|
|
Trust
Preferred
Securities
|
|
Junior
Subordinated
Debentures
|
|
Rate
Structure
|
|
Contractual rate
at 3/31/2014
|
|
Issue
Date
|
|
Maturity
Date
|
|
Earliest
Redemption
Date
|
|||||||
Wintrust Capital Trust III
|
$
|
774
|
|
|
$
|
25,000
|
|
|
$
|
25,774
|
|
|
L+3.25
|
|
3.49
|
%
|
|
04/2003
|
|
04/2033
|
|
04/2008
|
Wintrust Statutory Trust IV
|
619
|
|
|
20,000
|
|
|
20,619
|
|
|
L+2.80
|
|
3.03
|
%
|
|
12/2003
|
|
12/2033
|
|
12/2008
|
|||
Wintrust Statutory Trust V
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
L+2.60
|
|
2.83
|
%
|
|
05/2004
|
|
05/2034
|
|
06/2009
|
|||
Wintrust Capital Trust VII
|
1,550
|
|
|
50,000
|
|
|
51,550
|
|
|
L+1.95
|
|
2.18
|
%
|
|
12/2004
|
|
03/2035
|
|
03/2010
|
|||
Wintrust Capital Trust VIII
|
1,238
|
|
|
40,000
|
|
|
41,238
|
|
|
L+1.45
|
|
1.68
|
%
|
|
08/2005
|
|
09/2035
|
|
09/2010
|
|||
Wintrust Captial Trust IX
|
1,547
|
|
|
50,000
|
|
|
51,547
|
|
|
L+1.63
|
|
1.86
|
%
|
|
09/2006
|
|
09/2036
|
|
09/2011
|
|||
Northview Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.24
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
Town Bankshares Capital Trust I
|
186
|
|
|
6,000
|
|
|
6,186
|
|
|
L+3.00
|
|
3.24
|
%
|
|
08/2003
|
|
11/2033
|
|
08/2008
|
|||
First Northwest Capital Trust I
|
155
|
|
|
5,000
|
|
|
5,155
|
|
|
L+3.00
|
|
3.23
|
%
|
|
05/2004
|
|
05/2034
|
|
05/2009
|
|||
Total
|
|
|
|
|
$
|
249,493
|
|
|
|
|
2.42
|
%
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
$ Change in
Contribution
|
|
% Change in
Contribution
|
|||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
||||||||||
Net interest income:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
116,755
|
|
|
$
|
106,230
|
|
|
$
|
10,525
|
|
|
10
|
%
|
Specialty Finance
|
19,212
|
|
|
17,482
|
|
|
1,730
|
|
|
10
|
|
|||
Wealth Management
|
4,099
|
|
|
3,447
|
|
|
652
|
|
|
19
|
|
|||
Total Operating Segments
|
140,066
|
|
|
127,159
|
|
|
12,907
|
|
|
10
|
|
|||
Intersegment Eliminations
|
3,940
|
|
|
3,554
|
|
|
386
|
|
|
11
|
|
|||
Consolidated net interest income
|
$
|
144,006
|
|
|
$
|
130,713
|
|
|
$
|
13,293
|
|
|
10
|
%
|
Non-interest income:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
27,319
|
|
|
$
|
40,601
|
|
|
$
|
(13,282
|
)
|
|
(33
|
)%
|
Specialty Finance
|
7,881
|
|
|
7,305
|
|
|
576
|
|
|
8
|
|
|||
Wealth Management
|
16,941
|
|
|
15,442
|
|
|
1,499
|
|
|
10
|
|
|||
Total Operating Segments
|
52,141
|
|
|
63,348
|
|
|
(11,207
|
)
|
|
(18
|
)
|
|||
Intersegment Eliminations
|
(6,612
|
)
|
|
(5,969
|
)
|
|
(643
|
)
|
|
(11
|
)
|
|||
Consolidated non-interest income
|
$
|
45,529
|
|
|
$
|
57,379
|
|
|
$
|
(11,850
|
)
|
|
(21
|
)%
|
Net revenue:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
144,074
|
|
|
$
|
146,831
|
|
|
$
|
(2,757
|
)
|
|
(2
|
)%
|
Specialty Finance
|
27,093
|
|
|
24,787
|
|
|
2,306
|
|
|
9
|
|
|||
Wealth Management
|
21,040
|
|
|
18,889
|
|
|
2,151
|
|
|
11
|
|
|||
Total Operating Segments
|
192,207
|
|
|
190,507
|
|
|
1,700
|
|
|
1
|
|
|||
Intersegment Eliminations
|
(2,672
|
)
|
|
(2,415
|
)
|
|
(257
|
)
|
|
(11
|
)
|
|||
Consolidated net revenue
|
$
|
189,535
|
|
|
$
|
188,092
|
|
|
$
|
1,443
|
|
|
1
|
%
|
Segment profit:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
22,581
|
|
|
$
|
20,979
|
|
|
$
|
1,602
|
|
|
8
|
%
|
Specialty Finance
|
8,982
|
|
|
8,629
|
|
|
353
|
|
|
4
|
|
|||
Wealth Management
|
2,937
|
|
|
2,444
|
|
|
493
|
|
|
20
|
|
|||
Consolidated net income
|
$
|
34,500
|
|
|
$
|
32,052
|
|
|
$
|
2,448
|
|
|
8
|
%
|
Segment assets:
|
|
|
|
|
|
|
|
|||||||
Community Banking
|
$
|
15,160,507
|
|
|
$
|
14,295,418
|
|
|
$
|
865,089
|
|
|
6
|
%
|
Specialty Finance
|
2,532,362
|
|
|
2,291,140
|
|
|
241,222
|
|
|
11
|
|
|||
Wealth Management
|
528,294
|
|
|
487,689
|
|
|
40,605
|
|
|
8
|
|
|||
Consolidated total assets
|
$
|
18,221,163
|
|
|
$
|
17,074,247
|
|
|
$
|
1,146,916
|
|
|
7
|
%
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||||||||
Derivatives designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives designated as Cash Flow Hedges
|
$
|
2,578
|
|
|
$
|
1,776
|
|
|
$
|
1
|
|
|
$
|
2,892
|
|
|
$
|
3,160
|
|
|
$
|
6,556
|
|
Interest rate derivatives designated as Fair Value Hedges
|
90
|
|
|
107
|
|
|
93
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||||
Total derivatives designated as hedging instruments under ASC 815
|
$
|
2,668
|
|
|
$
|
1,883
|
|
|
$
|
94
|
|
|
$
|
2,893
|
|
|
$
|
3,161
|
|
|
$
|
6,556
|
|
Derivatives not designated as hedging instruments under ASC 815:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives
|
$
|
34,571
|
|
|
$
|
36,073
|
|
|
$
|
46,559
|
|
|
$
|
32,097
|
|
|
$
|
31,646
|
|
|
$
|
43,706
|
|
Interest rate lock commitments
|
13,658
|
|
|
7,500
|
|
|
5,551
|
|
|
115
|
|
|
147
|
|
|
1,315
|
|
||||||
Forward commitments to sell mortgage loans
|
625
|
|
|
2,761
|
|
|
213
|
|
|
2,688
|
|
|
2,310
|
|
|
3,015
|
|
||||||
Foreign exchange contracts
|
7
|
|
|
4
|
|
|
19
|
|
|
4
|
|
|
—
|
|
|
153
|
|
||||||
Total derivatives not designated as hedging instruments under ASC 815
|
$
|
48,861
|
|
|
$
|
46,338
|
|
|
$
|
52,342
|
|
|
$
|
34,904
|
|
|
$
|
34,103
|
|
|
$
|
48,189
|
|
Total derivatives
|
$
|
51,529
|
|
|
$
|
48,221
|
|
|
$
|
52,436
|
|
|
$
|
37,797
|
|
|
$
|
37,264
|
|
|
$
|
54,745
|
|
|
March 31, 2014
|
||||||
(Dollars in thousands)
|
Notional
|
|
Fair Value
|
||||
Maturity Date
|
Amount
|
|
Asset (Liability)
|
||||
Interest Rate Swaps:
|
|
|
|
||||
September 2016
|
50,000
|
|
|
(1,906
|
)
|
||
October 2016
|
25,000
|
|
|
(986
|
)
|
||
Total Interest Rate Swaps
|
75,000
|
|
|
(2,892
|
)
|
||
Interest Rate Caps:
|
|
|
|
||||
September 2014
|
20,000
|
|
|
—
|
|
||
September 2014
|
40,000
|
|
|
—
|
|
||
August 2016
|
43,500
|
|
|
190
|
|
||
August 2016
|
216,500
|
|
|
801
|
|
||
September 2017
|
50,000
|
|
|
866
|
|
||
September 2017
|
40,000
|
|
|
721
|
|
||
Total Interest Rate Caps
|
410,000
|
|
|
2,578
|
|
||
Total Cash Flow Hedges
|
$
|
485,000
|
|
|
$
|
(314
|
)
|
|
Three months ended March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Unrealized loss at beginning of period
|
$
|
(3,971
|
)
|
|
$
|
(8,673
|
)
|
Amount reclassified from accumulated other comprehensive income to interest expense on junior subordinated debentures
|
493
|
|
|
1,539
|
|
||
Amount of loss recognized in other comprehensive income
|
(591
|
)
|
|
(65
|
)
|
||
Unrealized loss at end of period
|
$
|
(4,069
|
)
|
|
$
|
(7,199
|
)
|
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
|
|
March 31,
|
||||||
Derivative
|
Location in income statement
|
|
2014
|
|
2013
|
||||
Interest rate swaps and caps
|
Other income
|
|
$
|
(677
|
)
|
|
$
|
(297
|
)
|
Mortgage banking derivatives
|
Mortgage banking revenue
|
|
3,677
|
|
|
(670
|
)
|
||
Covered call options
|
Fees from covered call options
|
|
1,542
|
|
|
1,639
|
|
||
Foreign exchange contracts
|
Other income
|
|
(1
|
)
|
|
(146
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||
|
Fair Value
|
|
Fair Value
|
||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||||||||
Gross Amounts Recognized
|
$
|
37,239
|
|
|
$
|
37,956
|
|
|
$
|
46,653
|
|
|
$
|
34,990
|
|
|
$
|
34,807
|
|
|
$
|
50,262
|
|
Less: Amounts offset in the Statements of Financial Condition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net amount presented in the Statements of Financial Condition
|
$
|
37,239
|
|
|
$
|
37,956
|
|
|
$
|
46,653
|
|
|
$
|
34,990
|
|
|
$
|
34,807
|
|
|
$
|
50,262
|
|
Gross amounts not offset in the Statements of Financial Condition
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Offsetting Derivative Positions
|
(7,359
|
)
|
|
(8,826
|
)
|
|
(1,523
|
)
|
|
(7,359
|
)
|
|
(8,826
|
)
|
|
(1,523
|
)
|
||||||
Securities Collateral Posted
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,631
|
)
|
|
(25,981
|
)
|
|
(43,361
|
)
|
||||||
Cash Collateral Posted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,445
|
)
|
||||||
Net Credit Exposure
|
$
|
29,880
|
|
|
$
|
29,130
|
|
|
$
|
45,130
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,933
|
|
•
|
Level 1—unadjusted quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2
—
inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
•
|
Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
|
March 31, 2014
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
340,178
|
|
|
$
|
—
|
|
|
$
|
340,178
|
|
|
$
|
—
|
|
U.S. Government agencies
|
828,275
|
|
|
—
|
|
|
828,275
|
|
|
—
|
|
||||
Municipal
|
175,300
|
|
|
—
|
|
|
135,528
|
|
|
39,772
|
|
||||
Corporate notes
|
135,067
|
|
|
—
|
|
|
135,067
|
|
|
—
|
|
||||
Mortgage-backed
|
417,303
|
|
|
—
|
|
|
417,303
|
|
|
—
|
|
||||
Equity securities
|
53,574
|
|
|
—
|
|
|
30,136
|
|
|
23,438
|
|
||||
Trading account securities
|
1,068
|
|
|
—
|
|
|
1,068
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
215,231
|
|
|
—
|
|
|
215,231
|
|
|
—
|
|
||||
Mortgage servicing rights
|
8,719
|
|
|
—
|
|
|
—
|
|
|
8,719
|
|
||||
Nonqualified deferred compensations assets
|
7,783
|
|
|
—
|
|
|
7,783
|
|
|
—
|
|
||||
Derivative assets
|
51,529
|
|
|
—
|
|
|
51,529
|
|
|
—
|
|
||||
Total
|
$
|
2,234,027
|
|
|
$
|
—
|
|
|
$
|
2,162,098
|
|
|
$
|
71,929
|
|
Derivative liabilities
|
$
|
37,797
|
|
|
$
|
—
|
|
|
$
|
37,797
|
|
|
$
|
—
|
|
|
|
December 31, 2013
|
||||||||||||||
(Dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
|
$
|
336,095
|
|
|
$
|
—
|
|
|
$
|
336,095
|
|
|
$
|
—
|
|
U.S. Government agencies
|
|
895,688
|
|
|
—
|
|
|
895,688
|
|
|
—
|
|
||||
Municipal
|
|
152,716
|
|
|
—
|
|
|
116,330
|
|
|
36,386
|
|
||||
Corporate notes
|
|
135,038
|
|
|
—
|
|
|
135,038
|
|
|
—
|
|
||||
Mortgage-backed
|
|
605,225
|
|
|
—
|
|
|
605,225
|
|
|
—
|
|
||||
Equity securities
|
|
51,528
|
|
|
—
|
|
|
29,365
|
|
|
22,163
|
|
||||
Trading account securities
|
|
497
|
|
|
—
|
|
|
497
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
|
332,485
|
|
|
—
|
|
|
332,485
|
|
|
—
|
|
||||
Mortgage servicing rights
|
|
8,946
|
|
|
—
|
|
|
—
|
|
|
8,946
|
|
||||
Nonqualified deferred compensations assets
|
|
7,222
|
|
|
—
|
|
|
7,222
|
|
|
—
|
|
||||
Derivative assets
|
|
48,221
|
|
|
—
|
|
|
48,221
|
|
|
—
|
|
||||
Total
|
|
$
|
2,573,661
|
|
|
$
|
—
|
|
|
$
|
2,506,166
|
|
|
$
|
67,495
|
|
Derivative liabilities
|
|
$
|
37,264
|
|
|
$
|
—
|
|
|
$
|
37,264
|
|
|
$
|
—
|
|
|
March 31, 2013
|
||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available-for-sale securities
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
217,645
|
|
|
$
|
—
|
|
|
$
|
217,645
|
|
|
$
|
—
|
|
U.S. Government agencies
|
973,715
|
|
|
—
|
|
|
973,715
|
|
|
—
|
|
||||
Municipal
|
110,259
|
|
|
—
|
|
|
77,935
|
|
|
32,324
|
|
||||
Corporate notes
|
148,873
|
|
|
—
|
|
|
148,873
|
|
|
—
|
|
||||
Mortgage-backed
|
368,282
|
|
|
—
|
|
|
368,282
|
|
|
—
|
|
||||
Equity securities
|
52,057
|
|
|
—
|
|
|
27,587
|
|
|
24,470
|
|
||||
Trading account securities
|
1,036
|
|
|
—
|
|
|
1,036
|
|
|
—
|
|
||||
Mortgage loans held-for-sale
|
370,570
|
|
|
—
|
|
|
370,570
|
|
|
—
|
|
||||
Mortgage servicing rights
|
7,344
|
|
|
—
|
|
|
—
|
|
|
7,344
|
|
||||
Nonqualified deferred compensations assets
|
6,545
|
|
|
—
|
|
|
6,545
|
|
|
—
|
|
||||
Derivative assets
|
52,436
|
|
|
—
|
|
|
52,436
|
|
|
—
|
|
||||
Total
|
$
|
2,308,762
|
|
|
$
|
—
|
|
|
$
|
2,244,624
|
|
|
$
|
64,138
|
|
Derivative liabilities
|
$
|
54,745
|
|
|
$
|
—
|
|
|
$
|
54,745
|
|
|
$
|
—
|
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2014
|
$
|
36,386
|
|
|
$
|
22,163
|
|
|
$
|
8,946
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net loss
(1)
|
—
|
|
|
—
|
|
|
(227
|
)
|
|||
Other comprehensive income
|
147
|
|
|
1,275
|
|
|
—
|
|
|||
Purchases
|
3,360
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(121
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2014
|
$
|
39,772
|
|
|
$
|
23,438
|
|
|
$
|
8,719
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
|
|
Equity securities
|
|
Mortgage
servicing rights
|
||||||
(Dollars in thousands)
|
Municipal
|
|
|
||||||||
Balance at January 1, 2013
|
$
|
30,770
|
|
|
$
|
22,169
|
|
|
$
|
6,750
|
|
Total net gains (losses) included in:
|
|
|
|
|
|
||||||
Net income
(1)
|
—
|
|
|
—
|
|
|
594
|
|
|||
Other comprehensive (loss) income
|
(12
|
)
|
|
2,301
|
|
|
—
|
|
|||
Purchases
|
1,687
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(121
|
)
|
|
—
|
|
|
—
|
|
|||
Net transfers into/(out of) Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2013
|
$
|
32,324
|
|
|
$
|
24,470
|
|
|
$
|
7,344
|
|
(1)
|
Changes in the balance of mortgage servicing rights are recorded as a component of mortgage banking revenue in non-interest income.
|
|
March 31, 2014
|
|
Three Months
Ended March 31, 2014
Fair Value Losses Recognized
|
||||||||||||||||
(Dollars in thousands)
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
Impaired loans—collateral based
|
$
|
68,355
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68,355
|
|
|
$
|
7,564
|
|
Other real estate owned, including covered other real estate owned
(1)
|
129,279
|
|
|
—
|
|
|
—
|
|
|
129,279
|
|
|
6,172
|
|
|||||
Total
|
$
|
197,634
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
197,634
|
|
|
$
|
13,736
|
|
(1)
|
Fair value losses recognized on other real estate owned include valuation adjustments and charge-offs during the respective period.
|
|
At March 31, 2014
|
|
At December 31, 2013
|
|
At March 31, 2013
|
||||||||||||||||||
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||||||
(Dollars in thousands)
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
342,738
|
|
|
$
|
342,738
|
|
|
$
|
263,864
|
|
|
$
|
263,864
|
|
|
$
|
213,201
|
|
|
$
|
213,201
|
|
Interest bearing deposits with banks
|
540,964
|
|
|
540,964
|
|
|
495,574
|
|
|
495,574
|
|
|
685,302
|
|
|
685,302
|
|
||||||
Available-for-sale securities
|
1,949,697
|
|
|
1,949,697
|
|
|
2,176,290
|
|
|
2,176,290
|
|
|
1,870,831
|
|
|
1,870,831
|
|
||||||
Trading account securities
|
1,068
|
|
|
1,068
|
|
|
497
|
|
|
497
|
|
|
1,036
|
|
|
1,036
|
|
||||||
Brokerage customer receivables
|
26,884
|
|
|
26,884
|
|
|
30,953
|
|
|
30,953
|
|
|
25,614
|
|
|
25,614
|
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
78,524
|
|
|
78,524
|
|
|
79,261
|
|
|
79,261
|
|
|
76,601
|
|
|
76,601
|
|
||||||
Mortgage loans held-for-sale, at fair value
|
215,231
|
|
|
215,231
|
|
|
332,485
|
|
|
332,485
|
|
|
370,570
|
|
|
370,570
|
|
||||||
Mortgage loans held-for-sale, at lower of cost or market
|
—
|
|
|
—
|
|
|
1,842
|
|
|
1,857
|
|
|
10,352
|
|
|
10,458
|
|
||||||
Total loans
|
13,445,638
|
|
|
14,078,788
|
|
|
13,243,033
|
|
|
13,867,255
|
|
|
12,418,973
|
|
|
13,125,643
|
|
||||||
Mortgage servicing rights
|
8,719
|
|
|
8,719
|
|
|
8,946
|
|
|
8,946
|
|
|
7,344
|
|
|
7,344
|
|
||||||
Nonqualified deferred compensation assets
|
7,783
|
|
|
7,783
|
|
|
7,222
|
|
|
7,222
|
|
|
6,545
|
|
|
6,545
|
|
||||||
Derivative assets
|
51,529
|
|
|
51,529
|
|
|
48,221
|
|
|
48,221
|
|
|
52,436
|
|
|
52,436
|
|
||||||
FDIC indemnification asset
|
60,298
|
|
|
60,298
|
|
|
85,672
|
|
|
85,672
|
|
|
170,696
|
|
|
170,696
|
|
||||||
Accrued interest receivable and other
|
169,580
|
|
|
169,580
|
|
|
163,732
|
|
|
163,732
|
|
|
156,825
|
|
|
156,825
|
|
||||||
Total financial assets
|
$
|
16,898,653
|
|
|
$
|
17,531,803
|
|
|
$
|
16,937,592
|
|
|
$
|
17,561,829
|
|
|
$
|
16,066,326
|
|
|
$
|
16,773,102
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-maturity deposits
|
$
|
10,944,521
|
|
|
$
|
10,944,521
|
|
|
$
|
10,442,077
|
|
|
$
|
10,442,077
|
|
|
$
|
9,293,104
|
|
|
$
|
9,293,104
|
|
Deposits with stated maturities
|
4,184,524
|
|
|
4,197,918
|
|
|
4,226,712
|
|
|
4,242,172
|
|
|
4,669,653
|
|
|
4,701,049
|
|
||||||
Notes payable
|
182
|
|
|
182
|
|
|
364
|
|
|
364
|
|
|
31,911
|
|
|
31,911
|
|
||||||
Federal Home Loan Bank advances
|
387,672
|
|
|
393,145
|
|
|
417,762
|
|
|
422,750
|
|
|
414,032
|
|
|
425,103
|
|
||||||
Subordinated notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,000
|
|
|
15,000
|
|
||||||
Other borrowings
|
230,904
|
|
|
230,904
|
|
|
254,740
|
|
|
254,740
|
|
|
256,244
|
|
|
256,244
|
|
||||||
Junior subordinated debentures
|
249,493
|
|
|
250,578
|
|
|
249,493
|
|
|
250,672
|
|
|
249,493
|
|
|
250,470
|
|
||||||
Derivative liabilities
|
37,797
|
|
|
37,797
|
|
|
37,264
|
|
|
37,264
|
|
|
54,745
|
|
|
54,745
|
|
||||||
Accrued interest payable
|
7,218
|
|
|
7,218
|
|
|
8,556
|
|
|
8,556
|
|
|
11,520
|
|
|
11,520
|
|
||||||
Total financial liabilities
|
$
|
16,042,311
|
|
|
$
|
16,062,263
|
|
|
$
|
15,636,968
|
|
|
$
|
15,658,595
|
|
|
$
|
14,995,702
|
|
|
$
|
15,039,146
|
|
|
Three Months Ended
|
Three Months Ended
|
||
|
March 31,
|
March 31,
|
||
|
2014
|
2013
|
||
Expected dividend yield
|
0.4
|
%
|
0.5
|
%
|
Expected volatility
|
30.8
|
%
|
59.7
|
%
|
Risk-free rate
|
0.7
|
%
|
0.7
|
%
|
Expected option life (in years)
|
4.5
|
|
4.5
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2014
|
1,524,672
|
|
|
$
|
42.00
|
|
|
|
|
|
||
Granted
|
358,440
|
|
|
46.86
|
|
|
|
|
|
|||
Exercised
|
(77,311
|
)
|
|
34.79
|
|
|
|
|
|
|||
Forfeited or canceled
|
(18,898
|
)
|
|
45.56
|
|
|
|
|
|
|||
Outstanding at March 31, 2014
|
1,786,903
|
|
|
$
|
43.25
|
|
|
3.7
|
|
$
|
12,834
|
|
Exercisable at March 31, 2014
|
1,166,309
|
|
|
$
|
43.96
|
|
|
2.4
|
|
$
|
8,655
|
|
Stock Options
|
Common
Shares
|
|
Weighted
Average
Strike Price
|
|
Remaining
Contractual
Term
(1)
|
|
Intrinsic
Value
(2)
($000)
|
|||||
Outstanding at January 1, 2013
|
1,745,427
|
|
|
$
|
42.31
|
|
|
|
|
|
||
Granted
|
219,695
|
|
|
37.85
|
|
|
|
|
|
|||
Exercised
|
(8,336
|
)
|
|
24.98
|
|
|
|
|
|
|||
Forfeited or canceled
|
(6,330
|
)
|
|
41.49
|
|
|
|
|
|
|||
Outstanding at March 31, 2013
|
1,950,456
|
|
|
$
|
41.89
|
|
|
3.3
|
|
$
|
3,975
|
|
Exercisable at March 31, 2013
|
1,437,240
|
|
|
$
|
44.64
|
|
|
2.3
|
|
$
|
2,318
|
|
(1)
|
Represents the remaining weighted average contractual life in years.
|
(2)
|
Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock.
|
|
Three months ended March 31, 2014
|
|
Three months ended March 31, 2013
|
||||||||||
Restricted Shares
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Common
Shares
|
|
Weighted
Average
Grant-Date
Fair Value
|
||||||
Outstanding at January 1
|
181,522
|
|
|
$
|
43.39
|
|
|
314,226
|
|
|
$
|
37.99
|
|
Granted
|
2,775
|
|
|
46.86
|
|
|
—
|
|
|
—
|
|
||
Vested and issued
|
(24,900
|
)
|
|
33.81
|
|
|
(109,725
|
)
|
|
31.67
|
|
||
Forfeited
|
(451
|
)
|
|
44.29
|
|
|
(674
|
)
|
|
32.10
|
|
||
Outstanding at March 31
|
158,946
|
|
|
$
|
44.95
|
|
|
203,827
|
|
|
$
|
41.40
|
|
Vested, but not issuable at March 31
|
85,000
|
|
|
$
|
51.88
|
|
|
85,000
|
|
|
$
|
51.88
|
|
|
Three months ended March 31, 2014
|
|
Three months ended March 31, 2013
|
||||||||||
Performance-based Stock
|
Common
Shares |
|
Weighted
Average Grant-Date Fair Value |
|
Common
Shares |
|
Weighted
Average Grant-Date Fair Value |
||||||
Outstanding at January 1
|
307,512
|
|
|
$
|
34.01
|
|
|
214,565
|
|
|
$
|
32.08
|
|
Granted
|
91,501
|
|
|
46.86
|
|
|
102,160
|
|
|
37.84
|
|
||
Vested and issued
|
(15,944
|
)
|
|
33.25
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(81,551
|
)
|
|
33.38
|
|
|
(2,359
|
)
|
|
33.02
|
|
||
Outstanding at March 31
|
301,518
|
|
|
$
|
38.12
|
|
|
314,366
|
|
|
$
|
33.95
|
|
(Dollars in thousands, except per unit amounts)
|
Equity
Component
|
|
Debt
Component
|
|
TEU Total
|
||||||
Units issued
(1)
|
4,600
|
|
|
4,600
|
|
|
4,600
|
|
|||
Unit price
|
$
|
40.271818
|
|
|
$
|
9.728182
|
|
|
$
|
50.00
|
|
Gross proceeds
|
185,250
|
|
|
44,750
|
|
|
230,000
|
|
|||
Issuance costs, including discount
|
5,934
|
|
|
1,419
|
|
|
7,353
|
|
|||
Net proceeds
|
$
|
179,316
|
|
|
$
|
43,331
|
|
|
$
|
222,647
|
|
|
|
|
|
|
|
||||||
Balance sheet impact
|
|
|
|
|
|
||||||
Other borrowings
|
—
|
|
|
43,331
|
|
|
43,331
|
|
|||
Surplus
|
179,316
|
|
|
—
|
|
|
179,316
|
|
(1)
|
TEUs consisted of
two
components:
one
unit of the equity component and
one
unit of the debt component.
|
|
Accumulated
Unrealized
(Losses) Gains on
Securities
|
|
Accumulated
Unrealized
Losses on
Derivative
Instruments
|
|
Accumulated
Foreign
Currency
Translation
Adjustments
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
Balance at January 1, 2014
|
$
|
(53,665
|
)
|
|
$
|
(2,462
|
)
|
|
$
|
(6,909
|
)
|
|
$
|
(63,036
|
)
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
13,722
|
|
|
(356
|
)
|
|
(7,400
|
)
|
|
5,966
|
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
20
|
|
|
297
|
|
|
—
|
|
|
317
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
13,742
|
|
|
$
|
(59
|
)
|
|
$
|
(7,400
|
)
|
|
$
|
6,283
|
|
Balance at March 31, 2014
|
$
|
(39,923
|
)
|
|
$
|
(2,521
|
)
|
|
$
|
(14,309
|
)
|
|
$
|
(56,753
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at January 1, 2013
|
$
|
6,710
|
|
|
$
|
(5,292
|
)
|
|
$
|
6,293
|
|
|
$
|
7,711
|
|
Other comprehensive income (loss) during the period, net of tax, before reclassifications
|
(4,649
|
)
|
|
(39
|
)
|
|
(4,866
|
)
|
|
(9,554
|
)
|
||||
Amount reclassified from accumulated other comprehensive income (loss), net of tax
|
(151
|
)
|
|
927
|
|
|
—
|
|
|
776
|
|
||||
Net other comprehensive income (loss) during the period, net of tax
|
$
|
(4,800
|
)
|
|
$
|
888
|
|
|
$
|
(4,866
|
)
|
|
$
|
(8,778
|
)
|
Balance at March 31, 2013
|
$
|
1,910
|
|
|
$
|
(4,404
|
)
|
|
$
|
1,427
|
|
|
$
|
(1,067
|
)
|
|
Amount Reclassified from Accumulated Other Comprehensive Income for the
|
|
|||||||
Details Regarding the Component of
|
Three Months Ended March 31,
|
|
Impacted Line on the
|
||||||
Accumulated Other Comprehensive Income
|
2014
|
|
2013
|
|
Consolidated Statements of Income
|
||||
Accumulated unrealized losses on securities
|
|
|
|
|
|
||||
Gains included in net income
|
$
|
(33
|
)
|
|
$
|
251
|
|
|
(Losses) gains on available-for-sale securities, net
|
|
(33
|
)
|
|
251
|
|
|
Income before taxes
|
||
Tax effect
|
$
|
13
|
|
|
$
|
(100
|
)
|
|
Income tax expense
|
Net of tax
|
$
|
(20
|
)
|
|
$
|
151
|
|
|
Net income
|
|
|
|
|
|
|
||||
Accumulated unrealized losses on derivative instruments
|
|
|
|
|
|
||||
Amount reclassified to interest expense on junior subordinated debentures
|
$
|
493
|
|
|
$
|
1,539
|
|
|
Interest on junior subordinated debentures
|
|
(493
|
)
|
|
(1,539
|
)
|
|
Loss before taxes
|
||
Tax effect
|
$
|
196
|
|
|
$
|
612
|
|
|
Income tax benefit
|
Net of tax
|
$
|
(297
|
)
|
|
$
|
(927
|
)
|
|
Net loss
|
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands, except per share data)
|
|
|
2014
|
|
2013
|
||||
Net income
|
|
|
$
|
34,500
|
|
|
$
|
32,052
|
|
Less: Preferred stock dividends and discount accretion
|
|
|
1,581
|
|
|
2,616
|
|
||
Net income applicable to common shares—Basic
|
(A)
|
|
32,919
|
|
|
29,436
|
|
||
Add: Dividends on convertible preferred stock, if dilutive
|
|
|
1,581
|
|
|
2,581
|
|
||
Net income applicable to common shares—Diluted
|
(B)
|
|
34,500
|
|
|
32,017
|
|
||
Weighted average common shares outstanding
|
(C)
|
|
46,195
|
|
|
36,976
|
|
||
Effect of dilutive potential common shares
|
|
|
|
|
|
||||
Common stock equivalents
|
|
|
1,434
|
|
|
7,443
|
|
||
Convertible preferred stock, if dilutive
|
|
|
3,075
|
|
|
5,020
|
|
||
Total dilutive potential common shares
|
|
|
4,509
|
|
|
12,463
|
|
||
Weighted average common shares and effect of dilutive potential common shares
|
(D)
|
|
50,704
|
|
|
49,439
|
|
||
Net income per common share:
|
|
|
|
|
|
||||
Basic
|
(A/C)
|
|
$
|
0.71
|
|
|
$
|
0.80
|
|
Diluted
|
(B/D)
|
|
$
|
0.68
|
|
|
$
|
0.65
|
|
•
|
The Company’s provision for credit losses, excluding covered loans, in the
first quarter of 2014
totaled
$3.3 million
, a decrease of $12.1 million when compared to the
first quarter of 2013
. Net charge-offs decreased to
$7.8 million
in the
first quarter of 2014
(of which
$4.3 million
related to commercial real-estate loans) compared to
$11.9 million
for the same period in
2013
(of which $4.2 million and
$2.9 million
related to commercial and commercial real-estate loans, respectively).
|
•
|
The Company’s allowance for loan losses, excluding covered loans, totaled
$92.3 million
at
March 31, 2014
, reflecting a decrease of $18.1 million, or 16%, when compared to the same period in
2013
and a decrease of $4.6 million, or 5%, when compared to
December 31, 2013
. At
March 31, 2014
, approximately $44.6 million, or 48%, of the allowance for loan losses, excluding covered loans, was associated with commercial real-estate loans and another $24.7 million, or 27%, was associated with commercial loans.
|
•
|
The Company has significant exposure to commercial real-estate. At
March 31, 2014
,
$4.3 billion
, or
32
%, of our loan portfolio, excluding covered loans, was commercial real-estate, with approximately 94% located in the greater Chicago metropolitan and southeastern Wisconsin market areas. As of
March 31, 2014
, the commercial real-estate loan portfolio was comprised of $296.0 million related to land, residential and commercial construction, $651.2 million related to office buildings, $677.4 million related to retail, $625.1 million related to industrial use, $575.8 million related to multi-family and $1.4 billion related to mixed use and other use types. In analyzing the commercial real-estate market, the Company does not rely upon the assessment of broad market statistical data, in large part because the Company’s market area is diverse and covers many communities, each of which is impacted differently by economic forces affecting the Company’s general market area. As such, the extent of changes in real estate valuations can vary meaningfully among the different types of commercial and other real estate loans made by the Company. The Company uses its multi-chartered structure and local management knowledge to analyze and manage the local market conditions at each of its banks. As of
March 31, 2014
, the Company had approximately
$33.7 million
of non-performing commercial real-estate loans representing approximately
0.8
% of the total commercial real-estate loan portfolio.
|
•
|
Total non-performing loans (loans on non-accrual status and loans more than 90 days past due and still accruing interest), excluding covered loans, was
$90.1 million
(of which
$33.7 million
, or 37%, was related to commercial real-estate) at
March 31, 2014
, a decrease of approximately $13.2 million and $38.5 million compared to
December 31, 2013
and
March 31, 2013
, respectively. Non-performing loans decreased due to both a decline in the volume of new non-performing loans as well as the continued reduction in existing non-performing loans through the efforts of our credit workout teams.
|
•
|
The Company’s other real estate owned, excluding covered other real estate owned, increased to
$54.1 million
during the
first quarter of 2014
, compared to
$50.5 million
at
December 31, 2013
as a result of new properties transferred into OREO in the current period. Other real estate owned, excluding covered other real estate owned, decreased as of
March 31, 2014
compared to
$56.2 million
at
March 31, 2013
primarily due to disposals in recent quarters. The
$54.1 million
of other real estate owned as of
March 31, 2014
was comprised of
$3.5 million
of residential real-estate development property, $44.1 million of commercial real-estate property and
$6.5 million
of residential real-estate property.
|
(Dollars in thousands, except per share data)
|
Three months ended March 31, 2014
|
|
Three months ended March 31, 2013
|
|
Percentage (%) or
Basis Point (bp)Change |
|||||
Net income
|
$
|
34,500
|
|
|
$
|
32,052
|
|
|
8
|
%
|
Net income per common share—Diluted
|
0.68
|
|
|
0.65
|
|
|
5
|
|
||
Net revenue
(1)
|
189,535
|
|
|
188,092
|
|
|
1
|
|
||
Net interest income
|
144,006
|
|
|
130,713
|
|
|
10
|
|
||
Net interest margin
(2)
|
3.61
|
%
|
|
3.41
|
%
|
|
20 bp
|
|
||
Net overhead ratio
(2)
(3)
|
1.93
|
|
|
1.47
|
|
|
46
|
|
||
Efficiency ratio
(2) (4)
|
69.02
|
|
|
63.78
|
|
|
524
|
|
||
Return on average assets
|
0.78
|
|
|
0.75
|
|
|
3
|
|
||
Return on average common equity
|
7.43
|
|
|
7.27
|
|
|
16
|
|
||
Return on average tangible common equity
|
9.71
|
|
|
9.57
|
|
|
14
|
|
At end of period
|
|
|
|
|
|
|||||
Total assets
|
$
|
18,221,163
|
|
|
$
|
17,074,247
|
|
|
7
|
%
|
Total loans, excluding loans held-for-sale, excluding covered loans
|
13,133,160
|
|
|
11,900,312
|
|
|
10
|
|
||
Total loans, including loans held-for-sale, excluding covered loans
|
13,348,391
|
|
|
12,281,234
|
|
|
9
|
|
||
Total deposits
|
15,129,045
|
|
|
13,962,757
|
|
|
8
|
|
||
Total shareholders’ equity
|
1,940,143
|
|
|
1,825,688
|
|
|
6
|
|
||
Tangible common equity ratio (TCE)
(2)
|
8.0
|
%
|
|
7.7
|
%
|
|
30 bp
|
|
||
Tangible common equity ratio, assuming full conversion of preferred stock
(2)
|
8.7
|
|
|
8.8
|
|
|
(10
|
)
|
||
Book value per common share
(2)
|
$
|
39.21
|
|
|
$
|
38.13
|
|
|
3
|
%
|
Tangible common book value per share
(2)
|
30.74
|
|
|
29.74
|
|
|
3
|
|
||
Market price per common share
|
48.66
|
|
|
37.04
|
|
|
31
|
|
||
Excluding covered loans:
|
|
|
|
|
|
|||||
Allowance for credit losses to total loans
(5)
|
0.71
|
%
|
|
1.06
|
%
|
|
(35) bp
|
|
||
Non-performing loans to total loans
|
0.69
|
|
|
1.08
|
|
|
(39
|
)
|
(1)
|
Net revenue is net interest income plus non-interest income.
|
(2)
|
See following section titled, “Supplementary Financial Measures/Ratios” for additional information on this performance measure/ratio.
|
(3)
|
The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.
|
(4)
|
The efficiency ratio is calculated by dividing total non-interest expense by tax-equivalent net revenues (less securities gains or losses). A lower ratio indicates more efficient revenue generation.
|
(5)
|
The allowance for credit losses includes both the allowance for loan losses and the allowance for lending-related commitments.
|
|
Three months ended March 31,
|
||||||
(Dollars and shares in thousands)
|
2014
|
|
2013
|
||||
Calculation of Net Interest Margin and Efficiency Ratio
|
|
|
|
||||
(A) Interest Income (GAAP)
|
$
|
161,326
|
|
|
$
|
152,313
|
|
Taxable-equivalent adjustment:
|
|
|
|
||||
—Loans
|
231
|
|
|
150
|
|
||
—Liquidity management assets
|
455
|
|
|
343
|
|
||
—Other earning assets
|
4
|
|
|
1
|
|
||
Interest Income—FTE
|
$
|
162,016
|
|
|
$
|
152,807
|
|
(B) Interest Expense (GAAP)
|
17,320
|
|
|
21,600
|
|
||
Net interest income—FTE
|
144,696
|
|
|
131,207
|
|
||
(C) Net Interest Income (GAAP) (A minus B)
|
$
|
144,006
|
|
|
$
|
130,713
|
|
(D) Net interest margin (GAAP)
|
3.59
|
%
|
|
3.40
|
%
|
||
Net interest margin—FTE
|
3.61
|
%
|
|
3.41
|
%
|
||
(E) Efficiency ratio (GAAP)
|
69.27
|
%
|
|
63.95
|
%
|
||
Efficiency ratio—FTE
|
69.02
|
%
|
|
63.78
|
%
|
||
(F) Net Overhead ratio (GAAP)
|
1.93
|
%
|
|
1.47
|
%
|
||
Calculation of Tangible Common Equity ratio (at period end)
|
|
|
|
||||
Total shareholders’ equity
|
$
|
1,940,143
|
|
|
$
|
1,825,688
|
|
(G) Less: Preferred stock
|
(126,477
|
)
|
|
(176,441
|
)
|
||
Less: Intangible assets
|
(391,775
|
)
|
|
(363,142
|
)
|
||
(H) Total tangible common shareholders’ equity
|
$
|
1,421,891
|
|
|
$
|
1,286,105
|
|
Total assets
|
$
|
18,221,163
|
|
|
$
|
17,074,247
|
|
Less: Intangible assets
|
(391,775
|
)
|
|
(363,142
|
)
|
||
(I) Total tangible assets
|
$
|
17,829,388
|
|
|
$
|
16,711,105
|
|
Tangible common equity ratio (H/I)
|
8.0
|
%
|
|
7.7
|
%
|
||
Tangible common equity ratio, assuming full conversion of preferred stock ((H-G)/I)
|
8.7
|
%
|
|
8.8
|
%
|
||
Calculation of book value per share
|
|
|
|
||||
Total shareholders’ equity
|
$
|
1,940,143
|
|
|
$
|
1,825,688
|
|
Less: Preferred stock
|
(126,477
|
)
|
|
(176,441
|
)
|
||
(J) Total common equity
|
$
|
1,813,666
|
|
|
$
|
1,649,247
|
|
Actual common shares outstanding
|
46,259
|
|
|
37,014
|
|
||
Add: TEU conversion shares
|
—
|
|
|
6,238
|
|
||
(K) Common shares used for book value calculation
|
46,259
|
|
|
43,252
|
|
||
Book value per share (J/K)
|
$
|
39.21
|
|
|
$
|
38.13
|
|
Tangible common book value per share (H/K)
|
$
|
30.74
|
|
|
$
|
29.74
|
|
Calculation of return on average common equity
|
|
|
|
||||
(L) Net income applicable to common shares
|
$
|
32,919
|
|
|
$
|
29,436
|
|
Add: After-tax intangible asset amortization
|
712
|
|
|
685
|
|
||
(M) Tangible net income applicable to common shares
|
33,631
|
|
|
30,121
|
|
||
Total average shareholders' equity
|
1,923,649
|
|
|
1,818,127
|
|
||
Less: Average preferred stock
|
(126,477
|
)
|
|
(176,422
|
)
|
||
(N) Total average common shareholders' equity
|
1,797,172
|
|
|
1,641,705
|
|
||
Less: Average intangible assets
|
(392,703
|
)
|
|
(365,505
|
)
|
||
(O) Total average tangible common shareholders’ equity
|
1,404,469
|
|
|
1,276,200
|
|
||
Return on average common equity, annualized (L/N)
|
7.43
|
%
|
|
7.27
|
%
|
||
Return on average tangible common equity, annualized (M/O)
|
9.71
|
%
|
|
9.57
|
%
|
|
Average Balance for three months ended,
|
|
Interest for three months ended,
|
|
Yield/Rate for three months ended,
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|||||||||||||||
Liquidity management assets
(1)(2)(7)
|
$
|
2,646,720
|
|
|
$
|
2,613,876
|
|
|
$
|
2,797,310
|
|
|
$
|
14,533
|
|
|
$
|
11,185
|
|
|
$
|
10,363
|
|
|
2.23
|
%
|
|
1.70
|
%
|
|
1.50
|
%
|
Other earning assets
(2)(3)(7)
|
28,925
|
|
|
28,746
|
|
|
24,205
|
|
|
222
|
|
|
215
|
|
|
180
|
|
|
3.12
|
|
|
2.95
|
|
|
3.02
|
|
||||||
Loans, net of unearned income
(2)(4)(7)
|
13,278,122
|
|
|
13,043,666
|
|
|
12,252,558
|
|
|
140,320
|
|
|
142,071
|
|
|
131,740
|
|
|
4.29
|
|
|
4.32
|
|
|
4.36
|
|
||||||
Covered loans
|
325,885
|
|
|
388,148
|
|
|
536,284
|
|
|
6,941
|
|
|
7,683
|
|
|
10,524
|
|
|
8.64
|
|
|
7.85
|
|
|
7.96
|
|
||||||
Total earning assets
(7)
|
$
|
16,279,652
|
|
|
$
|
16,074,436
|
|
|
$
|
15,610,357
|
|
|
$
|
162,016
|
|
|
$
|
161,154
|
|
|
$
|
152,807
|
|
|
4.04
|
%
|
|
3.98
|
%
|
|
3.97
|
%
|
Allowance for loan and covered loan losses
|
(110,304
|
)
|
|
(122,060
|
)
|
|
(125,221
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks
|
223,324
|
|
|
237,138
|
|
|
217,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other assets
|
1,588,271
|
|
|
1,646,485
|
|
|
1,554,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
17,980,943
|
|
|
$
|
17,835,999
|
|
|
$
|
17,256,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits
|
$
|
12,121,185
|
|
|
$
|
11,945,314
|
|
|
$
|
11,857,400
|
|
|
$
|
11,923
|
|
|
$
|
12,488
|
|
|
$
|
14,504
|
|
|
0.40
|
%
|
|
0.41
|
%
|
|
0.50
|
%
|
Federal Home Loan Bank advances
|
388,975
|
|
|
389,583
|
|
|
414,092
|
|
|
2,643
|
|
|
2,700
|
|
|
2,764
|
|
|
2.76
|
|
|
2.75
|
|
|
2.71
|
|
||||||
Notes payable and other borrowings
|
244,950
|
|
|
251,168
|
|
|
297,151
|
|
|
750
|
|
|
1,145
|
|
|
1,154
|
|
|
1.24
|
|
|
1.81
|
|
|
1.57
|
|
||||||
Subordinated notes
|
—
|
|
|
4,022
|
|
|
15,000
|
|
|
—
|
|
|
16
|
|
|
59
|
|
|
—
|
|
|
1.56
|
|
|
1.56
|
|
||||||
Junior subordinated notes
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|
2,004
|
|
|
1,925
|
|
|
3,119
|
|
|
3.21
|
|
|
3.02
|
|
|
5.00
|
|
||||||
Total interest-bearing liabilities
|
$
|
13,004,603
|
|
|
$
|
12,839,580
|
|
|
$
|
12,833,136
|
|
|
$
|
17,320
|
|
|
$
|
18,274
|
|
|
$
|
21,600
|
|
|
0.54
|
%
|
|
0.56
|
%
|
|
0.68
|
%
|
Non-interest bearing deposits
|
2,726,872
|
|
|
2,723,360
|
|
|
2,290,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other liabilities
|
325,819
|
|
|
377,561
|
|
|
314,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
1,923,649
|
|
|
1,895,498
|
|
|
1,818,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
17,980,943
|
|
|
$
|
17,835,999
|
|
|
$
|
17,256,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate spread
(5)(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
3.50
|
%
|
|
3.42
|
%
|
|
3.29
|
%
|
||||||||||||
Net free funds/contribution
(6)
|
$
|
3,275,049
|
|
|
$
|
3,234,856
|
|
|
$
|
2,777,221
|
|
|
|
|
|
|
|
|
0.11
|
%
|
|
0.11
|
%
|
|
0.12
|
%
|
||||||
Net interest income/ margin
(7)
|
|
|
|
|
|
|
$
|
144,696
|
|
|
$
|
142,880
|
|
|
$
|
131,207
|
|
|
3.61
|
%
|
|
3.53
|
%
|
|
3.41
|
%
|
(1)
|
Liquidity management assets include available-for-sale securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements.
|
(2)
|
Interest income on tax-advantaged loans, trading securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the three months ended
March 31, 2014
,
December 31, 2013
and
March 31, 2013
were $690,000, $572,000 and $494,000, respectively.
|
(3)
|
Other earning assets include brokerage customer receivables and trading account securities.
|
(4)
|
Loans, net of unearned income, include loans held-for-sale and non-accrual loans.
|
(5)
|
Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
|
(6)
|
Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.
|
(7)
|
See “Supplemental Financial Measures/Ratios” for additional information on this performance ratio.
|
|
First Quarter of 2014
Compared to
Fourth Quarter of 2013
|
|
First Quarter of 2014
Compared to
First Quarter of 2013
|
||||
(Dollars in thousands)
|
|
||||||
Tax-equivalent net interest income for comparative period
|
$
|
142,880
|
|
|
$
|
131,207
|
|
Change due to mix and growth of earning assets and interest-bearing liabilities (volume)
|
1,225
|
|
|
6,091
|
|
||
Change due to interest rate fluctuations (rate)
|
3,766
|
|
|
7,398
|
|
||
Change due to number of days in each period
|
(3,175
|
)
|
|
—
|
|
||
Tax-equivalent net interest income for the period ended March 31, 2014
|
$
|
144,696
|
|
|
$
|
144,696
|
|
|
Three months ended March 31,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Brokerage
|
$
|
7,091
|
|
|
$
|
7,267
|
|
|
$
|
(176
|
)
|
|
(2
|
)%
|
Trust and asset management
|
9,722
|
|
|
7,561
|
|
|
2,161
|
|
|
29
|
|
|||
Total wealth management
|
16,813
|
|
|
14,828
|
|
|
1,985
|
|
|
13
|
|
|||
Mortgage banking
|
16,428
|
|
|
30,145
|
|
|
(13,717
|
)
|
|
(46
|
)
|
|||
Service charges on deposit accounts
|
5,346
|
|
|
4,793
|
|
|
553
|
|
|
12
|
|
|||
(Losses) gains on available-for-sale securities, net
|
(33
|
)
|
|
251
|
|
|
(284
|
)
|
|
(113
|
)
|
|||
Fees from covered call options
|
1,542
|
|
|
1,639
|
|
|
(97
|
)
|
|
(6
|
)
|
|||
Trading losses, net
|
(652
|
)
|
|
(435
|
)
|
|
(217
|
)
|
|
(50
|
)
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Interest rate swap fees
|
951
|
|
|
2,270
|
|
|
(1,319
|
)
|
|
(58
|
)
|
|||
Bank Owned Life Insurance
|
712
|
|
|
846
|
|
|
(134
|
)
|
|
(16
|
)
|
|||
Administrative services
|
859
|
|
|
738
|
|
|
121
|
|
|
16
|
|
|||
Miscellaneous
|
3,563
|
|
|
2,304
|
|
|
1,259
|
|
|
55
|
|
|||
Total Other
|
6,085
|
|
|
6,158
|
|
|
(73
|
)
|
|
(1
|
)
|
|||
Total Non-Interest Income
|
$
|
45,529
|
|
|
$
|
57,379
|
|
|
$
|
(11,850
|
)
|
|
(21
|
)%
|
|
Three months ended March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Mortgage loans originated and sold
|
$
|
527,272
|
|
|
$
|
974,432
|
|
Mortgage loans serviced for others
|
949,434
|
|
|
1,016,191
|
|
||
Fair value of mortgage servicing rights (MSRs)
|
8,719
|
|
|
7,344
|
|
||
MSRs as a percentage of loans serviced
|
0.92
|
%
|
|
0.72
|
%
|
|
Three months ended March 31,
|
|
$
|
|
%
|
|||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Salaries and employee benefits:
|
|
|
|
|
|
|
|
|||||||
Salaries
|
$
|
43,736
|
|
|
$
|
41,831
|
|
|
$
|
1,905
|
|
|
5
|
%
|
Commissions and bonus
|
21,534
|
|
|
21,276
|
|
|
258
|
|
|
1
|
|
|||
Benefits
|
14,664
|
|
|
14,406
|
|
|
258
|
|
|
2
|
|
|||
Total salaries and employee benefits
|
79,934
|
|
|
77,513
|
|
|
2,421
|
|
|
3
|
|
|||
Equipment
|
7,403
|
|
|
6,184
|
|
|
1,219
|
|
|
20
|
|
|||
Occupancy, net
|
10,993
|
|
|
8,853
|
|
|
2,140
|
|
|
24
|
|
|||
Data processing
|
4,715
|
|
|
4,599
|
|
|
116
|
|
|
3
|
|
|||
Advertising and marketing
|
2,816
|
|
|
2,040
|
|
|
776
|
|
|
38
|
|
|||
Professional fees
|
3,454
|
|
|
3,221
|
|
|
233
|
|
|
7
|
|
|||
Amortization of other intangible assets
|
1,163
|
|
|
1,120
|
|
|
43
|
|
|
4
|
|
|||
FDIC insurance
|
2,951
|
|
|
3,444
|
|
|
(493
|
)
|
|
(14
|
)
|
|||
OREO expense (income), net
|
3,976
|
|
|
(1,620
|
)
|
|
5,596
|
|
|
NM
|
|
|||
Other:
|
|
|
|
|
|
|
|
|||||||
Commissions—3rd party brokers
|
1,657
|
|
|
1,233
|
|
|
424
|
|
|
34
|
|
|||
Postage
|
1,429
|
|
|
1,249
|
|
|
180
|
|
|
14
|
|
|||
Stationery and supplies
|
892
|
|
|
934
|
|
|
(42
|
)
|
|
(4
|
)
|
|||
Miscellaneous
|
9,932
|
|
|
11,349
|
|
|
(1,417
|
)
|
|
(12
|
)
|
|||
Total other
|
13,910
|
|
|
14,765
|
|
|
(855
|
)
|
|
(6
|
)
|
|||
Total Non-Interest Expense
|
$
|
131,315
|
|
|
$
|
120,119
|
|
|
$
|
11,196
|
|
|
9
|
%
|
|
Three Months Ended
|
|||||||||||||||||||
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
$
|
3,307,025
|
|
|
21
|
%
|
|
$
|
3,145,292
|
|
|
20
|
%
|
|
$
|
2,841,360
|
|
|
18
|
%
|
Commercial real-estate
|
4,256,012
|
|
|
26
|
|
|
4,198,126
|
|
|
26
|
|
|
3,916,871
|
|
|
25
|
|
|||
Home equity
|
712,604
|
|
|
4
|
|
|
730,464
|
|
|
5
|
|
|
774,772
|
|
|
5
|
|
|||
Residential real-estate
(1)
|
661,253
|
|
|
4
|
|
|
712,798
|
|
|
4
|
|
|
751,473
|
|
|
5
|
|
|||
Premium finance receivables
|
4,167,530
|
|
|
26
|
|
|
4,071,716
|
|
|
25
|
|
|
3,777,563
|
|
|
24
|
|
|||
Other loans
|
173,698
|
|
|
1
|
|
|
185,270
|
|
|
1
|
|
|
190,519
|
|
|
2
|
|
|||
Total loans, net of unearned income excluding covered loans
(2)
|
$
|
13,278,122
|
|
|
82
|
%
|
|
$
|
13,043,666
|
|
|
81
|
%
|
|
$
|
12,252,558
|
|
|
79
|
%
|
Covered loans
|
325,885
|
|
|
2
|
|
|
388,148
|
|
|
3
|
|
|
536,284
|
|
|
3
|
|
|||
Total average loans
(2)
|
$
|
13,604,007
|
|
|
84
|
%
|
|
$
|
13,431,814
|
|
|
84
|
%
|
|
$
|
12,788,842
|
|
|
82
|
%
|
Liquidity management assets
(3)
|
$
|
2,646,720
|
|
|
16
|
%
|
|
$
|
2,613,876
|
|
|
16
|
%
|
|
2,797,310
|
|
|
18
|
%
|
|
Other earning assets
(4)
|
28,925
|
|
|
—
|
|
|
28,746
|
|
|
—
|
|
|
24,205
|
|
|
—
|
|
|||
Total average earning assets
|
$
|
16,279,652
|
|
|
100
|
%
|
|
$
|
16,074,436
|
|
|
100
|
%
|
|
$
|
15,610,357
|
|
|
100
|
%
|
Total average assets
|
$
|
17,980,943
|
|
|
|
|
$
|
17,835,999
|
|
|
|
|
$
|
17,256,843
|
|
|
|
|||
Total average earning assets to total average assets
|
|
|
91
|
%
|
|
|
|
90
|
%
|
|
|
|
90
|
%
|
(1)
|
Includes mortgage loans held-for-sale
|
(2)
|
Includes loans held-for-sale and non-accrual loans
|
(3)
|
Liquidity management assets include available-for-sale securities, other securities, interest earning deposits with banks, federal funds sold and securities purchased under resale agreements
|
(4)
|
Other earning assets include brokerage customer receivables and trading account securities
|
Time Certificates of Deposit
Maturity/Re-pricing Analysis As of March 31, 2014
(Dollars in thousands)
|
|
CDARs &
Brokered
Certificates
of Deposit
(1)
|
|
MaxSafe
Certificates
of Deposit
(1)
|
|
Variable Rate
Certificates
of Deposit
(2)
|
|
Other Fixed
Rate Certificates
of Deposit
(1)
|
|
Total Time
Certificates of
Deposits
|
|
Weighted-Average
Rate of Maturing
Time Certificates
of Deposit
(3)
|
|||||||||||
1-3 months
|
|
$
|
5,113
|
|
|
$
|
65,185
|
|
|
$
|
158,924
|
|
|
$
|
677,414
|
|
|
$
|
906,636
|
|
|
0.50
|
%
|
4-6 months
|
|
18,241
|
|
|
71,470
|
|
|
—
|
|
|
533,772
|
|
|
623,483
|
|
|
0.62
|
%
|
|||||
7-9 months
|
|
80,000
|
|
|
43,148
|
|
|
—
|
|
|
470,978
|
|
|
594,126
|
|
|
0.57
|
%
|
|||||
10-12 months
|
|
95,661
|
|
|
31,194
|
|
|
—
|
|
|
412,183
|
|
|
539,038
|
|
|
1.01
|
%
|
|||||
13-18 months
|
|
72,302
|
|
|
22,877
|
|
|
—
|
|
|
527,552
|
|
|
622,731
|
|
|
1.05
|
%
|
|||||
19-24 months
|
|
2,167
|
|
|
22,515
|
|
|
—
|
|
|
199,832
|
|
|
224,514
|
|
|
1.11
|
%
|
|||||
24+ months
|
|
163,712
|
|
|
15,495
|
|
|
—
|
|
|
494,789
|
|
|
673,996
|
|
|
1.18
|
%
|
|||||
Total
|
|
$
|
437,196
|
|
|
$
|
271,884
|
|
|
$
|
158,924
|
|
|
$
|
3,316,520
|
|
|
$
|
4,184,524
|
|
|
0.82
|
%
|
(1)
|
This category of certificates of deposit is shown by contractual maturity date.
|
(2)
|
This category includes variable rate certificates of deposit and savings certificates with the majority repricing on at least a monthly basis.
|
(3)
|
Weighted-average rate excludes the impact of purchase accounting fair value adjustments.
|
|
Three Months Ended
|
|||||||||||||||||||
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
Non-interest bearing
|
$
|
2,726,872
|
|
|
18
|
%
|
|
$
|
2,723,360
|
|
|
19
|
%
|
|
$
|
2,290,725
|
|
|
16
|
%
|
NOW
|
1,934,403
|
|
|
13
|
|
|
1,915,450
|
|
|
13
|
|
|
2,005,668
|
|
|
14
|
|
|||
Wealth management deposits
|
1,214,576
|
|
|
8
|
|
|
1,025,205
|
|
|
7
|
|
|
966,219
|
|
|
7
|
|
|||
Money market
|
3,396,773
|
|
|
23
|
|
|
3,389,910
|
|
|
23
|
|
|
2,804,256
|
|
|
20
|
|
|||
Savings
|
1,415,653
|
|
|
10
|
|
|
1,350,147
|
|
|
9
|
|
|
1,251,759
|
|
|
9
|
|
|||
Time certificates of deposit
|
4,159,780
|
|
|
28
|
|
|
4,264,602
|
|
|
29
|
|
|
4,829,498
|
|
|
34
|
|
|||
Total average deposits
|
$
|
14,848,057
|
|
|
100
|
%
|
|
$
|
14,668,674
|
|
|
100
|
%
|
|
$
|
14,148,125
|
|
|
100
|
%
|
|
March 31,
|
|
December 31,
|
||||||||||||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Total deposits
|
$
|
15,129,045
|
|
|
$
|
13,962,757
|
|
|
$
|
14,668,789
|
|
|
$
|
14,428,544
|
|
|
$
|
12,307,267
|
|
Brokered deposits
|
800,266
|
|
|
538,128
|
|
|
476,139
|
|
|
787,812
|
|
|
674,013
|
|
|||||
Brokered deposits as a percentage of total deposits
|
5.3
|
%
|
|
3.9
|
%
|
|
3.2
|
%
|
|
5.5
|
%
|
|
5.5
|
%
|
|
Three Months Ended
|
||||||||||
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2013
|
||||||
Notes payable
|
$
|
362
|
|
|
$
|
947
|
|
|
$
|
3,424
|
|
Federal Home Loan Bank advances
|
388,975
|
|
|
389,583
|
|
|
414,092
|
|
|||
Other borrowings:
|
|
|
|
|
|
||||||
Federal funds purchased
|
797
|
|
|
359
|
|
|
108
|
|
|||
Securities sold under repurchase agreements
|
224,480
|
|
|
226,925
|
|
|
258,360
|
|
|||
Other
|
19,311
|
|
|
22,937
|
|
|
35,259
|
|
|||
Total other borrowings
|
$
|
244,588
|
|
|
$
|
250,221
|
|
|
$
|
293,727
|
|
Subordinated notes
|
—
|
|
|
4,022
|
|
|
15,000
|
|
|||
Junior subordinated debentures
|
249,493
|
|
|
249,493
|
|
|
249,493
|
|
|||
Total other funding sources
|
$
|
883,418
|
|
|
$
|
894,266
|
|
|
$
|
975,736
|
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|||
Leverage ratio
|
10.4
|
%
|
|
10.5
|
%
|
|
10.2
|
%
|
Tier 1 capital to risk-weighted assets
|
12.0
|
|
|
12.2
|
|
|
12.4
|
|
Total capital to risk-weighted assets
|
12.6
|
|
|
12.9
|
|
|
13.5
|
|
Total average equity-to-total average assets
(1)
|
10.7
|
|
|
10.6
|
|
|
10.5
|
|
(1)
|
Based on quarterly average balances.
|
|
Minimum
Capital
Requirements
|
|
Well
Capitalized
|
||
Leverage ratio
|
4.0
|
%
|
|
5.0
|
%
|
Tier 1 capital to risk-weighted assets
|
4.0
|
|
|
6.0
|
|
Total capital to risk-weighted assets
|
8.0
|
|
|
10.0
|
|
•
|
Revises regulatory capital definitions and minimum ratios
|
•
|
Redefines Tier 1 Capital as two components
|
◦
|
Common Equity Tier 1 Capital
|
◦
|
Additional Tier 1 Capital
|
•
|
Creates a new capital ratio - Common Equity Tier 1 Risk-based Capital Ratio
|
•
|
Implements a capital conservation buffer
|
•
|
Revises prompt corrective action (“PCA”) thresholds and adds the new ratio to the PCA framework
|
•
|
Changes risk weights for certain assets and off-balance sheet exposures
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
|||||||||||||||
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|||||||||
(Dollars in thousands)
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|
Amount
|
|
Total
|
|||||||||
Commercial
|
$
|
3,439,197
|
|
|
26
|
%
|
|
$
|
3,253,687
|
|
|
25
|
%
|
|
$
|
2,872,695
|
|
|
23
|
%
|
Commercial real-estate
|
4,262,255
|
|
|
32
|
|
|
4,230,035
|
|
|
32
|
|
|
3,990,465
|
|
|
32
|
|
|||
Home equity
|
707,748
|
|
|
5
|
|
|
719,137
|
|
|
5
|
|
|
759,218
|
|
|
6
|
|
|||
Residential real-estate
|
426,769
|
|
|
3
|
|
|
434,992
|
|
|
3
|
|
|
360,652
|
|
|
3
|
|
|||
Premium finance receivables—commercial
|
2,208,361
|
|
|
17
|
|
|
2,167,565
|
|
|
16
|
|
|
1,997,160
|
|
|
16
|
|
|||
Premium finance receivables—life insurance
|
1,929,334
|
|
|
14
|
|
|
1,923,698
|
|
|
15
|
|
|
1,753,512
|
|
|
14
|
|
|||
Consumer and other
|
159,496
|
|
|
1
|
|
|
167,488
|
|
|
1
|
|
|
166,610
|
|
|
2
|
|
|||
Total loans, net of unearned income, excluding covered loans
|
$
|
13,133,160
|
|
|
98
|
%
|
|
$
|
12,896,602
|
|
|
97
|
%
|
|
$
|
11,900,312
|
|
|
96
|
%
|
Covered loans
|
312,478
|
|
|
2
|
|
|
346,431
|
|
|
3
|
|
|
518,661
|
|
|
4
|
|
|||
Total loans
|
$
|
13,445,638
|
|
|
100
|
%
|
|
$
|
13,243,033
|
|
|
100
|
%
|
|
$
|
12,418,973
|
|
|
100
|
%
|
As of March 31, 2014
|
|
|
% of
|
|
|
|
> 90 Days
Past Due
|
|
Allowance
For Loan
|
|||||||||
|
|
Total
|
|
|
|
and Still
|
|
Losses
|
||||||||||
(Dollars in thousands)
|
Balance
|
|
Balance
|
|
Nonaccrual
|
|
Accruing
|
|
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
1,995,309
|
|
|
26.0
|
%
|
|
$
|
11,112
|
|
|
$
|
387
|
|
|
$
|
16,018
|
|
Franchise
|
221,101
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
1,482
|
|
||||
Mortgage warehouse lines of credit
|
60,809
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
494
|
|
||||
Community Advantage—homeowner associations
|
91,414
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Aircraft
|
8,840
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
17
|
|
||||
Asset-based lending
|
740,668
|
|
|
9.6
|
|
|
670
|
|
|
—
|
|
|
5,303
|
|
||||
Tax exempt
|
177,973
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
1,240
|
|
||||
Leases
|
121,986
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Other
|
10,261
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
PCI - commercial loans
(1)
|
10,836
|
|
|
0.1
|
|
|
—
|
|
|
1,079
|
|
|
70
|
|
||||
Total commercial
|
$
|
3,439,197
|
|
|
44.7
|
%
|
|
$
|
11,782
|
|
|
$
|
1,466
|
|
|
$
|
24,689
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
$
|
36,397
|
|
|
0.5
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
775
|
|
Commercial construction
|
151,630
|
|
|
2.0
|
|
|
844
|
|
|
—
|
|
|
2,298
|
|
||||
Land
|
107,970
|
|
|
1.4
|
|
|
2,405
|
|
|
—
|
|
|
2,990
|
|
||||
Office
|
651,165
|
|
|
8.5
|
|
|
6,970
|
|
|
—
|
|
|
5,767
|
|
||||
Industrial
|
625,060
|
|
|
8.1
|
|
|
6,101
|
|
|
—
|
|
|
4,964
|
|
||||
Retail
|
677,430
|
|
|
8.8
|
|
|
9,540
|
|
|
—
|
|
|
5,569
|
|
||||
Multi-family
|
575,763
|
|
|
7.5
|
|
|
1,327
|
|
|
—
|
|
|
9,863
|
|
||||
Mixed use and other
|
1,361,236
|
|
|
17.5
|
|
|
6,546
|
|
|
—
|
|
|
12,379
|
|
||||
PCI - commercial real-estate
(1)
|
75,604
|
|
|
1.0
|
|
|
—
|
|
|
21,073
|
|
|
—
|
|
||||
Total commercial real-estate
|
$
|
4,262,255
|
|
|
55.3
|
%
|
|
$
|
33,733
|
|
|
$
|
21,073
|
|
|
$
|
44,605
|
|
Total commercial and commercial real-estate
|
$
|
7,701,452
|
|
|
100.0
|
%
|
|
$
|
45,515
|
|
|
$
|
22,539
|
|
|
$
|
69,294
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
$
|
3,637,173
|
|
|
85.3
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
361,619
|
|
|
8.5
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
$
|
3,998,792
|
|
|
93.8
|
%
|
|
|
|
|
|
|
||||||
Florida
|
67,260
|
|
|
1.6
|
|
|
|
|
|
|
|
|||||||
Arizona
|
15,487
|
|
|
0.4
|
|
|
|
|
|
|
|
|||||||
Indiana
|
79,469
|
|
|
1.9
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
101,247
|
|
|
2.3
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
4,262,255
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
|
|
% of
|
|
|
|
> 90 Days
Past Due
|
|
Allowance
For Loan
|
|||||||||
As of March 31, 2013
|
|
|
Total
|
|
|
|
and Still
|
|
Losses
|
|||||||||
(Dollars in thousands)
|
Balance
|
|
Balance
|
|
Nonaccrual
|
|
Accruing
|
|
Allocation
|
|||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial and industrial
|
$
|
1,569,576
|
|
|
22.9
|
%
|
|
$
|
17,717
|
|
|
$
|
—
|
|
|
$
|
18,279
|
|
Franchise
|
194,511
|
|
|
2.8
|
|
|
125
|
|
|
—
|
|
|
1,655
|
|
||||
Mortgage warehouse lines of credit
|
131,970
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
1,288
|
|
||||
Community Advantage—homeowner associations
|
82,763
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
207
|
|
||||
Aircraft
|
14,112
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
74
|
|
||||
Asset-based lending
|
687,255
|
|
|
10.0
|
|
|
531
|
|
|
—
|
|
|
6,307
|
|
||||
Tax exempt
|
89,508
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
880
|
|
||||
Leases
|
98,030
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
261
|
|
||||
Other
|
127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
PCI - commercial loans
(1)
|
4,843
|
|
|
—
|
|
|
—
|
|
|
449
|
|
|
—
|
|
||||
Total commercial
|
$
|
2,872,695
|
|
|
41.7
|
%
|
|
$
|
18,373
|
|
|
$
|
449
|
|
|
$
|
28,952
|
|
Commercial Real-Estate:
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential construction
|
$
|
37,083
|
|
|
0.5
|
%
|
|
$
|
3,094
|
|
|
$
|
—
|
|
|
$
|
1,200
|
|
Commercial construction
|
162,358
|
|
|
2.4
|
|
|
1,086
|
|
|
—
|
|
|
2,749
|
|
||||
Land
|
133,578
|
|
|
2.0
|
|
|
17,976
|
|
|
—
|
|
|
5,198
|
|
||||
Office
|
584,684
|
|
|
8.5
|
|
|
3,564
|
|
|
—
|
|
|
5,634
|
|
||||
Industrial
|
595,525
|
|
|
8.7
|
|
|
7,137
|
|
|
—
|
|
|
6,602
|
|
||||
Retail
|
586,801
|
|
|
8.6
|
|
|
7,915
|
|
|
—
|
|
|
5,592
|
|
||||
Multi-family
|
512,785
|
|
|
7.5
|
|
|
2,088
|
|
|
—
|
|
|
12,778
|
|
||||
Mixed use and other
|
1,322,834
|
|
|
19.3
|
|
|
18,947
|
|
|
—
|
|
|
16,458
|
|
||||
PCI - commercial real-estate
(1)
|
54,817
|
|
|
0.8
|
|
|
—
|
|
|
1,866
|
|
|
197
|
|
||||
Total commercial real-estate
|
$
|
3,990,465
|
|
|
58.3
|
%
|
|
$
|
61,807
|
|
|
$
|
1,866
|
|
|
$
|
56,408
|
|
Total commercial and commercial real-estate
|
$
|
6,863,160
|
|
|
100.0
|
%
|
|
$
|
80,180
|
|
|
$
|
2,315
|
|
|
$
|
85,360
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real-estate—collateral location by state:
|
|
|
|
|
|
|
|
|
|
|||||||||
Illinois
|
$
|
3,359,815
|
|
|
84.2
|
%
|
|
|
|
|
|
|
||||||
Wisconsin
|
334,333
|
|
|
8.4
|
|
|
|
|
|
|
|
|||||||
Total primary markets
|
$
|
3,694,148
|
|
|
92.6
|
%
|
|
|
|
|
|
|
||||||
Florida
|
64,999
|
|
|
1.6
|
|
|
|
|
|
|
|
|||||||
Arizona
|
39,442
|
|
|
1.0
|
|
|
|
|
|
|
|
|||||||
Indiana
|
53,401
|
|
|
1.3
|
|
|
|
|
|
|
|
|||||||
Other (no individual state greater than 0.5%)
|
138,475
|
|
|
3.5
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
3,990,465
|
|
|
100.0
|
%
|
|
|
|
|
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
As of March 31, 2014
|
One year or less
|
|
From one to five years
|
|
Over five years
|
|
|
||||||||
(Dollars in thousands)
|
|
|
|
Total
|
|||||||||||
Commercial
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
71,073
|
|
|
$
|
392,092
|
|
|
$
|
163,214
|
|
|
$
|
626,379
|
|
Variable rate
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
516,699
|
|
|
468
|
|
|
—
|
|
|
517,167
|
|
||||
Without floor feature
|
2,278,618
|
|
|
4,667
|
|
|
12,366
|
|
|
2,295,651
|
|
||||
Total commercial
|
2,866,390
|
|
|
397,227
|
|
|
175,580
|
|
|
3,439,197
|
|
||||
Commercial real-estate
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
332,772
|
|
|
$
|
1,357,659
|
|
|
$
|
176,297
|
|
|
$
|
1,866,728
|
|
Variable rate
|
|
|
|
|
|
|
|
||||||||
With floor feature
|
436,072
|
|
|
16,094
|
|
|
—
|
|
|
452,166
|
|
||||
Without floor feature
|
1,907,730
|
|
|
34,310
|
|
|
1,321
|
|
|
1,943,361
|
|
||||
Total commercial real-estate
|
2,676,574
|
|
|
1,408,063
|
|
|
177,618
|
|
|
4,262,255
|
|
1 Rating —
|
|
Minimal Risk (Loss Potential – none or extremely low) (Superior asset quality, excellent liquidity, minimal leverage)
|
|
|
|
2 Rating —
|
|
Modest Risk (Loss Potential demonstrably low) (Very good asset quality and liquidity, strong leverage capacity)
|
|
|
|
3 Rating —
|
|
Average Risk (Loss Potential low but no longer refutable) (Mostly satisfactory asset quality and liquidity, good leverage capacity)
|
|
|
|
4 Rating —
|
|
Above Average Risk (Loss Potential variable, but some potential for deterioration) (Acceptable asset quality, little excess liquidity, modest leverage capacity)
|
|
|
|
5 Rating —
|
|
Management Attention Risk (Loss Potential moderate if corrective action not taken) (Generally acceptable asset quality, somewhat strained liquidity, minimal leverage capacity)
|
|
|
|
6 Rating —
|
|
Special Mention (Loss Potential moderate if corrective action not taken) (Assets in this category are currently protected, potentially weak, but not to the point of substandard classification)
|
|
|
|
7 Rating —
|
|
Substandard Accrual (Loss Potential distinct possibility that the bank may sustain some loss, but no discernable impairment) (Must have well defined weaknesses that jeopardize the liquidation of the debt)
|
|
|
|
8 Rating —
|
|
Substandard Non-accrual (Loss Potential well documented probability of loss, including potential impairment) (Must have well defined weaknesses that jeopardize the liquidation of the debt)
|
|
|
|
9 Rating —
|
|
Doubtful (Loss Potential extremely high) (These assets have all the weaknesses in those classified “substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly improbable)
|
|
|
|
10 Rating —
|
|
Loss (fully charged-off) (Loans in this category are considered fully uncollectible.)
|
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
Loans past due greater than 90 days and still accruing
(1)
:
|
|
|
|
|
|
||||||
Commercial
|
$
|
387
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real-estate
|
—
|
|
|
230
|
|
|
—
|
|
|||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|||
Residential real-estate
|
—
|
|
|
—
|
|
|
—
|
|
|||
Premium finance receivables—commercial
|
6,808
|
|
|
8,842
|
|
|
7,677
|
|
|||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
2,256
|
|
|||
Consumer and other
|
57
|
|
|
105
|
|
|
145
|
|
|||
Total loans past due greater than 90 days and still accruing
|
7,252
|
|
|
9,177
|
|
|
10,078
|
|
|||
Non-accrual loans
(2)
:
|
|
|
|
|
|
||||||
Commercial
|
11,782
|
|
|
10,780
|
|
|
18,373
|
|
|||
Commercial real-estate
|
33,733
|
|
|
46,658
|
|
|
61,807
|
|
|||
Home equity
|
7,311
|
|
|
10,071
|
|
|
14,891
|
|
|||
Residential real-estate
|
14,385
|
|
|
14,974
|
|
|
9,606
|
|
|||
Premium finance receivables—commercial
|
14,517
|
|
|
10,537
|
|
|
12,068
|
|
|||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
20
|
|
|||
Consumer and other
|
1,144
|
|
|
1,137
|
|
|
1,790
|
|
|||
Total non-accrual loans
|
82,872
|
|
|
94,157
|
|
|
118,555
|
|
|||
Total non-performing loans:
|
|
|
|
|
|
||||||
Commercial
|
12,169
|
|
|
10,780
|
|
|
18,373
|
|
|||
Commercial real-estate
|
33,733
|
|
|
46,888
|
|
|
61,807
|
|
|||
Home equity
|
7,311
|
|
|
10,071
|
|
|
14,891
|
|
|||
Residential real-estate
|
14,385
|
|
|
14,974
|
|
|
9,606
|
|
|||
Premium finance receivables—commercial
|
21,325
|
|
|
19,379
|
|
|
19,745
|
|
|||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
2,276
|
|
|||
Consumer and other
|
1,201
|
|
|
1,242
|
|
|
1,935
|
|
|||
Total non-performing loans
|
$
|
90,124
|
|
|
$
|
103,334
|
|
|
$
|
128,633
|
|
Other real estate owned
|
48,115
|
|
|
43,632
|
|
|
50,593
|
|
|||
Other real estate owned—obtained in acquisition
|
6,016
|
|
|
6,822
|
|
|
5,584
|
|
|||
Other repossessed assets
|
426
|
|
|
542
|
|
|
4,315
|
|
|||
Total non-performing assets
|
$
|
144,681
|
|
|
$
|
154,330
|
|
|
$
|
189,125
|
|
TDRs performing under the contractual terms of the loan agreement
|
74,622
|
|
|
78,610
|
|
|
97,122
|
|
|||
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
|
|
|
|
|
|
||||||
Commercial
|
0.35
|
%
|
|
0.33
|
%
|
|
0.64
|
%
|
|||
Commercial real-estate
|
0.79
|
|
|
1.11
|
|
|
1.55
|
|
|||
Home equity
|
1.03
|
|
|
1.40
|
|
|
1.96
|
|
|||
Residential real-estate
|
3.37
|
|
|
3.44
|
|
|
2.66
|
|
|||
Premium finance receivables—commercial
|
0.97
|
|
|
0.89
|
|
|
0.99
|
|
|||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
|
0.13
|
|
|||
Consumer and other
|
0.75
|
|
|
0.74
|
|
|
1.16
|
|
|||
Total non-performing loans
|
0.69
|
%
|
|
0.80
|
%
|
|
1.08
|
%
|
|||
Total non-performing assets, as a percentage of total assets
|
0.79
|
%
|
|
0.85
|
%
|
|
1.11
|
%
|
|||
Allowance for loan losses as a percentage of total non-performing loans
|
102.39
|
%
|
|
93.80
|
%
|
|
85.79
|
%
|
(Dollars in thousands)
|
March 31, 2014
|
|
March 31, 2013
|
||||
Non-performing premium finance receivables—commercial
|
$
|
21,325
|
|
|
$
|
19,745
|
|
- as a percent of premium finance receivables—commercial outstanding
|
0.97
|
%
|
|
0.99
|
%
|
||
Net charge-offs of premium finance receivables—commercial
|
$
|
891
|
|
|
$
|
783
|
|
- annualized as a percent of average premium finance receivables—commercial
|
0.16
|
%
|
|
0.16
|
%
|
|
|
|
90+ days
|
|
60-89
|
|
30-59
|
|
|
|
|
||||||||||||
As of March 31, 2014
|
|
|
and still
|
|
days past
|
|
days past
|
|
|
|
|
||||||||||||
(Dollars in thousands)
|
Nonaccrual
|
|
accruing
|
|
due
|
|
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
11,112
|
|
|
$
|
387
|
|
|
$
|
2,235
|
|
|
$
|
16,150
|
|
|
$
|
1,965,425
|
|
|
$
|
1,995,309
|
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
221,026
|
|
|
221,101
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,809
|
|
|
60,809
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,414
|
|
|
91,414
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,840
|
|
|
8,840
|
|
||||||
Asset-based lending
|
670
|
|
|
—
|
|
|
—
|
|
|
10,573
|
|
|
729,425
|
|
|
740,668
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,973
|
|
|
177,973
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,986
|
|
|
121,986
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,261
|
|
|
10,261
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
1,079
|
|
|
—
|
|
|
865
|
|
|
8,892
|
|
|
10,836
|
|
||||||
Total commercial
|
11,782
|
|
|
1,466
|
|
|
2,235
|
|
|
27,663
|
|
|
3,396,051
|
|
|
3,439,197
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
—
|
|
|
—
|
|
|
680
|
|
|
27
|
|
|
35,690
|
|
|
36,397
|
|
||||||
Commercial construction
|
844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,786
|
|
|
151,630
|
|
||||||
Land
|
2,405
|
|
|
—
|
|
|
2,682
|
|
|
3,438
|
|
|
99,445
|
|
|
107,970
|
|
||||||
Office
|
6,970
|
|
|
—
|
|
|
1,672
|
|
|
8,868
|
|
|
633,655
|
|
|
651,165
|
|
||||||
Industrial
|
6,101
|
|
|
—
|
|
|
1,114
|
|
|
2,706
|
|
|
615,139
|
|
|
625,060
|
|
||||||
Retail
|
9,540
|
|
|
—
|
|
|
217
|
|
|
3,089
|
|
|
664,584
|
|
|
677,430
|
|
||||||
Multi-family
|
1,327
|
|
|
—
|
|
|
—
|
|
|
3,820
|
|
|
570,616
|
|
|
575,763
|
|
||||||
Mixed use and other
|
6,546
|
|
|
—
|
|
|
6,626
|
|
|
10,744
|
|
|
1,337,320
|
|
|
1,361,236
|
|
||||||
PCI - commercial real-estate
(1)
|
—
|
|
|
21,073
|
|
|
2,791
|
|
|
6,169
|
|
|
45,571
|
|
|
75,604
|
|
||||||
Total commercial real-estate
|
33,733
|
|
|
21,073
|
|
|
15,782
|
|
|
38,861
|
|
|
4,152,806
|
|
|
4,262,255
|
|
||||||
Home equity
|
7,311
|
|
|
—
|
|
|
1,650
|
|
|
4,972
|
|
|
693,815
|
|
|
707,748
|
|
||||||
Residential real-estate
|
14,385
|
|
|
—
|
|
|
946
|
|
|
4,889
|
|
|
403,474
|
|
|
423,694
|
|
||||||
PCI - residential real-estate
(1)
|
—
|
|
|
1,414
|
|
|
—
|
|
|
248
|
|
|
1,413
|
|
|
3,075
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
14,517
|
|
|
6,808
|
|
|
5,600
|
|
|
20,777
|
|
|
2,160,659
|
|
|
2,208,361
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
—
|
|
|
4,312
|
|
|
1,511,820
|
|
|
1,516,132
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413,202
|
|
|
413,202
|
|
||||||
Consumer and other
|
1,144
|
|
|
57
|
|
|
213
|
|
|
550
|
|
|
157,290
|
|
|
159,254
|
|
||||||
PCI - consumer and other
(1)
|
—
|
|
|
48
|
|
|
—
|
|
|
20
|
|
|
174
|
|
|
242
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
82,872
|
|
|
$
|
30,866
|
|
|
$
|
26,426
|
|
|
$
|
102,292
|
|
|
$
|
12,890,704
|
|
|
$
|
13,133,160
|
|
Covered loans
|
9,136
|
|
|
35,831
|
|
|
6,682
|
|
|
7,042
|
|
|
253,787
|
|
|
312,478
|
|
||||||
Total loans, net of unearned income
|
$
|
92,008
|
|
|
$
|
66,697
|
|
|
$
|
33,108
|
|
|
$
|
109,334
|
|
|
$
|
13,144,491
|
|
|
$
|
13,445,638
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
Aging as a % of Loan Balance:
As of March 31, 2014 |
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
|
0.6
|
%
|
|
—
|
%
|
|
0.1
|
%
|
|
0.8
|
%
|
|
98.5
|
%
|
|
100.0
|
%
|
Franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Asset-based lending
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
98.5
|
|
|
100.0
|
|
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
PCI - commercial
(1)
|
—
|
|
|
10.0
|
|
|
—
|
|
|
8.0
|
|
|
82.0
|
|
|
100.0
|
|
Total commercial
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
0.8
|
|
|
98.8
|
|
|
100.0
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
—
|
|
|
—
|
|
|
1.9
|
|
|
0.1
|
|
|
98.0
|
|
|
100.0
|
|
Commercial construction
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99.4
|
|
|
100.0
|
|
Land
|
2.2
|
|
|
—
|
|
|
2.5
|
|
|
3.2
|
|
|
92.1
|
|
|
100.0
|
|
Office
|
1.1
|
|
|
—
|
|
|
0.3
|
|
|
1.4
|
|
|
97.2
|
|
|
100.0
|
|
Industrial
|
1.0
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
98.4
|
|
|
100.0
|
|
Retail
|
1.4
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
98.1
|
|
|
100.0
|
|
Multi-family
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
99.1
|
|
|
100.0
|
|
Mixed use and other
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
0.8
|
|
|
98.2
|
|
|
100.0
|
|
PCI - commercial real-estate
(1)
|
—
|
|
|
27.9
|
|
|
3.7
|
|
|
8.2
|
|
|
60.2
|
|
|
100.0
|
|
Total commercial real-estate
|
0.8
|
|
|
0.5
|
|
|
0.4
|
|
|
0.9
|
|
|
97.4
|
|
|
100.0
|
|
Home equity
|
1.0
|
|
|
—
|
|
|
0.2
|
|
|
0.7
|
|
|
98.1
|
|
|
100.0
|
|
Residential real-estate
|
3.4
|
|
|
—
|
|
|
0.2
|
|
|
1.2
|
|
|
95.2
|
|
|
100.0
|
|
PCI - residential real-estate
(1)
|
—
|
|
|
46.0
|
|
|
—
|
|
|
8.1
|
|
|
45.9
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
0.7
|
|
|
0.3
|
|
|
0.3
|
|
|
0.9
|
|
|
97.8
|
|
|
100.0
|
|
Life insurance loans
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
99.7
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other
|
0.7
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
98.9
|
|
|
100.0
|
|
PCI - consumer and other
(1)
|
—
|
|
|
19.8
|
|
|
—
|
|
|
8.3
|
|
|
71.9
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
0.6
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.8
|
%
|
|
98.2
|
%
|
|
100.0
|
%
|
Covered loans
|
2.9
|
|
|
11.5
|
|
|
2.1
|
|
|
2.3
|
|
|
81.2
|
|
|
100.0
|
|
Total loans, net of unearned income
|
0.7
|
%
|
|
0.5
|
%
|
|
0.2
|
%
|
|
0.8
|
%
|
|
97.8
|
%
|
|
100.0
|
%
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
As of December 31, 2013
(Dollars in thousands)
|
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||||||||
Loan Balances:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
(2)
|
$
|
10,143
|
|
|
$
|
—
|
|
|
$
|
4,938
|
|
|
$
|
7,404
|
|
|
$
|
1,813,721
|
|
|
$
|
1,836,206
|
|
Franchise
|
—
|
|
|
—
|
|
|
400
|
|
|
—
|
|
|
219,983
|
|
|
220,383
|
|
||||||
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,470
|
|
|
67,470
|
|
||||||
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,894
|
|
|
90,894
|
|
||||||
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,241
|
|
|
10,241
|
|
||||||
Asset-based lending
(2)
|
637
|
|
|
—
|
|
|
388
|
|
|
1,878
|
|
|
732,190
|
|
|
735,093
|
|
||||||
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161,239
|
|
|
161,239
|
|
||||||
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
788
|
|
|
109,043
|
|
|
109,831
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,147
|
|
|
11,147
|
|
||||||
PCI - commercial
(1)
|
—
|
|
|
274
|
|
|
156
|
|
|
1,685
|
|
|
9,068
|
|
|
11,183
|
|
||||||
Total commercial
|
10,780
|
|
|
274
|
|
|
5,882
|
|
|
11,755
|
|
|
3,224,996
|
|
|
3,253,687
|
|
||||||
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential construction
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,351
|
|
|
38,500
|
|
||||||
Commercial construction
|
6,969
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
129,232
|
|
|
136,706
|
|
||||||
Land
|
2,814
|
|
|
—
|
|
|
4,224
|
|
|
619
|
|
|
99,128
|
|
|
106,785
|
|
||||||
Office
|
10,087
|
|
|
—
|
|
|
2,265
|
|
|
3,862
|
|
|
626,027
|
|
|
642,241
|
|
||||||
Industrial
|
5,654
|
|
|
—
|
|
|
585
|
|
|
914
|
|
|
626,785
|
|
|
633,938
|
|
||||||
Retail
|
10,862
|
|
|
—
|
|
|
837
|
|
|
2,435
|
|
|
642,125
|
|
|
656,259
|
|
||||||
Multi-family
|
2,035
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
564,154
|
|
|
566,537
|
|
||||||
Mixed use and other
(2)
|
8,088
|
|
|
230
|
|
|
3,943
|
|
|
15,949
|
|
|
1,344,244
|
|
|
1,372,454
|
|
||||||
PCI - commercial real-estate
(1)
|
—
|
|
|
18,582
|
|
|
3,540
|
|
|
5,238
|
|
|
49,255
|
|
|
76,615
|
|
||||||
Total commercial real-estate
|
46,658
|
|
|
18,812
|
|
|
15,394
|
|
|
29,870
|
|
|
4,119,301
|
|
|
4,230,035
|
|
||||||
Home equity
|
10,071
|
|
|
—
|
|
|
1,344
|
|
|
3,060
|
|
|
704,662
|
|
|
719,137
|
|
||||||
Residential real-estate
|
14,974
|
|
|
—
|
|
|
1,689
|
|
|
5,032
|
|
|
410,430
|
|
|
432,125
|
|
||||||
Purchased non-covered residential real-estate
(1)
|
—
|
|
|
1,988
|
|
|
—
|
|
|
—
|
|
|
879
|
|
|
2,867
|
|
||||||
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial insurance loans
|
10,537
|
|
|
8,842
|
|
|
6,912
|
|
|
24,094
|
|
|
2,117,180
|
|
|
2,167,565
|
|
||||||
Life insurance loans
|
—
|
|
|
—
|
|
|
2,524
|
|
|
1,808
|
|
|
1,495,460
|
|
|
1,499,792
|
|
||||||
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,906
|
|
|
423,906
|
|
||||||
Consumer and other
|
1,137
|
|
|
105
|
|
|
76
|
|
|
1,010
|
|
|
163,956
|
|
|
166,284
|
|
||||||
PCI - consumer and other
(1)
|
—
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
1,023
|
|
|
1,204
|
|
||||||
Total loans, net of unearned income, excluding covered loans
|
$
|
94,157
|
|
|
$
|
30,202
|
|
|
$
|
33,821
|
|
|
$
|
76,629
|
|
|
$
|
12,661,793
|
|
|
$
|
12,896,602
|
|
Covered loans
|
9,425
|
|
|
56,282
|
|
|
5,877
|
|
|
7,937
|
|
|
266,910
|
|
|
346,431
|
|
||||||
Total loans, net of unearned income
|
$
|
103,582
|
|
|
$
|
86,484
|
|
|
$
|
39,698
|
|
|
$
|
84,566
|
|
|
$
|
12,928,703
|
|
|
$
|
13,243,033
|
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
Aging as a % of Loan Balance:
As of December 31, 2013 |
Nonaccrual
|
|
90+ days
and still
accruing
|
|
60-89
days past
due
|
|
30-59
days past
due
|
|
Current
|
|
Total Loans
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial
(2)
|
0.6
|
%
|
|
—
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
98.7
|
%
|
|
100.0
|
%
|
Franchise
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
99.8
|
|
|
100.0
|
|
Mortgage warehouse lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Community Advantage—homeowners association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Aircraft
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Asset-based lending
(2)
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|
99.5
|
|
|
100.0
|
|
Tax exempt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
99.3
|
|
|
100.0
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
PCI - commercial
(1)
|
—
|
|
|
2.5
|
|
|
1.4
|
|
|
15.1
|
|
|
81.0
|
|
|
100.0
|
|
Total commercial
|
0.3
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
99.1
|
|
|
100.0
|
|
Commercial real-estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential construction
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99.6
|
|
|
100.0
|
|
Commercial construction
|
5.1
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
94.5
|
|
|
100.0
|
|
Land
|
2.6
|
|
|
—
|
|
|
4.0
|
|
|
0.6
|
|
|
92.8
|
|
|
100.0
|
|
Office
|
1.6
|
|
|
—
|
|
|
0.4
|
|
|
0.6
|
|
|
97.4
|
|
|
100.0
|
|
Industrial
|
0.9
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
98.9
|
|
|
100.0
|
|
Retail
|
1.7
|
|
|
—
|
|
|
0.1
|
|
|
0.4
|
|
|
97.8
|
|
|
100.0
|
|
Multi-family
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
99.5
|
|
|
100.0
|
|
Mixed use and other
(2)
|
0.6
|
|
|
—
|
|
|
0.3
|
|
|
1.2
|
|
|
97.9
|
|
|
100.0
|
|
PCI - commercial real-estate
(1)
|
—
|
|
|
24.3
|
|
|
4.6
|
|
|
6.8
|
|
|
64.3
|
|
|
100.0
|
|
Total commercial real-estate
|
1.1
|
|
|
0.4
|
|
|
0.4
|
|
|
0.7
|
|
|
97.4
|
|
|
100.0
|
|
Home equity
|
1.4
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
98.0
|
|
|
100.0
|
|
Residential real-estate
|
3.5
|
|
|
—
|
|
|
0.4
|
|
|
1.2
|
|
|
94.9
|
|
|
100.0
|
|
PCI - residential real-estate
(1)
|
—
|
|
|
69.3
|
|
|
—
|
|
|
—
|
|
|
30.7
|
|
|
100.0
|
|
Premium finance receivables
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial insurance loans
|
0.5
|
|
|
0.4
|
|
|
0.3
|
|
|
1.1
|
|
|
97.7
|
|
|
100.0
|
|
Life insurance loans
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.1
|
|
|
99.7
|
|
|
100.0
|
|
PCI - life insurance loans
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|
100.0
|
|
Consumer and other
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
|
98.6
|
|
|
100.0
|
|
PCI - consumer and other
(1)
|
—
|
|
|
15.0
|
|
|
—
|
|
|
—
|
|
|
85.0
|
|
|
100.0
|
|
Total loans, net of unearned income, excluding covered loans
|
0.7
|
%
|
|
0.2
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
98.2
|
%
|
|
100.0
|
%
|
Covered loans
|
2.7
|
|
|
16.2
|
|
|
1.7
|
|
|
2.3
|
|
|
77.1
|
|
|
100.0
|
|
Total loans, net of unearned income
|
0.8
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
0.6
|
%
|
|
97.6
|
%
|
|
100.0
|
%
|
(1)
|
PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments.
|
|
Three Months Ended
|
||||||
|
March 31,
|
|
March 31,
|
||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Balance at beginning of period
|
$
|
103,334
|
|
|
$
|
118,083
|
|
Additions, net
|
5,655
|
|
|
28,030
|
|
||
Return to performing status
|
(1,973
|
)
|
|
—
|
|
||
Payments received
|
(3,730
|
)
|
|
(4,121
|
)
|
||
Transfer to OREO and other repossessed assets
|
(10,013
|
)
|
|
(6,890
|
)
|
||
Charge-offs
|
(4,774
|
)
|
|
(9,148
|
)
|
||
Net change for niche loans
(1)
|
1,625
|
|
|
2,679
|
|
||
Balance at end of period
|
$
|
90,124
|
|
|
$
|
128,633
|
|
(1)
|
This includes activity for premium finance receivables and indirect consumer loans.
|
|
Three months ended March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
||||
Allowance for loan losses at beginning of period
|
$
|
96,922
|
|
|
$
|
107,351
|
|
Provision for credit losses
|
3,304
|
|
|
15,367
|
|
||
Other adjustments
|
(148
|
)
|
|
(229
|
)
|
||
Reclassification from (to) allowance for unfunded lending-related commitments
|
(18
|
)
|
|
(213
|
)
|
||
Charge-offs:
|
|
|
|
||||
Commercial
|
648
|
|
|
4,540
|
|
||
Commercial real-estate
|
4,493
|
|
|
3,299
|
|
||
Home equity
|
2,267
|
|
|
2,397
|
|
||
Residential real-estate
|
226
|
|
|
1,728
|
|
||
Premium finance receivables—commercial
|
1,210
|
|
|
1,068
|
|
||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
||
Consumer and other
|
173
|
|
|
129
|
|
||
Total charge-offs
|
9,017
|
|
|
13,161
|
|
||
Recoveries:
|
|
|
|
||||
Commercial
|
317
|
|
|
295
|
|
||
Commercial real-estate
|
145
|
|
|
368
|
|
||
Home equity
|
257
|
|
|
162
|
|
||
Residential real-estate
|
131
|
|
|
5
|
|
||
Premium finance receivables—commercial
|
319
|
|
|
285
|
|
||
Premium finance receivables—life insurance
|
2
|
|
|
9
|
|
||
Consumer and other
|
61
|
|
|
109
|
|
||
Total recoveries
|
1,232
|
|
|
1,233
|
|
||
Net charge-offs
|
(7,785
|
)
|
|
(11,928
|
)
|
||
Allowance for loan losses at period end
|
$
|
92,275
|
|
|
$
|
110,348
|
|
Allowance for unfunded lending-related commitments at period end
|
737
|
|
|
15,287
|
|
||
Allowance for credit losses at period end
|
$
|
93,012
|
|
|
$
|
125,635
|
|
Annualized net charge-offs by category as a percentage of its own respective category’s average:
|
|
|
|
||||
Commercial
|
0.04
|
%
|
|
0.61
|
%
|
||
Commercial real-estate
|
0.41
|
|
|
0.30
|
|
||
Home equity
|
1.14
|
|
|
1.17
|
|
||
Residential real-estate
|
0.06
|
|
|
0.93
|
|
||
Premium finance receivables—commercial
|
0.16
|
|
|
0.16
|
|
||
Premium finance receivables—life insurance
|
—
|
|
|
—
|
|
||
Consumer and other
|
0.26
|
|
|
0.04
|
|
||
Total loans, net of unearned income, excluding covered loans
|
0.24
|
%
|
|
0.39
|
%
|
||
Net charge-offs as a percentage of the provision for credit losses
|
235.65
|
%
|
|
77.62
|
%
|
||
Loans at period-end, excluding covered loans
|
$
|
13,133,160
|
|
|
$
|
11,900,312
|
|
Allowance for loan losses as a percentage of loans at period end
|
0.70
|
%
|
|
0.93
|
%
|
||
Allowance for credit losses as a percentage of loans at period end
|
0.71
|
%
|
|
1.06
|
%
|
•
|
historical loss experience;
|
•
|
changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses;
|
•
|
changes in national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio;
|
•
|
changes in the nature and volume of the portfolio and in the terms of the loans;
|
•
|
changes in the experience, ability, and depth of lending management and other relevant staff;
|
•
|
changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans;
|
•
|
changes in the quality of the bank’s loan review system;
|
•
|
changes in the underlying collateral for collateral dependent loans;
|
•
|
the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
|
•
|
the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the bank’s existing portfolio.
|
•
|
The three-year average is more relevant to the inherent losses in the core bank loan portfolio as the charge-off rates from earlier periods are no longer as relevant in comparison to the more recent periods. Earlier periods had historically low credit losses which then built up to a peak in credit losses as a result of the stressed economic environment and depressed real estate valuations that affected both the U.S. economy, generally, and the Company’s local markets, specifically during that time. Since the end of 2009 there has been no evidence in the Company’s loan portfolio of a return to the level of charge-offs experienced at the height of the credit crisis.
|
•
|
Migrating to a three-year historical average loss rate reduces the need for management judgment factors related to national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio as the three year average is now more closely aligned with the credit risk in our portfolio today.
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
||||||
(Dollars in thousands)
|
2014
|
|
2013
|
|
2013
|
||||||
Accruing TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
5,844
|
|
|
$
|
6,045
|
|
|
$
|
9,073
|
|
Commercial real-estate
|
64,726
|
|
|
69,225
|
|
|
83,396
|
|
|||
Residential real-estate and other
|
4,052
|
|
|
3,340
|
|
|
4,653
|
|
|||
Total accruing TDRs
|
$
|
74,622
|
|
|
$
|
78,610
|
|
|
$
|
97,122
|
|
Non-accrual TDRs:
(1)
|
|
|
|
|
|
||||||
Commercial
|
$
|
1,434
|
|
|
$
|
1,343
|
|
|
$
|
2,764
|
|
Commercial real-estate
|
14,774
|
|
|
24,310
|
|
|
14,907
|
|
|||
Residential real-estate and other
|
1,687
|
|
|
2,840
|
|
|
1,552
|
|
|||
Total non-accrual TDRs
|
$
|
17,895
|
|
|
$
|
28,493
|
|
|
$
|
19,223
|
|
Total TDRs:
|
|
|
|
|
|
||||||
Commercial
|
$
|
7,278
|
|
|
$
|
7,388
|
|
|
$
|
11,837
|
|
Commercial real-estate
|
79,500
|
|
|
93,535
|
|
|
98,303
|
|
|||
Residential real-estate and other
|
5,739
|
|
|
6,180
|
|
|
6,205
|
|
|||
Total TDRs
|
$
|
92,517
|
|
|
$
|
107,103
|
|
|
$
|
116,345
|
|
Weighted-average contractual interest rate of TDRs
|
4.02
|
%
|
|
4.12
|
%
|
|
4.14
|
%
|
(1)
|
Included in total non-performing loans.
|
Three Months Ended March 31, 2014
(Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
7,388
|
|
|
$
|
93,535
|
|
|
$
|
6,180
|
|
|
$
|
107,103
|
|
Additions during the period
|
88
|
|
|
5,157
|
|
|
—
|
|
|
5,245
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(6
|
)
|
|
(3,713
|
)
|
|
(406
|
)
|
|
(4,125
|
)
|
||||
Transferred to OREO and other repossessed assets
|
—
|
|
|
(12,277
|
)
|
|
—
|
|
|
(12,277
|
)
|
||||
Removal of TDR loan status
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Payments received
|
(192
|
)
|
|
(3,202
|
)
|
|
(35
|
)
|
|
(3,429
|
)
|
||||
Balance at period end
|
$
|
7,278
|
|
|
$
|
79,500
|
|
|
$
|
5,739
|
|
|
$
|
92,517
|
|
Three Months Ended March 31, 2013
(
Dollars in thousands)
|
Commercial
|
|
Commercial
Real-estate |
|
Residential
Real-estate and Other |
|
Total
|
||||||||
Balance at beginning of period
|
$
|
17,995
|
|
|
$
|
102,415
|
|
|
$
|
6,063
|
|
|
$
|
126,473
|
|
Additions during the period
|
708
|
|
|
1,192
|
|
|
377
|
|
|
2,277
|
|
||||
Reductions:
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(2,142
|
)
|
|
(1,372
|
)
|
|
(17
|
)
|
|
(3,531
|
)
|
||||
Transferred to OREO and other repossessed assets
|
(3,800
|
)
|
|
(167
|
)
|
|
(103
|
)
|
|
(4,070
|
)
|
||||
Removal of TDR loan status
(1)
|
(609
|
)
|
|
—
|
|
|
—
|
|
|
(609
|
)
|
||||
Payments received
|
(315
|
)
|
|
(3,765
|
)
|
|
(115
|
)
|
|
(4,195
|
)
|
||||
Balance at period end
|
$
|
11,837
|
|
|
$
|
98,303
|
|
|
$
|
6,205
|
|
|
$
|
116,345
|
|
(1)
|
Loan was previously classified as a TDR and subsequently performed in compliance with the loan's modified
terms for a period of six months (including over a calendar year-end) at a modified interest rate which represented a market rate at the time of restructuring. Per our TDR policy, the TDR classification is removed.
|
|
Three Months Ended
|
||||||||||
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
Balance at beginning of period
|
$
|
50,454
|
|
|
$
|
55,250
|
|
|
$
|
62,891
|
|
Disposal/resolved
|
(8,205
|
)
|
|
(6,891
|
)
|
|
(7,498
|
)
|
|||
Transfers in at fair value, less costs to sell
|
14,570
|
|
|
1,816
|
|
|
2,128
|
|
|||
Additions from acquisition
|
—
|
|
|
1,773
|
|
|
—
|
|
|||
Fair value adjustments
|
(2,688
|
)
|
|
(1,494
|
)
|
|
(1,344
|
)
|
|||
Balance at end of period
|
$
|
54,131
|
|
|
$
|
50,454
|
|
|
$
|
56,177
|
|
|
Period End
|
||||||||||
(Dollars in thousands)
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
Residential real-estate
|
$
|
6,452
|
|
|
$
|
5,452
|
|
|
$
|
7,312
|
|
Residential real-estate development
|
3,500
|
|
|
3,859
|
|
|
10,133
|
|
|||
Commercial real-estate
|
44,179
|
|
|
41,143
|
|
|
38,732
|
|
|||
Total
|
$
|
54,131
|
|
|
$
|
50,454
|
|
|
$
|
56,177
|
|
•
|
negative economic conditions that adversely affect the economy, housing prices, the job market and other factors that may affect the Company’s liquidity and the performance of its loan portfolios, particularly in the markets in which it operates;
|
•
|
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
|
•
|
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
|
•
|
the financial success and economic viability of the borrowers of our commercial loans;
|
•
|
market conditions in the commercial real-estate market in the Chicago metropolitan area;
|
•
|
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for loan and lease losses;
|
•
|
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
|
•
|
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
|
•
|
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services);
|
•
|
failure to identify and complete favorable acquisitions in the future or unexpected difficulties or developments related to the integration of the Company’s recent or future acquisitions;
|
•
|
unexpected difficulties and losses related to FDIC-assisted acquisitions, including those resulting from our loss-sharing arrangements with the FDIC;
|
•
|
any negative perception of the Company’s reputation or financial strength;
|
•
|
ability to raise additional capital on acceptable terms when needed;
|
•
|
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
|
•
|
ability to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations;
|
•
|
adverse effects on our information technology systems resulting from failures, human error or tampering;
|
•
|
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
|
•
|
increased costs as a result of protecting our customers from the impact of stolen debit card information;
|
•
|
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
|
•
|
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
|
•
|
environmental liability risk associated with lending activities;
|
•
|
the impact of any claims or legal actions, including any effect on our reputation;
|
•
|
losses incurred in connection with repurchases and indemnification payments related to mortgages;
|
•
|
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
|
•
|
the soundness of other financial institutions;
|
•
|
the expenses and delayed returns inherent in opening new branches and de novo banks;
|
•
|
examinations and challenges by tax authorities;
|
•
|
changes in accounting standards, rules and interpretations and the impact on the Company’s financial statements;
|
•
|
the ability of the Company to receive dividends from its subsidiaries;
|
•
|
a decrease in the Company’s regulatory capital ratios, including as a result of further declines in the value of its loan portfolios, or otherwise;
|
•
|
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies, including those resulting from the Dodd-Frank Act;
|
•
|
a lowering of our credit rating;
|
•
|
restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business resulting from the Dodd-Frank Act;
|
•
|
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the current regulatory environment, including the Dodd-Frank Act;
|
•
|
the impact of heightened capital requirements;
|
•
|
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
|
•
|
delinquencies or fraud with respect to the Company’s premium finance business;
|
•
|
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
|
•
|
the Company’s ability to comply with covenants under its credit facility; and
|
•
|
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation.
|
|
+200
Basis Points |
|
+100
Basis Points |
|
-100
Basis Points |
|
-200
Basis Points |
||||
Percentage change in net interest income due to a ramped 100 and 200 basis point shift in the yield curve:
|
|
|
|
|
|
|
|
||||
March 31, 2014
|
5.8
|
%
|
|
3.1
|
%
|
|
(4.5
|
)%
|
|
(9.1
|
)%
|
December 31, 2013
|
5.0
|
%
|
|
2.4
|
%
|
|
(5.0
|
)%
|
|
(10.0
|
)%
|
March 31, 2013
|
4.3
|
%
|
|
2.1
|
%
|
|
(3.5
|
)%
|
|
(7.7
|
)%
|
(a)
|
Exhibits
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document *
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
•
|
Includes the following financial information included in the Company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2014
, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements
|
|
|
WINTRUST FINANCIAL CORPORATION
(Registrant)
|
||
Date:
|
May 8, 2014
|
/s/ DAVID L. STOEHR
|
||
|
|
David L. Stoehr
|
||
|
|
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|