Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 27, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Trading Symbol | WTFC | ||
Entity Registrant Name | WINTRUST FINANCIAL CORP | ||
Entity Central Index Key | 1,015,328 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 56,222,508 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 4,218,250,436 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements Of Cond
Consolidated Statements Of Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 277,534 | $ 267,194 |
Federal funds sold and securities purchased under resale agreements | 57 | 2,851 |
Interest bearing deposits with banks | 1,063,242 | 980,457 |
Available-for-sale securities, at fair value | 1,803,666 | 1,724,667 |
Held-to-maturity securities, at amortized cost ($812.5 million and $607.6 million fair value at December 31, 2017 and 2016, respectively) | 826,449 | 635,705 |
Trading account securities | 995 | 1,989 |
Federal Home Loan Bank and Federal Reserve Bank stock | 89,989 | 133,494 |
Brokerage customer receivables | 26,431 | 25,181 |
Mortgage loans held-for-sale | 313,592 | 418,374 |
Loans, net of unearned income, excluding covered loans | 21,640,797 | 19,703,172 |
Covered loans | 0 | 58,145 |
Total loans | 21,640,797 | 19,761,317 |
Allowance for loan losses | (137,905) | (122,291) |
Allowance for covered loan losses | 0 | (1,322) |
Net loans | 21,502,892 | 19,637,704 |
Premises and equipment, net | 621,895 | 597,301 |
Lease investments, net | 212,335 | 129,402 |
Accrued interest receivable and other assets | 567,374 | 593,796 |
Trade date securities receivable | 90,014 | 0 |
Goodwill | 501,884 | 498,587 |
Other intangible assets | 17,621 | 21,851 |
Total assets | 27,915,970 | 25,668,553 |
Deposits: | ||
Non-interest bearing | 6,792,497 | 5,927,377 |
Interest bearing | 16,390,850 | 15,731,255 |
Total deposits | 23,183,347 | 21,658,632 |
Federal Home Loan Bank advances | 559,663 | 153,831 |
Other borrowings | 266,123 | 262,486 |
Subordinated notes | 139,088 | 138,971 |
Junior subordinated debentures | 253,566 | 253,566 |
Accrued interest payable and other liabilities | 537,244 | 505,450 |
Total liabilities | 24,939,031 | 22,972,936 |
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at December 31, 2017 and 2016; 56,068,220 shares issued at December 31, 2017 and 51,978,289 shares issued at December 31, 2016 | 56,068 | 51,978 |
Surplus | 1,529,035 | 1,365,781 |
Treasury stock, at cost, 103,013 shares at December 31, 2017 and 97,749 shares at December 31, 2016 | (4,986) | (4,589) |
Retained earnings | 1,313,657 | 1,096,518 |
Accumulated other comprehensive loss | (41,835) | (65,328) |
Total shareholders’ equity | 2,976,939 | 2,695,617 |
Total liabilities and shareholders’ equity | 27,915,970 | 25,668,553 |
Series C preferred stock | ||
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Preferred stock, Series C and Series D | 0 | 126,257 |
Series D preferred stock | ||
Preferred stock, no par value; 20,000,000 shares authorized: | ||
Preferred stock, Series C and Series D | $ 125,000 | $ 125,000 |
Consolidated Statements Of Con3
Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, no par value (in usd per share) | $ 0 | $ 0 |
Preferred stock, 20,000,000 shares authorized | 20,000,000 | 20,000,000 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, stated value (in usd per share) | $ 1 | $ 1 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Shares issued | 56,068,220 | 51,978,289 |
Treasury stock, shares | 103,013 | 97,749 |
Held-to-maturity securities, fair value | $ 812,516 | $ 607,602 |
Series C preferred stock | ||
Preferred stock, liquidation value per share | $ 1,000 | $ 1,000 |
Shares issued | 0 | 126,257 |
Shares outstanding | 0 | 126,257 |
Series D preferred stock | ||
Preferred stock, liquidation value per share | $ 25 | $ 25 |
Shares issued | 5,000,000 | 5,000,000 |
Shares outstanding | 5,000,000 | 5,000,000 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income | |||
Interest and fees on loans | $ 868,881 | $ 741,001 | $ 651,831 |
Interest bearing deposits with banks | 9,252 | 4,236 | 1,486 |
Federal funds sold and securities purchased under resale agreements | 2 | 4 | 4 |
Investment securities | 63,315 | 62,038 | 61,006 |
Trading account securities | 25 | 75 | 108 |
Federal Home Loan Bank and Federal Reserve Bank stock | 4,370 | 4,287 | 3,232 |
Brokerage customer receivables | 623 | 816 | 797 |
Total interest income | 946,468 | 812,457 | 718,464 |
Interest expense | |||
Interest on deposits | 83,326 | 58,409 | 48,863 |
Interest on Federal Home Loan Bank advances | 8,798 | 10,886 | 9,110 |
Interest on other borrowings | 5,370 | 4,355 | 3,627 |
Interest on subordinated notes | 7,116 | 7,111 | 7,105 |
Interest on junior subordinated debentures | 9,782 | 9,503 | 8,230 |
Total interest expense | 114,392 | 90,264 | 76,935 |
Net interest income | 832,076 | 722,193 | 641,529 |
Provision for credit losses | 29,768 | 34,084 | 32,942 |
Net interest income after provision for credit losses | 802,308 | 688,109 | 608,587 |
Non-interest income | |||
Wealth management | 81,766 | 76,018 | 73,452 |
Mortgage banking | 113,472 | 128,743 | 115,011 |
Service charges on deposit accounts | 34,513 | 31,210 | 27,384 |
Gains on investment securities, net | 45 | 7,645 | 323 |
Fees from covered call options | 4,402 | 11,470 | 15,364 |
Trading (losses) gains, net | (845) | 91 | (247) |
Operating lease income, net | 29,646 | 16,441 | 2,728 |
Other | 56,507 | 53,812 | 37,582 |
Total non-interest income | 319,506 | 325,430 | 271,597 |
Non-interest expense | |||
Salaries and employee benefits | 430,078 | 405,158 | 382,080 |
Equipment | 38,358 | 37,055 | 32,889 |
Operating lease equipment depreciation | 24,107 | 13,259 | 1,749 |
Occupancy, net | 52,920 | 50,912 | 48,880 |
Data processing | 31,495 | 28,776 | 26,940 |
Advertising and marketing | 30,830 | 24,776 | 21,924 |
Professional fees | 27,835 | 20,411 | 18,225 |
Amortization of other intangible assets | 4,401 | 4,789 | 4,621 |
FDIC insurance | 16,231 | 16,065 | 12,386 |
OREO expenses, net | 3,593 | 5,187 | 4,483 |
Other | 71,969 | 75,297 | 74,242 |
Total non-interest expense | 731,817 | 681,685 | 628,419 |
Income before taxes | 389,997 | 331,854 | 251,765 |
Income tax expense | 132,315 | 124,979 | 95,016 |
Net income | 257,682 | 206,875 | 156,749 |
Preferred stock dividends | 9,778 | 14,513 | 10,869 |
Net income applicable to common shares—Basic | $ 247,904 | $ 192,362 | $ 145,880 |
Net income per common share - Basic (usd per share) | $ 4.53 | $ 3.83 | $ 3.05 |
Net income per common share - Diluted (usd per share) | 4.40 | 3.66 | 2.93 |
Cash dividends declared per common share (in usd per share) | $ 0.56 | $ 0.48 | $ 0.44 |
Weighted average common shares outstanding (in shares) | 54,703 | 50,278 | 47,838 |
Dilutive potential common shares (in shares) | 1,983 | 3,994 | 4,099 |
Average common shares and dilutive common shares (in shares) | 56,686 | 54,272 | 51,937 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 257,682 | $ 206,875 | $ 156,749 |
Unrealized gains (losses) on securities | |||
Before tax | 22,123 | (28,932) | (13,176) |
Tax effect | (7,706) | 11,378 | 5,153 |
Net of tax | 14,417 | (17,554) | (8,023) |
Reclassification of net gains included in net income | |||
Before tax | 45 | 7,645 | 323 |
Tax effect | (18) | (3,004) | (127) |
Net of tax | 27 | 4,641 | 196 |
Reclassification of amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | |||
Before tax | 1,479 | (17,386) | (128) |
Tax effect | (585) | 6,826 | 50 |
Net of tax | 894 | (10,560) | (78) |
Net unrealized gains (losses) on securities | 13,496 | (11,635) | (8,141) |
Unrealized gains on derivative instruments | |||
Before tax | 4,958 | 10,473 | 533 |
Tax effect | (1,959) | (4,115) | (209) |
Net unrealized gains on derivative instruments | 2,999 | 6,358 | 324 |
Foreign currency translation adjustment | |||
Before tax | 9,446 | 3,737 | (24,001) |
Tax effect | (2,448) | (1,080) | 6,442 |
Net foreign currency translation adjustment | 6,998 | 2,657 | (17,559) |
Total other comprehensive income (loss) | 23,493 | (2,620) | (25,376) |
Comprehensive income | $ 281,175 | $ 204,255 | $ 131,373 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Series D preferred stock | Series D preferred stockPreferred stock | Series D preferred stockSurplus | Series C preferred stock | Series C preferred stockPreferred stock | Series C preferred stockCommon stock | Series C preferred stockSurplus |
Balance at beginning of period at Dec. 31, 2014 | $ 2,069,822 | $ 126,467 | $ 46,881 | $ 1,133,955 | $ (3,549) | $ 803,400 | $ (37,332) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 156,749 | 156,749 | ||||||||||||
Other comprehensive loss, net of tax | (25,376) | (25,376) | ||||||||||||
Cash dividends declared on common stock | (21,069) | (21,069) | ||||||||||||
Dividends on preferred stock | (10,869) | (10,869) | ||||||||||||
Stock-based compensation | 9,656 | 9,656 | ||||||||||||
New issuance, net of costs | $ 120,842 | $ 125,000 | $ (4,158) | |||||||||||
Conversion of Series C Preferred Stock to common stock | $ 0 | $ (180) | $ 4 | $ 176 | ||||||||||
Common stock issued for: | ||||||||||||||
Acquisitions | 38,723 | 811 | 37,912 | |||||||||||
Exercise of stock options and warrants | 9,606 | 587 | 9,149 | (130) | ||||||||||
Restricted stock awards | (243) | 108 | (57) | (294) | ||||||||||
Employee stock purchase plan | 2,750 | 58 | 2,692 | |||||||||||
Director compensation plan | 1,683 | 20 | 1,663 | |||||||||||
Balance at end of period at Dec. 31, 2015 | 2,352,274 | 251,287 | 48,469 | 1,190,988 | (3,973) | 928,211 | (62,708) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 206,875 | 206,875 | ||||||||||||
Other comprehensive loss, net of tax | (2,620) | (2,620) | ||||||||||||
Cash dividends declared on common stock | (24,055) | (24,055) | ||||||||||||
Dividends on preferred stock | (14,513) | (14,513) | ||||||||||||
Stock-based compensation | 9,303 | 9,303 | ||||||||||||
New issuance, net of costs | 152,911 | 3,000 | 149,911 | |||||||||||
Conversion of Series C Preferred Stock to common stock | 0 | (30) | 1 | 29 | ||||||||||
Common stock issued for: | ||||||||||||||
Exercise of stock options and warrants | 11,228 | 329 | 11,276 | (377) | ||||||||||
Restricted stock awards | 1 | 98 | 142 | (239) | ||||||||||
Employee stock purchase plan | 2,637 | 56 | 2,581 | |||||||||||
Director compensation plan | 1,576 | 25 | 1,551 | |||||||||||
Balance at end of period at Dec. 31, 2016 | 2,695,617 | 251,257 | 51,978 | 1,365,781 | (4,589) | 1,096,518 | (65,328) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 257,682 | 257,682 | ||||||||||||
Other comprehensive loss, net of tax | 23,493 | 23,493 | ||||||||||||
Cash dividends declared on common stock | (30,765) | (30,765) | ||||||||||||
Dividends on preferred stock | (9,778) | (9,778) | ||||||||||||
Stock-based compensation | 12,858 | 12,858 | ||||||||||||
Conversion of Series C Preferred Stock to common stock | $ 0 | $ (126,257) | $ 3,121 | $ 123,136 | ||||||||||
Common stock issued for: | ||||||||||||||
Exercise of stock options and warrants | 24,074 | 813 | 23,261 | |||||||||||
Restricted stock awards | (397) | 88 | (88) | (397) | ||||||||||
Employee stock purchase plan | 2,530 | 36 | 2,494 | |||||||||||
Director compensation plan | 1,625 | 32 | 1,593 | |||||||||||
Balance at end of period at Dec. 31, 2017 | $ 2,976,939 | $ 125,000 | $ 56,068 | $ 1,529,035 | $ (4,986) | $ 1,313,657 | $ (41,835) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net income | $ 257,682 | $ 206,875 | $ 156,749 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 29,768 | 34,084 | 32,942 |
Depreciation, amortization and accretion, net | 63,107 | 53,148 | 41,010 |
Deferred income tax expense | 63,243 | 6,676 | 23,054 |
Stock-based compensation expense | 12,858 | 9,303 | 9,656 |
Net amortization of premium on securities | 6,098 | 5,646 | 3,398 |
Accretion of discounts on loans | (22,784) | (35,571) | (34,378) |
Mortgage servicing rights fair value change, net | 1,857 | 3,405 | (213) |
Originations and purchases of mortgage loans held-for-sale | (3,692,085) | (4,386,339) | (3,903,777) |
Proceeds from sales of mortgage loans held-for-sale | 3,869,137 | 4,468,984 | 3,971,724 |
BOLI income | (3,524) | (3,594) | (3,146) |
Decrease (increase) in trading securities, net | 994 | (1,541) | 758 |
Net (increase) decrease in brokerage customer receivables | (1,250) | 2,450 | (3,410) |
Gains on mortgage loans sold | (88,699) | (112,981) | (104,695) |
Gains on investment securities, net | (45) | (7,645) | (323) |
Gains on early extinguishment of debt, net | 0 | (3,588) | 0 |
(Gains) losses on sales of premises and equipment, net | (192) | (305) | 807 |
Net losses (gains) on sales and fair value adjustments of other real estate owned | 639 | 1,381 | (350) |
Gain on termination of loss share agreements with the FDIC | (385) | 0 | 0 |
Increase in accrued interest receivable and other assets, net | (126,071) | (43,614) | (151,132) |
Increase in accrued interest payable and other liabilities, net | 30,693 | 113,258 | 292 |
Net Cash Provided by Operating Activities | 401,041 | 310,032 | 38,966 |
Investing Activities: | |||
Proceeds from maturities of available-for-sale securities | 284,257 | 1,234,162 | 506,798 |
Proceeds from maturities of held-to-maturity securities | 57,908 | 710 | 55 |
Proceeds from sales and calls of available-for-sale securities | 336,539 | 2,208,010 | 1,515,559 |
Proceeds from calls of held-to-maturity securities | 51,090 | 734,326 | 770 |
Purchases of available-for-sale securities | (774,066) | (3,398,640) | (2,092,652) |
Purchases of held-to-maturity securities | (301,964) | (486,696) | (22,892) |
Redemption (purchase) of Federal Home Loan Bank and Federal Reserve Bank stock, net | 43,505 | (31,913) | (9,999) |
Net cash paid in business combinations | (284) | (613,619) | (15,428) |
Proceeds from sales of other real estate owned | 18,742 | 38,367 | 50,405 |
Proceeds (paid to) received from the FDIC related to reimbursements on covered assets | (15,411) | 1,207 | 1,859 |
Net (increase) decrease in interest-bearing deposits with banks | (81,621) | (366,591) | 531,396 |
Net increase in loans | (1,863,245) | (1,779,905) | (2,066,666) |
Redemption of BOLI | 0 | 1,840 | 2,701 |
Purchases of premises and equipment, net | (59,194) | (33,923) | (43,459) |
Net Cash Used for Investing Activities | (2,303,744) | (2,492,665) | (1,641,553) |
Financing Activities: | |||
Increase in deposit accounts | 1,524,848 | 2,769,022 | 1,381,425 |
(Decrease) increase in subordinated notes and other borrowings, net | (4,888) | (3,405) | 44,415 |
Increase (decrease) in Federal Home Loan Bank advances, net | 403,000 | (707,594) | 115,186 |
Proceeds from the issuance of common stock, net | 0 | 152,911 | 0 |
Proceeds from the issuance of preferred stock, net | 0 | 0 | 120,842 |
Redemption of junior subordinated debentures, net | 0 | (10,695) | 0 |
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 28,229 | 15,828 | 16,119 |
Common stock repurchases for tax withholdings related to stock-based compensation | (397) | (616) | (424) |
Dividends paid | (40,543) | (38,568) | (29,888) |
Net Cash Provided by Financing Activities | 1,910,249 | 2,176,883 | 1,647,675 |
Net Increase (Decrease) in Cash and Cash Equivalents | 7,546 | (5,750) | 45,088 |
Cash and Cash Equivalents at Beginning of Period | 270,045 | 275,795 | 230,707 |
Cash and Cash Equivalents at End of Period | 277,591 | 270,045 | 275,795 |
Cash paid during the year for: | |||
Interest | 112,783 | 91,390 | 77,737 |
Income taxes, net | 76,812 | 94,888 | 94,723 |
Acquisitions: | |||
Fair value of assets acquired, including cash and cash equivalents | 1,022 | 882,865 | 1,187,115 |
Value ascribed to goodwill and other intangible assets | 999 | 27,083 | 79,879 |
Fair value of liabilities assumed | 738 | 259,631 | 1,033,219 |
Non-cash activities | |||
Transfer of available-for-sale securities to held-to-maturity securities | 0 | 0 | 862,712 |
Transfer to other real estate owned from loans | 15,013 | 13,352 | 28,565 |
Common stock issued for acquisitions | $ 0 | $ 0 | $ 38,723 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of Wintrust Financial Corporation (“Wintrust” or the “Company”) and its subsidiaries conform to generally accepted accounting principles in the United States and prevailing practices of the banking industry. In the preparation of the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts contained in the consolidated financial statements. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions change beyond management’s expectations. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. The following is a summary of the Company’s significant accounting policies. Principles of Consolidation The consolidated financial statements of Wintrust include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of outstanding convertible preferred stock shares from the beginning of the year or date of issuance, if later, and the number of common shares that would be issued assuming the exercise of stock options, the issuance of restricted shares and stock warrants using the treasury stock method. The adjustments to the weighted-average common shares outstanding are only made when such adjustments will dilute earnings per common share. Net income applicable to common shares used in the diluted earnings per share calculation can be affected by the conversion of the Company's preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the income statement from the effective date of acquisition. Subsequent adjustments to provisional amounts that are identified in reporting periods after the acquisition date of the business combination are recognized in the reporting period in which the adjustment amounts are determined. Cash Equivalents For purposes of the consolidated statements of cash flows, Wintrust considers cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less, to be cash equivalents. Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading securities. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion using methods that approximate the effective interest method. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in shareholders’ equity as a separate component of other comprehensive income. Trading account securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Subsequent to classification at the time of purchase, the Company may subsequently transfer securities between trading, held-to-maturity, or available-for-sale. For securities transferred to trading, the current unrealized gain or loss at the date of transfer, net of related taxes, is immediately recognized in earnings. Securities transferred from trading to either held-to-maturity or available-for-sale has already recognized any unrealized gain or loss into earnings and this amount is not reversed. Unrealized gains or losses, net related taxes, for available-for-sale securities transferred to held-to-maturity remains as a separate component of other comprehensive income and an offsetting discount included in the amortized cost of the held-to-maturity security. These amounts are amortized over the remaining life of the security in equal and offsetting amounts. Unrealized gains or losses for held-to-maturity securities transferred to available-for-sale are recognized at the transfer date as a separate component of other comprehensive income, net of related taxes. Declines in the fair value of held-to-maturity and available-for-sale investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in non-interest income. FHLB and FRB Stock Investments in FHLB and FRB stock are restricted as to redemption and are carried at cost. Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements Securities purchased under resale agreements and securities sold under repurchase agreements are generally treated as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. Securities, consisting of U.S. Treasury, U.S. Government agency and mortgage-backed securities, pledged as collateral under these financing arrangements cannot be sold by the secured party. The fair value of collateral either received from or provided to a third party is monitored and additional collateral is obtained or requested to be returned as deemed appropriate. Brokerage Customer Receivables The Company, under an agreement with an out-sourced securities clearing firm, extends credit to its brokerage customers to finance their purchases of securities on margin. The Company receives income from interest charged on such extensions of credit. Brokerage customer receivables represent amounts due on margin balances. Securities owned by customers are held as collateral for these receivables. Mortgage Loans Held-for-Sale Mortgage loans are classified as held-for-sale when originated or acquired with the intent to sell the loan into the secondary market. ASC 825, “Financial Instruments” provides entities with an option to report selected financial assets and liabilities at fair value. Mortgage loans classified as held-for-sale are measured at fair value which is determined by reference to investor prices for loan products with similar characteristics. Changes in fair value are recognized in mortgage banking revenue. Market conditions or other developments may change management’s intent with respect to the disposition of these loans and loans previously classified as mortgage loans held-for-sale may be reclassified to the loans held-for-investment portfolio, with the balance transferred continuing to be carried at fair value. Loans and Leases, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments Loans are generally reported at the principal amount outstanding, net of unearned income. Interest income is recognized when earned. Loan origination fees and certain direct origination costs are deferred and amortized over the expected life of the loan as an adjustment to the yield using methods that approximate the effective interest method. Finance charges on premium finance receivables are earned over the term of the loan, using a method which approximates the effective yield method. Leases classified as capital leases are included within lease loans for financial statement purposes. Capital leases are stated as the sum of remaining minimum lease payments from lessees plus estimated residual values less unearned lease income. Unearned lease income on capital leases is recognized over the term of the leases using the effective interest method. Interest income is not accrued on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations, or where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection. Cash receipts on non-accrual loans are generally applied to the principal balance until the remaining balance is considered collectible, at which time interest income may be recognized when received. The Company maintains its allowance for loan losses at a level believed appropriate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of internal problem loan reporting system loans and actual loss experience, changes in the composition of the loan portfolio, historical loss experience, changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices, changes in experience, ability and depth of lending management and staff, changes in national and local economic and business conditions and developments, including the condition of various market segments and changes in the volume and severity of past due and classified loans and trends in the volume of non-accrual loans, TDRs and other loan modifications. The allowance for loan losses also includes an element for estimated probable but undetected losses and for imprecision in the credit risk models used to calculate the allowance. Loans with a credit risk rating of a 6 through 9 are reviewed on a monthly basis to determine if (a) an amount is deemed uncollectible (a charge-off) or (b) it is probable that the Company will be unable to collect amounts due in accordance with the original contractual terms of the loan (an impaired loan). If a loan is impaired, the carrying amount of the loan is compared to the expected payments to be received, discounted at the loan’s original rate, or for collateral dependent loans, to the fair value of the collateral less the estimated cost to sell. Any shortfall is recorded as a specific reserve. For loans with a credit risk rating of 7 or better that are not considered impaired loans, reserves are established based on the type of loan collateral, if any, and the assigned credit risk rating. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on the average historical loss experience, and consideration of current environmental factors and economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries are credited to the allowance. A provision for credit losses is charged to income based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more frequently if deemed necessary. Under accounting guidance applicable to loans acquired with evidence of credit quality deterioration since origination, the excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining estimated life of the loans, using the effective-interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. Changes in the expected cash flows from the date of acquisition will either impact the accretable yield or result in a charge to the provision for credit losses. Subsequent decreases to expected principal cash flows will result in a charge to provision for credit losses and a corresponding increase to allowance for loan losses. Subsequent increases in expected principal cash flows will result in recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. All changes in expected interest cash flows, including the impact of prepayments, will result in reclassifications to/from nonaccretable differences. In estimating expected losses, the Company evaluates loans for impairment in accordance ASC 310, “Receivables.” A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due pursuant to the contractual terms of the loan. Impaired loans include non-accrual loans, restructured loans or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral less costs to sell. If the estimated fair value of the loan is less than the recorded book value, a valuation allowance is established as a component of the allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for loan losses. This allowance is included in other liabilities on the statement of condition while the corresponding provision for these losses is recorded as a component of the provision for credit losses. Mortgage Servicing Rights MSRs are recorded in the Consolidated Statements of Condition at fair value in accordance with ASC 860, “Transfers and Servicing.” The Company originates mortgage loans for sale to the secondary market, the majority of which are sold without retaining servicing rights. There are certain loans, however, that are originated and sold with servicing rights retained. MSRs associated with loans originated and sold, where servicing is retained, are capitalized at the time of sale at fair value based on the future net cash flows expected to be realized for performing the servicing activities, and included in other assets in the Consolidated Statements of Condition. The change in the fair value of MSRs is recorded as a component of mortgage banking revenue in non-interest income in the Consolidated Statements of Income. The Company measures the fair value of MSRs by stratifying the servicing rights into pools based on homogenous characteristics, such as product type and interest rate. The fair value of each servicing rights pool is calculated based on the present value of estimated future cash flows using a discount rate commensurate with the risk associated with that pool, given current market conditions. Estimates of fair value include assumptions about prepayment speeds, interest rates and other factors which are subject to change over time. Changes in these underlying assumptions could cause the fair value of MSRs to change significantly in the future. Lease Investments The Company’s investments in equipment and other assets held on operating leases are reported as lease investments, net. Rental income on operating leases is recognized as income over the lease term on a straight-line basis. Equipment and other assets held on operating leases is stated at cost less accumulated depreciation. Depreciation of the cost of the assets held on operating leases, less any residual value, is computed using the straight-line method over the term of the leases, which is generally seven years or less. Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Useful lives range from two to 15 years for furniture, fixtures and equipment, two to five years for software and computer-related equipment and seven to 39 years for buildings and improvements. Land improvements are amortized over a period of 15 years and leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the respective lease including any lease renewals deemed to be reasonably assured. Land and antique furnishings and artwork are not subject to depreciation. Expenditures for major additions and improvements are capitalized, and maintenance and repairs are charged to expense as incurred. Internal costs related to the configuration and installation of new software and the modification of existing software that provides additional functionality are capitalized. Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, a loss is recognized for the difference between the carrying value and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recognized in other non-interest expense. FDIC Loss Share Asset (Liability) In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. These agreements covered losses incurred with respect to loans, foreclosed real estate and certain other assets. The loss share assets and liabilities were measured separately from the loan portfolios because they were not contractually embedded in the loans and were not transferable with the loans should the Company choose to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss-share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets and liabilities were recorded as FDIC indemnification assets and other liabilities on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduced FDIC loss share assets or increased FDIC loss share liabilities. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, also reduced FDIC loss share assets or increased FDIC loss share liabilities. In accordance with certain clawback provisions, the Company was required to reimburse the FDIC when actual losses were less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements and any related amortization were adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions were recorded as a reduction to FDIC loss share assets or an increase to FDIC loss share liabilities. Although these assets and liabilities were contractual receivables from and payables to the FDIC, there were no contractual interest rates. Additional expected losses, to the extent such expected losses resulted in the recognition of an allowance for loan losses, increased FDIC loss share assets or reduced FDIC loss share liabilities. The corresponding amortization or accretion was recorded as a component of non-interest income on the Consolidated Statements of Income. On October 16, 2017, the Company entered into agreements with the FDIC that terminated all existing loss share agreements with the FDIC. See Note 7, "Business Combinations," for further discussion of the termination of FDIC loss share agreements. Other Real Estate Owned Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer. Any excess of the related loan balance over the fair value less expected selling costs is charged to the allowance for loan losses. In contrast, any excess of the fair value less expected selling costs over the related loan balance is recorded as a recovery of prior charge-offs on the loan and, if any portion of the excess exceeds prior charge-offs, as an increase to earnings. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. At December 31, 2017 and 2016, other real estate owned, excluding covered other real estate owned, totaled $40.6 million and $40.3 million , respectively. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. In accordance with accounting standards, goodwill is not amortized, but rather is tested for impairment on an annual basis or more frequently when events warrant, using a qualitative or quantitative approach. Intangible assets which have finite lives are amortized over their estimated useful lives and also are subject to impairment testing. All of the Company’s other intangible assets have finite lives and are amortized over varying periods not exceeding twenty years. Bank-Owned Life Insurance ("BOLI") The Company maintains BOLI on certain executives. BOLI balances are recorded at their cash surrender values and are included in other assets. Changes in the cash surrender values are included in non-interest income. At December 31, 2017 and 2016 , BOLI totaled $145.9 million and $141.6 million , respectively. Derivative Instruments The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the future cash flows or the value of certain assets and liabilities. The Company is also required to recognize certain contracts and commitments, including certain commitments to fund mortgage loans held-for-sale, as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. The Company accounts for derivatives in accordance with ASC 815, “Derivatives and Hedging,” which requires that all derivative instruments be recorded in the statement of condition at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Formal documentation of the relationship between a derivative instrument and a hedged asset or liability, as well as the risk-management objective and strategy for undertaking each hedge transaction and an assessment of effectiveness is required at inception to apply hedge accounting. In addition, formal documentation of ongoing effectiveness testing is required to maintain hedge accounting. Fair value hedges are accounted for by recording the changes in the fair value of the derivative instrument and the changes in the fair value related to the risk being hedged of the hedged asset or liability on the statement of condition with corresponding offsets recorded in the income statement. The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the interest income or expense recorded on the hedged asset or liability. Cash flow hedges are accounted for by recording the changes in the fair value of the derivative instrument on the statement of condition as either a freestanding asset or liability, with a corresponding offset recorded in other comprehensive income within shareholders’ equity, net of deferred taxes. Amounts are reclassified from accumulated other comprehensive income to interest expense in the period or periods the hedged forecasted transaction affects earnings. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. Derivative instruments that are not designated as hedges according to accounting guidance are reported on the statement of condition at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of the change. Commitments to fund mortgage loans (i.e. interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as derivatives and are not designated in hedging relationships. Fair values of these mortgage derivatives are estimated based on changes in mortgage rates from the date of the commitments. Changes in the fair values of these derivatives are included in mortgage banking revenue. Forward currency contracts used to manage foreign exchange risk associated with certain assets are accounted for as derivatives and are not designated in hedging relationships. Foreign currency derivatives are recorded at fair value based on prevailing currency exchange rates at the measurement date. Changes in the fair values of these derivatives resulting from fluctuations in currency rates are recognized in earnings as non-interest income during the period of change. Periodically, the Company sells options to an unrelated bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (“covered call options”). These option transactions are designed primarily as an economic hedge to compensate for net interest margin compression by increasing the total return associated with holding the related securities as earning assets by using fee income generated from these options. These transactions are not designated in hedging relationships pursuant to accounting guidance and, accordingly, changes in fair values of these contracts, are reported in other non-interest income. There were no covered call option contracts outstanding as of December 31, 2017 and 2016. Trust Assets, Assets Under Management and Brokerage Assets Assets held in fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of Wintrust or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of non-interest income. Income Taxes Wintrust and its subsidiaries file a consolidated Federal income tax return. Income tax expense is based upon income in the consolidated financial statements rather than amounts reported on the income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an income tax benefit or income tax expense in the period that includes the enactment date. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are initially recognized in the financial statements when it is more likely than no |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, which created “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue and develop a common revenue standard for customer contracts. This ASU provides guidance regarding how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also added a new subtopic to the codification, ASC 340-40, “Other Assets and Deferred Costs: Contracts with Customers” to provide guidance on costs related to obtaining and fulfilling a customer contract. Furthermore, the new standard requires disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. At the time ASU No. 2014-09 was issued, the guidance was effective for fiscal years beginning after December 15, 2016. In July 2015, the FASB approved a deferral of the effective date by one year, which resulted in the guidance becoming effective for the Company as of January 1, 2018. The FASB has continued to issue various Updates to clarify and improve specific areas of ASU No. 2014-09. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” to clarify the implementation guidance within ASU No. 2014-09 surrounding principal versus agent considerations and its impact on revenue recognition. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to also clarify the implementation guidance within ASU No. 2014-09 related to these two topics. In May 2016, the FASB issued ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting,” to remove certain areas of SEC Staff Guidance from those specific Topics. In May 2016 and December 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” to clarify specific aspects of implementation, including the collectability criterion, exclusion of sales taxes collected from a transaction price, noncash consideration, contract modifications, completed contracts at transition, the applicability of loan guarantee fees, impairment of capitalized contract costs and certain disclosure requirements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” to clarify the implementation guidance within ASU No. 2014-09 surrounding transfers of nonfinancial assets, including partial sales of such assets, and its impact on revenue recognition. Like ASU No. 2014-09, this guidance is effective for the Company starting January 1, 2018. As certain significant revenue sources related to financial instruments such as interest income are considered not in-scope, the new guidance will not have a significant impact on the Company's consolidated financial statements. Revenue sources impacted by the new guidance include brokerage and trust and asset management fees from the wealth management business unit, card-based fees, deposit-related fees and other non-interest income. During implementation, the Company reviewed specific contracts with customers across these various sources of revenue. Contract reviews assisted in identifying any characteristics of such contracts that could result in a change in the Company's current practices for recognition of revenue and recognition of costs incurred to obtain or fulfill such contracts. After review, the Company identified no indication within the terms of such contracts that a change in the Company's current practices was necessary. The Company will elect to adopt the new guidance using the modified retrospective approach applied to all contracts as of the date of initial application at January 1, 2018. At this time, electing the modified retrospective approach would result in no cumulative effect adjustment to the opening balance of retained earnings at the date of initial application. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” to improve the accounting for financial instruments. This ASU requires equity investments with readily determinable fair values to be measured at fair value with changes recognized in net income regardless of classification. For equity investments without a readily determinable fair value, the value of the investment would be measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer instead of fair value, unless a qualitative assessment indicates impairment. Additionally, this ASU requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective as of January 1, 2018. For equity investments with a readily determinable fair value, this guidance will be applied under a modified retrospective approach with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. For equity investments without a readily determinable fair value, this guidance will be applied prospectively. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to improve transparency and comparability across entities regarding leasing arrangements. This ASU requires the recognition of a separate lease liability representing the required discounted lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Further, this ASU provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures to the notes of the financial statements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842," to permit an entity to elect an optional practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under existing accounting guidance. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach, including the option to apply certain practical expedients. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Excluding any impact from the clarification of contracts representing a lease, the Company expects to recognize separate lease liabilities and right of use assets for the amounts related to certain facilities under operating lease agreements currently disclosed in Note 15, "Minimum Lease Commitments". Additionally, the Company does not expect to significantly change operating lease agreements prior to adoption. The Company has established a committee consisting of individuals from the various areas of the Company tasked with transitioning to the new requirements. Derivatives In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” to improve the financial reporting of hedging relationships to better align the economic results of an entity’s risk management activities and disclosures within its financial statements. In addition, this ASU makes certain targeted improvements to simplify the application of the hedge accounting to derivative instruments as well as allows a one-time election to reclassify fixed-rate, prepayable investment securities from a held-to-maturity classification to an available-for-sale classification. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Guidance related to existing cash flow hedges and, if elected, fair value hedges is to be applied under a modified retrospective approach and guidance related to amended presentation and disclosures is to be applied under a prospective approach. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Allowance for Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” to replace the current incurred loss methodology for recognizing credit losses, which delays recognition until it is probable a loss has been incurred, with a methodology that reflects an estimate of all expected credit losses and considers additional reasonable and supportable forecasted information when determining credit loss estimates. This impacts the calculation of an allowance for credit losses for all financial assets measured under the amortized cost basis, including PCI loans at the time of and subsequent to acquisition. Additionally, credit losses related to available-for-sale debt securities would be recorded through the allowance for credit losses and not as a direct adjustment to the amortized cost of the securities. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements as well as the impact on current systems and processes. Specifically, the Company has established a committee consisting of individuals from the various areas of the Company tasked with transitioning to the new requirements. At this time, the Company is reviewing potential methodologies for estimating expected credit losses using reasonable and supportable forecast information and has identified certain historical data and system requirements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force),” to clarify the presentation of specific types of cash flow receipts and payments, including the payment of debt prepayment or debt extinguishment costs, contingent consideration cash payments paid subsequent to the acquisition date and proceeds from settlement of BOLI policies. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach, if practicable. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” to clarify the classification and presentation of changes in restricted cash on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for intra-entity transfers of assets other than inventory. This ASU allows the recognition of current and deferred income taxes for such transfers prior to the subsequent sale of the transferred assets to an outside party. Initial recognition of current and deferred income taxes is currently prohibited for intra-entity transfers of assets other than inventory. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach through cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Business Combinations In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” to improve such definition and, as a result, assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or as business combinations. The definition of a business impacts many areas of accounting including acquisitions, disposals, goodwill and consolidation. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a prospective approach. Adoption of this new guidance will impact the determination of whether future acquisitions are considered a business combination and the resulting impact of such determination on the consolidated financial statements. Goodwill In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” to simplify the subsequent measurement of goodwill. When the carrying amount of a reporting unit exceeds its fair value, an entity would no longer be required to determine goodwill impairment by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit was acquired in a business combination. Goodwill impairment would be recognized according to the excess of the carrying amount of the reporting unit over the calculated fair value of such unit. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied under a prospective approach. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Compensation In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. An entity will be required to report the service cost component of such costs in the same line item or items as other compensation costs related to services rendered. Additionally, only the service cost component will be eligible for capitalization when applicable. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach related to presentation of the service cost component and a prospective approach related to capitalization of such costs. Early adoption was permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,” to clarify when modification accounting is appropriate for changes to the terms and conditions of a share-based payment award. An entity will be required to account for such changes as a modification unless certain criteria is met. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a prospective approach for awards modified on or after the adoption date. Early adoption was permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company has evaluated adoption of this guidance and determined that it will not have a material impact on the Company's consolidated financial statements. Amortization of Premium on Certain Debt Securities In March 2017, the FASB issued ASU No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period for such securities will be shortened to the earliest call date. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Accumulated Other Comprehensive Income (Loss) In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow a reclassification from accumulated other comprehensive income to retained earnings related to remaining tax effects resulting from the Tax Act. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied either in the period of adoption or retrospectively to each period or periods in which the effect of the Tax Act is recognized. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2017 and 2016 is as follows: December 31, 2017 December 31, 2016 (Dollars in thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale securities U.S. Treasury $ 144,904 $ — $ (1,082 ) $ 143,822 $ 142,741 $ 1 $ (759 ) $ 141,983 U.S. Government agencies 157,638 2 (725 ) 156,915 189,540 47 (435 ) 189,152 Municipal 113,197 2,712 (557 ) 115,352 129,446 2,969 (606 ) 131,809 Corporate notes: Financial issuers 30,309 43 (301 ) 30,051 65,260 132 (1,000 ) 64,392 Other 1,000 — (1 ) 999 1,000 — (1 ) 999 Mortgage-backed: (1) Mortgage-backed securities 1,291,695 446 (31,955 ) 1,260,186 1,185,448 284 (54,330 ) 1,131,402 Collateralized mortgage obligations 60,092 64 (617 ) 59,539 30,105 67 (490 ) 29,682 Equity securities 34,234 3,357 (789 ) 36,802 32,608 3,429 (789 ) 35,248 Total available-for-sale securities $ 1,833,069 $ 6,624 $ (36,027 ) $ 1,803,666 $ 1,776,148 $ 6,929 $ (58,410 ) $ 1,724,667 Held-to-maturity securities U.S. Government agencies $ 579,062 $ 23 $ (14,066 ) $ 565,019 $ 433,343 $ 7 $ (24,470 ) $ 408,880 Municipal 247,387 2,668 (2,558 ) 247,497 202,362 647 (4,287 ) 198,722 Total held-to-maturity securities $ 826,449 $ 2,691 $ (16,624 ) $ 812,516 $ 635,705 $ 654 $ (28,757 ) $ 607,602 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 24,811 $ (215 ) $ 119,011 $ (867 ) $ 143,822 $ (1,082 ) U.S. Government agencies 14,462 (69 ) 141,471 (656 ) 155,933 (725 ) Municipal 28,221 (256 ) 15,840 (301 ) 44,061 (557 ) Corporate notes: Financial issuers 1,210 (1 ) 5,665 (300 ) 6,875 (301 ) Other — — 999 (1 ) 999 (1 ) Mortgage-backed: Mortgage-backed securities 137,255 (915 ) 989,971 (31,040 ) 1,127,226 (31,955 ) Collateralized mortgage obligations 35,038 (213 ) 13,719 (404 ) 48,757 (617 ) Equity securities 9,116 (343 ) 6,054 (446 ) 15,170 (789 ) Total available-for-sale securities $ 250,113 $ (2,012 ) $ 1,292,730 $ (34,015 ) $ 1,542,843 $ (36,027 ) Held-to-maturity securities U.S. Government agencies $ 241,849 $ (3,263 ) $ 300,200 $ (10,803 ) $ 542,049 $ (14,066 ) Municipal 56,901 (1,004 ) 52,399 (1,554 ) 109,300 (2,558 ) Total held-to-maturity securities $ 298,750 $ (4,267 ) $ 352,599 $ (12,357 ) $ 651,349 $ (16,624 ) The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 133,980 $ (759 ) $ — $ — $ 133,980 $ (759 ) U.S. Government agencies 89,645 (435 ) — — 89,645 (435 ) Municipal 54,711 (408 ) 6,684 (198 ) 61,395 (606 ) Corporate notes: Financial issuers 13,157 (11 ) 34,972 (989 ) 48,129 (1,000 ) Other 999 (1 ) — — 999 (1 ) Mortgage-backed: Mortgage-backed securities 1,116,705 (54,330 ) — — 1,116,705 (54,330 ) Collateralized mortgage obligations 15,038 (229 ) 6,905 (261 ) 21,943 (490 ) Equity securities 6,617 (214 ) 8,513 (575 ) 15,130 (789 ) Total available-for-sale securities $ 1,430,852 $ (56,387 ) $ 57,074 $ (2,023 ) $ 1,487,926 $ (58,410 ) Held-to-maturity securities U.S. Government agencies $ 355,621 $ (23,250 ) $ 50,033 $ (1,220 ) $ 405,654 $ (24,470 ) Municipal 170,707 (4,137 ) 5,708 (150 ) 176,415 (4,287 ) Total held-to-maturity securities $ 526,328 $ (27,387 ) $ 55,741 $ (1,370 ) $ 582,069 $ (28,757 ) The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. The Company does not consider securities with unrealized losses at December 31, 2017 to be other-than-temporarily impaired. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Securities with continuous unrealized losses existing for more than twelve months were primarily U.S. Treasury securities, U.S. government agency securities, municipal securities and mortgage-backed securities. The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales and calls of investment securities: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Realized gains $ 147 $ 9,399 $ 658 Realized losses (102 ) (1,754 ) (335 ) Net realized gains $ 45 $ 7,645 $ 323 Other than temporary impairment charges — — — Gains on investment securities, net $ 45 $ 7,645 $ 323 Proceeds from sales and calls of available-for-sale securities $ 336,539 $ 2,208,010 $ 1,515,559 Proceeds from calls of held-to-maturity securities 51,090 734,326 770 Net gains on investment securities resulted in income tax expense of $18,000 , $2.9 million and $122,000 in 2017 , 2016 and 2015 , respectively. The amortized cost and fair value of securities as of December 31, 2017 and December 31, 2016 , by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: December 31, 2017 December 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 300,833 $ 299,285 $ 145,353 $ 145,062 Due in one to five years 97,019 97,326 321,019 320,423 Due in five to ten years 33,947 35,029 27,319 28,451 Due after ten years 15,249 15,499 34,296 34,399 Mortgage-backed 1,351,787 1,319,725 1,215,553 1,161,084 Equity securities 34,234 36,802 32,608 35,248 Total available-for-sale securities $ 1,833,069 $ 1,803,666 $ 1,776,148 $ 1,724,667 Held-to-maturity securities Due in one year or less $ 170 $ 171 $ — $ — Due in one to five years 38,392 38,012 29,794 29,416 Due in five to ten years 205,227 203,680 69,664 67,820 Due after ten years 582,660 570,653 536,247 510,366 Total held-to-maturity securities $ 826,449 $ 812,516 $ 635,705 $ 607,602 At December 31, 2017 and December 31, 2016 , securities having a carrying value of $1.7 billion and $1.4 billion , respectively, were pledged as collateral for public deposits, trust deposits, FHLB advances, securities sold under repurchase agreements and derivatives. At December 31, 2017 , there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The following table shows the Company's loan portfolio by category as of the dates shown: (Dollars in thousands) December 31, 2017 December 31, 2016 Balance: Commercial $ 6,787,677 $ 6,005,422 Commercial real estate 6,580,618 6,196,087 Home equity 663,045 725,793 Residential real estate 832,120 705,221 Premium finance receivables—commercial 2,634,565 2,478,581 Premium finance receivables—life insurance 4,035,059 3,470,027 Consumer and other 107,713 122,041 Total loans, net of unearned income, excluding covered loans $ 21,640,797 $ 19,703,172 Covered loans — 58,145 Total loans, net of unearned income $ 21,640,797 $ 19,761,317 Mix: Commercial 31 % 30 % Commercial real estate 30 31 Home equity 3 4 Residential real estate 4 4 Premium finance receivables—commercial 12 12 Premium finance receivables—life insurance 19 18 Consumer and other 1 1 Total loans, net of unearned income, excluding covered loans 100 % 100 % Covered loans — — Total loans, net of unearned income 100 % 100 % The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses located within the geographic market areas that the banks serve. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $87.0 million and $69.6 million at December 31, 2017 and 2016 , respectively. Total loans, excluding PCI loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $9.3 million and $2.6 million at December 31, 2017 and 2016 , respectively. PCI loans are recorded net of credit discounts. See "Acquired Loan Information at Acquisition - PCI Loans" below. Certain real estate loans, including mortgage loans held-for-sale, and home equity loans with balances totaling approximately $6.4 billion and $6.7 billion at December 31, 2017 and 2016, respectively, were pledged as collateral to secure the availability of borrowings from certain federal agency banks. At December 31, 2017, approximately $5.8 billion of these pledged loans are included in a blanket pledge of qualifying loans to the FHLB. The remaining $677.7 million of pledged loans was used to secure potential borrowings at the FRB discount window. At December 31, 2017 and 2016 , the banks had outstanding borrowings of $559.7 million and $153.8 million , respectively, from the FHLB in connection with these collateral arrangements. See Note 11, “Federal Home Loan Bank Advances,” for a summary of these borrowings. It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to assure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures. Acquired Loan Information at Acquisition — PCI Loans As part of the Company's previous acquisitions, the Company acquired loans for which there was evidence of credit quality deterioration since origination (PCI loans) and we determined that it was probable that the Company would be unable to collect all contractually required principal and interest payments. The following table presents the unpaid principal balance and carrying value for these acquired loans as of the dates shown: December 31, 2017 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value PCI loans $ 375,237 $ 350,690 $ 509,446 $ 471,786 See Note 5, “Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans,” for further discussion regarding the allowance for loan losses associated with PCI loans at December 31, 2017. Accretable Yield Activity — PCI Loans Changes in expected cash flows may vary from period to period as the Company periodically updates its cash flow model assumptions for PCI loans. The factors that most significantly affect the estimates of gross cash flows expected to be collected, and accordingly the accretable yield, include changes in the benchmark interest rate indices for variable-rate products and changes in prepayment assumptions and loss estimates. The following table provides activity for the accretable yield of PCI loans. Years Ended December 31, (Dollars in thousands) 2017 2016 Accretable yield, beginning balance $ 49,408 $ 63,902 Acquisitions 426 2,462 Accretable yield amortized to interest income (21,512 ) (23,218 ) Accretable yield amortized to indemnification asset/liability (1) (1,087 ) (5,746 ) Reclassification from non-accretable difference (2) 7,805 13,733 Increases (Decreases) in interest cash flows due to payments and changes in interest rates 1,525 (1,725 ) Accretable yield, ending balance $ 36,565 $ 49,408 (1) Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset or increase the loss share indemnification liability. (2) Reclassification is the result of subsequent increases in expected principal cash flows. Accretion to interest income accounted for under ASC 310-30 totaled $21.5 million and $23.2 million in 2017 and 2016, respectively. These amounts include accretion from both covered and non-covered loans, and are included together within interest and fees on loans in the Consolidated Statements of Income. |
Allowance for Loan Losses Allow
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans | Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans The tables below show the aging of the Company’s loan portfolio at December 31, 2017 and 2016 : As of December 31, 2017 (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, industrial and other $ 11,260 $ — $ 3,746 $ 13,392 $ 4,314,107 $ 4,342,505 Franchise 2,447 — — — 845,150 847,597 Mortgage warehouse lines of credit — — — 4,000 190,523 194,523 Asset-based lending 1,550 — 283 10,057 968,576 980,466 Leases 439 — 3 1,958 410,772 413,172 PCI - commercial (1) — 877 186 — 8,351 9,414 Total commercial $ 15,696 $ 877 $ 4,218 $ 29,407 $ 6,737,479 $ 6,787,677 Commercial real estate: Construction 3,143 — — 200 742,171 745,514 Land 188 — — 5,156 121,140 126,484 Office 2,438 — — 4,458 887,937 894,833 Industrial 811 — — 2,412 879,796 883,019 Retail 12,328 — 668 148 938,383 951,527 Multi-family — — — 1,034 914,610 915,644 Mixed use and other 3,140 — 1,423 9,641 1,921,501 1,935,705 PCI - commercial real estate (1) — 7,135 2,255 6,277 112,225 127,892 Total commercial real estate $ 22,048 $ 7,135 $ 4,346 $ 29,326 $ 6,517,763 $ 6,580,618 Home equity 8,978 — 518 4,634 648,915 663,045 Residential real estate, including PCI 17,977 5,304 1,303 8,378 799,158 832,120 Premium finance receivables Commercial insurance loans 12,163 9,242 17,796 15,849 2,579,515 2,634,565 Life insurance loans — — 4,837 10,017 3,820,936 3,835,790 PCI - life insurance loans (1) — — — — 199,269 199,269 Consumer and other, including PCI 740 101 242 727 105,903 107,713 Total loans, net of unearned income $ 77,602 $ 22,659 $ 33,260 $ 98,338 $ 21,408,938 $ 21,640,797 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. See Note 4 , “Loans,” for further discussion of these purchased loans. As of December 31, 2016 (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, industrial and other $ 13,441 $ 174 $ 2,341 $ 11,779 $ 3,716,977 $ 3,744,712 Franchise — — — 493 869,228 869,721 Mortgage warehouse lines of credit — — — — 204,225 204,225 Asset-based lending 1,924 — 135 1,609 871,402 875,070 Leases 510 — — 1,331 293,073 294,914 PCI - commercial (1) — 1,689 100 2,428 12,563 16,780 Total commercial $ 15,875 $ 1,863 $ 2,576 $ 17,640 $ 5,967,468 $ 6,005,422 Commercial real estate Construction $ 2,408 $ — $ — $ 1,824 $ 606,007 $ 610,239 Land 394 — 188 — 104,219 104,801 Office 4,337 — 4,506 1,232 857,599 867,674 Industrial 7,047 — 4,516 2,436 756,602 770,601 Retail 597 — 760 3,364 907,872 912,593 Multi-family 643 — 322 1,347 805,312 807,624 Mixed use and other 6,498 — 1,186 12,632 1,931,859 1,952,175 PCI - commercial real estate (1) — 16,188 3,775 8,888 141,529 170,380 Total commercial real estate $ 21,924 $ 16,188 $ 15,253 $ 31,723 $ 6,110,999 $ 6,196,087 Home equity 9,761 — 1,630 6,515 707,887 725,793 Residential real estate, including PCI 12,749 1,309 936 8,271 681,956 705,221 Premium finance receivables Commercial insurance loans 14,709 7,962 5,646 14,580 2,435,684 2,478,581 Life insurance loans — 3,717 17,514 16,204 3,182,935 3,220,370 PCI - life insurance loans (1) — — — — 249,657 249,657 Consumer and other, including PCI 439 207 100 887 120,408 122,041 Total loans, net of unearned income, excluding covered loans 75,457 31,246 43,655 95,820 19,456,994 19,703,172 Covered loans 2,121 2,492 225 1,553 51,754 58,145 Total loans, net of unearned income 77,578 33,738 43,880 97,373 19,508,748 19,761,317 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. See Note 4 , “Loans,” for further discussion of these purchased loans. The Company's ability to manage credit risk depends in large part on our ability to properly identify and manage problem loans. To do so, the Company operates a credit risk rating system under which credit management personnel assign a credit risk rating (1 to 10 rating) to each loan at the time of origination and review loans on a regular basis. Each loan officer is responsible for monitoring his or her loan portfolio, recommending a credit risk rating for each loan in his or her portfolio and ensuring the credit risk ratings are appropriate. These credit risk ratings are then ratified by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including: a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s Problem Loan Reporting system automatically includes all loans with credit risk ratings of 6 through 9. This system is designed to provide an on-going detailed tracking mechanism for each problem loan. Once management determines that a loan has deteriorated to a point where it has a credit risk rating of 6 or worse, the Company’s Managed Asset Division performs an overall credit and collateral review. As part of this review, all underlying collateral is identified and the valuation methodology is analyzed and tracked. As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If the Company determines that a loan amount or portion thereof is uncollectible the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. Non-performing loans include all non-accrual loans (8 and 9 risk ratings) as well as loans 90 days past due and still accruing interest, excluding PCI and covered loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at December 31, 2017 and 2016 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2017 2016 2017 2016 2017 2016 Loan Balances: Commercial Commercial, industrial and other $ 4,331,245 $ 3,731,097 $ 11,260 $ 13,615 $ 4,342,505 $ 3,744,712 Franchise 845,150 869,721 2,447 — 847,597 869,721 Mortgage warehouse lines of credit 194,523 204,225 — — 194,523 204,225 Asset-based lending 978,916 873,146 1,550 1,924 980,466 875,070 Leases 412,733 294,404 439 510 413,172 294,914 PCI - commercial (1) 9,414 16,780 — — 9,414 16,780 Total commercial $ 6,771,981 $ 5,989,373 $ 15,696 $ 16,049 $ 6,787,677 $ 6,005,422 Commercial real estate Construction 742,371 607,831 3,143 2,408 745,514 610,239 Land 126,296 104,407 188 394 126,484 104,801 Office 892,395 863,337 2,438 4,337 894,833 867,674 Industrial 882,208 763,554 811 7,047 883,019 770,601 Retail 939,199 911,996 12,328 597 951,527 912,593 Multi-family 915,644 806,981 — 643 915,644 807,624 Mixed use and other 1,932,565 1,945,677 3,140 6,498 1,935,705 1,952,175 PCI - commercial real estate (1) 127,892 170,380 — — 127,892 170,380 Total commercial real estate $ 6,558,570 $ 6,174,163 $ 22,048 $ 21,924 $ 6,580,618 $ 6,196,087 Home equity 654,067 716,032 8,978 9,761 663,045 725,793 Residential real estate, including PCI 810,865 692,472 21,255 12,749 832,120 705,221 Premium finance receivables Commercial insurance loans 2,613,160 2,455,910 21,405 22,671 2,634,565 2,478,581 Life insurance loans 3,835,790 3,216,653 — 3,717 3,835,790 3,220,370 PCI - life insurance loans (1) 199,269 249,657 — — 199,269 249,657 Consumer and other, including PCI 106,933 121,458 780 583 107,713 122,041 Total loans, net of unearned income, excluding covered loans $ 21,550,635 $ 19,615,718 $ 90,162 $ 87,454 $ 21,640,797 $ 19,703,172 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 , “Loans,” for further discussion of these purchased loans. A summary of the activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the years ended December 31, 2017 and 2016 is as follows: Year Ended December 31, 2017 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 44,493 $ 51,422 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 122,291 Other adjustments (1) 16 (155 ) 167 356 138 51 573 Reclassification to/from allowance for unfunded lending-related commitments 500 (431 ) — — — — 69 Charge-offs (5,159 ) (4,236 ) (3,952 ) (1,284 ) (7,335 ) (729 ) (22,695 ) Recoveries 1,870 2,190 746 452 2,128 299 7,685 Provision for credit losses 16,091 6,437 1,758 1,450 4,290 (44 ) 29,982 Allowance for loan losses at period end $ 57,811 $ 55,227 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 137,905 Allowance for unfunded lending-related commitments at period end — 1,269 — — — — 1,269 Allowance for credit losses at period end $ 57,811 $ 56,496 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 139,174 By measurement method: Individually evaluated for impairment 4,464 2,177 784 586 — 26 8,037 Collectively evaluated for impairment 52,820 53,938 9,709 5,979 6,846 814 130,106 Loans acquired with deteriorated credit quality 527 381 — 123 — — 1,031 Loans at period end: Individually evaluated for impairment $ 35,612 $ 38,534 $ 9,254 $ 21,253 $ — $ 759 $ 105,412 Collectively evaluated for impairment 6,742,651 6,414,192 653,791 765,149 6,470,355 104,840 21,150,978 Loans acquired with deteriorated credit quality 9,414 127,892 — 12,001 199,269 2,114 350,690 Loan held at fair value — — — 33,717 — — 33,717 (1) Includes $742,000 of allowance for covered loan losses reclassified as a result of the termination of all existing loss share agreements with the FDIC during the fourth quarter of 2017. Year Ended December 31, 2016 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Other adjustments (90 ) (154 ) — (57 ) 10 — (291 ) Reclassification to/from allowance for unfunded lending-related commitments (500 ) (225 ) — — — — (725 ) Charge-offs (7,915 ) (1,930 ) (3,998 ) (1,730 ) (8,193 ) (925 ) (24,691 ) Recoveries 1,594 2,945 484 225 2,374 186 7,808 Provision for credit losses 15,269 7,028 3,276 2,542 6,201 474 34,790 Allowance for loan losses at period end $ 44,493 $ 51,422 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 122,291 Allowance for unfunded lending-related commitments at period end 500 1,173 — — — — 1,673 Allowance for credit losses at period end $ 44,993 $ 52,595 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 123,964 By measurement method: Individually evaluated for impairment 1,717 3,004 1,233 849 — 100 6,903 Collectively evaluated for impairment 42,624 49,552 10,541 4,792 7,625 1,162 116,296 Loans acquired with deteriorated credit quality 652 39 — 73 — 1 765 Loans at period end: Individually evaluated for impairment $ 20,790 $ 42,309 $ 9,994 $ 17,735 $ — $ 495 $ 91,323 Collectively evaluated for impairment 5,967,852 5,983,398 715,799 661,045 5,698,951 120,375 19,147,420 Loans acquired with deteriorated credit quality 16,780 170,380 — 4,304 249,657 1,171 442,292 Loan held at fair value — — — 22,137 — — 22,137 A summary of activity in the allowance for covered loan losses for the years ended December 31, 2017 and 2016 is as follows: Years Ended December 31, December 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 1,322 $ 3,026 Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration (742 ) (156 ) Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,063 ) (3,530 ) Benefit attributable to FDIC loss share agreements 1,592 2,949 Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses $ (213 ) $ (737 ) Increase/decrease in FDIC indemnification liability/asset (1,592 ) (2,949 ) Loans charged-off (517 ) (1,410 ) Recoveries of loans charged-off 1,000 3,392 Net recoveries $ 483 $ 1,982 Balance at end of period $ — $ 1,322 In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. Additional expected losses, to the extent such expected losses result in the recognition of an allowance for loan losses, increased the FDIC loss share asset or reduced any FDIC loss share liability. The allowance for loan losses for loans acquired in FDIC-assisted transactions was determined without giving consideration to the amounts recoverable through loss share agreements (since the loss share agreements are separately accounted for and thus presented “gross” on the balance sheet). On the Consolidated Statements of Income, the provision for credit losses was reported net of changes in the amount recoverable under the loss share agreements. Reductions to expected losses, to the extent such reductions to expected losses were the result of an improvement to the actual or expected cash flows from the covered assets, reduced the FDIC loss share asset or increased any FDIC loss share liability. Additions to expected losses required an increase to the allowance for loan losses, and a corresponding increase to the FDIC loss share asset or reduction to any FDIC loss share liability. See “FDIC-Assisted Bank Acquisitions” within Note 7, “Business Combinations,” for more detail. On October 16, 2017, the Company entered into agreements with the FDIC that terminated all existing loss share agreements with the FDIC. As a result, the allowance for covered loan losses previously measured is included within the allowance for credit losses, excluding covered loans, presented above for subsequent periods. See Note 7, "Business Combinations," for further discussion of the termination of FDIC loss share agreements. Impaired Loans A summary of impaired loans, including TDRs, at December 31, 2017 and 2016 is as follows: (Dollars in thousands) 2017 2016 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 36,084 $ 33,146 Impaired loans with no allowance for loan loss required 69,004 57,370 Total impaired loans (2) $ 105,088 $ 90,516 Allowance for loan losses related to impaired loans $ 8,023 $ 6,377 TDRs 49,786 41,708 Reduction of interest income from non-accrual loans 2,373 3,060 Interest income recognized on impaired loans 6,298 5,485 (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. The following tables present impaired loans evaluated for impairment by loan class as of December 31, 2017 and 2016 : As of For the Year Ended December 31, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 6,233 $ 7,323 $ 3,951 $ 7,220 $ 452 Franchise — — — — — Asset-based lending 948 949 355 1,302 72 Leases 2,331 2,337 158 2,463 117 Commercial real estate Construction 3,097 3,897 403 3,690 197 Land — — — — — Office 471 471 5 481 24 Industrial 408 408 40 414 25 Retail 15,599 15,657 1,336 15,736 624 Multi-family — — — — — Mixed use and other 1,567 1,586 379 1,599 77 Home equity 1,606 1,869 784 1,626 81 Residential real estate 3,798 3,910 586 3,790 146 Consumer and other 26 28 26 27 2 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 8,460 $ 12,259 $ — $ 10,170 $ 683 Franchise 16,256 16,256 — 17,089 780 Asset-based lending 602 602 — 688 40 Leases 782 782 — 845 49 Commercial real estate Construction 1,367 1,678 — 1,555 84 Land 3,961 4,192 — 4,129 182 Office 2,438 6,140 — 3,484 330 Industrial 403 2,010 — 1,849 174 Retail 2,393 3,538 — 2,486 221 Multi-family 1,231 2,078 — 1,246 76 Mixed use and other 5,275 6,731 — 5,559 351 Home equity 7,648 11,648 — 9,114 603 Residential real estate 17,455 20,327 — 17,926 860 Consumer and other 733 890 — 773 48 Total loans, net of unearned income $ 105,088 $ 127,566 $ 8,023 $ 115,261 $ 6,298 As of For the Year Ended December 31, 2016 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 2,601 $ 2,617 $ 1,079 $ 2,649 $ 134 Franchise — — — — — Asset-based lending 233 235 26 235 10 Leases 2,441 2,443 107 2,561 128 Commercial real estate Construction 5,302 5,302 86 5,368 164 Land 1,283 1,283 1 1,303 47 Office 2,687 2,697 324 2,797 137 Industrial 5,207 5,843 1,810 7,804 421 Retail 1,750 1,834 170 2,039 101 Multi-family — — — — — Mixed use and other 3,812 4,010 592 4,038 195 Home equity 1,961 1,873 1,233 1,969 75 Residential real estate 5,752 6,327 849 5,816 261 Consumer and other 117 121 100 131 7 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 12,534 $ 14,704 $ — $ 14,944 $ 948 Franchise — — — — — Asset-based lending 1,691 2,550 — 8,467 377 Leases 873 873 — 939 56 Commercial real estate Construction 4,003 4,003 — 4,161 81 Land 3,034 3,503 — 3,371 142 Office 3,994 5,921 — 4,002 323 Industrial 2,129 2,436 — 2,828 274 Retail — — — — — Multi-family 1,903 1,987 — 1,825 84 Mixed use and other 6,815 7,388 — 6,912 397 Home equity 8,033 10,483 — 8,830 475 Residential real estate 11,983 14,124 — 12,041 622 Consumer and other 378 489 — 393 26 Total loans, net of unearned income $ 90,516 $ 103,046 $ 6,377 $ 105,423 $ 5,485 Average recorded investment in impaired loans for the years ended December 31, 2017 , 2016 , and 2015 were $115.3 million , $105.4 million , and $107.2 million , respectively. Interest income recognized on impaired loans was $6.3 million , $5.5 million and $6.2 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. TDRs At December 31, 2017 , the Company had $49.8 million in loans modified in TDRs. The $49.8 million in TDRs represents 80 credits in which economic concessions were granted to certain borrowers to better align the terms of their loans with their current ability to pay. The Company’s approach to restructuring loans, excluding PCI loans, is built on its credit risk rating system which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. A modification of a loan, excluding PCI loans, with an existing credit risk rating of 6 or worse or a modification of any other credit, which will result in a restructured credit risk rating of 6 or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is 5 or better both before and after such modification is not considered to be a TDR. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is 5 or better are not experiencing financial difficulties and therefore, are not considered TDRs. All credits determined to be a TDR will continue to be classified as a TDR in all subsequent periods, unless the borrower has been in compliance with the loan’s modified terms for a period of six months (including over a calendar year-end) and the current interest rate represents a market rate at the time of restructuring. The Managed Assets Division, in consultation with the respective loan officer, determines whether the modified interest rate represented a current market rate at the time of restructuring. Using knowledge of current market conditions and rates, competitive pricing on recent loan originations, and an assessment of various characteristics of the modified loan (including collateral position and payment history), an appropriate market rate for a new borrower with similar risk is determined. If the modified interest rate meets or exceeds this market rate for a new borrower with similar risk, the modified interest rate represents a market rate at the time of restructuring. Additionally, before removing a loan from TDR classification, a review of the current or previously measured impairment on the loan and any concerns related to future performance by the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review by the Managed Assets Division, the TDR classification is not removed from the loan. TDRs are reviewed at the time of modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan’s original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. Each TDR was reviewed for impairment at December 31, 2017 and approximately $3.9 million of impairment was present and appropriately reserved for through the Company’s normal reserving methodology in the Company’s allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. For the years ended December 31, 2017 and 2016 , the Company recorded $207,000 and $421,000 , respectively, in interest income representing this decrease in impairment. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. At December 31, 2017 , the Company had $9.7 million of foreclosed residential real estate properties included within OREO. Further, the recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $9.8 million at December 31, 2017 . The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2017 , 2016 , and 2015 , which represent TDRs: Year ended December 31, 2017 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 5 $ 3,775 1 $ 95 1 $ 2,272 3 $ 1,408 — $ — Franchise 3 16,256 — — — — 3 16,256 — — Leases — — — — — — — — — — Commercial real estate Office — — — — — — — — — — Industrial — — — — — — — — — — Mixed use and other 1 1,245 1 1,245 — — — — — — Residential real estate and other 12 3,049 10 2,925 8 2,643 1 55 1 69 Total loans 21 $ 24,325 12 $ 4,265 9 $ 4,915 7 $ 17,719 1 $ 69 Year ended December 31, 2016 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 3 $ 345 3 $ 345 — $ — — $ — 1 $ 275 Franchise — — — — — — — — — — Leases 2 2,949 2 2,949 — — — — — — Commercial real estate Office 1 450 1 450 — — — — — — Industrial 6 7,921 6 7,921 3 7,196 — — — — Mixed use and other 2 150 2 150 — — — — — — Residential real estate and other 7 1,082 5 841 6 850 2 470 — — Total loans 21 $ 12,897 19 $ 12,656 9 $ 8,046 2 $ 470 1 $ 275 Year ended December 31, 2015 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other — $ — — $ — — $ — — $ — — $ — Franchise — — — — — — — — — — Leases — — — — — — — — — — Commercial real estate Office — — — — — — — — — — Industrial 1 169 1 169 — — 1 169 — — Mixed use and other 2 201 2 201 — — 2 201 — — Residential real estate and other 9 1,664 9 1,664 5 674 1 50 — — Total loans 12 $ 2,034 12 $ 2,034 5 $ 674 4 $ 420 — $ — (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. During the year ended December 31, 2017 , $24.3 million , or 21 loans, were determined to be TDRs, compared to $12.9 million , or 21 loans, and $2.0 million , or 12 loans, in the years ended 2016 and 2015 , respectively. Of these loans extended at below market terms, the weighted average extension had a term of approximately 35 months in 2017 compared to 19 months in 2016 and 45 months in 2015 . Further, the weighted average decrease in the stated interest rate for loans with a reduction of interest rate during the period was approximately 485 basis points, 34 basis points and 358 basis points during the years ended December 31, 2017 , 2016 , and 2015 , respectively. Interest-only payment terms were approximately eleven months during the year ended 2017 compared to seven months and 17 months for the years ended 2016 and 2015 , respectively. Additionally, $73,000 of principal balance were forgiven in 2017 compared to $300,000 of principal balance forgiven during 2016 and no principal balances during 2015 . The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2017 , 2016 , and 2015 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 5 $ 3,775 4 $ 3,681 3 $ 345 1 $ 28 — $ — — $ — Franchise 3 $ 16,256 — $ — — $ — — $ — — $ — — $ — Leases — $ — — $ — 2 $ 2,949 — $ — — $ — — $ — Commercial real-estate Office — — — — 1 450 1 450 — — — — Industrial — — — — 6 7,921 5 7,347 1 169 — — Mixed use and other 1 1,245 1 1,245 2 150 1 16 2 201 2 201 Residential real estate and other 12 3,049 3 2,052 7 1,082 — — 9 1,664 4 568 Total loans 21 $ 24,325 8 $ 6,978 21 $ 12,897 8 $ 7,841 12 $ 2,034 6 $ 769 (1) Total TDRs represent all loans restructured in TDRs during the year indicated. (2) TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. (3) Balances represent the recorded investment in the loan at the time of the restructuring. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2017 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights ( “ MSRs”) Following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the years ended December 31, 2017 , 2016 and 2015 : December 31, December 31, December 31, (Dollars in thousands) 2017 2016 2015 Balance at beginning of year $ 19,103 $ 9,092 $ 8,435 Additions from loans sold with servicing retained 18,341 13,091 1,759 Estimate of changes in fair value due to: Payoffs and paydowns (2,595 ) (2,325 ) (1,315 ) Changes in valuation inputs or assumptions (1,173 ) (755 ) 213 Fair value at end of year $ 33,676 $ 19,103 $ 9,092 Unpaid principal balance of mortgage loans serviced for others $ 2,929,133 $ 1,784,760 $ 939,819 The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The Company does not specifically hedge the value of its MSRs. Fair values are determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, discount rates, servicing costs and other economic factors. The Company uses a third party to assist in the valuation of MSRs. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Non-FDIC Assisted Bank Acquisitions On November 18, 2016 , the Company acquired FCFC. FCFC was the parent company of First Community Bank, Through this transaction, the Company acquired First Community Bank's two banking locations in Elgin, Illinois . First Community Bank was merged into the Company's wholly-owned subsidiary St. Charles Bank. The Company acquired assets with a fair value of approximately $187.3 million , including approximately $79.5 million of loans, and assumed deposits with a fair value of approximately $150.3 million . Additionally, the Company recorded goodwill of $13.8 million on the acquisition. On August 19, 2016 , the Company, through its wholly-owned subsidiary Lake Forest Bank, acquired approxim ately $561.4 million in performing loans and related relationships from an affiliate of GE Capital Franchise Finance, which were added to the Company's existing franchise finance portfolio. The loans are to franchise operators (primarily quick service restaurant concepts) in the Midwest and in the Western portion of the United States. On March 31, 2016 , the Company acquired Generations. Generations was the parent company of Foundations Bank, which had one banking location in Pewaukee, Wisconsin. Foundations Bank was merged into the Company's wholly-owned subsidiary Town Bank. The Company acquired assets with a fair value of approximately $134.2 million , including approximately $67.4 million of loans, and assumed deposits with a fair value of approximately $100.2 million . Additionally, the Company recorded goodwill of $11.5 million on the acquisition. On July 24, 2015 , the Company acquired CFIS. CFIS was the parent company of CBWGE, which had four banking locations. CBWGE was merged into Wheaton Bank. The Company acquired assets with a fair value of approximately $350.5 million , including approximately $159.5 million of loans, and assumed deposits with a fair value of approximately $290.0 million Additionally, the Company recorded goodwill of $27.6 million on the acquisition. On July 17, 2015 , the Company acquired Suburban. Suburban was the parent company of SBT, which operated ten banking locations. SBT was merged into Hinsdale Bank. The Company acquired assets with a fair value of approximately $494.7 million , including approximately $257.8 million of loans, and assumed deposits with a fair value of approximately $416.7 million . Additionally, the Company recorded goodwill of $18.6 million on the acquisition. On July 1, 2015 , the Company, through its wholly-owned subsidiary Wintrust Bank, acquired North Bank, which had two banking locations. The Company acquired assets with a fair value of $117.9 million , including approximately $51.6 million of loans, and assumed deposits with a fair value of approximately $101.0 million . Additionally, the Company recorded goodwill of $6.7 million on the acquisition. On January 16, 2015 , the Company acquired Delavan. Delavan was the parent company of Community Bank CBD, which had four banking locations. Community Bank CBD was merged into the Company's wholly-owned subsidiary Town Bank. The Company acquired assets with a fair value of approximately $224.1 million , including approximately $128.0 million of loans, and assumed liabilities with a fair value of approximately $186.4 million , including approximately $170.2 million of deposits. Additionally the Company recorded goodwill of $16.8 million on the acquisition. FDIC Assisted Bank Acquisitions From 2010 to 2012, the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprised the majority of the assets acquired in nearly all of these FDIC-assisted transactions, of which eight such transactions were subject to loss sharing agreements with the FDIC whereby the FDIC agreed to reimburse the Company for 80% of losses incurred on the purchased loans, other real estate owned (“OREO”), and certain other assets. Additionally, clawback provisions within these loss share agreements with the FDIC required the Company to reimburse the FDIC in the event that actual losses on covered assets were lower than the original loss estimates agreed upon with the FDIC with respect of such assets in the loss share agreements. The Company refers to the loans subject to these loss sharing agreements as “covered loans” and uses the term “covered assets” to refer to covered loans, covered OREO and certain other covered assets during periods subject to such agreements. As of dates subject to such agreements, the loans covered by the loss share agreements were classified and presented as covered loans and the estimated reimbursable losses were recorded as an FDIC indemnification asset or liability in the Consolidated Statements of Condition. The Company recorded the acquired assets and liabilities at their estimated fair values at the acquisition date. The fair value for loans reflected expected credit losses at the acquisition date. Therefore, the Company only recognized a provision for credit losses and charge-offs on the acquired loans for any further credit deterioration subsequent to the acquisition date. See Note 5, “Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans,” for further discussion of the allowance on covered loans. The loss share agreements with the FDIC covered realized losses on loans, foreclosed real estate and certain other assets and required the Company to record loss share assets and liabilities that were measured separately from the loan portfolios because they were not contractually embedded in the loans and were not transferable with the loans should the Company have chosen to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets and liabilities were recorded as FDIC indemnification assets and other liabilities, respectively, on the Consolidated Statements of Condition as of dates covered by loss share agreements. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduced the FDIC indemnification assets. Reductions to expected losses, to the extent such reductions to expected losses were the result of an improvement to the actual or expected cash flows from the covered assets, also reduced the FDIC indemnification assets and, if necessary, increased any loss share liability when necessary reductions exceeded the current value of the FDIC indemnification assets. In accordance with the clawback provision noted above, the Company was required to reimburse the FDIC when actual losses were less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements in accordance with clawback provisions and any related amortization were adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition as of dates subject to loss share agreements, estimated reimbursements from clawback provisions were recorded as a reduction to the FDIC indemnification asset or, if necessary, an increase to the loss share liability, which was included within accrued interest payable and other liabilities. In the second quarter of 2017, the Company recorded a $4.9 million reduction to the estimated loss share liability as a result of an adjustment related to such clawback provisions. Although these assets were contractual receivables from the FDIC and these liabilities were contractual payables to the FDIC, there were no contractual interest rates. Additional expected losses, to the extent such expected losses resulted in recognition of an allowance for covered loan losses, increased the FDIC indemnification asset or reduced the FDIC indemnification liability. The corresponding amortization was recorded as a component of non-interest income on the Consolidated Statements of Income during periods covered by the loss share agreements. The following table summarizes the activity in the Company’s FDIC loss share liability during the periods indicated: Year Ended December 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 16,701 $ 6,100 Reductions from reimbursable expenses (291 ) (1,303 ) Amortization 1,044 1,388 Changes in expected reimbursements from the FDIC for changes in expected credit losses (1,658 ) 9,309 Resolution through payments paid to the FDIC and termination of loss share agreements (15,796 ) 1,207 Balance at end of period $ — $ 16,701 On October 16, 2017, the Company entered into agreements with the FDIC that terminated all existing loss share agreements with the FDIC. Under the terms of the agreements, the Company made a net payment of $15.2 million to the FDIC as consideration for the early termination of the loss share agreements. The Company recorded a pre-tax gain of approximately $0.4 million to write off the remaining loss share asset, relieve the claw-back liability and recognize the payment to the FDIC. Mortgage Banking Acquisitions On February 14, 2017, the Company acquired certain assets and assumed certain liabilities of the mortgage banking business of American Homestead Mortgage, LLC ("AHM"). The Company recorded goodwill of $999,000 on the acquisition. PCI loans Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. For PCI loans, expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will result in a provision for loan losses. The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. See Note 4, “Loans,” for more information on loans acquired with evidence of credit quality deterioration since origination. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of the Company’s goodwill assets by business segment is presented in the following table: (Dollars in thousands) January 1, Goodwill Impairment Goodwill Adjustments December 31, 2017 Community banking $ 427,781 $ 999 $ — $ 740 $ 429,520 Specialty finance 38,692 — — 1,558 40,250 Wealth management 32,114 — — — 32,114 Total $ 498,587 $ 999 $ — $ 2,298 $ 501,884 The community banking segment's goodwill increased $1.7 million in 2017 primarily as a result of the acquisition of AHM and subsequent purchase adjustments related to the acquisition of FCFC. The specialty finance segment's goodwill increased $1.6 million in 2017 as a result of foreign currency translation adjustments related to the Canadian acquisitions. A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of December 31, 2017 is as follows: December 31, (Dollars in thousands) 2017 2016 Community banking segment: Core deposit intangibles: Gross carrying amount $ 37,272 $ 37,272 Accumulated amortization (25,427 ) (21,614 ) Net carrying amount $ 11,845 $ 15,658 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,972 $ 1,800 Accumulated amortization (1,298 ) (1,159 ) Net carrying amount $ 674 $ 641 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 Accumulated amortization (2,838 ) (2,388 ) Net carrying amount $ 5,102 $ 5,552 Total other intangible assets, net $ 17,621 $ 21,851 Estimated amortization for the year-ended: 2018 $ 3,796 2019 3,223 2020 2,597 2021 2,056 2022 1,556 The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten -year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18 -year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten -year period on a straight-line basis. Total amortization expense associated with finite-lived intangibles in 2017 , 2016 and 2015 was $4.4 million , $4.8 million and $4.6 million , respectively. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net A summary of premises and equipment at December 31, 2017 and 2016 is as follows: December 31, (Dollars in thousands) 2017 2016 Land $ 147,704 $ 137,428 Buildings and leasehold improvements 555,636 533,211 Furniture, equipment, and computer software 203,657 186,450 Construction in progress 6,962 4,436 $ 913,959 $ 861,525 Less: Accumulated depreciation and amortization 292,064 264,224 Total premises and equipment, net $ 621,895 $ 597,301 Depreciation and amortization expense related to premises and equipment totaled $31.5 million in 2017, $32.1 million in 2016 and $31.1 million in 2015 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Deposits | Deposits The following is a summary of deposits at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Balance: Non-interest bearing $ 6,792,497 $ 5,927,377 NOW and interest bearing demand deposits 2,315,055 2,624,442 Wealth management deposits 2,323,699 2,209,617 Money market 4,515,353 4,441,811 Savings 2,829,373 2,180,482 Time certificates of deposit 4,407,370 4,274,903 Total deposits $ 23,183,347 $ 21,658,632 Mix: Non-interest bearing 29 % 27 % NOW and interest bearing demand deposits 10 12 Wealth management deposits 10 10 Money market 20 21 Savings 12 10 Time certificates of deposit 19 20 Total deposits 100 % 100 % Wealth management deposits represent deposit balances of the Company’s subsidiary banks from brokerage customers of WHI, trust and asset management customers of the Company and brokerage customers from unaffiliated companies. The scheduled maturities of time certificates of deposit at December 31, 2017 and 2016 are as follows: (Dollars in thousands) 2017 2016 Due within one year $ 3,167,220 $ 2,803,509 Due in one to two years 969,130 1,173,688 Due in two to three years 127,548 151,283 Due in three to four years 98,952 87,509 Due in four to five years 44,206 58,181 Due after five years 314 733 Total time certificate of deposits $ 4,407,370 $ 4,274,903 The following table sets forth the scheduled maturities of time deposits in denominations of $100,000 or more at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Maturing within three months $ 695,904 $ 592,759 After three but within six months 614,963 429,756 After six but within 12 months 820,285 817,615 After 12 months 784,798 904,195 Total $ 2,915,950 $ 2,744,325 Time deposits in denominations of $250,000 or more were $1.3 billion and $1.2 billion at December 31, 2017 and 2016 , respectively. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances A summary of the outstanding FHLB advances at December 31, 2017 and 2016 , is as follows: (Dollars in thousands) 2017 2016 1.09% advance due February 2017 — 2,000 1.25% advance due February 2017 — 24,928 3.47% advance due November 2017 — 10,000 1.44% advance due January 2018 250,000 — 1.49% advance due February 2018 94,663 91,903 4.18% advance due February 2022 25,000 25,000 1.52% advance due March 2022 50,000 — 1.45% advance due May 2022 50,000 — 1.46% advance due May 2022 90,000 — Total FHLB advances $ 559,663 $ 153,831 FHLB advances consist of obligations of the banks and are collateralized by qualifying residential real estate and home equity loans and certain securities. The banks have arrangements with the FHLB whereby, based on available collateral, they could have borrowed an additional $2.7 billion at December 31, 2017 . FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. Unamortized prepayment fees are amortized as an adjustment to interest expense using the effective interest method. Approximately $165.0 million of the FHLB advances outstanding at December 31, 2017 , have varying put dates ranging from February 2018 to May 2019. At December 31, 2017 , the weighted average contractual interest rate on FHLB advances was 1.58% . |
Subordinated Notes
Subordinated Notes | 12 Months Ended |
Dec. 31, 2017 | |
Subordinated Borrowings [Abstract] | |
Subordinated Notes | Subordinated Notes At December 31, 2017 , the Company had outstanding subordinated notes totaling $139.1 million compared to $139.0 million and $138.9 million outstanding at December 31, 2016 and December 31, 2015 , respectively. In 2014, the Company issued $140.0 million of subordinated notes receiving $139.1 million in proceeds, net of underwriting discount. The notes have a stated interest rate of 5.00% and mature in June 2024 . In connection with the issuance of subordinated notes in 2014, the Company incurred costs totaling $1.3 million . These costs are a direct deduction from the carrying amount of the subordinated notes and are amortized to interest expense using the effective interest method. At December 31, 2017 , the unamortized balances of these costs were approximately $912,000 . These subordinated notes qualify as Tier II capital under the regulatory capital requirements, subject to restrictions. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Other Borrowings The following is a summary of other borrowings at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Notes payable $ 41,222 $ 52,445 Short-term borrowings 17,209 61,809 Other 49,131 18,154 Secured borrowings 158,561 130,078 Total other borrowings $ 266,123 $ 262,486 Notes Payable At December 31, 2017, notes payable represented a $41.2 million term facility (“Term Facility”), which is part of a $150.0 million loan agreement (“Credit Agreement”) with unaffiliated banks dated December 15, 2014 (and subsequently amended). The Credit Agreement consists of the Term Facility with an original outstanding balance of $75.0 million and a $75.0 million revolving credit facility (“Revolving Credit Facility”). At December 31, 2017, the Company had a balance of $41.2 million compared to $52.4 million outstanding balance at December 31, 2016 under the Term Facility. The Term Facility is stated at par of the current outstanding balance of the debt adjusted for unamortized costs paid by the Company in relation to the debt issuance. The Company was contractually required to borrow the entire amount of the Term Facility on June 15, 2015 and all such borrowings must be repaid by June 15, 2020 . Beginning September 30, 2015 , the Company was required to make straight-line quarterly amortizing payments on the Term Facility. At December 31, 2017 and 2016, the Company had no outstanding balance under the Revolving Credit Facility. In December 2016, the Company amended the Credit Agreement, effectively extending the maturity date on the Revolving Credit Facility from December 12, 2016 to December 11, 2017 . In December 2017, the Company again amended the Credit Agreement, effectively extending the maturity date on the Revolving Credit Facility from December 11, 2017 to December 10, 2018. Borrowings under the Credit Agreement that are considered “Base Rate Loans” bear interest at a rate equal to the sum of (1) 50 basis points (in the case of a borrowing under the Revolving Credit Facility) or 75 basis points (in the case of a borrowing under the Term Facility) plus (2) the highest of (a) the federal funds rate plus 50 basis points, (b) the lender's prime rate, and (c) the Eurodollar Rate (as defined below) that would be applicable for an interest period of one month plus 100 basis points. Borrowings under the agreement that are considered “Eurodollar Rate Loans” bear interest at a rate equal to the sum of (1) 150 basis points (in the case of a borrowing under the Revolving Credit Facility) or 175 basis points (in the case of a borrowing under the Term Facility) plus (2) the LIBOR rate for the applicable period, as adjusted for statutory reserve requirements for Eurocurrency liabilities (the “Eurodollar Rate”). A commitment fee is payable quarterly equal to 0.20% of the actual daily amount by which the lenders' commitment under the Revolving Credit Facility exceeded the amount outstanding under such facility. Borrowings under the Credit Agreement are secured by pledges of and first priority perfected security interests in the Company's equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At December 31, 2017, the Company was in compliance with all such covenants. The Revolving Credit Facility and the Term Facility are available to be utilized, as needed, to provide capital to fund continued growth at the Company’s banks and to serve as an interim source of funds for acquisitions, common stock repurchases or other general corporate purposes. Short-term Borrowings Short-term borrowings include securities sold under repurchase agreements and federal funds purchased. These borrowings totaled $17.2 million and $61.8 million at December 31, 2017 and 2016, respectively. At December 31, 2017 and 2016, securities sold under repurchase agreements represent $ 17.2 million and $61.8 million , respectively, of customer sweep accounts in connection with master repurchase agreements at the banks. The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. As of December 31, 2017, the Company had pledged securities related to its customer balances in sweep accounts of $44.3 million . Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of U.S. Treasury, U.S. Government agency and mortgage-backed securities. These securities are included in the available-for-sale and held-to-maturity securities portfolios as reflected on the Company’s Consolidated Statements of Condition. The following is a summary of these securities pledged as of December 31, 2017 disaggregated by investment category and maturity, and reconciled to the outstanding balance of securities sold under repurchase agreements: (Dollars in thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Treasury $ 4,995 Mortgage-backed securities 24,267 Held-to-maturity securities pledged U.S. Government agencies 15,000 Total collateral pledged $ 44,262 Excess collateral 27,053 Securities sold under repurchase agreements $ 17,209 Other Borrowings Other borrowings at December 31, 2017 represent a fixed-rate promissory note issued by the Company in June 2017 (“Fixed-Rate Promissory Note”) related to and secured by two office buildings owned by the Company, and non-recourse notes issued by the Company to other banks related to certain capital leases. At December 31, 2017 , the Fixed-Rate Promissory Note had a balance of $49.0 million . Under the Fixed-Rate Promissory Note, the Company will make monthly principal payments and pay interest at a fixed rate of 3.36% until maturity on June 30, 2022 . The Fixed-Rate Promissory Note contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At December 31, 2017, the Company was in compliance with all such covenants. Under a previous fixed-rate promissory note with an unrelated creditor related to and secured by an office building owned by the Company, other borrowings totaled $17.7 million at December 31, 2016. In June 2017, this previous fixed-rate promissory note was paid off upon the Company's issuance of the Fixed-Rate Promissory Note. At December 31, 2017 , the non-recourse notes related to certain capital leases totaled $151,000 compared to $447,000 at December 31, 2016. Secured Borrowings Secured borrowings at December 31, 2017 primarily represents transactions to sell an undivided co-ownership interest in all receivables owed to the Company's subsidiary, FIFC Canada. In December 2014, FIFC Canada sold such interest to an unrelated third party in exchange for a cash payment of approximately C$150 million pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). The Receivables Purchase Agreement was amended in December 2015, effectively extending the maturity date from December 15, 2015 to December 15, 2017 . Additionally, at that time, the unrelated third party paid an additional C$10 million , which increased the total payments to C$160 million . The Receivables Purchase Agreement was again amended in December 2017, effectively extending the maturity date from December 15, 2017 to December 16, 2019. Additionally, at that time, the unrelated third party paid an additional C$10 million , which increased the total payments to C$170 million . These transactions were not considered sales of receivables and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the unrelated third party, net of unamortized debt issuance costs, and translated to the Company’s reporting currency as of the respective date. At December 31, 2017, the translated balance of the secured borrowing totaled $135.1 million compared to $119.0 million at December 31, 2016. Additionally, the interest rate under the Receivables Purchase Agreement at December 31, 2017 was 2.214% . The remaining $23.5 million within secured borrowings at December 31, 2017 represents other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures As of December 31, 2017 , the Company owned 100% of the common securities of eleven trusts, Wintrust Capital Trust III, Wintrust Statutory Trust IV, Wintrust Statutory Trust V, Wintrust Capital Trust VII, Wintrust Capital Trust VIII, Wintrust Capital Trust IX, Northview Capital Trust I, Town Bankshares Capital Trust I, First Northwest Capital Trust I, Suburban Illinois Capital Trust II, and Community Financial Shares Statutory Trust II (the “Trusts”) set up to provide long- term financing. The Northview, Town, First Northwest, Suburban and Community Financial Shares capital trusts were acquired as part of the acquisitions of Northview Financial Corporation, Town Bankshares, Ltd., First Northwest Bancorp, Inc., Suburban and CFIS, respectively. The Trusts were formed for purposes of issuing trust preferred securities to third-party investors and investing the proceeds from the issuance of the trust preferred securities and common securities solely in junior subordinated debentures issued by the Company (or assumed by the Company in connection with an acquisition), with the same maturities and interest rates as the trust preferred securities. The junior subordinated debentures are the sole assets of the Trusts. In each Trust, the common securities represent approximately 3% of the junior subordinated debentures and the trust preferred securities represent approximately 97% of the junior subordinated debentures. In January 2016, the Company acquired $15.0 million of the $40.0 million of trust preferred securities issued by Wintrust Capital Trust VIII from a third-party investor. The purchase effectively extinguished $15.0 million of junior subordinated debentures related to Wintrust Capital Trust VIII and resulted in a $4.3 million gain from the early extinguishment of debt. The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in available-for-sale securities. The following table provides a summary of the Company’s junior subordinated debentures as of December 31, 2017 and 2016 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 12/31/2017 Maturity Date Earliest Redemption Date (Dollars in thousands) 2017 2016 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 4.61 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 4.49 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 4.29 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 3.54 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 26,238 L+1.45 3.14 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 3.22 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.38 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.38 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 4.69 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 15,464 L+1.75 3.34 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 3,609 L+1.62 3.21 06/2007 09/2037 06/2012 Total $ 253,566 $ 253,566 3.79 % The junior subordinated debentures totaled $253.6 million at December 31, 2017 and 2016 . The interest rates on the variable rate junior subordinated debentures are based on the three-month LIBOR rate and reset on a quarterly basis. At December 31, 2017 , the weighted average contractual interest rate on the junior subordinated debentures was 3.79% . Distributions on the common and preferred securities issued by the Trusts are payable quarterly at a rate per annum equal to the interest rates being earned by the Trusts on the junior subordinated debentures. Interest expense on the junior subordinated debentures is deductible for income tax purposes. The Company has guaranteed the payment of distributions and payments upon liquidation or redemption of the trust preferred securities, in each case to the extent of funds held by the Trusts. The Company and the Trusts believe that, taken together, the obligations of the Company under the guarantees, the junior subordinated debentures, and other related agreements provide, in the aggregate, a full, irrevocable and unconditional guarantee, on a subordinated basis, of all of the obligations of the Trusts under the trust preferred securities. Subject to certain limitations, the Company has the right to defer the payment of interest on the junior subordinated debentures at any time, or from time to time, for a period not to exceed 20 consecutive quarters. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption. The junior subordinated debentures are redeemable in whole or in part prior to maturity at any time after the earliest redemption dates shown in the table, and earlier at the discretion of the Company if certain conditions are met, and, in any event, only after the Company has obtained Federal Reserve Bank ("FRB") approval, if then required under applicable guidelines or regulations. Prior to January 1, 2015, the junior subordinated debentures, subject to certain limitations, qualified as Tier 1 regulatory capital of the Company and the amount in excess of those certain limitations could, subject to other restrictions, be included in Tier 2 capital. Starting in 2015, a portion of these junior subordinated debentures still qualified as Tier 1 regulatory capital of the Company and the amount in excess of those certain limitations, subject to certain restrictions, was included in Tier 2 capital. Starting in 2016, none of the junior subordinated debentures qualified as Tier 1 regulatory capital of the Company resulting in $245.5 million of the junior subordinated debentures, net of common securities, being included in the Company's Tier 2 regulatory capital. |
Minimum Lease Commitments
Minimum Lease Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Minimum Lease Commitments | Minimum Lease Commitments The Company occupies certain facilities under operating lease agreements. Gross rental expense related to the Company’s operating leases were $17.7 million in 2017, $17.4 million in 2016, and $15.7 million in 2015 . The Company also leases certain owned premises and receives rental income from such lease agreements. Gross rental income related to the Company’s buildings totaled $9.8 million , $8.9 million and $7.7 million , in 2017, 2016 and 2015 , respectively. The approximate minimum annual gross rental payments and gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2017 , are as follows (in thousands): Payments Receipts 2018 $ 12,791 $ 4,603 2019 13,011 3,054 2020 13,534 2,327 2021 11,721 1,750 2022 10,856 1,112 2023 and thereafter 104,270 785 Total minimum future amounts $ 166,183 $ 13,631 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Current income taxes: Federal $ 54,977 $ 98,272 $ 62,584 State 12,852 20,041 9,417 Foreign 1,243 (10 ) (39 ) Total current income taxes $ 69,072 $ 118,303 $ 71,962 Deferred income taxes: Federal $ 51,668 $ 4,464 $ 15,550 State 10,403 (14 ) 5,962 Foreign 1,172 2,226 1,542 Total deferred income taxes $ 63,243 $ 6,676 $ 23,054 Total income tax expense $ 132,315 $ 124,979 $ 95,016 The Company's income before income taxes in 2017 , 2016 and 2015 includes $7.8 million , $7.0 million and $3.9 million , respectively, of foreign income attributable to its Canadian subsidiary. The tax effect of fair value adjustments on securities available-for-sale and derivative instruments in cash flow hedges are recorded directly to shareholders' equity as part of other comprehensive income (loss) and are reflected on the Consolidated Statements of Comprehensive Income. In addition, a tax benefit (expense) of $230,000 and $(1.9) million in 2016 and 2015 , respectively, related to stock-based compensation, reflecting the excess (deficit) of realized tax benefits over expected tax benefits, was recorded directly to shareholders' equity. In 2017 , this excess tax benefit on stock-based compensation was $6.2 million and was recorded in tax expense. A reconciliation of the differences between taxes computed using the statutory Federal income tax rate of 35% and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Income tax expense using the statutory Federal income tax rate of 35% on income before income taxes $ 136,499 $ 116,149 $ 88,118 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (4,658 ) (3,634 ) (2,878 ) State taxes, net of federal tax benefit 15,115 13,017 9,996 Income earned on bank owned life insurance (1,167 ) (1,198 ) (1,562 ) Excess tax benefits on share based compensation (5,470 ) — — Enactment of Tax Cuts and Jobs Act Re-measurement of net deferred tax liabilities (10,402 ) — — Transition tax on deferred foreign earnings 2,850 — — Meals, entertainment and related expenses 1,710 1,439 1,283 Foreign subsidiary, net (271 ) (264 ) 148 Tax benefits related to tax credit investments, net (698 ) (572 ) (778 ) Other, net (1,193 ) 42 689 Income tax expense $ 132,315 $ 124,979 $ 95,016 The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017, and ASC 740 requires us to reflect the changes associated with the Tax Act’s provisions in the fourth quarter of 2017. The Tax Act is complex and has extensive implications for the Company’s federal, state and foreign taxes. Among other things, the Tax Act reduces the corporate federal income tax rate from 35% to 21% and creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the Tax Act’s impact. SAB 118 provides a measurement period, not to extend beyond one year from the date of enactment during which a company, acting in good faith, may complete the accounting for the impacts of the Tax Act. At December 31, 2017, the Company’s accounting for the impact of the Tax Act on its net deferred tax liabilities and its deferred foreign earnings at its Canadian subsidiary is based upon reasonable estimates of the tax effects of the Tax Act; however, these estimates may change as additional information and interpretive guidance regarding the provisions of the Tax Act become available. In 2017, the Company recognized a provisional tax benefit of $7.6 million to reflect the impact of enactment of the Tax Act. The Company will complete its accounting for the Tax Act during 2018 as provided in SAB 118 and will reflect any adjustments to its provisional amounts as an adjustment to the provision for taxes in the reporting period in which the amounts are finally determined. Included in the provisional tax benefit recorded for the re-measurement of the Company’s net deferred tax liabilities were deferred items for which the tax effects were originally established through OCI. This results in a disproportionate tax effect for those items still recorded in AOCI. Under current GAAP, those items would continue to be reported in AOCI until such time as the underlying transactions were settled and would then be reclassified as a component of the provision for income taxes. However, in February 2018, the FASB issued an ASU that permits entities to reclassify the tax effects stranded in AOCI as a result of the Tax Act to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption in any period permitted. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows: (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for credit losses $ 36,442 $ 46,519 Deferred compensation 12,310 28,125 Net unrealized losses on securities included in other comprehensive income 7,465 19,036 Stock-based compensation 6,898 9,704 Loans 4,943 5,055 Other real estate owned 4,019 7,151 Federal net operating loss carryforward 3,063 7,624 AMT credit carryforward 1,199 1,872 Nonaccrued interest 983 1,884 Mortgage banking recourse obligation 722 2,025 Covered assets — 18,484 Foreign net operating loss carryforward — 3,476 Other 2,307 2,408 Total gross deferred tax assets 80,351 153,363 Deferred tax liabilities: Equipment leasing 42,681 28,440 Premises and equipment 23,211 31,053 Capitalized servicing rights 8,916 7,326 Goodwill and intangible assets 7,619 10,085 Deferred loan fees and costs 3,531 5,131 Net unrealized gains on derivatives included in other comprehensive income 3,197 2,732 Fair value adjustments on loans 3,143 3,163 FHLB stock dividends — 346 Other 3,433 6,334 Total gross deferred liabilities 95,731 94,610 Net deferred tax assets (liabilities) $ (15,380 ) $ 58,753 Management has determined that a valuation allowance is not required for the deferred tax assets at December 31, 2017 because it is more likely than not that these assets could be realized through future reversals of existing taxable temporary differences, tax planning strategies and future taxable income. This conclusion is based on the Company's historical earnings, its current level of earnings and prospects for continued growth and profitability. The Company has a Federal alternative minimum tax (“AMT”) credit carryforward of $1.2 million which is subject to IRC Section 383 annual limitation. The AMT credit has no expiration date and pursuant to the Tax Act will be fully refundable by 2021 . The Company has a Federal net operating loss (“NOL”) carryforward of $14.6 million that begins to expire in 2028 through 2035 and is subject to IRC Section 382 annual limitation. The AMT credit and the NOL carryforwards were a result of acquisitions made in 2012, 2013, 2015 and 2016. Management believes it is more likely than not that it will be able to fully utilize the AMT Credit and NOL carryforwards in future tax years. The Company accounts for uncertainties in income taxes in accordance with ASC 740, Income Taxes. The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Unrecognized tax benefits at beginning of year $ 11,626 $ — $ — Gross increases for tax positions taken in current period — — — Gross (decreases) increases for positions taken in prior periods (805 ) 11,626 — Unrecognized tax benefits at end of the year $ 10,821 $ 11,626 $ — At December 31, 2017 , the Company had $8.5 million of unrecognized tax benefits related to uncertain tax positions that, if recognized, would impact the effective tax rate. Interest and penalties on unrecognized tax positions are recorded in income tax expense. Total interest income accrued at December 31, 2017 and 2016 on unrecognized tax benefits was $921,000 and $521,000 , respectively, net of tax effect. Interest and penalties are included in the liability for uncertain tax positions, but are not included in the unrecognized tax benefits rollforward presented above. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in numerous state jurisdictions and in Canada. In the ordinary course of business we are routinely subject to audit by the taxing authorities of these jurisdictions. Currently, the Company's U.S. federal income tax returns are open and subject to audit for the 2014 tax return year forward, and in general, the Company's state income tax returns are open and subject to audit from the 2014 tax return year forward, subject to individual state statutes of limitation. The Company's Canadian subsidiary's Canadian income tax returns are also subject to audit for the 2014 tax return year forward. |
Stock Compensation Plans and Ot
Stock Compensation Plans and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock Compensation Plans and Other Employee Benefit Plans | Stock Compensation Plans and Other Employee Benefit Plans Stock Incentive Plan In May 2015, the Company’s shareholders approved the 2015 Stock Incentive Plan (“the 2015 Plan”) which provides for the issuance of up to 5,485,000 shares of common stock. The 2015 Plan replaced the 2007 Stock Incentive Plan (“the 2007 Plan”), which replaced the 1997 Stock Incentive Plan (“the 1997 Plan”). The 2015 Plan, the 2007 Plan and the 1997 Plan are collectively referred to as “the Plans.” The 2015 Plan has substantially similar terms to the 2007 Plan and the 1997 Plan. Outstanding awards under the Plans for which common shares are not issued by reason of cancellation, forfeiture, lapse of such award or settlement of such award in cash, are again available under the 2015 Plan. All grants made after the approval of the 2015 Plan will be made pursuant to the 2015 Plan. As of December 31, 2017 , approximately 4.0 million shares were available for future grants (assuming the maximum number of shares are issued for the performance awards outstanding.) The Plans cover substantially all employees of Wintrust. The Compensation Committee of the Board of Directors administers all stock-based compensation programs and authorizes all awards granted pursuant to the Plans. The Plans permit the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, restricted share or unit awards, performance awards, and other awards based in whole or in part by reference to the Company’s stock price. The Company historically awarded stock-based compensation in the form of time-vested nonqualified stock options and time-vested restricted share unit awards (“restricted shares”). In general, the grants of options provide for the purchase shares of the Company’s common stock at the fair market value of the stock on the date the options are granted. Options under the 2015 Plan and the 2007 Plan generally vest ratably over periods of three to five years and have a maximum term of seven years from the date of grant. Stock options granted under the 1997 Plan provided for a maximum term of 10 years. Restricted shares entitle the holders to receive, at no cost, shares of the Company’s common stock. Restricted shares generally vest over periods of one to five years from the date of grant. Beginning in 2011, the Company has awarded annual grants under the Long-Term Incentive Program (“LTIP”), which is administered under the Plans. The LTIP is designed in part to align the interests of management with interests of shareholders, foster retention, create a long-term focus based on sustainable results and provide participants a target long-term incentive opportunity. It is anticipated that LTIP awards will continue to be granted annually. LTIP grants to date have consisted of time-vested nonqualified stock options and performance-based stock and cash awards. Stock options granted under the LTIP have a term of seven years and will generally vest equally over three years based on continued service. Performance-based stock and cash awards granted under the LTIP are contingent upon the achievement of pre-established long-term performance goals set in advance by the Compensation Committee over a three -year period. These performance awards are granted at a target level, and based on the Company’s achievement of the pre-established long-term goals, the actual payouts can range from 0% to 150% (for awards granted after 2014) or 200% (for awards granted prior to 2015) of the target award. The awards typically vest in the quarter after the end of the performance period upon certification of the payout by the Compensation Committee of the Board of Directors. Holders of performance-based stock awards are entitled to shares of common stock at no cost. Holders of restricted share awards and performance-based stock awards received under the Plans are not entitled to vote or receive cash dividends (or cash payments equal to the cash dividends) on the underlying common shares until the awards are vested and issued. Shares that are vested but are not issuable pursuant to deferred compensation arrangements accrue additional shares based on the value of dividends otherwise paid. Except in limited circumstances, these awards are canceled upon termination of employment without any payment of consideration by the Company. Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair values of restricted share and performance-based stock awards are determined based on the average of the high and low trading prices on the grant date, and the fair value of stock options is estimated using a Black-Scholes option-pricing model that utilizes the assumptions outlined in the following table. Option-pricing models require the input of highly subjective assumptions and are sensitive to changes in the option’s expected life and the price volatility of the underlying stock, which can materially affect the fair value estimate. Options granted since the inception of the LTIP in 2011 were primarily granted as LTIP awards. Expected life of the options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company’s common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. The following table presents the weighted average assumptions used to determine the fair value of options granted in the years ended December 31, 2016 and 2015 . No options were granted in the year ended December 31, 2017 . 2016 2015 Expected dividend yield 0.9 % 0.9 % Expected volatility 25.2 % 26.5 % Risk-free rate 1.3 % 1.3 % Expected option life (in years) 4.5 4.5 Stock based compensation is recognized based on the number of awards that are ultimately expected to vest. Forfeitures are estimated based on historical forfeiture experience. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $12.9 million , $9.3 million and $9.7 million and the related tax benefits were $5.1 million , $3.7 million and $3.8 million in 2017 , 2016 and 2015 , respectively. A summary of the Plans’ stock option activity for the years ended December 31, 2017 , 2016 and 2015 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2015 1,618,426 $ 43.00 Granted 502,517 44.36 Options outstanding in acquired plans 16,364 21.18 Exercised (273,411 ) 42.82 Forfeited or canceled (312,162 ) 52.53 Outstanding at December 31, 2015 1,551,734 $ 41.32 4.4 $ 11,433 Exercisable at December 31, 2015 720,580 $ 37.64 3.1 $ 8,045 Outstanding at January 1, 2016 1,551,734 $ 41.32 Granted 562,166 41.04 Exercised (313,900 ) 37.71 Forfeited or canceled (101,088 ) 48.00 Outstanding at December 31, 2016 1,698,912 $ 41.50 4.6 $ 52,790 Exercisable at December 31, 2016 703,892 $ 39.62 3.4 $ 23,195 Outstanding at January 1, 2017 1,698,912 $ 41.50 Granted — — Exercised (593,459 ) 40.57 Forfeited or canceled (20,697 ) 42.83 Outstanding at December 31, 2017 1,084,756 $ 41.98 4.0 $ 43,817 Exercisable at December 31, 2017 562,810 $ 41.82 3.3 $ 22,820 Vested or expected to vest at December 31, 2017 1,065,809 $ 41.97 4.0 $ 43,056 (1) Represents the weighted average contractual remaining life in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. The weighted average per share grant date fair value of options granted during the years ended December 31, 2016 and 2015 was $8.61 and $9.72 , respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2017 , 2016 and 2015 , was $20.1 million , $5.8 million and $2.5 million , respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $7.8 million , $2.3 million and $985,000 for 2017 , 2016 and 2015 , respectively. Cash received from option exercises under the Plans for the years ended December 31, 2017 , 2016 and 2015 was $24.1 million , $11.8 million and $11.7 million , respectively. A summary of the Plans’ restricted share activity for the years ended December 31, 2017 , 2016 and 2015 is as follows: 2017 2016 2015 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 133,425 $ 49.94 137,593 $ 49.63 146,112 $ 47.45 Granted 16,552 73.16 18,022 46.01 27,165 48.17 Vested and issued (19,639 ) 47.13 (20,007 ) 44.91 (29,018 ) 39.33 Forfeited (2,551 ) 52.26 (2,183 ) 44.18 (6,666 ) 40.76 Outstanding at end of year 127,787 $ 53.33 133,425 $ 49.94 137,593 $ 49.63 Vested, but not issuable at end of year 89,723 $ 51.64 89,050 $ 51.47 85,000 $ 51.88 A summary of the 2007 Plan’s performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2017 , 2016 and 2015 is as follows: 2017 2016 2015 Performance Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 298,180 $ 43.64 276,533 $ 43.01 295,679 $ 38.18 Granted 145,853 72.60 118,084 41.02 106,017 44.35 Vested and issued (68,712 ) 46.85 (78,410 ) 37.90 (78,590 ) 31.10 Expired, canceled or forfeited (16,125 ) 52.98 (18,027 ) 41.83 (46,573 ) 35.51 Outstanding at end of year 359,196 $ 54.37 298,180 $ 43.64 276,533 $ 43.01 Vested, but deferred at year end 108,143 $ 44.16 6,672 $ 37.98 — $ — At December 31, 2017, the maximum number of performance-based shares that could be issued on outstanding awards if performance is attained at the maximum amount was approximately 532,000 shares. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock is based on the fair value of the shares on the issue date and the estimated tax benefit of the awards is based on fair value of the awards on the grant date. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock in 2017 , 2016 and 2015 was $975,000 , $241,000 and $517,000 , respectively, more than the expected tax benefit for those shares. These differences in actual and expected tax benefits were recorded to tax expense in 2017 and directly to shareholders’ equity in 2015 and 2016 . As of December 31, 2017 , there was $15.1 million of total unrecognized compensation cost related to non-vested share based arrangements under the Plans. That cost is expected to be recognized over a weighted average period of approximately two years. The total fair value of shares vested during the years ended December 31, 2017 , 2016 and 2015 was $12.9 million , $8.4 million and $7.9 million , respectively. The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans. Cash Incentive and Retention Plan The Cash Incentive and Retention Plan (“CIRP”) allows the Company to provide cash compensation to the Company’s and its subsidiaries’ officers and employees. The CIRP is administered by the Compensation Committee of the Board of Directors. The CIRP generally provides for the grants of cash awards, which may be earned pursuant to the achievement of performance criteria established by the Compensation Committee and/or continued employment. The performance criteria, if any, established by the Compensation Committee must relate to one or more of the criteria specified in the CIRP, which includes: earnings, earnings growth, revenues, stock price, return on assets, return on equity, improvement of financial ratings, achievement of balance sheet or income statement objectives and expenses. These criteria may relate to the Company, a particular line of business or a specific subsidiary of the Company. The Company had no expense related to the CIRP in 2017, 2016 and 2015. In 2015, the Company paid $100,000 related to CIRP awards. No awards were paid in 2016 or 2017. There were no outstanding awards under this plan at December 31, 2017 . Other Employee Benefits Wintrust and its subsidiaries also provide 401(k) Retirement Savings Plans (“401(k) Plans”). The 401(k) Plans cover all employees meeting certain eligibility requirements. Contributions by employees are made through salary deferrals at their direction, subject to certain Plan and statutory limitations. Employer contributions to the 401(k) Plans are made at the employer’s discretion. Generally, participants completing 501 hours of service are eligible to share in an allocation of employer contributions. The Company’s expense for the employer contributions to the 401(k) Plans was approximately $8.9 million in 2017 , $6.6 million in 2016 , and $6.4 million in 2015 . The Wintrust Financial Corporation Employee Stock Purchase Plan (“ESPP”) is designed to encourage greater stock ownership among employees, thereby enhancing employee commitment to the Company. The ESPP gives eligible employees the right to accumulate funds over an offering period to purchase shares of common stock. All shares offered under the ESPP will be either newly issued shares of the Company or shares issued from treasury, if any. In accordance with the ESPP, beginning January 1, 2015, the purchase price of the shares of common stock is equal to 95% of the closing price of the Company’s common stock on the last day of the offering period. During 2017 , 2016 and 2015 , 35,022 , 50,920 and 56,517 , respectively, shares of common stock were purchased by participants and no compensation expense was recorded. The Company plans to continue to offer common stock through this ESPP on an ongoing basis. At December 31, 2017 , the Company had an obligation to issue 8,056 shares of common stock to participants and had 50,040 shares available for future grants under the ESPP. As a result of the Company's acquisition of HPK Financial Corporation (“HPK”) in December 2012, the Company assumed the obligations of a noncontributory pension plan, (“the HPK Plan”). The HPK Plan was “frozen” as of December 31, 2006, with no additional years of credit earned for service or compensation paid. As of December 31, 2017 , the projected benefit obligation was $5.5 million and the fair value of the plan's assets was $3.7 million . Similarly, in connection with the Company's acquisition of Diamond in October 2013, the Company assumed the obligation of Diamond's pension plan. The Diamond Plan was “frozen” as of December 31, 2004, and only service and compensation prior to this date is considered in determining benefits. As of December 31, 2017 , the projected benefit obligation was $3.0 million and the fair value of the plan's assets was $1.6 million . The Company has accrued liabilities for the unfunded portions of these plans. The Company recorded expense of $1.2 million , $526,000 and $1.4 million in 2017 , 2016 and 2015 , respectively, related to these plans. The Company does not currently offer other postretirement benefits such as health care or other pension plans. Directors Deferred Fee and Stock Plan The Wintrust Financial Corporation Directors Deferred Fee and Stock Plan (“DDFS Plan”) allows directors of the Company and its subsidiaries to choose to receive payment of directors’ fees in either cash or common stock of the Company and to defer the receipt of the fees. The DDFS Plan is designed to encourage stock ownership by directors. All shares offered under the DDFS Plan will be either newly issued shares of the Company or shares issued from treasury. The number of shares issued is determined on a quarterly basis based on the fees earned during the quarter and the fair market value per share of the common stock on the last trading day of the preceding quarter. The shares are issued annually and the directors are entitled to dividends and voting rights upon the issuance of the shares. During 2017 , 2016 and 2015 , a total of 27,508 shares, 25,362 shares and 20,475 shares, respectively, were issued to directors. For those directors that elect to defer the receipt of the common stock, the Company maintains records of stock units representing an obligation to issue shares of common stock. The number of stock units equals the number of shares that would have been issued had the director not elected to defer receipt of the shares. Additional stock units are credited at the time dividends are paid, however no voting rights are associated with the stock units. The shares of common stock represented by the stock units are issued in the year specified by the directors in their participation agreements. At December 31, 2017 , the Company has an obligation to issue 280,544 shares of common stock to directors and has 94,428 shares available for future grants under the DDFS Plan. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters Banking laws place restrictions upon the amount of dividends that can be paid to Wintrust by the banks. Based on these laws, the banks could, subject to minimum capital requirements, declare dividends to Wintrust without obtaining regulatory approval in an amount not exceeding (a) undivided profits, and (b) the amount of net income reduced by dividends paid for the current and prior two years. During 2017 , 2016 and 2015 , cash dividends totaling $122.0 million , $59.0 million and $22.2 million , respectively, were paid to Wintrust by the banks and other subsidiaries. As of January 1, 2018, the banks had approximately $317.7 million available to be paid as dividends to Wintrust without prior regulatory approval and without reducing their capital below the well-capitalized level. The banks are also required by the Federal Reserve Act to maintain reserves against deposits. Reserves are held either in the form of vault cash or balances maintained with the FRB and are based on the average daily deposit balances and statutory reserve ratios prescribed by the type of deposit account. At December 31, 2017 and 2016 , reserve balances of approximately $557.7 million and $507.0 million , respectively, were required to be maintained at the FRB. The Company and the banks are subject to various regulatory capital requirements established by the federal banking agencies that take into account risk attributable to balance sheet and off-balance sheet activities. Failure to meet minimum capital requirements can initiate certain mandatory — and possibly discretionary — actions by regulators, that if undertaken could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the banks must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Quantitative measures established by regulation to ensure capital adequacy require the Company and the banks to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and Tier 1 leverage capital (as defined) to average quarterly assets (as defined). The Federal Reserve’s capital guidelines require bank holding companies to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 8.0% , of which at least 4.50% must be in the form of Common Equity Tier 1 capital and 6.0% must be in the form of Tier 1 capital. The Federal Reserve also requires a minimum leverage ratio of Tier 1 capital to total assets of 4.0% . In addition the Federal Reserve continues to consider the Tier 1 leverage ratio in evaluating proposals for expansion or new activities. As reflected in the following table, the Company met all minimum capital requirements at December 31, 2017 and 2016 : 2017 2016 Total capital to risk weighted assets 12.0 % 11.9 % Tier 1 capital to risk weighted assets 9.9 9.7 Common Equity Tier 1 capital to risk weighted assets 9.4 8.6 Tier 1 leverage Ratio 9.3 8.9 Wintrust is designated as a financial holding company. Bank holding companies approved as financial holding companies may engage in an expanded range of activities, including the businesses conducted by its wealth management subsidiaries. As a financial holding company, Wintrust’s banks are required to maintain their capital positions at the “well-capitalized” level. As of December 31, 2017 , the banks were categorized as well capitalized under the regulatory framework for prompt corrective action. The ratios required for the banks to be “well capitalized” by regulatory definition are 10.0% , 8.0% , 6.5% and 5.0% for total capital to risk-weighted assets, Tier 1 capital to risk-weighted assets, Common Equity Tier 1 capital to risk weighted assets and Tier 1 leverage ratio, respectively. The banks’ actual capital amounts and ratios as of December 31, 2017 and 2016 are presented in the following table: (Dollars in thousands) December 31, 2017 December 31, 2016 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets): Lake Forest Bank $ 366,407 11.6 % $ 317,180 10.0 % $ 348,058 11.7 % $ 296,573 10.0 % Hinsdale Bank 224,577 11.5 195,125 10.0 211,605 11.7 180,470 10.0 Wintrust Bank 512,581 11.2 456,230 10.0 441,330 11.2 393,081 10.0 Libertyville Bank 141,723 11.4 124,637 10.0 133,571 11.4 117,620 10.0 Barrington Bank 234,930 12.0 195,409 10.0 205,766 11.5 178,846 10.0 Crystal Lake Bank 95,532 11.3 84,664 10.0 93,905 11.8 79,829 10.0 Northbrook Bank 222,441 11.4 194,764 10.0 190,853 11.1 171,647 10.0 Schaumburg Bank 111,772 11.9 93,752 10.0 106,108 11.5 92,496 10.0 Village Bank 145,517 11.9 121,867 10.0 136,958 11.2 122,125 10.0 Beverly Bank 132,516 11.7 112,810 10.0 115,638 11.4 101,235 10.0 Town Bank 188,987 11.4 166,253 10.0 181,907 11.3 161,492 10.0 Wheaton Bank 151,141 11.4 132,211 10.0 130,255 11.3 114,887 10.0 State Bank of the Lakes 105,770 11.4 92,518 10.0 97,196 11.5 84,880 10.0 Old Plank Trail Bank 145,272 11.6 125,642 10.0 127,868 11.2 114,021 10.0 St. Charles Bank 105,778 11.4 92,582 10.0 109,345 12.0 91,188 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 347,924 11.0 % $ 253,744 8.0 % $ 331,883 11.2 % $ 237,259 8.0 % Hinsdale Bank 214,061 11.0 156,100 8.0 201,353 11.2 144,376 8.0 Wintrust Bank 439,061 9.6 364,984 8.0 375,907 9.6 314,464 8.0 Libertyville Bank 134,310 10.8 99,709 8.0 126,387 10.7 94,096 8.0 Barrington Bank 229,311 11.7 156,327 8.0 198,545 11.1 143,077 8.0 Crystal Lake Bank 91,273 10.8 67,731 8.0 89,700 11.2 63,863 8.0 Northbrook Bank 198,628 10.2 155,811 8.0 167,721 9.8 105,760 8.0 Schaumburg Bank 105,733 11.3 75,001 8.0 100,854 10.9 73,997 8.0 Village Bank 136,807 11.2 97,494 8.0 127,028 10.4 97,700 8.0 Beverly Bank 127,561 11.3 90,248 8.0 111,281 11.0 80,988 8.0 Town Bank 180,943 10.9 133,003 8.0 174,234 10.8 129,194 8.0 Wheaton Bank 135,009 10.2 105,769 8.0 112,664 9.8 91,910 8.0 State Bank of the Lakes 95,520 10.3 74,014 8.0 86,092 10.1 67,904 8.0 Old Plank Trail Bank 139,366 11.1 100,514 8.0 122,067 10.7 91,216 8.0 St. Charles Bank 102,251 11.0 74,066 8.0 104,843 11.5 72,950 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 347,924 11.0 % $ 206,167 6.5 % $ 331,883 11.2 % $ 192,773 6.5 % Hinsdale Bank 214,061 11.0 126,831 6.5 201,353 11.2 117,305 6.5 Wintrust Bank 439,061 9.6 296,549 6.5 375,907 9.6 255,502 6.5 Libertyville Bank 134,310 10.8 81,014 6.5 126,387 10.7 76,453 6.5 Barrington Bank 229,311 11.7 127,016 6.5 198,545 11.1 116,250 6.5 Crystal Lake Bank 91,273 10.8 55,031 6.5 89,700 11.2 51,889 6.5 Northbrook Bank 198,628 10.2 126,597 6.5 167,721 9.8 85,930 6.5 Schaumburg Bank 105,733 11.3 60,939 6.5 100,854 10.9 60,123 6.5 Village Bank 136,807 11.2 79,214 6.5 127,028 10.4 79,381 6.5 Beverly Bank 127,561 11.3 73,327 6.5 111,281 11.0 65,802 6.5 Town Bank 180,943 10.9 108,065 6.5 174,234 10.8 104,970 6.5 Wheaton Bank 135,009 10.2 85,937 6.5 112,664 9.8 74,677 6.5 State Bank of the Lakes 95,520 10.3 60,137 6.5 86,092 10.1 55,172 6.5 Old Plank Trail Bank 139,366 11.1 81,667 6.5 122,067 10.7 74,113 6.5 St. Charles Bank 102,251 11.0 60,178 6.5 104,843 11.5 59,272 6.5 (Dollars in thousands) December 31, 2017 December 31, 2016 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Ratio: Lake Forest Bank $ 347,924 10.3 % $ 168,865 5.0 % $ 331,883 9.6 % $ 172,160 5.0 % Hinsdale Bank 214,061 10.2 105,086 5.0 201,353 10.1 100,006 5.0 Wintrust Bank 439,061 9.2 237,782 5.0 375,907 9.2 204,994 5.0 Libertyville Bank 134,310 9.8 68,404 5.0 126,387 9.7 65,318 5.0 Barrington Bank 229,311 11.8 97,007 5.0 198,545 10.0 99,722 5.0 Crystal Lake Bank 91,273 9.5 48,069 5.0 89,700 9.4 47,575 5.0 Northbrook Bank 198,628 9.5 104,377 5.0 167,721 8.9 94,466 5.0 Schaumburg Bank 105,733 10.1 52,171 5.0 100,854 10.0 50,643 5.0 Village Bank 136,807 9.7 70,182 5.0 127,028 9.1 69,511 5.0 Beverly Bank 127,561 10.8 59,140 5.0 111,281 10.1 55,002 5.0 Town Bank 180,943 10.1 89,617 5.0 174,234 9.5 91,558 5.0 Wheaton Bank 135,009 9.4 72,152 5.0 112,664 8.8 64,361 5.0 State Bank of the Lakes 95,520 9.2 51,681 5.0 86,092 8.7 49,446 5.0 Old Plank Trail Bank 139,366 9.9 70,735 5.0 122,067 9.3 65,293 5.0 St. Charles Bank 102,251 9.8 51,907 5.0 104,843 11.2 46,641 5.0 Wintrust’s mortgage banking division and broker/dealer subsidiary are also required to maintain minimum net worth capital requirements with various governmental agencies. The mortgage banking division’s net worth requirements are governed by the Department of Housing and Urban Development and the broker/dealer’s net worth requirements are governed by the SEC. As of December 31, 2017 , these business units met their minimum net worth capital requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company has outstanding, at any time, a number of commitments to extend credit. These commitments include revolving home equity line and other credit agreements, term loan commitments and standby and commercial letters of credit. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Statements of Condition. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Commitments to extend commercial, commercial real estate and construction loans totaled $4.4 billion and $4.2 billion as of December 31, 2017 and 2016 , respectively, and unused home equity lines totaled $826.5 million and $836.2 million as of December 31, 2017 and 2016 , respectively. Standby and commercial letters of credit totaled $195.9 million at December 31, 2017 and $205.9 million at December 31, 2016 . In addition, at December 31, 2017 and 2016 , the Company had approximately $446.3 million and $529.5 million , respectively, in commitments to fund residential mortgage loans to be sold into the secondary market. These lending commitments are also considered derivative instruments. The Company also enters into forward contracts for the future delivery of residential mortgage loans at specified interest rates to reduce the interest rate risk associated with commitments to fund loans as well as mortgage loans held-for-sale. These forward contracts are also considered derivative instruments and had contractual amounts of approximately $551.9 million at December 31, 2017 and $773.4 million at December 31, 2016 . See Note 20, “Derivative Financial Instruments,” for further discussion on derivative instruments. The Company enters into residential mortgage loan sale agreements with investors in the normal course of business. These agreements usually require certain representations concerning credit information, loan documentation, collateral and insurability. On occasion, investors have requested the Company to indemnify them against losses on certain loans or to repurchase loans which the investors believe do not comply with applicable representations. Management maintains a liability for estimated losses on loans expected to be repurchased or on which indemnification is expected to be provided and regularly evaluates the adequacy of this recourse liability based on trends in repurchase and indemnification requests, actual loss experience, known and inherent risks in the loans, and current economic conditions. The Company sold approximately $3.9 billion of mortgage loans in 2017 and $4.5 billion in 2016 . The liability for estimated losses on repurchase and indemnification claims for residential mortgage loans previously sold to investors was $3.0 million and $4.2 million at December 31, 2017 and 2016 , respectively, and was included in other liabilities on the Consolidated Statements of Condition. Losses charged against the liability were $1.4 million in 2017 as compared to $552,000 in 2016 . These losses relate to mortgages which experienced early payment and other defaults meeting certain representation and warranty recourse requirements. The Company has unfunded commitments to investment partnerships that qualify for CRA purposes totaling $9.5 million as of December 31, 2017 . Of these commitments, $3.7 million related to legally-binding unfunded commitments for tax-credit investments and was included within other assets and other liabilities on the consolidated statements of financial condition. The Company utilizes an out-sourced securities clearing platform and has agreed to indemnify the clearing broker of WHI for losses that it may sustain from the customer accounts introduced by WHI. As of December 31, 2017 , the total amount of customer balances maintained by the clearing broker and subject to indemnification was approximately $15.2 million . WHI seeks to control the risks associated with its customers’ activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines. In accordance with applicable accounting principles, the Company establishes an accrued liability for litigation and threatened litigation actions and proceedings when those actions present loss contingencies which are both probable and estimable. In actions for which a loss is reasonably possible in future periods, the Company determines whether it can estimate a loss or range of possible loss. To determine whether a possible loss is estimable, the Company reviews and evaluates its material litigation on an ongoing basis, in conjunction with any outside counsel handling the matter, in light of potentially relevant factual and legal developments. This review may include information learned through the discovery process, rulings on substantive or dispositive motions, and settlement discussions. On January 15, 2015, Lehman Brothers Holdings, Inc. (“Lehman Holdings”) sent a demand letter asserting that Wintrust Mortgage must indemnify it for losses arising from loans sold by Wintrust Mortgage to Lehman Brothers Bank, FSB under a Loan Purchase Agreement between Wintrust Mortgage, as successor to SGB Corporation, and Lehman Brothers Bank. The demand was the precursor for triggering the alternative dispute resolution process mandated by the U.S. Bankruptcy Court for the Southern District of New York. Lehman Holdings triggered the mandatory alternative dispute resolution process on October 16, 2015. On February 3, 2016, following a ruling by the federal Court of Appeals for the Tenth Circuit that was adverse to Lehman Holdings on the statute of limitations that is applicable to similar loan purchase claims, Lehman Holdings filed a complaint against Wintrust Mortgage and 150 other entities from which it had purchased loans in the U.S. Bankruptcy Court for the Southern District of New York. The mandatory mediation was held on March 16, 2016, but did not result in a consensual resolution of the dispute. The court entered a case management order governing the litigation on November 1, 2016. Lehman Holdings filed an amended complaint against Wintrust Mortgage on December 29, 2016. On March 31, 2017, Wintrust Mortgage moved to dismiss the amended complaint for lack of subject mater jurisdiction and improper venue. This motion remains pending before the court. The Company has reserved an amount for the Lehman Holdings action that is immaterial to its results of operations or financial condition. Such litigation and threatened litigation actions necessarily involve substantial uncertainty and it is not possible at this time to predict the ultimate resolution or to determine whether, or to what extent, any loss with respect to these legal proceedings may exceed the amounts reserved by the Company. On August 28, 2015, Wintrust Mortgage received a demand from RFC Liquidating Trust asserting that Wintrust Mortgage is liable to it for losses arising from loans sold by Wintrust Mortgage or its predecessors to Residential Funding Company LLC and/or related entities. Wintrust Mortgage recently negotiated a settlement of the RFC Liquidating Trust's claim for an immaterial amount, which was finalized on October 30, 2017 . On August 13, 2015, BMO Harris Financial Advisors (“BHFA”) filed an arbitration demand with the FINRA seeking damages and a permanent injunction and a complaint with the Circuit Court for Cook County, Illinois seeking a temporary restraining order against one of its former financial advisors and a current financial advisor with WHI. A narrow and limited temporary injunction was entered and the matter was referred to FINRA for arbitration. In November 2015, BHFA added WHI as a co-defendant in the arbitration action, alleging that WHI tortiously interfered with BHFA’s contract with its former financial advisor. A hearing on the merits was held on September 12 - 15, 2016. On October 11, 2016, the FINRA panel issued a damages award against WHI for $1,537,500 . The parties agreed to settle the matter for a reduced amount on November 3, 2016. In addition, in the ordinary course of business, there are legal proceedings threatened or pending against the Company and its subsidiaries. Management does not believe that a material loss related to these matters is reasonably probable. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; and (4) covered call options to economically hedge specific investment securities and receive fee income effectively enhancing the overall yield on such securities to compensate for net interest margin compression. The Company also enters into derivatives (typically interest rate swaps) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 11,914 $ 8,011 $ 12 $ — Interest rate derivatives designated as Fair Value Hedges 2,932 2,228 — — Total derivatives designated as hedging instruments under ASC 815 $ 14,846 $ 10,239 $ 12 $ — Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 34,139 $ 38,974 $ 33,704 $ 37,665 Interest rate lock commitments 2,843 4,265 269 1,325 Forward commitments to sell mortgage loans 14 2,037 1,457 — Foreign exchange contracts 227 879 229 849 Total derivatives not designated as hedging instruments under ASC 815 $ 37,223 $ 46,155 $ 35,659 $ 39,839 Total Derivatives $ 52,069 $ 56,394 $ 35,671 $ 39,839 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of payments at the end of each period in which the interest rate specified in the contract exceeds the agreed upon strike price. As of December 31, 2017 , the Company had six interest rate swap derivatives designated as cash flow hedges of variable rate deposits. The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on such deposits. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the years ended December 31, 2017 or December 31, 2016 . The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. The table below provides details on each of these cash flow hedges as of December 31, 2017 : (Dollars in thousands) December 31, 2017 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: June 2019 $ 200,000 200,000,000 $ 1,046 July 2019 250,000 4,062 August 2019 275,000 5,090 January 2020 175,000 (11 ) January 2020 25,000 (1 ) June 2020 200,000 1,716 Total Cash Flow Hedges $ 1,125,000 $ 11,902 A rollforward of the amounts in accumulated other comprehensive gain related to interest rate derivatives designated as cash flow hedges follows: December 31, (Dollars in thousands) 2017 2016 Unrealized gain (loss) at beginning of period $ 6,944 $ (3,529 ) Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures (19 ) 3,120 Amount of gain recognized in other comprehensive income 4,977 7,353 Unrealized gain at end of period $ 11,902 $ 6,944 As of December 31, 2017 , the Company estimates that during the next twelve months, $5.5 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges of fixed rate loans and receivables involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of December 31, 2017 , the Company has eleven interest rate swaps with an aggregate notional amount of $125.8 million that were designated as fair value hedges associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged item in the same line item as the offsetting loss or gain on the related derivatives. The Company recognized a net gain of $27,000 and $12,000 in other income related to hedge ineffectiveness for the years ended 2017 and 2016 . The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of December 31, 2017 and 2016 : (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative Year Ended December 31, Amount of Loss Recognized in Income on Hedged Item Year Ended December 31, Income Statement Gain due to Hedge Ineffectiveness Year Ended December 31, 2017 2016 2017 2016 2017 2016 Interest rate swaps Trading (losses) gains, net $ 704 2,344 $ (677 ) (2,332 ) $ 27 12 Non-Designated Hedges The Company does not use derivatives for speculative purposes. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Interest Rate Derivatives —The Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At December 31, 2017 , the Company had interest rate derivative transactions with an aggregate notional amount of approximately $5.1 billion (all interest rate swaps and caps with customers and third parties) related to this program. These interest rate derivatives had maturity dates ranging from January 2018 to February 2045 . Mortgage Banking Derivatives— These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of our residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At December 31, 2017 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $551.9 million and interest rate lock commitments with an aggregate notional amount of approximately $250.3 million . The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Foreign Currency Derivatives— These derivatives include foreign currency contracts used to manage the foreign exchange risk associated with foreign currency denominated assets and transactions. Foreign currency contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. As a result of fluctuations in foreign currencies, the U.S. dollar-equivalent value of the foreign currency denominated assets or forecasted transactions increase or decrease. Gains or losses on the derivative instruments related to these foreign currency denominated assets or forecasted transactions are expected to substantially offset this variability. As of December 31, 2017 the Company held foreign currency derivatives with an aggregate notional amount of approximately $37.6 million . Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed primarily to mitigate overall interest rate risk and to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815, and, accordingly, changes in fair value of these contracts are recognized as other non-interest income. There were no covered call options outstanding as of December 31, 2017 or December 31, 2016 . Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (Dollars in thousands) December 31, Derivative Location in income statement 2017 2016 Interest rate swaps and caps Trading (losses) gains, net $ (848 ) $ 279 Mortgage banking derivatives Mortgage banking revenue 1,314 (9,537 ) Covered call options Fees from covered call options 4,402 11,470 Foreign exchange contracts Trading losses, net (38 ) (234 ) Market and Credit Risk Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The amounts potentially subject to market and credit risks are the streams of interest payments under the contracts and the market value of the derivative instrument and not the notional principal amounts used to express the volume of the transactions. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process, except that the credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s standard loan underwriting process since these derivatives are secured through collateral provided by the loan agreements. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. As of December 31, 2017 , the fair value of interest rate derivatives in a net liability position that were subject to such agreements, which includes accrued interest related to these agreements, was $1.5 million . If the Company had breached any of these provisions and the derivatives were terminated as a result, the Company would have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. The Company is also exposed to the credit risk of its commercial borrowers who are counterparties to interest rate derivatives with the banks. This counterparty risk related to the commercial borrowers is managed and monitored through the banks’ standard underwriting process applicable to loans since these derivatives are secured through collateral provided by the loan agreement. The counterparty risk associated with the mirror-image swaps executed with third parties is monitored and managed in connection with the Company’s overall asset liability management process. The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2017 December 31, 2016 December 31, December 31, Gross Amounts Recognized $ 48,985 $ 49,213 $ 33,716 $ 37,665 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 48,985 $ 49,213 $ 33,716 $ 37,665 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (14,878 ) $ (14,441 ) $ (14,878 ) $ (14,441 ) Collateral Posted (18,060 ) (8,530 ) (2,220 ) (12,400 ) Net Credit Exposure $ 16,047 $ 26,242 $ 16,618 $ 10,824 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • 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. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale and trading account securities —Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At December 31, 2017 , the Company classified $77.2 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company also classified $3.8 million of U.S. government agencies as Level 3 at December 31, 2017 . The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Investment Operations Department references a publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). In 2017 , all of the ratings derived in the above process by Investment Operations were “BBB” or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at December 31, 2017 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. To determine the rating for the U.S. government agency securities, the Investment Operations Department assigned a AAA rating as it is guaranteed by the U.S. government. At December 31, 2017 and December 31, 2016 , the Company held no equity securities classified as Level 3. In prior periods, securities in Level 3 were primarily comprised of auction rate preferred securities. The Company’s valuation methodology at that time included modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a market spread derived from the market price of the securities underlying debt. In 2016, the Company exchanged these auction rate securities for the underlying preferred securities, resulting in a $2.4 million gain on the nonmonetary sale. The Company classified the preferred securities received as Level 2 in the fair value hierarchy at the time of the transaction due to observable inputs other than quoted prices existing for the preferred securities. Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is determined by reference to investor price sheets for loan products with similar characteristics. Loans held-for-investment —The fair value for loans in which the Company elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayments. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At December 31, 2017 , the Company classified $33.7 million of loans held-for-investment as Level 3. The weighted average discount rate used as an input to value these loans at December 31, 2017 was 3.78% with discount rates applied ranging from 3% - 4% . The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate includes assumptions of prepayment speeds and credit losses. The Company included a prepayments speed assumption of 10.44% at December 31, 2017 . Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.93% with credit discounts ranging from 0% - 3% at December 31, 2017 . MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing rights based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing rights, given current market conditions. At December 31, 2017 , the Company classified $33.7 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at December 31, 2017 was 10.01% with discount rates applied ranging from 9% - 15% . The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 0% - 95% or a weighted average prepayment speed of 10.44% . Further, for current and delinquent loans, the Company assumed the average cost of servicing of $70 and $330 , respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note 6, “Mortgage Servicing Rights (“MSRs”),” for further discussion of MSRs. Derivative instruments —The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. At December 31, 2017 , the Company classified $2.2 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at December 31, 2017 was 87.01% with pull-through rates applied ranging from 42% to 100% . Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: December 31, 2017 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 143,822 $ — $ 143,822 $ — U.S. Government agencies 156,915 — 153,136 3,779 Municipal 115,352 — 38,171 77,181 Corporate notes 31,050 — 31,050 — Mortgage-backed 1,319,725 — 1,319,725 — Equity securities 36,802 — 36,802 — Trading account securities 995 — 995 — Mortgage loans held-for-sale 313,592 — 313,592 — Loans held-for-investment 33,717 — — 33,717 MSRs 33,676 — — 33,676 Nonqualified deferred compensations assets 11,065 — 11,065 — Derivative assets 52,069 — 49,912 2,157 Total $ 2,248,780 $ — $ 2,098,270 $ 150,510 Derivative liabilities $ 35,671 $ — $ 35,671 $ — December 31, 2016 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 141,983 $ — $ 141,983 $ — U.S. Government agencies 189,152 — 189,152 — Municipal 131,809 — 52,183 79,626 Corporate notes 65,391 — 65,391 — Mortgage-backed 1,161,084 — 1,161,084 — Equity securities 35,248 — 35,248 — Trading account securities 1,989 — 1,989 — Mortgage loans held-for-sale 418,374 — 418,374 — Loans held-for-investment 22,137 — — 22,137 MSRs 19,103 — — 19,103 Nonqualified deferred compensations assets 9,228 — 9,228 — Derivative assets 56,394 — 54,103 2,291 Total $ 2,251,892 $ — $ 2,128,735 $ 123,157 Derivative liabilities $ 39,839 $ — $ 39,839 $ — The aggregate remaining contractual principal balance outstanding as of December 31, 2017 and 2016 for mortgage loans held- for-sale measured at fair value under ASC 825 was $299.5 million and $414.4 million , respectively, while the aggregate fair value of mortgage loans held-for-sale was $313.6 million and $418.4 million , respectively, as shown in the above tables. There were no nonaccrual loans or loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio as of December 31, 2017 and 2016 . The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2017 are summarized as follows: Equity securities U.S. Government Agencies Loans held-for-investment MSRs Derivative assets (Dollars in thousands) Municipal Balance at January 1, 2017 $ 79,626 $ — $ — $ 22,137 $ 19,103 $ 2,291 Total net gains (losses) included in: Net income (1) — — — 1,025 14,573 (134 ) Other comprehensive loss (501 ) — (504 ) — — — Purchases 33,593 — — — — — Issuances — — — — — — Sales — — — — — — Settlements (35,537 ) — — (13,219 ) — — Net transfers into/(out of) Level 3 (2) — — 4,283 23,774 — — Balance at December 31, 2017 $ 77,181 $ — $ 3,779 $ 33,717 $ 33,676 $ 2,157 (1) Changes in the balance of MSRs and derivative assets as presented in the table above are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to loans reclassified from the held-for-sale portfolio at the time of market conditions or other developments changing management’s intent with respect to the disposition of those loans. The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2016 are summarized as follows: (Dollars in thousands) Municipal Equity securities U.S. Government Agencies Loans held-for-investment MSRs Derivative assets Balance at January 1, 2016 $ 68,613 $ 25,199 $ — $ — $ 9,092 $ 7,021 Total net gains (losses) included in: Net income (1) — — — 437 10,011 (4,730 ) Other comprehensive loss (949 ) (12 ) — — — — Purchases 31,031 — — — — — Issuances — — — — — — Sales — (25,187 ) — — — — Settlements (19,069 ) — — — — — Net transfers into/(out of) Level 3 (2) — — — 21,700 — — Balance at December 31, 2016 $ 79,626 $ — $ — $ 22,137 $ 19,103 $ 2,291 (1) Changes in the balance of MSRs and derivative assets as presented in the table above are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to loans reclassified from the held-for-sale portfolio at the time of market conditions or other developments changing management’s intent with respect to the disposition of those loans. Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at December 31, 2017 . December 31, 2017 Twelve Months Ended December 31, 2017 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 70,561 $ — $ — $ 70,561 $ 13,683 Other real estate owned (1) 40,646 — — 40,646 1,969 Total $ 111,207 $ — $ — $ 111,207 $ 15,652 (1) Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. Impaired loans —A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. A loan modified in a TDR is an impaired loan according to applicable accounting guidance. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Impaired loans are considered a fair value measurement where an allowance is established based on the fair value of collateral. Appraised values, which may require adjustments to market-based valuation inputs, are generally used on real estate collateral-dependent impaired loans. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of impaired loans. For more information on the Managed Assets Division review of impaired loans refer to Note 5 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At December 31, 2017 , the Company had $105.1 million of impaired loans classified as Level 3. Of the $105.1 million of impaired loans, $70.6 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $34.5 million were valued based on discounted cash flows in accordance with ASC 310. Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At December 31, 2017 , the Company had $40.6 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at December 31, 2017 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range of Inputs Weighted Average of Inputs Impact to valuation from an increased or higher input value Measured at fair value on a recurring basis: Municipal securities $ 77,181 Bond pricing Equivalent rating BBB-AA+ N/A Increase U.S. Government agencies 3,779 Bond pricing Equivalent rating AAA AAA Increase Loans held-for-investment 33,717 Discounted cash flows Discount rate 3%-4% 3.78% Decrease Credit spread 0%-3% 0.93% Decrease Constant prepayment rate (CPR) 10.44% 10.44% Decrease MSRs 33,676 Discounted cash flows Discount rate 9%-15% 10.01% Decrease Constant prepayment rate (CPR) 0%-95% 10.44% Decrease Cost of servicing $65-$200 $ 70.00 Decrease Cost of servicing - delinquent $200-$4,000 $ 330.00 Decrease Derivatives 2,157 Discounted cash flows Pull-through rate 42%-100% 87.01 % Increase Measured at fair value on a non-recurring basis: Impaired loans—collateral based 70,561 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real-estate owned 40,646 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the consolidated statements of condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: December 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 277,591 $ 277,591 $ 270,045 $ 270,045 Interest bearing deposits with banks 1,063,242 1,063,242 980,457 980,457 Available-for-sale securities 1,803,666 1,803,666 1,724,667 1,724,667 Held-to-maturity securities 826,449 812,516 635,705 607,602 Trading account securities 995 995 1,989 1,989 FHLB and FRB stock, at cost 89,989 89,989 133,494 133,494 Brokerage customer receivables 26,431 26,431 25,181 25,181 Mortgage loans held-for-sale, at fair value 313,592 313,592 418,374 418,374 Loans held-for-investment, at fair value 33,717 33,717 22,137 22,137 Loans held-for-investment, at amortized cost 21,607,080 21,768,978 19,739,180 20,755,320 MSRs 33,676 33,676 19,103 19,103 Nonqualified deferred compensation assets 11,065 11,065 9,228 9,228 Derivative assets 52,069 52,069 56,394 56,394 Accrued interest receivable and other 227,649 227,649 204,513 204,513 Total financial assets $ 26,367,211 $ 26,515,176 $ 24,240,467 $ 25,228,504 Financial Liabilities Non-maturity deposits $ 18,775,977 $ 18,775,977 $ 17,383,729 $ 17,383,729 Deposits with stated maturities 4,407,370 4,350,004 4,274,903 4,263,576 FHLB advances 559,663 544,750 153,831 157,051 Other borrowings 266,123 266,123 262,486 262,486 Subordinated notes 139,088 144,266 138,971 135,268 Junior subordinated debentures 253,566 264,696 253,566 254,384 Derivative liabilities 35,671 35,671 39,839 39,839 FDIC indemnification liability — — 16,701 16,701 Accrued interest payable 8,030 8,030 6,421 6,421 Total financial liabilities $ 24,445,488 $ 24,389,517 $ 22,530,447 $ 22,519,455 Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, FDIC indemnification liability, accrued interest receivable and accrued interest payable and non-maturity deposits. The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities. Held-to-maturity securities include U.S. Government-sponsored agency securities and municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has categorized held-to-maturity securities as a Level 2 fair value measurement. Loans held-for-investment, at amortized cost. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real estate, etc. Each category is further segmented by interest rate type (fixed and variable) and term. For variable-rate loans that reprice frequently, estimated fair values are based on carrying values. The fair value of residential loans is based on secondary market sources for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value for other fixed rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. The primary impact of credit risk on the present value of the loan portfolio, however, was assessed through the use of the allowance for loan losses, which is believed to represent the current fair value of probable incurred losses for purposes of the fair value calculation. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. Deposits with stated maturities. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. FHLB advances. The fair value of FHLB advances is obtained from the FHLB, which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement. Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. Junior subordinated debentures. The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity A summary of the Company’s common and preferred stock at December 31, 2017 and 2016 is as follows: 2017 2016 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 56,068,220 51,978,289 Shares outstanding 55,965,207 51,880,540 Cash dividend per share $ 0.56 $ 0.48 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,000,000 5,126,257 Shares outstanding 5,000,000 5,126,257 The Company reserves shares of its authorized common stock specifically for the 2015 Plan, the ESPP and the DDFS. The reserved shares and these plans are detailed in Note 17 - Stock Compensation Plans and Other Employee Benefit Plans. The Company also reserves its authorized common stock for conversion of common stock warrants. Common Stock Offering In June 2016, the Company issued through a public offering a total of 3,000,000 shares of its common stock. Net proceeds to the Company totaled approximately $152.9 million . Series C Preferred Stock In March 2012, the Company issued and sold 126,500 shares of Series C Preferred Stock for $126.5 million in a public offering. When, as and if declared, dividends on the Series C Preferred Stock were payable quarterly in arrears at a rate of 5.00% per annum. The Series C Preferred Stock was convertible into common stock at the option of the holder subject to customary anti-dilution adjustments. In 2016, pursuant to such terms, 30 shares of the Series C Preferred Stock were converted at the option of the respective holders into 729 shares of the Company's common stock. On April 25, 2017 , 2,073 shares of the Series C Preferred Stock were converted at the option of the respective holder into 51,244 shares of the Company's common stock, pursuant to the terms of the Series C Preferred Stock. On April 27, 2017 , the Company caused a mandatory conversion of its remaining 124,184 shares of Series C Preferred Stock into 3,069,828 shares of the Company's common stock at a conversion rate of 24.72 shares of common stock per share of Series C Preferred Stock. Cash was paid in lieu of fractional shares for an amount considered insignificant. Series D Preferred Stock In June 2015, the Company issued and sold 5,000,000 shares of Series D Preferred Stock for $125.0 million in a public offering. When, as and if declared, dividends on the Series D Preferred Stock are payable quarterly in arrears at a fixed rate of 6.50% per annum from the original issuance date to, but excluding, July 15, 2025 , and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 4.06% per annum. Common Stock Warrants Pursuant to the U.S. Department of the Treasury’s (the “U.S. Treasury”) Capital Purchase Program, on December 19, 2008, the Company issued to the U.S. Treasury a warrant to exercise 1,643,295 warrant shares of Wintrust common stock with a term of 10 years. The exercise price, subject to customary anti-dilution adjustments, was $22.65 per share at December 31, 2017 . In February 2011, the U.S. Treasury sold all of its interest in the warrant issued to it in a secondary underwritten public offering. During 2016, certain holders of the interest in the warrant exercised 25,580 warrant shares, which resulted in 15,191 shares of common stock issued. During 2017 , certain holders of the interest in the warrant exercised 318,491 warrant shares, which resulted in 219,372 shares of common stock issued. At December 31, 2017 , all remaining holders of the interest in the warrant were able to exercise 23,361 warrant shares. Other In July 2015, the Company issued 388,573 shares of its common stock in the acquisition of CFIS. In January 2015, the Company issued 422,122 shares of its common stock in the acquisition of Delavan. At the January 2018 Board of Directors meeting, a quarterly cash dividend of $0.19 per share ( $0.76 on an annualized basis) was declared. It was paid on February 22, 2018 to shareholders of record as of February 8, 2018 . The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, for the years ended December 31, 2017 , 2016 and 2015 : (In thousands) Accumulated Unrealized Losses on Securities Accumulated Unrealized Gains (Losses) on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2017 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Other comprehensive income (loss) during the period, net of tax, before reclassification 14,417 3,010 6,998 24,425 Amount reclassified from accumulated other comprehensive income into net income, net of tax (27 ) (11 ) — (38 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale (894 ) — — (894 ) Net other comprehensive income during the period, net of tax $ 13,496 $ 2,999 $ 6,998 $ 23,493 Balance at December 31, 2017 $ (15,813 ) $ 7,164 $ (33,186 ) $ (41,835 ) Balance at January 1, 2016 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Other comprehensive (loss) income during the period, net of tax, before reclassification (17,554 ) 4,464 2,657 (10,433 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (4,641 ) 1,894 — (2,747 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale $ 10,560 $ — $ — $ 10,560 Net other comprehensive (loss) income during the period, net of tax $ (11,635 ) $ 6,358 $ 2,657 $ (2,620 ) Balance at December 31, 2016 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive loss during the period, net of tax, before reclassification (8,023 ) (941 ) (17,559 ) (26,523 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (196 ) 1,265 — 1,069 Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale 78 — — 78 Net other comprehensive (loss) income during the period, net of tax $ (8,141 ) $ 324 $ (17,559 ) $ (25,376 ) Balance at December 31, 2015 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Amount Reclassified from Accumulated Other Comprehensive Income for the Year Ended, Details Regarding the Component of Accumulated Other Comprehensive Income December 31, Impacted Line on the Consolidated Statements of Income 2017 2016 Accumulated unrealized losses on securities Gains included in net income $ 45 $ 7,645 Gains on investment securities, net 45 7,645 Income before taxes Tax effect (18 ) (3,004 ) Income tax expense Net of tax $ 27 $ 4,641 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ (1,085 ) $ 1,345 Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 1,066 1,775 Interest on junior subordinated debentures 19 (3,120 ) Income before taxes Tax effect (8 ) 1,226 Income tax expense Net of tax $ 11 $ (1,894 ) Net income |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures and economic characteristics. For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 10, “Deposits,” for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in the Summary of Significant Accounting Policies in Note 1. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. The following is a summary of certain operating information for reportable segments: (Dollars in thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated 2017 Net interest income $ 677,481 $ 118,320 $ 18,919 $ 814,720 $ 17,356 $ 832,076 Provision for credit losses 27,059 2,709 — 29,768 — 29,768 Non-interest income 211,354 60,405 84,312 356,071 (36,565 ) 319,506 Non-interest expense 599,455 74,559 77,012 751,026 (19,209 ) 731,817 Income tax expense 87,486 35,775 9,054 132,315 — 132,315 Net income $ 174,835 $ 65,682 $ 17,165 $ 257,682 $ — $ 257,682 Total assets at end of year $ 22,781,923 $ 4,515,766 $ 618,281 $ 27,915,970 $ — $ 27,915,970 2016 Net interest income $ 588,847 $ 98,248 $ 18,611 $ 705,706 $ 16,487 $ 722,193 Provision for credit losses 30,862 3,222 — 34,084 — 34,084 Non-interest income 230,414 49,706 78,478 358,598 (33,168 ) 325,430 Non-interest expense 556,798 66,460 75,108 698,366 (16,681 ) 681,685 Income tax expense 86,933 29,512 8,534 124,979 — 124,979 Net income $ 144,668 $ 48,760 $ 13,447 $ 206,875 $ — $ 206,875 Total assets at end of year $ 21,172,080 $ 3,884,373 $ 612,100 $ 25,668,553 $ — $ 25,668,553 2015 Net interest income $ 523,112 $ 85,258 $ 17,012 $ 625,382 $ 16,147 $ 641,529 Provision for credit losses 29,746 3,196 — 32,942 — 32,942 Non-interest income 191,248 33,625 75,496 300,369 (28,772 ) 271,597 Non-interest expense 522,199 47,245 71,600 641,044 (12,625 ) 628,419 Income tax expense 60,488 26,352 8,176 95,016 — 95,016 Net income $ 101,927 $ 42,090 $ 12,732 $ 156,749 $ — $ 156,749 Total assets at end of year $ 19,244,111 $ 3,116,348 $ 548,889 $ 22,909,348 $ — $ 22,909,348 |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Condensed parent company only financial statements of Wintrust follow: Statements of Financial Condition December 31, (In thousands) 2017 2016 Assets Cash $ 78,045 $ 49,828 Available-for-sale securities, at fair value 14,461 12,926 Investment in and receivable from subsidiaries 3,249,202 2,979,283 Loans, net of unearned income 1,845 2,313 Less: Allowance for loan losses — — Net loans $ 1,845 $ 2,313 Goodwill 8,371 8,371 Other assets 174,781 162,047 Total assets $ 3,526,705 $ 3,214,768 Liabilities and Shareholders’ Equity Other liabilities $ 66,909 $ 56,462 Subordinated notes 139,088 138,971 Other borrowings 90,203 70,152 Junior subordinated debentures 253,566 253,566 Shareholders’ equity 2,976,939 2,695,617 Total liabilities and shareholders’ equity $ 3,526,705 $ 3,214,768 Statements of Income Years Ended December 31, (In thousands) 2017 2016 2015 Income Dividends and other revenue from subsidiaries $ 155,969 $ 89,184 $ 47,639 Other income 2,488 4,344 796 Total income $ 158,457 $ 93,528 $ 48,435 Expenses Interest expense $ 19,207 $ 18,498 $ 16,669 Salaries and employee benefits 50,683 34,299 38,926 Other expenses 74,618 62,778 50,425 Total expenses $ 144,508 $ 115,575 $ 106,020 Income (loss) before income taxes and equity in undistributed income of subsidiaries $ 13,949 $ (22,047 ) $ (57,585 ) Income tax benefit 47,139 31,061 30,504 Income (loss) before equity in undistributed net income of subsidiaries $ 61,088 $ 9,014 $ (27,081 ) Equity in undistributed net income of subsidiaries 196,594 197,861 183,830 Net income $ 257,682 $ 206,875 $ 156,749 Statements of Cash Flows Years Ended December 31, (In thousands) 2017 2016 2015 Operating Activities: Net income $ 257,682 $ 206,875 $ 156,749 Adjustments to reconcile net income to net cash provided by (used for) operating activities Provision for credit losses — — (96 ) Gain on early extinguishment of debt — (4,305 ) — Depreciation and amortization 10,783 10,400 8,323 Deferred income tax expense (benefit) 2,809 (601 ) (1,872 ) Stock-based compensation expense 5,185 3,762 3,354 (Decrease) increase in other assets 1,956 (319 ) (39,051 ) Increase in other liabilities 9,967 9,618 21,840 Equity in undistributed net income of subsidiaries (196,594 ) (197,861 ) (183,830 ) Net Cash Provided by (Used for) Operating Activities $ 91,788 $ 27,569 $ (34,583 ) Investing Activities: Capital contributions to subsidiaries, net $ (42,736 ) $ (118,575 ) $ (97,400 ) Net cash paid for acquisitions, net — (61,308 ) (51,060 ) Other investing activity, net (28,132 ) (18,051 ) (24,908 ) Net Cash Used for Investing Activities $ (70,868 ) $ (197,934 ) $ (173,368 ) Financing Activities: Increase (decrease) in subordinated notes, other borrowings and junior subordinated debentures, net $ 20,008 $ (26,251 ) $ 66,888 Proceeds from the issuance of common stock, net — 152,911 — Net proceeds from issuance of Series D Preferred Stock — — 120,842 Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 28,229 15,828 16,119 Dividends paid (40,543 ) (38,568 ) (29,888 ) Common stock repurchases for tax withholdings related to stock-based compensation (397 ) (616 ) (424 ) Net Cash Provided by Financing Activities $ 7,297 $ 103,304 $ 173,537 Net Increase (Decrease) in Cash and Cash Equivalents $ 28,217 $ (67,061 ) $ (34,414 ) Cash and Cash Equivalents at Beginning of Year 49,828 116,889 151,303 Cash and Cash Equivalents at End of Year $ 78,045 $ 49,828 $ 116,889 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for 2017 , 2016 and 2015 : (In thousands, except per share data) 2017 2016 2015 Net income $ 257,682 $ 206,875 $ 156,749 Less: Preferred stock dividends 9,778 14,513 10,869 Net income applicable to common shares—Basic (A) $ 247,904 $ 192,362 $ 145,880 Add: Dividends on convertible preferred stock, if dilutive 1,578 6,313 6,314 Net income applicable to common shares—Diluted (B) $ 249,482 $ 198,675 $ 152,194 Weighted average common shares outstanding (C) 54,703 50,278 47,838 Effect of dilutive potential common shares: Common stock equivalents 998 894 1,029 Convertible preferred stock, if dilutive 985 3,100 3,070 Total dilutive potential common shares 1,983 3,994 4,099 Weighted average common shares and effect of dilutive potential common shares (D) 56,686 54,272 51,937 Net income per common share: Basic (A/C) $ 4.53 $ 3.83 $ 3.05 Diluted (B/D) 4.40 3.66 2.93 Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the ESPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Quarterly Financial Summary (Un
Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Summary (Unaudited) | Quarterly Financial Summary (Unaudited) The following is a summary of quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarters 2016 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 215,759 231,181 247,688 251,840 $ 192,231 197,064 208,149 215,013 Interest expense 23,179 26,772 31,700 32,741 20,722 21,794 23,513 24,235 Net interest income 192,580 204,409 215,988 219,099 171,509 175,270 184,636 190,778 Provision for credit losses 5,209 8,891 7,896 7,772 8,034 9,129 9,571 7,350 Net interest income after provision for credit losses 187,371 195,518 208,092 211,327 163,475 166,141 175,065 183,428 Non-interest income, excluding net securities gains (losses) 68,820 89,925 79,692 81,024 67,427 83,359 83,299 83,700 (Losses) gains on investment securities, net (55 ) 47 39 14 1,325 1,440 3,305 1,575 Non-interest expense 168,118 183,544 183,575 196,580 153,730 170,969 176,615 180,371 Income before taxes 88,018 101,946 104,248 95,785 78,497 79,971 85,054 88,332 Income tax expense 29,640 37,049 38,622 27,004 29,386 29,930 31,939 33,724 Net income $ 58,378 64,897 65,626 68,781 $ 49,111 50,041 53,115 54,608 Preferred stock dividends 3,628 2,050 2,050 2,050 3,628 3,628 3,628 3,629 Net income applicable to common shares $ 54,750 62,847 63,576 66,731 $ 45,483 46,413 49,487 50,979 Net income per common share: Basic $ 1.05 $ 1.15 $ 1.14 $ 1.19 $ 0.94 $ 0.94 $ 0.96 $ 0.98 Diluted 1.00 1.11 1.12 1.17 0.90 0.90 0.92 0.94 Cash dividends declared per common share 0.14 0.14 0.14 0.14 0.12 0.12 0.12 0.12 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 4, 2018 , the Company acquired certain assets and assumed certain liabilities of the mortgage banking business of iFreedom Direct Corporation DBA Veterans First Mortgage ("Veterans First Mortgage"), in a business combination. The Company also acquired mortgage servicing rights from Veterans First Mortgage on approximately 8,300 loans, totaling an estimated $1.4 billion in principal balance. Veterans First Mortgage is a consumer direct lender with three offices, operating two in Salt Lake City, Utah and one in San Diego, California and originated in excess of $800 million in loans in 2017. |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | The accounting and reporting policies of Wintrust Financial Corporation (“Wintrust” or the “Company”) and its subsidiaries conform to generally accepted accounting principles in the United States and prevailing practices of the banking industry. In the preparation of the consolidated financial statements, management is required to make certain estimates and assumptions that affect the reported amounts contained in the consolidated financial statements. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions change beyond management’s expectations. Reclassifications of certain prior year amounts have been made to conform to the current year presentation. The following is a summary of the Company’s significant accounting policies. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of Wintrust include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The weighted-average number of common shares outstanding is increased by the assumed conversion of outstanding convertible preferred stock shares from the beginning of the year or date of issuance, if later, and the number of common shares that would be issued assuming the exercise of stock options, the issuance of restricted shares and stock warrants using the treasury stock method. The adjustments to the weighted-average common shares outstanding are only made when such adjustments will dilute earnings per common share. Net income applicable to common shares used in the diluted earnings per share calculation can be affected by the conversion of the Company's preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants, the Company’s convertible preferred stock and shares to be issued under the ESPP and the DDFS Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share. For diluted earnings per share, net income applicable to common shares can be affected by the conversion of the Company’s convertible preferred stock. Where the effect of this conversion would reduce the loss per share or increase the income per share, net income applicable to common shares is not adjusted by the associated preferred dividends. |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, “Business Combinations” (“ASC 805”). The Company recognizes the fair value of the assets acquired and liabilities assumed, immediately expenses transaction costs and accounts for restructuring plans separately from the business combination. There is no separate recognition of the acquired allowance for loan losses on the acquirer’s balance sheet as credit related factors are incorporated directly into the fair value of the loans recorded at the acquisition date. The excess of the cost of the acquisition over the fair value of the net tangible and intangible assets acquired is recorded as goodwill. Alternatively, a gain is recorded equal to the amount by which the fair value of assets purchased exceeds the fair value of liabilities assumed and consideration paid. Results of operations of the acquired business are included in the income statement from the effective date of acquisition. Subsequent adjustments to provisional amounts that are identified in reporting periods after the acquisition date of the business combination are recognized in the reporting period in which the adjustment amounts are determined. , the Company acquired the banking operations, including the acquisition of certain assets and the assumption of liabilities, of nine financial institutions in FDIC-assisted transactions. Loans comprised the majority of the assets acquired in nearly all of these FDIC-assisted transactions, of which eight such transactions were subject to loss sharing agreements with the FDIC whereby the FDIC agreed to reimburse the Company for 80% of losses incurred on the purchased loans, other real estate owned (“OREO”), and certain other assets. Additionally, clawback provisions within these loss share agreements with the FDIC required the Company to reimburse the FDIC in the event that actual losses on covered assets were lower than the original loss estimates agreed upon with the FDIC with respect of such assets in the loss share agreements. The Company refers to the loans subject to these loss sharing agreements as “covered loans” and uses the term “covered assets” to refer to covered loans, covered OREO and certain other covered assets during periods subject to such agreements. As of dates subject to such agreements, the loans covered by the loss share agreements were classified and presented as covered loans and the estimated reimbursable losses were recorded as an FDIC indemnification asset or liability in the Consolidated Statements of Condition. The Company recorded the acquired assets and liabilities at their estimated fair values at the acquisition date. The fair value for loans reflected expected credit losses at the acquisition date. Therefore, the Company only recognized a provision for credit losses and charge-offs on the acquired loans for any further credit deterioration subsequent to the acquisition date. See Note 5, “Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans,” for further discussion of the allowance on covered loans. The loss share agreements with the FDIC covered realized losses on loans, foreclosed real estate and certain other assets and required the Company to record loss share assets and liabilities that were measured separately from the loan portfolios because they were not contractually embedded in the loans and were not transferable with the loans should the Company have chosen to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets and liabilities were recorded as FDIC indemnification assets and other liabilities, respectively, on the Consolidated Statements of Condition as of dates covered by loss share agreements. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduced the FDIC indemnification assets. Reductions to expected losses, to the extent such reductions to expected losses were the result of an improvement to the actual or expected cash flows from the covered assets, also reduced the FDIC indemnification assets and, if necessary, increased any loss share liability when necessary reductions exceeded the current value of the FDIC indemnification assets. In accordance with the clawback provision noted above, the Company was required to reimburse the FDIC when actual losses were less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements in accordance with clawback provisions and any related amortization were adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition as of dates subject to loss share agreements, estimated reimbursements from clawback provisions were recorded as a reduction to the FDIC indemnification asset or, if necessary, an increase to the loss share liability, which was included within accrued interest payable and other liabilities. In the second quarter of 2017, the Company recorded a $4.9 million reduction to the estimated loss share liability as a result of an adjustment related to such clawback provisions. Although these assets were contractual receivables from the FDIC and these liabilities were contractual payables to the FDIC, there were no contractual interest rates. Additional expected losses, to the extent such expected losses resulted in recognition of an allowance for covered loan losses, increased the FDIC indemnification asset or reduced the FDIC indemnification liability. The corresponding amortization was recorded as a component of non-interest income on the Consolidated Statements of Income during periods covered by the loss share agreements. |
Cash Equivalents | Cash Equivalents For purposes of the consolidated statements of cash flows, Wintrust considers cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less, to be cash equivalents. |
Securities | Securities The Company classifies securities upon purchase in one of three categories: trading, held-to-maturity, or available-for-sale. Debt and equity securities held for resale are classified as trading securities. Debt securities for which the Company has the ability and positive intent to hold until maturity are classified as held-to-maturity. All other securities are classified as available-for-sale as they may be sold prior to maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Held-to-maturity securities are stated at amortized cost, which represents actual cost adjusted for premium amortization and discount accretion using methods that approximate the effective interest method. Available-for-sale securities are stated at fair value, with unrealized gains and losses, net of related taxes, included in shareholders’ equity as a separate component of other comprehensive income. Trading account securities are stated at fair value. Realized and unrealized gains and losses from sales and fair value adjustments are included in other non-interest income. Subsequent to classification at the time of purchase, the Company may subsequently transfer securities between trading, held-to-maturity, or available-for-sale. For securities transferred to trading, the current unrealized gain or loss at the date of transfer, net of related taxes, is immediately recognized in earnings. Securities transferred from trading to either held-to-maturity or available-for-sale has already recognized any unrealized gain or loss into earnings and this amount is not reversed. Unrealized gains or losses, net related taxes, for available-for-sale securities transferred to held-to-maturity remains as a separate component of other comprehensive income and an offsetting discount included in the amortized cost of the held-to-maturity security. These amounts are amortized over the remaining life of the security in equal and offsetting amounts. Unrealized gains or losses for held-to-maturity securities transferred to available-for-sale are recognized at the transfer date as a separate component of other comprehensive income, net of related taxes. Declines in the fair value of held-to-maturity and available-for-sale investment securities (with certain exceptions for debt securities noted below) that are deemed to be other-than-temporary are charged to earnings as a realized loss, and a new cost basis for the securities is established. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value in the near term. Declines in the fair value of debt securities below amortized cost are deemed to be other-than-temporary in circumstances where: (1) the Company has the intent to sell a security; (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis; or (3) the Company does not expect to recover the entire amortized cost basis of the security. If the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the other-than-temporary impairment write-down is separated into an amount representing credit loss, which is recognized in earnings, and an amount related to all other factors, which is recognized in other comprehensive income. Interest and dividends, including amortization of premiums and accretion of discounts, are recognized as interest income when earned. Realized gains and losses on sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in non-interest income. The Company conducts a regular assessment of its investment securities to determine whether securities are other-than-temporarily impaired considering, among other factors, the nature of the securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. |
FHLB and FRB Stock | FHLB and FRB Stock Investments in FHLB and FRB stock are restricted as to redemption and are carried at cost. |
Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements | Securities Purchased Under Resale Agreements and Securities Sold Under Repurchase Agreements Securities purchased under resale agreements and securities sold under repurchase agreements are generally treated as collateralized financing transactions and are recorded at the amount at which the securities were acquired or sold plus accrued interest. Securities, consisting of U.S. Treasury, U.S. Government agency and mortgage-backed securities, pledged as collateral under these financing arrangements cannot be sold by the secured party. The fair value of collateral either received from or provided to a third party is monitored and additional collateral is obtained or requested to be returned as deemed appropriate. |
Brokerage Customer Receivables | Brokerage Customer Receivables The Company, under an agreement with an out-sourced securities clearing firm, extends credit to its brokerage customers to finance their purchases of securities on margin. The Company receives income from interest charged on such extensions of credit. Brokerage customer receivables represent amounts due on margin balances. Securities owned by customers are held as collateral for these receivables. |
Mortgage Loans Held-for-Sale | Mortgage Loans Held-for-Sale Mortgage loans are classified as held-for-sale when originated or acquired with the intent to sell the loan into the secondary market. ASC 825, “Financial Instruments” provides entities with an option to report selected financial assets and liabilities at fair value. Mortgage loans classified as held-for-sale are measured at fair value which is determined by reference to investor prices for loan products with similar characteristics. Changes in fair value are recognized in mortgage banking revenue. Market conditions or other developments may change management’s intent with respect to the disposition of these loans and loans previously classified as mortgage loans held-for-sale may be reclassified to the loans held-for-investment portfolio, with the balance transferred continuing to be carried at fair value. |
Loans and Leases, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments | Loans and Leases, Allowance for Loan Losses, Allowance for Covered Loan Losses and Allowance for Losses on Lending-Related Commitments Loans are generally reported at the principal amount outstanding, net of unearned income. Interest income is recognized when earned. Loan origination fees and certain direct origination costs are deferred and amortized over the expected life of the loan as an adjustment to the yield using methods that approximate the effective interest method. Finance charges on premium finance receivables are earned over the term of the loan, using a method which approximates the effective yield method. Leases classified as capital leases are included within lease loans for financial statement purposes. Capital leases are stated as the sum of remaining minimum lease payments from lessees plus estimated residual values less unearned lease income. Unearned lease income on capital leases is recognized over the term of the leases using the effective interest method. Interest income is not accrued on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations, or where interest or principal is 90 days or more past due, unless the loans are adequately secured and in the process of collection. Cash receipts on non-accrual loans are generally applied to the principal balance until the remaining balance is considered collectible, at which time interest income may be recognized when received. The Company maintains its allowance for loan losses at a level believed appropriate by management to absorb probable losses inherent in the loan portfolio and is based on the size and current risk characteristics of the loan portfolio, an assessment of internal problem loan reporting system loans and actual loss experience, changes in the composition of the loan portfolio, historical loss experience, changes in lending policies and procedures, including underwriting standards and collections, charge-off and recovery practices, changes in experience, ability and depth of lending management and staff, changes in national and local economic and business conditions and developments, including the condition of various market segments and changes in the volume and severity of past due and classified loans and trends in the volume of non-accrual loans, TDRs and other loan modifications. The allowance for loan losses also includes an element for estimated probable but undetected losses and for imprecision in the credit risk models used to calculate the allowance. Loans with a credit risk rating of a 6 through 9 are reviewed on a monthly basis to determine if (a) an amount is deemed uncollectible (a charge-off) or (b) it is probable that the Company will be unable to collect amounts due in accordance with the original contractual terms of the loan (an impaired loan). If a loan is impaired, the carrying amount of the loan is compared to the expected payments to be received, discounted at the loan’s original rate, or for collateral dependent loans, to the fair value of the collateral less the estimated cost to sell. Any shortfall is recorded as a specific reserve. For loans with a credit risk rating of 7 or better that are not considered impaired loans, reserves are established based on the type of loan collateral, if any, and the assigned credit risk rating. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows on impaired loans, estimated losses on pools of homogeneous loans based on the average historical loss experience, and consideration of current environmental factors and economic trends, all of which may be susceptible to significant change. Loan losses are charged off against the allowance, while recoveries are credited to the allowance. A provision for credit losses is charged to income based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. Evaluations are conducted at least quarterly and more frequently if deemed necessary. Under accounting guidance applicable to loans acquired with evidence of credit quality deterioration since origination, the excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining estimated life of the loans, using the effective-interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. Changes in the expected cash flows from the date of acquisition will either impact the accretable yield or result in a charge to the provision for credit losses. Subsequent decreases to expected principal cash flows will result in a charge to provision for credit losses and a corresponding increase to allowance for loan losses. Subsequent increases in expected principal cash flows will result in recovery of any previously recorded allowance for loan losses, to the extent applicable, and a reclassification from nonaccretable difference to accretable yield for any remaining increase. All changes in expected interest cash flows, including the impact of prepayments, will result in reclassifications to/from nonaccretable differences. In estimating expected losses, the Company evaluates loans for impairment in accordance ASC 310, “Receivables.” A loan is considered impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due pursuant to the contractual terms of the loan. Impaired loans include non-accrual loans, restructured loans or loans with principal and/or interest at risk, even if the loan is current with all payments of principal and interest. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral less costs to sell. If the estimated fair value of the loan is less than the recorded book value, a valuation allowance is established as a component of the allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. The Company also maintains an allowance for lending-related commitments, specifically unfunded loan commitments and letters of credit, to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for loan losses. This allowance is included in other liabilities on the statement of condition while the corresponding provision for these losses is recorded as a component of the provision for credit losses. In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. Additional expected losses, to the extent such expected losses result in the recognition of an allowance for loan losses, increased the FDIC loss share asset or reduced any FDIC loss share liability. The allowance for loan losses for loans acquired in FDIC-assisted transactions was determined without giving consideration to the amounts recoverable through loss share agreements (since the loss share agreements are separately accounted for and thus presented “gross” on the balance sheet). On the Consolidated Statements of Income, the provision for credit losses was reported net of changes in the amount recoverable under the loss share agreements. Reductions to expected losses, to the extent such reductions to expected losses were the result of an improvement to the actual or expected cash flows from the covered assets, reduced the FDIC loss share asset or increased any FDIC loss share liability. Additions to expected losses required an increase to the allowance for loan losses, and a corresponding increase to the FDIC loss share asset or reduction to any FDIC loss share liability. |
Mortgage Servicing Rights | Mortgage Servicing Rights MSRs are recorded in the Consolidated Statements of Condition at fair value in accordance with ASC 860, “Transfers and Servicing.” The Company originates mortgage loans for sale to the secondary market, the majority of which are sold without retaining servicing rights. There are certain loans, however, that are originated and sold with servicing rights retained. MSRs associated with loans originated and sold, where servicing is retained, are capitalized at the time of sale at fair value based on the future net cash flows expected to be realized for performing the servicing activities, and included in other assets in the Consolidated Statements of Condition. The change in the fair value of MSRs is recorded as a component of mortgage banking revenue in non-interest income in the Consolidated Statements of Income. The Company measures the fair value of MSRs by stratifying the servicing rights into pools based on homogenous characteristics, such as product type and interest rate. The fair value of each servicing rights pool is calculated based on the present value of estimated future cash flows using a discount rate commensurate with the risk associated with that pool, given current market conditions. Estimates of fair value include assumptions about prepayment speeds, interest rates and other factors which are subject to change over time. Changes in these underlying assumptions could cause the fair value of MSRs to change significantly in the future. |
Lease Investments | Lease Investments The Company’s investments in equipment and other assets held on operating leases are reported as lease investments, net. Rental income on operating leases is recognized as income over the lease term on a straight-line basis. Equipment and other assets held on operating leases is stated at cost less accumulated depreciation. Depreciation of the cost of the assets held on operating leases, less any residual value, is computed using the straight-line method over the term of the leases, which is generally seven years or less. |
Premises and Equipment | Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets. Useful lives range from two to 15 years for furniture, fixtures and equipment, two to five years for software and computer-related equipment and seven to 39 years for buildings and improvements. Land improvements are amortized over a period of 15 years and leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the respective lease including any lease renewals deemed to be reasonably assured. Land and antique furnishings and artwork are not subject to depreciation. Expenditures for major additions and improvements are capitalized, and maintenance and repairs are charged to expense as incurred. Internal costs related to the configuration and installation of new software and the modification of existing software that provides additional functionality are capitalized. Long-lived depreciable assets are evaluated periodically for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. Impairment exists when the expected undiscounted future cash flows of a long-lived asset are less than its carrying value. In that event, a loss is recognized for the difference between the carrying value and the estimated fair value of the asset based on a quoted market price, if applicable, or a discounted cash flow analysis. Impairment losses are recognized in other non-interest expense. |
FDIC Loss Share Asset (Liability) | FDIC Loss Share Asset (Liability) In conjunction with FDIC-assisted transactions, the Company entered into loss share agreements with the FDIC. These agreements covered losses incurred with respect to loans, foreclosed real estate and certain other assets. The loss share assets and liabilities were measured separately from the loan portfolios because they were not contractually embedded in the loans and were not transferable with the loans should the Company choose to dispose of them. Fair values at the acquisition dates were estimated based on projected cash flows available for loss-share based on the credit adjustments estimated for each loan pool and the loss share percentages. The loss share assets and liabilities were recorded as FDIC indemnification assets and other liabilities on the Consolidated Statements of Condition. Subsequent to the acquisition date, reimbursements received from the FDIC for actual incurred losses reduced FDIC loss share assets or increased FDIC loss share liabilities. Reductions to expected losses, to the extent such reductions to expected losses are the result of an improvement to the actual or expected cash flows from the covered assets, also reduced FDIC loss share assets or increased FDIC loss share liabilities. In accordance with certain clawback provisions, the Company was required to reimburse the FDIC when actual losses were less than certain thresholds established for each loss share agreement. The balance of these estimated reimbursements and any related amortization were adjusted periodically for changes in the expected losses on covered assets. On the Consolidated Statements of Condition, estimated reimbursements from clawback provisions were recorded as a reduction to FDIC loss share assets or an increase to FDIC loss share liabilities. Although these assets and liabilities were contractual receivables from and payables to the FDIC, there were no contractual interest rates. Additional expected losses, to the extent such expected losses resulted in the recognition of an allowance for loan losses, increased FDIC loss share assets or reduced FDIC loss share liabilities. The corresponding amortization or accretion was recorded as a component of non-interest income on the Consolidated Statements of Income. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer. Any excess of the related loan balance over the fair value less expected selling costs is charged to the allowance for loan losses. In contrast, any excess of the fair value less expected selling costs over the related loan balance is recorded as a recovery of prior charge-offs on the loan and, if any portion of the excess exceeds prior charge-offs, as an increase to earnings. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. In accordance with accounting standards, goodwill is not amortized, but rather is tested for impairment on an annual basis or more frequently when events warrant, using a qualitative or quantitative approach. Intangible assets which have finite lives are amortized over their estimated useful lives and also are subject to impairment testing. All of the Company’s other intangible assets have finite lives and are amortized over varying periods not exceeding twenty years. The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten -year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18 -year period on an accelerated basis while the customer list intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a ten -year period on a straight-line basis. |
Bank-Owned Life Insurance (BOLI) | Bank-Owned Life Insurance ("BOLI") The Company maintains BOLI on certain executives. BOLI balances are recorded at their cash surrender values and are included in other assets. Changes in the cash surrender values are included in non-interest income. |
Derivative Instruments | Derivative Instruments The Company enters into derivative transactions principally to protect against the risk of adverse price or interest rate movements on the future cash flows or the value of certain assets and liabilities. The Company is also required to recognize certain contracts and commitments, including certain commitments to fund mortgage loans held-for-sale, as derivatives when the characteristics of those contracts and commitments meet the definition of a derivative. The Company accounts for derivatives in accordance with ASC 815, “Derivatives and Hedging,” which requires that all derivative instruments be recorded in the statement of condition at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Formal documentation of the relationship between a derivative instrument and a hedged asset or liability, as well as the risk-management objective and strategy for undertaking each hedge transaction and an assessment of effectiveness is required at inception to apply hedge accounting. In addition, formal documentation of ongoing effectiveness testing is required to maintain hedge accounting. Fair value hedges are accounted for by recording the changes in the fair value of the derivative instrument and the changes in the fair value related to the risk being hedged of the hedged asset or liability on the statement of condition with corresponding offsets recorded in the income statement. The adjustment to the hedged asset or liability is included in the basis of the hedged item, while the fair value of the derivative is recorded as a freestanding asset or liability. Actual cash receipts or payments and related amounts accrued during the period on derivatives included in a fair value hedge relationship are recorded as adjustments to the interest income or expense recorded on the hedged asset or liability. Cash flow hedges are accounted for by recording the changes in the fair value of the derivative instrument on the statement of condition as either a freestanding asset or liability, with a corresponding offset recorded in other comprehensive income within shareholders’ equity, net of deferred taxes. Amounts are reclassified from accumulated other comprehensive income to interest expense in the period or periods the hedged forecasted transaction affects earnings. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. Derivative instruments that are not designated as hedges according to accounting guidance are reported on the statement of condition at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of the change. Commitments to fund mortgage loans (i.e. interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as derivatives and are not designated in hedging relationships. Fair values of these mortgage derivatives are estimated based on changes in mortgage rates from the date of the commitments. Changes in the fair values of these derivatives are included in mortgage banking revenue. Forward currency contracts used to manage foreign exchange risk associated with certain assets are accounted for as derivatives and are not designated in hedging relationships. Foreign currency derivatives are recorded at fair value based on prevailing currency exchange rates at the measurement date. Changes in the fair values of these derivatives resulting from fluctuations in currency rates are recognized in earnings as non-interest income during the period of change. Periodically, the Company sells options to an unrelated bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (“covered call options”). These option transactions are designed primarily as an economic hedge to compensate for net interest margin compression by increasing the total return associated with holding the related securities as earning assets by using fee income generated from these options. These transactions are not designated in hedging relationships pursuant to accounting guidance and, accordingly, changes in fair values of these contracts, are reported in other non-interest income. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of other comprehensive income depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Generally, changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges, to the extent they are effective hedges, are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815, including changes in fair value related to the ineffective portion of cash flow hedges, are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. Foreign Currency Derivatives— These derivatives include foreign currency contracts used to manage the foreign exchange risk associated with foreign currency denominated assets and transactions. Foreign currency contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. As a result of fluctuations in foreign currencies, the U.S. dollar-equivalent value of the foreign currency denominated assets or forecasted transactions increase or decrease. Gains or losses on the derivative instruments related to these foreign currency denominated assets or forecasted transactions are expected to substantially offset this variability. As of December 31, 2017 the Company held foreign currency derivatives with an aggregate notional amount of approximately $37.6 million . Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed primarily to mitigate overall interest rate risk and to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815, and, accordingly, changes in fair value of these contracts are recognized as other non-interest income. The effective portion of changes in the fair value of these cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified to interest expense as interest payments are made on such deposits. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The ineffective portion of the change in fair value of these derivatives is recognized directly in earnings; however, no hedge ineffectiveness was recognized during the years ended December 31, 2017 or December 31, 2016 . The Company uses the hypothetical derivative method to assess and measure hedge effectiveness. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged item in the same line item as the offsetting loss or gain on the related derivatives. The Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At December 31, 2017 , the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $551.9 million and interest rate lock commitments with an aggregate notional amount of approximately $250.3 million . The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. |
Trust Assets, Assets Under Management and Brokerage Assets | Trust Assets, Assets Under Management and Brokerage Assets Assets held in fiduciary or agency capacity for customers are not included in the consolidated financial statements as they are not assets of Wintrust or its subsidiaries. Fee income is recognized on an accrual basis and is included as a component of non-interest income. |
Income Taxes | Income Taxes Wintrust and its subsidiaries file a consolidated Federal income tax return. Income tax expense is based upon income in the consolidated financial statements rather than amounts reported on the income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as an income tax benefit or income tax expense in the period that includes the enactment date. Positions taken in the Company’s tax returns may be subject to challenge by the taxing authorities upon examination. In accordance with applicable accounting guidance, uncertain tax positions are initially recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. Such tax positions are both initially and subsequently measured as the largest amount of tax benefit that is greater than 50% likely being realized upon settlement with the tax authority, assuming full knowledge of the position and all relevant facts. Interest and penalties on income tax uncertainties are classified within income tax expense in the income statement. The tax effect of fair value adjustments on securities available-for-sale and derivative instruments in cash flow hedges are recorded directly to shareholders' equity as part of other comprehensive income (loss) and are reflected on the Consolidated Statements of Comprehensive Income. In addition, a tax benefit (expense) of $230,000 and $(1.9) million in 2016 and 2015 , respectively, related to stock-based compensation, reflecting the excess (deficit) of realized tax benefits over expected tax benefits, was recorded directly to shareholders' equity. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans In accordance with ASC 718, “Compensation — Stock Compensation,” compensation cost is measured as the fair value of the awards on their date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options and the market price of the Company’s stock at the date of grant is used to estimate the fair value of restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Accounting guidance requires the recognition of stock based compensation for the number of awards that are ultimately expected to vest. As a result, recognized compensation expense for stock options and restricted share awards is reduced for estimated forfeitures prior to vesting. Forfeitures rates are estimated for each type of award based on historical forfeiture experience. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. The Company issues new shares to satisfy option exercises and vesting of restricted shares. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock is based on the fair value of the shares on the issue date and the estimated tax benefit of the awards is based on fair value of the awards on the grant date. The actual tax benefit realized upon the vesting of restricted shares and performance-based stock in 2017 , 2016 and 2015 was $975,000 , $241,000 and $517,000 , respectively, more than the expected tax benefit for those shares. These differences in actual and expected tax benefits were recorded to tax expense in 2017 and directly to shareholders’ equity in 2015 and 2016 . As of December 31, 2017 , there was $15.1 million of total unrecognized compensation cost related to non-vested share based arrangements under the Plans. That cost is expected to be recognized over a weighted average period of approximately two years. The total fair value of shares vested during the years ended December 31, 2017 , 2016 and 2015 was $12.9 million , $8.4 million and $7.9 million , respectively. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on available-for-sale securities, net of deferred taxes, changes in deferred gains and losses on investment securities transferred from available-for-sale securities to held-to-maturity securities, net of deferred taxes, adjustments related to cash flow hedges, net of deferred taxes and foreign currency translation adjustments, net of deferred taxes. |
Stock Repurchases | Stock Repurchases The Company periodically repurchases shares of its outstanding common stock through open market purchases or other methods. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. |
Foreign Currency Translation | Foreign Currency Translation The Company revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars at the end of each month using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in other comprehensive income. Gains and losses relating to the re-measurement of transactions to the functional currency are reported in the Consolidated Statements of Income. |
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | New Accounting Pronouncements Adopted In March 2016, the FASB issued ASU No. 2016-05, “ Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, ” to clarify guidance surrounding the effect on an existing hedging relationship of a change in the counterparty to a derivative instrument that has been designated as a hedging instrument. This ASU states that a change in counterparty to such derivative instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance was effective for fiscal years beginning after December 15, 2016 and did not have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “ Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, ” to simplify the accounting for investments qualifying for the use of the equity method of accounting. This ASU eliminates the requirement to retroactively adopt the equity method of accounting when an investment qualifies for such method as a result of an increase in the level of ownership interest or degree of influence. The ASU requires the equity method investor add the cost of acquiring the additional interest to the current basis and adopt the equity method of accounting as of that date going forward. Additionally, for available-for-sale equity securities that become qualified for equity method accounting, the ASU requires the related unrealized holding gains or losses included in accumulated other comprehensive income be recognized in earnings at the date the investment qualifies for such accounting. This guidance was effective for fiscal years beginning after December 15, 2016 and did not have a material impact on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, ” to simplify the accounting for several areas of share-based payment transactions. This included the recognition of all excess tax benefits and tax deficiencies as income tax expense instead of surplus, the classification on the statement of cash flows of excess tax benefits and taxes paid when the employer withholds shares for tax-withholding purposes. Additionally, related to forfeitures, the ASU provides the option to estimate the number of awards that are expected to vest or account for forfeitures as they occur. This guidance was effective for fiscal years beginning after December 15, 2016. For the year ended December 31, 2017, the Company recorded $ 6.2 million of excess tax benefits within income tax expense on the Consolidated Statements of Income as a result of adoption. Additionally, related to forfeitures, the Company elected to continue to estimate the number of awards expected to vest after adoption. In October 2016, the FASB issued ASU No. 2016-17, “ Consolidation (Topic 810): Interest Held through Related Parties That Are under Common Control, ” to amend guidance from ASU No. 2015-02 regarding how a reporting entity treats indirect interests in a variable interest entity (“VIE”) held through related parties under common control when determining whether the reporting entity is the primary beneficiary of such VIE . This guidance was effective for fiscal years beginning after December 15, 2016 and did not have a material impact on the Company's consolidated financial statements. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, which created “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue and develop a common revenue standard for customer contracts. This ASU provides guidance regarding how an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also added a new subtopic to the codification, ASC 340-40, “Other Assets and Deferred Costs: Contracts with Customers” to provide guidance on costs related to obtaining and fulfilling a customer contract. Furthermore, the new standard requires disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. At the time ASU No. 2014-09 was issued, the guidance was effective for fiscal years beginning after December 15, 2016. In July 2015, the FASB approved a deferral of the effective date by one year, which resulted in the guidance becoming effective for the Company as of January 1, 2018. The FASB has continued to issue various Updates to clarify and improve specific areas of ASU No. 2014-09. In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” to clarify the implementation guidance within ASU No. 2014-09 surrounding principal versus agent considerations and its impact on revenue recognition. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to also clarify the implementation guidance within ASU No. 2014-09 related to these two topics. In May 2016, the FASB issued ASU No. 2016-11, “Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting,” to remove certain areas of SEC Staff Guidance from those specific Topics. In May 2016 and December 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers,” to clarify specific aspects of implementation, including the collectability criterion, exclusion of sales taxes collected from a transaction price, noncash consideration, contract modifications, completed contracts at transition, the applicability of loan guarantee fees, impairment of capitalized contract costs and certain disclosure requirements. In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets,” to clarify the implementation guidance within ASU No. 2014-09 surrounding transfers of nonfinancial assets, including partial sales of such assets, and its impact on revenue recognition. Like ASU No. 2014-09, this guidance is effective for the Company starting January 1, 2018. As certain significant revenue sources related to financial instruments such as interest income are considered not in-scope, the new guidance will not have a significant impact on the Company's consolidated financial statements. Revenue sources impacted by the new guidance include brokerage and trust and asset management fees from the wealth management business unit, card-based fees, deposit-related fees and other non-interest income. During implementation, the Company reviewed specific contracts with customers across these various sources of revenue. Contract reviews assisted in identifying any characteristics of such contracts that could result in a change in the Company's current practices for recognition of revenue and recognition of costs incurred to obtain or fulfill such contracts. After review, the Company identified no indication within the terms of such contracts that a change in the Company's current practices was necessary. The Company will elect to adopt the new guidance using the modified retrospective approach applied to all contracts as of the date of initial application at January 1, 2018. At this time, electing the modified retrospective approach would result in no cumulative effect adjustment to the opening balance of retained earnings at the date of initial application. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” to improve the accounting for financial instruments. This ASU requires equity investments with readily determinable fair values to be measured at fair value with changes recognized in net income regardless of classification. For equity investments without a readily determinable fair value, the value of the investment would be measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer instead of fair value, unless a qualitative assessment indicates impairment. Additionally, this ASU requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This guidance is effective as of January 1, 2018. For equity investments with a readily determinable fair value, this guidance will be applied under a modified retrospective approach with a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. For equity investments without a readily determinable fair value, this guidance will be applied prospectively. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to improve transparency and comparability across entities regarding leasing arrangements. This ASU requires the recognition of a separate lease liability representing the required discounted lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Further, this ASU provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures to the notes of the financial statements. Additionally, in January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842," to permit an entity to elect an optional practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under existing accounting guidance. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach, including the option to apply certain practical expedients. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Excluding any impact from the clarification of contracts representing a lease, the Company expects to recognize separate lease liabilities and right of use assets for the amounts related to certain facilities under operating lease agreements currently disclosed in Note 15, "Minimum Lease Commitments". Additionally, the Company does not expect to significantly change operating lease agreements prior to adoption. The Company has established a committee consisting of individuals from the various areas of the Company tasked with transitioning to the new requirements. Derivatives In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” to improve the financial reporting of hedging relationships to better align the economic results of an entity’s risk management activities and disclosures within its financial statements. In addition, this ASU makes certain targeted improvements to simplify the application of the hedge accounting to derivative instruments as well as allows a one-time election to reclassify fixed-rate, prepayable investment securities from a held-to-maturity classification to an available-for-sale classification. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Guidance related to existing cash flow hedges and, if elected, fair value hedges is to be applied under a modified retrospective approach and guidance related to amended presentation and disclosures is to be applied under a prospective approach. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Allowance for Credit Losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” to replace the current incurred loss methodology for recognizing credit losses, which delays recognition until it is probable a loss has been incurred, with a methodology that reflects an estimate of all expected credit losses and considers additional reasonable and supportable forecasted information when determining credit loss estimates. This impacts the calculation of an allowance for credit losses for all financial assets measured under the amortized cost basis, including PCI loans at the time of and subsequent to acquisition. Additionally, credit losses related to available-for-sale debt securities would be recorded through the allowance for credit losses and not as a direct adjustment to the amortized cost of the securities. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements as well as the impact on current systems and processes. Specifically, the Company has established a committee consisting of individuals from the various areas of the Company tasked with transitioning to the new requirements. At this time, the Company is reviewing potential methodologies for estimating expected credit losses using reasonable and supportable forecast information and has identified certain historical data and system requirements. Statement of Cash Flows In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force),” to clarify the presentation of specific types of cash flow receipts and payments, including the payment of debt prepayment or debt extinguishment costs, contingent consideration cash payments paid subsequent to the acquisition date and proceeds from settlement of BOLI policies. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach, if practicable. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” to clarify the classification and presentation of changes in restricted cash on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Income Taxes In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for intra-entity transfers of assets other than inventory. This ASU allows the recognition of current and deferred income taxes for such transfers prior to the subsequent sale of the transferred assets to an outside party. Initial recognition of current and deferred income taxes is currently prohibited for intra-entity transfers of assets other than inventory. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach through cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. Business Combinations In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business,” to improve such definition and, as a result, assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or as business combinations. The definition of a business impacts many areas of accounting including acquisitions, disposals, goodwill and consolidation. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a prospective approach. Adoption of this new guidance will impact the determination of whether future acquisitions are considered a business combination and the resulting impact of such determination on the consolidated financial statements. Goodwill In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” to simplify the subsequent measurement of goodwill. When the carrying amount of a reporting unit exceeds its fair value, an entity would no longer be required to determine goodwill impairment by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit was acquired in a business combination. Goodwill impairment would be recognized according to the excess of the carrying amount of the reporting unit over the calculated fair value of such unit. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and is to be applied under a prospective approach. The Company does not expect this guidance to have a material impact on the Company's consolidated financial statements. Compensation In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” to improve the presentation of net periodic pension cost and net periodic post-retirement benefit cost. An entity will be required to report the service cost component of such costs in the same line item or items as other compensation costs related to services rendered. Additionally, only the service cost component will be eligible for capitalization when applicable. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a retrospective approach related to presentation of the service cost component and a prospective approach related to capitalization of such costs. Early adoption was permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company has evaluated adoption of this guidance and determined it will not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting,” to clarify when modification accounting is appropriate for changes to the terms and conditions of a share-based payment award. An entity will be required to account for such changes as a modification unless certain criteria is met. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and is to be applied under a prospective approach for awards modified on or after the adoption date. Early adoption was permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company has evaluated adoption of this guidance and determined that it will not have a material impact on the Company's consolidated financial statements. Amortization of Premium on Certain Debt Securities In March 2017, the FASB issued ASU No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” to amend the amortization period for certain purchased callable debt securities held at a premium. The amortization period for such securities will be shortened to the earliest call date. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied under a modified retrospective approach. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. Accumulated Other Comprehensive Income (Loss) In February 2018, the FASB issued ASU No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to allow a reclassification from accumulated other comprehensive income to retained earnings related to remaining tax effects resulting from the Tax Act. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and is to be applied either in the period of adoption or retrospectively to each period or periods in which the effect of the Tax Act is recognized. Early adoption is permitted as of the beginning of an annual period that has not been issued or made available for issuance. The Company did not early adopt this guidance in 2017. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. |
Loans and Leases Receivable, Troubled Debt Restructuring | The Company’s approach to restructuring loans, excluding PCI loans, is built on its credit risk rating system which requires credit management personnel to assign a credit risk rating to each loan. In each case, the loan officer is responsible for recommending a credit risk rating for each loan and ensuring the credit risk ratings are appropriate. These credit risk ratings are then reviewed and approved by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s credit risk rating scale is one through ten with higher scores indicating higher risk. In the case of loans rated six or worse following modification, the Company’s Managed Assets Division evaluates the loan and the credit risk rating and determines that the loan has been restructured to be reasonably assured of repayment and of performance according to the modified terms and is supported by a current, well-documented credit assessment of the borrower’s financial condition and prospects for repayment under the revised terms. A modification of a loan, excluding PCI loans, with an existing credit risk rating of 6 or worse or a modification of any other credit, which will result in a restructured credit risk rating of 6 or worse, must be reviewed for possible TDR classification. In that event, our Managed Assets Division conducts an overall credit and collateral review. A modification of these loans is considered to be a TDR if both (1) the borrower is experiencing financial difficulty and (2) for economic or legal reasons, the bank grants a concession to a borrower that it would not otherwise consider. The modification of a loan, excluding PCI loans, where the credit risk rating is 5 or better both before and after such modification is not considered to be a TDR. Based on the Company’s credit risk rating system, it considers that borrowers whose credit risk rating is 5 or better are not experiencing financial difficulties and therefore, are not considered TDRs. All credits determined to be a TDR will continue to be classified as a TDR in all subsequent periods, unless the borrower has been in compliance with the loan’s modified terms for a period of six months (including over a calendar year-end) and the current interest rate represents a market rate at the time of restructuring. The Managed Assets Division, in consultation with the respective loan officer, determines whether the modified interest rate represented a current market rate at the time of restructuring. Using knowledge of current market conditions and rates, competitive pricing on recent loan originations, and an assessment of various characteristics of the modified loan (including collateral position and payment history), an appropriate market rate for a new borrower with similar risk is determined. If the modified interest rate meets or exceeds this market rate for a new borrower with similar risk, the modified interest rate represents a market rate at the time of restructuring. Additionally, before removing a loan from TDR classification, a review of the current or previously measured impairment on the loan and any concerns related to future performance by the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review by the Managed Assets Division, the TDR classification is not removed from the loan. TDRs are reviewed at the time of modification and on a quarterly basis to determine if a specific reserve is necessary. The carrying amount of the loan is compared to the expected payments to be received, discounted at the loan’s original rate, or for collateral dependent loans, to the fair value of the collateral. Any shortfall is recorded as a specific reserve. The Company, in accordance with ASC 310-10, continues to individually measure impairment of these loans after the TDR classification is removed. Each TDR was reviewed for impairment at December 31, 2017 and approximately $3.9 million of impairment was present and appropriately reserved for through the Company’s normal reserving methodology in the Company’s allowance for loan losses. For TDRs in which impairment is calculated by the present value of future cash flows, the Company records interest income representing the decrease in impairment resulting from the passage of time during the respective period, which differs from interest income from contractually required interest on these specific loans. For the years ended December 31, 2017 and 2016 , the Company recorded $207,000 and $421,000 , respectively, in interest income representing this decrease in impairment. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. At December 31, 2017 , the Company had $9.7 million of foreclosed residential real estate properties included within OREO. Further, the recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $9.8 million at December 31, 2017 . |
Finance, Loans and Leases Receivable | Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $87.0 million and $69.6 million at December 31, 2017 and 2016 , respectively. |
Receivables | These amounts include accretion from both covered and non-covered loans, and are included together within interest and fees on loans in the Consolidated Statements of Income. |
Deteriorated Loans Transferred In | Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date. For PCI loans, expected future cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable (“accretable yield”). The difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the non-accretable difference and represents probable losses in the portfolio. In determining the acquisition date fair value of PCI loans, and in subsequent accounting, the Company aggregates these purchased loans into pools of loans by common risk characteristics, such as credit risk rating and loan type. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. Subsequent decreases to the expected cash flows will result in a provision for loan losses. The Company purchased a portfolio of life insurance premium finance receivables in 2009. These purchased life insurance premium finance receivables are valued on an individual basis. If credit related conditions deteriorate, an allowance related to these loans will be established as part of the provision for credit losses. |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Allowance | As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If the Company determines that a loan amount or portion thereof is uncollectible the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. |
Loans and Leases Receivable, Nonperforming Loan and Lease | The Company’s Problem Loan Reporting system automatically includes all loans with credit risk ratings of 6 through 9. This system is designed to provide an on-going detailed tracking mechanism for each problem loan. Once management determines that a loan has deteriorated to a point where it has a credit risk rating of 6 or worse, the Company’s Managed Asset Division performs an overall credit and collateral review. As part of this review, all underlying collateral is identified and the valuation methodology is analyzed and tracked. As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible or an impairment reserve may be established. The Company’s impairment analysis utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status, a charge-off or the establishment of a specific impairment reserve. If the Company determines that a loan amount or portion thereof is uncollectible the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. If, based on current information and events, it is probable that the Company will be unable to collect all amounts due to it according to the contractual terms of the loan agreement, a specific impairment reserve is established. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. Non-performing loans include all non-accrual loans (8 and 9 risk ratings) as well as loans 90 days past due and still accruing interest, excluding PCI and covered loans. The remainder of the portfolio is considered performing under the contractual terms of the loan agreement. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets | The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The Company does not specifically hedge the value of its MSRs. Fair values are determined by using a discounted cash flow model that incorporates the objective characteristics of the portfolio as well as subjective valuation parameters that purchasers of servicing would apply to such portfolios sold into the secondary market. The subjective factors include loan prepayment speeds, discount rates, servicing costs and other economic factors. The Company uses a third party to assist in the valuation of MSRs. |
Disclosure about Offsetting Assets and Liabilities | The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. |
Repurchase Agreements, Collateral | Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of U.S. Treasury, U.S. Government agency and mortgage-backed securities. These securities are included in the available-for-sale and held-to-maturity securities portfolios as reflected on the Company’s Consolidated Statements of Condition. |
Debt | FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. In connection with the issuance of subordinated notes in 2014, the Company incurred costs totaling $1.3 million . These costs are a direct deduction from the carrying amount of the subordinated notes and are amortized to interest expense using the effective interest method. These transactions were not considered sales of receivables and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the unrelated third party, net of unamortized debt issuance costs, and translated to the Company’s reporting currency as of the respective date. At December 31, 2017, the translated balance of the secured borrowing totaled $135.1 million compared to $119.0 million at December 31, 2016. The remaining $23.5 million within secured borrowings at December 31, 2017 represents other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties. |
Junior Subordinated Debentures | The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in available-for-sale securities. |
Income Tax Uncertainties | At December 31, 2017 , the Company had $8.5 million of unrecognized tax benefits related to uncertain tax positions that, if recognized, would impact the effective tax rate. Interest and penalties on unrecognized tax positions are recorded in income tax expense. Total interest income accrued at December 31, 2017 and 2016 on unrecognized tax benefits was $921,000 and $521,000 , respectively, net of tax effect. Interest and penalties are included in the liability for uncertain tax positions, but are not included in the unrecognized tax benefits rollforward presented above. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in numerous state jurisdictions and in Canada. In the ordinary course of business we are routinely subject to audit by the taxing authorities of these jurisdictions. Currently, the Company's U.S. federal income tax returns are open and subject to audit for the 2014 tax return year forward, and in general, the Company's state income tax returns are open and subject to audit from the 2014 tax return year forward, subject to individual state statutes of limitation. The Company's Canadian subsidiary's Canadian income tax returns are also subject to audit for the 2014 tax return year forward. |
Compensation Related Costs | Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair values of restricted share and performance-based stock awards are determined based on the average of the high and low trading prices on the grant date, and the fair value of stock options is estimated using a Black-Scholes option-pricing model that utilizes the assumptions outlined in the following table. Option-pricing models require the input of highly subjective assumptions and are sensitive to changes in the option’s expected life and the price volatility of the underlying stock, which can materially affect the fair value estimate. Options granted since the inception of the LTIP in 2011 were primarily granted as LTIP awards. Expected life of the options granted since the inception of the LTIP awards has been based on the safe harbor rule of the SEC Staff Accounting Bulletin No. 107 “Share-Based Payment” as the Company believes historical exercise data may not provide a reasonable basis to estimate the expected term of these options. Expected stock price volatility is based on historical volatility of the Company’s common stock, which correlates with the expected life of the options, and the risk-free interest rate is based on comparable U.S. Treasury rates. Management reviews and adjusts the assumptions used to calculate the fair value of an option on a periodic basis to better reflect expected trends. The following table presents the weighted average assumptions used to determine the fair value of options granted in the years ended December 31, 2016 and 2015 . No options were granted in the year ended December 31, 2017 . 2016 2015 Expected dividend yield 0.9 % 0.9 % Expected volatility 25.2 % 26.5 % Risk-free rate 1.3 % 1.3 % Expected option life (in years) 4.5 4.5 Stock based compensation is recognized based on the number of awards that are ultimately expected to vest. Forfeitures are estimated based on historical forfeiture experience. For performance-based stock awards, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria to determine the amount of compensation expense to be recognized. The estimate is reevaluated quarterly and total compensation expense is adjusted for any change in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $12.9 million , $9.3 million and $9.7 million and the related tax benefits were $5.1 million , $3.7 million and $3.8 million in 2017 , 2016 and 2015 , respectively. |
Liability Reserve Estimate | Management maintains a liability for estimated losses on loans expected to be repurchased or on which indemnification is expected to be provided and regularly evaluates the adequacy of this recourse liability based on trends in repurchase and indemnification requests, actual loss experience, known and inherent risks in the loans, and current economic conditions. The liability for estimated losses on repurchase and indemnification claims for residential mortgage loans previously sold to investors was $3.0 million and $4.2 million at December 31, 2017 and 2016 , respectively, and was included in other liabilities on the Consolidated Statements of Condition. |
Derivatives, Offsetting Fair Value Amounts | The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. |
Fair Value Measurement | The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities. Held-to-maturity securities include U.S. Government-sponsored agency securities and municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has categorized held-to-maturity securities as a Level 2 fair value measurement. Loans held-for-investment, at amortized cost. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real estate, etc. Each category is further segmented by interest rate type (fixed and variable) and term. For variable-rate loans that reprice frequently, estimated fair values are based on carrying values. The fair value of residential loans is based on secondary market sources for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value for other fixed rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. The primary impact of credit risk on the present value of the loan portfolio, however, was assessed through the use of the allowance for loan losses, which is believed to represent the current fair value of probable incurred losses for purposes of the fair value calculation. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. Deposits with stated maturities. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. FHLB advances. The fair value of FHLB advances is obtained from the FHLB, which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement. Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. Junior subordinated debentures. The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. Also, the Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. Impaired loans —A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due pursuant to the contractual terms of the loan agreement. A loan modified in a TDR is an impaired loan according to applicable accounting guidance. Impairment is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Impaired loans are considered a fair value measurement where an allowance is established based on the fair value of collateral. Appraised values, which may require adjustments to market-based valuation inputs, are generally used on real estate collateral-dependent impaired loans. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of impaired loans. For more information on the Managed Assets Division review of impaired loans refer to Note 5 – Allowance for Loan Losses, Allowance for Losses on Lending-Related Commitments and Impaired Loans. At December 31, 2017 , the Company had $105.1 million of impaired loans classified as Level 3. Of the $105.1 million of impaired loans, $70.6 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $34.5 million were valued based on discounted cash flows in accordance with ASC 310. Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At December 31, 2017 , the Company had $40.6 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. |
Fair Value of Financial Instruments | The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • 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. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. Following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale and trading account securities —Fair values for available-for-sale and trading securities are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value a security. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At December 31, 2017 , the Company classified $77.2 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company also classified $3.8 million of U.S. government agencies as Level 3 at December 31, 2017 . The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Investment Operations Department references a publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). In 2017 , all of the ratings derived in the above process by Investment Operations were “BBB” or better, for both bonds with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at December 31, 2017 have a call date that has passed, and are now continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. To determine the rating for the U.S. government agency securities, the Investment Operations Department assigned a AAA rating as it is guaranteed by the U.S. government. At December 31, 2017 and December 31, 2016 , the Company held no equity securities classified as Level 3. In prior periods, securities in Level 3 were primarily comprised of auction rate preferred securities. The Company’s valuation methodology at that time included modeling the contractual cash flows of the underlying preferred securities and applying a discount to these cash flows by a market spread derived from the market price of the securities underlying debt. In 2016, the Company exchanged these auction rate securities for the underlying preferred securities, resulting in a $2.4 million gain on the nonmonetary sale. The Company classified the preferred securities received as Level 2 in the fair value hierarchy at the time of the transaction due to observable inputs other than quoted prices existing for the preferred securities. Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is determined by reference to investor price sheets for loan products with similar characteristics. Loans held-for-investment —The fair value for loans in which the Company elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayments. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At December 31, 2017 , the Company classified $33.7 million of loans held-for-investment as Level 3. The weighted average discount rate used as an input to value these loans at December 31, 2017 was 3.78% with discount rates applied ranging from 3% - 4% . The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate includes assumptions of prepayment speeds and credit losses. The Company included a prepayments speed assumption of 10.44% at December 31, 2017 . Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.93% with credit discounts ranging from 0% - 3% at December 31, 2017 . MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing rights based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing rights, given current market conditions. At December 31, 2017 , the Company classified $33.7 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at December 31, 2017 was 10.01% with discount rates applied ranging from 9% - 15% . The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 0% - 95% or a weighted average prepayment speed of 10.44% . Further, for current and delinquent loans, the Company assumed the average cost of servicing of $70 and $330 , respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note 6, “Mortgage Servicing Rights (“MSRs”),” for further discussion of MSRs. Derivative instruments —The Company’s derivative instruments include interest rate swaps and caps, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps and caps are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. At December 31, 2017 , the Company classified $2.2 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at December 31, 2017 was 87.01% with pull-through rates applied ranging from 42% to 100% . Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. |
Segment Reporting | The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures and economic characteristics. For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 10, “Deposits,” for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. The segment financial information provided in the following tables has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in the Summary of Significant Accounting Policies in Note 1. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | A summary of the available-for-sale and held-to-maturity securities portfolios presenting carrying amounts and gross unrealized gains and losses as of December 31, 2017 and 2016 is as follows: December 31, 2017 December 31, 2016 (Dollars in thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Available-for-sale securities U.S. Treasury $ 144,904 $ — $ (1,082 ) $ 143,822 $ 142,741 $ 1 $ (759 ) $ 141,983 U.S. Government agencies 157,638 2 (725 ) 156,915 189,540 47 (435 ) 189,152 Municipal 113,197 2,712 (557 ) 115,352 129,446 2,969 (606 ) 131,809 Corporate notes: Financial issuers 30,309 43 (301 ) 30,051 65,260 132 (1,000 ) 64,392 Other 1,000 — (1 ) 999 1,000 — (1 ) 999 Mortgage-backed: (1) Mortgage-backed securities 1,291,695 446 (31,955 ) 1,260,186 1,185,448 284 (54,330 ) 1,131,402 Collateralized mortgage obligations 60,092 64 (617 ) 59,539 30,105 67 (490 ) 29,682 Equity securities 34,234 3,357 (789 ) 36,802 32,608 3,429 (789 ) 35,248 Total available-for-sale securities $ 1,833,069 $ 6,624 $ (36,027 ) $ 1,803,666 $ 1,776,148 $ 6,929 $ (58,410 ) $ 1,724,667 Held-to-maturity securities U.S. Government agencies $ 579,062 $ 23 $ (14,066 ) $ 565,019 $ 433,343 $ 7 $ (24,470 ) $ 408,880 Municipal 247,387 2,668 (2,558 ) 247,497 202,362 647 (4,287 ) 198,722 Total held-to-maturity securities $ 826,449 $ 2,691 $ (16,624 ) $ 812,516 $ 635,705 $ 654 $ (28,757 ) $ 607,602 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. |
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Available for Sale Securities | The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 24,811 $ (215 ) $ 119,011 $ (867 ) $ 143,822 $ (1,082 ) U.S. Government agencies 14,462 (69 ) 141,471 (656 ) 155,933 (725 ) Municipal 28,221 (256 ) 15,840 (301 ) 44,061 (557 ) Corporate notes: Financial issuers 1,210 (1 ) 5,665 (300 ) 6,875 (301 ) Other — — 999 (1 ) 999 (1 ) Mortgage-backed: Mortgage-backed securities 137,255 (915 ) 989,971 (31,040 ) 1,127,226 (31,955 ) Collateralized mortgage obligations 35,038 (213 ) 13,719 (404 ) 48,757 (617 ) Equity securities 9,116 (343 ) 6,054 (446 ) 15,170 (789 ) Total available-for-sale securities $ 250,113 $ (2,012 ) $ 1,292,730 $ (34,015 ) $ 1,542,843 $ (36,027 ) Held-to-maturity securities U.S. Government agencies $ 241,849 $ (3,263 ) $ 300,200 $ (10,803 ) $ 542,049 $ (14,066 ) Municipal 56,901 (1,004 ) 52,399 (1,554 ) 109,300 (2,558 ) Total held-to-maturity securities $ 298,750 $ (4,267 ) $ 352,599 $ (12,357 ) $ 651,349 $ (16,624 ) The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 133,980 $ (759 ) $ — $ — $ 133,980 $ (759 ) U.S. Government agencies 89,645 (435 ) — — 89,645 (435 ) Municipal 54,711 (408 ) 6,684 (198 ) 61,395 (606 ) Corporate notes: Financial issuers 13,157 (11 ) 34,972 (989 ) 48,129 (1,000 ) Other 999 (1 ) — — 999 (1 ) Mortgage-backed: Mortgage-backed securities 1,116,705 (54,330 ) — — 1,116,705 (54,330 ) Collateralized mortgage obligations 15,038 (229 ) 6,905 (261 ) 21,943 (490 ) Equity securities 6,617 (214 ) 8,513 (575 ) 15,130 (789 ) Total available-for-sale securities $ 1,430,852 $ (56,387 ) $ 57,074 $ (2,023 ) $ 1,487,926 $ (58,410 ) Held-to-maturity securities U.S. Government agencies $ 355,621 $ (23,250 ) $ 50,033 $ (1,220 ) $ 405,654 $ (24,470 ) Municipal 170,707 (4,137 ) 5,708 (150 ) 176,415 (4,287 ) Total held-to-maturity securities $ 526,328 $ (27,387 ) $ 55,741 $ (1,370 ) $ 582,069 $ (28,757 ) |
Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position, Held to Maturity | The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 24,811 $ (215 ) $ 119,011 $ (867 ) $ 143,822 $ (1,082 ) U.S. Government agencies 14,462 (69 ) 141,471 (656 ) 155,933 (725 ) Municipal 28,221 (256 ) 15,840 (301 ) 44,061 (557 ) Corporate notes: Financial issuers 1,210 (1 ) 5,665 (300 ) 6,875 (301 ) Other — — 999 (1 ) 999 (1 ) Mortgage-backed: Mortgage-backed securities 137,255 (915 ) 989,971 (31,040 ) 1,127,226 (31,955 ) Collateralized mortgage obligations 35,038 (213 ) 13,719 (404 ) 48,757 (617 ) Equity securities 9,116 (343 ) 6,054 (446 ) 15,170 (789 ) Total available-for-sale securities $ 250,113 $ (2,012 ) $ 1,292,730 $ (34,015 ) $ 1,542,843 $ (36,027 ) Held-to-maturity securities U.S. Government agencies $ 241,849 $ (3,263 ) $ 300,200 $ (10,803 ) $ 542,049 $ (14,066 ) Municipal 56,901 (1,004 ) 52,399 (1,554 ) 109,300 (2,558 ) Total held-to-maturity securities $ 298,750 $ (4,267 ) $ 352,599 $ (12,357 ) $ 651,349 $ (16,624 ) The following table presents the portion of the Company’s available-for-sale and held-to-maturity securities portfolios which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at December 31, 2016 : Continuous unrealized losses existing for less than 12 months Continuous unrealized losses existing for greater than 12 months Total (Dollars in thousands) Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available-for-sale securities U.S. Treasury $ 133,980 $ (759 ) $ — $ — $ 133,980 $ (759 ) U.S. Government agencies 89,645 (435 ) — — 89,645 (435 ) Municipal 54,711 (408 ) 6,684 (198 ) 61,395 (606 ) Corporate notes: Financial issuers 13,157 (11 ) 34,972 (989 ) 48,129 (1,000 ) Other 999 (1 ) — — 999 (1 ) Mortgage-backed: Mortgage-backed securities 1,116,705 (54,330 ) — — 1,116,705 (54,330 ) Collateralized mortgage obligations 15,038 (229 ) 6,905 (261 ) 21,943 (490 ) Equity securities 6,617 (214 ) 8,513 (575 ) 15,130 (789 ) Total available-for-sale securities $ 1,430,852 $ (56,387 ) $ 57,074 $ (2,023 ) $ 1,487,926 $ (58,410 ) Held-to-maturity securities U.S. Government agencies $ 355,621 $ (23,250 ) $ 50,033 $ (1,220 ) $ 405,654 $ (24,470 ) Municipal 170,707 (4,137 ) 5,708 (150 ) 176,415 (4,287 ) Total held-to-maturity securities $ 526,328 $ (27,387 ) $ 55,741 $ (1,370 ) $ 582,069 $ (28,757 ) |
Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized | The following table provides information as to the amount of gross gains and gross losses realized and proceeds received through the sales and calls of investment securities: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Realized gains $ 147 $ 9,399 $ 658 Realized losses (102 ) (1,754 ) (335 ) Net realized gains $ 45 $ 7,645 $ 323 Other than temporary impairment charges — — — Gains on investment securities, net $ 45 $ 7,645 $ 323 Proceeds from sales and calls of available-for-sale securities $ 336,539 $ 2,208,010 $ 1,515,559 Proceeds from calls of held-to-maturity securities 51,090 734,326 770 |
Contractual Maturities of Investment Securities | The amortized cost and fair value of securities as of December 31, 2017 and December 31, 2016 , by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: December 31, 2017 December 31, 2016 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 300,833 $ 299,285 $ 145,353 $ 145,062 Due in one to five years 97,019 97,326 321,019 320,423 Due in five to ten years 33,947 35,029 27,319 28,451 Due after ten years 15,249 15,499 34,296 34,399 Mortgage-backed 1,351,787 1,319,725 1,215,553 1,161,084 Equity securities 34,234 36,802 32,608 35,248 Total available-for-sale securities $ 1,833,069 $ 1,803,666 $ 1,776,148 $ 1,724,667 Held-to-maturity securities Due in one year or less $ 170 $ 171 $ — $ — Due in one to five years 38,392 38,012 29,794 29,416 Due in five to ten years 205,227 203,680 69,664 67,820 Due after ten years 582,660 570,653 536,247 510,366 Total held-to-maturity securities $ 826,449 $ 812,516 $ 635,705 $ 607,602 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Loan Portfolio | The following table shows the Company's loan portfolio by category as of the dates shown: (Dollars in thousands) December 31, 2017 December 31, 2016 Balance: Commercial $ 6,787,677 $ 6,005,422 Commercial real estate 6,580,618 6,196,087 Home equity 663,045 725,793 Residential real estate 832,120 705,221 Premium finance receivables—commercial 2,634,565 2,478,581 Premium finance receivables—life insurance 4,035,059 3,470,027 Consumer and other 107,713 122,041 Total loans, net of unearned income, excluding covered loans $ 21,640,797 $ 19,703,172 Covered loans — 58,145 Total loans, net of unearned income $ 21,640,797 $ 19,761,317 Mix: Commercial 31 % 30 % Commercial real estate 30 31 Home equity 3 4 Residential real estate 4 4 Premium finance receivables—commercial 12 12 Premium finance receivables—life insurance 19 18 Consumer and other 1 1 Total loans, net of unearned income, excluding covered loans 100 % 100 % Covered loans — — Total loans, net of unearned income 100 % 100 % |
Unpaid Principal Balance and Carrying Value of Acquired Loans | The following table presents the unpaid principal balance and carrying value for these acquired loans as of the dates shown: December 31, 2017 December 31, 2016 (Dollars in thousands) Unpaid Principal Balance Carrying Value Unpaid Principal Balance Carrying Value PCI loans $ 375,237 $ 350,690 $ 509,446 $ 471,786 |
Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination | The following table provides activity for the accretable yield of PCI loans. Years Ended December 31, (Dollars in thousands) 2017 2016 Accretable yield, beginning balance $ 49,408 $ 63,902 Acquisitions 426 2,462 Accretable yield amortized to interest income (21,512 ) (23,218 ) Accretable yield amortized to indemnification asset/liability (1) (1,087 ) (5,746 ) Reclassification from non-accretable difference (2) 7,805 13,733 Increases (Decreases) in interest cash flows due to payments and changes in interest rates 1,525 (1,725 ) Accretable yield, ending balance $ 36,565 $ 49,408 (1) Represents the portion of the current period accreted yield, resulting from lower expected losses, applied to reduce the loss share indemnification asset or increase the loss share indemnification liability. (2) Reclassification is the result of subsequent increases in expected principal cash flows. |
Allowance for Loan Losses All38
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Aging of the Company's Loan Portfolio | The tables below show the aging of the Company’s loan portfolio at December 31, 2017 and 2016 : As of December 31, 2017 (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, industrial and other $ 11,260 $ — $ 3,746 $ 13,392 $ 4,314,107 $ 4,342,505 Franchise 2,447 — — — 845,150 847,597 Mortgage warehouse lines of credit — — — 4,000 190,523 194,523 Asset-based lending 1,550 — 283 10,057 968,576 980,466 Leases 439 — 3 1,958 410,772 413,172 PCI - commercial (1) — 877 186 — 8,351 9,414 Total commercial $ 15,696 $ 877 $ 4,218 $ 29,407 $ 6,737,479 $ 6,787,677 Commercial real estate: Construction 3,143 — — 200 742,171 745,514 Land 188 — — 5,156 121,140 126,484 Office 2,438 — — 4,458 887,937 894,833 Industrial 811 — — 2,412 879,796 883,019 Retail 12,328 — 668 148 938,383 951,527 Multi-family — — — 1,034 914,610 915,644 Mixed use and other 3,140 — 1,423 9,641 1,921,501 1,935,705 PCI - commercial real estate (1) — 7,135 2,255 6,277 112,225 127,892 Total commercial real estate $ 22,048 $ 7,135 $ 4,346 $ 29,326 $ 6,517,763 $ 6,580,618 Home equity 8,978 — 518 4,634 648,915 663,045 Residential real estate, including PCI 17,977 5,304 1,303 8,378 799,158 832,120 Premium finance receivables Commercial insurance loans 12,163 9,242 17,796 15,849 2,579,515 2,634,565 Life insurance loans — — 4,837 10,017 3,820,936 3,835,790 PCI - life insurance loans (1) — — — — 199,269 199,269 Consumer and other, including PCI 740 101 242 727 105,903 107,713 Total loans, net of unearned income $ 77,602 $ 22,659 $ 33,260 $ 98,338 $ 21,408,938 $ 21,640,797 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. See Note 4 , “Loans,” for further discussion of these purchased loans. As of December 31, 2016 (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, industrial and other $ 13,441 $ 174 $ 2,341 $ 11,779 $ 3,716,977 $ 3,744,712 Franchise — — — 493 869,228 869,721 Mortgage warehouse lines of credit — — — — 204,225 204,225 Asset-based lending 1,924 — 135 1,609 871,402 875,070 Leases 510 — — 1,331 293,073 294,914 PCI - commercial (1) — 1,689 100 2,428 12,563 16,780 Total commercial $ 15,875 $ 1,863 $ 2,576 $ 17,640 $ 5,967,468 $ 6,005,422 Commercial real estate Construction $ 2,408 $ — $ — $ 1,824 $ 606,007 $ 610,239 Land 394 — 188 — 104,219 104,801 Office 4,337 — 4,506 1,232 857,599 867,674 Industrial 7,047 — 4,516 2,436 756,602 770,601 Retail 597 — 760 3,364 907,872 912,593 Multi-family 643 — 322 1,347 805,312 807,624 Mixed use and other 6,498 — 1,186 12,632 1,931,859 1,952,175 PCI - commercial real estate (1) — 16,188 3,775 8,888 141,529 170,380 Total commercial real estate $ 21,924 $ 16,188 $ 15,253 $ 31,723 $ 6,110,999 $ 6,196,087 Home equity 9,761 — 1,630 6,515 707,887 725,793 Residential real estate, including PCI 12,749 1,309 936 8,271 681,956 705,221 Premium finance receivables Commercial insurance loans 14,709 7,962 5,646 14,580 2,435,684 2,478,581 Life insurance loans — 3,717 17,514 16,204 3,182,935 3,220,370 PCI - life insurance loans (1) — — — — 249,657 249,657 Consumer and other, including PCI 439 207 100 887 120,408 122,041 Total loans, net of unearned income, excluding covered loans 75,457 31,246 43,655 95,820 19,456,994 19,703,172 Covered loans 2,121 2,492 225 1,553 51,754 58,145 Total loans, net of unearned income 77,578 33,738 43,880 97,373 19,508,748 19,761,317 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. Loan agings are based upon contractually required payments. See Note 4 , “Loans,” for further discussion of these purchased loans. |
Summary of Recorded Investment Based on Performance of Loans by Class | The following table presents the recorded investment based on performance of loans by class, excluding covered loans, per the most recent analysis at December 31, 2017 and 2016 : Performing Non-performing Total December 31, December 31, December 31, December 31, December 31, December 31, (Dollars in thousands) 2017 2016 2017 2016 2017 2016 Loan Balances: Commercial Commercial, industrial and other $ 4,331,245 $ 3,731,097 $ 11,260 $ 13,615 $ 4,342,505 $ 3,744,712 Franchise 845,150 869,721 2,447 — 847,597 869,721 Mortgage warehouse lines of credit 194,523 204,225 — — 194,523 204,225 Asset-based lending 978,916 873,146 1,550 1,924 980,466 875,070 Leases 412,733 294,404 439 510 413,172 294,914 PCI - commercial (1) 9,414 16,780 — — 9,414 16,780 Total commercial $ 6,771,981 $ 5,989,373 $ 15,696 $ 16,049 $ 6,787,677 $ 6,005,422 Commercial real estate Construction 742,371 607,831 3,143 2,408 745,514 610,239 Land 126,296 104,407 188 394 126,484 104,801 Office 892,395 863,337 2,438 4,337 894,833 867,674 Industrial 882,208 763,554 811 7,047 883,019 770,601 Retail 939,199 911,996 12,328 597 951,527 912,593 Multi-family 915,644 806,981 — 643 915,644 807,624 Mixed use and other 1,932,565 1,945,677 3,140 6,498 1,935,705 1,952,175 PCI - commercial real estate (1) 127,892 170,380 — — 127,892 170,380 Total commercial real estate $ 6,558,570 $ 6,174,163 $ 22,048 $ 21,924 $ 6,580,618 $ 6,196,087 Home equity 654,067 716,032 8,978 9,761 663,045 725,793 Residential real estate, including PCI 810,865 692,472 21,255 12,749 832,120 705,221 Premium finance receivables Commercial insurance loans 2,613,160 2,455,910 21,405 22,671 2,634,565 2,478,581 Life insurance loans 3,835,790 3,216,653 — 3,717 3,835,790 3,220,370 PCI - life insurance loans (1) 199,269 249,657 — — 199,269 249,657 Consumer and other, including PCI 106,933 121,458 780 583 107,713 122,041 Total loans, net of unearned income, excluding covered loans $ 21,550,635 $ 19,615,718 $ 90,162 $ 87,454 $ 21,640,797 $ 19,703,172 (1) PCI loans represent loans acquired with evidence of credit quality deterioration since origination, in accordance with ASC 310-30. See Note 4 , “Loans,” for further discussion of these purchased loans. |
Summary of Activity in the Allowance for Credit Losses by Loan Portfolio | A summary of the activity in the allowance for credit losses by loan portfolio (excluding covered loans) for the years ended December 31, 2017 and 2016 is as follows: Year Ended December 31, 2017 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 44,493 $ 51,422 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 122,291 Other adjustments (1) 16 (155 ) 167 356 138 51 573 Reclassification to/from allowance for unfunded lending-related commitments 500 (431 ) — — — — 69 Charge-offs (5,159 ) (4,236 ) (3,952 ) (1,284 ) (7,335 ) (729 ) (22,695 ) Recoveries 1,870 2,190 746 452 2,128 299 7,685 Provision for credit losses 16,091 6,437 1,758 1,450 4,290 (44 ) 29,982 Allowance for loan losses at period end $ 57,811 $ 55,227 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 137,905 Allowance for unfunded lending-related commitments at period end — 1,269 — — — — 1,269 Allowance for credit losses at period end $ 57,811 $ 56,496 $ 10,493 $ 6,688 $ 6,846 $ 840 $ 139,174 By measurement method: Individually evaluated for impairment 4,464 2,177 784 586 — 26 8,037 Collectively evaluated for impairment 52,820 53,938 9,709 5,979 6,846 814 130,106 Loans acquired with deteriorated credit quality 527 381 — 123 — — 1,031 Loans at period end: Individually evaluated for impairment $ 35,612 $ 38,534 $ 9,254 $ 21,253 $ — $ 759 $ 105,412 Collectively evaluated for impairment 6,742,651 6,414,192 653,791 765,149 6,470,355 104,840 21,150,978 Loans acquired with deteriorated credit quality 9,414 127,892 — 12,001 199,269 2,114 350,690 Loan held at fair value — — — 33,717 — — 33,717 (1) Includes $742,000 of allowance for covered loan losses reclassified as a result of the termination of all existing loss share agreements with the FDIC during the fourth quarter of 2017. Year Ended December 31, 2016 (Dollars in thousands) Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivable Consumer and Other Total, Excluding Covered Loans Allowance for credit losses Allowance for loan losses at beginning of period $ 36,135 $ 43,758 $ 12,012 $ 4,734 $ 7,233 $ 1,528 $ 105,400 Other adjustments (90 ) (154 ) — (57 ) 10 — (291 ) Reclassification to/from allowance for unfunded lending-related commitments (500 ) (225 ) — — — — (725 ) Charge-offs (7,915 ) (1,930 ) (3,998 ) (1,730 ) (8,193 ) (925 ) (24,691 ) Recoveries 1,594 2,945 484 225 2,374 186 7,808 Provision for credit losses 15,269 7,028 3,276 2,542 6,201 474 34,790 Allowance for loan losses at period end $ 44,493 $ 51,422 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 122,291 Allowance for unfunded lending-related commitments at period end 500 1,173 — — — — 1,673 Allowance for credit losses at period end $ 44,993 $ 52,595 $ 11,774 $ 5,714 $ 7,625 $ 1,263 $ 123,964 By measurement method: Individually evaluated for impairment 1,717 3,004 1,233 849 — 100 6,903 Collectively evaluated for impairment 42,624 49,552 10,541 4,792 7,625 1,162 116,296 Loans acquired with deteriorated credit quality 652 39 — 73 — 1 765 Loans at period end: Individually evaluated for impairment $ 20,790 $ 42,309 $ 9,994 $ 17,735 $ — $ 495 $ 91,323 Collectively evaluated for impairment 5,967,852 5,983,398 715,799 661,045 5,698,951 120,375 19,147,420 Loans acquired with deteriorated credit quality 16,780 170,380 — 4,304 249,657 1,171 442,292 Loan held at fair value — — — 22,137 — — 22,137 |
Summary of Activity in the Allowance for Covered Loan Losses | A summary of activity in the allowance for covered loan losses for the years ended December 31, 2017 and 2016 is as follows: Years Ended December 31, December 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 1,322 $ 3,026 Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration (742 ) (156 ) Provision for covered loan losses before benefit attributable to FDIC loss share agreements (1,063 ) (3,530 ) Benefit attributable to FDIC loss share agreements 1,592 2,949 Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses $ (213 ) $ (737 ) Increase/decrease in FDIC indemnification liability/asset (1,592 ) (2,949 ) Loans charged-off (517 ) (1,410 ) Recoveries of loans charged-off 1,000 3,392 Net recoveries $ 483 $ 1,982 Balance at end of period $ — $ 1,322 |
Impaired Loans Including Restructured Loans Table | A summary of impaired loans, including TDRs, at December 31, 2017 and 2016 is as follows: (Dollars in thousands) 2017 2016 Impaired loans (included in non-performing and restructured loans): Impaired loans with an allowance for loan loss required (1) $ 36,084 $ 33,146 Impaired loans with no allowance for loan loss required 69,004 57,370 Total impaired loans (2) $ 105,088 $ 90,516 Allowance for loan losses related to impaired loans $ 8,023 $ 6,377 TDRs 49,786 41,708 Reduction of interest income from non-accrual loans 2,373 3,060 Interest income recognized on impaired loans 6,298 5,485 (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. |
Summary of Impaired Loans Evaluated for Impairment by Loan Class | The following tables present impaired loans evaluated for impairment by loan class as of December 31, 2017 and 2016 : As of For the Year Ended December 31, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 6,233 $ 7,323 $ 3,951 $ 7,220 $ 452 Franchise — — — — — Asset-based lending 948 949 355 1,302 72 Leases 2,331 2,337 158 2,463 117 Commercial real estate Construction 3,097 3,897 403 3,690 197 Land — — — — — Office 471 471 5 481 24 Industrial 408 408 40 414 25 Retail 15,599 15,657 1,336 15,736 624 Multi-family — — — — — Mixed use and other 1,567 1,586 379 1,599 77 Home equity 1,606 1,869 784 1,626 81 Residential real estate 3,798 3,910 586 3,790 146 Consumer and other 26 28 26 27 2 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 8,460 $ 12,259 $ — $ 10,170 $ 683 Franchise 16,256 16,256 — 17,089 780 Asset-based lending 602 602 — 688 40 Leases 782 782 — 845 49 Commercial real estate Construction 1,367 1,678 — 1,555 84 Land 3,961 4,192 — 4,129 182 Office 2,438 6,140 — 3,484 330 Industrial 403 2,010 — 1,849 174 Retail 2,393 3,538 — 2,486 221 Multi-family 1,231 2,078 — 1,246 76 Mixed use and other 5,275 6,731 — 5,559 351 Home equity 7,648 11,648 — 9,114 603 Residential real estate 17,455 20,327 — 17,926 860 Consumer and other 733 890 — 773 48 Total loans, net of unearned income $ 105,088 $ 127,566 $ 8,023 $ 115,261 $ 6,298 As of For the Year Ended December 31, 2016 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Impaired loans with a related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 2,601 $ 2,617 $ 1,079 $ 2,649 $ 134 Franchise — — — — — Asset-based lending 233 235 26 235 10 Leases 2,441 2,443 107 2,561 128 Commercial real estate Construction 5,302 5,302 86 5,368 164 Land 1,283 1,283 1 1,303 47 Office 2,687 2,697 324 2,797 137 Industrial 5,207 5,843 1,810 7,804 421 Retail 1,750 1,834 170 2,039 101 Multi-family — — — — — Mixed use and other 3,812 4,010 592 4,038 195 Home equity 1,961 1,873 1,233 1,969 75 Residential real estate 5,752 6,327 849 5,816 261 Consumer and other 117 121 100 131 7 Impaired loans with no related ASC 310 allowance recorded Commercial Commercial, industrial and other $ 12,534 $ 14,704 $ — $ 14,944 $ 948 Franchise — — — — — Asset-based lending 1,691 2,550 — 8,467 377 Leases 873 873 — 939 56 Commercial real estate Construction 4,003 4,003 — 4,161 81 Land 3,034 3,503 — 3,371 142 Office 3,994 5,921 — 4,002 323 Industrial 2,129 2,436 — 2,828 274 Retail — — — — — Multi-family 1,903 1,987 — 1,825 84 Mixed use and other 6,815 7,388 — 6,912 397 Home equity 8,033 10,483 — 8,830 475 Residential real estate 11,983 14,124 — 12,041 622 Consumer and other 378 489 — 393 26 Total loans, net of unearned income $ 90,516 $ 103,046 $ 6,377 $ 105,423 $ 5,485 |
Summary of the Post-Modification Balance of Loans Restructured | The tables below present a summary of the post-modification balance of loans restructured during the years ended December 31, 2017 , 2016 , and 2015 , which represent TDRs: Year ended December 31, 2017 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 5 $ 3,775 1 $ 95 1 $ 2,272 3 $ 1,408 — $ — Franchise 3 16,256 — — — — 3 16,256 — — Leases — — — — — — — — — — Commercial real estate Office — — — — — — — — — — Industrial — — — — — — — — — — Mixed use and other 1 1,245 1 1,245 — — — — — — Residential real estate and other 12 3,049 10 2,925 8 2,643 1 55 1 69 Total loans 21 $ 24,325 12 $ 4,265 9 $ 4,915 7 $ 17,719 1 $ 69 Year ended December 31, 2016 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 3 $ 345 3 $ 345 — $ — — $ — 1 $ 275 Franchise — — — — — — — — — — Leases 2 2,949 2 2,949 — — — — — — Commercial real estate Office 1 450 1 450 — — — — — — Industrial 6 7,921 6 7,921 3 7,196 — — — — Mixed use and other 2 150 2 150 — — — — — — Residential real estate and other 7 1,082 5 841 6 850 2 470 — — Total loans 21 $ 12,897 19 $ 12,656 9 $ 8,046 2 $ 470 1 $ 275 Year ended December 31, 2015 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other — $ — — $ — — $ — — $ — — $ — Franchise — — — — — — — — — — Leases — — — — — — — — — — Commercial real estate Office — — — — — — — — — — Industrial 1 169 1 169 — — 1 169 — — Mixed use and other 2 201 2 201 — — 2 201 — — Residential real estate and other 9 1,664 9 1,664 5 674 1 50 — — Total loans 12 $ 2,034 12 $ 2,034 5 $ 674 4 $ 420 — $ — (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. |
Troubled Debt Restructuring Subsequent Default | The tables below present a summary of all loans restructured in TDRs during the years ended December 31, 2017 , 2016 , and 2015 , and such loans which were in payment default under the restructured terms during the respective periods: Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) Total (1)(3) Payments in Default (2)(3) (Dollars in thousands) Count Balance Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 5 $ 3,775 4 $ 3,681 3 $ 345 1 $ 28 — $ — — $ — Franchise 3 $ 16,256 — $ — — $ — — $ — — $ — — $ — Leases — $ — — $ — 2 $ 2,949 — $ — — $ — — $ — Commercial real-estate Office — — — — 1 450 1 450 — — — — Industrial — — — — 6 7,921 5 7,347 1 169 — — Mixed use and other 1 1,245 1 1,245 2 150 1 16 2 201 2 201 Residential real estate and other 12 3,049 3 2,052 7 1,082 — — 9 1,664 4 568 Total loans 21 $ 24,325 8 $ 6,978 21 $ 12,897 8 $ 7,841 12 $ 2,034 6 $ 769 (1) Total TDRs represent all loans restructured in TDRs during the year indicated. (2) TDRs considered to be in payment default are over 30 days past-due subsequent to the restructuring. (3) Balances represent the recorded investment in the loan at the time of the restructuring. |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract] | |
Schedule of Servicing Assets at Fair Value | Following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the years ended December 31, 2017 , 2016 and 2015 : December 31, December 31, December 31, (Dollars in thousands) 2017 2016 2015 Balance at beginning of year $ 19,103 $ 9,092 $ 8,435 Additions from loans sold with servicing retained 18,341 13,091 1,759 Estimate of changes in fair value due to: Payoffs and paydowns (2,595 ) (2,325 ) (1,315 ) Changes in valuation inputs or assumptions (1,173 ) (755 ) 213 Fair value at end of year $ 33,676 $ 19,103 $ 9,092 Unpaid principal balance of mortgage loans serviced for others $ 2,929,133 $ 1,784,760 $ 939,819 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of FDIC Indemnification Asset | The following table summarizes the activity in the Company’s FDIC loss share liability during the periods indicated: Year Ended December 31, (Dollars in thousands) 2017 2016 Balance at beginning of period $ 16,701 $ 6,100 Reductions from reimbursable expenses (291 ) (1,303 ) Amortization 1,044 1,388 Changes in expected reimbursements from the FDIC for changes in expected credit losses (1,658 ) 9,309 Resolution through payments paid to the FDIC and termination of loss share agreements (15,796 ) 1,207 Balance at end of period $ — $ 16,701 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Assets by Business Segment | A summary of the Company’s goodwill assets by business segment is presented in the following table: (Dollars in thousands) January 1, Goodwill Impairment Goodwill Adjustments December 31, 2017 Community banking $ 427,781 $ 999 $ — $ 740 $ 429,520 Specialty finance 38,692 — — 1,558 40,250 Wealth management 32,114 — — — 32,114 Total $ 498,587 $ 999 $ — $ 2,298 $ 501,884 |
Summary of Finite-Lived Intangible Assets | A summary of finite-lived intangible assets as of the dates shown and the expected amortization as of December 31, 2017 is as follows: December 31, (Dollars in thousands) 2017 2016 Community banking segment: Core deposit intangibles: Gross carrying amount $ 37,272 $ 37,272 Accumulated amortization (25,427 ) (21,614 ) Net carrying amount $ 11,845 $ 15,658 Specialty finance segment: Customer list intangibles: Gross carrying amount $ 1,972 $ 1,800 Accumulated amortization (1,298 ) (1,159 ) Net carrying amount $ 674 $ 641 Wealth management segment: Customer list and other intangibles: Gross carrying amount $ 7,940 $ 7,940 Accumulated amortization (2,838 ) (2,388 ) Net carrying amount $ 5,102 $ 5,552 Total other intangible assets, net $ 17,621 $ 21,851 |
Estimated Amortization | Estimated amortization for the year-ended: 2018 $ 3,796 2019 3,223 2020 2,597 2021 2,056 2022 1,556 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2017 and 2016 is as follows: December 31, (Dollars in thousands) 2017 2016 Land $ 147,704 $ 137,428 Buildings and leasehold improvements 555,636 533,211 Furniture, equipment, and computer software 203,657 186,450 Construction in progress 6,962 4,436 $ 913,959 $ 861,525 Less: Accumulated depreciation and amortization 292,064 264,224 Total premises and equipment, net $ 621,895 $ 597,301 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Summary of Deposits | The following is a summary of deposits at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Balance: Non-interest bearing $ 6,792,497 $ 5,927,377 NOW and interest bearing demand deposits 2,315,055 2,624,442 Wealth management deposits 2,323,699 2,209,617 Money market 4,515,353 4,441,811 Savings 2,829,373 2,180,482 Time certificates of deposit 4,407,370 4,274,903 Total deposits $ 23,183,347 $ 21,658,632 Mix: Non-interest bearing 29 % 27 % NOW and interest bearing demand deposits 10 12 Wealth management deposits 10 10 Money market 20 21 Savings 12 10 Time certificates of deposit 19 20 Total deposits 100 % 100 % |
Schedule of Maturities of Time Certificates of Deposit | The scheduled maturities of time certificates of deposit at December 31, 2017 and 2016 are as follows: (Dollars in thousands) 2017 2016 Due within one year $ 3,167,220 $ 2,803,509 Due in one to two years 969,130 1,173,688 Due in two to three years 127,548 151,283 Due in three to four years 98,952 87,509 Due in four to five years 44,206 58,181 Due after five years 314 733 Total time certificate of deposits $ 4,407,370 $ 4,274,903 |
Schedule of Maturities of Time Deposits Over One Hundred Thousand Dollars | The following table sets forth the scheduled maturities of time deposits in denominations of $100,000 or more at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Maturing within three months $ 695,904 $ 592,759 After three but within six months 614,963 429,756 After six but within 12 months 820,285 817,615 After 12 months 784,798 904,195 Total $ 2,915,950 $ 2,744,325 |
Federal Home Loan Bank Advanc44
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Outstanding FHLB Advances | A summary of the outstanding FHLB advances at December 31, 2017 and 2016 , is as follows: (Dollars in thousands) 2017 2016 1.09% advance due February 2017 — 2,000 1.25% advance due February 2017 — 24,928 3.47% advance due November 2017 — 10,000 1.44% advance due January 2018 250,000 — 1.49% advance due February 2018 94,663 91,903 4.18% advance due February 2022 25,000 25,000 1.52% advance due March 2022 50,000 — 1.45% advance due May 2022 50,000 — 1.46% advance due May 2022 90,000 — Total FHLB advances $ 559,663 $ 153,831 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary Of Other Borrowings | The following is a summary of other borrowings at December 31, 2017 and 2016 : (Dollars in thousands) 2017 2016 Notes payable $ 41,222 $ 52,445 Short-term borrowings 17,209 61,809 Other 49,131 18,154 Secured borrowings 158,561 130,078 Total other borrowings $ 266,123 $ 262,486 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following is a summary of these securities pledged as of December 31, 2017 disaggregated by investment category and maturity, and reconciled to the outstanding balance of securities sold under repurchase agreements: (Dollars in thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Treasury $ 4,995 Mortgage-backed securities 24,267 Held-to-maturity securities pledged U.S. Government agencies 15,000 Total collateral pledged $ 44,262 Excess collateral 27,053 Securities sold under repurchase agreements $ 17,209 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Summary of the Company's Junior Subordinated Debentures | The following table provides a summary of the Company’s junior subordinated debentures as of December 31, 2017 and 2016 . The junior subordinated debentures represent the par value of the obligations owed to the Trusts. Common Securities Trust Preferred Securities Junior Subordinated Debentures Rate Structure Contractual rate at 12/31/2017 Maturity Date Earliest Redemption Date (Dollars in thousands) 2017 2016 Issue Date Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 $ 25,774 L+3.25 4.61 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 20,619 L+2.80 4.49 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 41,238 L+2.60 4.29 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 51,550 L+1.95 3.54 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 26,238 L+1.45 3.14 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 51,547 L+1.63 3.22 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.38 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 6,186 L+3.00 4.38 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 5,155 L+3.00 4.69 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 15,464 L+1.75 3.34 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 3,609 L+1.62 3.21 06/2007 09/2037 06/2012 Total $ 253,566 $ 253,566 3.79 % |
Minimum Lease Commitments (Tabl
Minimum Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Approximate Minimum Annual Gross Rental Payments and Gross Rental Income | The approximate minimum annual gross rental payments and gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2017 , are as follows (in thousands): Payments Receipts 2018 $ 12,791 $ 4,603 2019 13,011 3,054 2020 13,534 2,327 2021 11,721 1,750 2022 10,856 1,112 2023 and thereafter 104,270 785 Total minimum future amounts $ 166,183 $ 13,631 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2017 , 2016 and 2015 is summarized as follows: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Current income taxes: Federal $ 54,977 $ 98,272 $ 62,584 State 12,852 20,041 9,417 Foreign 1,243 (10 ) (39 ) Total current income taxes $ 69,072 $ 118,303 $ 71,962 Deferred income taxes: Federal $ 51,668 $ 4,464 $ 15,550 State 10,403 (14 ) 5,962 Foreign 1,172 2,226 1,542 Total deferred income taxes $ 63,243 $ 6,676 $ 23,054 Total income tax expense $ 132,315 $ 124,979 $ 95,016 |
Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense | A reconciliation of the differences between taxes computed using the statutory Federal income tax rate of 35% and actual income tax expense is as follows: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Income tax expense using the statutory Federal income tax rate of 35% on income before income taxes $ 136,499 $ 116,149 $ 88,118 Increase (decrease) in tax resulting from: Tax-exempt interest, net of interest expense disallowance (4,658 ) (3,634 ) (2,878 ) State taxes, net of federal tax benefit 15,115 13,017 9,996 Income earned on bank owned life insurance (1,167 ) (1,198 ) (1,562 ) Excess tax benefits on share based compensation (5,470 ) — — Enactment of Tax Cuts and Jobs Act Re-measurement of net deferred tax liabilities (10,402 ) — — Transition tax on deferred foreign earnings 2,850 — — Meals, entertainment and related expenses 1,710 1,439 1,283 Foreign subsidiary, net (271 ) (264 ) 148 Tax benefits related to tax credit investments, net (698 ) (572 ) (778 ) Other, net (1,193 ) 42 689 Income tax expense $ 132,315 $ 124,979 $ 95,016 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows: (Dollars in thousands) 2017 2016 Deferred tax assets: Allowance for credit losses $ 36,442 $ 46,519 Deferred compensation 12,310 28,125 Net unrealized losses on securities included in other comprehensive income 7,465 19,036 Stock-based compensation 6,898 9,704 Loans 4,943 5,055 Other real estate owned 4,019 7,151 Federal net operating loss carryforward 3,063 7,624 AMT credit carryforward 1,199 1,872 Nonaccrued interest 983 1,884 Mortgage banking recourse obligation 722 2,025 Covered assets — 18,484 Foreign net operating loss carryforward — 3,476 Other 2,307 2,408 Total gross deferred tax assets 80,351 153,363 Deferred tax liabilities: Equipment leasing 42,681 28,440 Premises and equipment 23,211 31,053 Capitalized servicing rights 8,916 7,326 Goodwill and intangible assets 7,619 10,085 Deferred loan fees and costs 3,531 5,131 Net unrealized gains on derivatives included in other comprehensive income 3,197 2,732 Fair value adjustments on loans 3,143 3,163 FHLB stock dividends — 346 Other 3,433 6,334 Total gross deferred liabilities 95,731 94,610 Net deferred tax assets (liabilities) $ (15,380 ) $ 58,753 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | The Company accounts for uncertainties in income taxes in accordance with ASC 740, Income Taxes. The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Unrecognized tax benefits at beginning of year $ 11,626 $ — $ — Gross increases for tax positions taken in current period — — — Gross (decreases) increases for positions taken in prior periods (805 ) 11,626 — Unrecognized tax benefits at end of the year $ 10,821 $ 11,626 $ — |
Stock Compensation Plans and 49
Stock Compensation Plans and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Weighted Average Assumptions Used to Determine the Options Fair Value | The following table presents the weighted average assumptions used to determine the fair value of options granted in the years ended December 31, 2016 and 2015 . No options were granted in the year ended December 31, 2017 . 2016 2015 Expected dividend yield 0.9 % 0.9 % Expected volatility 25.2 % 26.5 % Risk-free rate 1.3 % 1.3 % Expected option life (in years) 4.5 4.5 |
Summary of Stock Option Activity | A summary of the Plans’ stock option activity for the years ended December 31, 2017 , 2016 and 2015 is as follows: Stock Options Common Shares Weighted Average Strike Price Remaining Contractual Term (1) Intrinsic Value (2) ($000) Outstanding at January 1, 2015 1,618,426 $ 43.00 Granted 502,517 44.36 Options outstanding in acquired plans 16,364 21.18 Exercised (273,411 ) 42.82 Forfeited or canceled (312,162 ) 52.53 Outstanding at December 31, 2015 1,551,734 $ 41.32 4.4 $ 11,433 Exercisable at December 31, 2015 720,580 $ 37.64 3.1 $ 8,045 Outstanding at January 1, 2016 1,551,734 $ 41.32 Granted 562,166 41.04 Exercised (313,900 ) 37.71 Forfeited or canceled (101,088 ) 48.00 Outstanding at December 31, 2016 1,698,912 $ 41.50 4.6 $ 52,790 Exercisable at December 31, 2016 703,892 $ 39.62 3.4 $ 23,195 Outstanding at January 1, 2017 1,698,912 $ 41.50 Granted — — Exercised (593,459 ) 40.57 Forfeited or canceled (20,697 ) 42.83 Outstanding at December 31, 2017 1,084,756 $ 41.98 4.0 $ 43,817 Exercisable at December 31, 2017 562,810 $ 41.82 3.3 $ 22,820 Vested or expected to vest at December 31, 2017 1,065,809 $ 41.97 4.0 $ 43,056 (1) Represents the weighted average contractual remaining life in years. (2) Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. |
Summary of Plans' Restricted Share Award Activity | A summary of the Plans’ restricted share activity for the years ended December 31, 2017 , 2016 and 2015 is as follows: 2017 2016 2015 Restricted Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 133,425 $ 49.94 137,593 $ 49.63 146,112 $ 47.45 Granted 16,552 73.16 18,022 46.01 27,165 48.17 Vested and issued (19,639 ) 47.13 (20,007 ) 44.91 (29,018 ) 39.33 Forfeited (2,551 ) 52.26 (2,183 ) 44.18 (6,666 ) 40.76 Outstanding at end of year 127,787 $ 53.33 133,425 $ 49.94 137,593 $ 49.63 Vested, but not issuable at end of year 89,723 $ 51.64 89,050 $ 51.47 85,000 $ 51.88 A summary of the 2007 Plan’s performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2017 , 2016 and 2015 is as follows: 2017 2016 2015 Performance Shares Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Common Shares Weighted Average Grant-Date Fair Value Outstanding at January 1 298,180 $ 43.64 276,533 $ 43.01 295,679 $ 38.18 Granted 145,853 72.60 118,084 41.02 106,017 44.35 Vested and issued (68,712 ) 46.85 (78,410 ) 37.90 (78,590 ) 31.10 Expired, canceled or forfeited (16,125 ) 52.98 (18,027 ) 41.83 (46,573 ) 35.51 Outstanding at end of year 359,196 $ 54.37 298,180 $ 43.64 276,533 $ 43.01 Vested, but deferred at year end 108,143 $ 44.16 6,672 $ 37.98 — $ — |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Minimum Capital Requirements | As reflected in the following table, the Company met all minimum capital requirements at December 31, 2017 and 2016 : 2017 2016 Total capital to risk weighted assets 12.0 % 11.9 % Tier 1 capital to risk weighted assets 9.9 9.7 Common Equity Tier 1 capital to risk weighted assets 9.4 8.6 Tier 1 leverage Ratio 9.3 8.9 |
Actual Capital Amounts And Ratios | The banks’ actual capital amounts and ratios as of December 31, 2017 and 2016 are presented in the following table: (Dollars in thousands) December 31, 2017 December 31, 2016 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Total Capital (to Risk Weighted Assets): Lake Forest Bank $ 366,407 11.6 % $ 317,180 10.0 % $ 348,058 11.7 % $ 296,573 10.0 % Hinsdale Bank 224,577 11.5 195,125 10.0 211,605 11.7 180,470 10.0 Wintrust Bank 512,581 11.2 456,230 10.0 441,330 11.2 393,081 10.0 Libertyville Bank 141,723 11.4 124,637 10.0 133,571 11.4 117,620 10.0 Barrington Bank 234,930 12.0 195,409 10.0 205,766 11.5 178,846 10.0 Crystal Lake Bank 95,532 11.3 84,664 10.0 93,905 11.8 79,829 10.0 Northbrook Bank 222,441 11.4 194,764 10.0 190,853 11.1 171,647 10.0 Schaumburg Bank 111,772 11.9 93,752 10.0 106,108 11.5 92,496 10.0 Village Bank 145,517 11.9 121,867 10.0 136,958 11.2 122,125 10.0 Beverly Bank 132,516 11.7 112,810 10.0 115,638 11.4 101,235 10.0 Town Bank 188,987 11.4 166,253 10.0 181,907 11.3 161,492 10.0 Wheaton Bank 151,141 11.4 132,211 10.0 130,255 11.3 114,887 10.0 State Bank of the Lakes 105,770 11.4 92,518 10.0 97,196 11.5 84,880 10.0 Old Plank Trail Bank 145,272 11.6 125,642 10.0 127,868 11.2 114,021 10.0 St. Charles Bank 105,778 11.4 92,582 10.0 109,345 12.0 91,188 10.0 Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 347,924 11.0 % $ 253,744 8.0 % $ 331,883 11.2 % $ 237,259 8.0 % Hinsdale Bank 214,061 11.0 156,100 8.0 201,353 11.2 144,376 8.0 Wintrust Bank 439,061 9.6 364,984 8.0 375,907 9.6 314,464 8.0 Libertyville Bank 134,310 10.8 99,709 8.0 126,387 10.7 94,096 8.0 Barrington Bank 229,311 11.7 156,327 8.0 198,545 11.1 143,077 8.0 Crystal Lake Bank 91,273 10.8 67,731 8.0 89,700 11.2 63,863 8.0 Northbrook Bank 198,628 10.2 155,811 8.0 167,721 9.8 105,760 8.0 Schaumburg Bank 105,733 11.3 75,001 8.0 100,854 10.9 73,997 8.0 Village Bank 136,807 11.2 97,494 8.0 127,028 10.4 97,700 8.0 Beverly Bank 127,561 11.3 90,248 8.0 111,281 11.0 80,988 8.0 Town Bank 180,943 10.9 133,003 8.0 174,234 10.8 129,194 8.0 Wheaton Bank 135,009 10.2 105,769 8.0 112,664 9.8 91,910 8.0 State Bank of the Lakes 95,520 10.3 74,014 8.0 86,092 10.1 67,904 8.0 Old Plank Trail Bank 139,366 11.1 100,514 8.0 122,067 10.7 91,216 8.0 St. Charles Bank 102,251 11.0 74,066 8.0 104,843 11.5 72,950 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets): Lake Forest Bank $ 347,924 11.0 % $ 206,167 6.5 % $ 331,883 11.2 % $ 192,773 6.5 % Hinsdale Bank 214,061 11.0 126,831 6.5 201,353 11.2 117,305 6.5 Wintrust Bank 439,061 9.6 296,549 6.5 375,907 9.6 255,502 6.5 Libertyville Bank 134,310 10.8 81,014 6.5 126,387 10.7 76,453 6.5 Barrington Bank 229,311 11.7 127,016 6.5 198,545 11.1 116,250 6.5 Crystal Lake Bank 91,273 10.8 55,031 6.5 89,700 11.2 51,889 6.5 Northbrook Bank 198,628 10.2 126,597 6.5 167,721 9.8 85,930 6.5 Schaumburg Bank 105,733 11.3 60,939 6.5 100,854 10.9 60,123 6.5 Village Bank 136,807 11.2 79,214 6.5 127,028 10.4 79,381 6.5 Beverly Bank 127,561 11.3 73,327 6.5 111,281 11.0 65,802 6.5 Town Bank 180,943 10.9 108,065 6.5 174,234 10.8 104,970 6.5 Wheaton Bank 135,009 10.2 85,937 6.5 112,664 9.8 74,677 6.5 State Bank of the Lakes 95,520 10.3 60,137 6.5 86,092 10.1 55,172 6.5 Old Plank Trail Bank 139,366 11.1 81,667 6.5 122,067 10.7 74,113 6.5 St. Charles Bank 102,251 11.0 60,178 6.5 104,843 11.5 59,272 6.5 (Dollars in thousands) December 31, 2017 December 31, 2016 Actual To Be Well Capitalized by Regulatory Definition Actual To Be Well Capitalized by Regulatory Definition Amount Ratio Amount Ratio Amount Ratio Amount Ratio Tier 1 Leverage Ratio: Lake Forest Bank $ 347,924 10.3 % $ 168,865 5.0 % $ 331,883 9.6 % $ 172,160 5.0 % Hinsdale Bank 214,061 10.2 105,086 5.0 201,353 10.1 100,006 5.0 Wintrust Bank 439,061 9.2 237,782 5.0 375,907 9.2 204,994 5.0 Libertyville Bank 134,310 9.8 68,404 5.0 126,387 9.7 65,318 5.0 Barrington Bank 229,311 11.8 97,007 5.0 198,545 10.0 99,722 5.0 Crystal Lake Bank 91,273 9.5 48,069 5.0 89,700 9.4 47,575 5.0 Northbrook Bank 198,628 9.5 104,377 5.0 167,721 8.9 94,466 5.0 Schaumburg Bank 105,733 10.1 52,171 5.0 100,854 10.0 50,643 5.0 Village Bank 136,807 9.7 70,182 5.0 127,028 9.1 69,511 5.0 Beverly Bank 127,561 10.8 59,140 5.0 111,281 10.1 55,002 5.0 Town Bank 180,943 10.1 89,617 5.0 174,234 9.5 91,558 5.0 Wheaton Bank 135,009 9.4 72,152 5.0 112,664 8.8 64,361 5.0 State Bank of the Lakes 95,520 9.2 51,681 5.0 86,092 8.7 49,446 5.0 Old Plank Trail Bank 139,366 9.9 70,735 5.0 122,067 9.3 65,293 5.0 St. Charles Bank 102,251 9.8 51,907 5.0 104,843 11.2 46,641 5.0 |
Derivative Financial Instrume51
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2017 and December 31, 2016 : Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 11,914 $ 8,011 $ 12 $ — Interest rate derivatives designated as Fair Value Hedges 2,932 2,228 — — Total derivatives designated as hedging instruments under ASC 815 $ 14,846 $ 10,239 $ 12 $ — Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 34,139 $ 38,974 $ 33,704 $ 37,665 Interest rate lock commitments 2,843 4,265 269 1,325 Forward commitments to sell mortgage loans 14 2,037 1,457 — Foreign exchange contracts 227 879 229 849 Total derivatives not designated as hedging instruments under ASC 815 $ 37,223 $ 46,155 $ 35,659 $ 39,839 Total Derivatives $ 52,069 $ 56,394 $ 35,671 $ 39,839 |
Schedule of Cash Flow Hedging Instruments | The table below provides details on each of these cash flow hedges as of December 31, 2017 : (Dollars in thousands) December 31, 2017 Maturity Date Notional Amount Fair Value Asset (Liability) Interest Rate Swaps: June 2019 $ 200,000 200,000,000 $ 1,046 July 2019 250,000 4,062 August 2019 275,000 5,090 January 2020 175,000 (11 ) January 2020 25,000 (1 ) June 2020 200,000 1,716 Total Cash Flow Hedges $ 1,125,000 $ 11,902 |
Rollforward of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges | A rollforward of the amounts in accumulated other comprehensive gain related to interest rate derivatives designated as cash flow hedges follows: December 31, (Dollars in thousands) 2017 2016 Unrealized gain (loss) at beginning of period $ 6,944 $ (3,529 ) Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures (19 ) 3,120 Amount of gain recognized in other comprehensive income 4,977 7,353 Unrealized gain at end of period $ 11,902 $ 6,944 |
Derivatives Used to Hedge Changes in Fair Value Attributable to Interest Rate Risk | The following table presents the gain/(loss) and hedge ineffectiveness recognized on derivative instruments and the related hedged items that are designated as a fair value hedge accounting relationship as of December 31, 2017 and 2016 : (Dollars in thousands) Derivatives in Fair Value Hedging Relationships Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative Year Ended December 31, Amount of Loss Recognized in Income on Hedged Item Year Ended December 31, Income Statement Gain due to Hedge Ineffectiveness Year Ended December 31, 2017 2016 2017 2016 2017 2016 Interest rate swaps Trading (losses) gains, net $ 704 2,344 $ (677 ) (2,332 ) $ 27 12 |
Summary Amounts Included in Consolidated Statement of Income Related to Derivatives | Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (Dollars in thousands) December 31, Derivative Location in income statement 2017 2016 Interest rate swaps and caps Trading (losses) gains, net $ (848 ) $ 279 Mortgage banking derivatives Mortgage banking revenue 1,314 (9,537 ) Covered call options Fees from covered call options 4,402 11,470 Foreign exchange contracts Trading losses, net (38 ) (234 ) |
Summary of Interest Rate Derivatives | The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (Dollars in thousands) December 31, 2017 December 31, 2016 December 31, December 31, Gross Amounts Recognized $ 48,985 $ 49,213 $ 33,716 $ 37,665 Less: Amounts offset in the Statements of Condition — — — — Net amount presented in the Statements of Condition $ 48,985 $ 49,213 $ 33,716 $ 37,665 Gross amounts not offset in the Statements of Condition Offsetting Derivative Positions $ (14,878 ) $ (14,441 ) $ (14,878 ) $ (14,441 ) Collateral Posted (18,060 ) (8,530 ) (2,220 ) (12,400 ) Net Credit Exposure $ 16,047 $ 26,242 $ 16,618 $ 10,824 |
Fair Value of Assets and Liab52
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: December 31, 2017 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 143,822 $ — $ 143,822 $ — U.S. Government agencies 156,915 — 153,136 3,779 Municipal 115,352 — 38,171 77,181 Corporate notes 31,050 — 31,050 — Mortgage-backed 1,319,725 — 1,319,725 — Equity securities 36,802 — 36,802 — Trading account securities 995 — 995 — Mortgage loans held-for-sale 313,592 — 313,592 — Loans held-for-investment 33,717 — — 33,717 MSRs 33,676 — — 33,676 Nonqualified deferred compensations assets 11,065 — 11,065 — Derivative assets 52,069 — 49,912 2,157 Total $ 2,248,780 $ — $ 2,098,270 $ 150,510 Derivative liabilities $ 35,671 $ — $ 35,671 $ — December 31, 2016 (Dollars in thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 141,983 $ — $ 141,983 $ — U.S. Government agencies 189,152 — 189,152 — Municipal 131,809 — 52,183 79,626 Corporate notes 65,391 — 65,391 — Mortgage-backed 1,161,084 — 1,161,084 — Equity securities 35,248 — 35,248 — Trading account securities 1,989 — 1,989 — Mortgage loans held-for-sale 418,374 — 418,374 — Loans held-for-investment 22,137 — — 22,137 MSRs 19,103 — — 19,103 Nonqualified deferred compensations assets 9,228 — 9,228 — Derivative assets 56,394 — 54,103 2,291 Total $ 2,251,892 $ — $ 2,128,735 $ 123,157 Derivative liabilities $ 39,839 $ — $ 39,839 $ — |
Summary of Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2017 are summarized as follows: Equity securities U.S. Government Agencies Loans held-for-investment MSRs Derivative assets (Dollars in thousands) Municipal Balance at January 1, 2017 $ 79,626 $ — $ — $ 22,137 $ 19,103 $ 2,291 Total net gains (losses) included in: Net income (1) — — — 1,025 14,573 (134 ) Other comprehensive loss (501 ) — (504 ) — — — Purchases 33,593 — — — — — Issuances — — — — — — Sales — — — — — — Settlements (35,537 ) — — (13,219 ) — — Net transfers into/(out of) Level 3 (2) — — 4,283 23,774 — — Balance at December 31, 2017 $ 77,181 $ — $ 3,779 $ 33,717 $ 33,676 $ 2,157 (1) Changes in the balance of MSRs and derivative assets as presented in the table above are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to loans reclassified from the held-for-sale portfolio at the time of market conditions or other developments changing management’s intent with respect to the disposition of those loans. The changes in Level 3 assets measured at fair value on a recurring basis during the year ended December 31, 2016 are summarized as follows: (Dollars in thousands) Municipal Equity securities U.S. Government Agencies Loans held-for-investment MSRs Derivative assets Balance at January 1, 2016 $ 68,613 $ 25,199 $ — $ — $ 9,092 $ 7,021 Total net gains (losses) included in: Net income (1) — — — 437 10,011 (4,730 ) Other comprehensive loss (949 ) (12 ) — — — — Purchases 31,031 — — — — — Issuances — — — — — — Sales — (25,187 ) — — — — Settlements (19,069 ) — — — — — Net transfers into/(out of) Level 3 (2) — — — 21,700 — — Balance at December 31, 2016 $ 79,626 $ — $ — $ 22,137 $ 19,103 $ 2,291 (1) Changes in the balance of MSRs and derivative assets as presented in the table above are recorded as a component of mortgage banking revenue in non-interest income. (2) Transfers into Level 3 relate to loans reclassified from the held-for-sale portfolio at the time of market conditions or other developments changing management’s intent with respect to the disposition of those loans. |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at December 31, 2017 . December 31, 2017 Twelve Months Ended December 31, 2017 Fair Value Losses Recognized, net (Dollars in thousands) Total Level 1 Level 2 Level 3 Impaired loans-collateral based $ 70,561 $ — $ — $ 70,561 $ 13,683 Other real estate owned (1) 40,646 — — 40,646 1,969 Total $ 111,207 $ — $ — $ 111,207 $ 15,652 (1) Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. |
Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Nonrecurring | The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at December 31, 2017 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range of Inputs Weighted Average of Inputs Impact to valuation from an increased or higher input value Measured at fair value on a recurring basis: Municipal securities $ 77,181 Bond pricing Equivalent rating BBB-AA+ N/A Increase U.S. Government agencies 3,779 Bond pricing Equivalent rating AAA AAA Increase Loans held-for-investment 33,717 Discounted cash flows Discount rate 3%-4% 3.78% Decrease Credit spread 0%-3% 0.93% Decrease Constant prepayment rate (CPR) 10.44% 10.44% Decrease MSRs 33,676 Discounted cash flows Discount rate 9%-15% 10.01% Decrease Constant prepayment rate (CPR) 0%-95% 10.44% Decrease Cost of servicing $65-$200 $ 70.00 Decrease Cost of servicing - delinquent $200-$4,000 $ 330.00 Decrease Derivatives 2,157 Discounted cash flows Pull-through rate 42%-100% 87.01 % Increase Measured at fair value on a non-recurring basis: Impaired loans—collateral based 70,561 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned, including covered other real-estate owned 40,646 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease |
Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments | The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: December 31, 2017 December 31, 2016 (Dollars in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents $ 277,591 $ 277,591 $ 270,045 $ 270,045 Interest bearing deposits with banks 1,063,242 1,063,242 980,457 980,457 Available-for-sale securities 1,803,666 1,803,666 1,724,667 1,724,667 Held-to-maturity securities 826,449 812,516 635,705 607,602 Trading account securities 995 995 1,989 1,989 FHLB and FRB stock, at cost 89,989 89,989 133,494 133,494 Brokerage customer receivables 26,431 26,431 25,181 25,181 Mortgage loans held-for-sale, at fair value 313,592 313,592 418,374 418,374 Loans held-for-investment, at fair value 33,717 33,717 22,137 22,137 Loans held-for-investment, at amortized cost 21,607,080 21,768,978 19,739,180 20,755,320 MSRs 33,676 33,676 19,103 19,103 Nonqualified deferred compensation assets 11,065 11,065 9,228 9,228 Derivative assets 52,069 52,069 56,394 56,394 Accrued interest receivable and other 227,649 227,649 204,513 204,513 Total financial assets $ 26,367,211 $ 26,515,176 $ 24,240,467 $ 25,228,504 Financial Liabilities Non-maturity deposits $ 18,775,977 $ 18,775,977 $ 17,383,729 $ 17,383,729 Deposits with stated maturities 4,407,370 4,350,004 4,274,903 4,263,576 FHLB advances 559,663 544,750 153,831 157,051 Other borrowings 266,123 266,123 262,486 262,486 Subordinated notes 139,088 144,266 138,971 135,268 Junior subordinated debentures 253,566 264,696 253,566 254,384 Derivative liabilities 35,671 35,671 39,839 39,839 FDIC indemnification liability — — 16,701 16,701 Accrued interest payable 8,030 8,030 6,421 6,421 Total financial liabilities $ 24,445,488 $ 24,389,517 $ 22,530,447 $ 22,519,455 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Summary of the Company's Common and Preferred Stock | A summary of the Company’s common and preferred stock at December 31, 2017 and 2016 is as follows: 2017 2016 Common Stock: Shares authorized 100,000,000 100,000,000 Shares issued 56,068,220 51,978,289 Shares outstanding 55,965,207 51,880,540 Cash dividend per share $ 0.56 $ 0.48 Preferred Stock: Shares authorized 20,000,000 20,000,000 Shares issued 5,000,000 5,126,257 Shares outstanding 5,000,000 5,126,257 |
Components of Other Comprehensive Income (Loss), Including the Related Income Tax Effects | The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, for the years ended December 31, 2017 , 2016 and 2015 : (In thousands) Accumulated Unrealized Losses on Securities Accumulated Unrealized Gains (Losses) on Derivative Instruments Accumulated Foreign Currency Translation Adjustments Total Accumulated Other Comprehensive Loss Balance at January 1, 2017 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Other comprehensive income (loss) during the period, net of tax, before reclassification 14,417 3,010 6,998 24,425 Amount reclassified from accumulated other comprehensive income into net income, net of tax (27 ) (11 ) — (38 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale (894 ) — — (894 ) Net other comprehensive income during the period, net of tax $ 13,496 $ 2,999 $ 6,998 $ 23,493 Balance at December 31, 2017 $ (15,813 ) $ 7,164 $ (33,186 ) $ (41,835 ) Balance at January 1, 2016 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) Other comprehensive (loss) income during the period, net of tax, before reclassification (17,554 ) 4,464 2,657 (10,433 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (4,641 ) 1,894 — (2,747 ) Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale $ 10,560 $ — $ — $ 10,560 Net other comprehensive (loss) income during the period, net of tax $ (11,635 ) $ 6,358 $ 2,657 $ (2,620 ) Balance at December 31, 2016 $ (29,309 ) $ 4,165 $ (40,184 ) $ (65,328 ) Balance at January 1, 2015 $ (9,533 ) $ (2,517 ) $ (25,282 ) $ (37,332 ) Other comprehensive loss during the period, net of tax, before reclassification (8,023 ) (941 ) (17,559 ) (26,523 ) Amount reclassified from accumulated other comprehensive income into net income, net of tax (196 ) 1,265 — 1,069 Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale 78 — — 78 Net other comprehensive (loss) income during the period, net of tax $ (8,141 ) $ 324 $ (17,559 ) $ (25,376 ) Balance at December 31, 2015 $ (17,674 ) $ (2,193 ) $ (42,841 ) $ (62,708 ) |
Reclassification out of Accumulated Other Comprehensive Income | Amount Reclassified from Accumulated Other Comprehensive Income for the Year Ended, Details Regarding the Component of Accumulated Other Comprehensive Income December 31, Impacted Line on the Consolidated Statements of Income 2017 2016 Accumulated unrealized losses on securities Gains included in net income $ 45 $ 7,645 Gains on investment securities, net 45 7,645 Income before taxes Tax effect (18 ) (3,004 ) Income tax expense Net of tax $ 27 $ 4,641 Net income Accumulated unrealized losses on derivative instruments Amount reclassified to interest expense on deposits $ (1,085 ) $ 1,345 Interest on deposits Amount reclassified to interest expense on junior subordinated debentures 1,066 1,775 Interest on junior subordinated debentures 19 (3,120 ) Income before taxes Tax effect (8 ) 1,226 Income tax expense Net of tax $ 11 $ (1,894 ) Net income |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Certain Operating Information for Reportable Segments | The following is a summary of certain operating information for reportable segments: (Dollars in thousands) Community Banking Specialty Finance Wealth Management Total Operating Segments Intersegment Eliminations Consolidated 2017 Net interest income $ 677,481 $ 118,320 $ 18,919 $ 814,720 $ 17,356 $ 832,076 Provision for credit losses 27,059 2,709 — 29,768 — 29,768 Non-interest income 211,354 60,405 84,312 356,071 (36,565 ) 319,506 Non-interest expense 599,455 74,559 77,012 751,026 (19,209 ) 731,817 Income tax expense 87,486 35,775 9,054 132,315 — 132,315 Net income $ 174,835 $ 65,682 $ 17,165 $ 257,682 $ — $ 257,682 Total assets at end of year $ 22,781,923 $ 4,515,766 $ 618,281 $ 27,915,970 $ — $ 27,915,970 2016 Net interest income $ 588,847 $ 98,248 $ 18,611 $ 705,706 $ 16,487 $ 722,193 Provision for credit losses 30,862 3,222 — 34,084 — 34,084 Non-interest income 230,414 49,706 78,478 358,598 (33,168 ) 325,430 Non-interest expense 556,798 66,460 75,108 698,366 (16,681 ) 681,685 Income tax expense 86,933 29,512 8,534 124,979 — 124,979 Net income $ 144,668 $ 48,760 $ 13,447 $ 206,875 $ — $ 206,875 Total assets at end of year $ 21,172,080 $ 3,884,373 $ 612,100 $ 25,668,553 $ — $ 25,668,553 2015 Net interest income $ 523,112 $ 85,258 $ 17,012 $ 625,382 $ 16,147 $ 641,529 Provision for credit losses 29,746 3,196 — 32,942 — 32,942 Non-interest income 191,248 33,625 75,496 300,369 (28,772 ) 271,597 Non-interest expense 522,199 47,245 71,600 641,044 (12,625 ) 628,419 Income tax expense 60,488 26,352 8,176 95,016 — 95,016 Net income $ 101,927 $ 42,090 $ 12,732 $ 156,749 $ — $ 156,749 Total assets at end of year $ 19,244,111 $ 3,116,348 $ 548,889 $ 22,909,348 $ — $ 22,909,348 |
Condensed Parent Company Fina55
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition | Statements of Financial Condition December 31, (In thousands) 2017 2016 Assets Cash $ 78,045 $ 49,828 Available-for-sale securities, at fair value 14,461 12,926 Investment in and receivable from subsidiaries 3,249,202 2,979,283 Loans, net of unearned income 1,845 2,313 Less: Allowance for loan losses — — Net loans $ 1,845 $ 2,313 Goodwill 8,371 8,371 Other assets 174,781 162,047 Total assets $ 3,526,705 $ 3,214,768 Liabilities and Shareholders’ Equity Other liabilities $ 66,909 $ 56,462 Subordinated notes 139,088 138,971 Other borrowings 90,203 70,152 Junior subordinated debentures 253,566 253,566 Shareholders’ equity 2,976,939 2,695,617 Total liabilities and shareholders’ equity $ 3,526,705 $ 3,214,768 |
Statements of Income | Statements of Income Years Ended December 31, (In thousands) 2017 2016 2015 Income Dividends and other revenue from subsidiaries $ 155,969 $ 89,184 $ 47,639 Other income 2,488 4,344 796 Total income $ 158,457 $ 93,528 $ 48,435 Expenses Interest expense $ 19,207 $ 18,498 $ 16,669 Salaries and employee benefits 50,683 34,299 38,926 Other expenses 74,618 62,778 50,425 Total expenses $ 144,508 $ 115,575 $ 106,020 Income (loss) before income taxes and equity in undistributed income of subsidiaries $ 13,949 $ (22,047 ) $ (57,585 ) Income tax benefit 47,139 31,061 30,504 Income (loss) before equity in undistributed net income of subsidiaries $ 61,088 $ 9,014 $ (27,081 ) Equity in undistributed net income of subsidiaries 196,594 197,861 183,830 Net income $ 257,682 $ 206,875 $ 156,749 |
Statements of Cash Flows | Statements of Cash Flows Years Ended December 31, (In thousands) 2017 2016 2015 Operating Activities: Net income $ 257,682 $ 206,875 $ 156,749 Adjustments to reconcile net income to net cash provided by (used for) operating activities Provision for credit losses — — (96 ) Gain on early extinguishment of debt — (4,305 ) — Depreciation and amortization 10,783 10,400 8,323 Deferred income tax expense (benefit) 2,809 (601 ) (1,872 ) Stock-based compensation expense 5,185 3,762 3,354 (Decrease) increase in other assets 1,956 (319 ) (39,051 ) Increase in other liabilities 9,967 9,618 21,840 Equity in undistributed net income of subsidiaries (196,594 ) (197,861 ) (183,830 ) Net Cash Provided by (Used for) Operating Activities $ 91,788 $ 27,569 $ (34,583 ) Investing Activities: Capital contributions to subsidiaries, net $ (42,736 ) $ (118,575 ) $ (97,400 ) Net cash paid for acquisitions, net — (61,308 ) (51,060 ) Other investing activity, net (28,132 ) (18,051 ) (24,908 ) Net Cash Used for Investing Activities $ (70,868 ) $ (197,934 ) $ (173,368 ) Financing Activities: Increase (decrease) in subordinated notes, other borrowings and junior subordinated debentures, net $ 20,008 $ (26,251 ) $ 66,888 Proceeds from the issuance of common stock, net — 152,911 — Net proceeds from issuance of Series D Preferred Stock — — 120,842 Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants 28,229 15,828 16,119 Dividends paid (40,543 ) (38,568 ) (29,888 ) Common stock repurchases for tax withholdings related to stock-based compensation (397 ) (616 ) (424 ) Net Cash Provided by Financing Activities $ 7,297 $ 103,304 $ 173,537 Net Increase (Decrease) in Cash and Cash Equivalents $ 28,217 $ (67,061 ) $ (34,414 ) Cash and Cash Equivalents at Beginning of Year 49,828 116,889 151,303 Cash and Cash Equivalents at End of Year $ 78,045 $ 49,828 $ 116,889 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for 2017 , 2016 and 2015 : (In thousands, except per share data) 2017 2016 2015 Net income $ 257,682 $ 206,875 $ 156,749 Less: Preferred stock dividends 9,778 14,513 10,869 Net income applicable to common shares—Basic (A) $ 247,904 $ 192,362 $ 145,880 Add: Dividends on convertible preferred stock, if dilutive 1,578 6,313 6,314 Net income applicable to common shares—Diluted (B) $ 249,482 $ 198,675 $ 152,194 Weighted average common shares outstanding (C) 54,703 50,278 47,838 Effect of dilutive potential common shares: Common stock equivalents 998 894 1,029 Convertible preferred stock, if dilutive 985 3,100 3,070 Total dilutive potential common shares 1,983 3,994 4,099 Weighted average common shares and effect of dilutive potential common shares (D) 56,686 54,272 51,937 Net income per common share: Basic (A/C) $ 4.53 $ 3.83 $ 3.05 Diluted (B/D) 4.40 3.66 2.93 |
Quarterly Financial Summary (57
Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following is a summary of quarterly financial information for the years ended December 31, 2017 and 2016 : 2017 Quarters 2016 Quarters (In thousands, except per share data) First Second Third Fourth First Second Third Fourth Interest income $ 215,759 231,181 247,688 251,840 $ 192,231 197,064 208,149 215,013 Interest expense 23,179 26,772 31,700 32,741 20,722 21,794 23,513 24,235 Net interest income 192,580 204,409 215,988 219,099 171,509 175,270 184,636 190,778 Provision for credit losses 5,209 8,891 7,896 7,772 8,034 9,129 9,571 7,350 Net interest income after provision for credit losses 187,371 195,518 208,092 211,327 163,475 166,141 175,065 183,428 Non-interest income, excluding net securities gains (losses) 68,820 89,925 79,692 81,024 67,427 83,359 83,299 83,700 (Losses) gains on investment securities, net (55 ) 47 39 14 1,325 1,440 3,305 1,575 Non-interest expense 168,118 183,544 183,575 196,580 153,730 170,969 176,615 180,371 Income before taxes 88,018 101,946 104,248 95,785 78,497 79,971 85,054 88,332 Income tax expense 29,640 37,049 38,622 27,004 29,386 29,930 31,939 33,724 Net income $ 58,378 64,897 65,626 68,781 $ 49,111 50,041 53,115 54,608 Preferred stock dividends 3,628 2,050 2,050 2,050 3,628 3,628 3,628 3,629 Net income applicable to common shares $ 54,750 62,847 63,576 66,731 $ 45,483 46,413 49,487 50,979 Net income per common share: Basic $ 1.05 $ 1.15 $ 1.14 $ 1.19 $ 0.94 $ 0.94 $ 0.96 $ 0.98 Diluted 1.00 1.11 1.12 1.17 0.90 0.90 0.92 0.94 Cash dividends declared per common share 0.14 0.14 0.14 0.14 0.12 0.12 0.12 0.12 |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)contracts | Dec. 31, 2016USD ($)contracts | |
Lease term | 7 years | |
Other real estate owned | $ 40.6 | $ 40.3 |
Bank-owned life insurance | $ 145.9 | $ 141.6 |
Number of covered call option contracts outstanding | contracts | 0 | 0 |
Excess tax benefit | $ 6.2 | |
Land Improvements | ||
Premises and equipment, useful lives | 15 years | |
Minimum | ||
Tax benefit realized on settlement, percentage | 50.00% | |
Minimum | Furniture, Fixtures and Equipment | ||
Premises and equipment, useful lives | 2 years | |
Minimum | Software and Computer-Related Equipment | ||
Premises and equipment, useful lives | 2 years | |
Minimum | Buildings and Improvements | ||
Premises and equipment, useful lives | 7 years | |
Maximum | ||
Finite-lived intangibles, useful life | 20 years | |
Maximum | Furniture, Fixtures and Equipment | ||
Premises and equipment, useful lives | 15 years | |
Maximum | Software and Computer-Related Equipment | ||
Premises and equipment, useful lives | 5 years | |
Maximum | Buildings and Improvements | ||
Premises and equipment, useful lives | 39 years |
Investment Securities (Marketab
Investment Securities (Marketable Securities) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | $ 1,833,069,000 | $ 1,776,148,000 |
Available-for-sale securities, Gross unrealized gains | 6,624,000 | 6,929,000 |
Available-for-sale securities, Gross unrealized losses | (36,027,000) | (58,410,000) |
Available-for-sale securities | 1,803,666,000 | 1,724,667,000 |
Held-to-maturity securities | 826,449,000 | 635,705,000 |
Held-to-maturity securities, Gross unrealized gains | 2,691,000 | 654,000 |
Held-to-maturity securities, Gross unrealized losses | (16,624,000) | (28,757,000) |
Held-to-maturity securities, fair value | 812,516,000 | 607,602,000 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 144,904,000 | 142,741,000 |
Available-for-sale securities, Gross unrealized gains | 0 | 1,000 |
Available-for-sale securities, Gross unrealized losses | (1,082,000) | (759,000) |
Available-for-sale securities | 143,822,000 | 141,983,000 |
U.S. Government agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 157,638,000 | 189,540,000 |
Available-for-sale securities, Gross unrealized gains | 2,000 | 47,000 |
Available-for-sale securities, Gross unrealized losses | (725,000) | (435,000) |
Available-for-sale securities | 156,915,000 | 189,152,000 |
Held-to-maturity securities | 579,062,000 | 433,343,000 |
Held-to-maturity securities, Gross unrealized gains | 23,000 | 7,000 |
Held-to-maturity securities, Gross unrealized losses | (14,066,000) | (24,470,000) |
Held-to-maturity securities, fair value | 565,019,000 | 408,880,000 |
Municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 113,197,000 | 129,446,000 |
Available-for-sale securities, Gross unrealized gains | 2,712,000 | 2,969,000 |
Available-for-sale securities, Gross unrealized losses | (557,000) | (606,000) |
Available-for-sale securities | 115,352,000 | 131,809,000 |
Held-to-maturity securities | 247,387,000 | 202,362,000 |
Held-to-maturity securities, Gross unrealized gains | 2,668,000 | 647,000 |
Held-to-maturity securities, Gross unrealized losses | (2,558,000) | (4,287,000) |
Held-to-maturity securities, fair value | 247,497,000 | 198,722,000 |
Corporate notes, financial issuers | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 30,309,000 | 65,260,000 |
Available-for-sale securities, Gross unrealized gains | 43,000 | 132,000 |
Available-for-sale securities, Gross unrealized losses | (301,000) | (1,000,000) |
Available-for-sale securities | 30,051,000 | 64,392,000 |
Corporate notes, other | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 1,000,000 | 1,000,000 |
Available-for-sale securities, Gross unrealized gains | 0 | 0 |
Available-for-sale securities, Gross unrealized losses | (1,000) | (1,000) |
Available-for-sale securities | 999,000 | 999,000 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 1,291,695,000 | 1,185,448,000 |
Available-for-sale securities, Gross unrealized gains | 446,000 | 284,000 |
Available-for-sale securities, Gross unrealized losses | (31,955,000) | (54,330,000) |
Available-for-sale securities | 1,260,186,000 | 1,131,402,000 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 60,092,000 | 30,105,000 |
Available-for-sale securities, Gross unrealized gains | 64,000 | 67,000 |
Available-for-sale securities, Gross unrealized losses | (617,000) | (490,000) |
Available-for-sale securities | 59,539,000 | 29,682,000 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Amortized Cost Basis | 34,234,000 | 32,608,000 |
Available-for-sale securities, Gross unrealized gains | 3,357,000 | 3,429,000 |
Available-for-sale securities, Gross unrealized losses | (789,000) | (789,000) |
Available-for-sale securities | 36,802,000 | $ 35,248,000 |
Subprime | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 0 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Portfolio Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | $ 250,113 | $ 1,430,852 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (2,012) | (56,387) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 1,292,730 | 57,074 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (34,015) | (2,023) |
Available-for-sale, continuous unrealized loss position, Fair value | 1,542,843 | 1,487,926 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (36,027) | (58,410) |
Held-to-maturity securities | ||
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 298,750 | 526,328 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (4,267) | (27,387) |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 352,599 | 55,741 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (12,357) | (1,370) |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 651,349 | 582,069 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (16,624) | (28,757) |
U.S. Treasury | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 24,811 | 133,980 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (215) | (759) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 119,011 | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (867) | 0 |
Available-for-sale, continuous unrealized loss position, Fair value | 143,822 | 133,980 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (1,082) | (759) |
U.S. Government agencies | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 14,462 | 89,645 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (69) | (435) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 141,471 | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (656) | 0 |
Available-for-sale, continuous unrealized loss position, Fair value | 155,933 | 89,645 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (725) | (435) |
Held-to-maturity securities | ||
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 241,849 | 355,621 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (3,263) | (23,250) |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 300,200 | 50,033 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (10,803) | (1,220) |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 542,049 | 405,654 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (14,066) | (24,470) |
Municipal | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 28,221 | 54,711 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (256) | (408) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 15,840 | 6,684 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (301) | (198) |
Available-for-sale, continuous unrealized loss position, Fair value | 44,061 | 61,395 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (557) | (606) |
Held-to-maturity securities | ||
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Fair value | 56,901 | 170,707 |
Held-to-maturity securities, continuous unrealized loss position, less than 12 months, Unrealized loss | (1,004) | (4,137) |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Fair value | 52,399 | 5,708 |
Held-to-maturity securities, continuous unrealized loss position, 12 months or longer, Unrealized loss | (1,554) | (150) |
Held-to-maturity securities, continuous unrealized loss position, Fair value | 109,300 | 176,415 |
Held-to-maturity securities, continuous unrealized loss position, Unrealized loss | (2,558) | (4,287) |
Corporate notes, financial issuers | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 1,210 | 13,157 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (1) | (11) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 5,665 | 34,972 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (300) | (989) |
Available-for-sale, continuous unrealized loss position, Fair value | 6,875 | 48,129 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (301) | (1,000) |
Corporate notes, other | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 0 | 999 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | 0 | (1) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 999 | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (1) | 0 |
Available-for-sale, continuous unrealized loss position, Fair value | 999 | 999 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (1) | (1) |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 137,255 | 1,116,705 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (915) | (54,330) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 989,971 | 0 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (31,040) | 0 |
Available-for-sale, continuous unrealized loss position, Fair value | 1,127,226 | 1,116,705 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (31,955) | (54,330) |
Collateralized mortgage obligations | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 35,038 | 15,038 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (213) | (229) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 13,719 | 6,905 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (404) | (261) |
Available-for-sale, continuous unrealized loss position, Fair value | 48,757 | 21,943 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | (617) | (490) |
Equity securities | ||
Available-for-sale securities | ||
Available-for-sale, continuous unrealized losses existing for less than 12 months, Fair value | 9,116 | 6,617 |
Available-for-sale, continuous unrealized losses existing for less than 12 months, Unrealized losses | (343) | (214) |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Fair value | 6,054 | 8,513 |
Available-for-sale, continuous unrealized losses existing for greater than 12 months, Unrealized losses | (446) | (575) |
Available-for-sale, continuous unrealized loss position, Fair value | 15,170 | 15,130 |
Available-for-sale, continuous unrealized loss position, Unrealized losses | $ (789) | $ (789) |
Investment Securities (Schedu61
Investment Securities (Schedule of Available-for-Sale Investment Securities Gross Gains and Gross Losses Realized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||||||||||
Realized gains | $ 147 | $ 9,399 | $ 658 | ||||||||
Realized losses | (102) | (1,754) | (335) | ||||||||
Net realized gains | 45 | 7,645 | 323 | ||||||||
Other than temporary impairment charges | 0 | 0 | 0 | ||||||||
Gains on investment securities, net | $ 14 | $ 39 | $ 47 | $ (55) | $ 1,575 | $ 3,305 | $ 1,440 | $ 1,325 | 45 | 7,645 | 323 |
Proceeds from sales and calls of available-for-sale securities | 336,539 | 2,208,010 | 1,515,559 | ||||||||
Proceeds from calls of held-to-maturity securities | $ 51,090 | $ 734,326 | $ 770 |
Investment Securities (Contract
Investment Securities (Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | ||
Available-for-sale securities, due in one year or less, Amortized Cost | $ 300,833 | $ 145,353 |
Available-for-sale securities, due in one year or less, Fair Value | 299,285 | 145,062 |
Available-for-sale securities, due in one to five years, Amortized Cost | 97,019 | 321,019 |
Available-for-sale securities, due in one to five years, Fair Value | 97,326 | 320,423 |
Available-for-sale securities, due in five to ten years, Amortized Cost | 33,947 | 27,319 |
Available-for-sale securities, due in five to ten years, Fair Value | 35,029 | 28,451 |
Available-for-sale securities, due after ten years, Amortized Cost | 15,249 | 34,296 |
Available-for-sale securities, due after ten years, Fair Value | 15,499 | 34,399 |
Available-for-sale securities, Amortized Cost Basis | 1,833,069 | 1,776,148 |
Available-for-sale securities, at fair value | 1,803,666 | 1,724,667 |
Held-to-maturity securities | ||
Held-to-maturity securities, due in one year or less, Amortized Cost | 170 | 0 |
Held-to-maturity securities, due in one year or less, Fair Value | 171 | 0 |
Held-to-maturity securities, due in one to five years, Amortized Cost | 38,392 | 29,794 |
Held-to-maturity securities, due in one to five years, Fair Value | 38,012 | 29,416 |
Held-to-maturity securities, due in five to ten years, Amortized Cost | 205,227 | 69,664 |
Held-to-maturity securities, due in five to ten years, Fair Value | 203,680 | 67,820 |
Held-to-maturity securities, due after ten years, Amortized Cost | 582,660 | 536,247 |
Held-to-maturity securities, due after ten years, Fair Value | 570,653 | 510,366 |
Held-to-maturity securities | 826,449 | 635,705 |
Held-to-maturity Securities, Fair Value | 812,516 | 607,602 |
Mortgage-backed | ||
Available-for-sale securities | ||
Available-for-sale securities, Amortized Cost Basis | 1,351,787 | 1,215,553 |
Available-for-sale securities, at fair value | 1,319,725 | 1,161,084 |
Equity securities | ||
Available-for-sale securities | ||
Available-for-sale securities, Amortized Cost Basis | 34,234 | 32,608 |
Available-for-sale securities, at fair value | $ 36,802 | $ 35,248 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)securities | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)securities | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Income tax expense | $ 27,004 | $ 38,622 | $ 37,049 | $ 29,640 | $ 33,724 | $ 31,939 | $ 29,930 | $ 29,386 | $ 132,315 | $ 124,979 | $ 95,016 |
Investment securities pledged as collateral | $ 1,700,000 | $ 1,400,000 | $ 1,700,000 | 1,400,000 | |||||||
Number of securities by a single non-government sponsored issuer exceeding 10% of shareholders' equity | securities | 0 | 0 | |||||||||
Available-for-sale securities | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Income tax expense | $ 18 | $ 2,900 | $ 122 |
Loans (Summary of Loan Portfoli
Loans (Summary of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 21,640,797 | $ 19,703,172 |
Covered loans | 0 | 58,145 |
Total loans | $ 21,640,797 | $ 19,761,317 |
Total loans, percentage | 100.00% | 100.00% |
Covered loans, percentage | 0.00% | 0.00% |
Percentage of Loans Net of Unearned Income Including Covered Loans | 100.00% | 100.00% |
Commercial | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 6,787,677 | $ 6,005,422 |
Total loans, percentage | 31.00% | 30.00% |
Commercial real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 6,580,618 | $ 6,196,087 |
Total loans, percentage | 30.00% | 31.00% |
Home equity | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 663,045 | $ 725,793 |
Total loans, percentage | 3.00% | 4.00% |
Residential real estate | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 832,120 | $ 705,221 |
Total loans, percentage | 4.00% | 4.00% |
Premium finance receivables | Commercial insurance loans | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 2,634,565 | $ 2,478,581 |
Total loans, percentage | 12.00% | 12.00% |
Premium finance receivables | Life insurance | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 4,035,059 | $ 3,470,027 |
Total loans, percentage | 19.00% | 18.00% |
Consumer and other | ||
Loans [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 107,713 | $ 122,041 |
Total loans, percentage | 1.00% | 1.00% |
Loans (Unpaid Principal Balance
Loans (Unpaid Principal Balance and Carrying Value of Acquired Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Unpaid Principal Balance | $ 375,237 | $ 509,446 |
Carrying Value | $ 350,690 | $ 471,786 |
Loans (Activity Related to Accr
Loans (Activity Related to Accretable Yield of Loans Acquired with Evidence of Credit Quality Deterioration Since Origination) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Accretable yield, beginning balance | $ 49,408 | $ 63,902 |
Acquisitions | 426 | 2,462 |
Accretable yield amortized to interest income | (21,512) | (23,218) |
Accretable yield amortized to indemnification asset/liability | (1,087) | (5,746) |
Reclassification from nonaccretable difference | 7,805 | 13,733 |
Increases (Decreases) in interest cash flows due to payments and changes in interest rates | 1,525 | (1,725) |
Accretable yield, ending balance | $ 36,565 | $ 49,408 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans [Line Items] | ||
Deferred discounts, finance charges and Interest Included in receivables | $ 9,300 | $ 2,600 |
Federal Home Loan Bank advances | 559,663 | 153,831 |
Accretion to interest income | 21,512 | 23,218 |
Federal Agency Borrowings | ||
Loans [Line Items] | ||
Loans pledged as collateral | 6,400,000 | 6,700,000 |
Federal Home Loan Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 5,800,000 | |
Federal Reserve Bank Advances | ||
Loans [Line Items] | ||
Loans pledged as collateral | 677,700 | |
Premium finance receivables | ||
Loans [Line Items] | ||
Loans and leases receivable, deferred income | $ 87,000 | $ 69,600 |
Allowance for Loan Losses All68
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Schedule of Aging of the Company's Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 77,602 | $ 77,578 |
90+ days and still accruing | 22,659 | 33,738 |
Current | 21,408,938 | 19,508,748 |
Total loans | 21,640,797 | 19,761,317 |
Loans, net of unearned income excluding covered loans, Nonaccrual | 75,457 | |
Loans, net of unearned income excluding covered loans, 90+ days past due and still accruing | 31,246 | |
Loans, net of unearned income excluding covered loans, current | 19,456,994 | |
Loans, net of unearned income, excluding covered loans | 21,640,797 | 19,703,172 |
Covered loans, Nonaccrual | 2,121 | |
Covered loans, 90+ days past due and still accruing | 2,492 | |
Covered loans, Current | 51,754 | |
Covered loans | 0 | 58,145 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 15,696 | 15,875 |
90+ days and still accruing | 877 | 1,863 |
Current | 6,737,479 | 5,967,468 |
Loans, net of unearned income, excluding covered loans | 6,787,677 | 6,005,422 |
Commercial | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 11,260 | 13,441 |
90+ days and still accruing | 0 | 174 |
Current | 4,314,107 | 3,716,977 |
Loans, net of unearned income, excluding covered loans | 4,342,505 | 3,744,712 |
Commercial | Franchise | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,447 | 0 |
90+ days and still accruing | 0 | 0 |
Current | 845,150 | 869,228 |
Loans, net of unearned income, excluding covered loans | 847,597 | 869,721 |
Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90+ days and still accruing | 0 | 0 |
Current | 190,523 | 204,225 |
Loans, net of unearned income, excluding covered loans | 194,523 | 204,225 |
Commercial | Asset-based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,550 | 1,924 |
90+ days and still accruing | 0 | 0 |
Current | 968,576 | 871,402 |
Loans, net of unearned income, excluding covered loans | 980,466 | 875,070 |
Commercial | Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 439 | 510 |
90+ days and still accruing | 0 | 0 |
Current | 410,772 | 293,073 |
Loans, net of unearned income, excluding covered loans | 413,172 | 294,914 |
Commercial | PCI - commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90+ days and still accruing | 877 | 1,689 |
Current | 8,351 | 12,563 |
Loans, net of unearned income, excluding covered loans | 9,414 | 16,780 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 22,048 | 21,924 |
90+ days and still accruing | 7,135 | 16,188 |
Current | 6,517,763 | 6,110,999 |
Loans, net of unearned income, excluding covered loans | 6,580,618 | 6,196,087 |
Commercial real estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,143 | 2,408 |
90+ days and still accruing | 0 | 0 |
Current | 742,171 | 606,007 |
Loans, net of unearned income, excluding covered loans | 745,514 | 610,239 |
Commercial real estate | Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 188 | 394 |
90+ days and still accruing | 0 | 0 |
Current | 121,140 | 104,219 |
Loans, net of unearned income, excluding covered loans | 126,484 | 104,801 |
Commercial real estate | Office | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,438 | 4,337 |
90+ days and still accruing | 0 | 0 |
Current | 887,937 | 857,599 |
Loans, net of unearned income, excluding covered loans | 894,833 | 867,674 |
Commercial real estate | Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 811 | 7,047 |
90+ days and still accruing | 0 | 0 |
Current | 879,796 | 756,602 |
Loans, net of unearned income, excluding covered loans | 883,019 | 770,601 |
Commercial real estate | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 12,328 | 597 |
90+ days and still accruing | 0 | 0 |
Current | 938,383 | 907,872 |
Loans, net of unearned income, excluding covered loans | 951,527 | 912,593 |
Commercial real estate | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 643 |
90+ days and still accruing | 0 | 0 |
Current | 914,610 | 805,312 |
Loans, net of unearned income, excluding covered loans | 915,644 | 807,624 |
Commercial real estate | Mixed use and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,140 | 6,498 |
90+ days and still accruing | 0 | 0 |
Current | 1,921,501 | 1,931,859 |
Loans, net of unearned income, excluding covered loans | 1,935,705 | 1,952,175 |
Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90+ days and still accruing | 7,135 | 16,188 |
Current | 112,225 | 141,529 |
Loans, net of unearned income, excluding covered loans | 127,892 | 170,380 |
Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,978 | 9,761 |
90+ days and still accruing | 0 | 0 |
Current | 648,915 | 707,887 |
Loans, net of unearned income, excluding covered loans | 663,045 | 725,793 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 17,977 | 12,749 |
90+ days and still accruing | 5,304 | 1,309 |
Current | 799,158 | 681,956 |
Loans, net of unearned income, excluding covered loans | 832,120 | 705,221 |
Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 12,163 | 14,709 |
90+ days and still accruing | 9,242 | 7,962 |
Current | 2,579,515 | 2,435,684 |
Loans, net of unearned income, excluding covered loans | 2,634,565 | 2,478,581 |
Premium finance receivables | Life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90+ days and still accruing | 0 | 3,717 |
Current | 3,820,936 | 3,182,935 |
Loans, net of unearned income, excluding covered loans | 3,835,790 | 3,220,370 |
Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
90+ days and still accruing | 0 | 0 |
Current | 199,269 | 249,657 |
Loans, net of unearned income, excluding covered loans | 199,269 | 249,657 |
Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 740 | 439 |
90+ days and still accruing | 101 | 207 |
Current | 105,903 | 120,408 |
Loans, net of unearned income, excluding covered loans | 107,713 | 122,041 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 33,260 | 43,880 |
Loans, net of unearned income excluding covered loans, 60-89 days past due and still accruing | 43,655 | |
Covered loans, 60-89 days past due and still accruing | 225 | |
60 to 89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,218 | 2,576 |
60 to 89 Days Past Due | Commercial | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 3,746 | 2,341 |
60 to 89 Days Past Due | Commercial | Franchise | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 0 |
60 to 89 Days Past Due | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 0 |
60 to 89 Days Past Due | Commercial | Asset-based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 283 | 135 |
60 to 89 Days Past Due | Commercial | Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 3 | 0 |
60 to 89 Days Past Due | Commercial | PCI - commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 186 | 100 |
60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,346 | 15,253 |
60 to 89 Days Past Due | Commercial real estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 0 |
60 to 89 Days Past Due | Commercial real estate | Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 188 |
60 to 89 Days Past Due | Commercial real estate | Office | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 4,506 |
60 to 89 Days Past Due | Commercial real estate | Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 4,516 |
60 to 89 Days Past Due | Commercial real estate | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 668 | 760 |
60 to 89 Days Past Due | Commercial real estate | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 322 |
60 to 89 Days Past Due | Commercial real estate | Mixed use and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 1,423 | 1,186 |
60 to 89 Days Past Due | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 2,255 | 3,775 |
60 to 89 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 518 | 1,630 |
60 to 89 Days Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 1,303 | 936 |
60 to 89 Days Past Due | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 17,796 | 5,646 |
60 to 89 Days Past Due | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,837 | 17,514 |
60 to 89 Days Past Due | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 0 |
60 to 89 Days Past Due | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 242 | 100 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 98,338 | 97,373 |
Loans, net of unearned income excluding covered loans, 30-59 days past due and still accruing | 95,820 | |
Covered loans, 30-59 days past due and still accruing | 1,553 | |
30 to 59 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 29,407 | 17,640 |
30 to 59 Days Past Due | Commercial | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 13,392 | 11,779 |
30 to 59 Days Past Due | Commercial | Franchise | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 493 |
30 to 59 Days Past Due | Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,000 | 0 |
30 to 59 Days Past Due | Commercial | Asset-based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 10,057 | 1,609 |
30 to 59 Days Past Due | Commercial | Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 1,958 | 1,331 |
30 to 59 Days Past Due | Commercial | PCI - commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 2,428 |
30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 29,326 | 31,723 |
30 to 59 Days Past Due | Commercial real estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 200 | 1,824 |
30 to 59 Days Past Due | Commercial real estate | Land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 5,156 | 0 |
30 to 59 Days Past Due | Commercial real estate | Office | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,458 | 1,232 |
30 to 59 Days Past Due | Commercial real estate | Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 2,412 | 2,436 |
30 to 59 Days Past Due | Commercial real estate | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 148 | 3,364 |
30 to 59 Days Past Due | Commercial real estate | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 1,034 | 1,347 |
30 to 59 Days Past Due | Commercial real estate | Mixed use and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 9,641 | 12,632 |
30 to 59 Days Past Due | Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 6,277 | 8,888 |
30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 4,634 | 6,515 |
30 to 59 Days Past Due | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 8,378 | 8,271 |
30 to 59 Days Past Due | Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 15,849 | 14,580 |
30 to 59 Days Past Due | Premium finance receivables | Life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 10,017 | 16,204 |
30 to 59 Days Past Due | Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | 0 | 0 |
30 to 59 Days Past Due | Consumer and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 to 89 days past due | $ 727 | $ 887 |
Allowance for Loan Losses All69
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Recorded Investment Based on Performance of Loans by Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 21,640,797 | $ 19,703,172 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 21,550,635 | 19,615,718 |
Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 90,162 | 87,454 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 6,787,677 | 6,005,422 |
Commercial | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 4,342,505 | 3,744,712 |
Commercial | Franchise | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 847,597 | 869,721 |
Commercial | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 194,523 | 204,225 |
Commercial | Asset-based lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 980,466 | 875,070 |
Commercial | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 413,172 | 294,914 |
Commercial | PCI - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 9,414 | 16,780 |
Commercial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 6,771,981 | 5,989,373 |
Commercial | Performing | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 4,331,245 | 3,731,097 |
Commercial | Performing | Franchise | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 845,150 | 869,721 |
Commercial | Performing | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 194,523 | 204,225 |
Commercial | Performing | Asset-based lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 978,916 | 873,146 |
Commercial | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 412,733 | 294,404 |
Commercial | Performing | PCI - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 9,414 | 16,780 |
Commercial | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 15,696 | 16,049 |
Commercial | Non-performing | Commercial, industrial and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 11,260 | 13,615 |
Commercial | Non-performing | Franchise | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 2,447 | 0 |
Commercial | Non-performing | Mortgage warehouse lines of credit | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 0 |
Commercial | Non-performing | Asset-based lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 1,550 | 1,924 |
Commercial | Non-performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 439 | 510 |
Commercial | Non-performing | PCI - commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 6,580,618 | 6,196,087 |
Commercial real estate | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 745,514 | 610,239 |
Commercial real estate | Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 126,484 | 104,801 |
Commercial real estate | Office | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 894,833 | 867,674 |
Commercial real estate | Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 883,019 | 770,601 |
Commercial real estate | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 951,527 | 912,593 |
Commercial real estate | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 915,644 | 807,624 |
Commercial real estate | Mixed use and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 1,935,705 | 1,952,175 |
Commercial real estate | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 127,892 | 170,380 |
Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 6,558,570 | 6,174,163 |
Commercial real estate | Performing | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 742,371 | 607,831 |
Commercial real estate | Performing | Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 126,296 | 104,407 |
Commercial real estate | Performing | Office | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 892,395 | 863,337 |
Commercial real estate | Performing | Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 882,208 | 763,554 |
Commercial real estate | Performing | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 939,199 | 911,996 |
Commercial real estate | Performing | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 915,644 | 806,981 |
Commercial real estate | Performing | Mixed use and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 1,932,565 | 1,945,677 |
Commercial real estate | Performing | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 127,892 | 170,380 |
Commercial real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 22,048 | 21,924 |
Commercial real estate | Non-performing | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 3,143 | 2,408 |
Commercial real estate | Non-performing | Land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 188 | 394 |
Commercial real estate | Non-performing | Office | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 2,438 | 4,337 |
Commercial real estate | Non-performing | Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 811 | 7,047 |
Commercial real estate | Non-performing | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 12,328 | 597 |
Commercial real estate | Non-performing | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 643 |
Commercial real estate | Non-performing | Mixed use and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 3,140 | 6,498 |
Commercial real estate | Non-performing | PCI - commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 0 |
Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 663,045 | 725,793 |
Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 654,067 | 716,032 |
Home equity | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 8,978 | 9,761 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 832,120 | 705,221 |
Residential real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 810,865 | 692,472 |
Residential real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 21,255 | 12,749 |
Premium finance receivables | Commercial insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 2,634,565 | 2,478,581 |
Premium finance receivables | Life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 3,835,790 | 3,220,370 |
Premium finance receivables | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 199,269 | 249,657 |
Premium finance receivables | Performing | Commercial insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 2,613,160 | 2,455,910 |
Premium finance receivables | Performing | Life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 3,835,790 | 3,216,653 |
Premium finance receivables | Performing | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 199,269 | 249,657 |
Premium finance receivables | Non-performing | Commercial insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 21,405 | 22,671 |
Premium finance receivables | Non-performing | Life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 3,717 |
Premium finance receivables | Non-performing | PCI - life insurance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 0 | 0 |
Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 107,713 | 122,041 |
Consumer and other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | 106,933 | 121,458 |
Consumer and other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans, net of unearned income, excluding covered loans | $ 780 | $ 583 |
Allowance for Loan Losses All70
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Credit Losses by Loan Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | $ 122,291 | $ 105,400 | |
Other adjustments | 573 | (291) | |
Reclassification to/from allowance for unfunded lending-related commitments | 69 | (725) | |
Charge-offs | (22,695) | (24,691) | |
Recoveries | 7,685 | 7,808 | |
Provision for credit losses | 29,982 | 34,790 | |
Allowance for loan losses at period end | $ 137,905 | 137,905 | 122,291 |
Allowance for unfunded lending-related commitments at period end | 1,269 | 1,269 | 1,673 |
Allowance for credit losses at period end | 139,174 | 139,174 | 123,964 |
Allowance for credit losses, Individually evaluated for impairment | 8,037 | 8,037 | 6,903 |
Allowance for credit losses, Collectively evaluated for impairment | 130,106 | 130,106 | 116,296 |
Loans, Individually evaluated for impairment | 105,412 | 105,412 | 91,323 |
Loans, Collectively evaluated for impairment | 21,150,978 | 21,150,978 | 19,147,420 |
Loans, net of unearned income | 21,640,797 | 21,640,797 | 19,703,172 |
Loan held at fair value | 33,717 | 33,717 | 22,137 |
Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 1,031 | 1,031 | 765 |
Loans, net of unearned income | 350,690 | 350,690 | 442,292 |
Commercial | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 44,493 | 36,135 | |
Other adjustments | 16 | (90) | |
Reclassification to/from allowance for unfunded lending-related commitments | 500 | (500) | |
Charge-offs | (5,159) | (7,915) | |
Recoveries | 1,870 | 1,594 | |
Provision for credit losses | 16,091 | 15,269 | |
Allowance for loan losses at period end | 57,811 | 57,811 | 44,493 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 | 500 |
Allowance for credit losses at period end | 57,811 | 57,811 | 44,993 |
Allowance for credit losses, Individually evaluated for impairment | 4,464 | 4,464 | 1,717 |
Allowance for credit losses, Collectively evaluated for impairment | 52,820 | 52,820 | 42,624 |
Loans, Individually evaluated for impairment | 35,612 | 35,612 | 20,790 |
Loans, Collectively evaluated for impairment | 6,742,651 | 6,742,651 | 5,967,852 |
Loans, net of unearned income | 6,787,677 | 6,787,677 | 6,005,422 |
Loan held at fair value | 0 | 0 | 0 |
Commercial | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 527 | 527 | 652 |
Loans, net of unearned income | 9,414 | 9,414 | 16,780 |
Commercial real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 51,422 | 43,758 | |
Other adjustments | (155) | (154) | |
Reclassification to/from allowance for unfunded lending-related commitments | (431) | (225) | |
Charge-offs | (4,236) | (1,930) | |
Recoveries | 2,190 | 2,945 | |
Provision for credit losses | 6,437 | 7,028 | |
Allowance for loan losses at period end | 55,227 | 55,227 | 51,422 |
Allowance for unfunded lending-related commitments at period end | 1,269 | 1,269 | 1,173 |
Allowance for credit losses at period end | 56,496 | 56,496 | 52,595 |
Allowance for credit losses, Individually evaluated for impairment | 2,177 | 2,177 | 3,004 |
Allowance for credit losses, Collectively evaluated for impairment | 53,938 | 53,938 | 49,552 |
Loans, Individually evaluated for impairment | 38,534 | 38,534 | 42,309 |
Loans, Collectively evaluated for impairment | 6,414,192 | 6,414,192 | 5,983,398 |
Loans, net of unearned income | 6,580,618 | 6,580,618 | 6,196,087 |
Loan held at fair value | 0 | 0 | 0 |
Commercial real estate | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 381 | 381 | 39 |
Loans, net of unearned income | 127,892 | 127,892 | 170,380 |
Home equity | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 11,774 | 12,012 | |
Other adjustments | 167 | 0 | |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 | |
Charge-offs | (3,952) | (3,998) | |
Recoveries | 746 | 484 | |
Provision for credit losses | 1,758 | 3,276 | |
Allowance for loan losses at period end | 10,493 | 10,493 | 11,774 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 | 0 |
Allowance for credit losses at period end | 10,493 | 10,493 | 11,774 |
Allowance for credit losses, Individually evaluated for impairment | 784 | 784 | 1,233 |
Allowance for credit losses, Collectively evaluated for impairment | 9,709 | 9,709 | 10,541 |
Loans, Individually evaluated for impairment | 9,254 | 9,254 | 9,994 |
Loans, Collectively evaluated for impairment | 653,791 | 653,791 | 715,799 |
Loans, net of unearned income | 663,045 | 663,045 | 725,793 |
Loan held at fair value | 0 | 0 | 0 |
Home equity | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 0 | 0 | 0 |
Loans, net of unearned income | 0 | 0 | 0 |
Residential real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 5,714 | 4,734 | |
Other adjustments | 356 | (57) | |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 | |
Charge-offs | (1,284) | (1,730) | |
Recoveries | 452 | 225 | |
Provision for credit losses | 1,450 | 2,542 | |
Allowance for loan losses at period end | 6,688 | 6,688 | 5,714 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 | 0 |
Allowance for credit losses at period end | 6,688 | 6,688 | 5,714 |
Allowance for credit losses, Individually evaluated for impairment | 586 | 586 | 849 |
Allowance for credit losses, Collectively evaluated for impairment | 5,979 | 5,979 | 4,792 |
Loans, Individually evaluated for impairment | 21,253 | 21,253 | 17,735 |
Loans, Collectively evaluated for impairment | 765,149 | 765,149 | 661,045 |
Loans, net of unearned income | 832,120 | 832,120 | 705,221 |
Loan held at fair value | 33,717 | 33,717 | 22,137 |
Residential real estate | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 123 | 123 | 73 |
Loans, net of unearned income | 12,001 | 12,001 | 4,304 |
Premium finance receivables | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 7,625 | 7,233 | |
Other adjustments | 138 | 10 | |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 | |
Charge-offs | (7,335) | (8,193) | |
Recoveries | 2,128 | 2,374 | |
Provision for credit losses | 4,290 | 6,201 | |
Allowance for loan losses at period end | 6,846 | 6,846 | 7,625 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 | 0 |
Allowance for credit losses at period end | 6,846 | 6,846 | 7,625 |
Allowance for credit losses, Individually evaluated for impairment | 0 | 0 | 0 |
Allowance for credit losses, Collectively evaluated for impairment | 6,846 | 6,846 | 7,625 |
Loans, Individually evaluated for impairment | 0 | 0 | 0 |
Loans, Collectively evaluated for impairment | 6,470,355 | 6,470,355 | 5,698,951 |
Loan held at fair value | 0 | 0 | 0 |
Premium finance receivables | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 0 | 0 | 0 |
Loans, net of unearned income | 199,269 | 199,269 | 249,657 |
Consumer and other | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for loan losses at beginning of period | 1,263 | 1,528 | |
Other adjustments | 51 | 0 | |
Reclassification to/from allowance for unfunded lending-related commitments | 0 | 0 | |
Charge-offs | (729) | (925) | |
Recoveries | 299 | 186 | |
Provision for credit losses | (44) | 474 | |
Allowance for loan losses at period end | 840 | 840 | 1,263 |
Allowance for unfunded lending-related commitments at period end | 0 | 0 | 0 |
Allowance for credit losses at period end | 840 | 840 | 1,263 |
Allowance for credit losses, Individually evaluated for impairment | 26 | 26 | 100 |
Allowance for credit losses, Collectively evaluated for impairment | 814 | 814 | 1,162 |
Loans, Individually evaluated for impairment | 759 | 759 | 495 |
Loans, Collectively evaluated for impairment | 104,840 | 104,840 | 120,375 |
Loans, net of unearned income | 107,713 | 107,713 | 122,041 |
Loan held at fair value | 0 | 0 | 0 |
Consumer and other | Receivables Acquired with Deteriorated Credit Quality | |||
Allowance for Loan Losses [Roll Forward] | |||
Allowance for credit losses at period end | 0 | 0 | 1 |
Loans, net of unearned income | 2,114 | $ 2,114 | $ 1,171 |
Covered Loans | |||
Allowance for Loan Losses [Roll Forward] | |||
Other adjustments | $ 742 |
Allowance for Loan Losses All71
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Activity in the Allowance for Covered Loan Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Covered Loan Losses [Roll Forward] | ||
Balance at beginning of period | $ 1,322 | $ 3,026 |
Allowance for covered loan losses transferred to allowance for loan losses subsequent to loss share termination or expiration | (742) | (156) |
Provision for covered loan losses before benefit attributable to FDIC loss share agreements | (1,063) | (3,530) |
Benefit attributable to FDIC loss share agreements | 1,592 | 2,949 |
Net provision for covered loan losses and transfer from allowance for covered loan losses to allowance for loan losses | (213) | (737) |
Increase/decrease in FDIC indemnification liability/asset | (1,592) | (2,949) |
Loans charged-off | (517) | (1,410) |
Recoveries of loans charged-off | 1,000 | 3,392 |
Net recoveries | 483 | 1,982 |
Balance at end of period | $ 0 | $ 1,322 |
Allowance for Loan Losses All72
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans, Including Restructured Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Impaired loans with an allowance for loan loss required, Recorded Investment | $ 36,084 | $ 33,146 | |
Impaired loans with no allowance for loan loss required | 69,004 | 57,370 | |
Total impaired loans | 105,088 | 90,516 | |
Allowance for loan losses related to impaired loans | 8,023 | 6,377 | |
TDRs | 49,786 | 41,708 | |
Reduction of interest income from non-accrual loans | 2,373 | 3,060 | |
Interest income recognized on impaired loans | $ 6,298 | $ 5,485 | $ 6,200 |
Allowance for Loan Losses All73
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Impaired Loans Evaluated for Impairment by Loan Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | $ 36,084 | $ 33,146 | |
Related Allowance | 8,023 | 6,377 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 69,004 | 57,370 | |
Loans, net of unearned income, Recorded Investment | 105,088 | 90,516 | |
Loans, net of unearned income, Unpaid Principal Balance | 127,566 | 103,046 | |
Loans, net of unearned income, Average Recorded Investment | 115,261 | 105,423 | $ 107,200 |
Loans, net of unearned income, Interest Income Recognized | 6,298 | 5,485 | $ 6,200 |
Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 1,606 | 1,961 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 1,869 | 1,873 | |
Related Allowance | 784 | 1,233 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 1,626 | 1,969 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 81 | 75 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 7,648 | 8,033 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 11,648 | 10,483 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 9,114 | 8,830 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 603 | 475 | |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 3,798 | 5,752 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 3,910 | 6,327 | |
Related Allowance | 586 | 849 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 3,790 | 5,816 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 146 | 261 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 17,455 | 11,983 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 20,327 | 14,124 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 17,926 | 12,041 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 860 | 622 | |
Consumer and other | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 26 | 117 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 28 | 121 | |
Related Allowance | 26 | 100 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 27 | 131 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 2 | 7 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 733 | 378 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 890 | 489 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 773 | 393 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 48 | 26 | |
Commercial, industrial and other | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 6,233 | 2,601 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 7,323 | 2,617 | |
Related Allowance | 3,951 | 1,079 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 7,220 | 2,649 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 452 | 134 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 8,460 | 12,534 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 12,259 | 14,704 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 10,170 | 14,944 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 683 | 948 | |
Franchise | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 16,256 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 16,256 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 17,089 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 780 | 0 | |
Asset-based lending | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 948 | 233 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 949 | 235 | |
Related Allowance | 355 | 26 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 1,302 | 235 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 72 | 10 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 602 | 1,691 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 602 | 2,550 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 688 | 8,467 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 40 | 377 | |
Leases | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 2,331 | 2,441 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 2,337 | 2,443 | |
Related Allowance | 158 | 107 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 2,463 | 2,561 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 117 | 128 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 782 | 873 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 782 | 873 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 845 | 939 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 49 | 56 | |
Construction | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 3,097 | 5,302 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 3,897 | 5,302 | |
Related Allowance | 403 | 86 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 3,690 | 5,368 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 197 | 164 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 1,367 | 4,003 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 1,678 | 4,003 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 1,555 | 4,161 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 84 | 81 | |
Land | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 1,283 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 0 | 1,283 | |
Related Allowance | 0 | 1 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 0 | 1,303 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 0 | 47 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 3,961 | 3,034 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 4,192 | 3,503 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 4,129 | 3,371 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 182 | 142 | |
Office | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 471 | 2,687 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 471 | 2,697 | |
Related Allowance | 5 | 324 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 481 | 2,797 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 24 | 137 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 2,438 | 3,994 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 6,140 | 5,921 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 3,484 | 4,002 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 330 | 323 | |
Industrial | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 408 | 5,207 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 408 | 5,843 | |
Related Allowance | 40 | 1,810 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 414 | 7,804 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 25 | 421 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 403 | 2,129 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 2,010 | 2,436 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 1,849 | 2,828 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 174 | 274 | |
Retail | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 15,599 | 1,750 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 15,657 | 1,834 | |
Related Allowance | 1,336 | 170 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 15,736 | 2,039 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 624 | 101 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 2,393 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 3,538 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 2,486 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 221 | 0 | |
Multi-family | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 0 | 0 | |
Related Allowance | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 0 | 0 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 1,231 | 1,903 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 2,078 | 1,987 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 1,246 | 1,825 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | 76 | 84 | |
Mixed use and other | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with a related ASC 310 allowance recorded | 1,567 | 3,812 | |
Impaired loans with a related ASC 310 allowance recorded, Unpaid Principal Balance | 1,586 | 4,010 | |
Related Allowance | 379 | 592 | |
Impaired loans with a related ASC 310 allowance recorded, Average Recorded Investment | 1,599 | 4,038 | |
Impaired loans with a related ASC 310 allowance recorded, Interest Income Recognized | 77 | 195 | |
Impaired loans with no related ASC 310 allowance recorded, Recorded Investment | 5,275 | 6,815 | |
Impaired loans with no related ASC 310 allowance recorded, Unpaid Principal Balance | 6,731 | 7,388 | |
Impaired loans with no related ASC 310 allowance recorded, Average Recorded Investment | 5,559 | 6,912 | |
Impaired loans with no related ASC 310 allowance recorded, Interest Income Recognized | $ 351 | $ 397 |
Allowance for Loan Losses All74
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of the Post-Modification Balance of Loans Restructured) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)contracts | Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts | |
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 21 | 21 | 12 |
Total Balance | $ | $ 24,325 | $ 12,897 | $ 2,034 |
Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 12 | 19 | 12 |
Total Balance | $ | $ 4,265 | $ 12,656 | $ 2,034 |
Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 9 | 9 | 5 |
Total Balance | $ | $ 4,915 | $ 8,046 | $ 674 |
Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 7 | 2 | 4 |
Total Balance | $ | $ 17,719 | $ 470 | $ 420 |
Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 1 | 0 |
Total Balance | $ | $ 69 | $ 275 | $ 0 |
Commercial | Commercial, industrial and other | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 5 | 3 | 0 |
Total Balance | $ | $ 3,775 | $ 345 | $ 0 |
Commercial | Commercial, industrial and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 3 | 0 |
Total Balance | $ | $ 95 | $ 345 | $ 0 |
Commercial | Commercial, industrial and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 0 | 0 |
Total Balance | $ | $ 2,272 | $ 0 | $ 0 |
Commercial | Commercial, industrial and other | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 3 | 0 | 0 |
Total Balance | $ | $ 1,408 | $ 0 | $ 0 |
Commercial | Commercial, industrial and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 1 | 0 |
Total Balance | $ | $ 0 | $ 275 | $ 0 |
Commercial | Franchise | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 3 | 0 | 0 |
Total Balance | $ | $ 16,256 | $ 0 | $ 0 |
Commercial | Franchise | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Franchise | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Franchise | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 3 | 0 | 0 |
Total Balance | $ | $ 16,256 | $ 0 | $ 0 |
Commercial | Franchise | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 2 | 0 |
Total Balance | $ | $ 0 | $ 2,949 | $ 0 |
Commercial | Leases | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 2 | 0 |
Total Balance | $ | $ 0 | $ 2,949 | $ 0 |
Commercial | Leases | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial | Leases | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Office | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 1 | 0 |
Total Balance | $ | $ 0 | $ 450 | $ 0 |
Commercial real estate | Office | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 1 | 0 |
Total Balance | $ | $ 0 | $ 450 | $ 0 |
Commercial real estate | Office | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Office | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Office | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Industrial | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 6 | 1 |
Total Balance | $ | $ 0 | $ 7,921 | $ 169 |
Commercial real estate | Industrial | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 6 | 1 |
Total Balance | $ | $ 0 | $ 7,921 | $ 169 |
Commercial real estate | Industrial | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 3 | 0 |
Total Balance | $ | $ 0 | $ 7,196 | $ 0 |
Commercial real estate | Industrial | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 1 |
Total Balance | $ | $ 0 | $ 0 | $ 169 |
Commercial real estate | Industrial | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Mixed use and other | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 2 | 2 |
Total Balance | $ | $ 1,245 | $ 150 | $ 201 |
Commercial real estate | Mixed use and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 2 | 2 |
Total Balance | $ | $ 1,245 | $ 150 | $ 201 |
Commercial real estate | Mixed use and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate | Mixed use and other | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 2 |
Total Balance | $ | $ 0 | $ 0 | $ 201 |
Commercial real estate | Mixed use and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 0 | 0 |
Total Balance | $ | $ 0 | $ 0 | $ 0 |
Residential real estate and other | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 12 | 7 | 9 |
Total Balance | $ | $ 3,049 | $ 1,082 | $ 1,664 |
Residential real estate and other | Extension at Below Market Terms | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 10 | 5 | 9 |
Total Balance | $ | $ 2,925 | $ 841 | $ 1,664 |
Residential real estate and other | Reduction of Interest Rate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 8 | 6 | 5 |
Total Balance | $ | $ 2,643 | $ 850 | $ 674 |
Residential real estate and other | Modification To Interest Only Payments | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 2 | 1 |
Total Balance | $ | $ 55 | $ 470 | $ 50 |
Residential real estate and other | Forgiveness of Debt | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 0 | 0 |
Total Balance | $ | $ 69 | $ 0 | $ 0 |
Allowance for Loan Losses All75
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Summary of Loans Restructured and Subsequently Defaulted Under the Restructured Terms) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)contracts | Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts | |
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 21 | 21 | 12 |
Total Balance | $ | $ 24,325 | $ 12,897 | $ 2,034 |
Total count, payments in default | contracts | 8 | 8 | 6 |
Total loans, payments in default | $ | $ 6,978 | $ 7,841 | $ 769 |
Residential real estate and other | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 12 | 7 | 9 |
Total Balance | $ | $ 3,049 | $ 1,082 | $ 1,664 |
Total count, payments in default | contracts | 3 | 0 | 4 |
Total loans, payments in default | $ | $ 2,052 | $ 0 | $ 568 |
Commercial, industrial and other | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 5 | 3 | 0 |
Total Balance | $ | $ 3,775 | $ 345 | $ 0 |
Total count, payments in default | contracts | 4 | 1 | 0 |
Total loans, payments in default | $ | $ 3,681 | $ 28 | $ 0 |
Franchise | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 3 | 0 | 0 |
Total Balance | $ | $ 16,256 | $ 0 | $ 0 |
Total count, payments in default | contracts | 0 | 0 | 0 |
Total loans, payments in default | $ | $ 0 | $ 0 | $ 0 |
Leases | Commercial | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 2 | 0 |
Total Balance | $ | $ 0 | $ 2,949 | $ 0 |
Total count, payments in default | contracts | 0 | 0 | 0 |
Total loans, payments in default | $ | $ 0 | $ 0 | $ 0 |
Office | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 1 | 0 |
Total Balance | $ | $ 0 | $ 450 | $ 0 |
Total count, payments in default | contracts | 0 | 1 | 0 |
Total loans, payments in default | $ | $ 0 | $ 450 | $ 0 |
Industrial | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 0 | 6 | 1 |
Total Balance | $ | $ 0 | $ 7,921 | $ 169 |
Total count, payments in default | contracts | 0 | 5 | 0 |
Total loans, payments in default | $ | $ 0 | $ 7,347 | $ 0 |
Mixed use and other | Commercial real estate | |||
Financing Receivables, Modifications [Line Items] | |||
Total Count | contracts | 1 | 2 | 2 |
Total Balance | $ | $ 1,245 | $ 150 | $ 201 |
Total count, payments in default | contracts | 1 | 1 | 2 |
Total loans, payments in default | $ | $ 1,245 | $ 16 | $ 201 |
Allowance for Loan Losses All76
Allowance for Loan Losses Allowance for Losses on Lending-Related Commitments and Impaired Loans (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)contracts | Dec. 31, 2016USD ($)contracts | Dec. 31, 2015USD ($)contracts | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Average recorded investment | $ 115,261,000 | $ 105,423,000 | $ 107,200,000 |
Interest income recognized on impaired loans | 6,298,000 | 5,485,000 | $ 6,200,000 |
Loans modified in TDRs | $ 49,786,000 | $ 41,708,000 | |
Number of loans | contracts | 21 | 21 | 12 |
Allowance for loan losses related to impaired loans | $ 8,023,000 | $ 6,377,000 | |
Balance of loans | $ 24,325,000 | $ 12,897,000 | $ 2,034,000 |
Weighted average extension term | 35 months | 19 months | 45 months |
Decrease in stated interest rate (as a percent) | 4.85% | 0.34% | 3.58% |
Weighted average interest only payment term | 11 months | 7 months | 17 months |
Loan forgiveness | $ 73,000 | $ 300,000 | $ 0 |
Financing Receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of loans | contracts | 80 | ||
Allowance for loan losses related to impaired loans | $ 3,900,000 | ||
Interest income from decrease in impairment | 207,000 | $ 421,000 | |
Residential Real Estate | Financing Receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Other real estate owned | 9,700,000 | ||
In process other real estate owned | $ 9,800,000 |
Mortgage Servicing Rights (Sche
Mortgage Servicing Rights (Schedule Of Changes In Carrying Value Of MSR) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of year | $ 19,103 | $ 9,092 | $ 8,435 |
Additions from loans sold with servicing retained | 18,341 | 13,091 | 1,759 |
Estimate of changes in fair value due to: | |||
Payoffs and paydowns | (2,595) | (2,325) | (1,315) |
Changes in valuation inputs or assumptions | (1,173) | (755) | 213 |
Fair value at end of year | 33,676 | 19,103 | 9,092 |
Unpaid principal balance of mortgage loans serviced for others | $ 2,929,133 | $ 1,784,760 | $ 939,819 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Thousands | Oct. 16, 2017USD ($) | Feb. 14, 2017USD ($) | Nov. 18, 2016USD ($)locations | Aug. 19, 2016USD ($) | Mar. 31, 2016USD ($)locations | Jul. 24, 2015USD ($)locations | Jul. 17, 2015USD ($)locations | Jul. 02, 2015USD ($) | Jan. 16, 2015USD ($)locations | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012financial_institution | Jul. 01, 2015USD ($)locations |
Business Acquisition [Line Items] | ||||||||||||||
Additional goodwill recorded on acquisition | $ 999 | |||||||||||||
FDIC loss sharing agreement (as a percent) | 80.00% | |||||||||||||
Reduction to estimated loss share liability | $ (4,900) | $ (1,658) | $ 9,309 | |||||||||||
Net payment early termination of loss share agreements | $ 15,200 | |||||||||||||
Pre-tax gain on write off | $ 400 | |||||||||||||
First Community Financial Corporation | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Nov. 18, 2016 | |||||||||||||
Number of locations | locations | 2 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 187,300 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 79,500 | |||||||||||||
Fair value of deposits | 150,300 | |||||||||||||
Additional goodwill recorded on acquisition | $ 13,800 | |||||||||||||
GE Capital Franchise Finance | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Aug. 19, 2016 | |||||||||||||
Fair value of loans acquired, at the acquisition date | $ 561,400 | |||||||||||||
Generations Bancorp Inc | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Mar. 31, 2016 | |||||||||||||
Number of locations | locations | 1 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 134,200 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 67,400 | |||||||||||||
Fair value of deposits | 100,200 | |||||||||||||
Additional goodwill recorded on acquisition | $ 11,500 | |||||||||||||
Community Financial Shares Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Jul. 24, 2015 | |||||||||||||
Number of locations | locations | 4 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 350,500 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 159,500 | |||||||||||||
Fair value of deposits | 290,000 | |||||||||||||
Additional goodwill recorded on acquisition | $ 27,600 | |||||||||||||
Suburban Illinois Bancorp | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Jul. 17, 2015 | |||||||||||||
Number of locations | locations | 10 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 494,700 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 257,800 | |||||||||||||
Fair value of deposits | 416,700 | |||||||||||||
Additional goodwill recorded on acquisition | $ 18,600 | |||||||||||||
North Bank | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Jul. 1, 2015 | |||||||||||||
Number of locations | locations | 2 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 117,900 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 51,600 | |||||||||||||
Fair value of deposits | $ 101,000 | |||||||||||||
Additional goodwill recorded on acquisition | $ 6,700 | |||||||||||||
Delavan Bancshares | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Date of acquisition | Jan. 16, 2015 | |||||||||||||
Number of locations | locations | 4 | |||||||||||||
Fair value of assets acquired, at the acquisition date | $ 224,100 | |||||||||||||
Fair value of loans acquired, at the acquisition date | 128,000 | |||||||||||||
Fair value of deposits | 170,200 | |||||||||||||
Additional goodwill recorded on acquisition | 16,800 | |||||||||||||
Fair value of liabilities assumed, at the acquisition date | $ 186,400 | |||||||||||||
FDIC Assisted | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Number of FDIC-assisted banks acquired | financial_institution | 9 | |||||||||||||
Transactions subject to loss share arrangements | financial_institution | 8 | |||||||||||||
American Homestead Mortgage, LLC (AHM) | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Additional goodwill recorded on acquisition | $ 999 |
Business Combinations (Summary
Business Combinations (Summary of FDIC Indemnification Asset) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC Indemnification Asset [Roll Forward] | |||
Balance at beginning of period | $ 16,701 | $ 6,100 | |
Reductions from reimbursable expenses | (291) | (1,303) | |
Amortization | 1,044 | 1,388 | |
Changes in expected reimbursements from the FDIC for changes in expected credit losses | $ (4,900) | (1,658) | 9,309 |
Resolution through payments paid to the FDIC and termination of loss share agreements | (15,796) | 1,207 | |
Balance at end of period | $ 0 | $ 16,701 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Goodwill Assets by Business Segment) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 498,587 |
Goodwill Acquired | 999 |
Impairment Loss | 0 |
Goodwill Adjustments | 2,298 |
Ending balance | 501,884 |
Community banking | |
Goodwill [Roll Forward] | |
Beginning balance | 427,781 |
Goodwill Acquired | 999 |
Impairment Loss | 0 |
Goodwill Adjustments | 740 |
Ending balance | 429,520 |
Specialty finance | |
Goodwill [Roll Forward] | |
Beginning balance | 38,692 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 1,558 |
Ending balance | 40,250 |
Wealth management | |
Goodwill [Roll Forward] | |
Beginning balance | 32,114 |
Goodwill Acquired | 0 |
Impairment Loss | 0 |
Goodwill Adjustments | 0 |
Ending balance | $ 32,114 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Summary of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Total other intangible assets, net | $ 17,621 | $ 21,851 |
Community banking | Core deposit intangibles: | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 37,272 | 37,272 |
Accumulated amortization | (25,427) | (21,614) |
Net carrying amount | 11,845 | 15,658 |
Specialty finance | Customer list intangibles: | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 1,972 | 1,800 |
Accumulated amortization | (1,298) | (1,159) |
Net carrying amount | 674 | 641 |
Wealth management | Customer list and other intangibles: | ||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||
Gross carrying amount | 7,940 | 7,940 |
Accumulated amortization | (2,838) | (2,388) |
Net carrying amount | $ 5,102 | $ 5,552 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets (Estimated Amortization) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated amortization - 2018 | $ 3,796 |
Estimated amortization - 2019 | 3,223 |
Estimated amortization - 2020 | 2,597 |
Estimated amortization - 2021 | 2,056 |
Estimated amortization - 2022 | $ 1,556 |
Goodwill and Other Intangible83
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill Adjustments | $ 2,298 | ||
Amortization expense | 4,401 | $ 4,789 | $ 4,621 |
Community banking | |||
Goodwill [Line Items] | |||
Goodwill increase | 1,700 | ||
Goodwill Adjustments | 740 | ||
Specialty finance | |||
Goodwill [Line Items] | |||
Goodwill Adjustments | 1,558 | ||
Wealth management | |||
Goodwill [Line Items] | |||
Goodwill Adjustments | $ 0 | ||
Core deposit intangibles | Community banking | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 10 years | ||
Customer list intangibles | Specialty finance | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 18 years | ||
Customer list intangibles | Wealth management | |||
Goodwill [Line Items] | |||
Finite-lived intangibles, useful life | 10 years |
Premises and Equipment, Net (Su
Premises and Equipment, Net (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 913,959 | $ 861,525 |
Less: Accumulated depreciation and amortization | 292,064 | 264,224 |
Total premises and equipment, net | 621,895 | 597,301 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 147,704 | 137,428 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 555,636 | 533,211 |
Furniture, equipment, and computer software | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 203,657 | 186,450 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 6,962 | $ 4,436 |
Premises and Equipment, Net (Na
Premises and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 31.5 | $ 32.1 | $ 31.1 |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Non-interest bearing | $ 6,792,497 | $ 5,927,377 |
NOW and interest bearing demand deposits | 2,315,055 | 2,624,442 |
Wealth management deposits | 2,323,699 | 2,209,617 |
Money market | 4,515,353 | 4,441,811 |
Savings | 2,829,373 | 2,180,482 |
Time certificates of deposit | 4,407,370 | 4,274,903 |
Total deposits | $ 23,183,347 | $ 21,658,632 |
Non-interest bearing | 29.00% | 27.00% |
NOW and interest bearing demand deposits | 10.00% | 12.00% |
Wealth management deposits | 10.00% | 10.00% |
Money market | 20.00% | 21.00% |
Savings | 12.00% | 10.00% |
Time certificates of deposit | 19.00% | 20.00% |
Total deposits | 100.00% | 100.00% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Certificates of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Due within one year | $ 3,167,220 | $ 2,803,509 |
Due in one to two years | 969,130 | 1,173,688 |
Due in two to three years | 127,548 | 151,283 |
Due in three to four years | 98,952 | 87,509 |
Due in four to five years | 44,206 | 58,181 |
Due after five years | 314 | 733 |
Total time certificate of deposits | $ 4,407,370 | $ 4,274,903 |
Deposits (Schedule of Maturit88
Deposits (Schedule of Maturities of Time Deposits Over One Hundred Thousand Dollars) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Maturing within three months | $ 695,904 | $ 592,759 |
After three but within six months | 614,963 | 429,756 |
After six but within 12 months | 820,285 | 817,615 |
After 12 months | 784,798 | 904,195 |
Total | $ 2,915,950 | $ 2,744,325 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Time deposits of $250,000 or more | $ 1.3 | $ 1.2 |
Federal Home Loan Bank Advanc90
Federal Home Loan Bank Advances (Summary of Outstanding FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 559,663 | $ 153,831 |
1.09% advance due February 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 2,000 |
Interest rate (as a percent) | 1.09% | |
1.25% advance due February 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 24,928 |
Interest rate (as a percent) | 1.25% | |
3.47% advance due November 2017 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 0 | 10,000 |
Interest rate (as a percent) | 3.47% | |
1.44% advance due January 2018 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 250,000 | 0 |
Interest rate (as a percent) | 1.44% | |
1.49% advance due February 2018 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 94,663 | 91,903 |
Interest rate (as a percent) | 1.49% | |
4.18% advance due February 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 25,000 | 25,000 |
Interest rate (as a percent) | 4.18% | |
1.52% advance due March 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 50,000 | 0 |
Interest rate (as a percent) | 1.52% | |
1.45% advance due May 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 50,000 | 0 |
Interest rate (as a percent) | 1.45% | |
1.46% advance due May 2022 | ||
Federal Home Loan Bank, Advances, Branch Of FHLB Bank [Line Items] | ||
Federal Home Loan Bank advances | $ 90,000 | $ 0 |
Interest rate (as a percent) | 1.46% |
Federal Home Loan Bank Advanc91
Federal Home Loan Bank Advances (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($)Rate |
Federal Home Loan Bank, Advances [Line Items] | |
Federal Home Loan Bank advances having varying put dates | $ 165 |
Federal Home Loan Bank Advances | |
Federal Home Loan Bank, Advances [Line Items] | |
Additional borrowings possible | $ 2,700 |
Federal Home Loan Bank Advances | Weighted Average | |
Federal Home Loan Bank, Advances [Line Items] | |
FHLB advances, weighted average interest rate (as a percent) | Rate | 1.58% |
Subordinated Notes (Narrative)
Subordinated Notes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 139,088 | $ 138,971 | $ 138,900 | |
Subordinated debt issued, gross | $ 140,000 | |||
Proceeds from issuance of subordinated debt | 139,100 | |||
Debt issuance costs | $ 1,300 | |||
Subordinated Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 5.00% | |||
Debt instrument, maturity date | Jun. 13, 2024 | |||
Debt instrument, unamortized discount | $ 912 |
Other Borrowings (Summary Of Ot
Other Borrowings (Summary Of Other Borrowings) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Notes payable | $ 41,222 | $ 52,445 |
Short-term borrowings | 17,209 | 61,809 |
Other | 49,131 | 18,154 |
Secured borrowings | 158,561 | 130,078 |
Total other borrowings | $ 266,123 | $ 262,486 |
Other Borrowings (Schedule of F
Other Borrowings (Schedule of Financial Instruments Owned and Pledged as Collateral) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | $ 44,262 | |
Excess collateral | 27,053 | |
Securities Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements | 17,209 | $ 61,800 |
Available-for-sale securities | U.S. Treasury | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | 4,995 | |
Available-for-sale securities | Mortgage-backed securities | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | 24,267 | |
Held-to-maturity securities | U.S. Government agencies | ||
Debt Instrument [Line Items] | ||
Securities sold under repurchase agreements, gross | $ 15,000 |
Other Borrowings (Narrative) (D
Other Borrowings (Narrative) (Details) CAD in Millions | 1 Months Ended | 12 Months Ended | 24 Months Ended | 37 Months Ended | |||
Dec. 31, 2017CAD | Dec. 31, 2015CAD | Dec. 31, 2014CAD | Dec. 31, 2017USD ($)buildingRate | Dec. 31, 2015CAD | Dec. 31, 2017CAD | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||
Notes payable | $ 41,222,000 | $ 52,445,000 | |||||
Loans payable to bank | 150,000,000 | ||||||
Short-term borrowings | 17,209,000 | 61,809,000 | |||||
Sweep accounts | 44,262,000 | ||||||
Other | 49,131,000 | 18,154,000 | |||||
Secured borrowings | $ 158,561,000 | 130,078,000 | |||||
Base Rate Loan | Federal Funds Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.50% | ||||||
Base Rate Loan | Eurodollar | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.00% | ||||||
Term Facility | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable | $ 41,200,000 | 52,400,000 | |||||
Maximum borrowing capacity | $ 75,000,000 | ||||||
Term Facility | Base Rate Loan | Highest Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | Rate | 0.75% | ||||||
Term Facility | Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | Rate | 1.75% | ||||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Notes payable | $ 0 | 0 | |||||
Maximum borrowing capacity | $ 75,000,000 | ||||||
Commitment fee (as a percent) | Rate | 0.20% | ||||||
Revolving Credit Facility | Base Rate Loan | Highest Rate | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.50% | ||||||
Revolving Credit Facility | Eurodollar Rate Loan | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | ||||||
Securities Sold under Agreements to Repurchase | |||||||
Debt Instrument [Line Items] | |||||||
Securities sold under repurchase agreements | $ 17,209,000 | 61,800,000 | |||||
Fixed Rate Promissory Note | |||||||
Debt Instrument [Line Items] | |||||||
Number of properties | building | 2 | ||||||
Other | $ 49,000,000 | 17,700,000 | |||||
Contractual rate (as a percent) | 3.36% | ||||||
Non Recourse Debt | |||||||
Debt Instrument [Line Items] | |||||||
Other | $ 151,000 | 447,000 | |||||
Receivables Purchase Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Contractual rate (as a percent) | 2.214% | ||||||
Proceeds from issuance of debt | CAD | CAD 10 | CAD 10 | CAD 150 | CAD 160 | CAD 170 | ||
Secured borrowings | $ 135,100,000 | $ 119,000,000 | |||||
Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured borrowings | $ 23,500,000 |
Junior Subordinated Debenture96
Junior Subordinated Debentures (Summary of the Company's Junior Subordinated Debentures) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 253,566,000 | $ 253,566,000 |
Junior Subordinated Debt | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 253,566,000 | 253,566,000 |
Weighted average interest rate (as a percent) | 3.79% | |
Junior Subordinated Debt | Wintrust Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 774,000 | |
Trust Preferred Securities | 25,000,000 | |
Junior subordinated debentures | $ 25,774,000 | 25,774,000 |
Contractual rate (as a percent) | 4.61% | |
Junior Subordinated Debt | Wintrust Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 619,000 | |
Trust Preferred Securities | 20,000,000 | |
Junior subordinated debentures | $ 20,619,000 | 20,619,000 |
Contractual rate (as a percent) | 4.49% | |
Junior Subordinated Debt | Wintrust Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,238,000 | |
Trust Preferred Securities | 40,000,000 | |
Junior subordinated debentures | $ 41,238,000 | 41,238,000 |
Contractual rate (as a percent) | 4.29% | |
Junior Subordinated Debt | Wintrust Capital Trust VII | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,550,000 | |
Trust Preferred Securities | 50,000,000 | |
Junior subordinated debentures | $ 51,550,000 | 51,550,000 |
Contractual rate (as a percent) | 3.54% | |
Junior Subordinated Debt | Wintrust Capital Trust VIII | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,238,000 | |
Trust Preferred Securities | 25,000,000 | |
Junior subordinated debentures | $ 26,238,000 | 26,238,000 |
Contractual rate (as a percent) | 3.14% | |
Junior Subordinated Debt | Wintrust Capital Trust IX | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 1,547,000 | |
Trust Preferred Securities | 50,000,000 | |
Junior subordinated debentures | $ 51,547,000 | 51,547,000 |
Contractual rate (as a percent) | 3.22% | |
Junior Subordinated Debt | Northview Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 186,000 | |
Trust Preferred Securities | 6,000,000 | |
Junior subordinated debentures | $ 6,186,000 | 6,186,000 |
Contractual rate (as a percent) | 4.38% | |
Junior Subordinated Debt | Town Bankshares Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 186,000 | |
Trust Preferred Securities | 6,000,000 | |
Junior subordinated debentures | $ 6,186,000 | 6,186,000 |
Contractual rate (as a percent) | 4.38% | |
Junior Subordinated Debt | First Northwest Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 155,000 | |
Trust Preferred Securities | 5,000,000 | |
Junior subordinated debentures | $ 5,155,000 | 5,155,000 |
Contractual rate (as a percent) | 4.69% | |
Junior Subordinated Debt | Suburban Illinois Capital Trust II | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 464,000 | |
Trust Preferred Securities | 15,000,000 | |
Junior subordinated debentures | $ 15,464,000 | 15,464,000 |
Contractual rate (as a percent) | 3.34% | |
Junior Subordinated Debt | Community Financial Shares Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Common Securities | $ 109,000 | |
Trust Preferred Securities | 3,500,000 | |
Junior subordinated debentures | $ 3,609,000 | $ 3,609,000 |
Contractual rate (as a percent) | 3.21% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 3.25% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 2.80% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 2.60% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VII | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.95% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust VIII | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.45% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Wintrust Capital Trust IX | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.63% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Northview Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 3.00% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Town Bankshares Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 3.00% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | First Northwest Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 3.00% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Suburban Illinois Capital Trust II | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.75% | |
Junior Subordinated Debt | London Interbank Offered Rate (LIBOR) | Community Financial Shares Statutory Trust II | ||
Subordinated Borrowing [Line Items] | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.62% |
Junior Subordinated Debenture97
Junior Subordinated Debentures (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016USD ($) | Dec. 31, 2017USD ($)trustquarterRate | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Subordinated Borrowing [Line Items] | ||||
Percentage ownership interest in subsidiary trusts | 100.00% | |||
Number of unconsolidated subsidiary trusts | trust | 11 | |||
Common securities, approximate percentage of junior subordinated debentures | 3.00% | |||
Trust preferred securities, approximate percentage of junior subordinated debentures | 97.00% | |||
Gain on early extinguishment | $ 0 | $ 3,588,000 | $ 0 | |
Junior subordinated debentures | $ 253,566,000 | 253,566,000 | ||
Consecutive quarters of deferred payment | quarter | 20 | |||
Wintrust Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Debt acquired | $ 15,000,000 | |||
Trust preferred securities, face amount issued | 40,000,000 | |||
Extinguished amount of junior subordinated debentures | 15,000,000 | |||
Gain on early extinguishment | $ 4,300,000 | |||
Junior Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Junior subordinated debentures | $ 253,566,000 | $ 253,566,000 | ||
Weighted average interest rate (as a percent) | Rate | 3.79% | |||
Tier 1 regulatory capital | $ 0 | |||
Tier 2 regulatory capital | $ 245,500,000 |
Minimum Lease Commitments (Appr
Minimum Lease Commitments (Approximate Minimum Annual Gross Rental Payments And Gross Rental Income) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Payments | |
2018 - Payments | $ 12,791 |
2019 - Payments | 13,011 |
2020 - Payments | 13,534 |
2021 - Payments | 11,721 |
2022 - Payments | 10,856 |
2023 and thereafter - Payments | 104,270 |
Total minimum future amounts | 166,183 |
Receipts | |
2018 - Receipts | 4,603 |
2019 - Receipts | 3,054 |
2020 - Receipts | 2,327 |
2021 - Receipts | 1,750 |
2022 - Receipts | 1,112 |
2023 and thereafter - Receipts | 785 |
Total minimum future amounts | $ 13,631 |
Minimum Lease Commitments (Narr
Minimum Lease Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense | $ 17.7 | $ 17.4 | $ 15.7 |
Rental income | $ 9.8 | $ 8.9 | $ 7.7 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current income taxes: | |||||||||||
Federal | $ 54,977 | $ 98,272 | $ 62,584 | ||||||||
State | 12,852 | 20,041 | 9,417 | ||||||||
Foreign | 1,243 | (10) | (39) | ||||||||
Total current income taxes | 69,072 | 118,303 | 71,962 | ||||||||
Deferred income taxes: | |||||||||||
Federal | 51,668 | 4,464 | 15,550 | ||||||||
State | 10,403 | (14) | 5,962 | ||||||||
Foreign | 1,172 | 2,226 | 1,542 | ||||||||
Total deferred income taxes | 63,243 | 6,676 | 23,054 | ||||||||
Total income tax expense | $ 27,004 | $ 38,622 | $ 37,049 | $ 29,640 | $ 33,724 | $ 31,939 | $ 29,930 | $ 29,386 | $ 132,315 | $ 124,979 | $ 95,016 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax rate (as a percent) | 35.00% | ||||||||||
Income tax expense using the statutory Federal income tax rate of 35% on income before income taxes | $ 136,499 | $ 116,149 | $ 88,118 | ||||||||
Increase (decrease) in tax resulting from: | |||||||||||
Tax-exempt interest, net of interest expense disallowance | (4,658) | (3,634) | (2,878) | ||||||||
State taxes, net of federal tax benefit | 15,115 | 13,017 | 9,996 | ||||||||
Income earned on bank owned life insurance | (1,167) | (1,198) | (1,562) | ||||||||
Excess tax benefits on share based compensation | (5,470) | 0 | 0 | ||||||||
Re-measurement of net deferred tax liabilities | (10,402) | 0 | 0 | ||||||||
Transition tax on deferred foreign earnings | 2,850 | 0 | 0 | ||||||||
Meals, entertainment and related expenses | 1,710 | 1,439 | 1,283 | ||||||||
Foreign subsidiary, net | (271) | (264) | 148 | ||||||||
Tax benefits related to tax credit investments, net | (698) | (572) | (778) | ||||||||
Other, net | (1,193) | 42 | 689 | ||||||||
Total income tax expense | $ 27,004 | $ 38,622 | $ 37,049 | $ 29,640 | $ 33,724 | $ 31,939 | $ 29,930 | $ 29,386 | $ 132,315 | $ 124,979 | $ 95,016 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for credit losses | $ 36,442 | $ 46,519 |
Deferred compensation | 12,310 | 28,125 |
Net unrealized losses on securities included in other comprehensive income | 7,465 | 19,036 |
Stock-based compensation | 6,898 | 9,704 |
Loans | 4,943 | 5,055 |
Other real estate owned | 4,019 | 7,151 |
Federal net operating loss carryforward | 3,063 | 7,624 |
AMT credit carryforward | 1,199 | 1,872 |
Nonaccrued interest | 983 | 1,884 |
Mortgage banking recourse obligation | 722 | 2,025 |
Covered assets | 0 | 18,484 |
Foreign net operating loss carryforward | 0 | 3,476 |
Other | 2,307 | 2,408 |
Total gross deferred tax assets | 80,351 | 153,363 |
Deferred tax liabilities: | ||
Equipment leasing | 42,681 | 28,440 |
Premises and equipment | 23,211 | 31,053 |
Capitalized servicing rights | 8,916 | 7,326 |
Goodwill and intangible assets | 7,619 | 10,085 |
Deferred loan fees and costs | 3,531 | 5,131 |
Net unrealized gains on derivatives included in other comprehensive income | 3,197 | 2,732 |
Fair value adjustments on loans | 3,143 | 3,163 |
FHLB stock dividends | 0 | 346 |
Other | 3,433 | 6,334 |
Total gross deferred liabilities | 95,731 | 94,610 |
Net deferred tax assets (liabilities) | $ 15,380 | |
Net deferred tax assets (liabilities) | $ 58,753 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $ 11,626 | $ 0 | $ 0 |
Gross increases for tax positions taken in current period | 0 | 0 | 0 |
Gross decreases for positions taken in prior periods | (805) | ||
Gross increases for positions taken in prior periods | 11,626 | 0 | |
Unrecognized tax benefits at end of the year | $ 10,821 | $ 11,626 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before taxes | $ 95,785 | $ 104,248 | $ 101,946 | $ 88,018 | $ 88,332 | $ 85,054 | $ 79,971 | $ 78,497 | $ 389,997 | $ 331,854 | $ 251,765 |
Tax benefit (expense) from stock-based compensation arrangements | 6,200 | 230 | (1,900) | ||||||||
Tax Cuts and Jobs Act provisional amount recognized | 7,600 | ||||||||||
AMT credit carryforward | 1,199 | 1,872 | 1,199 | 1,872 | |||||||
Unrecognized tax benefits | 8,500 | 8,500 | |||||||||
Interest income accrued on unrecognized tax benefits | 921 | $ 521 | 921 | 521 | |||||||
Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Net operating loss carryforwards | $ 14,600 | $ 14,600 | |||||||||
Minimum | Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Net operating loss expiration date | Jan. 1, 2028 | ||||||||||
Maximum | Domestic Tax Authority | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Net operating loss expiration date | Dec. 31, 2035 | ||||||||||
Geographic distribution, foreign | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Income before taxes | $ 7,800 | $ 7,000 | $ 3,900 |
Stock Compensation Plans and105
Stock Compensation Plans and Other Employee Benefit Plans (Weighted Average Assumptions Used To Determine The Options Fair Value) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Expected dividend yield (as a percent) | 0.90% | 0.90% |
Expected volatility (as a percent) | 25.20% | 26.50% |
Risk-free rate (as a percent) | 1.30% | 1.30% |
Expected option life (in years) | 4 years 6 months | 4 years 6 months |
Stock Compensation Plans and106
Stock Compensation Plans and Other Employee Benefit Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options Outstanding [Roll Forward] | |||
Outstanding at beginning of the period (in shares) | 1,698,912 | 1,551,734 | 1,618,426 |
Granted (in shares) | 0 | 562,166 | 502,517 |
Options outstanding in acquired plans (in shares) | 16,364 | ||
Exercised (in shares) | (593,459) | (313,900) | (273,411) |
Forfeited or canceled (in shares) | (20,697) | (101,088) | (312,162) |
Outstanding at end of the period (in shares) | 1,084,756 | 1,698,912 | 1,551,734 |
Exercisable (in shares) | 562,810 | 703,892 | 720,580 |
Vested or expected to vest (in shares) | 1,065,809 | ||
Stock Options, Weighted Average Strike Price [Roll Forward] | |||
Outstanding at beginning of the period (in dollars per share) | $ 41.50 | $ 41.32 | $ 43 |
Granted (in dollars per share) | 0 | 41.04 | 44.36 |
Options outstanding in acquired plans (in dollars per share) | 21.18 | ||
Exercised (in dollars per share) | 40.57 | 37.71 | 42.82 |
Forfeited or canceled (in dollars per share) | 42.83 | 48 | 52.53 |
Outstanding at end of the period (in dollars per share) | 41.98 | 41.50 | 41.32 |
Exercisable (in dollars per share) | 41.82 | $ 39.62 | $ 37.64 |
Vested or expected to vest (in dollars per share) | $ 41.97 | ||
Stock Options Additional Disclosures | |||
Outstanding, Remaining Contractual Term | 4 years | 4 years 7 months 6 days | 4 years 4 months 24 days |
Outstanding, Intrinsic Value | $ 43,817 | $ 52,790 | $ 11,433 |
Exercisable, Remaining Contractual Term | 3 years 4 months | 3 years 4 months 24 days | 3 years 1 month 6 days |
Exercisable, Intrinsic Value | $ 22,820 | $ 23,195 | $ 8,045 |
Vested or expected to vest, Remaining Contractual Term | 4 years | ||
Vested or expected to vest, Intrinsic Value | $ 43,056 |
Stock Compensation Plans and107
Stock Compensation Plans and Other Employee Benefit Plans (Summary of Plans' Restricted Share Award Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock | |||
Non-Option Equity Instruments Outstanding [Roll Forward] | |||
Outstanding at the beginning of period (in shares) | 133,425 | 137,593 | 146,112 |
Granted (in shares) | 16,552 | 18,022 | 27,165 |
Vested and issued (in shares) | (19,639) | (20,007) | (29,018) |
Forfeited (in shares) | (2,551) | (2,183) | (6,666) |
Outstanding at the end of period (in shares) | 127,787 | 133,425 | 137,593 |
Vested, but deferred at year end (in shares) | 89,723 | 89,050 | 85,000 |
Non-Options Equity Instruments Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding at beginning of the period (in dollars per share) | $ 49.94 | $ 49.63 | $ 47.45 |
Granted (in dollars per share) | 73.16 | 46.01 | 48.17 |
Vested and issued (in dollars per share) | 47.13 | 44.91 | 39.33 |
Forfeited (in dollars per share) | 52.26 | 44.18 | 40.76 |
Outstanding at end of the period (in dollars per share) | 53.33 | 49.94 | 49.63 |
Vested, but deferred at year end (in dollars per share) | $ 51.64 | $ 51.47 | $ 51.88 |
Performance Shares | |||
Non-Option Equity Instruments Outstanding [Roll Forward] | |||
Outstanding at the beginning of period (in shares) | 298,180 | 276,533 | 295,679 |
Granted (in shares) | 145,853 | 118,084 | 106,017 |
Vested and issued (in shares) | (68,712) | (78,410) | (78,590) |
Forfeited (in shares) | (16,125) | (18,027) | (46,573) |
Outstanding at the end of period (in shares) | 359,196 | 298,180 | 276,533 |
Vested, but deferred at year end (in shares) | 108,143 | 6,672 | 0 |
Non-Options Equity Instruments Outstanding, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Outstanding at beginning of the period (in dollars per share) | $ 43.64 | $ 43.01 | $ 38.18 |
Granted (in dollars per share) | 72.60 | 41.02 | 44.35 |
Vested and issued (in dollars per share) | 46.85 | 37.90 | 31.10 |
Forfeited (in dollars per share) | 52.98 | 41.83 | 35.51 |
Outstanding at end of the period (in dollars per share) | 54.37 | 43.64 | 43.01 |
Vested, but deferred at year end (in dollars per share) | $ 44.16 | $ 37.98 | $ 0 |
Stock Compensation Plans and108
Stock Compensation Plans and Other Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted (in shares) | 4,000,000 | ||||
Stock-based compensation expense | $ 12,900,000 | $ 9,300,000 | $ 9,700,000 | ||
Tax benefit | 5,100,000 | $ 3,700,000 | $ 3,800,000 | ||
Grants in period fair value (in dollars per share) | $ 8.61 | $ 9.72 | |||
Fair value granted | 20,100,000 | $ 5,800,000 | $ 2,500,000 | ||
Tax benefit realized | 7,800,000 | 2,300,000 | 985,000 | ||
Cash received from exercise | 24,100,000 | 11,800,000 | 11,700,000 | ||
Unrecognized compensation | $ 15,100,000 | ||||
Unrecognized compensation period for recognition | 2 years | ||||
Fair value vested | $ 12,900,000 | 8,400,000 | 7,900,000 | ||
Expense for employer contribution to plan | 8,900,000 | 6,600,000 | 6,400,000 | ||
Pension expense (benefit) | 1,200,000 | 526,000 | 1,400,000 | ||
HPK Financial Corporation | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Projected benefit obligation | 5,500,000 | ||||
Fair value of plan assets | 3,700,000 | ||||
Diamond Bancorp, Inc. | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Projected benefit obligation | 3,000,000 | ||||
Fair value of plan assets | 1,600,000 | ||||
Cash Incentive And Retention Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expense related to plan | 0 | 0 | 0 | ||
Cash awards paid | 0 | $ 0 | $ 100,000 | ||
Cash awards outstanding | $ 0 | ||||
Directors Deferred Fee And Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issued to directors (in shares) | 27,508 | 25,362 | 20,475 | ||
Obligation to issue (in shares) | 280,544 | ||||
Available for future issuance (in shares) | 94,428 | ||||
Two Thousand And Fifteen Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | 5,485,000 | ||||
Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 3 years | ||||
Two Thousand And Seven Plan And Two Thousand And Fifteen Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 5 years | ||||
Option term | 7 years | ||||
Nineteen Ninety Seven Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option term | 10 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares that could be issued based on the grants made to date (in shares) | 127,787 | 133,425 | 137,593 | 146,112 | |
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 1 year | ||||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 5 years | ||||
Ltip Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vested in period (in shares) | 3 years | ||||
Ltip Awards | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award payout (as a percent) | 0.00% | ||||
Ltip Awards | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Option term | 7 years | ||||
Ltip Awards | Granted in Two Thousand Fifteen | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award payout (as a percent) | 150.00% | ||||
Ltip Awards | Granted Prior To Two Thousand Fifteen | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award payout (as a percent) | 200.00% | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares that could be issued based on the grants made to date (in shares) | 359,196 | 298,180 | 276,533 | 295,679 | |
Excess tax benefit over estimate | $ 975,000 | $ 241,000 | $ 517,000 | ||
Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares that could be issued based on the grants made to date (in shares) | 532,000 | ||||
Employee Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase price allocation (as a percent) | 95.00% | ||||
Employee stock purchase plan issuance (in shares) | 35,022 | 50,920 | 56,517 | ||
Compensation expense employee stock purchase plan | $ 0 | $ 0 | $ 0 | ||
Common stock obligation to issue (in shares) | 8,056 | ||||
Available for future grants (in shares) | 50,040 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Compliance with Minimum Capital Requirements) (Details) | Dec. 31, 2017Rate | Dec. 31, 2016Rate |
Regulatory Capital Requirements [Abstract] | ||
Total capital to risk weighted assets (as a percent) | 12.00% | 11.90% |
Tier 1 capital to risk weighted assets (as a percent) | 9.90% | 9.70% |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 9.40% | 8.60% |
Tier 1 Leverage Ratio (as a percent) | 9.30% | 8.90% |
Regulatory Matters (Schedule110
Regulatory Matters (Schedule of Actual Capital Amounts and Ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 12.00% | 11.90% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 9.90% | 9.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 9.40% | 8.60% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | |
Tier 1 Leverage Ratio (as a percent) | 9.30% | 8.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | |
Lake Forest Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 366,407 | $ 348,058 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.60% | 11.70% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 317,180 | $ 296,573 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 347,924 | $ 331,883 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.00% | 11.20% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 253,744 | $ 237,259 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 347,924 | $ 331,883 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.00% | 11.20% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 206,167 | $ 192,773 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 347,924 | $ 331,883 |
Tier 1 Leverage Ratio (as a percent) | 10.30% | 9.60% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 168,865 | $ 172,160 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Hinsdale Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 224,577 | $ 211,605 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.50% | 11.70% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 195,125 | $ 180,470 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 214,061 | $ 201,353 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.00% | 11.20% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 156,100 | $ 144,376 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 214,061 | $ 201,353 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.00% | 11.20% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 126,831 | $ 117,305 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 214,061 | $ 201,353 |
Tier 1 Leverage Ratio (as a percent) | 10.20% | 10.10% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 105,086 | $ 100,006 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Wintrust Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 512,581 | $ 441,330 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.20% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 456,230 | $ 393,081 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 439,061 | $ 375,907 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 9.60% | 9.60% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 364,984 | $ 314,464 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 439,061 | $ 375,907 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 9.60% | 9.60% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 296,549 | $ 255,502 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 439,061 | $ 375,907 |
Tier 1 Leverage Ratio (as a percent) | 9.20% | 9.20% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 237,782 | $ 204,994 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Libertyville Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 141,723 | $ 133,571 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 124,637 | $ 117,620 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 134,310 | $ 126,387 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.80% | 10.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 99,709 | $ 94,096 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 134,310 | $ 126,387 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.80% | 10.70% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 81,014 | $ 76,453 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 134,310 | $ 126,387 |
Tier 1 Leverage Ratio (as a percent) | 9.80% | 9.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 68,404 | $ 65,318 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Barrington Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 234,930 | $ 205,766 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 12.00% | 11.50% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 195,409 | $ 178,846 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 229,311 | $ 198,545 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.70% | 11.10% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 156,327 | $ 143,077 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 229,311 | $ 198,545 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.70% | 11.10% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 127,016 | $ 116,250 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 229,311 | $ 198,545 |
Tier 1 Leverage Ratio (as a percent) | 11.80% | 10.00% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 97,007 | $ 99,722 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Crystal Lake Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 95,532 | $ 93,905 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.30% | 11.80% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 84,664 | $ 79,829 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 91,273 | $ 89,700 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.80% | 11.20% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 67,731 | $ 63,863 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 91,273 | $ 89,700 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.80% | 11.20% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 55,031 | $ 51,889 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 91,273 | $ 89,700 |
Tier 1 Leverage Ratio (as a percent) | 9.50% | 9.40% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 48,069 | $ 47,575 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Northbrook Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 222,441 | $ 190,853 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 11.10% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 194,764 | $ 171,647 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 198,628 | $ 167,721 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.20% | 9.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 155,811 | $ 105,760 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 198,628 | $ 167,721 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.20% | 9.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 126,597 | $ 85,930 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 198,628 | $ 167,721 |
Tier 1 Leverage Ratio (as a percent) | 9.50% | 8.90% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 104,377 | $ 94,466 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Schaumburg Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 111,772 | $ 106,108 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.90% | 11.50% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 93,752 | $ 92,496 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 105,733 | $ 100,854 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.30% | 10.90% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 75,001 | $ 73,997 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 105,733 | $ 100,854 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.30% | 10.90% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 60,939 | $ 60,123 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 105,733 | $ 100,854 |
Tier 1 Leverage Ratio (as a percent) | 10.10% | 10.00% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 52,171 | $ 50,643 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Village Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 145,517 | $ 136,958 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.90% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 121,867 | $ 122,125 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 136,807 | $ 127,028 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.20% | 10.40% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 97,494 | $ 97,700 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 136,807 | $ 127,028 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.20% | 10.40% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 79,214 | $ 79,381 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 136,807 | $ 127,028 |
Tier 1 Leverage Ratio (as a percent) | 9.70% | 9.10% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 70,182 | $ 69,511 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Beverly Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 132,516 | $ 115,638 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.70% | 11.40% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 112,810 | $ 101,235 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 127,561 | $ 111,281 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.30% | 11.00% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 90,248 | $ 80,988 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 127,561 | $ 111,281 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.30% | 11.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 73,327 | $ 65,802 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 127,561 | $ 111,281 |
Tier 1 Leverage Ratio (as a percent) | 10.80% | 10.10% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 59,140 | $ 55,002 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Town Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 188,987 | $ 181,907 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 166,253 | $ 161,492 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 180,943 | $ 174,234 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.90% | 10.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 133,003 | $ 129,194 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 180,943 | $ 174,234 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.90% | 10.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 108,065 | $ 104,970 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 180,943 | $ 174,234 |
Tier 1 Leverage Ratio (as a percent) | 10.10% | 9.50% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 89,617 | $ 91,558 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Wheaton Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 151,141 | $ 130,255 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 11.30% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 132,211 | $ 114,887 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 135,009 | $ 112,664 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.20% | 9.80% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 105,769 | $ 91,910 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 135,009 | $ 112,664 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.20% | 9.80% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 85,937 | $ 74,677 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 135,009 | $ 112,664 |
Tier 1 Leverage Ratio (as a percent) | 9.40% | 8.80% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 72,152 | $ 64,361 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
State Bank of the Lakes | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 105,770 | $ 97,196 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 11.50% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 92,518 | $ 84,880 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 95,520 | $ 86,092 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 10.30% | 10.10% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 74,014 | $ 67,904 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 95,520 | $ 86,092 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 10.30% | 10.10% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 60,137 | $ 55,172 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 95,520 | $ 86,092 |
Tier 1 Leverage Ratio (as a percent) | 9.20% | 8.70% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 51,681 | $ 49,446 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Old Plank Trail Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 145,272 | $ 127,868 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.60% | 11.20% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 125,642 | $ 114,021 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 139,366 | $ 122,067 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.10% | 10.70% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 100,514 | $ 91,216 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 139,366 | $ 122,067 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.10% | 10.70% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 81,667 | $ 74,113 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 139,366 | $ 122,067 |
Tier 1 Leverage Ratio (as a percent) | 9.90% | 9.30% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 70,735 | $ 65,293 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
St. Charles Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk Weighted Assets, Amount | $ 105,778 | $ 109,345 |
Total Capital to Risk Weighted Assets, Ratio (as a percent) | 11.40% | 12.00% |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 92,582 | $ 91,188 |
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital to Risk Weighted Assets, Amount | $ 102,251 | $ 104,843 |
Tier 1 Capital to Risk Weighted Assets, Ratio (as a percent) | 11.00% | 11.50% |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 74,066 | $ 72,950 |
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | 8.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Amount | $ 102,251 | $ 104,843 |
Common Equity Tier 1 Capital to Risk Weighted Assets (as a percent) | 11.00% | 11.50% |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Amount | $ 60,178 | $ 59,272 |
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Leverage Ratio, Amount | $ 102,251 | $ 104,843 |
Tier 1 Leverage Ratio (as a percent) | 9.80% | 11.20% |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Amount | $ 51,907 | $ 46,641 |
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | 5.00% |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash dividends paid to parent Company by consolidated subsidiaries | $ 122 | $ 59 | $ 22.2 |
Amount available to be paid as dividends without prior regulatory approval | $ 317.7 | ||
Minimum ratio of qualifying total capital to risk-weighted assets (as a percent) | 8.00% | ||
Common Equity Tier 1 capital required for capital adequacy to risk weighted assets (as a percent) | 4.50% | ||
Tier 1 risk based capital required for capital adequacy to risk weighted assets (as a percent) | 6.00% | ||
Tier 1 leverage capital required for capital adequacy to average assets (as a percent) | 4.00% | ||
Total Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 10.00% | ||
Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 8.00% | ||
Common Equity Tier 1 Capital to Risk Weighted Assets, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 6.50% | ||
Tier 1 Leverage Ratio, To Be Well Capitalized by Regulatory Definition, Ratio (as a percent) | 5.00% | ||
Federal Reserve Bank | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Cash reserve requirement | $ 557.7 | $ 507 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | Oct. 11, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | ||||
Letters of credit outstanding, amount | $ 195,900,000 | $ 205,900,000 | ||
Mortgage loans sold | 3,869,137,000 | 4,468,984,000 | $ 3,971,724,000 | |
Additional amount related to loss indemnification claims for residential mortgage loans previously sold to investors | 3,000,000 | 4,200,000 | ||
Losses charged against indemnification liability | 1,400,000 | 552,000 | ||
Commitments to invest in partnership | 9,500,000 | |||
Commitments to invest in partnership for tax credits | 3,700,000 | |||
Customer balances maintained by clearing broker and subject to indemnification | 15,200,000 | |||
BMO Harris Financial Advisors (BHFA) | Settled Litigation | ||||
Commitments And Contingencies [Line Items] | ||||
Amount of damages awarded | $ 1,537,500 | |||
Forward commitments to sell mortgage loans | ||||
Commitments And Contingencies [Line Items] | ||||
Notional Amount | 551,900,000 | 773,400,000 | ||
Commercial, Commercial Real Estate And Construction Loans | ||||
Commitments And Contingencies [Line Items] | ||||
Loans and leases receivable, commitments | 4,400,000,000 | 4,200,000,000 | ||
Home equity | ||||
Commitments And Contingencies [Line Items] | ||||
Loans and leases receivable, commitments | 826,500,000 | 836,200,000 | ||
Residential real estate | ||||
Commitments And Contingencies [Line Items] | ||||
Loans and leases receivable, commitments | $ 446,300,000 | $ 529,500,000 |
Derivative Financial Instrum113
Derivative Financial Instruments (Schedule of Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Assets | $ 48,985 | $ 49,213 |
Derivative Liabilities | 33,716 | 37,665 |
Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 52,069 | 56,394 |
Derivative Liabilities | 35,671 | 39,839 |
Designated as hedging instrument | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 14,846 | 10,239 |
Derivative Liabilities | 12 | 0 |
Not designed as hedging instrument | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 37,223 | 46,155 |
Derivative Liabilities | 35,659 | 39,839 |
Not designed as hedging instrument | Interest Rate Derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 34,139 | 38,974 |
Derivative Liabilities | 33,704 | 37,665 |
Not designed as hedging instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 2,843 | 4,265 |
Derivative Liabilities | 269 | 1,325 |
Not designed as hedging instrument | Forward commitments to sell mortgage loans | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 14 | 2,037 |
Derivative Liabilities | 1,457 | 0 |
Not designed as hedging instrument | Foreign Exchange Contract | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 227 | 879 |
Derivative Liabilities | 229 | 849 |
Cash flow hedging | Designated as hedging instrument | Interest Rate Derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 11,914 | 8,011 |
Derivative Liabilities | 12 | 0 |
Fair value hedging | Designated as hedging instrument | Interest Rate Derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Derivative Assets | 2,932 | 2,228 |
Derivative Liabilities | $ 0 | $ 0 |
Derivative Financial Instrum114
Derivative Financial Instruments (Schedule of Cash Flow Hedging Instruments) (Details) - Cash flow hedging - Designated as hedging instrument | Dec. 31, 2017USD ($) |
Derivative [Line Items] | |
Notional Amount | $ 1,125,000,000 |
Fair Value Asset (Liability) | 11,902,000 |
June 2,019 | |
Derivative [Line Items] | |
Notional Amount | 200,000,000 |
Fair Value Asset (Liability) | 1,046,000 |
July 2,019 | |
Derivative [Line Items] | |
Notional Amount | 250,000,000 |
Fair Value Asset (Liability) | 4,062,000 |
August 2,019 | |
Derivative [Line Items] | |
Notional Amount | 275,000,000 |
Fair Value Asset (Liability) | 5,090,000 |
January 2,020 | |
Derivative [Line Items] | |
Notional Amount | 175,000,000 |
Fair Value Asset (Liability) | (11,000) |
January 2,020 | |
Derivative [Line Items] | |
Notional Amount | 25,000,000 |
Fair Value Asset (Liability) | (1,000) |
June 2,020 | |
Derivative [Line Items] | |
Notional Amount | 200,000,000 |
Fair Value Asset (Liability) | $ 1,716,000 |
Derivative Financial Instrum115
Derivative Financial Instruments (Rollforward of Amounts in Accumulated Other Comprehensive Income Related to Interest Rate Swaps Designated as Cash Flow Hedges) (Details) - Interest Rate Contract - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Rollforward of AOCI from Cash Flow Hedging Derivatives [Roll Forward] | ||
Unrealized gain (loss) at beginning of period | $ 6,944 | $ (3,529) |
Amount reclassified from accumulated other comprehensive income to interest expense on deposits and junior subordinated debentures | (19) | 3,120 |
Amount of gain recognized in other comprehensive income | 4,977 | 7,353 |
Unrealized gain at end of period | $ 11,902 | $ 6,944 |
Derivative Financial Instrum116
Derivative Financial Instruments (Derivatives Used to Hedge Changes in Fair Value Attributable to Interest Rate Risk) (Details) - Fair value hedging - Designated as hedging instrument - Interest Rate Contract - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Income on Derivative | $ 704 | $ 2,344 |
Amount Loss Recognized in Income on Hedged Item | (677) | (2,332) |
Income Statement Gain due to Hedge Ineffectiveness | $ 27 | $ 12 |
Derivative Financial Instrum117
Derivative Financial Instruments (Summary Amounts Included in Consolidated Statement of Income Related to Derivatives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest rate swaps and caps | Trading Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | $ (848) | $ 279 |
Mortgage banking derivatives | Mortgage Banking Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | 1,314 | (9,537) |
Covered call options | Fees From Covered Call Options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | 4,402 | 11,470 |
Foreign exchange contracts | Trading Revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Income related to derivative instruments not designated in hedge relationships | $ (38) | $ (234) |
Derivative Financial Instrum118
Derivative Financial Instruments (Summary of Interest Rate Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Assets | ||
Gross Amounts Recognized | $ 48,985 | $ 49,213 |
Less: Amounts offset in the Statements of Condition | 0 | 0 |
Net amount presented in the Statements of Condition | 48,985 | 49,213 |
Offsetting Derivative Positions | (14,878) | (14,441) |
Collateral Posted | (18,060) | (8,530) |
Net Credit Exposure | 16,047 | 26,242 |
Derivative Liabilities | ||
Gross Amounts Recognized | 33,716 | 37,665 |
Less: Amounts offset in the Statements of Condition | 0 | 0 |
Net amount presented in the Statements of Condition | 33,716 | 37,665 |
Offsetting Derivative Positions | (14,878) | (14,441) |
Collateral Posted | (2,220) | (12,400) |
Net Credit Exposure | $ 16,618 | $ 10,824 |
Derivative Financial Instrum119
Derivative Financial Instruments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)derivative_instruments | Dec. 31, 2016USD ($)derivative_instruments | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount reclassified from accumulated other comprehensive income to interest expense in next twelve months | $ 5,500,000 | |
Fair value of interest rate derivatives in a net liability position | 1,500,000 | |
Forward commitments to sell mortgage loans | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 551,900,000 | $ 773,400,000 |
Interest Rate Lock Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | 250,300,000 | |
Foreign Exchange Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 37,600,000 | |
Covered call options | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives, number of instruments held | derivative_instruments | 0 | 0 |
Designated as hedging instrument | Cash flow hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 1,125,000,000 | |
Designated as hedging instrument | Cash flow hedging | Interest rate swap | Cash flow hedge of variable rate deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest rate derivatives held | derivative_instruments | 6 | |
Designated as hedging instrument | Cash flow hedging | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge ineffectiveness recognized | $ 0 | $ 0 |
Designated as hedging instrument | Fair value hedging | Interest rate swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest rate derivatives held | derivative_instruments | 11 | |
Notional Amount | $ 125,800,000 | |
Designated as hedging instrument | Fair value hedging | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives, hedge ineffectiveness | 27,000 | $ 12,000 |
Not designed as hedging instrument | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 5,100,000,000 |
Fair Value of Assets and Lia120
Fair Value of Assets and Liabilities (Summary of Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 1,803,666,000 | $ 1,724,667,000 | ||
Trading account securities | 995,000 | 1,989,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | $ 9,092,000 | $ 8,435,000 |
Derivative assets | 48,985,000 | 49,213,000 | ||
Derivative Liabilities | 33,716,000 | 37,665,000 | ||
U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 143,822,000 | 141,983,000 | ||
U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 156,915,000 | 189,152,000 | ||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 115,352,000 | 131,809,000 | ||
Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 1,319,725,000 | 1,161,084,000 | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 36,802,000 | 35,248,000 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 995,000 | 1,989,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Loans held-for-investment | 33,717,000 | 22,137,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | ||
Nonqualified deferred compensations assets | 11,065,000 | 9,228,000 | ||
Derivative assets | 52,069,000 | 56,394,000 | ||
Total | 2,248,780,000 | 2,251,892,000 | ||
Derivative Liabilities | 35,671,000 | 39,839,000 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 995,000 | 1,989,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Loans held-for-investment | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Nonqualified deferred compensations assets | 11,065,000 | 9,228,000 | ||
Derivative assets | 49,912,000 | 54,103,000 | ||
Total | 2,098,270,000 | 2,128,735,000 | ||
Derivative Liabilities | 35,671,000 | 39,839,000 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading account securities | 0 | 0 | ||
Mortgage loans held-for-sale | 0 | 0 | ||
Loans held-for-investment | 33,717,000 | 22,137,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | ||
Nonqualified deferred compensations assets | 0 | 0 | ||
Derivative assets | 2,157,000 | 2,291,000 | ||
Total | 150,510,000 | 123,157,000 | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 143,822,000 | 141,983,000 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 143,822,000 | 141,983,000 | ||
Fair Value, Measurements, Recurring | U.S. Treasury | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 156,915,000 | 189,152,000 | ||
Fair Value, Measurements, Recurring | U.S. Government agencies | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 153,136,000 | 189,152,000 | ||
Fair Value, Measurements, Recurring | U.S. Government agencies | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 3,779,000 | 0 | ||
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 115,352,000 | 131,809,000 | ||
Fair Value, Measurements, Recurring | Municipal | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 38,171,000 | 52,183,000 | ||
Fair Value, Measurements, Recurring | Municipal | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 77,181,000 | 79,626,000 | ||
Fair Value, Measurements, Recurring | Corporate notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 31,050,000 | 65,391,000 | ||
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 31,050,000 | 65,391,000 | ||
Fair Value, Measurements, Recurring | Corporate notes | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 1,319,725,000 | 1,161,084,000 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 1,319,725,000 | 1,161,084,000 | ||
Fair Value, Measurements, Recurring | Mortgage-backed | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 36,802,000 | 35,248,000 | ||
Fair Value, Measurements, Recurring | Equity securities | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 36,802,000 | 35,248,000 | ||
Fair Value, Measurements, Recurring | Equity securities | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value of Assets and Lia121
Fair Value of Assets and Liabilities (Summary of Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans Held For Investment | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 22,137 | $ 0 |
Total net gains (losses) included in Net income | 1,025 | 437 |
Total net gains (losses) included in Other comprehensive income | 0 | 0 |
Issuances | 0 | |
Sales | 0 | |
Settlements | (13,219) | |
Net transfers into/(out of) Level 3 (2) | 23,774 | 21,700 |
Ending Balance | 33,717 | 22,137 |
Mortgage Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 19,103 | 9,092 |
Total net gains (losses) included in Net income | 14,573 | 10,011 |
Issuances | 0 | |
Sales | 0 | |
Ending Balance | 33,676 | 19,103 |
Derivative Financial Instruments, Assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 2,291 | 7,021 |
Total net gains (losses) included in Net income | (134) | (4,730) |
Total net gains (losses) included in Other comprehensive income | 0 | |
Issuances | 0 | |
Sales | 0 | |
Ending Balance | 2,157 | 2,291 |
Municipal | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 79,626 | 68,613 |
Total net gains (losses) included in Other comprehensive income | (501) | (949) |
Purchases | 33,593 | 31,031 |
Issuances | 0 | |
Sales | 0 | |
Settlements | (35,537) | (19,069) |
Ending Balance | 77,181 | 79,626 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 25,199 |
Total net gains (losses) included in Other comprehensive income | 0 | (12) |
Issuances | 0 | |
Sales | 0 | (25,187) |
Ending Balance | 0 | 0 |
U.S. Government agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Total net gains (losses) included in Other comprehensive income | (504) | 0 |
Issuances | 0 | |
Sales | 0 | |
Net transfers into/(out of) Level 3 (2) | 4,283 | |
Ending Balance | $ 3,779 | $ 0 |
Fair Value of Assets and Lia122
Fair Value of Assets and Liabilities (Summary of Assets Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 105,088 | $ 90,516 |
Impaired loans, fair value losses (gains) recognized | 13,683 | |
Real estate acquired through foreclosure fair value losses recognized | 1,969 | |
Fair value losses (gains) recognized | 15,652 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 105,100 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 70,561 | |
Other real estate owned | 40,646 | |
Fair value of assets measured on nonrecurring basis | 111,207 | |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Other real estate owned | 0 | |
Fair value of assets measured on nonrecurring basis | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Other real estate owned | 0 | |
Fair value of assets measured on nonrecurring basis | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 70,561 | |
Other real estate owned | 40,646 | |
Fair value of assets measured on nonrecurring basis | $ 111,207 |
Fair Value of Assets and Lia123
Fair Value of Assets and Liabilities (Schedule of Valuation Techniques and Significant Unobservable Inputs Used to Measure Both Recurring and Nonrecurring) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / Loan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities | $ 1,803,666 | $ 1,724,667 | ||
Mortgage servicing rights | 33,676 | 19,103 | $ 9,092 | $ 8,435 |
Derivative Assets | 48,985 | 49,213 | ||
Impaired loans | 105,088 | 90,516 | ||
Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 105,100 | |||
Fair Value, Measurements, Recurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Loans held-for-investment | 33,717 | 22,137 | ||
Mortgage servicing rights | 33,676 | 19,103 | ||
Derivative Assets | 52,069 | 56,394 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Loans held-for-investment | 33,717 | 22,137 | ||
Mortgage servicing rights | 33,676 | 19,103 | ||
Derivative Assets | 2,157 | 2,291 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 70,561 | |||
Other real estate owned | 40,646 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 70,561 | |||
Other real estate owned | 40,646 | |||
Municipal | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 115,352 | 131,809 | ||
Municipal | Fair Value, Measurements, Recurring | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities | 115,352 | 131,809 | ||
Municipal | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Available-for-sale securities | $ 77,181 | $ 79,626 | ||
Other Real Estate Owned | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% | |||
Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 42.00% | |||
Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 3.00% | |||
Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 100.00% | |||
Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 4.00% | |||
Weighted Average | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 87.01% | |||
Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 3.78% | |||
Loans Held For Investment | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 10.44% | |||
Loans Held For Investment | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Credit discount (as a percent) | 0.00% | |||
Loans Held For Investment | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Credit discount (as a percent) | 3.00% | |||
Loans Held For Investment | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Credit discount (as a percent) | 0.93% | |||
Discounted Cash Flow | Loans Held For Investment Discount Rate | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 3.00% | |||
Discounted Cash Flow | Loans Held For Investment Discount Rate | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 4.00% | |||
Discounted Cash Flow | Loans Held For Investment | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Credit discount (as a percent) | 0.00% | |||
Discounted Cash Flow | Loans Held For Investment | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Credit discount (as a percent) | 3.00% | |||
Discounted Cash Flow | Loans Held For Investment | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 3.78% | |||
Credit discount (as a percent) | 0.93% | |||
Discounted Cash Flow | Loans Held for Investment Constant Prepayment Rate | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 10.44% | |||
Discounted Cash Flow | Loans Held for Investment Constant Prepayment Rate | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 10.44% | |||
Discounted Cash Flow | Mortgage Servicing Rights Discount Rate Input | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 9.00% | |||
Discounted Cash Flow | Mortgage Servicing Rights Discount Rate Input | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 15.00% | |||
Discounted Cash Flow | Mortgage Servicing Rights Discount Rate Input | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Discount Rate (as a percent) | 10.01% | |||
Discounted Cash Flow | Mortgage Servicing Rights Prepayment Rate Input | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 0.00% | |||
Discounted Cash Flow | Mortgage Servicing Rights Prepayment Rate Input | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 95.00% | |||
Discounted Cash Flow | Mortgage Servicing Rights Prepayment Rate Input | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Range of Inputs - Prepayment Rate (as a percent) | 10.44% | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing loan (in dollars per loan) | $ / Loan | 65 | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing loan (in dollars per loan) | $ / Loan | 200 | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing loan (in dollars per loan) | $ / Loan | 70 | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing Delinquent | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing delinquent loan (in dollars per loan) | $ / Loan | 200 | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing Delinquent | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing delinquent loan (in dollars per loan) | $ / Loan | 4,000 | |||
Discounted Cash Flow | Mortgage Servicing Rights, Cost of Servicing Delinquent | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Cost of servicing delinquent loan (in dollars per loan) | $ / Loan | 330 | |||
Discounted Cash Flow | Derivative Financial Instruments, Assets | Minimum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 42.00% | |||
Discounted Cash Flow | Derivative Financial Instruments, Assets | Maximum | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 100.00% | |||
Discounted Cash Flow | Derivative Financial Instruments, Assets | Weighted Average | Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 87.01% | |||
Appraisal Value | Impaired Loans | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% | |||
Appraisal Value | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% | |||
Appraisal Value | Weighted Average | Impaired Loans | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% | |||
Appraisal Value | Weighted Average | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% |
Fair Value of Assets and Lia124
Fair Value of Assets and Liabilities (Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest bearing deposits with banks | $ 1,063,242 | $ 980,457 | ||
Available-for-sale securities | 1,803,666 | 1,724,667 | ||
Held-to-maturity securities | 826,449 | 635,705 | ||
Trading account securities | 995 | 1,989 | ||
FHLB and FRB stock, at cost | 89,989 | 133,494 | ||
Brokerage customer receivables | 26,431 | 25,181 | ||
Mortgage loans held-for-sale | 313,592 | 418,374 | ||
Mortgage servicing rights | 33,676 | 19,103 | $ 9,092 | $ 8,435 |
Derivative assets | 16,047 | 26,242 | ||
Accrued interest receivable and other | 567,374 | 593,796 | ||
FHLB advances | 559,663 | 153,831 | ||
Other borrowings | 266,123 | 262,486 | ||
Subordinated notes | 139,088 | 138,971 | 138,900 | |
Junior subordinated debentures | 253,566 | 253,566 | ||
Derivative Liabilities | 33,716 | 37,665 | ||
FDIC indemnification liability | 0 | 16,701 | $ 6,100 | |
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 277,591 | 270,045 | ||
Interest bearing deposits with banks | 1,063,242 | 980,457 | ||
Available-for-sale securities | 1,803,666 | 1,724,667 | ||
Held-to-maturity securities | 826,449 | 635,705 | ||
Trading account securities | 995 | 1,989 | ||
FHLB and FRB stock, at cost | 89,989 | 133,494 | ||
Brokerage customer receivables | 26,431 | 25,181 | ||
Mortgage loans held-for-sale | 313,592 | 418,374 | ||
Loans held-for-investment, at fair value | 33,717 | 22,137 | ||
Loans held-for-investment, at amortized cost | 21,607,080 | 19,739,180 | ||
Mortgage servicing rights | 33,676 | 19,103 | ||
Nonqualified deferred compensations assets | 11,065 | 9,228 | ||
Derivative assets | 52,069 | 56,394 | ||
Accrued interest receivable and other | 227,649 | 204,513 | ||
Total financial assets | 26,367,211 | 24,240,467 | ||
Non-maturity deposits | 18,775,977 | 17,383,729 | ||
Deposits with stated maturities | 4,407,370 | 4,274,903 | ||
FHLB advances | 559,663 | 153,831 | ||
Other borrowings | 266,123 | 262,486 | ||
Subordinated notes | 139,088 | 138,971 | ||
Junior subordinated debentures | 253,566 | 253,566 | ||
Derivative Liabilities | 35,671 | 39,839 | ||
FDIC indemnification liability | 0 | 16,701 | ||
Accrued interest payable | 8,030 | 6,421 | ||
Total financial liabilities | 24,445,488 | 22,530,447 | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 277,591 | 270,045 | ||
Interest bearing deposits with banks | 1,063,242 | 980,457 | ||
Available-for-sale securities | 1,803,666 | 1,724,667 | ||
Held-to-maturity securities | 812,516 | 607,602 | ||
Trading account securities | 995 | 1,989 | ||
FHLB and FRB stock, at cost | 89,989 | 133,494 | ||
Brokerage customer receivables | 26,431 | 25,181 | ||
Mortgage loans held-for-sale | 313,592 | 418,374 | ||
Loans held-for-investment, at fair value | 33,717 | 22,137 | ||
Loans held-for-investment, at amortized cost | 21,768,978 | 20,755,320 | ||
Mortgage servicing rights | 33,676 | 19,103 | ||
Nonqualified deferred compensations assets | 11,065 | 9,228 | ||
Derivative assets | 52,069 | 56,394 | ||
Accrued interest receivable and other | 227,649 | 204,513 | ||
Total financial assets | 26,515,176 | 25,228,504 | ||
Non-maturity deposits | 18,775,977 | 17,383,729 | ||
Deposits with stated maturities | 4,350,004 | 4,263,576 | ||
FHLB advances | 544,750 | 157,051 | ||
Other borrowings | 266,123 | 262,486 | ||
Subordinated notes | 144,266 | 135,268 | ||
Junior subordinated debentures | 264,696 | 254,384 | ||
Derivative Liabilities | 35,671 | 39,839 | ||
FDIC indemnification liability | 0 | 16,701 | ||
Accrued interest payable | 8,030 | 6,421 | ||
Total financial liabilities | $ 24,389,517 | $ 22,519,455 |
Fair Value of Assets and Lia125
Fair Value of Assets and Liabilities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / Loan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 1,803,666,000 | $ 1,724,667,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | $ 9,092,000 | $ 8,435,000 |
Derivative Assets | 48,985,000 | 49,213,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Impaired loans | $ 105,088,000 | 90,516,000 | ||
Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 42.00% | |||
Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 100.00% | |||
Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Pull through rate, derivatives (as a percent) | 87.01% | |||
Other Real Estate Owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value inputs, discount for lack of marketability (as a percent) | 10.00% | |||
Estimate of Fair Value Measurement | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 1,803,666,000 | 1,724,667,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | ||
Principal amount outstanding on loans held-for-sale or securitization or asset-backed financing arrangement | 299,500,000 | 414,400,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 105,100,000 | |||
Level 3 | Valued Using Discounted Cash Flow Model | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 34,500,000 | |||
Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 115,352,000 | 131,809,000 | ||
U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 156,915,000 | 189,152,000 | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 36,802,000 | 35,248,000 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment | 33,717,000 | 22,137,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | ||
Derivative Assets | 52,069,000 | 56,394,000 | ||
Mortgage loans held-for-sale | 313,592,000 | 418,374,000 | ||
Fair Value, Measurements, Recurring | Non-performing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mortgage loans held-for-sale | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held-for-investment | 33,717,000 | 22,137,000 | ||
Mortgage servicing rights | 33,676,000 | 19,103,000 | ||
Derivative Assets | 2,157,000 | 2,291,000 | ||
Mortgage loans held-for-sale | $ 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 3.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 4.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 3.78% | |||
Fair Value, Measurements, Recurring | Level 3 | Loans Held For Investment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Prepayment rate (as a percent) | 10.44% | |||
Fair Value, Measurements, Recurring | Level 3 | Loans Held For Investment | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit discount (as a percent) | 0.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Loans Held For Investment | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit discount (as a percent) | 3.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Loans Held For Investment | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit discount (as a percent) | 0.93% | |||
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 9.00% | |||
Prepayment rate (as a percent) | 0.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 15.00% | |||
Prepayment rate (as a percent) | 95.00% | |||
Fair Value, Measurements, Recurring | Level 3 | Mortgage Servicing Rights | Weighted Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rate input (as a percent) | 10.01% | |||
Prepayment rate (as a percent) | 10.44% | |||
Cost of servicing loan (in dollars per loan) | $ / Loan | 70 | |||
Cost of servicing delinquent loan (in dollars per loan) | $ / Loan | 330 | |||
Fair Value, Measurements, Recurring | Municipal | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | $ 115,352,000 | 131,809,000 | ||
Fair Value, Measurements, Recurring | Municipal | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 77,181,000 | 79,626,000 | ||
Fair Value, Measurements, Recurring | U.S. Government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 156,915,000 | 189,152,000 | ||
Fair Value, Measurements, Recurring | U.S. Government agencies | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 3,779,000 | 0 | ||
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 36,802,000 | 35,248,000 | ||
Fair Value, Measurements, Recurring | Equity securities | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available-for-sale securities | 0 | 0 | ||
Gain on nonmonetary sale | $ 2,400,000 | |||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 70,561,000 | |||
Other real estate owned | 40,646,000 | |||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 70,561,000 | |||
Other real estate owned | $ 40,646,000 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of the Company's Common and Preferred Stock) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock: | ||
Shares authorized | 100,000,000 | 100,000,000 |
Shares issued | 56,068,220 | 51,978,289 |
Preferred Stock: | ||
Shares authorized | 20,000,000 | 20,000,000 |
Common stock | ||
Common Stock: | ||
Shares authorized | 100,000,000 | 100,000,000 |
Shares issued | 56,068,220 | 51,978,289 |
Shares outstanding | 55,965,207 | 51,880,540 |
Cash dividend per share | $ 0.56 | $ 0.48 |
Preferred stock | ||
Preferred Stock: | ||
Shares authorized | 20,000,000 | 20,000,000 |
Shares issued | 5,000,000 | 5,126,257 |
Shares outstanding | 5,000,000 | 5,126,257 |
Shareholders' Equity (Component
Shareholders' Equity (Components of Other Comprehensive Income (Loss), Including the Related Income Tax Effects) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | $ 2,695,617 | $ 2,352,274 | $ 2,069,822 |
Other comprehensive income (loss) during the period, net of tax, before reclassification | 24,425 | (10,433) | (26,523) |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (38) | (2,747) | 1,069 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | (894) | 10,560 | 78 |
Total other comprehensive income (loss) | 23,493 | (2,620) | (25,376) |
Balance at end of period | 2,976,939 | 2,695,617 | 2,352,274 |
Accumulated Unrealized Losses on Securities | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (29,309) | (17,674) | (9,533) |
Other comprehensive income (loss) during the period, net of tax, before reclassification | 14,417 | (17,554) | (8,023) |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (27) | (4,641) | (196) |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | (894) | 10,560 | 78 |
Total other comprehensive income (loss) | 13,496 | (11,635) | (8,141) |
Balance at end of period | (15,813) | (29,309) | (17,674) |
Accumulated Unrealized Gains (Losses) on Derivative Instruments | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | 4,165 | (2,193) | (2,517) |
Other comprehensive income (loss) during the period, net of tax, before reclassification | 3,010 | 4,464 | (941) |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | (11) | 1,894 | 1,265 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 0 | 0 | 0 |
Total other comprehensive income (loss) | 2,999 | 6,358 | 324 |
Balance at end of period | 7,164 | 4,165 | (2,193) |
Accumulated Foreign Currency Translation Adjustments | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (40,184) | (42,841) | (25,282) |
Other comprehensive income (loss) during the period, net of tax, before reclassification | 6,998 | 2,657 | (17,559) |
Amount reclassified from accumulated other comprehensive income into net income, net of tax | 0 | 0 | 0 |
Amount reclassified from accumulated other comprehensive income related to amortization of unrealized losses on investment securities transferred to held-to-maturity from available-for-sale | 0 | 0 | 0 |
Total other comprehensive income (loss) | 6,998 | 2,657 | (17,559) |
Balance at end of period | (33,186) | (40,184) | (42,841) |
Total Accumulated Other Comprehensive Loss | |||
Activity Accumulated Other Comprehensive Income [Roll Forward] | |||
Balance at beginning of period | (65,328) | (62,708) | (37,332) |
Total other comprehensive income (loss) | 23,493 | (2,620) | (25,376) |
Balance at end of period | $ (41,835) | $ (65,328) | $ (62,708) |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains on investment securities, net | $ 14 | $ 39 | $ 47 | $ (55) | $ 1,575 | $ 3,305 | $ 1,440 | $ 1,325 | $ 45 | $ 7,645 | $ 323 |
Interest on deposits | 83,326 | 58,409 | 48,863 | ||||||||
Interest on junior subordinated debentures | 9,782 | 9,503 | 8,230 | ||||||||
Income before taxes | 95,785 | 104,248 | 101,946 | 88,018 | 88,332 | 85,054 | 79,971 | 78,497 | 389,997 | 331,854 | 251,765 |
Income tax expense | (27,004) | (38,622) | (37,049) | (29,640) | (33,724) | (31,939) | (29,930) | (29,386) | (132,315) | (124,979) | (95,016) |
Net income | $ 68,781 | $ 65,626 | $ 64,897 | $ 58,378 | $ 54,608 | $ 53,115 | $ 50,041 | $ 49,111 | 257,682 | 206,875 | $ 156,749 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated unrealized losses on securities | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gains on investment securities, net | 45 | 7,645 | |||||||||
Income before taxes | 45 | 7,645 | |||||||||
Income tax expense | (18) | (3,004) | |||||||||
Net income | 27 | 4,641 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated unrealized losses on derivative instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest on deposits | (1,085) | 1,345 | |||||||||
Interest on junior subordinated debentures | 1,066 | 1,775 | |||||||||
Income before taxes | 19 | (3,120) | |||||||||
Income tax expense | (8) | 1,226 | |||||||||
Net income | $ 11 | $ (1,894) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Apr. 27, 2017 | Apr. 25, 2017 | Dec. 19, 2008 | Jan. 31, 2018 | Jun. 30, 2016 | Jul. 31, 2015 | Jun. 30, 2015 | Jan. 31, 2015 | Mar. 31, 2012 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Shares issued in public offering | 3,000,000 | ||||||||||||||||||||
Proceeds from the issuance of common stock, net | $ 152,900 | $ 0 | $ 152,911 | $ 0 | |||||||||||||||||
Cash dividends declared per common share (in usd per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.56 | $ 0.48 | $ 0.44 | ||||||||||
Subsequent Event | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Cash dividends declared per common share (in usd per share) | $ 0.19 | ||||||||||||||||||||
Common stock dividends per share declared annualized (in usd per share) | $ 0.76 | ||||||||||||||||||||
Community Financial Shares Inc. | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Stock issued during period in acquisitions (in shares) | 388,573 | ||||||||||||||||||||
Delavan Bancshares | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Stock issued during period in acquisitions (in shares) | 422,122 | ||||||||||||||||||||
US Treasury | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Warrants outstanding (in shares) | 23,361 | 1,643,295 | 23,361 | 23,361 | |||||||||||||||||
Exercise price of common stock (in usd per share) | $ 22.65 | ||||||||||||||||||||
Warrant termination period | 10 years | ||||||||||||||||||||
Warrants exercised (in shares) | 318,491 | 25,580 | |||||||||||||||||||
Common stock, shares, issued from exercise of warrant shares | 219,372 | 15,191 | |||||||||||||||||||
Series C preferred stock | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Shares issued | 0 | 126,500 | 0 | 126,257 | 0 | 126,257 | |||||||||||||||
Preferred stock, value, issued | $ 0 | $ 126,500 | $ 0 | $ 126,257 | $ 0 | $ 126,257 | |||||||||||||||
Preferred stock, dividend rate (as a percent) | 5.00% | ||||||||||||||||||||
Preferred stock converted (in shares) | 124,184 | 2,073 | 30 | ||||||||||||||||||
Convertible preferred stock, conversion rate | 24.72 | ||||||||||||||||||||
Series D preferred stock | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Shares issued | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||||||||
Preferred stock, value, issued | $ 125,000 | $ 125,000 | $ 125,000 | $ 125,000 | $ 125,000 | $ 125,000 | |||||||||||||||
Preferred stock, dividend rate (as a percent) | 6.50% | ||||||||||||||||||||
London Interbank Offered Rate (LIBOR) | Series D preferred stock | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Variable rate (as a percent) | 4.06% | ||||||||||||||||||||
Common stock | |||||||||||||||||||||
Shareholders' Equity [Line Items] | |||||||||||||||||||||
Common stock issued in conversion (in shares) | 3,069,828 | 51,244 | 729 |
Segment Information (Summary of
Segment Information (Summary of Certain Operating Information For Reportable Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 219,099 | $ 215,988 | $ 204,409 | $ 192,580 | $ 190,778 | $ 184,636 | $ 175,270 | $ 171,509 | $ 832,076 | $ 722,193 | $ 641,529 |
Provision for credit losses | 7,772 | 7,896 | 8,891 | 5,209 | 7,350 | 9,571 | 9,129 | 8,034 | 29,768 | 34,084 | 32,942 |
Non-interest income | 319,506 | 325,430 | 271,597 | ||||||||
Non-interest expense | 196,580 | 183,575 | 183,544 | 168,118 | 180,371 | 176,615 | 170,969 | 153,730 | 731,817 | 681,685 | 628,419 |
Income tax expense | 27,004 | 38,622 | 37,049 | 29,640 | 33,724 | 31,939 | 29,930 | 29,386 | 132,315 | 124,979 | 95,016 |
Net income | 68,781 | $ 65,626 | $ 64,897 | $ 58,378 | 54,608 | $ 53,115 | $ 50,041 | $ 49,111 | 257,682 | 206,875 | 156,749 |
Total assets at end of year | 27,915,970 | 25,668,553 | 27,915,970 | 25,668,553 | 22,909,348 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 814,720 | 705,706 | 625,382 | ||||||||
Provision for credit losses | 29,768 | 34,084 | 32,942 | ||||||||
Non-interest income | 356,071 | 358,598 | 300,369 | ||||||||
Non-interest expense | 751,026 | 698,366 | 641,044 | ||||||||
Income tax expense | 132,315 | 124,979 | 95,016 | ||||||||
Net income | 257,682 | 206,875 | 156,749 | ||||||||
Total assets at end of year | 27,915,970 | 25,668,553 | 27,915,970 | 25,668,553 | 22,909,348 | ||||||
Operating Segments | Community Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 677,481 | 588,847 | 523,112 | ||||||||
Provision for credit losses | 27,059 | 30,862 | 29,746 | ||||||||
Non-interest income | 211,354 | 230,414 | 191,248 | ||||||||
Non-interest expense | 599,455 | 556,798 | 522,199 | ||||||||
Income tax expense | 87,486 | 86,933 | 60,488 | ||||||||
Net income | 174,835 | 144,668 | 101,927 | ||||||||
Total assets at end of year | 22,781,923 | 21,172,080 | 22,781,923 | 21,172,080 | 19,244,111 | ||||||
Operating Segments | Specialty Finance | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 118,320 | 98,248 | 85,258 | ||||||||
Provision for credit losses | 2,709 | 3,222 | 3,196 | ||||||||
Non-interest income | 60,405 | 49,706 | 33,625 | ||||||||
Non-interest expense | 74,559 | 66,460 | 47,245 | ||||||||
Income tax expense | 35,775 | 29,512 | 26,352 | ||||||||
Net income | 65,682 | 48,760 | 42,090 | ||||||||
Total assets at end of year | 4,515,766 | 3,884,373 | 4,515,766 | 3,884,373 | 3,116,348 | ||||||
Operating Segments | Wealth Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 18,919 | 18,611 | 17,012 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 84,312 | 78,478 | 75,496 | ||||||||
Non-interest expense | 77,012 | 75,108 | 71,600 | ||||||||
Income tax expense | 9,054 | 8,534 | 8,176 | ||||||||
Net income | 17,165 | 13,447 | 12,732 | ||||||||
Total assets at end of year | 618,281 | 612,100 | 618,281 | 612,100 | 548,889 | ||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (17,356) | (16,487) | (16,147) | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Non-interest income | 36,565 | 33,168 | 28,772 | ||||||||
Non-interest expense | 19,209 | 16,681 | 12,625 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets at end of year | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segmentsubsidiary | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 3 |
Number of bank subsidiaries that management monitors | subsidiary | 15 |
Community Banking | Operating Segments | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
Condensed Parent Company Fin132
Condensed Parent Company Financial Statements (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash | $ 277,534 | $ 267,194 | ||
Available-for-sale securities, at fair value | 1,803,666 | 1,724,667 | ||
Loans, net of unearned income | 21,640,797 | 19,703,172 | ||
Less: Allowance for loan losses | 137,905 | 122,291 | $ 105,400 | |
Goodwill | 501,884 | 498,587 | ||
Total assets | 27,915,970 | 25,668,553 | 22,909,348 | |
Liabilities and Shareholders’ Equity | ||||
Subordinated notes | 139,088 | 138,971 | 138,900 | |
Other borrowings | 266,123 | 262,486 | ||
Junior subordinated debentures | 253,566 | 253,566 | ||
Shareholders’ equity | 2,976,939 | 2,695,617 | $ 2,352,274 | $ 2,069,822 |
Total liabilities and shareholders’ equity | 27,915,970 | 25,668,553 | ||
Reportable Legal Entities | Parent Company | ||||
Assets | ||||
Cash | 78,045 | 49,828 | ||
Available-for-sale securities, at fair value | 14,461 | 12,926 | ||
Investment in and receivable from subsidiaries | 3,249,202 | 2,979,283 | ||
Loans, net of unearned income | 1,845 | 2,313 | ||
Less: Allowance for loan losses | 0 | 0 | ||
Net loans | 1,845 | 2,313 | ||
Goodwill | 8,371 | 8,371 | ||
Other assets | 174,781 | 162,047 | ||
Total assets | 3,526,705 | 3,214,768 | ||
Liabilities and Shareholders’ Equity | ||||
Other liabilities | 66,909 | 56,462 | ||
Subordinated notes | 139,088 | 138,971 | ||
Other borrowings | 90,203 | 70,152 | ||
Junior subordinated debentures | 253,566 | 253,566 | ||
Shareholders’ equity | 2,976,939 | 2,695,617 | ||
Total liabilities and shareholders’ equity | $ 3,526,705 | $ 3,214,768 |
Condensed Parent Company Fin133
Condensed Parent Company Financial Statements (Statements Of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | |||||||||||
Interest expense | $ 32,741 | $ 31,700 | $ 26,772 | $ 23,179 | $ 24,235 | $ 23,513 | $ 21,794 | $ 20,722 | $ 114,392 | $ 90,264 | $ 76,935 |
Salaries and employee benefits | 430,078 | 405,158 | 382,080 | ||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | 95,785 | 104,248 | 101,946 | 88,018 | 88,332 | 85,054 | 79,971 | 78,497 | 389,997 | 331,854 | 251,765 |
Income tax benefit | 27,004 | 38,622 | 37,049 | 29,640 | 33,724 | 31,939 | 29,930 | 29,386 | 132,315 | 124,979 | 95,016 |
Net income | $ 68,781 | $ 65,626 | $ 64,897 | $ 58,378 | $ 54,608 | $ 53,115 | $ 50,041 | $ 49,111 | 257,682 | 206,875 | 156,749 |
Reportable Legal Entities | Parent Company | |||||||||||
Income | |||||||||||
Dividends and other revenue from subsidiaries | 155,969 | 89,184 | 47,639 | ||||||||
Other income | 2,488 | 4,344 | 796 | ||||||||
Total income | 158,457 | 93,528 | 48,435 | ||||||||
Expenses | |||||||||||
Interest expense | 19,207 | 18,498 | 16,669 | ||||||||
Salaries and employee benefits | 50,683 | 34,299 | 38,926 | ||||||||
Other expenses | 74,618 | 62,778 | 50,425 | ||||||||
Total expenses | 144,508 | 115,575 | 106,020 | ||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiaries | 13,949 | (22,047) | (57,585) | ||||||||
Income tax benefit | (47,139) | (31,061) | (30,504) | ||||||||
Income (loss) before equity in undistributed net income of subsidiaries | 61,088 | 9,014 | (27,081) | ||||||||
Equity in undistributed net income of subsidiaries | 196,594 | 197,861 | 183,830 | ||||||||
Net income | $ 257,682 | $ 206,875 | $ 156,749 |
Condensed Parent Company Fin134
Condensed Parent Company Financial Statements (Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | ||||||||||||
Net income | $ 68,781 | $ 65,626 | $ 64,897 | $ 58,378 | $ 54,608 | $ 53,115 | $ 50,041 | $ 49,111 | $ 257,682 | $ 206,875 | $ 156,749 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||||||
Provision for credit losses | 7,772 | $ 7,896 | $ 8,891 | 5,209 | 7,350 | $ 9,571 | $ 9,129 | 8,034 | 29,768 | 34,084 | 32,942 | |
Gain on early extinguishment of debt | 0 | (3,588) | 0 | |||||||||
Depreciation and amortization | 63,107 | 53,148 | 41,010 | |||||||||
Deferred income tax expense (benefit) | 63,243 | 6,676 | 23,054 | |||||||||
Stock-based compensation expense | 12,858 | 9,303 | 9,656 | |||||||||
(Decrease) increase in other assets | (126,071) | (43,614) | (151,132) | |||||||||
Increase in other liabilities | 30,693 | 113,258 | 292 | |||||||||
Net Cash Provided by Operating Activities | 401,041 | 310,032 | 38,966 | |||||||||
Investing Activities: | ||||||||||||
Net cash paid for acquisitions, net | (284) | (613,619) | (15,428) | |||||||||
Net Cash Used for Investing Activities | (2,303,744) | (2,492,665) | (1,641,553) | |||||||||
Financing Activities: | ||||||||||||
Increase (decrease) in subordinated notes, other borrowings and junior subordinated debentures, net | (4,888) | (3,405) | 44,415 | |||||||||
Proceeds from the issuance of common stock, net | $ 152,900 | 0 | 152,911 | 0 | ||||||||
Net proceeds from issuance of Series D Preferred Stock | 0 | 0 | 120,842 | |||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 28,229 | 15,828 | 16,119 | |||||||||
Dividends paid | (40,543) | (38,568) | (29,888) | |||||||||
Common stock repurchases for tax withholdings related to stock-based compensation | (397) | (616) | (424) | |||||||||
Net Cash Provided by Financing Activities | 1,910,249 | 2,176,883 | 1,647,675 | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 7,546 | (5,750) | 45,088 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 270,045 | 275,795 | 270,045 | 275,795 | 230,707 | |||||||
Cash and Cash Equivalents at End of Period | 277,591 | 270,045 | 277,591 | 270,045 | 275,795 | |||||||
Reportable Legal Entities | Parent Company | ||||||||||||
Operating Activities: | ||||||||||||
Net income | 257,682 | 206,875 | 156,749 | |||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||||||||||||
Provision for credit losses | 0 | 0 | (96) | |||||||||
Gain on early extinguishment of debt | 0 | (4,305) | 0 | |||||||||
Depreciation and amortization | 10,783 | 10,400 | 8,323 | |||||||||
Deferred income tax expense (benefit) | 2,809 | (601) | (1,872) | |||||||||
Stock-based compensation expense | 5,185 | 3,762 | 3,354 | |||||||||
(Decrease) increase in other assets | 1,956 | (319) | (39,051) | |||||||||
Increase in other liabilities | 9,967 | 9,618 | 21,840 | |||||||||
Equity in undistributed net income of subsidiaries | (196,594) | (197,861) | (183,830) | |||||||||
Net Cash Provided by Operating Activities | 91,788 | 27,569 | (34,583) | |||||||||
Investing Activities: | ||||||||||||
Capital contributions to subsidiaries, net | (42,736) | (118,575) | (97,400) | |||||||||
Net cash paid for acquisitions, net | 0 | (61,308) | (51,060) | |||||||||
Other investing activity, net | (28,132) | (18,051) | (24,908) | |||||||||
Net Cash Used for Investing Activities | (70,868) | (197,934) | (173,368) | |||||||||
Financing Activities: | ||||||||||||
Increase (decrease) in subordinated notes, other borrowings and junior subordinated debentures, net | 20,008 | (26,251) | 66,888 | |||||||||
Proceeds from the issuance of common stock, net | 0 | 152,911 | 0 | |||||||||
Net proceeds from issuance of Series D Preferred Stock | 0 | 0 | 120,842 | |||||||||
Issuance of common shares resulting from exercise of stock options, employee stock purchase plan and conversion of common stock warrants | 28,229 | 15,828 | 16,119 | |||||||||
Dividends paid | (40,543) | (38,568) | (29,888) | |||||||||
Common stock repurchases for tax withholdings related to stock-based compensation | (397) | (616) | (424) | |||||||||
Net Cash Provided by Financing Activities | 7,297 | 103,304 | 173,537 | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 28,217 | (67,061) | (34,414) | |||||||||
Cash and Cash Equivalents at Beginning of Period | $ 49,828 | $ 116,889 | 49,828 | 116,889 | 151,303 | |||||||
Cash and Cash Equivalents at End of Period | $ 78,045 | $ 49,828 | $ 78,045 | $ 49,828 | $ 116,889 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 68,781 | $ 65,626 | $ 64,897 | $ 58,378 | $ 54,608 | $ 53,115 | $ 50,041 | $ 49,111 | $ 257,682 | $ 206,875 | $ 156,749 |
Less: Preferred stock dividends | 2,050 | 2,050 | 2,050 | 3,628 | 3,629 | 3,628 | 3,628 | 3,628 | 9,778 | 14,513 | 10,869 |
Net income applicable to common shares—Basic | $ 66,731 | $ 63,576 | $ 62,847 | $ 54,750 | $ 50,979 | $ 49,487 | $ 46,413 | $ 45,483 | 247,904 | 192,362 | 145,880 |
Add: Dividends on convertible preferred stock, if dilutive | 1,578 | 6,313 | 6,314 | ||||||||
Net income applicable to common shares—Diluted | $ 249,482 | $ 198,675 | $ 152,194 | ||||||||
Weighted average common shares outstanding (in shares) | 54,703 | 50,278 | 47,838 | ||||||||
Common stock equivalents (in shares) | 998 | 894 | 1,029 | ||||||||
Convertible preferred stock, if dilutive (in shares) | 985 | 3,100 | 3,070 | ||||||||
Total dilutive potential common shares (in shares) | 1,983 | 3,994 | 4,099 | ||||||||
Weighted average common shares and effect of dilutive potential common shares (in shares) | 56,686 | 54,272 | 51,937 | ||||||||
Net income per common share - Basic (usd per share) | $ 1.19 | $ 1.14 | $ 1.15 | $ 1.05 | $ 0.98 | $ 0.96 | $ 0.94 | $ 0.94 | $ 4.53 | $ 3.83 | $ 3.05 |
Net income per common share - Diluted (usd per share) | $ 1.17 | $ 1.12 | $ 1.11 | $ 1 | $ 0.94 | $ 0.92 | $ 0.90 | $ 0.90 | $ 4.40 | $ 3.66 | $ 2.93 |
Quarterly Financial Summary 136
Quarterly Financial Summary (Unaudited) (Summary Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 251,840 | $ 247,688 | $ 231,181 | $ 215,759 | $ 215,013 | $ 208,149 | $ 197,064 | $ 192,231 | $ 946,468 | $ 812,457 | $ 718,464 |
Interest expense | 32,741 | 31,700 | 26,772 | 23,179 | 24,235 | 23,513 | 21,794 | 20,722 | 114,392 | 90,264 | 76,935 |
Net interest income | 219,099 | 215,988 | 204,409 | 192,580 | 190,778 | 184,636 | 175,270 | 171,509 | 832,076 | 722,193 | 641,529 |
Provision for credit losses | 7,772 | 7,896 | 8,891 | 5,209 | 7,350 | 9,571 | 9,129 | 8,034 | 29,768 | 34,084 | 32,942 |
Net interest income after provision for credit losses | 211,327 | 208,092 | 195,518 | 187,371 | 183,428 | 175,065 | 166,141 | 163,475 | 802,308 | 688,109 | 608,587 |
Non-interest income, excluding net securities gains (losses) | 81,024 | 79,692 | 89,925 | 68,820 | 83,700 | 83,299 | 83,359 | 67,427 | |||
(Losses) gains on investment securities, net | 14 | 39 | 47 | (55) | 1,575 | 3,305 | 1,440 | 1,325 | 45 | 7,645 | 323 |
Non-interest expense | 196,580 | 183,575 | 183,544 | 168,118 | 180,371 | 176,615 | 170,969 | 153,730 | 731,817 | 681,685 | 628,419 |
Income before taxes | 95,785 | 104,248 | 101,946 | 88,018 | 88,332 | 85,054 | 79,971 | 78,497 | 389,997 | 331,854 | 251,765 |
Income tax expense | (27,004) | (38,622) | (37,049) | (29,640) | (33,724) | (31,939) | (29,930) | (29,386) | (132,315) | (124,979) | (95,016) |
Net income | 68,781 | 65,626 | 64,897 | 58,378 | 54,608 | 53,115 | 50,041 | 49,111 | 257,682 | 206,875 | 156,749 |
Preferred stock dividends | 2,050 | 2,050 | 2,050 | 3,628 | 3,629 | 3,628 | 3,628 | 3,628 | 9,778 | 14,513 | 10,869 |
Net income applicable to common shares—Basic | $ 66,731 | $ 63,576 | $ 62,847 | $ 54,750 | $ 50,979 | $ 49,487 | $ 46,413 | $ 45,483 | $ 247,904 | $ 192,362 | $ 145,880 |
Net income per common share: | |||||||||||
Net income per common share - Basic (usd per share) | $ 1.19 | $ 1.14 | $ 1.15 | $ 1.05 | $ 0.98 | $ 0.96 | $ 0.94 | $ 0.94 | $ 4.53 | $ 3.83 | $ 3.05 |
Net income per common share - Diluted (usd per share) | 1.17 | 1.12 | 1.11 | 1 | 0.94 | 0.92 | 0.90 | 0.90 | 4.40 | 3.66 | 2.93 |
Cash dividends declared per common share (in usd per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.56 | $ 0.48 | $ 0.44 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Veterans First Mortgage $ in Millions | Jan. 04, 2018USD ($)Loanoffice | Dec. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||
Residential mortgage loans originations | $ | $ 800 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Date of acquisition | Jan. 4, 2018 | |
Loans acquired | Loan | 8,300 | |
Estimated principal balance | $ | $ 1,400 | |
Number of offices | 3 | |
UTAH | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of offices | 2 | |
CALIFORNIA | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of offices | 1 |